- [narrator] at southern new hampshire university, we're committed to making college more affordable. that's why we're keeping our tuition the same through the year 2021. - [student] i knew snhu was the place for me when i saw how affordable it was. - [narrator] find your degree at snhu.edu. good afternoon, everybody. welcome to "power lunch. along with kelly evans, i'm tyler mathison opec meets, crude prices climb is this the start of an even bigger rally and how should you play it?

>> and a hiring tour denny's is looking for 20,000 workers. they are embarking on a cross-country road trip to find them the ceo tells us how the labor crunch is changing the way he does business. and cashing in boost mobile sponsoring two of the ncaa's most well-known female players helping to usher in a new era of college athletes and creating new opportunities for the company. "power lunch" starts right now and the dow and the s&p are in the green the nasdaq is slightly in the red. and robinhood is filing for an ipo. it has about 18 million accounts here is how rivals charles schwab and interactive brokers are trading on the news up a

little bit less than 1% right now. we'll have more in a few moments. and krispy kreme making its wall straight re-entry, if you will it's now up 17%. this is an unusual trading pattern today. the ipo was below the range and it has since reversed that course and is now climbing first, breaking news on the budget to ylan mui in washington. >> reporter: the nonpartisan congressional budget office is boosting projections for growth and inflation this year as the economy reopens more rapidly than anticipated the forecast says it will jump by 7.4% nearly its temperatures from back in february thanks to less social distancing and more consumer spending. they said that inflation will rise sharply at 2.6% this year but supply will catch up to demand and inflation will fall back to 2%

employment will continue to improve and surpass its prepandemic level according to the cbo. the jobless rate will remain at or below 4% for several years. the deficit expected to hit $3 trillion this year triple the amount in 2019 and it represents 13.4% of gdp, the second largest amount since world war ii 2020 was the record. now through 2031 the deficit is forecast to average $1.2 trillion a year. tyler, back over to you. >> thank you very much, ylan crude climbing more than 50% so far this year economic growth fueling at least some of that $75 a barrel today for the first time since 2018. but opec sending mixed signals on what could come next. let's bring in brian sullivan now for more hi, brian. ty, i have a question for you. i have good news and bad news for you, which one do you take

first? >> bad news. >> you take the bad news all right. tyler is not there, i'll give you the bad news first the bad news is looks like no decision now lots of reports about the opec meeting being adjourned, maybe not delayed. it's late there. it's 9:00 p.m. in riyadh it's a virtual meeting the saudis are in the kingdom of saudi arabia the uae in abu dhabi and dubai it is late there it looks like it will be postponed until tomorrow so we get to do this all over again. now here is what we know about what the discussions are okay, oiler, as tyler said, is higher that opec meeting is dragging on in fact, it looks like we may not even be close to a decision yet. what is being discussed? well, numerous sources i have. numerous sources others have we're talking about some kind of a cut. call it 400,000 to 500,000 barrels a day -- i'm doing this because it was the wrong graphic. that's what happens in live

television, folks. 400,000 to 500,000 barrels per day but it may not be a monthly cut. it may be a five-month plan that, say, does 2 million over five months so that would be 400,000 a month but it doesn't mean it's going to be every day. does that make sense and the deal may extend through december as well here we go with the other one. it is not just about supply. it's also about demand and in their june newsletter opec raising their demand estimates by about 6 billion a day. that's the demand side, guys the supply is likely to go up. the question is by how much? and by whom? will it be the saudis, the russians, a combo? we will not know now because the meeting looks like it is delayed

until tomorrow so we get to do this all over again and that is the good news. more sully >> that is right >> we have more sully, do it again and do it even better because practice makes perfecto. >> none of this. >> no more of that let's turn to one of the great experts on oil as those prices soar with u.s. crude topping $75 a barrel what's next? should consumers worry high prices are here to stay if only for a little while ihs markets dan jurgen a cnbc global energy analyst, author of "the new map." dan, it is always great to see you. i think you heard what brian just said there. what do you look at as the changes over the second half on the supply side and the demand side for oil

>> i think, tyler, what brian was describing was the deal about 400,000 barrels a day per month raised but they are continuing to follow the market rather than lead the market. and i think what's going on now and the reason for the postponement that brian talked about is they're arguing about what baselines to work out in other words, they're talking about who gets what market share. but overall as those numbers tell us with the price oil is at a boil >> oil is at a boil and likely to stay that way is the reason as simple as the recovery in the united states and much of europe and the developing world, the recovery from the pandemic and the spurt of economic growth that has followed it? >> yes, i think we are now in what we call the post covid recovery air travel, i just heard that the cbo has said 7.4% for the

u.s. i'm reassured because that's the number we had three weeks ago and we have the world economy recovering at 6% although we know the variant, the virus, hangs over it. between february and august oil demand is going up 8.2 million barrels a day. >> i just want to ask a question with our investor guest last hour his thesis is that oil will be at $80 or $90 for the rest of the year because opec has no reason to lower the price to stop u.s. from gaining market share because firms like exxon aren't necessarily trying to gain market share. >> add to that, kelly, also you have capital dismrip on the part of thele producers who we're going to see a minor increase of maybe 200,000, 300,000 barrels a

day in u.s. production i think the countries have gotten more comfortable that they don't have to worry about losing market share to the united states or to companies investing. i think the russians are more sensitive and worried about higher prices and the stimulus it would provide to the united states also there will be a pushback and you're already hearing it. keep an eye on the indian minister, a very important market for saudi arabia and for abu dhabi. they're paying already the equivalent of $5 a gallon. that's a political problem there will be pressures. i think if they continue to follow the market, it will be a tight market at least for the next several months. >> wow, and i did not realize that about the situation in india as well. good to see you toe. dan yergin on the price of oil oil ranked as the top inflation

trade ahead of bitcoin, the consumer staple, ahead of gold let's bring in the chief investment officer with pickering. i know you are dabbling with new fuel investments and ideas right now. what's your best idea? is it in the fossil fuel space >> yeah, kelly, thanks for having me on we love exposure to the fossil fuel industry. there's a lot of green investments that are interesting. oil is $75 feels like it's not forgive lower in the near term as dan yergin just said we see the u.s. oil and gas producers as probably the best play they're producing the thing that prices are going up. >> what causes cost destruction? >> in the near term demand

destruction takes six months to happen we're not far away that's why i think oil probably doesn't go to $100 i don'tthink saudi wants deman destruction of i think $3.50 to $4 is where demand starts to go away and that's not a game opec wants to play. >> where does it start to pinch the consumer so far even though oil has risen from the -- gasoline has risen from the $2 a gallon price of a year or so ago to above $3 on the east coast and probably near $4 elsewhere, where does it really -- but consumers have stepped across it like it's a little puddle. when do they fall in >> yeah, it feels to me like we have this pent-up demand with covid. folks are going to do stuff regardless because they've got money and $4 gasoline won't stop them

that's fine for 2021 as you go into 2022 we put another $10 on barrel and 50 cents on gasoline and that will start to pinch pocketbooks. i think it will take a little time but it's not $5 a gallon. it's $3.50 or $4 >> dan, let's talk about some examples of the naems you like here upstream producers, they are too distracted by activists. so what are some of the individual stocks you'll be picking up >> we like the mid cap, the oil producers, low-cost producers like diamondback energy, devon energy, con oco had a great meeting. we like eqt there. the reality is the majors, they're easy to own but they don't have as much umph to the

increase in commodity price. they are the best names in our view >> all right dan, it's good to have you today. thank you, sir dan pickering. let's talk about robinhood wanting to go public filing its s-1. lots of juicy details in there kate rooney has it hi, kate robinhood listing under hood a little bit on the revenue and where robinhood makes its money. most of that came from options trading at 38% offence action. equities at 25%. cryptocurrencies 17% that was up from just 3% a year ago. so a huge jump in cryptocurrency, revenue and trading revenue there. and, kelly, i know you did ask about the quarterly loss i have a few more details on that the $1.4 billion loss had to do

with gamestop. you remember that in january be robinhood raised roughly $3 billion. that was a convertible note. they did that debt at a 30% discount so if you take 30% of that roughly $3 billion, that is what robinhood had to write down. this might be a one-time loss. interesting that it harkens back to the gamestop days be robinhood now as far as total net funded accounts $18 million, up from $7 million a year ago, so 150% increase there big beneficiary of the recent retail boom. assets under custody $830 bil billion. and some of the risks here, a lot of interesting nuggets in terms of what robinhood sees as head winds they say any new regulation or bans of payment for orderer flow may result in reduced

profitability. stimulus checks, there could be a negative impact if no additional measures are taken. another vicing one, dogecoin, they mentioned this as a substantial portion of the growth in net revenues they say most of that is attributable to transactions in dogecoin if demand drops off it could hurt profitability a lot of interesting stuff we'll bring you that and more headlines when we have them. >> used to call it profitability when they lost $1.8 billion in the quarter. did i read correctly that their revenues for the quarter were, what, 500,000? >> $522 million. >> $522 million. >> million, yes. >> okay, fine. i think we had it wrong. it looked like 500,000 -- how do

you lose $1.8 billion on revenues at $500,000 you have to be really bad to do that they're not that bad >> there's still a mismatch to address. to kate's point if some -- if the core business models include pay for order flow, crypto and the like -- >> something happens there >> gamestop affects -- >> that's the problem when you're trying to interface how denny's ceo will find those workers. china's crypto crackdown, it wiped billions off the total digital currency market. many are asking why are they getting tough now? we have the answer when "power lunch" returns you packed a record 1.1 trillion transistors into this chip i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100

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welcome back as restaurants around the country reopen, many are struggling to find workers and this week deniy's is hitting the road with the goal of hiring 20,000 of them here is our own kate rogers along with the ceo of denny's jon miller kate >> kelly, thank you. john, thank you tore being here with us today. >> thanks, kate, for having me great to be here >> so you're on the road on this hiring tour. what's the tone been like out there? are workers showing up, and do you think you'll be able to get to that 20,000 number in this

environment? >> it will take a little time than just this one week tour the great thing about the momentum we built in our brand is this incredible family environment. presently we enjoy this home away from home for guests in our neighborhoods and employees come from those same neighborhoods so people tend to know each other and serve each other and create this incredible warmth and hospitality that's made this a great place to work. and our turnover has been a little bit lower so while a lot of people face strong head winds on staffing, as do we maybe we don't have it as bad as everybody in the industry. we hit the road with our mobile relief we've servedsome 40,000 people in disasters and we've put it on the road to create awareness around the fact that we're open for business and hiring. at the end of our last quarterly call we talked about how we are always open at denny's save for

a few stores who can't be. a third of our restaurants a back to full 24 hours. we want to raise awareness about what a great place to work denny's is and that's what this tour is all about. it is under way and to your question it's going pretty well. people are coming out for the red, white and blue pancakes but at the store, 1,600 across the country, they're going in there to get, also a nice little perk, the free pancake breakfast with an application we've seen quite a bit of activity in the past few days. >> you mentioned about a third of your restaurants are back to full capacity operations but it sounds like you're having to pull back. is that because of these staffing challenges? companies can't staff adequately to stay open as often as they'd like especially heading into the summer is that something you're facing as well? >> we are facing that and with

anything you have to be grateful how things are managed there were ppp loans and now coming out of that it's taken a minute to unwind and get back on track. we do think they're temporary but we want to, again, make sure we get those people in and around the neighborhoods to think about denny's as they're going back to work coming out of the pandemic i think how this was managed going in helps us, too >> i would like to get your thoughts on food inflation we're seeing prices going up across the board here. i'm kcurious how that's impactig denny's and when we will see that in your restaurants >> they'll start to see it soon. larger brands will take two to three times a year where there's opportunities for new menu updates where pricing can be slipped through. our last update was in june. we did take some modest price to

cover the ways and we'll look at that again later in the year normally it's 1% to 3% on commodities and wages in that range are slightly higher in some states. modest pricing usually takes care of that over a couple of menu price cycles. if you move too quickly it can have consequences. if you move too slow you have larger consequences. we tend to do that and think the environment will be botch the normal level we've not guided yet just because we have to leave a little room for some market corrections. our proteins make up 77% of our basket and a good portion have been affected with the fast ramp-up coming out of the pandemic >> for people who are out there wondering what do you pay? how much higher have you had to pay this year to attracted

workers and how much of that inflation is attributable to wage inflation >> wage inflation will draw a lot of it in restaurants and re retail oil is already hitting the gas pumps. as inflation hits the market employees especially at the beginning and entry level need to see their wages rise, too we're proud of our wage programs at denny's we believe wages should rise with markets as long as it goes in step with the markets and not too far ahead of it, then we're able to manage that pretty well. >> what do you pay -- it may be market by market, but what do you pay and how much higher is it than it would have been two years ago, for example >> sure. versus a couple years ago, take california, that's pretty easy to calculate when you're at $11

going to $12 there's a ratchet effect across it but then across the whole country it might have been closer in that 3% range in wage. post pandemic on the higher end of that range. and so i think the starting wage for a brand like denny's is not the challenge. it will be higher than going into the pandemic, but it's not a barrier to being staffed it's not the amount of wages we offer, which are higher. it's more about people building confidence to go back to work. we think that will -- whatever those barriers were or incentives, we'll burn off over the next few weeks which is why we're out on the road. i hope that answered your question wage inflation -- >> it gave me an idea how much higher in california thank you, john and kate both of you have a nice weekend. >> thank you and up next is the hurt over

for hertz? the stock emerging from bankruptcy, really the company emerging from bankruptcy but the stock is sinking lower today transports having their best first half of a year since 1997. with growing worker shortages and supply chain issues should investors be worried

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welcome back i'm rahel solomon and here is your cnbc news update. after turning himself early this morning at the manhattan district attorney's office cfo allen weisselberg is appearing in court this hour along with trump organization lawyers shepard smith will be back with details as soon as they are made public covid cases are up 10% as the delta variant spreads in the u.s. cdc director walensky and the white house will send special teams to where the variant is having a significant impact. president biden says today's agreement to support a global minimum tax for large corporations is an important step toward more equity in the

global economy and this panda cub in china probably not thinking about global taxes our fascination has caught the attention for giant pandas in the northwestern section of the country. kelly, back to you >> thank you, rahel solomon. a check on the markets here. the s&p in record territory in the trading session once again, still hanging on to a half a percent gain the nasdaq went positive it's up nearly 100 points right now. how about hertz. it had been up 11% let's see, hanging on to about that gain as the company exits bankruptcy avis is 3% higher and has more than doubled this year one of the absolute strongest. what a story that has been there's carrier global up about fractionally today as well and oil is closing for the day crude over $75 a barrel. a three-year high as opec has

punted and delayed its meeting until tomorrow >> again, i was asking our guests, when is it going to start pinching high crude prices don't seem to be stopping anything in the economy or the consumer economy. >> it's the question and he thinks there's still a ways to go a six-month lag so we will not see it tomorrow. >> maybe 2022. ahead on "power lunch" why crypto could face even more crackdowns in china and boost mobile will be one of the first to offer paid scholarships to student athletes we will speak to the ceo as well as their two new tiktok famous clients. when traders tell us how to make thinkorswim even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds.

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welcome back when china renewed its crackdown on cryptocurrencies it wiped out $400 billion worth of the market nearly overnight and sent bitcoin below 30,000 bitcoin has rebounded since then but is still down 11% since the regime ordered crypto miners to shut operations on june 18th my next guest says the timing isn't a coincidence and that a major anniversary today could be

the key to understanding china's motives. for more let's welcome in emily parker, global macro editor at coin desk. emily welcome. today was, what, the 100th anniversary of the chinese communist party. xi jinping gave an aggressive speech do you think the crackdown was tied to this moment of chest thumping about the communist party and china's greatness and xi's power over it >> i think it's quite likely china would have crapped down on crypto anyway but it's no accident if you spend a lot of time in china you'll observe these events in the run-up, there are crackdowns, internet censorships, anything seen as causing social instability or political unrest i think in china crypto fits into that category because it's a new industry it's notoriously volatile. >> and when people lose money in

china, the government doesn't really like it because they see behind every loss like that or behind anything that smacks of upheaval, they see social unrest wrong or right >> right i think china does not like -- a well-known fact am they are concerned about new investors taking to the streets to protest and perhaps even blaming the government i think in china some will think it's the government's problem and the government's responsibility to solve these kinds of issues. i think that's not something they want. >> china also doesn't like capital flows out of the country. and one of the things about cryptocurrencies is that it makes capital flow pretty easy >> that's definitely always been part of the china crypto story china has capital controls you're not supposed to take more than $50,000 out per year. crypto does make it easier to get around capital controls. we don't really have data

indicating there are many but i think that's definitely a fear from chinese authorities >> emily, where do we go from here how important is china to the crypto market overall and what happens if china continues to crack down on individuals' use of it? >> that's a great question it is important. china is very important. when china basically shut down global exchanges we lost a lot of data but we know it's very important in mining. it would be a loss and we would see some short term impact when they tried to ban, it scooped the market but temporarily and there was a bull run. in terms of mining, mining might leave china but it will go

elsewhere and could even come to north america. >> as you look at the crypto market broadly, there are lots of challenges. one is volatility that can scare people two is the concern over the environmental impacts of mining crypto and, three would be government concerns and are there any other risks that i'm leaving off, number one? and, number two, how do you handicap that cluster of risk against the potential for gain >> that's a great summary of the risks. that's a big one another, of course, are scams, fraudulent activity, the new projects or new points that come out of nowhere and have nothing backing them and new investors don't always know the difference one thing the industry has been vulnerable to is the impact of

certain individuals like elon musk he tweets and the market reacts. maybe not that appropriate for an industry that's supposed to be decentralized the more people that get involved and the more institutions that get involved, we will see more maturation. we've seen governments crack down on crypto and governments embrace crypto like in latin america. i think crypto has lasted a long time it survived the last crackdown and probably will this one as well >> thank you for your time and insight today. we appreciate it >> thank you we have some breaking news on the charges filed against the trump organization and its cfo shep smith has the details hi, shep tyler, thank you criminal indictments against the trump organization and its money man, chief financial officer allen weisselberg, have been

unsealed in a courtroom in manhattan. i want to show you some video. this is weisselberg in the white mask being led into the courtroom in handcuffs there and now a look, it should be noted, former president trump has not been charged at all. these come after a two-year investigation by the manhattan district attorney by the company's company including tax and insurance fraud. a spokesperson for the trump organization called the charges political and accused prosecutors of using weisselberg as a pawn in a scorched earth attempt to harm the former president. an attorney claims that weisselberg is only being prosecuted because he refused to flip and coordinate with investigators. prosecutors say they do not expect to hold a news conference later on but i do have a little bit more information that i want to get to you that's just come to me. these charges amount to a class

c felony and the charge includes second-degree grand larceny and other charges as well. regarding the failure to pay taxes to the tune of about $1.7 million. our legal analysts say this is a class c felony what prosecutors want is weisselberg's cooperation. whether these charges will cause weisselberg to flip, if you will, to turn state's evidence, is a matter for another day. 20 this point he has not weisselberg pleading guilty to all charges just now at a federal courthouse in new york city we'll have complete coverage and analysis of this indictment tonight 7:00 p.m. eastern on the news right after jim cramer. back to you. >> i believe you said he pleaded guilty >> if i did, i misspoke. he pleaded not guilty to all

charges including that class c felony not guilty on all charges. >> do you happen to mo what the maximum sentence might be for him were he to be convicted? >> the maximum penalty on this case, a class c felony, according to our legal analyst, is up to 15 years in prison. but as you know that would be after being found guilty on all charges. of course weisselberg has pleaded not guilty and plans to fight all of the charges and there is no indication of any kind that he's willing to cooperate with those prosecutors. >> shep smith, thank you very much shep will have more later this evening on his program let's do a check on markets. the dow transports are outperforming other major outages including the nasdaq could it face a rough road ahead? we will look at the transports next on "power lunch."

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welcome back to "power lunch. transport stocks coming off their best first half since 1997 but our next guest says a major divergence is brewing. you have this call looking at the railroads, the airlines such a winning trade for wall street. now you're saying not so much. tell us why. >> we've seen this divergence develop here in the last six or seven weeks with the transportation index underperforming. it's down about 6% while the s&p and the rest of the stock market has moved up slightly. this is really only a yellow flag not a red one recently the most weakness in the railroad stocks because of

the concerns about the delta variant. but i am watching the railroads closely because that has nothing to do with leisure travel and they have been weak. people look at the s&p railroad index but it's an important one and has broken below the trend line back to march 2020. if it sees another down trend and breaks below its june lows of 2,775, that lower low will signal we have a bigger problem than we thought and the economy may not be as strong in the second half as what people have been thinking. it's a yellow flag >> always interesting to look at the correlation. matt, thank you for your time. head to our website or follow us on twitter tyler? thank you very much, seema clout and a contract the tiktok famous college athletes who are among the first to sign a sponsorship deal to make money off of their fame, their image, their name, all of

this when "power lunch" returns. companies that do a lot of business abroad and those that are in manufacturing tend to be more vulnerable to a strong dollar so if you believe the that are is going higher, you might want to check your exposure to these types of companies

welcome back, everybody. a landmark ruling is shaking up college sports starting today, the ncaa is changing its long-held policy and will allow athletes to make money from their name, image and likeness and our next guests are already cashing in, twins hanna and hailey cavinder. they have a huge following on social media, more than 3 million on tiktok, and today they're signing a contract with boost mobile joining us with the twins themselves along the ceo of boost mobile

welcome, everybody hanna and haley, we'll get to you in a moment, congratulations. steven let me start with you because of all the athletes in the ncaa you could have signed, why did you sign female basketball players >> that's a great question look, the twins, they're underdogs, they came in were undersized, contributed on the court their freshman year, did a job with a big social media following. there's a gab between us and the top three carriers we see ourselves as underdogs, challengers and the same chip on the shoulder that hanna and haley came in the ncaa with, we have so we want athletes, female athletes that have proven themselves so we thought it was perfect to partner with them they share the same ethos >> how quickly did this deal come together and were there any other companies in the running >> we got this deal at 12:00

a.m. on july 1st through the icon source app. which was very easy, but it did come in fast but we definitely just went over it with our manager and looked at the terms and we're super excited about boost mobile and working with them. yeah, we're super grateful and happy right now. >> did it come out of the blue or had you been talking with boost for a while? >> no. it just came out of the blue i found notifications saying there was a company that wants to work with you it's so cool because we're so familiar with boost mobile so it was a crazy, surreal moment for hanna and i. >> so how long, steven, had you had your eye on the players? >> we had our eye on them for a while. but there was only so much you could do 24 hours ago it was illegal. now it's legal we love what they're from, and

the calfn vin der twins, embrace what we are, a disrupter. >> i don't know if you can tell us how much you're going to make off of this partnership but what should your followers expect you to do for boost mobile and how many other endorsement deals would you be open to >> we are open to other endorsement deals but with boost mobile right now we're focused on just showing the world how excited they are about athletes. and we want to show how excited they are about female athletes as well, because obviously they're very passionate about that and we're very passional about that so we're super excited to show our audience that. >> will you be integrating boost mobile -- will you be doing commercials for them introducing boost mobile products into your tiktok videos for which you're famous? all of the above why don't you ladies answer first and then we'll get his

response >> haley >> we're 100% going to be doing and working with boost mobile and we're super excited to be able to get this opportunity >> so is it product integration into your tiktok fame -- >> yes. >> -- is that what you're looking for here, steven >> i think his shot froze again. >> i think steve is frozen in shock and delight at the idea that he has the cavinder twins on board for this. >> hanna, can i ask an impertinent question are we talking hundreds, thousands, tens of thousands, what's the scale -- the entire country is curious here what kind of money we're talking about? >> we are talking about a lot of money, but we are still going just through with that with our team and icon source, so we're just super happy that the app did provide the contract right away and that we got this deal

through icon source and had it -- one of the first deals as the n.i.l. athletes. >> who's the better player >> probably haley, she got player of the year >> we're similar. >> you answer for each other go ahead. >> haley >> haley >> no. we're similar. i swear we're both -- we bring different things to the game and one is better than the other at other things but i promise you if you come to a game or watch a game you'll see that. >> we'll be watching thanks, lady. >> so fascinating that this is -- this tells you the power of social media. >> yes. >> and the fact it's not just going to be the star quarterbacks at clemson and the rest of it who can make a lot off of this. >> and it's going to be people who come out of the social media world who have the following, 5 million people checking in. >> if you thought you didn't have time for studies before,

now you have to be a full-time social media star and influencer. >> i want to be a social media media star stick around more "power lunch" ahead.

let's show you shares of general mills that company's stock is lower following earnings the latest company facing an inflation hit. the company leader said it expects to see inflation running at a lofty 7% this year, that

was above many expectations of investors. the company saying all of their segments are seeing higher costs. >> look at the shares. only down about 1% so a lot of these concerns are priced in or people think they're going to be transitory. >> word of the year. >> it was. that was the show of the year. thanks for watching "power lunch," everybody. "closing bell" starts now. thank you, kelly welcome to "closing bell" i'm sara eisen here at the new york stock exchange first day of the second half of the year s&p 500 on pace for another record closing high the dow and nasdaq higher as well >> i'm wilfred frost let's look at what's driving the action today. the energy sector, top performing sector up more than 1.5% as oil prices hit the highest levels since 2018. jobless claims come in at 364,000 better than expected