>> he's always been good about saying he keeps a manageable schedule he gets sleep. he doesn't have early meetings it's been on a slow transition stretch. >> either way we finished the week with a trifecta of record cloe closings >> happy fourth. life in the nasdaq markets overlooking new york stime square this is "fast money. a record rally closing out the week on dow. didi hitting the skids days after going public who is really the driver seat thon trade lords town motors tanking today. we'll bring you the big headline

before you fire up the grill, we have big news on the state of the american consumer. the jobs report coming in better than expected. the u.s. adding 850,000 new jobs and people are getting paid more hourly wages for nonsupervisory roles. huge gains there bank of america reporting credit card spending is up 19% for over two year period for the weekendsing june 26th in travel, entertainment and do i think out especially strong. >> payroll, there's still some slack at payroll we're not so worried about inflation.

>> $300. i'm not so sure about numbers. $300 is extra on top of unemployment unemployment checks. that's going to be rolling off i'm a little perplexed does the economy keep rolling or do we see a pull back in september. >> just to bow on my thing, costco all time highs. mike, what do you think of the consumer feels like the consumer is still ready to spend they are getting signing bonuses for new jobs because the labor market is so tight payroll is lower than it was

pre-pandemic you realize what kind of a demand there is for labor right now. we are all at time highs you could argue that complacency is signaling that maybe it is time to look down. i think there is some sense of that one of the things we see is when volatility starts hitting the low levels you do tend to have a relatively extended rally. i think it could persist possibly for another week or two. i think it's time to start thinking about hitting the pause button >> volatility lows you to buy protection relatively more cheaply than in other periods.

how are you feeling about the consumer and maybe these all time highs were anticipatory ultimately folks are getting paid more and there's inflation. a lot of other foexs are smart and tuned into this dynamic. continues to support the consumer trades that are

targeted it is costco, home depot and lowes. they have turned on a dime and soaring to all time highs again. a lululemon. discretionary spend is, i don't think this ends any time soon. i think the labor in form offforms of wages is something we will continue to hear about it's telling us something. i hate the fact that we're the lowest yields in the ten-year at a time when the economy should be expanding since mid-march >> sounds like you're bullish in terms of the near term but cautious about a little bit out because of what the bond market is telegraphing. james, where do you fall in this

debate >> it's no coincidence we're looking at the six consecutive months of job recovery gains that is the same time period e since the vaccine was announced. we have a march towards normalization in the labor market and in our economy and the pockets that were hit hardest in covid obviously will show the strongest resilience and recovery in the leisure and hospitality space, we're still 2.4 million jobs below the february 2020 level. we can see an acceleration of recovery in those to sectors and look for opportunities there also in the overall labor market the labor shortage of people falling off the map in terms of seeking employment we're still three million laborers below the february 2020 levels as this recovery continues you want to look at where the pockets of the accelerated recovery are happening and look

for opportunities there. the labor force being different because of the benefits, i think i would just hone in on those industries that we can see recovery for investment opportunity. >> i wonder how you view your retail holdings. >> tim, how about you?

>> it's funny, when you talk about steveand his capri, aren't they are short pair of jeans? >> either that or a juice pouch. >> as i look at retail holdings, walmart is a name that's been an under performer relative to this group. we spent time talking about walmart in a bunch of different contexts i think this is one of the more interesting stories. we spent time talking about walgreens. they are reaping the rewards here to me, we have case of an over shoot. we have a case of a consumer that is putting the credit cards and starting to heat those up again. you had case where i think the leisure stocks especially the

casual dining stores are place where is we will continue to see that fall through. they are not flinching the hospitality sector is just starting to get going. >> what is in it for trades. that's extremely exposed to travel where should we start looking? >> i think american express is interesting.

business travel will recover any time soon. that seems unlikely for some secular shifts in the way businesses as a result of all of this it's amazing i don't think i've broke out my american express card. i've been doing nothing but shapishap i -- slaning that thing dune. they deserve the discount they have to the other payments. >> how can you still invest, ja james, in the strong consumer in the consumer that's itching to spend? >> the hospitality space,

ecosphere, like mike, i have been slapping down my american exp express. it's my final trade. i like companies that can manage people going back into leisure and travel on top of the season change >> all right coming up, did di hitting major roadblock. china announcing es a cyber security review. we're live with details. investors slamming the brakes on lord jngtowns motor. tutas enasmoy ne rerns.

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it's that last point that's blg interpreted as a sign this investigation is serious because the authorities specifically sited the national security law and under this review, the company won't be able to register new users that move is seen as important but at the same time not in really material to didi just because it already has 90% of the ride hailing market. it could become a problem if the investigation continues to drag on the big question has been about the timing of this announce m just days after the ipo one theory is beijing was not happy

with the ipo that this could be a political move and people here have been pointing out how didi didn't have a listing ceremony itself which is highly unusual >> thank you what's interesting is apparently in the s1 this is listed as a risk factor although investors did not expect it to happen so close after the ipo. in terms of impact, a loss of up to six million users as long as this investigation goes on could impact growth projections for this new company the problems are from a to down perspective. what are the risk actors

has someone stepped outside the box? it was like 11th hour and 59 minutes. this was a worded statement. the company saying whatever they need to say to act as if they are showing the proper reverence and kissing the ring i hate this. i've said i'm not surprised or concerned about the regulators especially around socme of the baba news. these headlines are coming too often and out of left field. think of everything said in beijing a couple of days ago with biden summit

it gives regulators any opportunities. one or two incidents can be taken as just that i hate this trend. honestly, i don't feel the need to chase this one. 45% for a megacap growth company. do you question whether being a state champion company is a good thing seeing beijing has the targets on all of these companies backs. it was a reason to invest because china was backing the companies. now it might not be. >> this is the kind of risk that's hard to invest in baba was a name that i thought could rebound four, five months

ago and clearly it's not that presents us with the reality of situations like this. if you think this is just a transitory thing that this is all going to blow over it's for any company where the government, you have a one party rule situation decides they don't like what's going on and that's a real, you need to discount the valuations of businesses like that, whatever the fundamentals might tell you otherwise, it's a material risk. >> during the trump administration every one was worried about the u.s. focusing on that and targeting china. china is targeti ing themselves now. for the u.s. investor, there so many opportunities, value, growth, risk curve or non-risk curve. >> james, do you agree >> i do not. i think someone took a calculated risk and the risk was not rewarded

there's always going to be a push and pull struggle in power between capitalists and patriots at some point they have to partner together they will go back into business. they will give the chinese government the access to the data they want i do think a company like this that has critically necessary data on the citizens that the government wants and maybe not has another channel to get it as fluidly as didi, i think they figure it out. i think this risk goes away in the macro sense that the government will allow them to operate. >> sounds like down 5% interest you, potentially >> i think perhaps a little bit more down. i don't think isomeone takes a

company public with that much upside without understanding the potential for this risk. the ipo market has opinibeen we. i think this company comes back maybe six months out after this is behind. >> all right up next, lordstown motors hit veigionother mayjor instatn. details when we come back.

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orders as it went public shares of lordstown down 11% today. what's your take on this company? can it recover at this point >> you're asking me is it now in a death spiral >> yeah, in a polite way i was asking that. >> i guess i'm being less polite this is big trouble. i will say, there are circumstances where you do see them you see one group investigating, it's not surprising to see another regulatory agency step in they don't want to be seen as being offsides if for some reason everything turns out to be focused, maybe not but this is definitely a stay away in my view >> this is also the one you have to watch out for i do agree with mike it does have a 24% shortage. when you see a headline like this, you let it breathe i wouldn't dive into it but sometimes it's okay to be a buyer of this off of the heel of something like this.

>> you got to see it deliver on the milestones of promises in terms of when it will go into production when it will deliver the truck in the meantime, down 11%, down 54% this year. do you see anything here >> often, people come into the situations when they are in bankruptcy and swoop up the assets death spiral is probably appropriate if you look at similar situations there's been a cloud following in this business for some time it's an important business and it's important set of assets >> a lot of spacs that been questioned it's been in business, i believe, for about a decade prior to it going public.

>> twhooipts be a going entity by the end of the year i don't know why inverss would be spending any time with this name especially when you want exposure to some of these great themes in ev i think this is name you don't need to chase. time for the final trades. in honor of the fourth of july we're doing star spangled picks. what's yours >> happy birthday, america it's walmart everything you need for that barbecue, you can go to walmart store. you can order it online. e-commerce, et cetera. i like walmart it's under performed this year like the express

i think it get tail wind >> mike. >> ford motor company. there's an old american company. they will be much more profitable when they start to have a better supply on the light truck side this is company that's definitely going despite the big run. >> what's better for american pie? >> apple >> don't go anywhere options action is up after this quick break. hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business... you can pick the best plan for each employee

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it's friday before the fourth of july here is what's coming up >> the nasdaq 100 approaching a rare ly seen inflection point, there's a window of opportunity. then from windows to floors. tony is looking to play an opportunity in name we don't cover very often in a very specific sub sector of housing finally, we know you're probably on vacation next