. the shareholders meeting intends to nominate three directors to the board the stock is doing well, tyler. >> that's not bad, actually, 45%. you want to get rid of the guy, who knows -- thanks for watching "power lunch." "closing bell" starts right now. >> yes, it does. welcome to "closing bell." i'm wilfred frost, stock kickses off shall shortened week. >> i'm courtney reagan in for sara eisen oil drops after opec-plus talks broke down this weekend. still strong overall after hitting a new record of 64% in may chinese stocks are getting hit

ar didi is said to pose a cyber security risks . it's now making a move into the art world, the ceo will join us to talk about it bradley tusk will be here to talk about the potential imbalance of chinese companies looking to go public here. mike santoli is tracking the market action, and deirdre bosa has more details on the chinese crackdown on didi. >> a bit of a wobble, but the market running pretty shot second straight gains, also coming off of five straight quarters of 5% gain. so running a bit hose. it's in those cyclical and reflation type of stocks when you have support for megacap growth another thing that was tex book

is all we did at the lows of the day is essentially go back to undo friday's rally after it came from the jobs report. right from that point recovered on the strength of mostly those tech stocks, so it seems like a technical half-step back it doesn't alter of very orderly up friend so far small copse and financials very much at the core of that reflation economic acceleration trait. no new highs since back in march, financials peaked sometime around may before yields started to drop lower, and you have amazon and apple jumping finally after nine months, ten months of consolidate action, apple just a couple percent below, just for persp perspective, these two together are more than 2,000 stocks worth $7.5 trillion. these are two stocks worth more than $4 trillion

it shows you how a handful of those massive names can punch above their weight most stocks are down the average stock is down 1% crude oil also a big story, of course, after a breakdown in the opec-plus talks, a bit of a backing off on the crude today, but you see the great run we've been on. a ten-year chart for the macro perspective. we spent all this time from 2011 into 2015 basically between 80 and $100 a barrel for crude. that's back when the economy was 30% to 40% smaller the absolute amount of oil we used is really only slight will you up from back then. the point being, as an economic burden, we're really not there yet where it should trim things, even though, of course, nobody necessarily likes to pay more for petroleum, guys. >> you mention it briefly with sort of the faang stocks coming

back into favor and the bond yields if you laid those two over each other, they would track closely. >> very, very closely, it doesn't mean it always has to be that way, but it's been a very, very tight pattern so far this year when this market, given every expectations of the underlying economy, when it gets defensive, it goes from reliable growth, not really from pure safety. at least that's been the cadence right now. i have to say the pain trade looks like lower yield, and also maybe megacap growth outperformance pretty much you got everyone thinking it had greater life left in it, at least temporarily, back in may. >> mike, thanks so much. >> shares of didi are plunging after chinese regulators remove the company's app from app stores while it conducts a cybersecurity review

deirdre bosa has the story. >> billions of dollar wiped off the market cap less than a week after the ipo. chinese president xi jinping is sending a message controlling national security is more than the ambition of the home-ground tech champion. i am hearing that the fallout could affect the listing plan of tiktok apparently bitedance. sources tell me its ipo could be delayed until 2022, and the valuation in the private market which i'm told is just shy of $450 billion, that could that take a haircut this all raises an important question, how much transparency are they getting, the journal was warned that it should

consider delaying its ipo, but itford forward investors that i spoke to, they were not aware of that warning, but they thursday wished they were >> one angle i do thing is worth considering is whether or not this is china trying to punish the u.s. investors that bought into this ipo, as opposed to directly punish the chinese tech companies that have gotten too big or the chinese billion theirs who have become too n numerous >> i was listening to an investor scratching his head, whose decision was it to list only on a u.s. exchange. even with ant group they were looking at a dual listing, but didi only chose new york this is about softbank, they hold the biggest stake, so it

could be punishment for them, but they have been with the company for a long time. i think the message that's being sent is you have to, first, pay your allegiance to the party, to the country, before you go out looking for money. >> deirdre bosa, thank you so much when we return, investing in alternative assets we'll talk to the ceo of stockx, and the big-named artist its teamed up with and katie stockton will join us to talk about a sector that's poised to outperform the broader market you're watching "closing bell" on cnbc.

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stockx is offer investors to bet on the art market. it's the latest in a growing list of categories offered on its platforms. stockx has a new partnership with daniel arshim scott cutler, thanks for joining us good to be back. thank you. >> i just want to start by clarifying, this is traditional art that you actually get physically, not nfts i don't know if you're aware, but nfr with

daniel, because he represents for our community that convergence between passion and a category >> so, is his appeal quite young as well? >> whereas if we were just thinking very crudely, broadly about traditional art, we might think older demographics. >> yeah, here we're talking about art prints these are typically not one of one items. he's known for some of art he creates. we have over 350 different artists represented on our

platform typically these are, again, limited edition art prints trading in a similar fashion, in a sense that these are released, released out to the market, they're typically sold out very quickly, and there becomes a very active resalemarket into trading they art prints. for our consumers looking for a -- where they can access these art priw would it applied to this new category, you are a resale you see the bid and the asked prices, but you don't know who the seller is. does stockx take kniffin tore, filly hold on, and ship it out to the seller? -- or the buyer, rather. >> in this case we have create add partnership with daniel, where we're going to be releasing product directly from him, creating a new direct-to-consumer release

model. it provides an opportunity for the artist to be able to partake in some of the economics of that initial trade, but we also give them the opportunity to participate in the resale of those items. so we don't typically create -- hold inventory in this case we're going to actually be supporting the artists and create a new model that artists can release product, but also participate in the economics over time. it seems like the australia expansion went well. what's next? >> wove very active expanding or platform around the world. we service customers in over 200 countries and territories. last we're we expanded our authentication footprint very rapidly. our latest in australia gives you opportunity to unlock supply in those markets and ideally connect those sellers to buyers

in thoselocal regions. our international business has been growing very rapidly, as we acquire those customers that all have the same, you know, desire to get access to highly coveted, great items from brands that are releasing product around the world. key for us is both this idea to expand or platform to a global customer base, but to also be able to expand the category and types of products that our consumers can engage with on our platform. >> how does the authentication works. if you're expanding it, if you never hold that inventory, i buy a hot sneaker, and i want to resell it on your platform, do the buyers have to take my word for it it's anonymous i can't look at my seller ratings. >> this is the real evolution the stockx has created it's still a marketplace where we connect the buyer and seller on the platform, but we stand in the middle of the transactions, so the seller sends that item to

us, we authenticate that item and send it to the buyer it's our way to control the experience for that buy earp ends to end, where we have authenticated stover product that's -- and as you stated for the buyer, it's a consistent user experience. you simply know the product you want, you're participating in a live bid/ask marketplace, but then you trust that stockx is authenticating every single product. that authentication tag we include with the product represents trust for that consumer in the marketplace. >> what is the latest on your capital position and your thoughts and plans there in the next 12 months or so >> so our strategy as a company, again, is to expand internationally, to expands in our category we've been very fortunate to partner with great crossover investors, and we raise capital to be able tofund our

ambitions, so we remain committed to execution of that strategy >> interesting stuff thank for you joining us, scott cutler, ceo of stockx. we have about 44 minutes left before the closing bell sounds the dow is still lower, but off the session lows s&p 500 is off about 0.3%. next we'll talk to j.j. kinahan. and take a look at some of these stickers didearth and the ten-year take the top sps.ot we'll talk about this all. "closing bell" will be right back

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markets tumbling early in the session, but coming off the louse. this comes after a seven-day win streak for the s&p joining us now is j.j. kinehan

what's going on with the underperformance of today? is it a one-day event, or are we in for a more downward trend >> i think it's only natural to have -- it's been impressive how the market came back a bit off its lows we've been so reliant also on the nasdaq, particularly the big technology stocks to keep us going forward. what we see from our client base is when microsoftand apple are performing well, it gives confidence across the market those two stocks have something i think that's a double whammy benefit almost, courtney what that is, when they go down, those are the first ones that people want to buy as they go up, people still consider them a bit of a growth stock. as those two stocks go, so goes

the confidence in the retail market. >> microsoft is down slightly, but apple is up about 1.35% today, are you paying attention to the act it is above 16 >> it is a bit of a jump we've gotten to the 15 handle late last week, but overall, courtney, when i look at that, we're still below 20 so that doesn't really, i think, make anybody too nervous here. we hit quite a bit of a sell-off in the vix itself. anytime you stay between 15 and 20, that can being a comfort range for people under 15, people are stay starting to buy volatility they just perhaps think it's a bit overdone, because if you look at the trading pattern over the last year and a half or so, every time we do get down there, we've been able to see a bit of a bounce

>> j.j., your clients active in amc and other stocks like that >> they have been, will fred, no question about it. they continued to put heavy volume in amc the last month and a half or so the interesting thing is the buys and sells are fairly even there hasn't been a hue buy bias or huge sell bias. we see tick lay days where you might see that, but overall action, you're seeing it par pa off in terms of buyers and sellers seeing it. in certain stocks there are times when you see more of a buying bias. what's interesting also, wilfred, as you know, we released our investor movement index today, which shows clients ball and sold last month one of the stocks related to amc that our clients bought

particularly early last month was blackberry, so you've seen the effects of meme stocks that he hadn't necessarily seen before. >> j.j., talking about some of the names that your clients sold, it looks like a lot of the covid plays -- moderna, peloton, zoom -- your clients are saying that's over now, we're moving forward to other things? >> and i think the one thing you look at particular as you sigh zoom and peloton, they had a bit of a bounce last month with that zoom got to its highest level since march. seeing that bounce, hearing other people going back to work, are seeing perhaps a bit at the end of the tunnel. i thought the one thing on the buy side that was particularly interesting was airbnb being a buy, a name we don't normally see, you saw the cruise lines had their day, but airbnb was a name that came up. what was interesting is it was driven primarily by our

millennial clients, in terms of that particular name >> j.j., thanks so much for joining us good to see you, as always. >> thanks for having me, guys, have a great day a big contract that was at the center of the fight between microsoft and amazon ylan mui has that story for us, wilfred, the official reason the pentagon is for ending the contract is the underlying contracts have changed, but we know amazon fought this decision to award it to microsoft amazon accused move of playing politician, today microsoft threw some shade amazon did not respond to multiple requests for comment, but the dod did say it's asking both companies to compete for a

new miultibillion dollar contract >> microsoft just down 0.2%. the nasdaq, by the way, has also recovered into positive territory in the course of the last 10, 15 minutes. still to come, the ceo of host hotels, and the concerns on the virus have an impact on travel industry the used and 30-year dropping below 2%. we're back in a couple 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,

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the shares of 3m are under pressure p. the firm cites raw materials costs, and notes a slowing demand for the company's n95 masks. data collected suggests the vaccine is 64% effective on the variant versus 94% for previous strange. that has some stay-at-home stocks trading high today, if its specifically reacting to that or not. >> hard to tell. but in a do you think market, with rahel solomon hi, rahel. here's what's happening at this hour we begin in ohio where governor

dewine seeks to -- the laws create harsher penalties for hazing we should say ohio is the 11th state to make hazing a felony. one of the country's largest teachers' union is setting aside millions of teachers punished for the subject matter in their lessons. the head of the american federation of teachers says they will fight, quote, culture warriors who attempt to limit as labeling it critical race theory. and the first indigenous governor general s justin trudeau appoint ing -- you are nowup to day, wilf. we've got 28 minutes or so left before the bell here's where we stand. lower for the s&p and the dow, the nasdaq just climbing back

into positive territory. of course, anything positive for the three major averages would be a record close. shares of ridesharing company didi plunging after china has a cybersecurity review we'll be right back. that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you can close with more certainty. and twice as fast. if i could, i'd ten-x everything. like a coffee run... or fedora shopping. talk to your broker. ten-x does the same thing, - but with buildings. - so no more waiting. sfx: ding! see how easy...?

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chinese regulators launching a cyber security review for didi we bring in the author of the "ten rules of successful nations. good to see you. thanks for joining us. my first question is a big-picture one. the weekend's events in mind, but also the actions toward some of the megacap tech companies in the last sort of 6 to 12 months as well. is china moving meaningfully away from the sort of managed capitalism approach it had for most of the last decade? >> no, i don't think so. i think you have to put this crackdown into some perspective here my feeling is this -- if you look at china's growth model is you have they waves of unbridled capitalism, so to speak and then the state gets wise that it's

getting out of control and then it reasserts itself. it happened with the anti-corruption campaign a decade ago there have been similar campaigns in place this is the kind of wealth explosion that we have seen this china over the last couple of years is unprecedented china has more than 600 billionaires, more than 50 billionaires in china with a net worth of over $10 billion. just how remarkable this is that ten years ago there were zero gill onnair in china with a net worth of more than $10 billion, and also the fact that china last year produced a new billionaire virtually every 36 hours. so it's been an incredible wealth explosion that's taken place. the state is trying to rye assert itself as it's done in the past when you've seen such

phases >> even if that proves to be the right move for them, richir, in terms of wealth equality, what will it do to the top-line growth versus the prior decade >> yes, that's the big risk now. in the past, when china has carried hout thinks crackdowns, there's always been some new growth engine that has surfaced and tan the chinese economy forward. the big risk here is this, over the last five years, the main driver of economic growth in china really has been the new economy, the technology-led economy. its old economy has been -- so the big risk is that if they overdo this, you know they could end up killing the golden goose, because the tech sector has been the golden goose that's where so much wealth creation, so much employment creation has taken place i hope it doesn't go that far,

therefore i'm taking the historical perspective that they have done thinks in the past and stopped when is the economy is starting too much collateral damage, the risk this time is they're doing this and there's no alternative plan, so to speak, as to what will be the new growth engine if the tech economy does indeed slow down dramatically on the back of this, and you're seeing some signs of that already. >> what happens then for other chinese tech companies that are looking to ipo as more and more of these crackdowns appear to be happening from the chinese government, will they back down from looking at a dual listing or a single listing in the united states, as didi did >> yeah, that's possible i don't know the specific of what may happen, but we're seeing some evidence of that what's startling is a number of new unicorns in china. that's dropped dramatically over the last few months. we were seeing chinese unicorns rise as fast as american

unicorns to even a year ago. that shows now that the chinese unicorns have drop dramatic. i'm sure it will be looked into, but the only historically perspective, is we have such crackdowns before, we think of it as state capitalism i think of it moss ar unbridled capitalism that then requires state intervention, because the state begins to fear it's losing too much control, that's the phase we are in. >> final question, which major economy outside the u.s. has scope to surprise to the upside relative to expectations in the second half of this years? >> you know, i think, speaking about china, i think the new china is vietnam they are emerging -- it doesn't

have the scale of china, but it has pretty good critical mass. >> then i also see a boom that we're seeing could finally help a lot of the beleaguered economies in latin-american and africa that are so dependent on commodities. but for a single company, i think vietnam is emerging as the next china in the region th . >> thank you so much. >> thanks. amazon touching new highs. these stories and more as we go inside "the market zone. we'll be right back.

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[cash register beeps] uh, i need a price check on honey. don't get mad. get e*trade and get more than just trading. investing. banking. guidance. welcome back we have 15 minutes left in the trading day. commercial-free coverage of all action going into the close. mike santoli is here to break down the crucial moments, and we have allied chief investment officer lindsey bell with us as well stocks are off session lows, but the s&p 500 is still in the red. the nasdaq is turning positive

mike, it felt quite negative a feud hours back, but we're on track for at least one record. >> in this case the rotation into the very investigation, very familiar nasdaq stocks is handling things. we mentioned earlier, we did shuttle down at the lows of this morning to where we closed last thursday, so it's just kind of a lot of times when you're at an all-time high on a jobs day, it was too good to be true, let's test it to see if it's real. i don't know if that means, you know, that's all we need is a little flutter to the down side, but it shows you that the market, even with yields lower, this sort of flavor of decelerating growth is not really undermining the overall trend there. >> the number was weaker than expected, but does that suggest maybe we're cooling out when it comes to a recovery, causing some jitters >> look, i think it certainly

fueled a little anxiety, at least earlier in the market when it came out. i think when you see a number like that, sure, it was a bit worse than expected, but still very strong, the third strongest report in the history of that series so a very good number by historical standards people are skit irk and worried about this peak growth story, as the second quarter, is it going to be the peak growth and we go downhill from here really i think it was a reflection of the strength we have seen and the shortages we have in the labor market, in part because of the stimulus story that's still out there i think it will take a bit of time, and it's kind of natural to see some hiccups like this in a recovery phase, that could potentially be accelerating. >> and could we see yields because of that slightly -- >> it tilted lower before the data came out, but it did push

further in that direction. it's certainly accommodating this bid for bonds, that really seems like the most confounding thing to the majority, so there are it will keep hatching. we also pointed out there's almost no ties spent in the yield between like 1.15 and 1.45, so if you look to how fast we went up, there's a bit of an air pocket in the chart right there. >>. shares of amazon moving in the opposite direction jumping today. be society. >> since september

when you look at the faang names getting into more of the execute of the stock values, do you think -- still has room to grow, and if you're an investor, the value valuations might still be worth it >> if you look at the valuations of a company like amazon, it's a stock that hasn't done much, but earnings have hit new highs, record quarterly high earnings, so this is a company that's taken advantage and been able to benefit from the covid crisis that we just went through. its valuation that is come down substantially, trading at about 60 times forward eps that's about half of the ten-year circle average. granted, over time we see growth slowing versus where it was in the earlier days, in the earlier stages of some of these businesses, but there's a lot of growth coming lately from andy jassy is coming from, but you also have the ad business

growing and the fulfillment services, those are areas where we'll continue to see growth, and the retail business, by the way, isn't exactly come to go a screeching halt. they're expanding into different areas on the online retail sales business, so i think that's also very positive story for this stock. it's a stock that i think maybe it's time for it to start to pick up. same goes for some of the other faang stocks, like you mentioned, haven't done as well going into this part of the year >> and, mike, lindsey's final point there, if we look at the one-year chart, you see the technicals in the way that really did nothing, this latest move, and basically over the last week or two is a significant breakout. >> it did absolutely nothing since september 1st of last year, very similar to apple, the other faangs have done better, but it will making the point, it's trading incredibly closely

with the pure cloud stocks so it shows that that still is the driver of the marginal move in the stock for now >> we should mention, with just under ten minutes left, the s&p trying to go above, it's only done seven, eight points, nasdaq, of course, is positive the dow slightly lower energy sector getting crushed today. we're joined by pippa stevens about that >> the s&p group fall 3% and weighs on the broader market diamondback energy, occidental and n.o.v. among the biggest losers here. today's move lower follows a vo volatile day wti initially rose to the

highest level since november 2014 before giving back those gains, and settling 2.4% lower brent crude dipped more than 3%, so, guys, this downturn ways on this energy sector here. >> lindsey, a buying opportunity for energy stocks? >> you know, the energy sectors is interesting it's un44% year to date, best-performing sector in the s&p 500. of course, this follows a year, last year, 2020, where the sector withdraws down 37%. you're going to see earnings rebound this year, last year was the first years in at least a decade this sector saw profits decline to negative territory. we're seeing a rebound, you're seeing that reflected in the wti crude oil prices what we saw at the end of last week, while the energy sector was one of the worst performing sectors, down 1%, you're sees a divergence forming in wti, and the xle, which is the etf, and

what we do know about these energy stocks is that these companies benefit significantly when oil prices are rising their earnings are very highly correlated, around about 90% with the price of oil. it behives them for energy prices to go up. a bit curious why energy prices are down today, assuming that supply isn't going to increase but the fact that oil prices are up about 50% this year will continue to benefit these companies and their profits. they don't necessarily have plans to increase capital spending, so we should see it in the margins, go down to paying debt and things like that. overall it could be a positive for the sector >> you made a point about wti crew, how sitting at 73 shouldn't be that big of a problem, because we were -- when you're economy was as much as smaller. do you think it makes sense or

is overdown? >> it probably makes since the market saying, after a $30 move in crude so far, which isn't a very significant move, basically saying make there's not that much production, or we just priced in this whole breakdown in the opec talk it does seem at if we're still wait short of having to be -- that's the good news, as for whether energy stocks are just going to trade to me, and with the overall cyclical trade, that's obviouslying under some pressure airline stocks not getting any love phil lebeau has the details. so much talk about the travel industry hi, phil. >> not a good day for the airline stocks, all under pressure, along with much of the market a lot of people were pointing to the fourth of july weekend, saying this would be it, this is when they would top 2019 levels, and they did on thursday and friday, but you see what happened on saturday, sunday and monday remember the cleanse discard solicit from 2019 -- remember,

had that run-up. domestic strength, we'll get a clearer picture over the next couple weeks when the airlines start reporting. look for a lot of commentary we're start with delta next week we'll be talking with ed bastion to get perspective from him. guys, back to you. >> phil, when you're talking about the strength domestically, but still weak internationally when businesses aren't traveling as they were previously, have all the domestic routes been

reestablished? >> all the domestic rules have been established there were some really isolated cases in small cities that went away but generally speaking, all of them have been reestablished what you don't see, courtney is the fourth quarter sit that was there before you know from this from flying, you're not seeing the frequently that was there before. i suspect that will change, especially as we get into the fall and we continue to see the travel numbers, at least domestically, remain strong. >> i do think, in terms of reopening, it's been such a steady climb, i don't think there's been a lot of the weekly numbers. the other thing we keep pointing out is if you look at the equity and debt raised by the big airlines, yeah, the traffic

numbers are back to 2019 levels. their enterprise levels have already been back to 2019 values if you look at the total market cap, you look at united, american, it's all in the category of we goat here obviously return to profitability and all that stuff will matter a bit, but we're digesting the move for now. >> lindsey, is that an area you are interested in for your clients? the transport average is down 1%, the biggest laggard, compared to the other indices today. >> yeah, definitely got my eye on the airlines for sure the jets etf is 25% off the january 2020 high. a lot of the airlines are about 15% off the 52-week high like mike mentioned, the biggest

wait as well as the uncertainty of when the business traveler and the international traveler will return, but leisure travel has returned as a rampant pace the latest estimates from the companies themselves, as well as wall street itself, they can't keep up with the actual numb letters. it was only two weeks ago where american had to cut some of the routes because they just didn't have the labor force there i think the question really remains, this is a consumer that hasn't shifted their thinking with commercial travel, and they are also the business traveler too. tect be a lot faster for business travel to pick back up in the fall than what is being priced into some of these stocks. >> 90 seconds left >> internals decidedly weaker. actually it was a washout of the new york stock exchange to start

today, you see the volumes here, very much skewed to the negative so clearly the average stock is suffering, while the huge stocks have held things together. the deflation of the reflation trade, basically materials sector, this is a pretty good toggle in terms of whether they want cyclical growth or silly cal acceleration plays they come from very different directions at this point the volume activity index didn't raise any alarms we only got up into the 17s, and now down into the 16s. it's pretty slow summer highs. just a minute left it's only down 213, or 0.6% at the point, but is the laggard of the major averages s&p 500 down 0.2%, the nasdaq the outperformer, set for a

record close real estate the best performing sector on the s&p 500 -- [ bell ringing ] >> at the close, we have a record for the nasdaq, up 0.2% amazon was up 5% ♪ welcome to "closing bell." i'm courtney reagan in for sara eisner, along with wilfred frost and mike santoli the dow did close in the negative, for a negative 0.6% of a close. the nasdaq did close higher by 0.2 of a percent, marking a record close, the russell 2000

the weakest. china blocked didi's app from being downloaded amid a cybersecurity review vicinity tur capitalist bradley tusk on how that crackdown could impact chinese companies here in the u.s. lindsey bell from allied invest is still with us, and jim bianco is joining the conversation mike, we did eke out a record. >> very much a nasdaq day. again the yield move cements to set the tone the s&p was looking a bit stressed no disaster struck in april, the market just flattened out a bit, so we'll see if we're in for

something like that. frankly if the economic data continues to support this current theme of deceleration coming off -- and slightly more defensive tone for the market. >> jim, i wanted to come to on you what your take was for those moves. >> similar to what mike said as well i think the market is getting concerned that the real economic data is weakening. if it was really concerned about it weakening, we would be down more than 15 or 20 basis points over two points, we would be down 50 to 75, so i think there's an undertow of an inflation worry in this market again, after we went from 50 basis points last something to 1.8, to back off to 1.4 or so right now is not really that much if we were really concerned about the economy slowing. so there is probably some fear that inflation is still hanging out there. i think there is, and i think

that will manifest itself here >> if inflation is still out there, jim, and it is indeed transitory, will that be a big concern without living for so long without any inflation to speak of and we've been talking about the strength of the consumer. >> i don't think it's transitory i think the market is unsure about whether or not it's untransitory as well there's a lot that have pushed inflation up, and now backing off, but there's a lot of things that the fed calls sticky things, such as home prices, rents that are poised to start rising that will have it going higher this will be the story of 2021 we've had more inflation now the question is how fast does it go away? i'm in the camp that it's going to go away a lot slower than people think and it will hang around more. i know there's others s. the market has people thinking it will go away a lot faster. we'll see how this plays out

over time. >> mike, how have people positioned at this stage is everyone fully voested already? >> it feels that way, for the most part. has been for a while, though if you look at wealth management clients, their equity allocation is pretty high i think the traditional investors are pretty well allocated. the market has been choppinessy back and forth we does did have a report that the pfizer

vaccine is only 64% effective again the delta variant. is that at all entering investors' minds at this point >> certainly you hear about it as a concern after the summer is over, so it's something we have to keep a pulse on, but there's the other side of the argument that vaccines are, you know -- there are other vaccines that are able to guard against it. i'm no doctor, so we'll just have to wait and see until the fall, but i think there's a lot of other positive underlying things within the economy and within earnings in particular that could help support the market, at least at these levels, if not move it higher. we know earnings estimates have move sharply higher going into the reporting period this quarter. we're expecting peak earnings growth of about 60% in the second quarter, but that's expected to slow down in the third and fourth quarter, and

the peak earnings story, the peak growth stories have investors more worried than, say, about the delta variant of the covid virus. what i would say about the second half of the year is that, while growth may be slowing, it's still going to average about 19% into the second half of the year, which is well above the historical average i know as you get out of 2020, you'll have even more tough comparisons. >> let's move on to talk about china's crackdown on didi. it took a big toll on the company's stock today. deirdre bosa has the details for us dee? >> those didi shares following below the ipo price, but the fallout is broader than didi the ridesharing company's biggest shareholder fell at the

start of the week, uber was lower on today's session as well jd.com, pin duo duo as well, fall as much as 6% even alibaba has faced the authorities and paid the fine, and it's -- so the question is how far will beijing go on this crackdown >> dee, thanks so much jim bianco, is this a big surprise to you? is it going to be a big blow to china long term? >> i think it's going to be a devastating blow to china. china's they've had a quasi-capitalist growth here, they've felt threatened by it and now they're cracking down on it

it's not just didi, but what they have done to jack ma, ant, even chasing some out of the country. i think if you look at this in collective, whatever else they do next week, next month, the grand total will be it will cost more to do business in china, it will make them worse off in the long run they have made a grave, terrible mistake about what they are doing, all bay they got mad at didi, because they didn't list in hong kong or shanghai it doesn't makes sense to me. >> it's a very interesting viewpoint. if you want exposure to china, to the large consumer base that's there, what would you be advising is it just too danries too risky to invest in the flames listed here because of the overhang from the chinese government >> i think that we're being reminded today that there is that overhang and it is a major

risk if you're going to invest in companies over there. so if you do want exposure to china, the best way i would say to do it is-looking at an etf, where you get a diversified exposure, you get 20% exposure to the tech sector, and you're going to get access to some of the companies that you just talked about right now, like alibaba, ten cent, taiwan semiconductors those are the three largest companies within that etf. it's a better, safer probably play to gain exposure to the region >> lindsey, jim, thank you both for joining us good to see you. the tech sector was a bright spot today, and significantly outperforming 9 broader market up next, katie stockton will join us and discuss rotation into growth stocks

plus mike santoli will have a look at what current earnings trends could mean for the market we're back in a moment ♪ ♪ ♪ digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪

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the knack dak posting a record close, the dow snapping a four-game win streak for more on today's movies are moves, let's bring in katie stockton thanks so much for joining us here today at the midday point of the gale, a sort of breakaway and did end of, the russell 2000, closed down below 1%.

>> that suggests this trend of outperformance that started in really early june can continue for the likes of these faang stocks also, even deeper than that, on the small and mid cap front, i think that will carry over into those names. breadth has been very positive that really doesn't apply to today's price action necessarily, but in general, we've seen pretty healthy dredr breadth, even though the leadership has narrow.

>> when you look at the flip side, or of course it makes sense with what's going on with rates. if you look at the s&p sector, you may have amazon there, which of course they usually lump in new highs are bullish, they cleared the charts of their business, so that's what we've seen in the consumer benchmarks. that's helped by >> when you look at things like ratios of retail stocks to consumer staples stocks, you're starting to see some breakouts

there, too, and that supports additional outperformance, and perhaps a bit farther down the spectrum. >> what's your take, katie on the. >> around 1% to 3%, and i think with the up trend has really resumed in earnest there that's something i'm looking for. for the dollar or the dollar index, we have definitely seen a good back up off the lows. you can see.

>> looking more broadly at the different chinese stocks here, what do you make of the action there and what that may pour tend to some of the other stocks that -- that are being. >> i think these are opportunities when you see the news-driven declines that are specific to one stock, and then sort of trickle down or trickle out to others that are related, and to me, on the growth stocks as well, very important support, based on a model that's very popular in china, on the cloud model, and these supports are very much intact to chinese equities despite the decline today. i think this may provide an

opportunity and i think emerging markets being relatively oversold in absolute terms should be able to move higher from here. >> it sounds like you're bullish short term and long term, and also mentioned breadth as one of the positives. >> we look at the advance/decline lines, they've been trending higher, debt with see a pullback on the may period, and that was the rotational pullback or correction we saw, but then we got an oversold reading in some measures of breadth, and it came off that oversold reading, and really resumed the uptrends, so breadth to me has been very healthy. with that in mind, i know you look at some charts and don't feel that same participation, but you look at the -- probably

you feel better and realize there is a good broad-based rally underway also, there's not a lot of stocks that look too steep on their charts the names that are too steep right now in my opinion are the high-growth names that saw good backup off the lows, and showing signs of short-term exhaustion, but i think they can work off that overbought conditions, really a couple weeks of consolidation, and i see that as a potential pause to refresh that segment. >> he with the big megacap names, that faang names, but kind of flat today, but has been playing a bit of a catch-up to the broader market. >> we have seen new highs development in the semiconductor sector to me that's very promising. it was a bit of a standout of not being aligned with the rotation into technology and growth in earnest. finally, we started to see some

signs of life there with the likes of micron coming off its lows before earnings, so i think there is some potential there. i would like taz more confirmation of the breakdowns, because they're very, very new for confirmation, usually we like to see more than a week above a resistance level these hold over the next week or so, they don't need to go immediate follow-through to me that would provide confirmation, and support additional outperformance there. >> katie, thanks so much for joining us good to see you. >> of course, you, too over to mike now for earnings trends ahead of kickoff of earnings season next week. >> they certainly have positive. this is a look at what happened during the second quarter, both to the s&p 500 and for the quarterly earnings estimate. the consensus, you see up in lock step. this is, by the way, both scales the index and the earnings

estimates are both basically the same percentage scales, so it's actually uncommon for the market to actually track here, but at least it tells you that the gains in stocks was not really wholly disengaged at all from what was happening in the service in terms of earnings estimates going higher the question is, has the market figured it out what i think is also interesting is the longer-term look at the durant -- orb the latest quarters or earnings forecast, if you go all the way back to the beginning, in other words, right before covid, the earnings forecast was meant to be a whole lot higher, right? here about 48. of course, we plunged, and we've been feeding off the fact that analysts over-shot and they've been trending higher ever since. not the current estimate is about 45, but you think a year and a half ago, the current quarter we have, a much more orderly progression going.

this reminds us, i think, of the normal pattern of things s which is at the beginning of any year, analyst estimates -- they have to be revised lower and i think that might be in for the next several quarters, but for right now. the catch-up to the profit picture, guys. >> mike, expectations have risen, of course that makes consensus estimates harder to beat, but certain sectors, if i think about the banks for example, the share prices have come off a lot in the last month or six weeks or so, which makes it kind of easier, in terms of how they might perform next we're. >> exactly almost all of the most cyclical sectors, which would suggest a bit of an easier setup there again, the last three quarters have just blowout beat rates on all companies. we didn't get a one for one

reflection of that in stock price reactions. it does show you that it seems like analysts that they have not incentized to try to pinpoint exactly mow strong things will be up next, bradley tusk on whether china's crackdown on didi could force other companies to rethink going public in the u.s. and find out the record amount hackers are demanding in the latestttk, a aacnd how the white house is responding. that's later on "closing bell.

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shares of didi tanking today on the announcement of cybersecurity review by china. sources tell cnbc that tiktok is considering pushing its ipo. let's bring in bradley tusk, an

investor in uber, who of course has a stake in didi. such a fascinating story the first big-picture question is what do you make of the timing of this and whether it's punishing didi or punishes the foreign investors? >> other maybe a bit of both >> that they can easily be shut down, but, yeah, if the decision on the same type. >> were you surprised to see this >> it feels at least, it's an extreme thing to do.

we talk about the different ways that ftc or congress might regulate, but they're all relatively at the margins. couples with -- in the united states, so, yeah, it's an extreme measure, but designed to get everyone's attention now every companies is china has made its point >> i don't have audits the same way -- and to make sure they're not making things up, or if you're an investor, you just have to think some opaqueness with the grain of salad? you're just not going to get full transparency?

>> i think it's the latter >> on one hand, it is the biggest market in the world, incredibly lucrative -- it has a tremendous amount of -- on every single thing that happens, and that lack of transparency, if you're willing to do that, it may very well work out for you but u.s.-based company, it's not going to happen. >> down 20%. >> i mean, ultimately, didi has the potential to be if you look at uber and liftso if i were

uber -- >> it's just the way we have to play this game, as we're dealing with chinese-based companies do you think it's not in china's interesting to have this fail, either they may want to send a message to the leadership saying, look, you're not in charge, we're in charge, but once then send that message -- if you think a company is a good market, i

think you have to ride this out. >> does this alter your view, bradley, whether on the corporate sides of things, whether a company should bother expanding into china if they haven't already? is there more risk today >> no, i think it's the same look,s story we're seeing day is an old story being packaged slightly differently if you're comfortable working with the chinese government and you're comfortable doing that, it's possible. but if the chinese government doesn't want you there or you're not comfortable working with them, you probably shouldn't go in the first place. >> if bytedance does look to delay its ipo, down think that's the right move or, say, hey, these problems are going to come through either kay? >> if you're bytedance, i don't

know -- you know that the chinese government has tremendous power, bytedance, especially an tiktok and that in the u.s. is especially vulnerable so, yeah, i think this is the reality. if the chinese government wants you to list in q3 of 2022, or if they want you to list in hong kong or new york, then that's what you're doing. >> bradley, good to us. thanks for having me the ceo of host hotels is next plus some of the biggest names in media and tech are gathering at the annual sun valley conference in idaho we're already getting media headlines dripping out details on that, later

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welcome back hey, shep. >> thanks from the news on cnbc,

here's what's happening. a disaster emergency for gun violence declared in new york. governor cuomo says his first in the nation executive order is part of a broad are strategy to reduce the number of shootings and treat it as a public health emergency. they're creating hot spokts of violence. gas prices are expected to go even higher aaa reports the national average for a gallon of gas is $3.13 the group says prices could go up even more by the end of august the reason largely the surging cost of cruise oil tropical storm elsa now with sustained winds just shy of hurricane status governor desantis expanding his state of emergency to include a

dozen counties passengers flights will be suspended in less than half an hour, and cargo flights will be suspended by 10:00 p.m we're also in surfside with elsa's impact on search-and-rescue efforts at the downed condo courtney, back to you. >> thank you very much, shipp. we will be tuning in. coming up next, we'll break down the threat of the covid. and whether the new covid concerns could take a toll on travel demands in the second half of the year "closing bell" will be right back no one likes to choose between safe or sporty. modern or reliable.

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part of that has to do with fewer foreign tourists who tend to stay longer and spend more. the delta variant also putting into question when international travel bans will lift. portugal reimposing a kurt vice, capacity restrictions, and indonesia announcing a lockdown in tourist hot spots like bali glenn fogle talks about the extend of this remains unknown our position has been from the beginning it would take years, recovery in travela full courtney >> seema,s travel industry certainly trying to recover. host hotels and resorts announcing the acquisition of its first hotel in the florida keys this follows two hotels and two

golf course acquisitions earlier this year for a combined total of nearly a billion dollars, host hotels' ceo joins us today. you're buying properties at a time when the travel industry was going through some pain. what do you forecast the return on investment will be and the time horizon for some of these investments? >> thank you for having me today. we are very bullish regarding the return of travel in the united states. we are seeing a surge of leisure travel we're calling it revenge travel today, and it's about deploying capital. we have three key strategic objectives in mind they all go to one bottom line goal, and that's to enhance the overall ebitda growth profile of host hotels and resorts.

as you have correctly pointed out, we invested a billion dollars to date in 2021, and a very attractive 14.3 times the most recent acquisition, baker's cay, was acquired off-market, and we expect to a 3.4 times ebitda multiple. it's a $we expect it to generate -- and it would rank number eighth in our pro forma portfolio. if you can find it, it's the number one upper-scale market in the united states, but that is driven in large part by the fact there are very sere

restrictions on new growth, new hotel supply growth. if we look at the period from 2000 to 2019, there was 4.9% supply versus 25% in the u.s this is a like-new asset it was completely renovated with a $63 million renovation it just opened in 2019, so it's brand new. it has no near-term capital needs. we see a lot of up side going forward with this particular investment >> so your portfolio is made up a lot of luxury or high-end lodging properties what is your forecast going forward for the luxury high-end traveler, if business travel is fairly restrained? >> you're correct on the business travel side, it is restrained, but we expect both

business transient and group to start picking up after september. as the kids get back into schools, as offices open, as people get back to work, we expect to see group business and business transient come back in the interim, we're blessed with a very strong portfolio of resort properties. in the florida gulf coast, in miami, in hawaii, in california, and in arizona, and candidly, these assets are performing above 2019 levels. so it is truly -- our florida resorts, we own three fabulous resorts on the island of maui. they ran for the month of june, in the low 80s to low 90s percent occupancy at avrs above the same time in 2019. so the consumer -- wants to

travel -- once the vaccine was rolled out and it became safe in people's minds to travel again, we have seen a surge of it we expect it to continue through the rest of the summer >> are you worried about the delta variant >> we certainly hope the vaccines that have already been administered will continue to effectively deal with the delta variant. there's been a number of stories published with pfizer, moderna and j&j that they effectively do block the delta variant from causing serious illnesses. it's too soon to say that in fact will be the case. we'll following the science and hope they get it right i have great confidence in our medical community in this country and in the

pharmaceutical industry, given what we've been able to accomplish to date with the vaccine program. >> then, jim, before we let you go, airbnb obviously a different model than what typical hotels operate under, but it has become a very popular model with a number of people, as they were looking for less of a shared experience and more of an individual experience how big a threat is airbnb going to be in the future to your core consumers? that's luxury business traveler, that is looking for a high level of service and experience. >> airbnb is a threat only in times of compression, i.e., if we have a super bowl in a market, airbnb will impact our ability to really push rate because of the infin net supply. our customer is not an airbnb customer our business transient customer,

our group customer has a different profile than the typical airbnb customer. avrs are meaningfully higher than what airbnb charges they have done well with drive-to markets i think they're going to be facing the same changes that we're all going to face in the major markets, from a host perspective and our. >> jim, thanks so much for joining us good to see you. >> thank you be well, everyone. >> you too, be well. $70 million, that's how much hackers are require. we'll talk about that unprecedented hack when we come back

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shares of cyber security stocks rising today as revil launched a ransomware attack and demanding some serious cash. eamon javers here with more. >> they are demanding serious crash but less serious at the outset the initial demand was $70 million. it has gone down to $50 million

in its latest communications and experts think they might be able to negotiate lower than that a short time at the white house president biden was asked about this and whether or not vladimir putin is testing him here's what he said about the seriousness of this hack at the white house, just a short time ago. >> it appears they have caused minimal damage to u.s. businesses but we're still gathering information to the full extent of the attack and i'm going to have more to say about this in the next several days we're getting more detail and information. >> the white house still gathering information, but what we know about this hack so far is it hit a company called kasey a software management company that helps other customers so about a total of 1,500 businesses overall globally have been hit 700 of those we are told are inside the united states, described as small and medium-sized businesses, dentist offices, small accounting offices and local restaurants, and the like so we're still getting a full tally here of all the different companies that have been impacted, but the president

suggesting that's still gathering information. the white house earlier today, courtney, also saying that the white house reserves the right to respond, if they do attribute this attack to the russian government, revil is a russian-linked cyber hacking entity by russian-speaking persons, but there's some real disagreement over exactly how much authority vladimir putin would have directly over these sometimes independent cyber security or cyber gangs in russia urtney >> very interesting. and eamon, remind us, when president biden met with president putin, what was that discussion, again, on the previous hacks attributed to russia what do we know that was said between the two men? >> i was in geneva for that and this was the top of the agenda, one of the most important things the two men discussed on the heels of the colonial pipeline hack, the meat hack earlier in the year as well, all of those attributed to russian linked entities what biden said at that meeting in geneva was he presented

vladimir putin with a list of 16 critical sectors that he said were to be off limits for cyber security and one of the questions that i've been talking with cyber security professionals about today is if you present putin with a list of 16 things that are off limits, is the mistake there that it implies there are some things that are inbounds for cyber attacks and one of the security professionals i talked to today said you know, that does imply that, and this latest attack doesn't hit any of the things that biden would have suggested would have been the critical infrastructure, so maybe the russians received a message that the president wasn't necessarily trying to send there, which was you can hack low level things but stay away from the pipelines. >> eamon javers, thanks for joining us good to see you again. after the break, we're looking ahead and heading back to sun valley, from the conference is getting set to kick off we'll break down the biggest topics at this year's exclusive event, that's next opinion

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now to our wall street look ahead. after being called due to the pandemic in 2020, the conference is on. julia boorstin, who is there so far? is it double the quality of attendance because of the lack of a conference last year? >> reporter: well, no. it's actually a smaller conference this year, more intimate but the biggest names are here, the ceo and the investors are just starting to arrive and we've gotten big media news i just spoke with discovery ceo david zaslav despite the fact he completed the big merger with warnermedia, he's planning on more big deals and talking to cnbc's parent company brian roberts and nbc universal ceo jeff shell and is looking forward to talking to them take a listen. >> i think the talk of the week

is going to be the industry is probably going to start to consolidate. brian built a great company, jeff is doing a great job at universal so we're not done yet. you know, we're looking to get this deal done >> reporter: roberts and schell arrived today just as their company made some news a further commitme to peacock. they announced they will be putting universal films on peacock four months after they're in theaters, this replaces a deal putting films on hbo eight months after they hit theaters, all of course a sign of their investment in peacock there were other potential buyers who arrived today who will be in the spotlight this weekend, sun valley, including sherry redstone, via comcbs is considered ame acquisition target or buyer of smaller assets to bolster paramount and this year sun valley feels a little different i mentioned the smaller guest list, no children allowed and

mandatory proof of vaccination and mandatory testing. we will have a great line-up of g guests over the course of the week and tomorrow on "closing bell" sitting down with reid hoffman, legendary investor. back over to you >> thank you, julia, we look forward to your coverage during this week including the interview tomorrow let's get some final thoughts here before our show ends mike, we saw momentum from the nasdaq start midday and kick up through the closing bell do you think we'll start with the positive open tomorrow >> well, i would actually think you might get a little bit of upside drift but overnight it's always been a crap shoot, actually been a little bit of as 9:30 hits we get a little bit of a different tone apple and amazon today basically added almost half a percent net to the s&p 500 so it tells you it was a little bit concentrated but kind of the market kind of held serve i would say as opposed to buckling the way it had. >> i said the same thing on friday keeping an eye on the dollar, nice bounce and soft earlier in

the session and similar to the yields act in the morning. >> exactly we do have this dynamic, where dollar index is going up with yields going down, it doesn't necessarily tell a consistent story in terms of what the macro driver of that is all the time but yes, that has been the case. >> i will be off tomorrow, sara will be back then. i have important market-based research to be doing, see you thursday hopefully with a smile on my face "fast money" starts now. live from the nasdaq market site overlooking times square this is "fast money. i'm melissa lee. tonight on "fast" amazon amazes, the stock soaring to a new all-time high as andy jassy takes over as ceo. plus china takes time, shares of dd and other tech stocks plunging as beijing turns up the heat. we'll break that down and later we've got a fast pitch coming your way, a guest trader is taking the mound to thro