welcome to power lunch i'm bill griffith along with my pal. >> it's great to be back tyler mathison and kelly evans are off today. stocks are off their lows. from semis to financials, crypto treasuries, what's this market saying about what's happening next >> reopening risk. live nation, the ultimate recovery play. the ceo tells us with the rise of the delta variant could mean for his business and bucking the trend, money is flowing into and under the

radar part of the real estate market right now or some stocks in that area are hitting new highs even as this market continues lower. "power lunch" continues right now. and let's get right to the markets this hour. the dow, the s&p and the nasdaq all off their lows of the session. you see here the dow down. at one point down 536 points that's at the low. american airlines trading a little bit higher right now. energy stocks also getting a lift we're seeing devon energy up 1%. one of the big things, those meme stocks, doing a big turnaround amc up here more than 5% gamestop only up fractionally. >> i even know what a meme stock is now >> nice haircut, by the way. >> thank you very much the yield on the trading

levels not seen since february we'll talk about that and much more here on "power lunch. >> covering the market action, mike santoli, rick santelli. michael, we start with you, please >> bill, thanks a lot. let's tell you where we came from here before this shakeout in the s&p 500 right from a record high that was carried by a relatively narrow group of stocks you see here, look, nothing has altered the trend here it is solidly higher we had kind of stretched right up to the very upper end of this sort of uptrending rally channel. at the lows this morning, we basically just undid the month to date gains in the s&p, went back to about where we were right at the end of june kind of probed lower and then actually regrouped from there and found some footing take a look, also, at two opposite ends of the spectrum. the nasdaq 100, which is the very largest growth stock and then small cap, russell 2000 one really benefits from an

accelerating higher treasury yield type environment, that would be the russell 2000. they basically have come to a similar spot here along very different paths. massive ramp to start with the reopening enthusiasm, very slow build on the nasdaq 100 and so far together i guess you could say there's no distinct leadership advantage right now although it does seem the upper hand is with the largest growth stocks some of the more hard hit groups like small stocks down from their highs as well as things like the airlines as well. you saw the airlines and the small caps really get fleshed out lower and they've had the bigger comeback from the lows. very steady on the s&p 500 so we'll see if this was more than just a little one-day shakeout, a little bit of jarring to the complacent bulls. right now nothing too much has really been altered about the overall trend. it can always change

>> yes, it can mike santoli, thanks, mike >> all right, well, the roll over in yields is creating confusion among traders. rick santelli, looking at the ten year we were just talking about this. let's talk about the last two days as opposed to the one day can you sort this out for us >> it's fairly easy when you're looking at treasuries these days just look at the previous session's low yields yesterday's lows around 1.29 plus pretty much most of today's trade has been around that level or lower and the same could be true for a 30-year bond. if you look to that look how we staircase lower, frank, and it isn't only tens. the bunds overseas, even the ten-year instrument in the uk. even though it did move up to the end of the session today, very similar pattern consider this, the seven

trillicentra banks have spent about $9 trillion plus trying to support markets post-covid their balance sheet assets together are $24 trillion. and if you include the people's bank of china, that number moves closer to $30 trillion this makes many investors nervous. and you remember those dot plots when we pulled the tightening closer the market is pushing back they're pushing them further back you see it in the euro dollars and the fed funds instruments. and finally the dollar index this chart is from june. june 18th they had a close of 92.22 that is your pivot as long as we remain above that and there's ongoing talk of a taper, the dollar index should remain rather firm bill, it's great to see you. back to you. >> thank you, rick frank, you have a question no, let's keep it going. >> very good the recent drop in rates could

signal many things, of course. our next guest says that we could be later in the economic cycle than many realize. and if this is the last leg of the so-called v-shaped recovery, how do you trade it? joining us right now portfolio manager at nfj investments good to see you. thanks for joining us today. >> thank you >> there have been a lot of head fakes, times people said we must be late in the cycle this market can't go on forever. the economy -- the recovery from the covid coma is about over what makes you think this is for real this time >> well, it is a contrarian take to suggest we might be later than investors are speculating in the economic cycle, but, for one, you see wage growth really picking up that tends to be a late cycle phenomenon and there's been a bit of a paradox in the markets, a flattening of the yield curve, right about the time the fed is talking about potentially tapering next year

you're seeing the longer term rates pull back, that flattening, which perhaps suggests the markets are pricing in perhaps a policy error. and so we look at that saying that investors have this mind-set we might be early in the cycle simply because it's only about a year old on this up cycle. the down cycle was compressed, too. we might have a compressed cycle on both ends which we don't necessarily recommend trying to time the market. this tends to be a loser's proposition. >> are you moving money to new categories based on this idea right now? i read in your notes you're looking at value stocks now. >> we are. we're not suggesting that investors should wholesale move into growth stocks simply because the valuation discrepancy between growth and value remains historically wide and there's still a lot of opportunities to be had in value. but within value we're not necessarily recommending some of the higher, riskier names but

the first leg of an up cycle tends to be that low risk rally. you think in terms of a relay race, the second, third and fourth legs, the later legs, tend to be high quality cyclicals, companies that are compounding growth that are producing substantial free cash flows and specifically those that have the ability to pay and raise dividends. >> so, burns, you believe wage inflation is a sign we're a little bit further along in this recovery cycle than many people believe? the wage inflation year to date. very sharp increase but today we're seeing the ten-year fall, the dollar fall. how do you interpret these mixed signals? >> it is kind of surprising. it can be one of two things. it could mean some of these inflationary pressures are a bit more transitory, and some of those are. some of the base effects you see, the supply models are potentially a little bit shorter term in nature and so that would be one reason. the other could simply be the market is looking and listening to what the fed has been saying.

it's hard to teach an old dog new tricks the fed says they're going to be a bit more patient perhaps they're not and the market is presuming that the fed might, in fact, overstep inflation is one of those things that in and of itself is not a problem but the cure for inflation, i.e., interest rate hikes, oftentimes is more dangerous than actual disease. >> reits, you like those aren't they kind of rich is that a busy, crowded field given the environment we've been in anyway? >> it's an interesting phenomenon that reits have traded like bond proxies if you saw, for example -- if you thought interest rates were going to go up, you would sell and vice versa one of the things we've seen in recent years is a greater degree of divergence among reits, a greater ability to create value. we look within reits and some of those more levered to the reopening have probably gotten a bit ahead of themselves.

there are certainly opportunities to be had in reits whether it's warehouse and logistic reits that take advantage of continued growth in e-commerce or tower reits are a great place to play. not only do you have expanded demand for digital content, you have 5g and also it's probably a pretty good stealth infrastructure play. >> you mentioned people would be rushing to invest for income, dividends. is that your favorite play, reits, or is there somewhere else you would go? >> the towers are a great place to play. within reits you don't necessarily want to go for the highest absolute yields. some of those could be a bit more interest rate sensitive looking for dividend growth is really one of the key places to be in this type of market especially if there's risk of inflation perhaps being a bit stickier than investors feel because those tend to be shorter duration financial instruments if you think inflation will pick up, you would rather get the cash flow today than, say, in

some terminal value off in the distant future as some of the reits provide great opportunities, the data centers. >> as a newly retired person, i can vouch for people looking for income from dividends these days burns mckinney, thank you for joining us >> thank you so much for having me switching gears from equities to bonds, some are watching key technical levels especially on the ten year today. let's bring in katie stockton, founder and managing partner katie, thank you for being here. >> of course >> katie, take a look at your notes. you have the support level at about 1.23%. basically what we're seeing today, off by just a few basis po points if it falls below that in the near term, what's your trajectory on the term for yields >> i would widen out that support range to about 1.23 to 1.29%. it's based on a combination of technical factors. one very important being the 200-day moving average which is

that lower boundary at 1.23% the 1.29% is derived from the retracement level. i'm comfortable having a range of support because support is usually acting as more of a cushion rather than a precise point anyway so it's really how the market tends to act rarely do you see a very precise test of these levels what's really important is that you see them generally hold up in that area as opposed to we don't get too caught up if we see a brief dip below that type of thing on a consecutive closing basis, i do want to see this range hold on the weekly chart of ten-year treasury yields because that would preserve the up trend drawn back to the august 2020 lows and suggest that we'll see a reaction to what is an intermediate term oversold reading. the first of its kind since that up trend began >> the key word is intermediary. based on your notes do you think

this fall in rates is temporary? bill, you have to take a shot after the show do you see the rates bouncing up from this support level? at the same time in the likes of tlt, which is a treasury bond, etf, we're seeing some signs of short-term upside exhaustion as that gauge tests its only 200-moving day average we'll see a pretty immediate turnaround if we don't see that then, of course, that means this correction is probably a down trend. so we really need to see that immediate reaction and where, of course, it becomes more convincing for folks is when you see ten-year treasury yields climb back above metrics fortunately we have technical

indicators to use to try to get ahead of that kind of move and, indeed, they do suggest that they'll move higher from here. in a breakout by treasury yields target about .13% based on another level and in my work that level does seem achievable before year end. >> katie, rick santelli was telling us that there's some chatter on the floor there in chicago that based on some of the activity they're seeing some of the hedging activity that's going on, some traders anticipate we could go on the ten year as low as back to 1%, well below the support you're seeing right now is that just not in the cards for you? >> if we don't see that immediate reaction, then certainly that next level would be sub 1%. if you look back to the secondary support, you have to go back to a previous high of 2020 to get there. it's also based on a model that they probably are using on the floor of the exchanges which is called the cloud model, very

popular. and it also shows support secondarily. so if we see immediate down side followthrough on a confirmed breakdown of that 200-day moving average, then, yes, perhaps that's realistic >> we almost have to wrap up this segment we're focused on bonds but have to look at equities as well. what impact do you see this action having on other equities especially financials, maybe the most sensitive to these yield movements? >> i think it's why a lot of us focus on it. we want to know when we have an entry point in the likes of the bank stocks, these types of yield sensitive stocks out there. indeed the banks are oversold from a short-term perspective. we don't have any major signs of exhaustion yet but are seeing the pullbacks generate tests of support that are successful. it's a little bit early especially in a weaker in the near term. this will ultimately yield a buy opportunity in that arena. >> katie stockton, we appreciate

that insight thanks for being here. >> of course >> and coming up, the route in u.s.-listed chinese stocks continue the government crackdown has been rattling investors in that category how bad is the damage there? plus, we're surveying the damage in crypto. bitcoin has been tdragging down stocks is there any sign of stabilization in those prices? and as we head to the break, a check on some utility stocks those dividend payers which are relative outperformers as investors do hunt for yield. stay tuned

welcome back to "power lunch. watching chinese tech stocks continuing to underperform even as we've seen tech more broadly recover from the worst levels of today's trading session. watch names like baidu and jd.com all down 9% or more over the past week as beijing is start to go crack down on chinese tech companies especially those that have shares listed here in the u.s. one of the etfs that tracks the names, kweb is tracking for its worst weekly decline since late march. bill, we'll keep monitoring those tech names as china beefs up its regulation of big tech like these back over to you

>> dom, thank you very much. meantime bitcoin has been sinking today down around 5% and dragging crypto-related names lower along with it. kate rooney is taking a look at the declines for us. hey, kate. >> hey, bill great to see you bitcoin's drop has been part of this broader move, the cryptocurrency has been falling alongside equity markets and some investors saying it's a hedge against inflation, bitcoin is not proving itself to be that asset like gold, for example, which is up today. bitcoin saw a low of about 32,000 today and some investors see this as a positive, in the near term of at least $30,000. ethey are seeing deeper losses down about 9% today. this crypto drop really started overnight in asia. a state of emergency overnight

citing rebounds in covid cases global regulators do not seem to be warming up. we had senator elizabeth warren writing a letter to gary guns letter on the market and the central bank this week called for the shutdown of yet another company that was suspected of providing, quote, software services for virtual currency transactions. guys, back to you. >> just really curious, watching some of your reporting on china actually moving some of those bitcoin miners and coming to the u.s., how is that impacting the price action and where they will be mined from? >> so you talk to miners and it really affects the economics for companies like riot, marathon and those who are creating the

new bitcoin. it doesn't have much of an effect on the price of bitcoin it's an interesting dynamic but that does not seem to be, at least right now, one of the drivers of bitcoin prices but more about the global macro sentiment, a sentiment measure that they watch they call it the -- they measure it as a risk appetite, the low 40s. it was at something like a 98. so this seems like a sentiment story. >> hard to believe bitcoin had its all-time high back in april. what a turnaround. kate rooney, thanks for that >> falling yields on the regional banks plus railroads getting crushed. more in today's power movers what happens when you make power your thing... above everything?

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we'll make that part of your plan. you have a team who's been preparing for all kinds of futures for nearly 170 years. learn more at massmutual.com welcome back i'm rahel solomon and here is your cnbc update this hour american troops continue to withdraw, president biden said

minutes ago that afghan leaders have to come together to defend against the threat because he will not send another generation of americans to fight there. an american citizen of haitian descent is one of six arrested in connection with the assassination of haiti's president. these two men taken into custody after a firefight. they are now trying to identify the people who actually set it in motion. lots of questions there. a special session of the texas legislature is under way republicans hoping to pass new voting rules, limits on how racism is taught in schools and restrictions on athletics for transgender students and many americans probably know how to get to sesame street, but would probably have a harder time finding coronation street queen elizabeth knows the way. she arrived for a visit to the set of the world's longest running television soap opera telling cast members it's marvelous how they've been able to carry on during the pandemic.

more than 10,000 episodes of "coronation street" since it began in 1960. guys, back to you. no relation to "sesame street. "sesame street" for children "coronation street" apparently a soap opera >> it's been around, as you said, since 1960 >> bill, let me be the umpteenth person to say good to see you. >> thank you the dow down about 536 points at its lows seeing the dow about 300 points down right now the s&p down almost a percent. the nasdaq down about three-quarters of a percent. turning to power movers, first up, we continue to watch didi's declines. take a look at this chart. big dip here down almost 5% right now down 31% over the past week. next -- >> how about i do this one

is that okay needham and the online luxury retailer the stock still lower for the year, though and for more on that, go to cnbc.com/pro >> ever buy anything >> i don't believe i have. >> i don't think i have either rail stocks falling this afternoon after the white house said president biden would issue an executive order targeting railway and ocean shipping competition. that order, which could come this week, asks the maritime commission to come back. what they say is aggressive makes it possible to transport goods. rail is on fire. capacity up about 14% year to date also, especially kansas city southern, not only might the president issue an executive order, this merger with canadian national has to get approval from the transportation board, something that may not be as

easy as some people think. others issuing complaints, saying they think it will hurt competition. >> so this sell-off isn't just economically sensitive at this point. government factors as well >> but when you look at the business, very strong. >> that's part of the recovery and the economy we see from covid. let's take a break as covid fears rei gognite, parf the sell-off the ceo of live nation about the future of the events business coming up. and are semis sending a signal that group could see major declines that and more comingp. u wireles 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.

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and welcome back to "power lunch. the oil market is closing for the day. to pippa stevens big turnaround oil moving between gains and losses this time it's managed to finish higher snapping a three-day losing streak. wti crude settling up 1.1% at $73 right around the highs of the session.

crude advancing to $74.18. the turnaround came at 11:00 a.m. after a bullish inventory report stocks declined last week well above the expected 4 million barrel stock today's gains, though, not enough to push oil into the green for the week and wti is on track to snap a six-week winning streak amid the opec uncertainty. guys, back to you. >> pippa and i used to sit next to each other in the newsroom, and i recall you would duck anytime a camera came near us in the newsroom and now look at you. you're a star. >> i miss having you as my name, bill, you were always the best. >> good to see you so live nation is considered to be the ultimate reopening play that stock up more than 75% in the past year but it has pulled back recently falling 7% and now

questions about the delta variant's risk julia boorstin >> reporter: thanks so much, bill and, ceo of live nation, thank you so much for talking to us here today in sun valley your stock has gone way up in the past year on anticipation of the world reopening. you had a full capacity concert in madison square garden, a sign concerts are back. how concerned are you about the delta variant slowing this reopening? >> we're very excited about the american market. those two markets seem on track. in america we're fully open at this point we have 30 amphitheater tours starting this week across the country. full capacity.

miami 200,000 people about 10, 15 festivals on sale that will happen this summer we're wildly excited the u.s., the uk is on plan. we'll be in business we always expected asia to be a '22 business they're behind on vaccines we think europe comes together late, probably a fall business the big win this summer if we could get the u.s. and the uk back to business by july that was the big win and that's happening. >> reporter: you've had a backlog of all of these artists. how does that pan out? are artists going to be crammed together and people will have to pick and choose which concerts they go to and will that impact your revenue >> the artists are smart they will not go out unless they have the right weekends in the right market

we're looking at it as a fabulous '22 we don't give four shows in one week and you have to pick one. we'll spread those over a couple years and a couple markets there's lots of availability but we'll make sure the consumer has time to buy it and look at a '22, '23 record years. >> reporter: everyone is trying to figure out what the future of live events look like. looking out to 2022 how different do you think concert going is going to be do you think we'll see permanent change to cost and capacities? >> that two-hour show we saw during covid is something not duplicatable, it's a magic moment we saw it in the fu fighters show everyone said, god, it's so good to be back this show is back to what it has always been, two hours of magic

in that venue. the show is magical. >> you did invest in a virtual concert business there were a lot of virtual concerts will that stick around will there be a demand to watch a concert from home? >> we think it's an extension. the digital screen doesn't duplicate that live, magic moment you don't get goosebumps on your ipad to a core fan that didn't get to the beyonce show, it's an extension. we do think a complementary for a fan who can't get to the show but a small piece of the business >> frank, do you want to jump in >> this is frank holland great news that your venues are getting back open in the u.s. and the uk my question is about payment will we see concerts where

people go up to a bar with a $20 bill to get a drink or use cash? are you working with nethem to move that forward to the 21st century? >> it's a great question like most companies will tell you, we use covid to do a lot of rebuilding, infrastructure programs, products around ticketmaster contact was a big piece we accelerated. you'll go to venues and will be able to get in, buy your ticket, buy that beer, buy that t-shirt contactless through your app through the web. yes, we're going to make that experience a lot more seamless and touchless for you. >> reporter: interesting a question about the competitive landscape. we had spotify, which you are partnered with, announcing more in the concert space with smaller venues and artists and then also two executives from endeavor leaving your board because of potential conflicts there. what does the competitive landscape look like for you and do you expect more players to get in >> we've always worked with

spotify. daniel and i have a great relationship they've been a good addition to our affiliate program. we have many affiliate programs. we think they'll continue to do a good job of having customer data and helping us sell tickets to our shows and other shows we look at that as a compliment. and competition is on a global basis, a competitive market. we look at it as a great way to grow our business and do better jobs we think we have a great, great run on a global business >> reporter: we look forward to seeing the concert business come back i haven't been to one yet but i can't wait >> miami, there you go >> reporter: michael rapino, ceo of live nation back over to you >> thank you and thanks to michael rapino >> i've had tickets to the elton john farewell tour forever and finally he will get back and we're going to hopefully go in 2022 >> i thought were you going to

say rolling loud >> i will let someone else go. >> why not >> maybe >> turning our attention to regional banks they are low the group is up more than 70%. will the bulls continue to dominate the sector or will rate fears take over? our traders will discuss coming up next. as we head to the break, check out some of the biggest laggards in the s&p there they are up on the wall only 6% of us retail businesses have a black owner. that needs to change. so, i did something. i created a black business accelerator at amazon. and now we have a program that's dedicated to making tomorrow a better day for black businesses. ♪ ♪ i am tiffany. and this is just the beginning. ♪ ♪

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welcome back to "power lunch. regional banks down 5% this week as the broader financial sector just grinds lower. falling bond yields added to the pressure as concerns spike around the global economic recovery with japan declaring a covid-related state of emergency in tokyo ahead of the summer olympics so he is this a buying opportunity in owes those stocks gentlemen, thanks for being here >> thank you

>> we're going to particular kings off, is there a near-term recovery in store for this group? >> frank, i would call it shaken but not stirred. as i look at this overall market i can see that as we've seen this sort of correction happening in ten-year bond yields, we've seen pressure happening for all these regional banks. and what we basically have seen is sort of a breakdown but it's still the right place to be overweight in the financial sector and this little shakeout is just that you'll find good support at the rising interday moving average and, again, i would be buying some of these financials on the weakness here, frank >> bill, do you see that supported at the same level? >> i added to kre, a name we've owned for a while, a name i added to today i raised a little bit of cash and the high-growth names yesterday and used that cash here

it's been the yield that has powered a lot of those and adversely has hurt the banking sector there's a lot of activity. people are using credit and i think the second half will be terrific we went below 63 1/2 that was a floor area. i would like to see it regain that but we bounced off it today. a good settlement on the week would do a lot in helping form a near term bottom the adx has had lower peaks. where it is showing a trend, and the trend has been down so i think that could turn. i think the kre will perform very well and i'm using this as a buying opportunity >> thank you both. >> for more trading nation head

tradingnation.com or follow on twitter. and we'll take a break when we come back, chip stocks in the red jim cramer says micron could sink the rest of the group we'll talk to the top analyst on the street when it comes to semiconductor stocks when "power lunch" comes back. and now the latest from tradingnation.cnbc.com and a word from our sponsor. some people refer to the vix as the fear gauge. but i like to refer to it as a gauge of uncertainty because while an elevated vix may imply the market is headed tore big moves, those moves could be to the down side or the upside.

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welcome back chip stocks have been under some pressure although they are off their lows of the session. right now there are fears about the pace of the global economic recovery hitting the markets earlier this morning on "squawk box" maybe you saw jim cramer. he said he's been watching micron the quote was micron is a proxy for all semis and that he's been watching it. have you seen that one that is just in free fall.

fundamentals look still strong to our next guest finding opportunities. the senior vp and senior u.s. semiconductor analyst. thanks for joining us today. >> good to be here, thank you. >> i know you don't follow micron specifically but the rest of the group, do you agree with jim they're taking their cue from that company right from tt company right now? >> i don't know about taking their cue from that, but is micron a proxy maybe a bit. they have wide exposures, obviously. i also think within semis, investors are getting worried that like the cyclical is getting -- make we're getting close to peak, and i think that was a concern, though micron had more company-specific issues they were talking about costs going up, for example. but there are some parallels. >> we said you were finding opportunities. does that mean you don't think that we're going to see this

pullback last much longer? >> who knows bill, right now the overall fundamentals look really, really strong much they've been strong all year one of the unknown as, though, is ending in a period where there are shortages and constraints, a normal practice of customer is actually order more than they need when they can't get a part so we don't know how much of the current strong demand is real and how much is not. my guess is we won't find that out for a while. overall, the semiconduct ores tend to trade on the second derivative, and if things are guess better, but at a slower rate, peopler worried we're getting to the peak. within that, though, i think there's opportunities, depending on what particular investors might be looking for >> so, that xoxx is down

about -- a tough day for chips make peep are over-ordering and may not full those orders, so do you see demand continues in the auto sector? on the other side, if you think this is phantom deman, what company would you go for >> i think the auto s semi recovery has some -- i think that channel was bone dry, and going forward they'll ployable have to hold more inventory. they used to run on adjusted time, which probably will be cut a -- nxp is the obvious one. i think if you're looking for safety or some margin of safety, i kind of like broadcom. they actually put

non-cancellable orders on their requirements their semiconductor business is sold out for the rest of the year they also had a software business that brings of margins and lower volatility i think either buyb dpback or m will be good it's the cheapest thing in my sup board, so kind of a good return for safety. >> what do you think of a company like apple that's getting ready to make their own chips? what impact does that have on the industry, do you think >> apple is not getting ready to make their own chips at least on the design side. they've been doing their own designs for about ten years. >> i know what i mean, though, sidestepping the traditional chip makers they have been using for decades and going to do it themselves >> so they've been doing their

own multi -- what you may be talking about is on the pc side. they still have the manufacture -- it's apple's design, but they're moving out of iphones and i pads into pcs. apple's entire volt, they're about high single digits low single digits in desktop that's moving away from intel to apple's own design stacy rasgon, good to see you. >> you bet thank you. home builders getting hit hard the real estate play that appears to be immunity to housing risks. and take a shlook at virgin galactic >> i wonder if ty'hahed ve dinner up there. >> we'll be right back, much more to come

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ugh, these balls are moist. or is that the damp weight of self-awareness you now hold in your hand? yeah-h-h. (laugh) keep your downstairs dry with gold bond body powder. welcome back to "power lunch," one group of reits is holding strong dom has a look under the microscope. >> it's crowns castle, american tower and sba communications each of these has nothing to do with the residential housing market per se, it's a cross-section, the intersection of technology and real estate. why?

there's a commonalty each of these three stocks at some point today hit a record high that gives you an occasion, as you can see from the charts here, just where the relative strength is in real estate real estate is the second-best performing sector this year behind just energy, but it's a specific part of the market, again with technology, wireless communication, all rolled sbup one, which has these at least stocks in favor these days if you look at the dividend play, that's oftentimes what real estate investment trusts are known for. crown castle has a 2.7% different. and sba communication about 0.75 all of that, guys is juxtaposed again a ten-year yield, and then the s&p 500 overall, bill,

frank, which trades at about a 1.3% different yield, but that's why these stocks are some of the best performer >> men tower, unbelievable for years, i think every time i did an interview almost with somebody who tall about where you can get good different yields, american tower inevitably always came up. >> it is it's a secular play as well. we know that real estate is real estate, but if you meld that with the idea that the future is 5g communications, wireless speeds, it's been the sweet spot for so many investors, but it just caught my attention in an otherwise down tape, there were a number of stocks making record highs, and these were some of them right there that spoke to me a lot about just this idea that investors are looking at similar spaces

guy that's it po "power lunch" for this thursday. great being with you what do you say we do this again tomorrow >> okay. you twisted my arm here's the gang on "closing bell," that starts right now we'll see you tomorrow >> a towering american broadcaster talking about american tower great to see bill back. >> i'm wilfred frost, stocks off the low, but the dow and s&p still down a full percent. it's all about yields yet again, hitting a low of 1.25% jobless claims came in higher and covid concerns rising again,