of cases to customers like target and costco, et cetera i like it long term. >> cheers to you we've got to be quick, guys. jon najarian i'm sorry. farmer jim >> qualcomm, next one to break out. >> all right >> coresite owns data centers. >> shannon, quick. >> salesforce. >> good weekend everybody. "the exchange" is now. thank you very much, scott i am dominic hue here's what's ahead on the exchange with the 10-year at 1.3%, many people are looking for a yield in junk bonds. yes, high yield. but even that isn't keeping up with inflation these days. we'll explain. plus president biden is about to sign an executive order aimed at technology companies. should google, amazon and others be scared? and in rapid fire today, staying home to workout, going out on dates and an

international dispute that's starting to bubble over -- yeah. but we begin with the rebound in stocks. mike santoli has those numbers as you can see right there good afternoon, mike >> hey, dom. an unusual quick and complete reversal from the one-day shakeout at least so far yesterday. three weeks ago we had a minipanic after the fed meeting, got a couple percent to the down side this is barely that. the big pressure point on the markets is what's been happening with yields, what's been happening psychologically in terms of the economy and everything else. here you can see a one-year chart of the 10-year treasury yield. it looks like it has rolled over from those highs a few months ago, but the big question as the overall trend changed, believe it or not not necessarily. it actually reversed higher on its 200-day average. it doesn't always work that well but at this point it doesn't seem as if there's anything that's really gone on here to change the overall setup of at least somewhat higher yields,

even if we don't see the 1.7 plus that we saw a few weeks ago. take a look at the push/pull in sectors below the surface this week the s&p 500 is on pace fora quarter percent gain on net for the week nothing particularly dramatic. here you see the interplay between materials and tech two ends of the spectrum materials all about inflation, accelerating economy, global growth software is much more about the disinflationary secular growth stories. tech opens up this big lead for a couple days, big selloff in the materials yesterday morning, then a reversal. it's almost a wash between those two things it seems as if, dom, you have this benign rotation that's still protecting the indexes from lasting damage. >> protecting is for sure the right word because we did hit another, like you said, all-time high mike santoli, we'll see you later in the show. and that wild move we've seen this week as a reset maybe for stocks and bonds joining us now are nancy priel,

manager and ceo of essex, thank you ladies both for being with us. nancy, i would like to start with you here. we just heard mike santoli talk a little bit about some of the undercurrents in this week's market action. has there been anything that's happened over the last couple of days that's given you pause, maybe a little bit scared, just a little bit with markets at record highs >> not really. we continue to believe that this is simply a pause and refresh, as you might say, in a broad advance that we've had for over a year now the market needs to take some time to catch its breath, to reverberate, to adjust to the fact that growth, in fact, is likely peaking but is not going to go down to anywhere near what trendline growth had been. and what we've seen this year that we think has been so incredibly healthy for the market is, one, that earnings are coming in faster than the market has been appreciated,

which means multiples are calming down the market is broadening more of the foot soldiers are working. we're not just being led by a handful of stocks at the top and economic growth is not only going to continue to be strong, but we think will actually continue to come in faster than people expect. >> so, nisha, i mean, faster, slower, it talks to the notion of growth being at the focal point of the entire market move. you're a bond person by trade so maybe you're a bit biased. do you feel as though it is that 10-year treasury note yield that's been at the epicenter of everything we've seen in the marketvolatility over the last few days >> it has been and i think, look, looking back over the past few days and this recent rally, it is no doubt throwing a wrench in the world's trajectory, and we've been seeing that price in the market. but i think what you also have here is a bond market that's

been used to pretty strong and consistent data. they're being wowed, if you will and recent ism data, jobs data has been possibly you can call it below expectation i would still say the underlying growth story is still there. labor markets slowly but surely are improving. but, again, you've seen a bond market really recalibrate its expeck expectation. and i personally think it was over done. in some of those moves we've seen reversed back today, maybe that growth story isn't completely gone. and possibly this rally was a somewhat technical move to cover shore conditions >> could i follow-up on that because i've heard the same thing from a number of investors and traders out there that it was a positioning move, it was shortcoming in treasuries. maybe that's starting to run its course here. if we take a look at the way the market's positioned now, can we expect more of this choppiness

in the next six to 12 months >> i think you can and next week we are slauted to have a lot of new data, cpi, inflation figures, retail sells. next week is going to be a big week on whether or not this bond market finds some sort of a newer footing, that recalibration of expectation otherwise, i think you can well kind of into next week and beyond see only some of this volatility continue. i do think, however, that if the variant fears are reduced that underlying, again, growth story is still there now, the bigger kind of question here and obviously the bigger focus for the bond market is the fed's narrative, the fed's language, their policy and framework and their timeline look, labor markets i think need to see a significant improvement before the fed really looks to talk about tapering and gives some sort of timeline. and i don't think that happens well into the fall so, quite possible that, you know, no doubt over the next two

or three months you could see quite a bit of choppiness and beyond that too. >> if that choppiness is in play, that's the macro backdrop. nancy, we're going to give the last word to you because nisha mentioned last week. next week is chock full of microeconomic and company specific catalysts we kick off bank earnings season the new season starts again. what are the things you will be watching for and what exactly is going to drive your stock picking in the coming weeks, given earnings season? >> right so, we are going to be looking very much for topline growth, can companies continue to beat and surprise over what are quite healthy expectations on the top line and then also what are they seeing in term of their margins? we know about what we've seen on commodity price increases. we know what we're seeing on wage price increases can companies continue to expand their markets and surprise on the bottom line? we are focused on companies that have the blend of both good

growth prospects as well as attractive valuations. so, we think that should we get the scenario where those companies and stocks therefore can continue to do very well, and i think right now we are in an innovation supercycle where there are tremendous opportunities in a number of areas, broegt traditional and non-traditional growth whether it's health care, industrials, technology, even some of the energy and some of the commodity sectors. >> all right and nancy, before we let you go, we flashed some of the names you like 3d systems, mary tore, services. thank you both very much have a nice weekend, both of you. now to an area of the market that is seeing huge demand investors seem to be piling into junk bonds as they look for yield as treasury rates have been dropping as of late the rally in junk bonds has pushed yields to record low levels, so low in fact they're now below the inflation rate for

the first time on record going all the way back, as you can see there, to 1986 so, is all this demand, this hunt for yield creating a rhys that can we may be ignoring? let's ask michael can top lis. michael, you just heard the conversation we had with regard to equity and bond panel there is choppiness that nisha patel is expecting is this the reason why we are seeing maybe a little bit of activity on the treasury side of things but not as much on the high yield side? >> that's a good question, dom i think the high yield market and the credit markets are telling you that the growth slowdown that it appears the treasury market has priced in over the last week is overdone we haven't really seen credit spreads widen all that much. and as you mentioned all in yields are at historic lows. one thing that i would make sure i stress is i think comparing high yield yields to real yields

is a little bit, you know, maybe not the best thing to do given the current environment. we all know cpi is very high at the moment we all know there are basic effects that are affecting cpi at rba, we think inflation is likely going to be higher than normal and more persistent than people expect. but we don't expect 5% or 6% inflation to last that long. so, your yield for high yield is going to go up over coming months having said that, listen, there's no doubt that nominal yields or the absolute level of yields are historically low. that's a large part because of, a, as you mentioned reach for yield, but b, also much more improving yield for the high market and corporate market. >> i would like to stick on that point right there because we can talk about other parts of the fixed income market. treasury has some real issues around the fed and central bank intervention, bond buying programs and whatnot often times you look to credit, not just investment grade but

specifically high yield as an indicator of possible stress down the line. and it's showing nothing right now. we can talk about equity markets maybe trying to correct a bit. but junk bonds have historically shown us the way forward they're not doing so now is that justified? >> yeah. i think it is justified, dom at rba we are cyclical trade on the equity side as well. the high yield market does do a phenomenal job at indicating risk before equity investors have figured it out. when you look at high yield, leverage is collapsing earnings are accelerating. and the default rate has plummeted. we had a 9.5% default rate in the united states in 2020. that has already plummeted to roughly 2.5% and our model suggests in the next 6 to 12 months the default likely falls to 1% as a high yield investor, one of the things you want to look at, perhaps the most important thing

you want to look at, is how much yield or how much spread are you earning relative to the losses you may take because of default. and since defaults have plummeted and since expectations for defaults continue to decline every single month as those earnings accelerate and as companies have very low interest payments because of the absolute level of rates and the fact that they've termed out their debt. as all of this is happening, even though yields are very low, the compensation you're getting for expected default losses particularly in early maturity, 0 to 3-year maturity still looks attractive the fundamentals are strong. >> thank you for those thoughts on high yield. we appreciate it we have a market flash coming up here we do have share of biojen heading lower at this hour and meg terrell is here with the reasons why. meg? >> hey, dom. we are seeing that the acting commissioner of the fda, dr.

janet woodcock has asked for an independent review of the process for approving biojen's new alzheimer's drug independent review and assessment of interactions between representatives at biogen during the process that led to the promotion of aj helm. they know this can shake trust in the industry and she's asking they undertake this review if they agree to do it quickly. this comes from a reporting that there was a meeting between the chief of research and a key regulator at the fda about this drug as it looked like the drug had failed in trials and then there were signs that perhaps it might have worked so, the reporting suggested this was sort of an off-the-books meeting that may have been outside of normal at least norms for the fda process. so, there have been a lot of questions about this drug. biogen shares down 3% on this.

there have been a lot of questions about the drug beyond just the approval process, about the data itself and more recently the price that was set when it was approved in june so, dom, this is a controversy you've seen it go to congress. it's going to continue to brew back over to you >> if you will allow me to follow-up for a second shares are down 3.5% we're seeing a bit of a pickup here can you just kind of set the scene for us yet again because not all of us follow it as closely as you do. what exactly is the controversy around the reason why biogen's and it's approval process has gained so much scrutiny. alzheimer's and everything else has been a huge point of contention for a lot of folks out there in the past. why is it that this particular drug is getting so much more attention because of that regulatory review process? >> yeah. so, a lot of people have alzheimer's disease, 6 million people and no drugs have ever been approved that actually work on its underlying causes.

so, biogen has this drug which clears amyloid plaques from the brain. what was in dispute is whether the clinical trials proved that actually led to a benefit in memory and being able to think clearly. and because of those mixed data, the fda's outside panel of advisers voted almost unanimously against approval of this drug. then the fda found this creative pathway. saying because it clears the plaques, it's likely to have the benefits on memory and thinking. biogen has to prove that but the drug got on the market and biogen set a price tag of $56,000. the fda narrowing the label of who should get this drug earlier in the week down to about 2 million patients with early alzheimer's disease. so, there's just a ton of controversy over whether this drug works and of course over its price tag and how the fda handled the approval >> thank you very much for that.

coming up on the show, big tech in the cross hairs once again with the president expected to sign executive orders targeting anticompetitive practices later on this hour but is this as far as the federal crackdown will actually go, or can we expect congress to take similar or even further actions? we'll discuss. plus rbc is swiping right on bumble and match if you know what that means, you're younger initiating both, we'll tell you why the firm is feeling the love when we come back on the show. >> announcer: this is "the exchange" on cnbc. l? made to order or ready to go? with a hybrid, you don't have to choose. that's why insurers are going hybrid with ibm.

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welcome back to "the exchange." president biden is set to sign an executive order targeting anticompetitive practices in big technology companies details in washington, d.c. with that order and what it means in tech and communications. good afternoon >> hi, dom the executive order from the white house tries to tackle three big problems surrounding big tech, so-called killer acquisitions of budding competitors, the mass of accumulation of sensitive personal data, and unfair

competition against small businesses now, the white house wants the doj and ftc to ramp up their scrutiny of the industry and make sure they focus not just on price in antitrust cases but also things like privacy the order also specifically calls on the ftc to write new rules on how tech platforms collect data, track users and compete with third party sellers on their own marketplaces. white house chief economic adviser told me he sees a direct link between increasing consolidation and declining innovation both in big tech and across the economy >> this is creating more opportunity for innovation and growth consolidation when it goes too far actually stifles what is the principle job creator and the principle economic engine in the u.s. economy, which is new businesses, small businesses, emerging businesses. >> we've reached out to facebook, apple, google and amazon for comment we haven't heard back yet, dom

but the u.s. chamber of commerce is slamming this executive order as a centralized government dictate. >> thank you very much what do these executive orders mean for the tech industry if the president wants to challenge prior mergers, does it mean facebook could hypothetically be broken up? and what does the return of net k neutrality mean for some of the biggest users like social media and streaming companies. let's bring in senior equity analyst over at jeffrey's. this is a fascinating topic. what these folks in the beltway will do is going to have direct commerce and competitive impacts on the biggest and most consequential sector out there take us through an analyst point of view. what exactly should these companies fear >> dominic, i think they've been dealing with this for a long time as you recall, the government just dropped charges against facebook because a court order said that this wasn't going to

be able to be held up. ultimately we've been living with this 20-plus years in tech. while the president speaks we all listen and take it seriously. but i think for investors, there's nothing to worry if these companies were broken up, investors make more money. the sum of the parts are worth more than the whole. so, we think ultimately you're hoping that i'm wrong. i don't think we're wrong. we lived through the microsoft case of the '90s nothing happened the stock went straight up facebook at the beginning of the year, everyone was concerned facebook stock is massively outperformed the market. all big tech is outperforming the comp this year so, i think we've seen kind of multiple attempts at a scare of big tech, and ultimately we think there's a milligram. the government has to do what they have to do to protect us. the tech companies have to innovate we think they'll find the middle ground we think the stocks are going

higher from our perspective. we think that has not changed in t terms of our tune. >> you cover an interesting array of companies they're not all pure tech. some are internet. some are communication services based. some are retail. which of these companies is navigating this kind of regulatory landscape the best so to speak >> yeah. i mean i think if you look at investors have gone to the software group, the sass multiples are trading in the stratosphere if you look at multiples in software. those names investors have felt safe in. internet has already traded at discount and we think that's attractive for investors when you look at google trying to discount to ebitda, facebook saving 20 times on earnings. you start to look at this. they're not really expensive

stories. we think sophomore is trading because of their perceived immunity to what's happening on the government actions and ultimately i think that's been a great thing for internet stocks, which they're cheap and they have this ongoing fear. as we travel the globe and talk to our clients globally at jeffries, in every region of the world, regulatory overhang is the number one fear. what we keep saying is pay attention, respect it, but it will not impact your investment. and look at what's happened in the past 20 years plus for microsoft. the playbook is working. investors should have stayed with big cap tech. none of these tech names are falling today because of the order. so, if -- you know,ings i think investors are becoming more immune to what's happening but software right now is definitely in a place to be in and has been the shelter for this overhang. >> brent, before we let you go, one of the companies that many of us had an interest in not just because it affects all of

our lives as consumers but because we watch the stock valuation keep going higher, minting the world's richest man in jeff bezos right now. amazon, the landscape going forward. we know the services is a juggernaut we know they're losing some share to up and comers does amazon's story get better does it justify the valuations we're seeing after the jedi announcement, that shot up to a new record >> yeah, stocks going to 4,200 from our perspective we really believe in the story and believe that we know how to run high margin and high recurring businesses and we think amazon has still got room to go stocks have a nice recovery in the last couple weeks, but if we put in our top picks franchise list and believe it's underperformed the main names, amazon is the main tech. if anyone's worried about margin

deterioration, you brought in a guy that knows high margin businesses, high recurring revenue. and most of the companies we're working with here at jeffries are standardizing on aws and that is a 5- to 10-year minimum commitment, minimum. so, we like what amazon is doing. >> all right brent field, top pick amazon have a nice weekend, sir >> you too thanks coming up on the show, fin tech company stripe is taking it's first step toward a stock market debut but is this the first time for the digital darling to take the plunge into the public market? is it the right time we wildeteomg l ba cinup but something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee...

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unleash your potential. uipath. reboot work. . welcome back to "the exchange." markets right now near their session highs. the dow is 412 points. at the highs it was 460. at the lows it was up 35 tilting higher right now here are some of the movers. apple shares are hitting an all-time high today as the information reports it is in early talks with the nfl acquire the streaming rights to the sunday ticket package. the nfl's current agreement with directv expires after the 2022 football season. draft kings jumped to session high in the last few minutes as it announces expanded leadership with major league baseball that will allow users to watch a free

mlb game within the app itself shares of amc are poised for their worst week since march after a volatile week where the company said it would no longer seek to issue more stock those shares down 2% today loop capital says it would be a huge mistake to stop that sell at what the analysts see as highly inflated prices for more on that call, head to cnbc.com/pro now let's send it to lesley picker with a cnbc news update here's what's happening at this hour. president biden told russian president puetin in a phone cal the government must take action against ransomware attacks the white house says biden told putin the u.s. will take any necessary action to protect americans and critical infrastructure the mayor of miami-dade county announcing 14 more body versus been found in the debris

of the collapsed condo in surfside the death count is 68 with 62 unaccounted for. search crews are working with urgency in their 16th day of looking for victims in the rubble the taliban says it controls 85% of afghanistan, following a string of military victories the statement is hard to verify but up sharply from the 33% that the taliban claimed previously an afghan war lord says the quick withdrawal of american troops, allied troops, left afghanistan's military dem demoralized and badly prepared for attacks. tonight on the "the news" the quick spread on afghan troops and what's being done to slow them down "rapid fire" is next on "the exchange." a huge unicorn may be going public and a long simmering international dispute is bubbling over.

bubbly style we'll be back after this

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let's catch you up with a few stories that should be on your radar

it's time for rapid fire here to break down the headlines, michael santoli, michael frank, chief correspondent at axios thank you all for being here first up on the docket, payment processing company stripe has retained a law firm to help with their public debut it's a major step towards the public markets for one of the most valuable private companies out there. a recent fundraising round valued stripe at 95 -- yes, $95 billion, which would be the largest debut this year. stripe is considering a direct listing instead, though, that could change and that it's, quote, unlikely it will happen this year. maybe we'll start with ena on this how big a deal is this in terms of overall fin tech landscape. stripe is the underlying piece of fabric that goes into just about everything app wise in

every financial product you touch. >> yeah. that's the fascinating thing about stripe is they're huge and most people have never heard them you just don't see them. but if you're in finance, that's a great place to be. you're in the middle of everything everyone's sending you money and it's kind of like the private markets. i mean, we sort of have this attitude if a company doesn't go p public they don't exist. if you have a business model that doesn't require you to have access to influxes of capital, there's a lot of benefits to being private. obviously there are down sides which is why i think they're considering it again >> so, mike, i mean, if this were to -- if it were to come out hypothetically, would it be a good time to do so -- i mean, they've given a longer time horizon for this thing to come out. but this is a good time, right, for fin tech companies to go public from a valuation perspective. it's undoubtedly a good time in terms of themes investors are

obsessed with right now. anything payments oriented has been given very generous valuations in the public market. stripe has been this acclaimed category killer in this area the big question is have they reaped most of the valuation advantage in the private market. $100 billion is tremendous to come out at in terms of size a lot of the listings have not traded well initially as soon as they come out. when you look at coin base, airbnb, megacash, the air caps have not been big differences immediately. roblox has been good i would also say if the main reason too is to give employees and early investors liquidity in the market, that tells you most of it is going to be coming from the sales side one final point, there's always mouse traps built on software so i wonder how durable stripe's advantage is seen as >> stripe an anticipated public listing soon next up we've got rbc, the

analysts out there with a double outperform on dating, match group and bumble as well addressable market for online dating could double to the end of 2025 to an estimated $16 billion. and the note says there is quote/unquote, growing evidence that online dating produces more durable marriages than offline bumble and match shares are both getting a bid in today's trade you can see bumble up even more than that. robert frank i turn to you knowing that you are off the market and not on these platforms. but i tend to look at these things from a pop culture perspective. i want to look at them in terms of what it speaks to this notion about whether or not the american economy, americans in general, want to get back out there and do things. is this probably an iron is hot typesetting for these types of companies? >> look. the timing is right. you're absolutely right.

people do want to go out they do want to meet people again in physical settings but also in terms of the pop culture issue it's not just dating anymore there was a great article in the "wall street journal" where bumble started this bff where especially women were going on dating sites and meeting platonic friends it's a place to meet people with common interests that could be a growth area as well beyond traditional dating if you look at the margins for these companies. again, these notes saying the addressable market will more than double in five years. there is a lot of upside bumble stock has not done that well even at the top end there are new high end sites like rhea where ben affleck and other stars are going that have kind of made it more acceptable to be on >> if you look at these types of platforms, one of the biggest knocks from people even in my generation or older is that it's not something you do

it's intimacy. you don't find that on the internet or through a smartphone app. is the paradigm changed enough and will it change enough in the future that many of these competitors can find decent slices of economic pie to grow and capitalize on for these particular sites >> i think there is. if you look at the market, it's the definition of an evergreen market there's going to be people wanting to find dates. i think you hit at the key point which is you've got to be doing it in the way people want to do at the moment, which is interesting when you look at match. they run a bunch of different dating sites so, i think if they can use that technology and they're smart and keep spitting out new brands that appeal to the next generation of daters, i think that's got a lot of life i mean, again, if someone comes in and finds a better way of match making, they're going to have a huge market so, i think the question is do you bet on the people that have been doing it for a while and say they're going to be able to evolve or do you see this as constantly

changing unlike social networks which i think nobody wants to be on the social network their parents were on. i think with dating it's really just where are the people i want to meet. >> and now mike santoli, you're a parent are you scared for this online dating stuff that your kids will have to go through at some point? >> my policy is just to be scared in general about whatever might come their way but what i do think is true is no younger generation ever sets aside all the tools available to them technologywise to do what they want to do. there's almost no doubt this is going to be the dominant mode of doing things one issue longer term is you run out of customers the more successful you are >> that's a fair point, mike santoli. moving on here it's a debate we've heard for months now what is the future of working out post pandemic? industry analysts conducted by the trade group ihrsa found that fitness industry revenues plummeted 58% from 2019 to 2020.

now a drop off that permanently closed an estimated 17% of all gym facilities nationwide. meanwhile, on the flip side, peloton's revenue doubled in the past year while the market continues to be flooded with at-home technology products from apple, mirror, you name them and ena, you wrote about this today. who's going to win the fitness battle at home or at the gym i feel like human nature tells me it's going to go back to, quote/unquote, normal. >> well, i'm not totally convinced that's the case. i do think when you look, though, at the fact there's just fewer players in the in-person space, that does speak well to the companies that have been able to keep their doors open, that more of the market is available to them. i think we're seeing a lot of noin va innovation on both sides we're seeing the home based folks at a lot of community. that was what was lacking. there's always been exercise

bikes and treadmills at home, the thing you throw your clothes over i think what peloton has shown, if you add community, you have a much more powerful environment but the gyms also are picking up on technology. apple watch has technology to integrate with the equipment at your gym they're building in technology and they're offering hybrids they had to offer classes online during the pandemic. and the folks i talk to say the gyms of the future have a mix of things you can do in person and things you can do from home. >> all right so, a huge move there. and of course we're always watching for the income spectrum for who uses pelotons and mirrors versus who goes to a planet fitness there are a lot of variables there. i want to move on to the last topic because it is an interesting one. the tensions are bubbling over between russia and france in a champagne dispute. you heard that right -- a champagne dispute that may need to be resolved by the world trade organization a new law in russia would allow russian producers to label their

version of champagne as champagne instead of sparkling wine given to producers outside the champagne region of france france is responding directly as the director general of the champagne committee saying, quote, we are shocked. robert, are you as shocked about champagne as the folks in france are? >> the director general of the champagne committee. there's a job we would all like to have, right this is basically like the russians asking the french to put, quote, fish eggs on russian caviar it's just not done and the french just treat these labels whether it's champagne, whether it's bourdeaux, it's sacred they invest so much in these names being abroad and secured them in every country. but the russians aren't taking the champagne label off the bottle they're just saying on the back

you have to add sparkling wine they know exactly how to get to the french they knew this would upset them. this comes at a tough time for champagne. champagne sells were down 18% during the pandemic. they've started coming back. it's not surprising french are responding >> michael santoli, are you a champagne kind of guy, sparkling wine, napa valley guy? >> i've always been agnostic to where i came from. i find it i don't think there's a sympathetic player in this i think russia trolling france and france more or less playing to type and falling for it and the idea that by simply putting sparkling wine in a champagne bottle places it to a customer's view at parody with whatever russia produces is amusing in itself. >> japan makes pretty good whiskey these days and americans make pretty good vodka >> but you can't call it scotch. >> i do not call it scotch thank you guys very much have a nice weekend, guys.

concerns about the delta variant a key reason for stocks falling yesterday. but does today's rebound mean those worries were overbloin we'll look at what's being done to prevent delta from causing a covid comeback coming up 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. ♪ ♪

well, markets are rebounding today after yesterday's selloff with worries about the delta variant of covid hurt stocks even though markets are shrugging it off today, there are concerns masks should make a come back as we head indoors after the summer season. let's bring in meg tirrell on the delta variant and the efforts to fight it. >> hey, dom. the cdc calls the this a hypertransmissible variant just to remind folks about what that mean. we all remember the so-called uk variant. it's now called alpha, was a lot more contagious than the original virus delta is thought to be perhaps

60% more contagious than alpha or maybe twice as infectious as the original virus what the cdc is worried about is this will kick off areas with low vaccination rates. this graphic shows the revenue lens of delta regionally it's highest in those states around missouri where we are seeing the worst effects of delta right now. and then also in the states to the north and west of that, 74%. and it's really going to cause trouble for areas with low vaccination. the cdc has this graphic showing the areas of highest transmission and lowest vaccination rates -- >> meg, meg. i'm sorry. my apology z we have to get to the white house right now. we have breaking news on president biden making remarks about the economy. >> that's why the american rescue plan was designed to help americans not just all at once but over the course of a full year so we can continue supporting families, small businesses, state and local

budgets to help them weather those ups and downs. and now that the economy's back on track, we're making progress on the second phase of our strategy, ensuring long-term growth that's what my build back better agenda, including my americans family plan and the bipartisan infrastructure agreement we reached last month, that's what they're all about, long term but to keep country moving, we have to take another step as well i know you're tired of hearing me from the campaign talk about it and that's bringing fair competition back to the economy. that's why i will be signing the executive order promoting competition. to lower prices, to increase wages, and take another critical step toward an economy that works for everybody. the heart of american capitalism is a simple idea, only and fair competition. that means that if your companies want to win your

business, they have to go out and they have to up their game better prices and services, new ideas and products, competition keeps the economy moving and growing. fair competition is why it's been the greatest in prosperity and growth by the same token, competitive economy means companies must do all they do -- everything they do to compete for workers offering higher wages, better benefits but what we've seen the past few decades is less competition and more concentration that holds our economy back the list goes on rather than competing for consumers, they are consuming their competitors. rather than competing for workers, they're finding ways to gain the upper hand on labor

and too often the government has made it harder for new companies to break in and compete. look at what that means for family budgets take prescription drugs. just a handful of companies control the market giving them leverage over everyone else to charge whatever they want. as a result americans pay two and a half times more for prescription drugs than in any other leading country. nearly one in four americans struggle to pay for medication another example, hearing aids. right now if you need a hearing aid, you can't just walk into a pharmacy and pick one up over the counter. you have to get it from a doctor or a specialist. not only does that make getting hearing aids inconvenient but considerably more expensive and it makes it harder for new companies to compete, innovate and sell hearing aids at lower prices as a result a pair of hearing

aids can cost thousands of dollars. that's a big reason why just one in seven americans with hearing loss actually use a hearing aid. internet services. there are more than 65 million americans live in a place with only one high speed internet provider research shows when you have a limited operation you pay up to five times more on average than families in places with more choices. that's what a lack of competition does it raises the prices you pay it's not just condition assumers getting hurt big ag is putting the squeeze on farmers. small and family farms, first-time farmers, like veterans coming home and black and latino and indigenous farmers, are seeing price hikes for seeds, lopsided contracts, shrinking profits and growing debt lack of competition hurts workers as well.

in many communities there are only a handful of employers left to compete for workers think of company towns across appalachia and other parts where one big corporation runs the show when corporations have that leverage over workers it pushes down advertised wages by up to 17%. as competition decreases, businesses don't feel the pressure to innovate or invest in their workforce that hurts working families and hurts our economy. all told between rising prices and lowering wages, lack of competition costs the median american household $5,000 a year look, i'm a proud capitalist i spent most of my career presenting the corporate state of delaware. i know american can't succeed

unless american business succeeds let me be clear, capitalism without competition isn't capitalism it's exploitation. without healthy competition big players can change and charge whatever they want and treat you however they want. and for too many americans that means accepting a bad deal for things that can't -- you can't go without so we know we have a problem, a major problem. we also have an incredible opportunity. we can bring back more competition to more of the country, helping entrepreneurs and small businesses get in the game, workers get a better deal, helping families save money every month. the good news is we've done it before in the early 1900s, president teddy roosevelt saw an economy dominated by giants. he took them on and he won he gave the little guy a

fighting chance. decades later through the great depression, his cousin franklin roosevelt saw a wave of corporate mergers that wiped out scores of small businesses crushing competition and innovation so he ramped up antitrust enforcement eightfold in two years. saving families billions in today's dollars and helping set the course for sustained economic growth after world war ii he also called for an economic bill of rights including the right of every business man large and small to trade in an atmosphere of freedom and domination by monopolies, end of quote. between them the two roosevelts had an antitrust -- how our economy isn't about working for capitalism but capitalism working for people over time we've lost the fundamental idea that true

capitalism depends on open and fair competition 40 years ago we chose the wrong path,my view following the miss guided philosophy of robert bourque we are now 0 years into the experiment of letting giant corporations accumulate more and more power and what have we gotten from it? less growth, weakened investment, fewer small businesses too many americans feel left behind too many people are poorer than their parents. i believethe experiment failed we have to get back to an economy that grows up from the bottom out the executive order i will signing is full enforcement of antitrust laws no more tolerance for abusive actions by monopolies. no more bad mergers that lead to mass layoffs, higher prices,

fewer options for workers and consumers alike. my executive order includes 72 specific actions i expect the federal agencies, and they know this, to help restore competition so we have lower prices, higher wages, more money, more options and more convenience for the american people today i want to focus on three specific actions first, the fda, the food and drug administration. are going to work with states and tribes to safely import prescription drugs from canada that's just one of many actions in the executive order that lower prescription drug prices second rules so hearing aids can be sold over the counter that's something the last administration was supposed to have done but didn't do. we're going to get it done after these rules go into effect

a pair of hearing aids could cost hundreds of dollars not thousands. and you'll be able to pick them up at your local drugstore third, we will improve dpetician for workers. i talked a lot about noncompete agreements, contracts that say you can't take another job in your field even if you get a better deal. i made a speech reminiscing with my staff back in 2018 at the brookings institution where i talked about the noncompete clauses that were just i found to be absolutely ridiculous but how prevalent they were throughout industries. at least one in three businesses require their workers to sign a noncompete agreement these aren't just high-paid executives or secret formulas for coca-cola so pepsi can't get their hands on it. a recent study found one in five workers without a college education is subject to

noncompete agreements like construction workers, hotel workers, disproportionately women and women of color think of the 26-year-old employee at a company who is a star worker, but she isn't being treated right. she's underpaid, passed over for promotions the competitor across the street knows it, wants to bring her in at a higher wage and she can't do it. her company threatens legal action over a cause she had to sign in order to get hired in the first place. she can't afford a lawyer for help so she's locked in. imagine if you're in her shoes you would feel powerless, disrespected, bullied, trapped that's not right workers should be free throw to take a better job if someone offers it. if your employer wants to keep you, he or she should have to make it worth your while to stay that's the