work if i could be him for a day, i would be he would be a lot of fun >> to a quick point on the stock, if it moves to session lows throughout the day, we talked to an analyst who double downgraded to says said they're not going to be cash flow positive until 2025. keep that in mind. >> he'll have fun every minute of the time. is wilfred over there at "closing bell" >> no. >> he's recovering from england's loss >> he was scheduled to be off. >> i have this whole apology set for him. thank you. and telly. welcome to "closing bell." i am sara eisen. stocks are mostly higher the dow climbing back from a triple digit loss at the open. any close in the green for the major averages would be a record >> wilfred frost is not here

>> it's not because of the game. he was scheduled to be off he was sad >> he was already planning to be off. we're feeling for our buddy today. let's look at what's driving the action today financials leading the charge. they are the top s&p sector. kicking off earnings season tomorrow morning disney helping lift the dow after its "black widow" film and more pain for chinese tech shares of didi making another move lower as the crackdown widens to other companies. more on that in a moment we have 59 minutes left to go in the session. coming up, value investor bill nygren joins us including the faang names he finds attractive at current levels interesting for a hvalue

investor senior banking analyst mike mayo with just a few hours to go until the first wave of earnings reports. let's get straight to the big stories we are watching. mike santoli, deirdre bosa with the latest on the tech crackdown. michael, we'll start off with you. >> scott, firming up throughout the day. an upward grind, not a sprint. it's the second friday in a row where there was this kind of all inclusive levitation rally we managed to be a little more positive than negative i've been looking at where we came off that february to march sideways period we were in for a while. you made a high in mid-april around 7% higher a three-week run higher to the next stair step. that's what you want to look out for. just when things get a little bit overheated i don't think it really qualifies yet. the problem has been the opposite, not enough stocks

working. the russell 2000, ten-year at the russell 2000 while it is flat today it has been sideways since february i want to do a long-term look because this index has gone two years of doing nothing a couple of times not to say that's what we're in for here but it doesn't tell you a whole lot what the rest of the market is up to, what the s&p 500 will do if the small caps have to consolidate this enormous move for a prolonged period of time that's something to keep in mine now the breadth of the market has been a sore point. critics poking holes in the relative narrowness of the rally. this is the nasdaq and new york stock exchange really the key feature there is now it's rolled over from highs. you see at the very end that's friday's rally on the new york stock exchange 90% to the upside on friday,

that's kind of remarkable. one, because it tends to have good predictive powers for further strength down the road two, it happened to an all-time high it happened with the market starting 1% below a record and that's the kind of reading you get when things are blasting off from a really oversold market, when you've been down a lot. it shows you that it's a little more selective and less decisive in its leadership profile. >> you have cpi, two days of fed chair powell testimony what's the setup around those events >> inflation expectations embedded in the market have been bleeding out people have lower longer term expectations we'll see if the one-month number changes that. i think the broader debate is can jay powell, the federal reserve, remain credibly patient in the face of what could be noisy inflation data

it's a matter whether the market believes they can wait and wait and wait and not make the kind of mistake some parts of the bond market are hinting they're getting ready for, a premature tightening and that kind of unimpressive 2% precrisis reign. i think all of those things are the stakes this week >> ten-year yield 1.36 didi taking another leg lower today. it appears the scrutiny in beijing is widening to more companies. deirdre bosa with the details. >> reporter: sara, that scrutiny is putting dozens of ipos on ice and raising more questions about didi's listing and affecting the plans of some of china's biggest public and private tech giants didi shares continue to fall well below its $14 ipo price the chinese ride sharing company told beijing it would put its ipo plans on hold while telling u.s. bankers and wall street it

had the all clear. we talked about tiktok parent delaying its own ipo "the journal" reporting it scrapped plans for listing after meeting with chinese regulators. now, guys, the headlines also just keep coming china's antitrust regulator taking aim at ten cent it's listed in hong kong with the more than $650 billion market cap, forcing it to make changes to its business. the company's music streaming arm could be unpressure next no one knows when regulators might be satisfied at the end of the crackdown. shares like alibaba remained under pressure today back to you. >> is this something that gives the u.s. competitors a leg up with big tech? is there a way they can

capitalize and get more severe >> the only big chinese company that has made it in the west is tiktok byte dance is tiktok they're cracking down on products on the platform it does raise questions what the crackdown might do to its success overseas so is there an opportunity potentially. instagram reels could move in. it goes to another point, a lot of these big internet giants say if they are reined in it gives an opportunity for the chinese companies to come in to our mark that argument loses a little bit of weight given what we are seeing, the chinese government, and regulators, reining them in already. >> deirdre, thank you. it's like a tale of two crackdowns, right? the one in china is much more

punitive, obviously. here it's more rhetoric than actual -- no one cares about -- look at what the stocks are doing. most of the mega cap technology stocks are hitting new highs >> we also have a thing called congress, and they vote on these kind of things and there's the politics of it, sure, than the crackdown from the communist government, but, sure, it's something worth watching china can say we're regulating our technology what are you doing >> maybe doing a little bit more than that. after the broke, jpmorgan, goldman sachs, both stocks handily outperform the broader market today and this year, a little bit of stall mode lately. we'll get a preview what have to expect from those names and the other big banks when we speak with wells fargo's mike mayo next

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financials, top performing sector as the banks get ready to kick off earnings season with jp morgan and goldman sachs reporting tomorrow morning joining us now is wells fargo senior banking analyst mike mayo >> thanks for having me. >> all right set the scene for us >> well, do not leave the bank stock show you had act one. and act one for the banks was improving credit quality and stronger for longer capital markets. and you should still see evidence of act one especially

goldman sachs. the capital market revenues not as strong as before but still a lot better than anybody expected coming into the year but what we're interested in is what management has had to say about act two. and act two for the banks would be the additional capital return, which is now a certainty, but especially the improvement in loan growth which has not happened yet and might be a little bit of a delay what we say right now this is the intermission for bank stocks between act one and act two but don't leave the show get your popcorn and get your raisinettes and chill out because the time between act one and act two might be some sideways movement for the bank stocks >> okay. i'm going to play along with you on that. the point being and the fear is the intermission will last so long that people are going to leave the show they're not going to be so

patient. >> well, wait a minute a lot of people never came to the show in the first place. so a year ago to today bank stocks are up 70% and that's twice the increase in the market as a whole so if you missed the show so far, we think there's another 70% upside to go over the next three years. so the intermission might be a little longer than expected. you see the ten-year yield down 30 to 40 basis points since last quarter. so that doesn't help that acceleration of traditional banking revenues, but don't miss the forest for the trees here. you had the biggest decline in traditional banking revenues over the last year the biggest decline in a century. and now that is stabilizing and should increase. maybe it won't increase as much as soon as expected but this intermission will end. you will get to act two as you get higher rates, better loan

growth and that's likely to come later this year. >> what's the deal, mike, with citigroup? it's fallen, what, 13% trading 0.9? why is it so much cheaper than the others there was so much enthusiasm around the renewed sense of urgency. what's happening there >> well, day 46 into her job the new ceo of citigroup jane frazier showed she is the ultimate change agent by making decisions or leading the firm and shedding consumer activities in asia. that was a fantastic move. unfortunately, that energy, that change, did not translate into comments by other citigroup executives jane frazier says good enough is not good enough anymore. it should always be excellent. so every time someone from citigroup speaks, they should talk about being best in class, being excellent, and so that initial euphoria has kind of

died off it's not over yet. we expect a big announcement from citigroup over the next couple of months so hopefully they get that message saying you only have one chance to make a first impression go ahead, jane frazier follow that up >> well, what's the story with goldman and jpm? they're going to kick it off tomorrow goldman has had a nice run does that make more pressure on them to live up to the move, or how do you see it? >> there is a little bit of pressure we tweaked our numbers lower for the capital market players because trading is not as good as expected. having said that, our estimates for jpmorgan and goldman sachs and almost every large bank is well above consensus whether you get it this quarter or next quarter or the quarter after that we still think there's upside for revisions, even just being a little bit careful here in the short term having said that, wow. what a merger boom every industry really globally is rethinking their strategic

positioning. so this is goldman sachs being goldman sachs as much as ever and with the merger results tomorrow >> is any of this going to matter, all of this good news, mike the ten-year deal down to 136, 137. what if it keeps flattening. is it going to move the stocks >> have your popcorn chill out for a few months i'll take -- if you want to take the over or the under for the ten-year yield, 1.37%, i'll take the over for that. our firm still thinks the ten-year yield goes to 2% by year end if you get a 2% ten-year by the end of the year, even expectations for pickup in loan growth going into next year and this all happens in a period banks are returning more capital, the earnings estimates are going higher and strength begets strength with stock price outperformance whether it's year to date or year over year you could have momentum players move in even if it might not be this

week. >> that sounds great, though i know you didn't foresee rates going from 1.75 down to 1.30 in that sort of time frame. so how does that frame this overall conversation why should i even bother waiting when i have plenty of other stocks to go into that aren't so sensitive to interest rates, a move i know you didn't see coming >> fair point, scott i'm really surprised by the decline in the ten-year yield, and i do think that can temper some of the comments by the bank management teams about their expectations for revenues over the next few quarters. but stop having a one-time-date with these stocks, scott we're talking about a relationship with these bank stocks you have improving credit quality that should follow through. stronger for longer capital markets. you have better capital return you have the yield curve eventually should steepen a

little bit more. and the best cost control over the next three to five years you stay for the entire show don't leave after act one. act three is that record efficiency ahead >> i do like movie theater popcorn. i guess you do, too. up next, richard branson soaring into space shares are falling back to earth in a big way today down almost 18%. we'll head out to the new mexico space port for a look at the historic flight and what is behind today's action in the stock. cles teeecd hr ror os

welcome back on track for three record closes, the s&p, dow and nasdaq. virgin galactic making a journey to space over the week the rocket company stock is plunging down almost 18% morgan brennan live at virgin

galactic space port america in new mexico, which has been exciting to watch. what can you tell us about the company and the stock move >> reporter: well, let's start with the company, sara 17 years in the making, sir richard branson finally, now an astronaut, fulfilling his lifelong dream of going to space and taking virgin galactic closer to officially becoming the world's first commercial space line >> everything i envisioned it to be and 1,000 times better. absolutely impossible to describe it unless you're actually doing it. and i hope we can get thousands and thousands of people to be able to experience what we experienced today. >> reporter: as for ticket sales i asked what the marketing momentum of yesterday's mission could mean for future reservations >> we plan to open up sales following the second of these

test flights where we test the private astronaut experience today is really great because the world is going to get a taste and see what this can be >> reporter: now that means ticket sales could happen as soon as later this summer. this is all contingent, of course, upon further analysis of yesterday's flight, something that is happening hyped me here at space port america. in all you have two more test flights over the coming months until commercial service can start early next year. another key question, of course, is pricing the first 600 tickets were sold at $200,000 to $250,000 a number of years ago now analysts believe new tickets could be upwards of $400,000 this is a hot topic not only for virgin galactic but really across the industry right now as its main competitor blue origin gets ready to send that company's founder, jeff bezos, past the edge of space next

tuesday. a flight that will include the winning auction bidder still anonymous who paid nearly $30 million to be alongside bezos and have those bragging rights the selling has been very steep today and seems to be steepening as we move to the close here the reason has been the fact the company issued an announcement that it will issue $500 million in common stock, an announcement that triggered a halt. >> which explains it you have to think branson going up is a major marketing moment for the company and for all of commercial space flight. where does it go when does it become accessible to people who aren't just billionaires >> reporter: that's a great

question and something i spoke about with him after his flight. in large part because many folks that cover human space flight and specifically this new era of space flight begin to emerge now, liken it to a trajectory to go from these high-priced sort of limited tickets to something more mainstream and more affordable and more regular. they see this as a similar trajectory to what we saw in the early days of aviation i asked branson if that would be the case given that as part of his virgin empire he does own airlines and he said, yes, that's likely and for virgin galactic specifically they have bills to pay so those ticket prices will be high and they're supported given what they expect that early stage of space tourism and interest in the tickets to be. but that over the next five, ten, potentially 15 years you are going to see more affordability come into play he hopes it will be thousands, tens of thousands, maybe hundreds of thousands that ultimately make this journey

>> morgan, thank you coming up, disney is moving higher "black widow" with solid box office results and streaming numbers. an analyst who just wrote about her expectations for disney's movie division in a moment as we head to break a check on bonds today. yields moving up albeit slightly the ten year is yielding now about 1.37%.

well, you know what this means, this was just delivered

to us on the floor dow 35,000 we just hit that level for the first time ever. dow surging today, on track for a record close thank you, peter tuckman, who had this hat ready, for two weeks. >> they're always ready. it's never closed above 35,000 34,870 was the prior closing high we are closing in on that. >> do you want to wear it? have a prop. the dow, s&p and s&p, upgrading cheesecake factory and brinker to outperform. the firm expects it to be a strong season. optimistic sales can sustain it also says the risk of another covid lockdown seems low stocks both up 4% or so. and shares of l brands are surging. on friday the company's board of

directors did approve its split into two companies the victoria's secret will trade under vsco at the nyse the remaining business will be renamed bath and body works. the changes will go into effect beginning of august. something investors have long wanted as bath and body works has been the growth engine of this brand >> meantime shares of j&j slipping this afternoon following a report saying the fda may issue a new warning about its vaccine. meg tirrell is following and has the details. >> reporter: this is a rare event. the cdc reporting this essentially what they've seen is about 100 cases reported of this out of 12.8 million doses of the shot now they say this is occurring

largely two weeks after vaccination mostly in males, many 50 plus no similar pattern seen with the pfizer/moderna it's a rare neurological disorder that causes muscle weakness or in some cases paralysis. typically we see it triggered by infections and most people do fully recover, the cdc says. in their statement saying the risk of severe adverse events for the vaccine remains rare and they are still recommending everybody over the age of 12 who is eligible get a vaccine. guys, there's also questions today about whether we're going to need booster shots. pfizer in about an hour and a half meeting with top u.s. health officials to discuss the data that they talk about last week when they said we're going to need booster shots. two sources tell me that is happening at 5:00 tonight. over the weekend israel said it will offer booster shots to immune-compromised adults. pfizer says it's based on data from israel.

this continues to evolve back over to you >> meg, thank you. meg tirrell. rahel solomon? here is your cnbc news update french president macron ordering his country's health care workers to get vaccinated by september 15th he also urged everyone in the country to get their shots as soon as possible he says a new rise infrance's ec recovery covid rules were jammed about three weeks ago and the netherlands reported its highest daily case count since last year and pitching and hitting phenom ohtani has been named starting pitcher for the american league and will bat leadoff. he is the first two-way starter in the history of the all-star game and if that wasn't enough, he's also favored to win tonight's home run derby he is leading in home runs this

season with 33 and he is called show time rightly so sara, back to you. >> rahel, awesome. disney's "black widow" winning at the box office bringing in $80 million. the most of any film released during the pandemic. also pulling in big numbers on disney plus. up next we'll talk to an analyst who says disney is her top pick in media plus, bill nygren where we are heading for three record closes every sector is up except for staples. 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.

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we have a news alert on disney julia boorstin with the details. scott, disney is increasing the price of espn plus by $1 a month. starting on august 13 espn plus will cost annually $69.99 per year, $10 more than it used to be now one thing there's no change to the disney bundle so if you're getting espn plus, hulu and disney plus you're not going to be paying more though the cost of espn plus has gone up the company saying the value proposition is stronger noting that they have more rights deals for live sports with the nhl, soccer, et cetera, going on to share one of the reasons the cost has gone up is original programming and they note that espn plus has reached nearly 14 million subscribers as of the last earnings report in april. we will get more updated numbers

on the espn plus subscriber base >> the stock trading near the highs of the session it was already higher all day long adding about 50 points to the dow following "black widow's" debut the best performing film of the pandemic now raking in $80 million in the domestic box office and $60 million from disney plus. jpmorgan reaffirming saying the stock could jump by more than 20% as movies and theme parks begin to bounce back joining us now the analyst behind the call. just on this news julia just told us about raising subscription fees, is that a surprise what does it say about the demand in the product? >> i think it's positive news and is very consistent with what we've seen by disney they raised the price on disney plus in march and put it in a bundle and now espn plus

they keep adding more content and the demand must be very strong to continue these price increases. >> it's interesting they put the q "black widow" numbers out. >> you're right. they haven't included them before we've always been asking about the numbers and haven't gotten them this is not only new news but great news $60 million in revenue from "black widow." that's just friday, saturday and sunday -- or sunday morning. probably a bigger number now i think that's a very positive news and shows the success the demand for the content, right, for the movie but also the success and the broad appeal of the disney plus subscriber base. at the same time the biggest opening weekend since the pandemic >> what does that tell you about how disney will be thinking about exclusive theatrical

release windows going into the future as you said, they did really good numbers for both so he what does it take away from them? >> it's a great question and one we keep asking and hope for an answer for i think what we do know is the next movie disney is putting out, the next big movie will be day and date and the following will be exclusive to the movie theaters for a 45-day window i'd like to think that it's the pandemic or a recovery strategy and we will have an exclusive window in theaters that's what the others are doing going forward in the later stage of recovery but we don't know. the numbers are good, no question, and the box office was good what we don't know is how much of the box office was cannibalized so it could have been better. we don't know how much was left because of piracy.

there were a few factors and i think the only time we'll find out is later in the summer or early fall when we've gone through the next films they've announced. >> a big down day. i wonder if the implication, down 7.5%. what about disney's stock? is it an attractive entry point? it has lagged the market so far this year. >> i think it's an attractive entry point. you have an incredible digital strategy and then you've got the recovery of their legacy businesses which would be pronounced the next 12 to 18 months the recovery, the studios, so i think you've got everything moving and is an absolute buy here >> we appreciate it very much. we'll talk to you again soon

straight ahead, travel stocks under pressure on growing concerns over the spread of the delta variant. the moves and the names taking a leg lower next in "market zone."

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with 13 minutes left in the trading day we are in the market zone >> it's what i came for. >> he is so amped. we're going to the close and headed for three record closes mike santoli here to break down the crucial moments of the trading day and we have laffer tengler ceo nancy. we'll kick it off. the dow, s&p and nasdaq, any close higher will be a record. when i took out that 35,000 hat, we went below but we have not closed above that number and we continue to churn higher, whether it's the banks in the lead like today or technology where it's been the last few weeks. the rotation >> the market continues to kind of find just enough, it seems, to keep going forward. friday's rally was a lot stronger than you might expect and the fact it came after a 1% shakeout the number, and it's worth

noting it is exactly double the low from march 23 of 2020. up 100% in less than 16 months that's basically never happened to have a double in that rapid period of time so far we've been avoiding that kind of payback phase that we normally might get after such a massive rally, one, because it was really a flash crash, an exacerbated flash crash, not really a recession priced in slowly the policy response has been massive, as we all know, and the rotation cools off the market as it goes along. parts of the market take a rest. is it too perfect for it to continue in this choreographed way? >> a new intraday high so we're heading for a new all-time high, a new closing high nancy, where does this leave us now? >> we've seen rotating

corrections. we've seen corporate buybacks at prepandemic highs and the retail investor willing to step in whenever we got a pullback what we think is going on is earnings season will be great. we all know that we think the fiscal stimulus will soon turn into a fiscal drag and that will give the private sector an opportunity to really step in and continue to drive gdp growth we like the productivity story we've been pounding the table on it for months. we think that continues and we get a 1990s pro-growth, low-inflation environment despite the short-term increases in inflation >> all right travel stocks are under pressure today amid ongoing concerns about the covid delta variant. seema mody is tracking those travel stocks once again lower despite new data showing more people are booking trims.

analysts down grading united airlines citing the company's aircraft order book making it a tougher story at this point. they say in the cycle when international and corporate travel are just not back yet and that united is, quote, asking for too much patience from investors. let's pivot to the cruise lines gearing up for a slate of alaskan sailings set for july 19th out of seattle, the stocks are moving lower on what some on wall street are saying is due to growing worries over the delta variant. scott, the highly contagious variant is impacting the summer season for portugal and spain which are in the process of implementing new restrictions as the case count there in those two countries continues to rise. >> cases going up all over the place it seems with the delta variant. seema, thank you very much mike, travel stocks pricing in, global slowdown off the delta variant?

>> a global slowdown or at least a period of a kind of comeback that's a little bit briefer than we thought we might get. that's semantics, i guess. it comes along with all the cyclical groups coming back to the pack it's complicated to try to figure out if it's kind of over for this comeback phase or if it's, again, just a matter of a huge february and march. you probably also got the greatest function in pricing you're going to get along those sectors, too >> because we're talking about the delta variant, there's a story on cnbc.com and i'm seeing a tweet, most fully vaccinated people who get the infections are asymptomatic according to the w.h.o. we're talking about these new wave of infections that are really sweeping large parts -- >> and the research from israel and a small set from australia moves the same thing that near not getting hospitalized and certainly not dying if you've

been double vaccinated shares of virgin galactic sharply lower today after richard branson's successful space launch that stock is still up 40% taking a look at other wins and losses this year >> hey, sara, it has been a busy year for chamath virgin galactic is still up about 70% year to date chamath did sell his personal stake but social capital still owns 6% of that company. sofi up 30% since january but it has been struggling this month, down about 14% clover health, the medicare provider, a big underperformer with an s.e.c. investigation weighing on that stock down more than 40% this year and real estate company open door down 27% this year. there's also four social capital biotech spacs that debuted in

june those are flat and chamath has gotten into other deals through private investments also known as pipes. >> why did he sell out of virgin galactic, chamath? >> portfolio management. >> it rallied sharply since then and it was a whole future bet. i don't know, especially on the retail train following him in. >> he's in pretty early. obviously it's an interesting lesson in venture-type investing in the public market threw highly engineered vehicles like this where you're going to have some blowups you're going to want to pull some bets to finance new ones. or just want bragging rights and cash in where you can. >> i mean, honestly and frankly i don't remember the exact reason he gave at the time you do often hear those words, not from chamath per se but

other investors who sold out of positions and moved positions around portfolio management >> i don't know what that means really >> i'm just throwing it out there. i'm not going to give you the definition >> get him back on and ask him >> i'm working on that chip stocks and reports of broadcom >> they are in talks to buy sas between $15 billion and $20 billion. they are saying the ceo is looking for sticky mission critical enterprise software with high penetration into big companies. sas, he says, which sells business analytics software, would fit that bill. regardless he likes broadcom cheap and free cash flow in the industry, he says. the smh, the etf that tracks

higher in today's trade, now trading right around its all-time highs up about 20% so far this year. back to you all. >> okay, josh, thank you nancy, what about the chip space? >> love it broadcom is in our best 12 ideas portfolio. i was on set on "closing bell" when he did the computer associates transaction wall street hated it he came out much before many expected i actually think this is interesting and an opportunity either to get in if you're not in or hold on. we're also overweight texas instruments and lam. it's usually early cycle we think the narrative has changed for chip stocks so remain committed and overweight across our equity strategies >> as we head into the close, mike, looking at the major averages, technology has been wavering within the s&p 500 between gains and losses energies have gone red we're off the highs of the day in terms of all the sectors

working out. there's the nasdaq it's underperformed but still tracking for a record close. new highs in google and facebook what determines on a given day, is it the direction of the bond yield, what will work whether it's tech or financials? >> that's been a rough rule that has been effective for a while i don't even view it necessarily as the bond decides and the stocks react it's on a given day. where is the incremental dollar going? behind the idea of an acceleration, of reflation going higher and that would mean higher yields and cyclical stocks or is it going to go in the direction of moderating growth, disinflation and that would bring lower yields and growth stocks i guess it's not fnecessarily a tail on a dog but how it works along the spectrum of assets it seems almost a little bit too easy to think that's the way it's going to go that has been the rule not a lot of macro headlines not a lot of corporate news. waiting for the cpi number it feels like the path of least

resistance is for the bank stocks to recover more of their losses >> not a huge report but a report from the new york fed showing inflation expectations we're at 4.8% in june. so that's the highest level on record >> it is >> just expectations >> it's self-professed expectations by people who don't study this stuff we saw that in the michigan consumer data stuff. >> there's the two-minute mark >> the market has lagged take a look at the new york stock exchange today more volume in declining stocks today than advancing stocks. sometimes there's a volume quirk, more individual issues up on the exchange but it shows you there's an undertow of profit taking crude oil was down 1% earlier but it's worth taking a look at the year-to-date chart as we are down 60 basis points on wti.

and if that starts to give a little more off, it's going to start to look like a top pattern on that chart, a second lower high there so that's something to keep an eye on the volatility index not doing a whole lot, which is net bullish, sitting around 16. the thing to watch for if we keep plugging in the new highs in the s&p over the course of several days and this doesn't nudge lower, that could show you that a floor is developing and people don't necessarily believe durability of the force of the rally, scott >> the moral of the story is don't touch the hat. we touched the 35,000 hat, sara, to be specific >> the utility of this thing we're going to use it many days to come. >> the fact it was on this desk is a jinx. it looks like we're going to struggle to close above 35,000 for the very first time ever we've been above it on an intraday basis but we're fading back just a bit as we head towards the close

here the dow is at 34,985 we may not get our first ever close above 35,000 today we'll see what the week holds with earnings kicking off tomorrow morning jpmorgan and goldman sachs, big banks kicking off earnings season, looking forward. we're going to get closing highs. >> here we go. 35k. i didn't spoil it. >> let it settle let it settle. we're right at the number. >> welcome back to "closing bell "i'm sara eisen along with scott wopner who is in for wilfred frost. i think wilfred would say bang on 35,000, the first time ever for the dow. it's a milestone i did whip out the dow 35k hat thought it was a jinx. not so fast. there you go goldman sachs the biggest

contributor today. disney, unh and jpmorgan i'm here with scott and mike santoli. take a look at how the major averages finished up the day, very strong. there's the s&p up 0.3%. most sectors were higher financials were the best performers real estate up almost 1% staples and energy lagged and so did technology did did close higher and a record close on the nasdaq up 0.2% thanks to new highs in names like google, alphabet, facebook was higher. apple underperformed today and so did microsoft a mixed bag. the russell 2,000 flat on the day. coming up bill nygren on the sectors and stocks he thinks are ready to break out first up on this record closing high day, nancy tegler is still with us and tiffany mcgee. we will first send it to you,

mike, to walk us through what happened bond yields were firmer. the dollar was firmer and the stock market continued to make new highs. >> i still think we're feeding off what happened late last week to some degree where it was another one of these mini scares each one seemed shallower than the one that came before, unless y until you said bond yels coming off the low were a big deal. we got through two treasury auctions today, significant ones, and i think if you had the list of things you had to be alert about this week, that was the first two things that you had to get through and make sure the bond market would absorb that and not have massive rallies after. that's mostly, again, 4,384 on the s&p, almost precisely a double from march of 2020. >> tiff, how do you see it now we're headings into earnings season the nasdaq has been leading. where is it going? >> yeah, so i think the environment is really conducive

to stocks continuing to go higher again, we have these subconversations, tech growth versus value i'm really excited to kind of see what the banks deliver tomorrow like most people i'm expecting positive things. jpmorgan and goldman report tomorrow i have that in the value category so thinking about this from an overall portfolio construction standpoint, because i think we have to be thinking about this i don't think investors can look at one stock, two stock, or just equities in general. i'm looking at how you diversify this portfolio because that, of course, protects you on the down side but we're looking at -- you know i love my growth and you know i love my tech so we've always been invested in those things >> yes, i do >> right, so growth has had this great time, this great run for the past few weeks, like around five weeks

we also -- something i don't talk about as much, invested in value. our value plays are our bank plays. and so we like stock appreciation we like when those prices go up. we also like total return. so we like those dividends as well i'm expecting good things. again, you were talking earlier, scott, about -- on your earlier show you were talking about correction and so, yeah, we have not had af official correction, a pullback of over 4% i think since february 2020. but there is nothing that says in the rule book, there's no rule book that says we have to have one and so i'm cautiously on the side but i'm also positioning portfolios just in case there's a little bit of a downturn that's an opportunity for me to swoop in and buy the things i love >> tiffany mentioned banks, nancy, financials, as her value play are banks still a good value

they're certainly not as cheap as they were a year ago, but relative to the overall market i guess you could make that case where are you on the valuation there? >> sara, we're overweight the financial sector but we're underweight banks. i should point out we do own goldman and jpmorgan and is in our best 12 ideas portfolio. we think there are better places to be. we want to own companies -- i love the intermission analogy mike mayo gave we want to own companies that have pricing power and will benefit from improving productivity take a look at disney which, you know, is also in our 12 best ideas portfolio. if you just look at it, x the news today, this is a company raising prices at their parks. they are back to full capacity with 15,000 plus employees for 32,000 pre-pandemic because they digitized a great majority of the client experience. so those are the kind of names disney has done nothing.

it's underperformed the market year to date we think in here you want to take a look at the stock and just continue to pick away at it because we think they have all the things you need in this environment. pricing power and improving productivity i don't get that so much with the banks. >> mike, i should also note that the dow has settled back at the close now under 35,000 i thought for a moment the algorithms got mad at me, uh-uh, don't tell us what to do we're going above 35,000 >> the sell on goldman sachs -- >> because it's all about you. >> we've settled down below that but are we coming to grips again with the fact low rates are good for stocks >> low rates is a general thing. negative real rates, which is what we have and have not been out of since last year are a

support for stock valuations there's no doubt about it. rates that are streaming lower when nobody quite knows why and people are almost forced buyers of treasuries i think is unsettling and with a we threatened last week even if people want to write it off as a technical move and it was all mechanical >> positioning >> without a doubt, low corporate rates are the key and they've been super low credit spreads have been tight they've never really acted up. that's been something every time you see treasury yields go lower, you say is the credit market upset about something >> credit market know something we don't know? >> no, but the bond market does and the move down and the ten-year yield is not just about positioning. >> not all about it, no. a lot of stuff look, it's about interpretations of the fed, inflation expectation coming out the idea we're going to have a runaway growth, run the economy hot was basically coming out of the market >> delta variant not helping either how about tax rates?

the concept of a global corporate minimum tax getting one step closer to reality ylan mui, the impact on companies. this is big news out of the g-20 this weekend >> reporter: yes, sara, there are two ways big multinationals, especially big tech, could get hit under this plan that was backed by the g-20 over the weekend. first, the framework calls for that global minimum tax rate of at least 15% analysis by s&p finds only alphabet and microsoft currently pay that much. amazon, facebook, apple, netflix all have an effective tax rate of less than 15% the other big change, digital taxes. the g20 plan would require companies to stop targeting america's tech giants and instead allow them to tax any multinational with at least $20 billion in revenue and more than 10% profit but the reality is that is still mostly u.s. companies. one study projects the new regime would generate $87 billion in tax revenue but more

than half would come from companies that are headquartered here in america. and about a third would be paid by just five tech companies -- apple, microsoft, alphabet and facebook you might start to notice a pattern here because part of the reason global leaders wanted to rewrite the tax laws in the first place is because they were frustrated by trying to tax the highly mobile income of big tech companies. back over to you >> no doubt this is seen as a win on the global stage. what happens next with congress? can she make it come to fruition i look at some of the stock prices and they just brush off this issue entirely. >> yes, there are two piece that is will move in two different ways the first is the global minimum tax. secretary yellen expects the sort of legislative pieces of that to be included in the reconciliation bill the democrats plan to use to pass

that human capital part of president biden's agenda that is expected to move some time this summer, start moving some team this summer and can be passed with only democratic support. the other piece which is extremely crucial is that piece around the digital services taxes. that, she said, is not likely to come together until spring of 2022 and if global leaders reach a broader agreement on that that would need to be ratified by the senate with a two-thirds majority you would need bipartisan support for it i hear a lot of skepticism over whether the deals will actually come to pass on a global level and, two, a lot of hesitation of approving it at the domestic level. >> nancy, what does it tell you that big tech just has this ability to blow off anything that gets in its way, whether we're talking about the corporate minimum tax, a fire on

capitol hill, even what's happening over in china. >> yeah, i think you want to own these names for some period of time and i think it goes to the fact that investors are looking for rech venue growth, pricing power, and these companies all have that so whether or not you think there should be some sort of oversight from a regulatory standpoint, what history has told us is that when regulations increase, consolidations increase look at health care after obamacare, at&t and the baby bells in the '80s and '90s all of those things repeat themselves i think the stocks are on to something and i think this is going to really be difficult to pass and certainly in the next one to two years >> yeah. nancy, thank you for being with us today

tiffany, you as well i'll see you on "the halftime report" one day coming up. up next bill nygren on why he is so bullish on the financials and the two bank stocks he is betting on plus mike santoli looking at earnings expectations for the second quarter are as good as it gets h, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪ rush hour will never feel the same. experience, thrilling performance from our entire line of vehicles at the lexus golden opportunity sales event. lease the 2021 is 300 for $379 a month for 36 months.

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the dow, the s&p 500 and the nasdaq all posting record closes for the second day in a row today with bank stocks leading the way on the s&p joining us for an exclusive interview is fund manager and cio of u.s. equities bill nygren who is oakmark select fund has been outperforming the market this year. can you still make money where are you looking right now? >> well, thanks for having me, sara you have to realize it's not really one market.

it's more bi-modal where you have a lot of speculative excess in things like the meme stocks, spacs, equipment companies and then at the other extreme you have companies like financials and oil stocks that are trading at single digit p/e multiples. the stuff we like at oakmark it's not because they're so exciting, it's the names that are cheap that have been left behind there's a lot of value if you stay in that half of the stock market >> where does that leave with you google and facebook? google closed at a new record high >> both alphabet and facebook are victims of gap accounting made for a tangible asset world. both invest heavily and if you make adjustments for their money losing assets, the venture cap,

we think we're able to buy the basic businesses of google search and instagram as well as the basic facebook site and with alphabet you have a weird anomaly going on right now because of their share repurchase only happening in the nonvoting shares you can save $70 a share buying alphabet you're getting paid $70 a share to accept the ability to vote. we think that makes it a value squared, a cheap stock to begin with and you're getting it extra cheap. >> my notes say you like three-quarters of the faang stocks which is the one you don't like? >> we also own netflix we think they're investing through lower prices and netflix delivers video to consumers at about half the price per hour as

cable tv does. we used to own amazon but when the market got so excited about amazon web services we had trouble anticipating what a valuable business that would be seven years out. we sold our amazon it was selling at a lower price to sales than bricks and mortar retail and we thought it was a tremendous value even though it didn't look like it on a p/e basis. >> you mentioned the tech play and the bank play. it looks like bank of america rn citigroup are two of your biggest positions. i asked mike mayo and what that signaled how all of these are ahead of earnings which start tomorrow. >> we're not really ever focused on next quarter or even next year's earnings. we try to think what this company might look like five to seven years down the road.

with citi you're paying about eight times the earnings that it's currently reporting a relatively new ceo whose focus is to slim citi down to businesses they have tremendous competitive advantage such as their treasury services division they're able to sell off the other odds and ends and use president to repurchase stock. to us that's what makes it attractive today >> are you in goldman and wells fargo still? >> we own both names but not as much as citi and bank of america. >> have you reduced that recently is that the reason why i'm curious first and foremost your outlook for goalman which is going to report tomorrow and obviously over the last year the stock has had a great run and what your outlook is given your reduced position size.

>> i don't believe we've reduced our position in goldman. maybe it hasn't gone up as much as others recently we think it is one of the top investment banking firms they should be able to burn a premium return on their equity and the stock is priced like an average financial company. >> my bad. i didn't mean to suggest you reduced your position size i misspoke you said you didn't own as much as you did citi. i was playing off and wanted to clarify that >> also oil stocks nobody ever wants to talk oil. >> we do it's the best performing sector. it's up 39%. but has sort of lagged lately. i'm wonering what the environment is after a lot of good news has been priced in to a lot of these cyclical groups

if oil stays at the $74 a barrel that it's at throughout 2022 we think they would earn about $10 a share. to be at the price it was at four years ago when oil was selling significantly less a similar story on the earnings side then they also have this potentially giant asset which isn't currently producing any income at all. we think both are very attractive stocks and despite the increase, an unpopular area for institutions >> we've been talking more broadly, bill, about a rolling correction that's taken place in the market and energy has been immune to it to this point

are you concerned that as the wave keeps rolling on it will eventually get to that sector? >> our energy stocks are not trading at their highs for the year our focus is much more on the long-term demand picture where demand keeps going and global gdp grows and supply has to grow or price has to go up. it has not spent enough on expenditures to be able to respond to increased demand. we think the result is oil prices are headed higher >> thank you always a pleasure. that's bill nygren to mike santoli and a look at earnings expectations. >> a dramatic expectation of what they look like. the earnings revision breadth,

where earnings are going up according to analyst estimates versus those going down. the previous high, january 2018 this should be something that reverts to the mean, goes lower. are we going back down or are we going to be able to ride a much higher level we've not had experience, any analyst, with a 10% plus nominal gdp growth and what that means for corporate top andbottom line that's something i think that will be the debate the next few quarters something similar the corporate misery index which is the opposite of misery some other inputs to forward

earnings it means earnings should be way up there are almost no hard choices. you can raise dividends and do a lot of capex the question is has the market figured this out that's what you never know in real time and feeds into the notion of good as it gets. the question is how much does it decelerate >> whether it's in the price is a question when you hit new record after new record. and which sectors are driving the biggest -- >> it's mostly the cyclicals but keep in mind it's the big growth stocks that contribute the greatest number of dollars to the s&p how much profit they contribute to the s&p the valuation of the market is lower now than it was six months ago. earnings estimates are up so

much >> mike, thank you shining some new light on a new esg play we'll talk to the ceo of a residential solar financing company making its debut through a spac and later the countdown is on for the reveal of cnbc's top states for business. ahead the final clue of the day mike santoli always figures it out. can he do it again some of the top search tickers virgin galactic topping the list followed by the ten-year yield apple, tesla and amc we'll be right back. ncial consu. here's andy listening to my goals and making plans. this is us talking tax-smart investing, managing risk, and all the ways schwab can help me invest. this is andy reminding me how i can keep my investing costs low and that there's no fee to work with him. here's me learning about schwab's satisfaction guarantee. accountability, i like it. so, yeah. andy and i made a good plan. find your own andy at schwab.

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it feels a bit like technology in 1998 it's where one billionaire investor thinks we are in the climate cycle. leslie picker with the details leslie >> reporter: sara, that's right. i spoke with jim coulter after decades he's turning to the environment. in an interview he spokeabout the similarities between the dot-com era and what's happening with environmental plays today >> so it feels to me a bit like technology in 1998 it's a moment where society is

beginning to realize that technology was going to touch everything and that the capital markets hadn't quite set up for how they were going to deal with that >> he says tesla is akin to the aol of the late 90s but notes tesla may not end the same way i asked if he thinks climate is in a bubble but will be a twisting and interesting journey. guys >> okay, leslie, thank you very much sun light financial will benefit from the rising interest making its trading debut today following the completion of its spac merger with apollo backed spartan acquisition corp shares finishing higher by nearly 5%. sunlight ceo joins us. welcome, your employees are here and everybody is happy

it's a big day for you >> a really exciting day >> why spac? >> first, we had a very healthy cash flow, a strong balance sheet and we're a profitable business we met the team at apollo and they were incredible partners. we're happy with the result. >> what do you make of the fact it's trading below $10, a demarcation line for spac listings >> we have a long view here. this is a high-growth market up 10x over the last decade and has incredible room to run we're looking at it over the long term. we've heard great feedback about the strength of the company and we're bullish about the future we're thrilled and excited >> what is demand like for solar financing which is what you do >> so it's really early days for

solar. we think if you look at other countries and states that have high levels of penetration, there's significant room to run. sun light alone financed almost $5 billion in solar so 125,000 families that have solar thanks to sun light and we're just getting started. >> i don't know if you had a chance to listen to the prior segment with leslie picker speaking on the issue whether climate is in a bubble i wonder if you could address that and if the industry is worth thinking back to '98 and into '99 and we all know what happened after that. >> i think what's important here customers today go solar they love the environmental benefits but really love the economic benefits. most customers save money immediately and tens of thousands of dollars are saved over the life of their system.

that's a strong value proposition and that's what has helped propel this market forward and long into the future >> you're really a financing company. did you consider yourself a fintech company or a solar play? >> it's interesting. we sit at the nexus of solar and the residential solar market renewables and the other is financial services and finteches. we have partnerships and help provide simple financing and on the other hand relationships with capital providers, banks and credit unions and we really sit between both of those markets. we are riding two terrific weights. >> what about interest rates, the next 6 to 12 months, and how that could impact your business positively or negatively

>> one thing is important in having multiple interest rate cycles is we really think about it over the long term. we positioned ourselves well with our capital providers to have access to low-cost funding, even should rates rise and we think we'll be able to give a strong value proposition to consumers and to our contractor partners. >> who are your biggest competitors? are they the banks themselves or other companies that do this sort of thing? >> actually we really think about our competitors any way a customer doesn't use our financing. some will pay cash that's become a much smaller portion of the market. some will lease or a loan. simple point of sale financing we make it digital, completely streamlined and help them get ak

access to financing. >> what is the average cost to outfit a home? i don't know what you consider the traditional size home but how do you answer that >> it depend on the home most in the $30,000 to $40,000 range. we allow customers to go solar immediately and put no money down and so customers put no money down in most cases start saving money right away and will save tens of thousands over the life of their solar system >> how long do they finance that typically for? >> we have loans that range from five years to 25 years we give a lot of flexibility >> wow >> to contractors to be able to offer to homeowners. >> 25 years, wow good talking to you. congratulations again. that's matt potere >> hands all over the place. >> your turn >> oh, it's mine they've moved up past my name. i didn't know. there we go.

collectibles booming and one company is helping retail investors in everything from classic cars to rare baseball and pokemon cars the co-founder of rally for this alternative investment, plus investors anxiously awaiting the cpr report for the latest reading on inflation what to expect and how it could impact the market later on "closing bell. esg is responsible investing. who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential.

it's time for a cnbc news update with rahel solomon. here is what's happening this hour. elon musk in a delaware court defending the purchase of solar panel maker solar city a shareholder lawsuit blaming musk and others for a deal full of conflicts of interest that never delivered the profits he promised musk testified he had nothing to

gain since he owned shares of both companies musk also objected to the questions by the opposing lawyer saying i think you're a bad human being. protests in communist cuba as thousands take to the streets railing against food shortages, power outages and rising covid cases. cuba's president blaming america calling the u.s. embargo the politics of asphyxiation president biden says the demonstrators are asserting their rights and the u.s. government stands with them. in texas democratic lawmakers leaving the state in another revolt against the gop overhaul of election laws, the move meant to deny republicans the quorum needed to pass the voting bill. on "the news with shepard smith" democrats say they are ready to stay away for weeks that's a move that could land them all in jail that's coming up tonight right after jim cramer right here on, of course, cnbc. sara, back to you. after the break, here on "closing bell," ever wish you

could own a jawbone of a prehistoric shark or a mickey mantle jersey? we'll talk to the co-founder of a company that lets ordinary people invest in these one of a kind memorabilia tomorrow cnbc unveils this year's top state for business. the final clue before the big reveal straight ahead on "closing bell. hey frank, our worker's comp insurance is expiring, should we just renew it? yeah, sure. hey there, small business owner. pie insurance here with some sweet advice to stop you from overpaying on worker's comp. try pie instead and save up to 30%. thirty

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ever wanted to own a piece of the declaration of independence an equity stake in this broadside copy is available now for just $25 per share it's one of the unique assets on collectible trading platform rally where investors can buy and celek wit in rare items. joining us is the co-founder and chief product officer. rob, thank you for joining us. so you've been around for a few years now. i imagine demand must be off the charts because we've seen things like this surge, rare sneakers and other sort of art and wine what are you seeing? >> yes, thank you for having me. i think what we've seen over the last, call it 12 to 18 months, is definitely a boom within the investment group that finds their way to rally each of the 25, 30-year-olds that have a respect for history, understand collectibles and the market and

are investing in things they really care about. >> you set a market cap, a value for the item and then sell individual shares, and what do people actually get? talk us through it >> it's a true equity investment unlike an nft or crypto, each individual asset is qualified by the s.e.c. in an offering circular and we run our version of ipos for each of the assets we'll break into shares, those shares get sold during the initial process and then after a lockup around 90 days later they trade on our secondary market through registered broker dealers. everything from vintage baseball cards all the way up to modern basketball cards and everything from classic cars to dinosaurs, meteorites, all these huge assets with great history, great stories, but the access layer has been missing they have really dramatically seen increases in prices so we're able to do that with no minimums and allows everyone to get access to these assets

>> how do you respond to the skeptics who say things like this are the epitome of a bubble business, if you will? what's happening with nfts and collectibles in general and you're at the right place at the right time with a compelling product but what happens when the stock market rolls over, interest rates go way up or just the whole environment changes? are you thinking about that? >> yes, and it's the right question to ask. we've root this had product in the regulatory construct and the fact we're finding the best possible assets and it's not something new, it's something we've been doing for five or six years and i think this new rush of investors into alternative assets does raise a lot of eyebrows the way we see it we've gone after the museum quality assets and i think in any surge, any rush to assets, what you see the best in class are the ones that tend to find their lane, their footing for the long period and that's what we've always gone for and want to present on

rally, too if you see a triceratops on rally it has greater than 60% bone mass. anytime you kind of see this rush to an asset, rally is in a place where we're trying to make sure we're following the museum quality asset that will withstand the test of time >> do investors make money off these investments? >> they have there are never any guarantees and this is not financial advice but we've targeted the assets that speak to us as the same type of investor but the data speaks to the appreciation cycle and speaks to the fact they're relevant now and will be in the future when you think about things like the video game market, which has heated up dramatically and we saw the first million dollar video game cross auction this weekend, we have what is considered one of the best examples of the sealed mario versions up 350% since the io, since the initial offering, and we find assets like that where we're never trying to time the cycle but trying to find the

best in class whether it's a video game or a baseball card or a classic car. when we find that best quality asset a lot of times you'll see the returns that go along with that quality >> not all stocks or sectors are obviously alike. i'm assuming not all of your categories are alike in terms of holding their value over a period of time things may fluctuate and be more volatile than others and you do have a lot of categories as you said from cars and sports cars, memorabilia, luxury, comic books. which one or two of your categories are holding their value the best >> you know, we see cycles i think right now what you're seeing is classic cars are getting a lot of attention right now. they went through a boom cycle maybe five or six years ago when we first started the platform and we were lucky enough to get some of these great quality examples from some of the best vintages and saw things like our

earliest lamborghinis and some of the early ferraris that took a quick pop after the ipo kind of cooled down a bit and now the interest is coming back in as new auction results and primary sales hit the market on the other side of that things like pokemon which is a retrace right now which is in a situation where i think there was a lot of exuberance around that space and a lot of the late '20s and early '30s, getting a feel for the collection when they were younger and getting interested in finance maybe rushed into the space a bit and we believe in all of these assets pokemon cooling off to us or modern sports cars cooling off we look at the long view and we're trying to find the best quality examples from each of the categories we do believe in franchises like that to withstand the test of time and stay relevant >> pokemon cards included or was that just a phase? >> you know, it's one of those things pokemon is still one of the biggest franchises in the world. 1999 is not that far away from where we are now in the first

set that came out. the enthusiasm around it and the way that pokemon has embraced technology with pokemon go and so many new products that keep hitting the market is one we're confident will always have the generational appeal for me as a 38-year-old, it's something i remember from childhood. for a new 17 or 18-year-old there's so much new activity to pay attention to and what we focus on, where we believe that relevance will continue. >> you have an interesting story to tell. thanks for telling it here rob, we'll talk to you soon. the rally co-founder kickoff to earnings season isn't the only big event investors will be watching tomorrow scott cohn previews the big reveal of this year's top states for business >> reporter: hey, scott. we are in the top state. we will give you one more hint about where i am, the state that we will reveal tomorrow. and we'll tell you more about the challenges of doing this study in this very dynamic changing year. that's coming up on "the closing bell."

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erp pr jumpy 5% last june earning season kicks off with report from jpmorgan chase, pepsi and do not miss an exclusive interview with david solomon. live from the company's headquarters in lower manhattan. the other event to watch tomorrow, the big reveal of the state's business >> we started around january or february we put the states through 85 metrics. our tried and true formula is built for change not necessarily the kind och change we have seen in last 18 month. we have updated and tweaked formula a bit.

>> like they should, good work for training they are pushing low taxes and incentives it's the cost of doing business. our most important category. follow closely by infrastructure not just roads and bridges anymore. they look at sustainability, broad band and reliability, power grid >> millions in texas still left in the cold and dark this evening from a failing power grid >> we have broaden our measure of quality of life, new category looking more closely at health care, including covid vaccination rates and inclusiveness including voting rights

>> you can read more about our methodology at topstates.cnbc.com you'll see how your state stacks up after we reveal where i am. america's top state for business we have one more hint. it is one and done one and done is your last hint we'll recap them again tomorrow morning and give you all the top states for business tomorrow and complete coverage all day on cnbc guys >> looking forward to it can't tell anything from your background can't figure anything about your hint scott, thank you very much you usually guess it >> i'd like know what that blue structure is >> could be anywhere >> i think a couple of years

going back a while, i guessed it utah and washington state. i think when he did a full week of clue and lead ups >> in other words, one and done isn't doing it for you >> i have no idea. >> virginia has been up there. texas has been up there. >> now with the new criteria it's unclear if it alters that >> i think it's interesting because you really got a blue state, red state kind of divide in this country with migration and a lot of companies moving to some of these red states like florida and texas on taxes, on business friendly regulations. i'm kier yous to see where this falls. >> the wild card, the availability of labor. >> covid changes everything. we took out a minute and a half

left we close at record highs across the board today. we'll get the cpi number every one is expecting it to be hot. >> i guess it depend ons what your definition of hot is. the consensus is there enough. it's meant lower leng term interestingly, if we get a benign cpi that allows yields to go up into value trade that's the kind of bank shot logic i think you might want >> from a source that lumber crisis, for example and inflation have given up all their gains of the year. that's your transitory conversation happening right here front and center. >> all the big drivers of the upside the last time around were

these things that self-correcting whether it's used cars or lumber or materials. markets that will not be able to keep soaring we'll see if that's the big mover or not >> plus the banks will be out with earnings. >> okay. 35,000 just under that. that's where the dow closed. i jinxed it and you and then we did. >> that does it fousr on "the closing bell." "fast money" is up next. ice works fast. heat makes it last. feel the power of contrast therapy, so you can rise from pain. feel the power of contrast therapy, hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee...

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live in the nasdaq market site overlooking new york city's time square. this is "fast money" tonight's trader lineup. you have dan nathan, karen finerman and bryan kelly stocks soaring to record highs as you're seeing there with the dow closing just a hair below the 35,000 mark and wall street's biggest sees even more gains ahead. a marvelous move for disney today. shares jumping more than 4% to close ou