it is 5 a.m. at cnbc global headquarters and here is your top five at 5. the dow fails to break through the key 35,000 mark after a no good, really bad day for boeing shares time for a wednesday bounce back a very busy day in washington, d.c., as senate democrats reveal a $3.5 trillion budget that fills the gap for the human capitol infrastructure kathy wood doubling down on her deflation trade as she loads up on technology but grows sour on china details next.

cleared for takeoff. investors waiting for results from delta and more while sales and bookings may be up, there is still one key traveler yet to take to the skies in a major way. not just airlines, big banks front and center bank of america and wells fargo earnings today, wednesday, july 14th, 2021, you are watching "worldwide exchange" right here on cnbc. good morning i am dominic chu in for brian sullivan today kicking off your wednesday morning with stock futures showing a little bit of movement now you can see there we are indicated just marginally lower, about 35 points the down side for the dow. the s&p lower by 3 points and 27 points to the up side before the opening bell on nasdaq

this is after the dow failed to break through the 35,000 record level. blame boeing for most of that downward move. it's down 66 points. more on that move coming up later on on the show on the flip side, technology stocks coming off a record close once again with a half a percent gain, modest but still a record. the bond market certainly a key focus for many traders with a 10-year treasury note yield moving slightly lower on the day. a hair below the 1.4 level we'll keep an eye on the long-term bond crude oil, down about half a percent. u.s. benchmark, west texas intermediate to the early trade on the european side of things. drew moniker is standing by. happy wednesday morning,

joumanna. >> you can see most of these indices are trading in the red the ftse 100 in the u.k. is the relative underperformer down half a percentage point here we still have an inflation surprise out of the u.k. i want to flag that to your viewers. we have inflation at 2.5% for the month of june. that is higher than expectations boosted yet again by used cars which is a theme that continues to pop up in the u.s that is something u.k. investors are watching as well there is a little bit on the ftse 100 index not showing in the banks i'll get to that in a second cac carant in france, it is a holiday. it means the trading indices will be lighter than usual

germany down .2 of a percentage point with some of the industrials lagging. one of the major sectors we're focusing on is the banking sector there is a lot going on here not just because of the more positive results coming out of jpmorgan and goldman sachs, but also we had the bank of england announce the financial stability report that they are lifting some of the dividend restrictions so they now have the ability to pay out as many dividends as they want which is positive for the sector. hssc up 1/4. some of the other european banks traded lightly a little bit of green as far as that cyclical basket is concerned. however, another sector that is not doing well, travel continues to languish as we have these ongoing covid restrictions and things seem to be getting more onerous. i'll throw it back to you.

>> thank you very much. back on the home front, senate democrats unveiling a new multi-trillion dollar spending program. >> good morning to you senate democrats announcing late last night they reached a budget agreement amongst themselves that calls for 3.5 trillion in new spending over the next decade it will create a huge pool of resources all of which were in president biden's original infrastructure vision. president biden is expected to head to the hill to discuss a possible path forward. goldman sachs ceo david solomon said he was surprised by china's recent moves to boost oversight with regard to the technology sector solomon said didi could just be the beginning when it comes to the china ipo pipeline >> chinese have now put in a

process where they have a regulatory agency to sign off on items. if the chinese regulator signs off on the listings, there will be no listing. if they sign off in an affirmative way, there will be a demand for companies on a global basis for global investors we're seeing a shifting of policies coming from china we'll have to watch to see how that will unfold. >> the head of the competition watchdog is sounding off the rules targeting big tech were too narrow. he says the eu should instead model its rules on the german laws which talks about antitrust with anticompetitive practices. >> frank holland, thank you very much for that. let's get back to the markets and your money kathy wood is doubling down on

some old calls and making some new ones in the process as well. among her key take aways, deflation will become a larger force despite the recent spike in prices to 13-year highs wood believes in a bond market bubble adding too many people are afraid of inflation which is a killer for stock market valuations also taking on oil saying rising electric vehicle demand means she would not be on the long side of crude on china, woods saying there is a valuation reset happening right now in technology. from a valuation point of view, these stocks have come down and again from a valuation point of view, probably will remain down. woods ark invest has been selling its holdings in tencent,

et cetera. joining us is frank sarian and steve off. thank you very much for being here steve, if i might just start with you to lay out the macro picture here we mentioned some of kathy woods' calls this is a story driven market receipt now. what stories do you think are driving most of the trading action is it a very macro invasion crackdowns or very micro like bank earnings? >> right now the stories are the covid relapse potentially which we don't buy at all and concerns about fed poll is he we're on the opposite side of kathy on the number. significantly high yield, $90 target under invested for a very long time supply is not there. demand is surging. we've got inflation continuing pretty high here over the next

several months we think we're looking at nominal gdp this year around 10% and something like maybe 6 to 8 next year. so this is an environment where earnings are really soaring, particularly ofn the cyclicals and financials we're continuing to lean into that it's going to be choppy as the fed starts to get with the program but, gosh, they're just so dovish here it just seems like it's a real setup for a kind of goldie locks scenario for the rest of the year. >> so, greg, it's interesting. all of those points that steve just brought up have led to one word that i've heard a lot more than any over the course of the last several months, that is reflation. you hear about it in consumer

prices, in the stock market overall. do you believe steve is correct here do we continue to see legs for the reflationary trade they will at this point to maybe break through. >> i would agree with that, dom. thanks for having me back. we're going to see strong second quarter earnings numbers, 30 tensi-- potentially 30, 40%. investors need to bear in mind headwinds. look at where oil is, up 30% for the year look at labor costs. every ceo is talking about how they find labor. frank holland, how is that being paid for we do believe inflation is going to be a concern when we get to the end of the year tax reform is going to be a concern and the fed. the cpi number was hotter than

expected when you think the fed's going to signal jackson hole tapering if not when they begin to raise rates. this puts pepper into the markets near the end of the year. >> steve, you mentioned earnings, tail winds we have right now. there are a number of investors and traders believing there are comparability issues in the coming months meaning it was easy to go above and beyond the pandemic economy we had last year this time around. going forward, those comps become more difficult. what needs to happen for this market to be going higher? >> i'd say take a walk down main street this economy is gaining mo momentum you've been in lockdown for a year and a half. piles of cash everywhere the fed is still spraying gasoline on a forest fire, not water. things are really soaring. so i think you're going to see top line growth here continuing

to be quite strong in the back half of this year as it feeds on it self. i know -- i agree with greg that, you know, when the fed starts to talk a little bit about tapering, the markets will take a bit of a setback. we're actually rooting i think the risks here on the longer term basis are they take too long to get going. this economy can sustain 2, 2 1/2 year rates if they take too long, this inflationary cycle can take off. in the near term i think we have a pretty bullish setup >> greg, let's put some trades around this. you have to make investment decisions. what exactly would you go towards? is it still going to be the value trade or is it going to be different in terms of big technology, safety trade so to speak over the last several years? >> sure.

yes. i think a few things investors need to think about. from a planning perspective, charitable giving. the markets are hot. you have the rest of your life to give that money away. in terms of sectors, we like disruptive health care we think of not large cap farm ma but think of cell therapy, gene therapy cancer research is being driven by mna right now we're very much in favor of med tech, gene therapy the health care and life sciences fund. >> a lot more chatter about crspr. when we come back on the show, the buy now pay later sector as apple looks to get in

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time now for your big money movers frank holland is back with the stories. >> first up, here's the companies that offer buy now pay later are dropping apple is working on a service to let users pay for any apple purchases in installments. it's down 10% in yesterday's session while paypal is off fractionally today check out australia's buy now pay later, afterpay, zip co and s sezzle norwegian is banning customers while seeking covid-19 testing. now to stock brief broad com, the chip maker is no longer in talks to buy sas they changed their minds about a sale the journal had previously said

they were discussing a deal that would value sas at between 15 and $20 billion. finally kraft hindes is teaming up with van leeuwen to create kraft mac and cheese flavored ice cream yes. pints go on sale today which is national mac and cheese day. they have 23 shops in houston and l.a. they sell it nationwide. not sure about the flavor. >> you're not going to try it? >> no. >> i would try it to say i've tried it it's the journalist in me. >> big j, dom, big j >> frank holland thank you very much for that. still on deck for the show, one restaurant's attempt to make the most eenvexpsi burger. to start, the bun is made with dom perrignon dough.

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♪♪ is “finally” ♪♪ this is financial security. and lincoln financial solutions will help you get there as you plan, protect and retire. this is lincoln financial. welcome back nbc's frances rivera is in new york with the latest good wednesday morning, frances. >> reporter: hi, dom president biden is delivering an empassioned plea to protect voting rights. he blasted republican actions as a test of our democracy. he called on republicans in congress to help stand up to prevent undermining the

elections saying have you no shame? the federal law banning handgun sales violates the second amendment the fourth circuit court of appeals voted 2-1 to declare it invalid. the law was signed by president lyndon johnson in the united states it allows them to buy rifles and shotguns the ruling applies in only five states, virginia, maryland, west virginia, north and south carolina the decision is likely to be appealed and could eventually reach the supreme court. this one is just shocking. you've got to watch it watch this golfer in san antonio texas. he hit that shot when lightning struck the ball in midair. the ball jolted him all the way back the video slow down here, you can see the moment the lightning bolt hets the ball no one was injured but, hey,

they had to have known this storm was coming clearly this just didn't come out of nowhere to be golfing out there with those clubs and iron and lightning, dom >> i don't think the heavy stuff is going to be coming down for quite some time. >> wow >> it's gone viral i would say this i think the video has brought so much more attention and marketing awareness to places like top golf. they probably love the fact that video has gone viral. >> everybody was talking about the guy's swing. he looked like he was in pretty good form. >> this has inspired me. we should go golf it up sometime we'll figure it out. >> not during a storm though. >> you've got it. >> thanks very much, fran session rivera. let's get to the day's top trending story some post hume mouse streaming services and the world's most

expensive burger frank holland is here. >> we're going from frank holland to holland let's start off with this one. beyond meat is coming to the asian chicken market it's called beyond chicken quibi has risen from the dead. despite shuttering. the app itself is no more. most of quibi's content is available to stream on the roku channel. a restaurant in holland has created the burger boy it includes caviar, king crab and white truffle, what else it includes a barbecue sauce and a bun made with dom perrignon

champaign topped with gold leaf. the 5,000 euros was doan nated to the food bank some of the ingredients, sound good but i tonight know if i want them all for dinner. >> robert frank with the most expensive pizza and the whole gold plate the only thing that makes this more palatable is going to charity. what i'm kind of curious about beyond the fact that there's a dom perrignon bun on this. the other story is -- this morning around the next season it will get a ton of emmy nods and it won't have another season coming out of this

so weird that the dynamic on streaming videos. >> i thought that show was excellent. in all fairness, i watched it and i didn't see any way to really have another season it seemed like it was kind of coming to an end the creator going to happenle. >> thank you very much for the trending stories straight ahead on the show a live report on capitol hill and the spending proposal, trillions of dollars worth if you haven't done so, please follow our podcast follow "worlidexan,"dwe chge all new format will be right back. turkey hill chocolate peanut butter cup ice cream with real cocoa. well, that's the way the sandcastle crumbles. you can't beat turkey hill memories.

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blockbuster reports from j.p. morgan chase and goldman sachs. delta fighting to fly high once again following pandemic-related turbulence. and senate democrats looking to go it alone rolling out their $3.5 trillion plan to fulfill president biden's domestic agenda ylan mui is standing by to break down what exactly is in that package. wednesday, july 14th, 2021 you are watching "worldwide exchange" right here on cnbc

welcome back to worl"worldwe exch exchange". i'm dominic chu in for brian sullivan futures pointing to modest moves at the opening bell. the dow is implied lower by 7 points nasdaq higher by 55. closing at a record. take a look at some of those other sectors. let's start with travel as we await delta airlines results airlines getting hit hard in the last week amid mounting concerns about covid variants taking a look at specific airlines, hawaiian holdings down and jetblue down 3% in that time span as well not much better for the cruise line industry. carnival following 8.5%.

norwegian 7% royal caribbean down 5%. stay at home stocks not seeing much of a pop. zoom and teledoc around 6% etsy has shed 5% doordash is down 3%. lumber's continued crash down more than 50% over the last two months that drop starting to show up in stocks with the wo-o-o-d or wood etf now down 8%. and thec---u---t washington, d.c., and new details with the senate democrat plan to legalize marijuana ylan mui joins us with the details there. what can you tell us, ylan >> reporter: top senate

democrats will unveil new proposal for legalization and tax action at the federal level. this will direct the u.s. attorney general to declassify it within 60 days of passage that will clear the way for the businesses to have access to the banking system the proposal would establish 21 as a legal age to buy marijuana in keeping with the trend in state laws but producing cannabis could come at a cost. the plan calls for a 10% excise tax for the first year of legalization climbs to 25% after five years and after that the tax is calculated according to weight and concentration but would equal 25% of the market rate of cannabis growers would get a break on the

first $20 million in sales the senators plan to use the new revenue aimed for neighborhoods targeted on the war on drugs dom, democrats want to get on their proposal by september 1st. schumer wants to get something passed by 4/20 >> i get the 4/20 reference there. here's my question, ylan if this is going to happen, what's the likelihood that we get real traction for this i ask this because many cannabis investors i talk to say many of these federal laws are perhaps maybe not even relevant these days because so many states are enacting some of their own contravening laws a the the more localized level. is it going to benefit the country to have more of a canned process, so to speak, with regard to how we tackle cannabis >> reporter: i think what's important about federal

legislation is it would allow the business to have access to the banking industry banking is number one. the second thing is it doesn't look like it's going to get a lot of republican support, both because of the way the money and revenue will be invested and because cannabis will be taxed in the first place you might lose some libertarians there. so the bill is important though because it provides sort of the marker for how senate democrats will move forward with legalizing marijuana it tries to set that framework for what this will look like down the road. >> certainly a jumping off point for that ylan, while we have you, we're following developments in the

push amongst democrats for president biden's domestic agenda unveiling at the $3.5 trillion budget proposal late last night. what exactly can you tell us about the likelihood of that happening? >> dom, senate democrats did announce last night they've reached a deal on the so-called human capitol portion of president biden's infrastructure plan, child care and medicare expansion and climate change that's a compromise. democrats are using the fast track budget reconciliation process to pass this which means all 50 senate democrats do need to get behind it but no republican support is required last night they said it is fully paid for by the wealthy.

i'm also told this does not need an increase in the debt ceiling. however, the treasury department probably has some wiggle room on that into the fall meanwhile, a bipartisan group of senators has been working on a much smaller package said they're hoping to have their own bill ready by the end of this week dom, democrats have repeatedly said they're moving down two tracks on infrastructure they appear to be making progress on both of those fronts. >> ylan mui with everything that's happening in washington, d.c. frank holland is back with those. frank. >> dom, fed chairman jay powell is set to kick off two days of testimony. powell will deliver the semi-annual policy report starting with the house financial services committee he's not looking to exit the easy money policy. powell has vowed the current strategy will remain until

substantial further progress is made on the fed's employment and inflation roles. solar winds is warning some customers that hackers have discovered and exploited a new vulnerability in the systems the software company in the center of that massive data breach said it was alerted by microsoft to this latest unrelated hack they'll be targeting certain products increasing output. they're suggesting that apple expects the first iphone launch since it will unlock additional demand dom, back over to you. >> thank you very much for that. delta airlines is set to report second quarter earnings before the bell today. investors will be looking for any guidance on the return to the skies and signs of international and business travel that's key, business travel

coming back. this after american airlines pre-reported yesterday for revenues to come in above expectations the ceo doug parker saying the company is moving in, quote, the right direction as it flew 82% more customers in the second quarter than it did in the first three months of 2021 for more on what to expect from airlines earnings season, sheila caillou. we often turn to you for all things in the sky. let's see if some of this is becoming an opportunity for certain investors to get in on the action they've had a big run since the pandemic end. >> they have over the last three months and when you look at these airlines, yes, they expect sales to be, you know, 37% below 2019 levels. it's not often that you see companies trade at such low valuations when their revenues are still 30 to 50% off prior

peak level to give you a taste. delta trades at 7% ebitda. that's historically where airlines traded. their earnings are 20% below prior peak airlines should be trading at higher multiples investors are not believing the earnings power in 2022, 2023 given the lack of visibility and the lack of return in international and corporate which are over 50% of their sales. we've seen the near remember to medium weakness in the stocks. are there places you would think you would be poised for better performance in the coming months given what you feel is a trajectory of things like international and business travel as well >> sure. we recently upgraded delta last month. the reason for that was about half of the asms are international of which about half is from europe.

we think europe will be the first to open followed by, you know, asia in two years' time. the european recovery will be sooner additionally, 50% of their sales are corporate, of which half are small/medium businesses. >> so delta, buy rate and target price 60 bucks from sheila i also want to get your take on what's happening right now with boeing it's a big coverage stock in your universe. that stock falling almost 5% yesterday. dragging down the entire dow with it. on concerns the company is expecting to deliver fewer than half the 787s currently in its income this year >> sure. >> we have production issues weighing as well there boeing is a key stock considered a huge bellwether for many parts of the market. what is the future for boeing in your mind? >> i think boeing has a lot of risk associated with it. right now it's in the max 787 sales. it has a lot of positive catalysts as well. we could see china, if we could

see the 737s roll back they are losing some of that share to airbus right now. given the overall positive commercial aero, we think the precash flow will generate free cash flow in the time frame. the stockstill has up side they have a lot of near term turbulence when you think about the max inventory run throughs, the 787 we're pro jeking they deliver at four a month and the production rates are lower on those. >> sheila, we know boeing gets a lot of attention because of the commercial aircraft side of things because it is such a high profile part of things in the business it's one of the biggest contractors out there. when you look at the balance of business in the next year or so, how much more of an emphasis is boeing going to have to place on the aerospace side of things, defense contracting side of things to counter what we're seeing on the commercial aircraft side? >> about 40% of the business is

defense. we expect their defense business to be flattish when we think of the other expense sides. the defense business is under performing given that they've won several big development grants in 2019, there's not a lot of margin leverage in that business. >> sheila, jefferys with the call on boeing as well. >> thank you very much. coming up on the show, are stocks proving to be too frothy. david solomon lays out whether he thinks valuations are just too high first, as we head out to break, some of your other top stories elon musk says the power walls is lagging as a result of the semiconductor shortage musk making that as the final day of testimony in the solar city trial it's up in this quarter. the entertainment company

backed by lebron james is in talks over a possible sale spring hill has held early conversations with nike and other possible suitors with a potential valuation of $750 million. and jeep formerly unveiling the latest version of its compass suv. 2022 version features new tech 23 nothing. it is going to move into evs keep it right here we are back after this it's another day. and anything could happen.

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all right. it's a big day coming up on cnbc with a number of exclusive and first on interviews as you can see there including blackrock chairman and ceo larry fink. ed bastian marriott's ceo tony capuano, brian moynihan, michael santomassimo and cathie wood as well the parade of chief something officers coming up all day long. must-watch interviews all day. keep it right here on cnbc. a few of the analyst calls of note this morning apple added to goldman's analyst focus list as a growth idea. among the kcatalyst, the iphone 12 upgrade cycle the firm has an overweight rating with a $175 target price. meantime, goldman is

initiating coverage of the apparel and brands sector with a buy rating on lululemon, yeti, levi strauss they say the post covid recovery period has been supportive for apparel and brands continues small growth and margin expansion one word of caution. the note notes the sector has outperformed the s&p so far this year investors should stay selective on certain stock names. coming up on the show, investors gearing up for big bank earnings as john nagerian if you have not already done so, follow our podcast if you miss "worldwide exchange" check us out on apple, spotify or your podcast platform of 'lbece wel right back here on "worldwide exchange.

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exchange." back to the markets as well. we have a market with the dow jones implied lower by just about 6 points call it flat at the opening bell if the futures moves hold. the s&p is implied higher by roughly 3 to 4 points and the nasdaq higher by 61. on the treasury side of things, we are keeping a close eye on the 10-year benchmark treasury note yield drifting below the 1.4% level. we got down to 1.26, 1.27 at the lows this past few weeks here. the 2-year note yield at .25%. on the wti crude front, u.s. benchmark prices, 74.73. ice brent crude futures down 3/4 of a percent $75.96 there the last trade. bitcoin trying to find some stability. just about flat on the day

roughly 32,300 and change. ethereum below 2,000 at 1935. as investors await another key round of earnings with the big banks once again in focus, those numbers are coming on the heels of goldman sachs blowout results. speaking exclusively to cnbc yesterday, goldman's ceo david solomon arguing the market's next leg hinges on the economy's next moves >> i think that the market is looking at the robust economic recovery we're having and it's pulling forward some of that recovery >> is it a bit risky >> it depends where the economic recovery is going. you are reporting on it. the market is catching up with the big strong economic recovery the big question is what do we

see in 2022, 2023 and how will the market rebalance at the moment the market is telling you growth is very, very robust. >> robust. that's a positive word for more on the trading day ahead. let's bring in john najarian you can watch him on the halftime report often. you heard the comments from goldman's ceo david solomon. is this a robust market dependent on a more robust economic recovery going forward into 2022 and 2023 >> it is both of those things. it's robust. the recovery is robust but the recovery might be too robust, dom, because as you know and as you've reported, inflation is running at the highest clip that we've seen in years. and of kocourse this is engineee

by the fed do they want as much as they've got? right now we're seeing, what, 5.4, 5.5% in that range inflation year over year that certainly says that there's demand out there and that people are spending that money. the question is whether or not that inflationary jump that we've seen in airlines, in used cars, new cars, in food prices, whether all of that changes the way the world looks at this particular recovery which has been, as you've said, very robust. >> jon, we're showing all the viewers and listeners a chart of the 10-year treasury note. we know massive amounts of central bank intervention are in many ways distorting what's happening with treasury and credit markets but still do you believe this inflation story is transitory like the fed is saying right now you can earn 1.4% for

10 years on u.s. credit. that's certainly, jon, not appearing to me at least, i'm a novice in the bond markets, it doesn't appear to me that signals any kind of run away inflation. >> no, and it tells you about the extreme demand there is for treasuries right now especially with that yield that you just described with so much of the world in more or less negative territory, dom i think there is a bunch of money for receipts for taxes at the treasury that meant there was less demand by the treasury to go out and raise more money in the short term now i think that that will be changing as we go into the fall, dom. one of those issues about transitory is i don't think in particular it will be as

transitory as many think. >> so we can't talk about the interest rate and inflation picture without bringing in the banks in the discussion. we are in the beginning part of this big bank earnings season. you saw the results from j.p. morgan chase and goldman sachs i was speaking with karen finerman over the last couple of days she didn't like the setup. she said the banks were rallying into earnings and part of the reason for the selloff yesterday. do you still feel as though there's a constructive trade for the banks? and how much will b of a, citi and wells fargo tell you about the overall health of the banking sector >> i think in particular of course bank of america is going to tell us a lot about the consumer rather than their trading or the fixed side of this i think, dom, that's centered on wells fargo. most of the other banks we were seeing protective trades, trades

that people in the short term like in the next month, 30 days or so let's say, to august expiration, people were looking to protect gains that banks have made rather than betting they go higher one exception was wells fargo. they were still buying up side calls, a speculative call in wells fargo because of that recovery story, not the economic recovery but that bank's recovery story, dom. >> jon, we've got a few moments left here. is there a part of the market that you're seeing much more bullish activity outside the banks? >> yes, sir. chinese stocks these were just slammed of course for the last several weeks with didi, tencent, alibaba. i'm not seeing that's such a huge change, dom, we're going to see sweeping moves to the up side in alibaba and for the last several days we've seen up side

call buying. jd as well as yy. >> chinese stocks a key focus. jon naerian. that does it for us on "worldwide exchange. "squawk box" is coming up next four-legged friends changed everything. dr. petsworth welcomed these new patients. the only problem? more appointments meant he needed more space. that's when dr. petsworth turned to his american express business card, which offers spending potential that's built for his changing business needs. he used his card to furnish a new exam room and everyone was happy. get the card built for business. by american express. it's a new day. and it's coming at you fast. it could be the day your workforce doubles or the day your visitors quadruple. with comcast business you'll be ready with the flexibility to control multiple wifi networks from anywhere— all on the network that can deliver gig speeds to the most businesses. every day in business is a big day.

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plus, earnings season day two. deal making drove big profits for goldman sachs and jpmorgan

now today we're going to hear from bank of america, citigroup and wells fargo. got some coffee? suggest you drink some coffee. wednesday, july 14th, 2021 and "squawk box" begins right now. good morning, everybody. welcome to "squawk box" here on cnbc i'm becky quick along with andrew ross sorkin joe's back, even though he almost -- >> malfunction. >> what was that >> that was my chair it was like -- you know, you -- >> stuck in between the two? >> do you put it so it can't go back >> no. >> yeah. >> so i have the thing, it must have been right on the edge where it could miss. >> you almost fell out of your chair. >> it's tough to sit tough to sit without falling. >> we try. we try