well your classmates masterclass is impressive, but you won't be messaging one on one with your teacher. >> i'm trying to get eamon to homeschool masterclass, it sounds fun. >> i'm exhausted now thanks for having me here. i'm going to send the weekend tweet early. "closing bell" starts now. well deserved eamon. thank you both stocks under pressure here, and near session lows. the major averages pacing for weekly declines with the russell 2000 small caps down 4% since monday's opening energy the

worst-performs sector for the day and the week some names are down double digits this week retail beat estimates, but an early read on consumer sentiment is mixed. and renewed pressure on didi 59 minutes left to go in the trading week at session lows, sara. coming up on today's show, as covid variants add a layer of uncertainty, we're talk to dr. scott gottlieb for his outlook on the trajectory. and we'll ask about biogen's sell offon the alzheimer's treatment. later on the show, the ceo of canopy growth joins us. first of all, let's focus on the big stories. mike santoli is tracking the

record, and steve liesman has a look at the data you said trfr fridays looked god lately, but what happened? >> there's been a graph stational pull under the service market just more stocks down than up. there's been a problem how many stocks were undergoing profittaking, and really in correction mode, whereas the s&p 500 just about 1% off its highs, but definitely showing we're in a two-week pause

take a look to outside the s&p 500, it sells some of the story of the below the surface weakness the vanguard extended mark is everything in the u.s. market. it was a big outperformer, small caps doing great, large cap emerging tech doing great. that's done nothing since february now we have crossed over where we have really, it's the blue chips really holding things up the nasdaq is actually a bit weak today maybe at the violate some technical stuff on the down side moderna shares up a lot today, but they've been up a lot for the past year, year and a half almost 2,000 percent over the last two years up 9% or so today, likely

because testify announced that the stock would be put in the s&p 500 next week. after tesla's massive run, s&p finally decided to put tesla in there. where did they put it? right here, december 18th. the pride $695, yeah, we shot off, and then a blow off in the early part of this year, but this is a good way of illustrating simply being in the index and the flows from the passive funds, does not mean the stocks do well >> mike, in terms of the week's performance as whole, two areas stone out.

the russell, and the energy sector a bit of an overlap. when the headline indices are down a percent or so. >> there's been the defensive groups doing their part to hold things up, but part of the global growth, reflation, beta, whatever you want to call it, it's had some air coming out of it if you look back to, say, october 30th of last year, those groups are still massively outper outperforming bond market not send ago clear message, but i do think that's what's mostly weighing a those cyclical groups. >> value trade not really working lately as we mentioned, new signals about the state of the economy today. retail sales coming in better than expectations.

consumer sentiment did miss. i asked secretary yellen about her thoughts on the recovery. >> my expectation is within the next year, the economy will get back to full employment or something very close to it, and that still remains my exp expectation there's plenty to spend in the pipeline and there's still a lot of people that need to be put back to work, so i expect a recovery to continue with a good, strong pace into next year. >> steve has more data on how it fits into the recovery and the outlook. >> we got it all today a much stronger retail sales numbers showing a reopening u.s.

economy with considerable pent-up demand and likely a good deal of inflation. we're up 0-6 on the -- and just 0.4 gains, so really beating the expectations furniture, home furnishings down 3.6% what's going on there? maybe a slowdown that you just can't get the stuff. that was certainly the situation with vehicles. return of bricks and mortar, people wanted to see what they were buying, instead of the brown boxes. inflation is starting to worry households down revision to may, and

consumer sentiment dipped with a sharp gain in inflation expectations that's a sign, sara, that higher prices could be weighing on sentiment. myo president biden has a big decision next year, because chairman powell's assignment is up for renewal. >> i will speak with the president about that. >> tapering economy, do you they he's doing a good job?

>> i've given i my personal views, and i respect the federal reserve and it's up to them for to say decisions the fed has done a good job. >> she clearly didn't want to go there. i did think there was a hint there. the fed has done a good job. it sounded like reading body language, she was looking forward to having that discussion with president biden. she obviously will have a big say and a strong opinion everything she said on inflation and the economy really ly jibh what chairman powell is doing. >> i didn't think it was a -- when i read the verbatim, the fed's done a good job, he's done

a good job is that what she said? i didn't necessarily hear that in the quote >> i think, yeah >> i think she's in a tough place. she can't get ahead of the president. it's a discussion they'll have beginning probably after labor day. there could be an announcement as soon as october, but there may be certain parts of the democrat ecparty that want a less traditional fed chairman, maybe want someone who is, i don't know what you said to say loose on the monetary policies progressive? >> so there could be something that's out there that's staying yellen's full endorsement. >> as financial experts go, though, steve, he's fairly progressive. he talks often about trying to make sure all aspects -- >> we would have expected her to sit on the fence, not because

she doesn't like chair powell, but she's well trained in the need to be independent in this area i'm with sara on this. she didn't give much away, but i definitely did not real that as an endorsement >> i just wanted to bring up financial regulation i know you were monitoring this question is whether the fed has tough enough i wonder if the democrats will start making more noise about that and try to pressure the biden administration on that point. what chair powell's record has been there. >> certainly schherrod brown and elizabeth warrening with critical of -- and i think they have been relatively modest. i'm thinking that dodd/frank was

not wring by the hand of god, but man, woman and can and should have been reformed to some extent. powell has taken the brunt of that from the democratic party i agree, wilf, powell is progressive, but there can be a more progressive fed chair in there if a certain wing of the party goats their way. >> great discussion. steve, thank guy secretary yellen also talking about the delta variant in that interview, and show she believes it's a risk for the recovery. we'll discuss that and much more with former fa commissioner dr. scott gottlieb much more still to come here on "closing bell.

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we have some news on social media and vaccine misinformation julia boorstin has the details >> reporter: wilf, president biden slamming the social media platforms. peter alexander asked the president -- >> >> look, the only pandemic we

have is among the unvaccinated, and they're killing people >> re >> reporter: facebook says we have partnered with experts to take aggressive action so far we've moved more than 18 million pieces, and connected more than 2 billion people for libel information across our ap apps -- to reliable information across our apps. the delta vane coriant cont to spread. the white house saying nearly all of the new covid cases are affecting those unvaccinated, with one in five cases occurring

in florida dr. scott gottlieb, always good to have you. thank you for joining us >> thanks a lot. >> obviously delta is top of mind for everyone. we're wondering what kind of impact this will have. my question is on the breakthrough cases we're hear more anecdotes about it it's starting to show up a bit in the data. do we know anything about the breakthrough cases that is, people who have been vaccinated, getting covid-19 delta, and whether they can transmit it to our kids, to the unvaccinated people. >> we know when you're vaccinated you're far less likely to transmit it. whether or not you develop a mild insh where the virus levels are much higher, whether or not you're more likely to transmit in that setting than the old

strain, it's possible, but on the whole, you're less likely to transmit it. right now the cdc is not tracking breakthrough cases in the outpatient case, which i think is unfortunate, and there's very few breakthrough cases being hospitalized even in florida where there's a lot of cases, there are very few hospitalizations on the whole they're probably less likely to transmit, being a vaccinated to transmit, but -- >> i feel like that needs to be studied. news of the day today, on the company you sit on the board of, phiish will be greated priority review for a full approval by early next year.

how important do you think that is, doing think it would really help >> the announcement about the priority review is sort of a formality from the fda i don't think it really informs us about the process the reality is the application was submitted, they started submitting it on may 21st, i believe. it's now fully submitted i would expect the fda to approve the applications of both moderna and pfizer within a few months that's just my hunch it's fda said they would review it far in advance of the deadline, that would be around january. i think that was an indication they plan to do it in the late summer, early fall i think that time frame probably still holds. >> doctor gottlieb, iask this

because of new mask man dade in los angeles, but more thinking ahead to the fall when cases will get worse nationwide and what the reaction should be. should we care anymore based on what we just said about hospitalizations versus cases? should we care about cases, or only met only hospitalizations and deaths and if the hospitalization are only unvaccinated, is there a risk to take and not impose these rules today. >> i think we absolutely have to care the question is whether or not we should impose very costly, very burdensome mandates on society as a whole to try to temper the progression of this epidemic, if you will, the epidemic of delta. i think the answer is probably not. i don't think you'll see broad sweeping mask mandates or closures of businesses i don't think there's popular support for it

people worried about covid before and supported the mandates are largely vaccinated now. people who remain unvaccinated largely have not been worried about the virus. i know there are exceptions, but on the whole, the big contingent of people have largely been vaccinated this is a country where, the rules are made by the consents of the governed. i don't think that people will give that i consent to mandates and intrusive restrictions you're right, most people who are worried about this disease have become vaccinated and now are far less worried, and rightfully so. you're far less likely to get a bad outcome, even if you get a mild infection, because you're vaccinated the virus could spread and potential into more lethal strains. the w.h.o. has been wrong on

several things through the course of the pandemic i wanted to ask you what the thought the likelihood is that we could see, as this virus continue to say spread, a mutation that's resistant to the vaccine? >> it's possible there's one mutation in particular that we have found that does seem to be resistant to the vaccine it's not circulating at any appreciable level. it's actually a variation of the delta strain the other strains seem to be covered well, but this virus is going to be endemic, probably will be with us for eternity, it will evolve slowly over time this is something we may need to get revaccinated for from time to time, it could be annually or bia biannually it seems to be mutating at the same rate of influenza-b a lot of virologies believe it will slow down

but it's going to continue to drift, evade our immunity over time, but we have the technology to do it i don't think this will evade us >> finally, dr. gottlieb, unrelated, i wanted to ask you about the news on biogen the stock got hammered after prominent hospitals said it wasn't going to administer the alzheimer's drug, even though the fda approved it. what do you think of that decision and have you ever seen anything like that, where private hospitals go after the decision, at a time when we really need to trust the fda? >> this is a prerogative of payers there's been other situations where things have been approved by fda, that payers have refused to cover or attenuated the coverage, particularly on the medical device side. there were a lot of people sayinged fda shouldn't have

approved this drug i think they should have approved the drug, but it's up to the marketplace whether or not the drug provides sufficient value. this is the marketplace working. i don't think there's anything wrong with the marketplace makings decision people choose insurance plans, and you can choose it base on the breadth of the coverage. this is how choice works in a marketplace and people make decisions. the product should be available. ultimately it's up to doctors, patients, payers to make decisions on how they're used. >> doctor gottlieb, thank you. when we come back. nocente sey making a surpris anunme about the payment company's cryptofuture we'll tell you more about it on "closing bell. like jack. he wana streamlined version he could access anywhere, no download necessary.

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square moving a bit higher after ceo jack dorsey made a

surprise announcement. kate rooney has the details. >> jack dorsey is building a new business dedicated to crypto, specifically decentral icedecen finance, also known as de-fi dorsey naming the new and building this in the spirit of the bit counsel. speaking of bitcoin, robinhood and coinbase are going head to head in the trading business it seems like robinhood had a step up. robinhood sauce about 1.6 million new app installs in

april. and coinbase did not off dogecoin trading in april. back in january, though, robinhood user on that app for an average of one hour per week. that fell to about 30 minutes in the second quarter and a big risk, guys, for robinhood as it heads into the ipo. elon musk on "snl" dogecoin rallies and gamestop >> tbd, the bitcoin desk, if they want to stick to those letters. time for a cnbc news update. >> here's what's happening at this hour. officials from germany say the cleanup is underway even as the search for hundreds of missing continues. the death toll has risen above

125. a survey finds occupancy rates went above 70% for the first time ever, a full 20 percentage points above june levels and an oil slick of a different kind in illinois a truck carrying olive oil losing its cargo portions of the highway were closed they used salt and sand to soak up the oil maybe some lettuce might have been better. later in the show, we'll speak with the cofounder of block-fi and we're joined by the ceo of home services company anji, fresh off a nub membership launch still not much movement, 1.93.

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> angi launching its membership, and joining us is the ceo. >> great to be here. thanks so much >> this seems like on a surface quite a percentage saving for a relatively small free. what is the average ticket item for most of your transactions? >> we're really excited to bring anji key to market we've been testing it for the

last year. we've had about 100,000 members come through the average price tends to be small, something like an installation of a light fixture, around $200 the first job is what we see people typically do as the first transaction. >> are you seeing very good levels of activities still or have you seen anything tail off, pick up over the last month or two during a pickup and reopening? then a pickup in the delta variant cases? >> in terms of membership, we're seeing our members engage strongly, about three times more than the average person using anji overall we're seeing a lot of first-time homeowners coming to market there's so little inventory, they're buying different homes from what they would have bought two, three, four years ago, and

they pretty much need work done immediately. they're not buying a typical starter home, but inventory that may need actual structural work done on their home pretty much out of the gate. that's driving a lot of increase in demand for home services. >> we're just showing the dow down 275, session lows, taking a bit of a spill here into the close. oisin, i wanted to expand on that question of demand. services dropped off initially, how much did covid skew the results? how does is it give investors a send of what underlying demand for these services are right now? >> i think there was an initial huge drop we saw, and then it just became very spiky so, you know, the first hot day, you know, everybody decided they wanted to spend time in their backyard and invested in outdoor furniture and getting their yard

done then we saw spikes in people getting av rooms, zoo room room, and now we're seeing people investing holistically so the spikes of the pandemic are easing, and frankly that's easier to manage the spikes are really challenging, particularly when you combine them with the supply shortages, the inventory shortages that existed so we're seeing more of a normalization, a smoother set of demand, and hopefully as we come through the pandemic, we'll see some of the supply challenge around inventory, materials, shingles, steel, concrete -- really ease up hopefully we can get to the other side. >> we're also seeing a labor market recover, and hearing constantly about worker shortages. i'm curious how you are finding contractors right now and

whether thats t's tougher. >> yeah, we've been very fortunate to grow the anji services model the model is when you come to anji, instead of contacting with a contractor, which was the more traditional way, we sell the service directly to you. we have increased the capacity in that. we have seen significant growth in the anji services model we can always ben, it's a great opportunity for decree development. we would encourage more to think about the trade as a great way to earn a living we're really supportive, making sure that the trades are a great way for people to earn a living, and encourage more people to get into trades. >> oishi, thank you for joining

us angi services. making new session lows. canada makes news on cruises energy takes a dive. those stories and more when we take you inside the market zone. 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.

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the dow is down 315 mike, just a bit of profittaking rather than ramping up >> there's definitely heaviness in the market. right now transports are high, reopening, so there's definitely some conviction coming out of the nothing that the economy is in acceleration mode i don't think it's necessarily upending the overall picture i would really, really doubt the highs for the year are any or anything, but right now we have

essentially unwound just about all of july's gains. we closed july 1st right after these levels so it's a bit of a retrace. >> thedollar has rallies, whic is never a great sign. anastacia, which is causing the consternation, especially in energy, small caps, industrials. financials as well, even on top of a string of beats that's right good to see you, sara. i think what is happening is investors are just a bit uneasy around these current levels, where the index levels are, where the valuations are you mentioned the dollar let's talk about yields. the ten-year slid again. why is the ten-year falling? it's actually not happening, because we're repricing d.this

is peak quarter for earnings and policy, so i think that's why oar seeing some of the rotation there. we kicked off earnings season on a pretty strong foot we're not seeing a response to that but, you know, next week we've got 22% of the companies reporting yet again, and i think this is a stock pickers' market. it's been to date the market that's been very brought and little dispersion, but i think that's going to change next week dow down 327 right now intel is reportedly in talks to buy global foundries for $30 billion. kate rooney with the details does it have to do with the chip

shortage >> it does. >> global foundries, the spin-off from intel. this is according to the "wall street journal", it comes as intel's ceo pat gelsinger has promised to get more manufacturing of chips analysts are split on the merits of this deal one saying, quote, a deal like this seems almost certain to be a huge distraction the companies declined to comment. >> mike, what does the market think about this deal? what is the general narrative? >> it's tough to see a read. intel did open higher, and nvidia is down 4%. amd down just about as much, but

i think in general there's an apprehension, a debate around the professed intention to do more manufacturing, and essentially ramp up their ability to actually do this. they already spend a ton on cop exevery year, so i think the idea that intel need to do something bold is not necessarily controversial. i think there's some benefit of the doubt with the new ceo here on how he wants to carve a path. definitely would be, you know, enough risk involved in a big deal like this to merit a bit of concern, because, you know, there's not a lot of track record for this on intel's part. >> anastacia, do you like chip stocks >> they've been under pressure today. i do like this as a potential entry point. you know, the tech trade was really crowded, but the real yesterday is cloud cap ex is coming in better than expected

you've got this chip shortage that mike just talked about, this is not going to be resolved in the next few cars it will take to restock and rebuild the inventories, so i think volume will be good. the average selling price will be -- so i wouldn't mind buying some here on the weakness. cruise stocks moving louser. the firm believes the recent sell jot is overdone, because any covid concerns will not materially impact the ongoing restart. meanwhile, unvaccinated passengers will pay more to cruise more. seema mody has the details >> if you have not received the vaccine shot, it would cost you more to cruise, starting with a travel insurance policy up to $10,000 to cover medical treatment, and at least $30,000 for emergencyevacuation from ship to land should a passenger need it.

they'll also be responsible for the pcr testing. 84% say they're less likely to sail on a ship withes differences. this is a challenge for the industry over the past couple weeks, a handful of ships have had to cut their sailing short or delay operation because of a couple cases on board the key thing here is, not an outbreak. >> seema, thanks so much an staysia, the other things i guess is, the stocks have softened in line with other cyclicals, but perhaps in a more pronounced fashion is that a buying opportunity >> yeah, in particular to cruise lines, i see how it might be tempting, because the cruise bookings are down something like 61% from 2019 levels it's something to say they're going to firm up from here

i think there's better reflation and recovery rates to be had a lot of that has been done already. the return to mobility has been done already i think that trade has largely maid out, but the banking sector reported very solid results this week in my view it has several different catalysts that are more durable so banking have pulled back this week, valuations are better than a week or two ago. what if the fed is going to start to react to higher than expected, when it's not so transitory i would definitely look at the banking sector on the weakness here as well >> overall it turned out to be a week for the banks

>> hey, sara, a fall from great here the sector dropping 3% to lead the broader market lower occidental, marathon, diamondback and pioneer natural resources among the biggest loser, all down at least 4%. today's move is notable. it pushes energy stocks into correction territory, falling 10% from the june level. it's the only s&p sector in correction wti fell for a second straight week in is still the top sector this year, the selling could be investors locking in gains back to you. >> pippa stevens, thank you, an sta anastacia, do you think we've seen the lows. >> i think there's some downside

risk, and then there's upside risk to the supply from opec, now that they have potentially agreed on some deal to increase the supply here. i don't think oil prices will be materially weaker, but i think we might be close to the highs for the year as you mentioned, it's been a stellar return for the energy sector already. >> mike, the dollar has had an impact or so. >> now you can argue which is the dog, which is the tail, if everything is moving as one, with the global reflation and mobility trade, but yeah, it's absolutely moved in line there was also a lot of hot money, sort of a record stampede of speculative traders into the crude futures themselves i think a lot of it is just a giveback as with small caps, as with industrials, they build up such a huge lead, and now they've been underperformers, but still

are -- are beading the more gro growthy. just over two minutes left, mike, down close to session lows. >> this is a day where the internals are pretty much speaking the same language it's very much concerned, and declining volume is more than five times advancing volumes obviously definitely a skew to the down side. we talked about the somewhat defensive tone, the sort of buildup of caution that's also evident in the week-to-day performance. against the low volatility group, which is the steadier businesses that have underperformed year to day, but they are holding up well this week that's a pretty big spread

the volatility index, given the down side in the s&p, and it looks like it will go into the weekend with a pretty good pop it's looking a bit like a above on the chard, if you look at the year to date, but we're not quite worry mt. at absolute levels on the vix. we'll see if we give it up on monday, sara. >> mike, one minute to the close, farther away from 35k on the dow. it's been a weak final hour of trade. we're down 300 we were down a little more than that just a few minutes ago. goldman sachs biggest negative input there on the dow it looks like the worst day for the dow since about mid june, june 18th, almost a monday the s&p 500 is also losing steam today, down for its third day in

a row. also worst day since july 8th. down about 1% or so for the week the nasdaq also about 0.8% on track to lose, but the small caps have been hit the hardest treasury yields have fallen this week they started an 142, down to 130. the dollar has jumped. closing right near session lows.

coming up, the cofounder on the 40% plunge it is a red flag to investors . plus pot stocks getting crushed this week. coming up, the ceo of canopy growth will join us to react on that push on capitol hill to legalize marijuana anastacia is still with us, and steve also joining us. everyone is focused on the slightly more dovish -- ongoing dovish tone, whether it's from secretary yellen or chairman

powell, the stocks are matching it. >> certainly a dovish tony, but also a tony that grants the uncertainly and one way to sburpt what's happening with bonds is to assume that there is at least a rising probability that the fed will be forced to move to restrain inflation before they fully want to or have anticipated that they will. who knows if that's really what's happening here. i think the general sense of we're not going to know particularly soon of whether we're clear of the inflation threat or the slowdown move, or perceived slowdown move, but also up 17% in the highs year to date the second-longest stretch in a decade without a 5% pullback, and you also have the typical earnings season give-and-take. i think all of that was loaded onto the market this week.

pretty modest index level move >> steve, i wanted to ask you about volumes. i noticed earlier today it was below-average volumes. so not a ton of conviction did that pick up around the close? is there anything to read into that >> what we've been seeing, quite frankly, people have found other things to do with their money. they're going to work, they're going on vacation, it is typically a slower season anyway i think the fact we didn't have good volume on a monthly expiration kind of tells you the lack of interest that one might expect to see this summer. volume trends have been coming down i think they're a bit distracted by summer. it happens >> anastacia, in terms of the recent pullback, despite

significant inflation data, does that make you enticed to buy gold and assets like that? or not >> no, not quite, but it does get me enticed to buy real estate let's talk about some strength we have seen last week in the real estate sector at least the reits are up on the week i think there's several catalysts that are helpful to the sector rates clearly backing off and falling, but i think, gasoline prices coming down, but where i think we'll have more sustained inflation above 2% is in the real estate sector vacancies are falling, renting activity is picking up some of these companies can return back to net income growth, and higher replacement costs to rebuild a building. therefore you can expect some

capital appreciation from that as well. i may for now shy away from gold, but i would be looking at the real estate sector closely. >> steve, to what extent is the delta variant driving the conversation you might think there's some concerns building about what that's going to do to the outlook, because these cases are rising significantly in the united states. is that a factor a worry given where we are in the pandemic >> i think it sort of should be, if it's not overt. i think it is out there. i think that's what's contributing to the fact that we're seeing long-terms rates, because people might be fearing there's some sort of, you know, fear trade because of a slower economic i was on my way to the yankee game and had to turn around because of the covid outbreak.

i didn't hit the sell button, but the more the covid gets back into the conversation, it's when it's obvious to regular people, sort of in your face, it does get back to being a factor, though i think the market is kind of sanguine thinking we'll never go back into the lockdowns we saw before, but it can be a drag >> so there's clearly been a bit of a hedging insent. essentially there's been a real bid in people trying to protect themselves against a relatively seer down move so that's probably why the market is a bit switchy.

so it's popped up. it's not giving you a real stress signal where people feel like they're really caught offsides it's still okay in terms of being a normal setup, but it does show you that every knows starting in mid july things get dicey, so it seems like a buildup of cautious. >> u.s.-hissed chinese stocks were under pressure today. including another leg lower for didi deirdre bosa has details on the la latest >> a rough go. >> a very rough go the latest on didi officials, several government officials visited the offices to conduct the probe, so the shares down an additional, what is it, 3%,

recovering a bit into the close. that crackdown continues to pressure other u.s. listed companies, look at the k-web now lower by nearly 20%. in the meantime, guys, the biden administrationwarning that u.s company could also be at risk. biden said, quote, the situation is deteriorating the chinese government is not make its commitment on how it would deal with hong kong. an advisory issued joint byly the treasury, state, and holes departments say it now carries risks. so there are plenty of american businesses that have build up businesses there

>> anastacia, if you're a u.s. investor owning alibaba, or bought didi in the ipo, tencent, baidu, what do you do? do you have to get rid of these stocks >> i don't think you have to get rid of the stocks, but you have to acknowledge the risk, realize this period of a crackdown of this regulatory scrutiny, it may take longer. we had seen this a few years ago. it was a short-lived event this is lasting a bit longer the reality is investors need to acknowledge if you are a company that mike in the crosshairs for monopoly or antitrust, or if you accumulate a treasure trove of data, you will be scrutinized.

so investors need to acknowledge this i don't think the biden administration is going to take any drastic measures what i would say, investors don't just have to stick with large-cap names. there's many other opportunities that actually remove from the cross hairs of antitrust and data privacy if you look at robotics, health care, if you look at building out the electric vehicle space, i any you have a lot of opportunities in china, local markets, some of which are smaller, some of which are private, so we're actually looking at that space as well. >> steve, why haven't growth stocks jumped this week in light of yields pull back so much? >> well, wilf, i think that trade has been seemed a bit passe. this was a mechanical reflex we had, and it probably got build into a bunch of algorithms, you know, bond yields down, nasdaq

up i never loved the indeed of stock that's incredibly highly val valued. we've seen some dips that's the case pre-covid when the s&p growth index was hitting new highs.

is that a waving red flag? no, but it's certainly telling us there was divergences in the market that are no necessarily healthy. that could lead to some rockiness in the near term we'll leave it there thank you both for joining us here on a friday have a good weekend. when we come back, bitcoin is still up 10% despite a railroads sell-off up next blockfi's founder. plus find out whether marijuana legalization efforts could light a fire under pot stocks we are jnebyheoid t ceo of canby growth we're back in just two minutes on "closing bell

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. i want to start, if we can, by talking about this credit card exactly what it empowers users to do, and if you this i the price has settled down enough for it to be a genuine currency medium of exchange. good to see you again, wilfred i am ecstatic about the launch of our credit card when you're building products as a founder, i have the idea from

the inside how successful your product will be as of today 50% conversion rate, 70% approval rate, appeared 80% transactional rating when you compare that to typical f fintech, it's a 10x approve. what does it mean? bitcoin is an amazing reward to earn the way the credit card works, you spend it, except instead of miles, you get crypto as rewards. the bottom line is we want to do one thing. we want to make it easier for you to earn crypto >> so it's all about earning crypto, as opposed to transacting in crypto. >> you noted a 4r09 of price volatility, and ultimately most

people believe it be worth more a year ago than today. so for comparison, you mentioned the price of bitcoin phet 20% this year, but at this time last year, one bitcoin was worth $9,000 that's close to a 4x return. people don't want to spend their crypto it's much more enticing to earn it passively as another source of income. >> what do you make of the trading volume dropped 40% in june across the major exchanges for bitcoin, for cryptos >> there's definitely been a lot of price stability on the floor -- over the summer what we expect is we'll be in a long-term growth mode that that means companies building value for their clients will do extremely well in january and february, we had

two months of 50% month-over-month growth back to back that's extremely challenging to keep up with so we see this as time to build for the next bull run. and in the meantime we'll launch additional products for mainstream users to get into the space more easily. >> do you think in the long term, the level of energy usage needed to mine a cryptocurrency will define success? or will that become irrelevant in another year or two >> so i think that definitely energy and efficiency right flow has a lot of room to improve typically 9 infrastructure that allows the technology to be more efficient follows the innovation companies that built the infrastructure i think needed to see the tech more widely

adopted. i think that definitely we're really in the beginning of the story of how blockchain can be used effectively when you see things like high transaction costs, that definitely means to me there's still room to make technology more efficient i think that will fuel further price appreciation, it will make the asset more usable. >> you're not worried about the chinese crackdown? we were just talking about what they're doing with some stocks and investigation. it's happening with bitcoin as well, which is one reason people cite for some weakness in the prices recently. >> i think the opportunity with mining right now is it's actually moving more toward the use. the fact that there's more opportunity to bring that onshore is actually an opportunity for companies here i think in terms of crypto, the

important thing to note about the blockchain is you can actually track every sing the transaction that has ever hit the blockchain and go back to every singed sort it's i have hit. from a compliance per tect tiff, it eye lows we're only allowing good actors onto the platform. >> thank you very much, floi marquez, good to see you again >> great to see you. let's go back to mike now for a along at the housing market mike, things shifter here? and the mortgage finance market. jay powell, when he was testifying in congress this week got a lot of questions why is the fed still buying mortgage-backed securities isn't that helping to overheat the housing market and he said, no, it's a modest

effect well, here is a picture. it's priced off the ten-year yield, but the exact spread that is fluctuated. >> it's mostly been in this range between two percentage points and 1 1/2 percentage points wow, i don't know would this is doing this this is a new crayon i'm using we're at 1.6, we did dip way below that, however, what we're talking about between where we are now and where we mike otherwise expect to be, is maybe 20 basis points above that, does anyone think home prices are being swung around that much, because the mortgage rate is 3.25, not 3.5? this is what the market was concerned about, the massive dislocations when we had the

panics, and with corid they felt they had to suppress the volume tilts. they ares massively owned by banks and investment-grade -- but this is a bugaboo. you look at the trackers of the home building activity you have the home builders sector etf, as well as zillow and home depot they have settled over the same place, but you saw a massive bulge in zillow, but we're off the lies, rolled over a bit. it subjects the market is able to try to correct for these excesses maybe it was just a real surge of demand at the wrong time, no supply on the market, and it's not suppressed mortgage rates that are doing it. >> yet we hear, mike, from some of the home builders, we heard from the truest ceo yesterday,

they expect this boom in buying to last for several years. it's just interesting given some of the affordability metrics, and what some of the stocks are doing. >> the demographics suggest a longs tail, but certainly not at the pace we saw in the first quarter of this year, so there was probably pull forward for people who would otherwise try to buy a house, but yeah, there's no doubt there's going to be the demand, and it depends on what happens with wages the other small piece of this, that the debt service obligations of households relatively to disposable incomer near record lows it is worth keeping in mind that homes are the main asset of most people most people don't buy a new home every year, they more own them, so it's not necessarily a

straight negative. >> the final question question for some reason it wanted to take that tag leg down i think somebody sabotaged me. >> very, very stable, though, the prices will be still ahead, pot stocks hit hard today despite new efforts up next the ceo of canopy growth on why these stocks are falling. a oklo at the dark side of solar energy that's a bit later on "closing bell."

analysts on wall street are not optimistic that the bill will become law, one calling it, quote, designed to fail. david klein, welcome you guys were so excited for this legislation to be unveiled.

what happened? >> i think we have an investor base that's fairly frustrated with this path to legalization >> it seems like it should be a slam dunk to get prohibition ended, and we keep getting conflicted messages. he remain optimistic about in particular the process that was kicked off this week. >> some of the analysts are saying that the schumer bill specifically did not include provisions for interstate commerce, which would make it easier for you, as a canadian company, to do business in the u.s. is that true are you disappointed that didn't make it in there >> actually the bill does provide provisions for

interstate commerce. that's not actually something that gets legislated, because the interstate commerce clause is part of the constitution. it does including interstate commerce it's not just good for canadian companies, but good for everybody, starting with our consume respect, but also a lot of the businesses in the u.s. to today. >> maybe there was some misunderstanding from that the analyst on that. >> it's a very complicated bill, but there are definitely provisions left in there what is left to each state is they have a fair amount of autonomy to control cannabis regulation within their state. the bill simply says they can't exclude a product from traveling into the state or traversing their state if they're a state that chooses not to legalize

cannabis. >> i'm interested that you say end cannabis prohibition rather than to legalize it, as if to imply the current status is short-term raries rather than the norm for a couple hundred years. either way, the position i was going to pivot into, would it trigger the process to speed up very quickly around the rest of the world? you look at some place like the uk, or large parts of europe, it's not really even high on the agenda >> i think what we're going through right now is a period of normalization of cannabis. there's still a stigma associated with it, but canada opening up their markets, 18 states plus d.c. have legalized for adult use in the u.s., and mexico is talking about legalizing they're in the midst of that process ago well i think that you'll see a lot of

progress, but the u.s. really is, it's the critical market it's the linchpin for that unlock was there anything in the bill you found disappointing, getting it to pass from moderate democrats or even republicans? >> yeah, i think -- the hard part about this sort of bill is it will require vote from all camps. the bill is fairly wide-ranging. i think the broad range of topics was an attempt to try to get enough votes to get the bill pass, but it's only going through a comment period now we hope it would get to the floor of the house and senate in

the fall >> how big of a blow would it be to you, your stock price, if it doesn't become law could you still rely on it might be take a bit longer >> remember, we actually have a claim on two cannabis multistate operators in the u.s we still have operations not run by canopy, but run by our partners we have several cbd brands, like the martha stewart brand, so our business is just fine. we know americans overwhelmingly support the end of cannabis prohibition. we would just like to see it sooner than later. >> david, thanks for joining us. >> thanks for having me. david klein. fathom becoming the latest 3-d

printing company to announce it's going public. the company's ceo, and why he chose though route rather than a traditional ipo. plus earnings season kicks into high gear next week with many big names on the calendar find out what to expect, later on "closing bell."

♪ welcome back time for a cnbc news update with frank holland. hey, frank. >> here's what's happening at this hour. the cdc in texas confirming the first case of monkeypox here in the u.s. in nearly two decades the person has been isolated at a hospital, and is now in stable condition. in napa county, california, a small plane crashing into a vineyards and catching fire. police have not released conditions of the three people on board and scrapping plan to traveling from france. the ease been hog planned to

take effect on monday. today new covid infections surged in britain. the most in more than six months wilf and sara, back over to you. >> frank, thanks so much it's been almost a decade since 3-d printing the ceo is next. and more details about solar names. check on the virgin ga galactic, losing nearly 40% in this week alone following richard branson's journey to space on sunday. we'll be right back.

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and have historically low risk. call today to request your free bond guide. 1-800-376-4376. that's 1-800-376-4376 one of the largest on-demand digital manufacturing platforms in the country, the deal values fathom at $1.4 billion, customers include tesla, ge, amazon, pfizer

the ceo joins us congrat on the deal. >> thanks for having us. first and foremost, thanks to all of our incredible employees who have helped us get to this day. we're really excited about it. >> we want to her more about what you do. the client list is impressive. what are you doing for these companies? >> yeah, so fathom operates, and we work with some of the fastest growing, largest most innovative customers in the world we operate in a on-demand product development and low-volume manufacturing space we offer the service of manufacturing, the broadest comprehensive capabilities in the industry, 25 different manufacturing processes, decades of manufacturing experience. what we allow the customers to do uniquely is accelerate their product innovate, which

ultimately helps them to get to market faster. on spacs append the fact you decided to go this route, but the news around it has been mix. there are good spacs and bad spacs. how do you differentiate yourself now when people look at a spac as a sign of success -- or going without profits just an moon shots how are you posing yourself as different? >> that's a great question we looked at the different routes to potential take this company public i think what is unique, is the customers we work with and differentiated proposition we have today resonates with our customers. in 2020 we were just under $150 million. we have strong profitability and strong precash flow.

it's because of the customers we serve, the differentiated solution we are able to offer, so we think, you know, this is the right time for us to go public, and we look at the macro trends that align incredibly well with the fathom manufacturing platform so we're excited about where we're at and the future opportunity we have ahead of us, sara. >> ryan, is there a limit to what can be 3-d printed? will everything be done at that point? >> i truly believe 3-d printing will be the way products of designed, developed and manufactured, but i also believe the 3-d printing is not a solution for everything. we look at 3-d printing and the convergence and traditional manufacturing as the way to help these large corporate customers solve their most complex manufacturing needs.

so we're diversified manufacturer across 3-d printing and traditional manufacture. we have 25 different manufacturing. these corporate customers come to us with their complex manufacturing challenges and we're able to provide a unique solution on decades of manufacturing experience, leveraging hybridized manufacturing. that's where i think the value will be. i think 3-d printing technologies will prove from prototyping to low to mid-volume production and we'll be uniquely positioned to take advantage of that in the future. >> as you scale, there is a disproportionately large benefit to, because of less need to hire more workers more automation? more a.i.? more robotics? does that apply or not >> yeah. 100% they're some of the fastest, largest growing companies in the world. they're having to innovate products faster than ever before.

from an investor's perspective, it you want to take a bet on how it's going to change manufacturing, we're agnostic to any technology we're going to adopt whatever technology is best to serve the needs of our corporate customers. >> there's been this huge push from politicians and from industry, ryan to really reindustrialize the u.s., and brings manufacturing back home this seems like a great way to do that. is digital manufacturing a big enough industry, a big enough growth industry to help move that needle forward?

absolutely we have 12 different manufacturing in four different time zones, 650 employees. manufacturing is alive and well in america we're leading the digitization of manufacturing we're doing that in helping, you know, as you mentioned, some of the largest, most innovative customers produce their new products in the future i couldn't be more proud of the business we have, the customers we serve and the manufacturing we do here in america. we have the ability to be agile, responsive to our customers in a way that we're able to offer a solution that nobody else can do >> which products or sectors are the biggest growth areas for you snowe -- seven out of the top tech technology companies we're seeing a tremendous amount of growth across multiple

sectors. the value of our business is the diversification of our customer base we continue to see reshoring in the medical space. obviously ev, just as well as manufacturing in general ourent to offer fast and responsive solutions related to the supply chain disruptions that's happened, has really opened up a lot of opportunities for us, sara. >> even the semi shortage? >> we operate and produce components that go into the machines that are producing those, yes, that is an industry that we work with as well. >> well, that is certainly needed right now ryan martin, thank you for joining us, from fathom, the spac deal of the day >> thank you very much i appreciate the time. after the break here on "closing bell," the dark side of solar. millions of u.s. households have

switch to solar to save moan and help the environment, but new details that may should it's not as green as we thought it was.

as

a rough week for energy as crude oil dropped around 4%. ox dental and marathon is down and down 13% from the 52-week highs. well, the solar stocks are taking a beating this week, although millions of households have been switching to solar power in an effort to be more green, solar may not always be more environmentally friendly. >> well, let's tag on the fact that you have a 26% federal tax credit, the biden administration streamlining the permit process and electricity costs that are climbing over 2% a year. so it's no wonder americans are rushing to update their solar panels but like you mentioned there is

a dark side to the sector. the waste exemplified in this graph on your screen forecasted at 1.5 million tons by 2030. research from harvard business review shows that the volume of the discarded panels will pose a massive risk to the environment and potentially increase the cost of solar. currently right now, it costs 20 to 30 bucks to recycle a panel many are bullish on the sector and believe technology will improve. >> push back a little bit on the context of solar waste a vast majority of materials are recycleable and reusable we have the capacity to manage that now. >> recovering the most valuable materials, like silver, requires specialized labor. that's why the researchers argue that it could destroy the economics of solar even with

subsidies. no doubt though, the sector is growing. >> and christina, the administration has only been trying to incentivize people to sign up more how is that working? have they put any new policies in place to speed that up? >> well, they created a portal online on thursday versus having to wait a week this could help speed up the process of getting more and more americans on board with the push to solar then you have to think of all of those -- those that want to renew. it's a process, that's moving along very nicely in the united states but it raises the question of like what are you going to do with all of the massive panels because they're not easy you can't lift it and move it and take it off your house and throw it into the landfill. >> wow not yet. maybe they'll get lighter. maybe it will be easier in the future thanks. coming up, big tech on deck.

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let's look at how we finished the day on wall street, down across the board. not too far from the session lows we got close to a 1% decline at the lows but just bounced off it towards the end of the session the dow is down 0.9. now to the wall street look ahead. we have a big week on tap for earnings monday we'll hear from ibm, chipotle, united airlines and netflix. on wednesday we'll hear from johnson & johnson, coca-cola, verizon and intel and snap and twitter on deck for thursday and kimberly-clark, honeywell due out on friday. i love a couple of the days at the top of list there, but they're all coming coming thick and fast and, mike, we're pivoting a little bit from

the banks to the likes of those tech names and netflix is an interesting one as it breaks live on this show, but it hasn't run up too much of late coming into this. >> no, not at all. as a matter of fact, the real observation it's been static for almost a year. pretty much flat, above 500. so, you know, does that mean it's kind of trying to be revalued by the market we actually have a much more crowded streaming world or just is it one of the long, long consolidations like apple had and amazon had i think that's the one to look at for some movement potentially. although we're a little bit short on economic bellwethers with some of the reports it's more about kind of the set-up and the twitters and things like that. >> mike, we're going to get coke as wilford mentioned and kimberly-clark i follow consumer staples and the dollar and when both are going up it's not a great sign for the outlook. for the economy, sentiment

overall in the markets and both of those are working right now i just wonder how pervasive you think the move from cyclicables into safe havens is going to last whether it's the delta variant or something else irking the cyclical trade right now. >> i don't think it's something else, i don't think it's something we're unaware of i wouldn't know that if it were, but it seems like it's more shortening the leash on risk across the board where were the most profits built up in the first part of the year, it was in the cyclicals and the high growth names. it seems like the rolling correction that we had that got going in february, you know, with the ark stocks, with crypto, with spacs and evs and moved on to some other parts of the market like energy, it's kind of exerting a little bit of a pull on the overall index. it is difficult to say whether this is a real economic shift being priced in or the cadence

of growth has downshifted and we have to deal with what that means and watching the bond market every step of it. >> i hope nike is watching they will get jealous they're not in the top two things you watch. >> they're an exception. >> thanks so much for watching "fast money" starts right now. welcome to "fast money" tonight. get your glow sticks, live music is back and that could mean big things for the world's largest concert promoters. why one of the traders said live nation is going to have a very big year and viva brazil, the recent reforms that are creating opportunities in the latin america countries. plus, stay tuned for a bonus hour and what the crackdown means for trade with the u