or above friday's close, that's a positive sign, i guess. >> it is a positive sign, but you have to see what it does with it. if it clears it, it is positive. >> got it. always learning. mike, thank you. mike santoli that does it for us on "squawk on the street. "techcheck" starts now and "new shepard" has cleared the tower, on her way to space with our first human crew. go, jeff go, mark go, wally. go, oliver you are going to space good tuesday morning welcome to "techcheck. i'm deirdre bosa with jon fortt

and julia boorstin jeff bezos speaks to cnbc, that happened moments ago, a rare interview as the richest man on earth returns from a historic flight to the edge of space. the investing landscape, that's coming up this hour. we'll talk some ibm after big blue posts its strongest revenue growth in three years. and the ceo of global boundaries is with us asking the same questions that we are about a deal with intel. julia? >> two more stocks we'll hit this hour. apple is reportedly investing money in its own original content and real estate to build out that content and netflix earnings are coming in just a few hours. jon? >> let's start with the market, coming off a sharp sell-off for stocks we're seeing a nice rally now. the dow is up 500 points as we wait for jeff bezos to reach the podium to talk about what happened with his trip let's see if yesterday's steep

drop is seeing a bounce today or what mike santoli has got some answers. mike, we haven't made up the ground that the major indices lost, except maybe the nasdaq has. it kind of had the mildest day yesterday, but is this just a test of the emergency broadcast system here? >> so far it is, jon i think until further notice it was basically another one of these gut checks, really a growth scare, concentrated in bonds and cyclical stocks that really, a mini buying panic on treasuries in the short-term that eased up today. we have yields a little bit higher what is interesting is this decline on our relative basis of those cyclical and value stocks has now made it -- basically in parity with megacap growth stocks on a year to date basis, it is neck and neck right now with growth it is not necessarily the case that we have clear leadership here what is true this idea that people were extrapolating a huge

accelerating reopening dynamic globally and therefore kind of above trend growth for a long period of time that's getting tested. people's psychology around growth has been tested it created some discounts in the cyclical and value stocks. that's what's really bouncing today. not up to friday's close could be in for a period of chop because the seasonal factors and internal weakness in the market that developed over several weeks probably doesn't get sorted out in one morning. >> right, and we're still seeing that bifurcation in the tech sector zoom and fastly, they're not recovering today but the value tech names, the legacy names, they are all higher >> exactly, yeah it is interesting, yesterday you had a real bounce in the preprofit or, you know, very high valuation, emerging growth type stocks, they aren't that geared to the economy. the economically sensitive stuff was getting hit the most today, the opposite story. tech with profits, doing a little bit better.

tech that is a little more kind of promises and hopes is on the back side of it. that moves with the cyclical versus high growth dynamic in the broader market. >> there you have it, arca up today as well. mike, thank you. let's get back to van horn, texas, as we wait for jeff bezos to begin his news conference but morgan brennan did speak to him out of that, and she took us through that historic launch she is on the ground there and, morgan, you have been doing fantastic coverage this morning. something you said earlier, i loved, you said that just as this rocket was taking off, this is part of a bigger, broader vision for bezos and his building a road to space >> thank you so much for that, deirdre. yes. it is one piece or the first piece in this bigger, broader vision for jeff bezos and his space company, blue origin in terms of the flight itself this morning, it was a historic flight and certainly a major milestone overall for commercial space

right now as we do start to see this new era of private space flight emerge. it was an 11-minute fully autonomous flight, it was first ever for blue origin's "new shepard" with people on board, four passengers, jeff bezos, his younger brother mark, also wally funk who became the oldest person to ever travel to space, aviation pioneer, looking to do this since the 1960s, and oliver daemen who at 18 was not only the first paying passenger on board "new shepard," and also on board a u.s. company to travel to space in general, but at 18 years old also the youngest astronaut as well. so add astronaut to the long list of accomplishments for jeff bezos. three minutes of weightlessness is what they experienced as they climbed above the karman line, the internationally recognized start of space saw the curvature of the earth before that capsule, which had detached from the rockets, which

relanded, also its own landing with parachutes here in the west texas desert in terms of bezos, when i spoke to him, i asked him about that bigger, broader vision and how that will play out and what this means now with the successful accomplishment of this launch for blue origin. >> the next thing we're working on is called new glen and new glen is a re-useable vehicle for orbital space travel so that's the very next step, as far as blue origin is concerned. and really we need to build the infrastructure when amazon started, we didn't have to build a package delivery network. it already existed that was infrastructure. you want to be a space entrepreneur today, you have to do everything from the very beginning, there is no real infrastructure that is at an affordable cost. that's what we have to do is build that kind of infrastructure and then future generations will get to rest on top of it. >> so "new shepard" in focus today, but also these orbital

rockets under development, very powerful orbital rockets under development for blue origin. lunar landers, space habitats, as you mentioned, deirdre, thi is really part of this bigger, broader vision to essentially build this road to space and create, for example, an environment in space where we can see more heavy industry, we can see people living in space basically this longer term multigeneration mission to protect earth in the process >> fascinating day so exciting to watch your coverage, morgan hang out with us as we await this press conference, our first guest this hour, founded his own space startup and is now a principle at founders fund space investor venture capital stallion joins us now. thank you for joining us today my big question is what does today represent for the future of this space industry

>> this is the dawn of the commercial space 3.0 era we had original space og, largely government funded, i call space 2.0 like the early commercial days. think space jechlx in 2010. those are the early use cases of space, but they're relatively limited, rockets going up and satellites, basically just computers, communicating back down and the benefit of space wasn't to a very broad audience on earth today, this is the beginning of space 3.0, which unlocks the value of space for a lot more people, and the broader sort of, you know, earthlings, you know, whether it is everything from tourism, which, you know, bezos is doing today, to the beginnings of some of the infrastructure he just mentioned, space logistics, space manufacturing, all these things are going to make it to that so that rather than benefits of space being loaded, you have a small amount of people on earth, many more of us will get to appreciate the benefits of space.

>> i thought it was so interesting that bezos said in that interview with morgan he was very excited about moving manufacturing afte ing off earto space. how long will it take for that to happen and which are the companies, the public companies that could benefit from that >> yeah, obviously the beginnings of manufacturing in space will require a lot more launches today, the only reason that we ever use a rocket launch is to send either government funded programs, whether it is to the iss or dod satellites. the only commercial uses are sending satellites up. as we create cases for manufacturing, tourism, massively increases the demand for rocket launches. and so the biggest companies you want to track, spacex, rocket lab, astro, their spac announced and all the other relativity space. those are the companies that will experience a huge influx of demand, part why elon started

star link is because he was seeing softness in the satellite during the rocket launch market in 2017 and 2018 and so he realized he needed to create his own demand for his rockets and that was why he started his own satellite network, to generate that. those are some of the biggest beneficiaries. the other ones are going to be people who rely on this rocket launch infrastructure and by default, more volume, those costs will start to drop down. so if you look at companies like maxer, aridium, these are satellite network operators and those will -- >> morgan brennan, want to bring you in here. let's work on his audio there. but, morgan, it strikes me we're at this moment that perhaps is reminiscent of transatlantic flight or other moments when we see individuals do things that maybe governments have done

before but might shift people's mindset about traveling some expanse from risk to imagination, from fear to ambition is that maybe the significant here is that people's imagination and people's capital interest is being piqued here? >> that is absolutely the case i think the entire world is watching as the richest man on earth went to space today. it is a very pivotal moment and what is interesting too, i think, jon, is that whether it is a company like blue origin, around for 21 years now or spacex or virgin galactic, they are still sort of seen in many ways as space startups but around long enough to mint a new generation of up and coming talent that are also going out, mentioned relativity, space, a great example with tim ellis who used to work at blue origin, going out and starting their own space and rocket startups now as

well but in terms of the trajectory, for something like, for example, space tourism specifically, so in focus today, between today and also virgin galactic and richard branson's flight nine days ago, the way that is seen and the comparisons made are to the early days of aviation, this idea that it was something for deep pocketed passengers, fewer flights, more elite experience, but then as you saw more planes come online, more flights come online, more routes come online, the prices began to come down and it became more mainstream. that's the expectation is a year's long expectation, but that's the expectation specifically here around suborbital space flight. >> right, and both you and dellian mentioned this sort of robust startup ecosystem some of the largest deals, though, they're going into companies that launch robckets like spacex. where else are we looking, or if we're in space 3.0, could

companies be looking, some of the less obvious ones like satellite communications or supply chains? >> there is some early stage startups starting to work on this my company is basically building the world's first space factories. we'll be launching our first one in 18 months that's an example of the next gen use cases. orbit fab, they're building the world's first gas stations in orbit. instead you can refuel and continue to stay up there. there is other companies we recently announce d adrian, focused on automation in the supply chain of satellites and rockets. they count spacex, blue origin, as their customers and so trickle down effects of today's historic launch will be that the entire industry as a whole grows a ton including the pre-existing supply chain and these drop infrastructure costs

due to bezos' work will allow all the next gen space 3.0 use cases to become much more commercially viable and profitable >> there is a lot of opportunity. space will be $1 trillion industry by 2040 dalian, thank you. morgan, stay there we want to keep you around jeff bezos will speak in a moment and we'll take our audience there live after the break. "techcheck" is back in two minutes. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day.

we'll keep you ready for what's next. comcast business powering possibilities.

here are the two battling to the line and allyson felix... simone manuel's above her trying to fight on, and above simone... getting an opportunity to show her stuff. nonstop, displayed at the highest performance level... finding something and the us takes gold! ♪ dream on ♪ ♪ dream on ♪ ♪ dream on ♪ ♪ dream on ♪ - yes! ♪ ahhhhhhh ♪ ♪ dream until your dreams come true ♪

as we wait for bezos to start speaking in texas, a gut check on shares of ibm the stock is getting a nice boost this morning, up nearly 3.5% post earnings we saw the strongest revenue growth in three years, plus the beat on the top and bottom lines. it is red hot division saw 20% sales growth and this is a stock that has lagged behind the s&p this year despite that sort of bifurcation in technology and value names like ibm, oracle, others, seeing more of a bid it is catching up this morning and, i know you know the ceo well and his strategy say little different than his predecessor, he's focusing on growth and that could come at the expense of

near term profitability. >> the strategy is still taking shape, it is interesting, they have been doing some acquisitions, just bought a spain-based firm called blue tab to try to build out some more breadth in cloud and intelligence there but it is the consistency that investors want to see now. and this revenue growth is good. how does it go quarter to quarter? we have seen year over year how many of these are new customers signing up versus renewals that's what investors are really going to look at here going forward. but nice to see that red hat performance, especially given that jim whitehurst is leaving he's not running red hat and hasn't been for quite a while now. they got steady leadership at the helm there this should provide assurance to investors. >> yeah. and, i thought it was interesting, you mentioned acquisitions, ibm did $1.75 billion in acquisitions in the second quarter that's the most since its red hat acquisition. just curious how much going

forward they are going to be relying on and counting on acquisitions to drive growth and also just pointing out though they did get a bump today, the stock is up 13% over the past 12 months >> as deirdre had been mentioning it has been lagging. and it is important to remember not all acquisitions are big apple, for example, doesn't do a lot of acquisitions, does a lot of smaller ones. you see ibm trying to shed some of the slower growth businesses that are not as key to that hybrid strategy that krishna has been talking about and take on some more businesses that are more in line with that. and now let's turn to global foundries for a moment i spoke to the ceo tom caulfield yesterday following that report that said intel is interested in making a bid for that former amd spin-off for a rumored $30 billion. pretty clear on the status of those supposed talks, that they're not happening. >> well, i was not ready for

that question. just kidding there is nothing to that story we said that friday. i'll say it again today. we're focused on executing our business each and every day. and that's really front and center for all of us. >> i also asked him about whether global foundries is going to go public we talked about timing around that front and demand overall for chips that perhaps creates some of the atmosphere there >> look, we're in no rush. we would have to go with a purpose. it is not, you know, it has to have a meaning that we're going to be benefitting fromentering the public markets and at the time when we think we need access to the public markets to exaccelerate the growth of our company would probably maybe the most sense. >> before we talk about that, he was telling me how there are only five foundries globally at scale. and demand is really taking off. so it sounds like a good case, d, for perhaps tapping the public markets, getting some

capital and scaling up so manufa so many are building new facilities we'll see. >> jon, i thought it was funny that he joked about the most obvious question that you asked him, the question that everyone wanted to know the answer to, like, i wasn't prepared for that one. i thought that was a funny acknowledgement of how everyone is thinking about that back to today's rebound for stocks, including why cathie woods' funds held strong in yesterday's trade. that's next. "techcheck" is back in two we are thrilled we finally found our dream home in the mountains. the views are great, the air is fresh. (sfx: branches rustle) it is bear country though. hey boo-boo! we hit the jackpot! bear! bear! bear! look, corn on the cob! oohh chicken! don't mind if i do! they're hungry. t-bone! that's what i call a smorgasbord! at least geico makes bundling our home and car insurance easy. they do save us a ton of money. we'll take the cobbler to go! good idea, yogi. i'm smarter than the average bear! they're gone, dad! for bundling made easy, go to geico.com.

i'm searching for info on options trading, and look, it feels like i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. so it's like my streaming service. well except now you're binge learning. see how you can become a smarter investor with a personalized education from td ameritrade. visit tdameritrade.com/learn ♪ competition beat us again. how? they have a better finance system than we do. i feel like they might have a better finance system than we do. workday. how do they make better decisions faster? workday. it's got to be something workday. i think i got something. work...

hey, rob, you're on mute. hello! hey, rob, there he is. workday. the finance, hr and planning system for a changing world. ♪ ♪ when technology is easier to use... ♪ barriers don't stand a chance. ♪ that's why we'll stop at nothing to deliver our technology as-a-service. ♪

a big topic of conversation in 2021, now the delta variant, only more uncertain when will workers return to the workplace? whatever that looks like bloomberg is saying apple is back tracking on its plans to enforce hybrid work in september, pushing to return to the office in october at the earliest, saying they'll give employees a month's notice

either way given that recent surge in cases across the u.s. amazon, like a lot of the country, at the same time is reportedly planning to end on site covid testing for warehouse workers at the end of this month. saying in a note to employees that free covid testing is now widely available from health providers and public sites it is very clear, i think, that it is sort of not so fast with this everything is returning to normal and i think they're go to be trickle down effects for companies that are relying on things opening up and also for those that have benefited from things being a little bit more remote and who knows what happens when we hit fall and winter and chilly weather >> yeah, and, jon, i heard a lot from ceos about how they just don't know what's going to happen with the delta variant. we're awaiting more guidance from the cdc they don't know if they'll be

able to continue with their plan to bring employees back to the office a lot of companies planning to do that in a more permanent way after labor day. so, deirdre, i'm not sure what you're hearing from the san francisco folks, but it does seem like the sense of uncertainty and everything kind of being on hold right now could really have long-term implications here for how long this recovery really takes. >> what i'm hearing is what everyone's hearing, there is so much uncertainty the best laid plans often go awry amazon is leaving room to reverse the decision if guidance from public health officials changes, and, you know, that connects the apple story as well they had plans, they're now being delayed, i think we'll see more of this from other companies over the next weeks and months ahead >> a lot of delays and maybe, guys, a lot of companies deciding they don't want to officially make plans, play a little more by ear more disruption in banking from square that news is next. plus, a look at cloud stocks and

the art funds. "techcheck" is back in two minutes.

resetting here at the bottom of the hour, i'm deirdre bosa with julia boorstin and jon fortt.

jamie dimon may have a few more reasons to be scared of scare this morning we'll explain if a moment. first time for a news update. >> here's what's happening at this hour. bonds have given up their gains as stocks extend their rally the yield on ten year treasuries hitting a five month low, below 1.3% now jumped back up to 1.2% housing starts rose far more than expected in june. the 6.3% jump came despite labor shortages and high lumber prices, but housing permits fell 5% shares of hga healthcare shooting up and hitting an all time high. the hospital operator saying that healthcare demand has returned, that's after a sharp dropoff for routine services during the pandemic. hca giving strong guidance for rest of the year and moments ago, house speaker pelosi's office confirming that one of her senior aides tested positive for covid-19 after meeting with texas state legislators last week.

a spokesman says that pelosi had no contact with the infect ed aide you're now up to date. back to you. we're closely watching all those covid headlines. we're coming up, an ugly day fo stocks but not everything was hit equally as hard. dom chu has that for us. >> it was something just mentioned by rahel about interest rates, that may play a part in the story, there were three key parts of the technology trade, the technology market overall, that held up relatively well in yesterday's sell-off and maybe even as you pointed out ended the day in the green. first of all, i've chosen three ets to represent those parts of the market the semiconductor trade, smh for that etf and then cloud computing, the ticker is clou for that etf and ishares, igv. each of these did take a leg lower, but finished the day either just off the low, just

off the highs, in the green, by the way, the cloud computing etf was up in yesterday's sell-off within that particular trade, three stocks were indicative of why some investors were coming back in to that particular trade. first of all, nvidia, that stock was up solidly yesterday some traders pointing to the fact that it had a four for one stock split. z scaler on the cloud security side of things, and oracle as well oracle shares hit a record high in trading today so those three stocks were some of the big drivers behind that trade as well. and then one other place to take a look at, believe it or not, architect innovation, getting more attention it is up 1.25% in today's trade. it is riding a three-day winning streak, even in yesterday's sell-off, it was positive. and by the way, after a decently long hiatus, this particular

ticker on cnbc.com disappeared off our most popular list for a while. it now remade it into our most popular ticker search list on cnbc.com more attention, jon, coming back to the ark tech innovation a huge market for a while until sell-off mode, but now more attention. >> people love to chase. thank you, dom the major indices rebounding as well this morning following the dow's 700 point drop yesterday. that was its worst day in almost a year worst day in a year full of good days chief investment officer ned favor joins us now ned, it seems to me we're at this moment, perhaps, of caution, caution hasn't been that popular in 2021 meme stocks have cooled off. the game stocks and amc are running nicely this morning.

we have these covid delta variant fears as well. bitcoin is under 30,000. all the things people have been taking a player on. >> the reality markets, you're at an all time high or drawdown. there is no in between the funny part is the unfortunate reality is you spend most of your time in a drawdown. you got to get used to ed to the little wiggles and we're still in an uptrend. you see the warning lights everywhere unrealistic expectations, surveys show investors expect 17%. tons of ipo spacs, shorts are extinct, allocation to stocks all time highs, retail trading, lots of meme stocks, options, risky assets, all yellow flashing lights. like you're playing checkered, you jumped over every man on the board, but there is the king at the back and that's trend.

trend dominates everything so this market is still in a bull stocks across the board. until then, you see the little jiggles as nothing more than a trend. if and when that changes, to me, that's when the dam breaks and you want to take cover. >> what is an investor supposed to do? sit on cash at this point and wait for a drawdown? there are other markets outside the u.s. the u.s. has held up better than a lot of other economies so in a way, doesn't it make sense given that and given the strength in the u.s. of tech companies for it to get a higher valuation? >> yeah. four things you can do first thing, if you own too much of something that is expensive like the u.s. market, you just don't have to own so much. own too much risk, don't own too much get your sleep at night. part two, diversify, you own other things, foreign stocks,

bonds, real estate commodities, that helps you you can do number three, active strategies tilt toward value. you can hide out in value stocks for that bear market you can have trend following, which we love. that's a great strategy over time lastly, this is one i think last year really demonstrated the efficacy of, you can add tail risk strategies. the tail risk potentially protects you when things happen overnight. not necessarily like a really long bear market like trend would really help, but helps balance out the shorter term jiggles, like yesterday, we wrote a paper, we have a fund that does this, but avoiding the really expensive tail risk strategies, avoiding the ones that are super complicated, the way we do it, we use 90% in ten-year bonds this strategy over time, look, probably a loser, like an

insurance type of vehicle. no strategy. you can never say this in investing, can't say guaranteed, no strategy that is probably better set up to do well when the markets take a dive from historically high valuations as a tail risk type of strategy until then, until the trend changes, as they say, the trend is your friend >> what is the crypto market telling you right now? bitcoin trading more like a risky asset than the hedge that some of its proponents say it should be. >> yeah. my crypto friends aren't buying happy hour anymore recently. they're still sitting on big gains. i'll give you one trade idea, it is about .1% of the global market cap put a toe in the water with .1% of your portfolio, fantastic potential trade idea, everyone talks about gbtc, perfectly reasonable fund, super expensive expense ratio. a huge clip of investors that their lockup is going to expire

over the next couple of months it is trading at 13% discount. if you're an opportunist, you can put in limited orders down, 20, 40, 60, 80% below. i don't think it is the most likely way that a public fund gets approved, but in the top three. at that point, if it did happen, the discount closes and you get a big opportunity in the upside as well. >> you alluded to tech stocks. i want to ask you to really hone in on what your outlook is for big tech stocks have seen such a run. do you think we're anywhere near the peak of a bubble i know you made some comparisons to 2000 as well as 2008. what do you expect going forward? >> we have this whole shareholder yield suite of funds. what that's look for is stocks distributing, they have a lot of cash flows, distributing it through dividends and buybacks

and trading at a discount, fair value. we own a fair amount of tech stocks and our oldest fund, we owned apple for over eight years now. it is a smaller allocation in the u.s. so it is around 10%. what is interesting, it is a lot higher in emerging markets so you're seeing more value opportunities and emerging market shareholder yield stocks. that's indicative that markets are half the valuation of the u.s. in general. and we still hold some we think we hold some old names like ibm and hewlett-packard, but the real opportunity i think for investors next decade and i think it could be a monster spread is to look for opportunity in emerging markets, emerging markets value versus large cap market weighted u.s. if you do u.s., do some tech, at least have a value filter. remember back to 1999, some

stocks, cisco woithout hitting all time highs again use some sort of value filter to keep you out of the -- >> you gave us lots of specifics. i love it. thank you. >> thanks. the cult of we story of mispriced exuberance and mistaken investor confidence at wework. the authors of the book we have been waiting for, they join us next a check on bitcoin it is still below $30,000. don't go anywhere. we're right back

♪ someone once told me, that i should get used to people staring. so i did. it's okay, you can stare. when you're a two-time gold medalist, it comes with the territory.

do you have a life insurance policy you no longer need? now you can sell your policy, even a term policy, for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized that we needed a way to supplement our income. if you have one hundred thousand dollars or more of life insurance you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit conventrydirect.com to find out if you policy qualifies. or call the number on your screen. coventry direct, redefining insurance. - i didn't realize you have to have a prescription drug plan with medicare. i didn't know to shop around. i just picked one. every time i went to my pharmacy, copay was different. and i'd ask them, "why is it different? you know, you didn't charge me this much last time." no one could ever answer me. but now with goodrx you can look on your phone and it'll tell you exactly how much it's going to be. and when i get to the pharmacy they charge me exactly what it says on that app. and it's so much cheaper than that prescription drug plan.

it's all about saving money with me. i like watching my dollars. square is moving further into the territory of traditional banks. introducing business, checking, savings and loans this morning kate rooney has the details. square no longer needs an intermediary right, it has its own chart cer which separates i from other finteches >> that is the headline here we have this suite of new banking products, but the key part is that for the first times square is not using a bank partner. this is all backed by square financial services that's the fdic insured bank that square launched in march and it fits into the bull case for square becoming that money center bank of the future, as

mizihou put it they have square loans, these won't have fees, minimum deposits, transaction limits or overdrafts it works within the square ecosystem you think of with things like payroll and that payment processor. square has had some similar products in the past, and they use sutton bank for those. they're still using sutton for some products. the economics tend to be better if square can issue the loans and cut out the middle man here. i spoke to the head of product at square for this, she told me this is really aimed at small businesses, no plans yet to move over to square financial on the consumer side with cash app. she didn't rule that out the stock has been up about 3%, up more than 4% right now. guys, back to you. >> so interesting, interesting to watch how the incumbents react to this. meanwhile, apple is looking

to expand its production capacity both stories next. so stay with us. [swords clashing] - had enough? - no... arthritis. here. new aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme.

jeff bezos is speaking on his historic space flight right now. let's listen in. >> and without further ado, i think it is time to pin these four wonderful people astronauts and with that, i'd like to introduce to the stage, jeff ashby, our senior director of safety and mission assurance and space shuttle commander. jeff >> i am deeply honored today to represent all of the blue origin employees, especially the "new shepard" team, past and present, in awarding wings to the first four blue origin astronauts. these astronauts will wear a set of wings in the shape of the letter a the side pieces represent the road to space and our feather

logo is the cross bar. at the top, a tiny blue sapphire to remind these folks that they are from planet earth, and that they have a mission to protect this home. withthat said, oliver, would you join me? they didn't make this easy i practiced. oliver, you have received a

special gift of the astronaut perspective. i know that you will do good things with it and make the world a better place congratulations. >> thank you >> and we are watching those now astronauts from that blue origin flight including jeff bezos getting their wings here morgan brennan, tell us, first of all, how significant is it that we're getting these wings from commercial space flight and do they all just get to pick what the design is >> no, i don't think they get to pick the design. i'm going to get some more color on that. i imagine blue origin had a hand in the design of the wings keep in mind, it is a very elite

few that actually have earned their astronaut wings, fewer than 600 people on planet earth. so four newly minted astronauts. that definition here in the u.s. is if you traveled more than 50 miles above earth, you get those astronaut wings. it is still a very small group of people so it is very significant to see these four crew members for "new shepard's" first manned mission today actually get these titles, get these wings attached to their lapels as you see happening right there with jeff bezos specifically right now. >> let's see what he has to say. >> seriously, and i don't know what you're going to do next but i can't wait to watch. congratulations. >> for this pinning, not much is

said but i would love to see this here, this is a long time coming >> 60 years. >> so momentous to watch these civilians become astronauts, morgan i have to wonder whether you think that the pace of events like this will really pick up. >> yeah, so that is wally funk right there, at 82 years old, the oldest person to have wally2 years old, the oldest person to travel to space. she was part of the group of women started to go to the physical examinations and training process to become astronauts, a program that was disbanded and basically defunded this has been a near lifelong dream for her. you can see a lot of emotion on the stage right now. for jeff bezos certainly a

lifelong dream as well july 20th, the 52nd anniversary of the apollo 11 moon landing, an event that really planted the seed for this dream of his to be able to actually go to space and certainly for blue origin a long time coming, john, as you mentioned, a 21-year-old space company for which this new shepherd milestone is really just the first piece of a bigger puzzle, a bigger vision. >> it is q & a is just stavrting, morgan. let's listen >> who have tailed hard to get this done. the people who built the vehicle, all of our manufacturing people, this is a big team they've been working at it many years and have done an extraordinary job ofabling the most reliable, most beautiful, most fun -- i mean, i can vouch for that i'll get to that in a second -- vehicle

we owe them deep gratitude and the people who kept us safe today, who operated the vehicle, our trainers, everybody. it's just huge i also want to thank the town of van horn this is a small and amazing little town. and, you know, we're making a dent in it and we appreciate you for allowing us to be part of your town and then i also -- i want to thank every amazon employee and every amazon customer, because you guys paid for all this so seriously, for every amazon customer out there and every amazon employee, thank you from the bottom of my heart very much it's very appreciated. and, you know, now on how it felt -- oh, my god

my expectations were high and they were dramatically exceeded. the -- we were talking about this a little bit in the car ride on the way back and, i don't know the -- the zero g piece may have been the biggest surprise because it felt so normal. it felt almost as humans we were evolved to be in that environment. i know it's impossible it's much nicer than being in full one gravity it's a very pleasurable experience just from the sheer -- the way it feels, the tactileness of it. the most profound piece of it for me was looking out at the earth and the earth's atmosphere every astronaut, everybody who has been up in space, it changes them and they look at it it and

they're amazed and you a struck by the earth and its beauty but also by its fragility. i can vouch for that when we sit in the room and driving the cars and moving around on the planet normal ways, the atmosphere is so gigantic we're these tiny little things and the atmosphere is so big but when you get up above it is you see it's actually incredibly thin it's this tiny little fragile thing. as we move about the planet we are damaging it. so that is -- that's -- that is a very profound -- it's one thing to recognize that intellectually it's another thing to see with your own eyes how fragile it really is. and that was amazing who wants to dd. >> oliver, do you want to tell us ou it was our first paying customer? feel like you got your money's worth, sir >> no, it was so amazing to see it from above and to move

around, like, yeah, i totally agree, feels so natural, almost like we should be doing this and i hopethat we are one of the first and many, many more people can do this because this experience you should share with more and more people it's so amaze zploog a special congratulations to you on becoming the youngest person to have ever flown in space. >> thank you >> you brought with you up there the next generation of space explorers, but certainly snore flag up there, the netherlands, to everybody out there, the netherlands, the new dutch flying man there you go. >> mark, you should say what you told me in the car about the g-forces i thought that was really interesting. >> i was surprised -- i mean, they had told us, you know, what g-forces would feel like on the way up again, it's one of the things you hear about and anticipate. but you really feel them on the

way up it was incredibly exhilarating on the way back down what i had not anticipated -- we hit five gs briefly on the way back down. that's a lot of pressure unfortunately during the -- the status check for each astronaut by the time they got to astronaut demo, the name i flew under we were at five g. >> stroens how you doing doing okay had a hard time responding but i'm not sure what that video footage will look like probably not pretty. so exciting. >> if you haven't figured it out, wally might be the oldest and we have the youngest my brother is the funniest person in space. for sure a couple more things before we go to next questions, which is i want to recognize two people here in the audience we are honored today to have the

alan sheppard's daughters. laura and julia. could you stand up just briefly to we could say -- and of course alan shepard was an apollo moon walker and has a gigantic list of accomplishments but for our purposes today, the thing that is most interesting about alan shepard is that he is the name sake for the vehicle new shepard. because the mission profile we did food is very similar to the one that alan flew when he became the first american in space, i guess 60ish years ago so that is -- we are very honored to have you guys here. thank you for joining us it's incredible. i got some pictures with them back stage and i know -- those are getting blown up big thank you. so -- and then i have a couple

of things to show. do you want to talk about the couple of things we flew, like the -- go ahead. >> we did -- so we had the tune to bring with us actually on loan from the explorer's club able to fly with a piece of canvas from the wright flier the plane you the wright brothers flew we brought a piece of that canvas with us, as well as a bronze medal onfrom the first hot air balloon flight in 1783 the first time man left the earth? controlled flight. we were thrilled to bring both of those. >> and we brought those precious objects back. >> and the explorers club will be pleased >> they are happy about that. >> one more thing i would like to show you if you could -- who has the goggles could you please bring them up to me. >> this is incredible. >> so -- all right

why don't you stand. we also flew -- these are aamelia air hart's gogels with the ones she flew across the atlantic solo with these she put tape over them to have less light come in and because it was so bright all the day and. and i lirk like to think if aamelia were here woe would be very, very proud of wally. and i just -- i can't resist doing this so thank you, aamelia, wherever we are we hope you are watching all of this. thank you. precious cargo there you go >> and while -- >> morgan, thank you for a great

day of coverage. that will do it for "techcheck." leon coupe areman with the judge. "halftime report.." >> welcome to "halftime report." front and center this hour, plunge you thinking yields, unsettled stocks, where the correction goes from here. we debate it with the investment commandment plt leon cooperman joins us today in a view few moments. stephanie link josh brown and jon a najarian let's look at where stocks are trading right now. a snapback today the the dow up better than 600 points but not quite everything back but on the way to doing so. the s&p good for 1.5%. the 10-year note yield got as low at 1.12 a nice bounce off that level to currently set at