for axp. >> farmer jim. >> citigroup, you think the 10-year is going lower from here i don't. >> jon najarian. >> somebody bought 140,000 of the apple 145 calls, scott i joined them and added to my apple position. >> apple up nearly 3% on our way to a big day back up 650 on the dow "the exchange" is now. thank you very much, scott hi, everybody. i'm kelly evans. here's what's ahead this hour. stocks stage a sharp rebound after posting the biggest selloff. bond yields also bouncing. they remain at ultra low levels. a very differ dynamic. we'll talk about which sectors should drive the next move in markets. plus, bitcoin is back below 30,000 fidelity says institutions are still bullish on crypto. we'll talk about the findings that are still keeping investors

on the sidelines can netflix keep growing is apple buying a movie studio it's all ahead this hour we kick things off with this rally, dom chu has the rally. >> what a difference a day makes, kelly we were talking about the sharp selloff yesterday. would you believe it if i told you at these levels right now which represent near highs session, we have gotten back everything and more that we lost in the s&p 500, everything and more that we lost in the nasdaq composite and the dow is just a stone's throw away from getting back everything it lost. the dow, the s&p and the nasdaq having a massive day to the up side one of the reasons why folks are looking a little bit closer at certain key parts of the market has to do with interest rates kelly just mentioned this is an intraday basis. it's back up to north of 1.2% but earlier today at the lows of

our trading session, 1.13% at the 10-year treasury yield a little bit of that selling pressure entering that bond market or at least part of it. also then that low interest rate environment yesterday may have played a role in helping seven parts of the growth technology industry outperform. specifically semiconductors, also software and also cloud computing. each of these is up relatively sharply today as you can see here near session highs. they were also in many cases very strong on a relative basis. yesterday's trade, kelly, i will point out this particular global cloud ticker clou was actually green yesterday when everybody else was red so keep an eye on the growth technology stocks. they could be a big play for certain investors looking to buy the dip. >> or growth if covid is coming back to some extent. dom chu, thank you very much. the drop in jeeld has a lot of investors scratching their

heads. rising yields and inflation worries helped energy and financials to be the best performers in the market is it time to look elsewhere now that rates have reset much lower. maybe some tech plays dom was joining us about joining us is charlie with from ariel investments. great to have you. is this the kind of environment where financials and energy can work well ahead or am i way ahead of myself? >> no, you're not ahead of yourself this is the question it is because interest rates have dropped so much when interest rates have dropped growth stocks become more valuable, at least relative to the value stocks that we love that are making money today. you're not asking the wrong question but you are wrong and the investment community is wrong if it thinks the bond market has some kind of power to see the future

more than 12% per year over the last 12 years equity markets have beaten the market the bond investor who at the when wiff were able to run to safety. >> let me ask you this is it possible the bond market is calling the shots in other words, if i think back to the last few years i think of how many times have we had falling yield scares where what happens? the fed comes in, they back off of whatever their plans were and equities rally is the missing link in this whole formula the idea the central bank keeps accommodating by backing off of the tightening plan is that about to happen? >> yeah. i think that's a reasonable read

of history there's no doubt the fed bought thousands of dollars they've propped up the bond market that is going to end i know i've said that before and i've been wrong, but they're not going to keep doing this forever and when they stop, the u.s. 10-year treasury is going to return to its normal levels, which is a return of inflation plus about 1%. we've had treasury bonds since alexander hamilton nationalized state's debts and in that 200 plus year history 10-year bonds have averaged 4% which is their normal level i think that's where we're going once the fed stops manipulating the market >> we'll see why the chinese buying u.s. treasury debt to keep their currency buying all of the reasons yields might be where they are. to your point, you're saying, no, we're not going to chase this we're not chasing tech we're not chasing it your topics. madison square entertainment,

mosaic tell me about the time line for people who go are we talking about a five-year move here or what >> yeah, usually i'm really encouraging people to think five years long term. i always want to have people think that way i think these picks are good in the short term the economy is very strong the management teams are very optimistic about the short-term earnings all of the names you mentioned have good news in the short term and long term. borg warner, their demand is huge mosaic sells fertilizers madison square garden, you have to give me a couple of years when they do it's the number one attraction venue in the world. you have to give me a year on that one madison square garden entertainment. >> massive attraction in las

vegas is not where people want to put their money to work i've seen some of the renderrendering i s. are you relying on the fed here? on the one hand we're describing a scenario where you think they've artificially intervened in markets, including the bond market on the other hand we're saying, well, but buy stock. i mean, is there so much of a disconnect there that it makes you uncomfortable with what's going on in the market more broadly? >> i'd be inuncomfortable if i n growth stocks because i believe growth stocks are being propped up by low interest rates my companies that i talked to you about, the value names, goldman sachs by 11 times earnings, bank of oklahoma by 11 times earnings they'll make a lot of money with a $68 wti. i don't need the fed's help. when interest rates go to normal levels, my names that are earning cash today are going to do very well because the economy is so good and these companies

are doing so well. >> what happens if interest rates -- if the 10-year goes below 1%, what will you do >> i'm going to have a bad month. i'm going to have a bad week or two. the growth stocks are going to go through the roof and my value stocks are going to get punished in the long run we cannot have an uneconomic 10-year. anybody buying that is going to lose money on a real basis they're doing it for non-economic reasons. >> charlie, never shy to take a stand. thank you so much for joining me today. let's have this debate what's driving investors into the bond market? wall street has a bunch of different reasons it could come up with. covid fears, the fed deflation worries as we're talking about some of the inflationary pressures across the economy. maybe even china here to explain are steve liesman and rick santelli.

steve, let me just kick it off with you what's the kind of prevailing one now? is it covid? >> yeah, that's the number one thing that i hear when i talk to guys who are throwing this money around and doing the dumb thing of buying bonds at 1.20 which your last guest was talking about. there's a fear of growth there somewhat in the united states and also globally. this idea of the delta variant, we have a large percentage of americans who are vaccinated that's not true in other parts of the world where the delta variant can be problematic there is a debate about how fatal that disease is relative to the alpha variant that's what the bond guys are talking about. there are other reasons, you ticked them off. the idea that powell sounded a little bit tougher on inflation last week. that's one aspect. this is where my colleague from chicago rick santelli excels is the technical aspects of this

are a big part of what is moving that around? >> what are the technicals, rick what do you see as you look into the guts here? >> well, i think first of all we have to really address something much more basic. we've had several experts on and they really know what they're talking about. here are some of the comments they've had. deems don't make sense here. they shouldn't be here my answer to that is yields are exactly where they should be they're just not there based on risk/reward. they're there based on central banking activities for the most part another issue is is that the treasuries have been wrong 10 years. let me think what happened about 12 years ago? that's when central banks decided they didn't need their spinach, they could grow their own muscles with qe. all of these things have permanently changed the landscape. in order to decide where treasuries could go, we first have to acknowledge that they are just exactly where they need to be. those reasons are what we need

to study the most. i look to europe they still haven't settled up the game from the last credit crisis with regard to their banks. would i be shocked to see us trade 75 basis points? the all-time low close of half of 1%. n-o i wouldn't. do i think it's going to happen? i don't think so i would be anything but shocked if we got there. i think the biggest problem right now is all about timing. yes, it's reopening but it's reopening questions based on knowledge that's highly questionable think about all of the things we thought were true in march and april of 2020. now fast forward to today. i can't tell you about delta variants or any of the greek names that are assuredly going to crop up between now and september and october. the fall you know what happens in the fall but ultimately i think that the treasury complex at some price in yield around 1% is going to find a boat load of reality that

will push rates higher. >> steve, do you want to respond to that? >> the only problem i have is understanding this idea somehow it's the fed the reason i say that is not because, you know, i know the fed is buying $80 billion a month of securities, but that's been constant and the bond market has oscillated around a lot while the fed has done a pretty consistent thing of buying treasuries. it moves around a little bit on the curb and changes the net aggregate purchases but ultimately that's been a constant i believe the market in some ways is expressing some combination of fundamental aspects to it and some technical aspects to it which are deep in the weeds of how it works. one thing is interesting we've talked about peak growth somehow the market is realizing the second quarter is the hottest when it comes to growth. the same forecasts that tell you it's peak growth tell you we've had peak inflation, this huge

number we've had is going to come down. maybe that's going to be wrong, but certainly the gdp number could be wrong as well conventional wisdom for the forecasters on the street is the worst part of inflation is behind us as is the bigg gest pr of growth. >> rick, you get 20 seconds. >> just remember that even a drugged up patient in a hospital has moments of lucidity. i want to point that out. >> he only needed 5. rick santelli. >> talking about the bonds, of course. >> i want to just be clear about that, my friend. >> steve, rick, thank you for this chapter in the ongoing debate discussion about bond yields on "the exchange. crypto identity crisis bitcoin drops back below 30k new fidelity shows many firms

becoming more bullish. those results with big names reporting after the bell including netflix and united the ultimate stay at home stock verss the symbol of the reopening. as the delta screen spreads the market might not be big enough for both stay with us hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that...

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welcome back bitcoin is down again. most of the crypto space selling off along with it. a new survey shows institutions are more bullish on crypto with 70% still expecting to buy kate rooney is here with the details. kate >> hey, kelly. fidelity is out with the annual institutional investors survey today showing increased exposure and bullishness on cryptocurrencies the firm surveyed more than 1100 institutional investors. money managers, hedge funds, mutual funds more than half of those guys say they now have some exposure to crypto that average was higher in asia at 71% 56% in europe. meanwhile, the u.s. has the lowest exposure at 33% ownership is climbing across the board. it was up 6 percentage points in the u.s. 71% of institutional investors say they plan to invest in

digital assets in the future and of that group, 90% say that they plan to make a move in the next 5 years and have at least some allocation to crypto number one barrier to entry still is price volatility. that was followed by lack of fundamentals to gauge value and concerns around market manipulation joining us to talk about these results, tom jessup, the president of fidelity digital assets great to see you thanks so much for being here. >> my pleasure, kate nice to see you. >> let's start with bitcoin this week still below $30,000. what are you hearing from those institutional invest horse are they still as interested as they were back in april? >> i'd say consistent with market activity, there's been a decline in trade activity. we've seen interest in accounts

and getting ready for institutional price. they call it the steady curve hands throughout this down draft. i think 30,000 was a psychological barrier for many but we've drifted below that today doesn't seem to be an acceleration of selling pressure the question is when do people start coming in again. as one of our customers said to me last week, the problem with bear markets, they tend to end with a whimper, not a bang prices get to a certain level, people feel constructive and we'll resume to back to where we were at the beginning of the year. >> got it. let's hone in on some of the barriers you say price volatility less concern about market infrastructure than years in the past what changed there what still needs to happen to make some of these investors a little bit more comfortable? >> the first thing is justly

quit at this a tremendous value in the amount of liquidity in the market you have the entry of well-qualified service providers like fidelity who focus on the needs of institutions. there's a general view that they're increasingly comfortable with the ability to deploy strategies with the same level of safety, soundness and access to liquidity as they would in other asset classes. we and others in the industry have a long way to go. there's an initial indpicia of foundation which is exciting as they start to go to other corners of the asset class. >> tom, we've talked a lot about bitcoin as a hedge against inflation. this seems like it could be the perfect environment for bitcoin playing the role in the market it's really not. seems to still be trading at a high tech growth play.

is the macro environment still a big reason that the investors you talk to are buying in. >> it's a great question so i would say there are two primary reasons why our clients are interested in the asset class. certainly with bitcoin given the scarcity and aspirational store of value properties, we engage with the macro environment and the potential hedge of monetary and price inflation. having said that to your point, everything tends to correlate to one in times of market stress. we have seen bitcoin behaving like risk asset, even overnight. it may be several more market cycles to know whether bitcoin beats inflation. and i think the other important thing to think about, you're not getting it in isolation. what you're getting is something that looks like a front row seat to the next wave of tech

innovation back in the late '80s, early '90s, we had pcs and survey results that investors are increasingly not only looking at this from a macro standpoint and a these ses of how is this going to change financial services in the world. this is all of the capital we've seen coming into the veb toour space and we have to go into the blockchain rolled. that's exciting, the duality. >> tom, it's kelly here. if i can ask a quick question on the regulatory front right now we have janet yellen working with the group huddling to look at the options going forward a lot of people in the crypto space are concerned about the role tether has played and what happens if the rug gets pulled out from under bitcoin if you talk to clients about investing in bitcoin, do you

tell them to wait until there is clarity? do you think the stable is going to introduce a u.s. dollar version or whatever it is? i mean, how do we kind of get through this transition? >> yeah. so one interesting take away from the survey is that regulatory concerns seem to have dropped a little bit in terms of where investors are today versus let's say last year. so you can attribute that to a couple of things you can attribute it to modest pro process. the fact that policy makers are focused on the asset class in some way is a positive and it's incumbent on us and others to engage constructively. it's the nature of the asset class. every asset class has the idiosyncratic risks. if you want to plan this space, it's an evolving space with potentially higher returns you'll have to come to your own

conclusions what is the regulatory risks it's on client's minds at this point. i think said more succinctly, it goes with the territory. >> even more succinctly, buyer beware you do the research and figure out what you're comfortable with tom and kate, appreciate you bringing that survey to us reporting there as well. could surging delta cases put company's return to office plans on hold? what will it mean for the struggling commercial real estate the ceo of empire relates at this will join us to discuss that. trading free ipo stocks in rapid fire and the stocks leading the nasdaq, peloton, microst ofand microchip. a little bit of a pandemic feel to it. we're back in a moment ice works. heat makes it last.

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earnings and revenue guidance. health care demand has improved even as the pandemic continues 48% for hca. and stifel for more on the call and other top calls of the day go over to cnbc.com/pro now we go over to rahel solomon for a cnbc update. >> hi, kelly here's what's happening at this hour federal banking regulators are working to regulate rules that go over hundreds of billions of loans. the changes to the community reinvestment act could be changed as of today. marjorie taylor green said her 12 hour suspension from twitter is a communist style attack on free speech. it posted false claims that vaccines are killing people. the phone of french president emmanuel macron was

targeted in the pegasus spyware case and as many as 200 americans reporting symptoms associated with the so called havana syndrome linked to possible attacks on u.s. embassies around the world. recent cases go to berlin and vienna tonight on "the news," what types of attacks are they and who might be behind them which airs at 7 p.m. eastern with shepard smith. >> rahel, thank you. netflix earnings are out after the bell apple is going to hollywood and peloton's corporate push all of those stories are right ahead in rapid fire. take a look at shares of retail stocks apple, potelon, unitedhealth, netflix. we're back in a moment

welcome back, everybody. let's catch you up on a few stories that should be on your radar. it's time for rapid fire julia boorstin, bob pisani and nancy tabor. we want to start with netflix because its earnings are out after the bell

investors are always watching the subscriber edition it's always a bellwether on where we are in the shutdown reopening trade. it added 26 million new subscribers but less than 1 million new users in the first quarter of this year they're expected to add only 1 million, julia stock is flat. what do you think the whisper is that are expectations pretty low, do you think? >> well, look. i think analysts are really hoping they will surpass the 1 million number that 1 million number is so low and it leaps forward also concerns about a saturated market the real question, kelly, is what they say about the second half of the year threat flicks hinted they expect growth to pick up in the second half of the year analysts are looking for specific guidance for third quarter subscriber growth. the number analysts are looking for is 5.5 million subscriber net editions that is the number i watch in terms of guidance.

kelly, any commentary you might get from the commentary, especially about a move into gaming other potential for more expansion internationally. there are questions about whether the u.s. market is there. >> bob, what would you add >> i love analysts i've been following them for 25 years. the second marriage is the triumph of hope over marriage. it's hope over experience. i think 76% still have a buy on this are you kidding me look, you don't like the first half oh, don't worry, the second half will have better content growth. it's sunnier on the second half. this is a story about netflix. this is a company that was trading 100 times forward earnings four or five years ago. it is still remarkably trading for 40 times forward earnings. that's way high. yes, the company still has significant earnings growth but it's nothing like it used to be. it's becoming more mature. that pe multiple is slowly coming down. it should be let's debate how many subscribers. there's clearly a limit to how

far they can go at this point and certainly in the united states. >> nancy, i understand sort of in this case the bullishness of the analyst community. when i was at "heard on the street" ned flitflix got health. it kept going and going. to see it finally catch its breath after the huge subscriber atz last year, do you think they're going back to the stratosphereesque growth >> i don't think so. the emergence in gaming is a hint to investors that they understand the streaming business is slowing down they've guided us accordingly. that said, this stock is almost in our buy range having done almost nothing on a trailing one-year basis so i think you watch earnings. this company has exceeded earnings 75% of the time they have pricing power, at least they have historically

if they maintain both of those, i think you might get a chance to step in despite what happens from an earnings standpoint. i agree with bob, we wouldn't have so many earnings surprises if analysts were good at guessing earnings. >> bob, i want to give you a quick last word on this. >> i agree with what nancy said. look, the important thing is the company has been a fabulous performer for a decade but it's been out for almost 20 years just recognize that. i know we keep trying to get the subscriber ads right but it's getting smaller and smaller. the ability to add more people smaller and smaller as the company gets more mature understand that. still good earnings growth look at the numbers, the yearly conditions earnings growth but it ain't anywhere near what it was four, five, six, seven years ago. >> the competition is getting steeper. moving along to the next story. apple is looking at studio space to expand the ability to have

shows and movies apple has interest in several locations around l.a it needs no less than half a million square feet of space it launched a couple of years ago. it is still woefully behind the competition. julia, is this the right strategy >> look, i think it makes sense for apple to invest in more original content it didn't care about having a big library. that said, i have heard from sources that they have had meetings with hello sunshine, rece witherspoon's company it's unclear who hello sunshine might sell to. apple understands it needs more original content having more studio space is a great way to do it here in los angeles. there is a limited amount of studio space in hollywood. that's why netflix opened up a big studio in albuquerque.

netflix has to think of that while it's trying to bring people into the ecosystem. >> nancy, do people want apple to double down on the investments for the obvious reasons the stock multiple they could engender with a higher stock account? or does it make them worry they are losing on theprofitability of the main model? >> i think apple needs to do something and this is an opportunity for them to do that. however, i would rs say that original content as we saw with netflix is very expensive and disney came out and had a whole library of historical content and they've been able to grow that fast at marginal expense. i think it makes sense for apple to dip their toe in. i don't have a sense of how successful they will be. we've been net sellers in stocks as you know. it does strike me you have apple hirings and netflix. netflix hiring facebook execs. the monopoly game is getting

interesting. >> facebook needs to hire a particular to beiiktok exec we'll move along the nasdaq is partnering with big banks to spin out the platform for tradings stock in private companies. it will receive investments from citi, goldman and morgan stanley. it was established in 2019 allowing brokers, private investors to manage stock investments. bob, this wasn't a yesterday innovation, so to speak. why are they taking this step now? >> well, because the potential is there so think about an employee of a company and they thought there was going to be an ipo after five years and they are now ten years. they want to buy a house there's pressure on them there's no obvious market. a venture capital firm that has a 5-year investment horizon and they are on a 10 year, this is a

common problem there is a market need here's the real issue. the companies want to control this they want to make it very clear. you're not going to set up a private market we're trading privately for 100 and you want us to sell for $100 most of the cases you need the company's position if you are a venture capital or employee, they want to control that price to the extent nasdaq has an agreement, i think that's a good idea i think it will be a little bit of a pressure valve release for these companies who are facing pressure from venture capital and their own employees. it would be nice to see more companies ipo. isn't that what this is all about? there's the ultimate pressure about relief. >> julia, that's the interesting question if you allow liquidity before you ipo, we don't need it. there are other platforms which allow insiders to monetize their shares how does this puzzle piece fit

. >> this is about the war for talent it's hard to get great talent. the employees want to be able to have the option of getting liquidity before companies go public especially because companies are taking much longer to go public this enables companies to give something to their employees, give them that ability to have liquidity, to buy the house or do whatever it is they want to do with their shares i think to your point and to bob's point, i think it doesn't necessarily remove all the pressure for the different reasons to go public this is not going to yield the returns to the venture capital players in the way that they would want to. there are certainly going to be restrictions on how much you can sell the lps want to get their investment back. this allows the employees to have a little bit of flexibility. >> helps the nasdaq keep up with all of the innovations to get the liquidity earlier on. finally today, united health

care is teaming up with peloton to help millions of investors have access free they can ompt for a four-month access to an all access peloton shares membership. my question, i haven't seen -- i don't know if it's mentioned in here is whether pl lowton is a muj membership >> i think it's crazy for peloton, it's down 19% real estate so you need to add in services i still work with steve bechtel. his executives want gym memberships. when you are in your 80s i'll get you a gym membership

i like it. i think fitness is super important in light of the pandemic and just in general as the population ages. i think this is good news for peloton. >> good chance to get a stair workout and she did. all right. forget it. it's exhausting. thank you all today. we appreciate it nancy tengler, julia boorstin for rapid fire. stocks rebounding. the dow is up as much as 660 points from the highs. from the cndc's new guidance an all of the headlines on the covid front after this experience our advance standards safety technology on a full line of vehicles. at the lexus golden opportunity sales event. get 1.9% apr financing on the 2021 rx 350.

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♪ 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. welcome back the delta variant accounts for

83% of covid cases in the u.s. she and dr. anthony fauci testifying in a senate hearing our meg tirrell joins us with those headlines and the latest numbers. meg? >> reporter: hey, kelly. as the delta variant spreads, we've seen case numbers go up by quite a lot. they were almost triple what they were two weeks ago. approaching 35,000 per day we're seeing hospitalizations rise 55% now approaching 20,000. deaths around 250, up 18% over the last two weeks dr. wolinski saying the prevalence now 83% up from 50% in the week of july 3rd. so it is rising here quickly speaking to just how transmissible this variant is. dr. janet woodcock was asked about the report we saw from

st stat news there are 20 million doses at risk of expiring. she said the fda is looking at extending the expiration dates based on incoming stability data they've done this with the j&j data we're getting news separate from the hearing from europe saying it's started a rolling review of sanofi's covid-19 vaccine. this will be based on free clinical data, data before clinical human trials and early clinical human data. in that press release we learned the brand name for the sanofi covid is vidprevtyn. the pfizer biontech is

comirnaty, moderna is spikevax and astrazeneca's vaxzevria. >> thanks, meg we appreciate it on you bringing us up to speed. delta variant causing apple to push the return to the office from september to october. it's been driving the real estate sector higher thanks to yesterday's drop, it's now the best performer this year beating energy could the climbing case count threaten that run. joining us is anthony malkin, chairman and ceo of empire state trust. good to check in with you again. it's been about a year how are things looking for you >> first, thanks for having me aboard things are much better this past week we had our highest numbers of in office population, relative to new york city and the greater new york metro poly continue area our focus from the very beginning, healthy buildings,

indoor air quality mean the tenants can return with confidence to the office filter, bipolar ionization for employees and employers to return with confidence. >> we've talked about headwinds. conversations about new york city, crime, cleanliness, all of that just as people were getting ready for the post labor day now it's a little bit more questionable and just another neighbor of mine is moving to the berkshires they can work from anywhere. they don't have to be here what's the long-term plan? do you think you're sort of the inside of the building is going to look and act and be what it was five years ago when we kind of rolled the clock forward five more years >> i think the number one thing in office space is that you have to have an environment to which

employees want to return so on the one hand we as a landlord are the first people to get a portfolio with a health/safety rating we have a long way to go as far as people when they return to the office to understand what it is like if you are not in the office where will they want to be well, what happens in the holiday valuation, the expressions and discusses that happen as people are together. feel despite everyone's best efforts to include people who are not in the office and the important things that happen in the office. >> yeah. that's absolutely the major debate playing out right now let me ask you about your most unique asset, the empire state sky deck or observation deck as you call it. kind of a blessing and a curse in one way it makes your

building one of the destinations in the city but i'm curious what visitation numbers are like and if price hikes or anything like that can help with the mix and when you expect that to be back up to full speed >> we have set forth a hypothetical to investors as to a full return by the end of 2022 to pre-covid levels of attendance what's happened along the way candidly, we're very pleased and will report our second quarter next week, which will give an insight into what we have actually accomplished in this year to date against those hypotheticals. we're very comfortable with where we are, number one number two, we've had indoor environmental quality standards since we completed the $165 million, 13 filters, active ioni ionization and we have reduced

concentration of crowds. as a result we are seeing far higher per caps as people purchase online with us and choose to upgrade for the experience. >> that makes sense. i've had that experience even at the local zoo recently anthony, thanks for your time. we appreciate it today. still ahead, if return to the office is back on track, is the return of business travel as well investors will be watching the commentary on that and united's earnings after the bell. you can catch us any time anywhere by following "the exchange" podcast. we're back in a moment we love our new apartment. plenty of parking, big closets- there's too much pressure in the bathroom. hey... good luck with the future in-laws tonight. don't overthink it. but don't underthink it. don't talk about your cover band. don't talk about your fantasy team. don't talk about your cats. you're gonna do great! at least geico makes bundling our renters

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welcome back united reports after the bell today. the shares are higher today but down more than 11% in the past three months with ongoing concerns about the delta variant, the street will be paying close attention to one travel segment in particular phil lebeau is here now with that story hi, phil. >> hi, kelly you know, the expectation is that we will see a loss from united really we'll see it from all of the airlines in the second quarter. but it's the commentary about what they expect in the third

quarter, in the fourth quarter, in particular with bookings and what kind of impact they might have seen or are seeing when it comes to the delta variant when you take a look at united's q2 report which comes after the bell, a couple of things first of all, will they say anything about reporting a profit in the month of june? what is the impact of the delta variant? has it slowed down leisure bookings what's happening with corporate travel bookings? passenger levels have increased over the last three months but it's down 20% to 21% i wouldn't say it's plateaued but it's not growing much over the last three or four weeks for united, the q2 loss estimate is for $3.96 a share don't get too caught up on that number, if they beat it, it won't be a surprise. i think the street is looking at whatever the results are in q2, unless it's wildly out of line they're not going to pay a lot of attention to. what they will pay attention to, commentary on the conference call and our interview coming up tomorrow morning on "squawk box"

with the ceo of united airlines, scott kirby. you do not want to miss what he has to say not just about q2 but what they're seeing in bookings for q3 and rest of this year. >> phil, debt levels, what do you think we're down from the peaks and roughly speaking percentagewise >> you mean how much more debt have they taken on or how much have they paid off >> how much have they paid off you have about three seconds to respond. >> a small percentage but frankly right now the debt levels are not a huge driver of momentum on the stocks. >> no, it's true, it's true. investors are trying to look past that. phil, we look forward to the results later. thank you so much. that does it for "the exchange." coming up on "power lunch" the ceo of ftx we're going talk to him about the bitcoin collapseig aer isreak rhtft

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usaa. what you're made of, we're made for. get a quote today. cynthia suarez needed to buy new laptops for her growing team. so she used her american express business card, which lets her earn extra membership rewards points on purchases for her business. now she's the office mvp. get the card built for business. by american express. good afternoon, everyone, welcome to "power lunch. topping the hour, the comeback rally. stocks making back most of yesterday's rout but does one key question need to be answered square pushing further int