whereas if you're in the middle class or higher, opportunities seem to be presenting themselves more and to tyler's point, that may be a whole wage inequality issue that has been exacerbated in the last 10 to 20 years more so than it was, say, back in the 1940s and '50s >> i worry about this with my children but i worry even more about the pursuit -- the persistent of democracy. i worry about social power >> that's what i'm saying. everybody does >> should we leave it on that grim note? >> let's leave it right there. dom, thank you thanks for watching "power lunch. "closing bell" starts now. >> we're going to focus on other things because that's too tough a question welcome to "closing bell." i'm wilfred frost. stocks extending gains putting monday's sell-off squarely in the rear-view mirror >> i'm sara eisen. earnings front and center today. dow component coca-cola getting a pop after beating earnings and

revenue estimates. also raising its full-year guidance much more on that coming up. verizon and another dow component rallying after beating on the top and bottom lines and adding more wireless subscribers than expected. and yields continuing to move off recent lows, the financial and energy names are getting a boost today. >> coming up, dr. anthony fauci on the record. we'll talk to him about whether the rise of the delta variant could pose a risk for the economic reopening you are very excited to have janet yellen last week i think you're more excited. >> i don't know more, but definitely looking forward to this i have wanted to talk to him for a long time. >> i have, too, but the level of enthusiasm is off the chart. >> you used to talk to him a lot when china had coronavirus and then once it started hitting here, it was hard to get him back >> so much to discuss. plus, thomas peterffy breaks down the company's earnings report and a read on retail investors mood ahead of robinhood's much anticipated

ipo. >> first, the big stories we're watching today mike santoli tracking the market action kay rooney following bitcoin as they tick higher back above 30k. mike, follow-through to yesterday's rally. >> yeah, fairly encouraging. we mentioned all the rally did was take care of monday's decline and left us around the levels we close last week. we've carried higher 1% over the all-time highs the market ran a very similar play to what happened in june and before that which is a quick sharp decline, single digit percentages, not even 5% to the close down to around the index's 50-day average then a big rally and a little bit of follow-through. one thing to keep in mind if we'll use june as an example because you did have about a 1.4% up day or something and then a 0.5% gain following that. it did get about a 5% move off that low to a new high but then it rolled here and you -- at monday's lows we were

essentially back to where the market peaked out in may, june my point is not that this is doomed the point is that it's a little bit of a kind of halting advance as we get to this phase of it and a little two steps forward, one step back. it's a little less generous and broad phase of the market but that's still progress if in fact, it keeps here. the defense of the down side is stronger we don't know how aggressive the market will get on offense take a look here still the cyclical groups leading this bounce because they had the most to bounce from. look how we all converged around the same spot at monday's close. banks industrials and mega cap growth, the big steady nasdaq tech names it's all blurring together but what you got to know is there's a lot more ground to make up by the cyclical groups but still a little show-me status on those cyclical groups because they did kind of roll over a few weeks back on the credit side we looked at this a couple of days ago where you started to see high yield

bond prices underperform treasury prices which means yilds were going down on the treasury side, not going down as much in terms of high yield. look what happened this is a six-month chart. when these prices converge, it tends to mean the spreads are actually widening out. so you want to see this -- you want to see the high yield maintain that premium over treasuries on a price basis and then it's rappelled here that's supporting what's going on in the equity market even if we're not likely to get right away back to the really, really tight historically advantaged spreads we got for companies not too long ago >> on monday, the big sell-off day, there was a lot of fear out there around the delta variant and breakthrough cases and whether that would slow economic activity as it's peaking we've talked to ceos of wyndham hotels, chipolte, coca-cola. none of them are that concerned or seeing any evidence this new

variant is hurting economic activity and consumer spending is that part of the rethink the market is going through around this whole resurgence in cases >> the monday fear, first of all, look, we all do this. we're probably retrofitting what the treasury market was doing and saying all of a sudden people seem to be afraid of this stuff. but i do think, yes, there hasn't been any confirmation that the economic trajectory is radically different now than it was a few weeks ago. yeah, i do think ceos coming out and saying we're not seeing it on the ground, not seeing changes in customer behavior we're still having bookings and all the rest of it i'm sure the focus on individual company results is a welcome relief from having to worry about the what-ifs of global trade and everything else. but i also think we -- it's possible on the dey-by-day basis to overstate how much people were afraid on monday in a very specific way to what's going on. >> mike, thanks so much. see you shortly. bitcoin on pace for its best

day in over a month. kate rooney is tracking the moves in a big bitcoin conference today >> hey, wil. bitcoin bounting back today. rallied around 23,000. investors in the past hour are closely watching comments today by three of the most influential people in crypto jack dorsey, elon musk and kathy wood the three are on a panel that i think is going on -- i just turned the volume off. hosted by the crypto council for innovation a lot coming out of this and a lot of topics. musk says that on balance he supports bitcoin but brought up the environmental impact of crypto mining. he owns bitcoin, etherium and dogecoin it's a combination of dogs and memes and talk about the irony of this becoming so popular. he also says tesla, of course, holds it -- or holds bitcoin on

its balance sheet. another headline, spacex also owns bitcoin as well talked about some of the accusations musk has been manipulating prices. here's what he said about that >> i might pump, but i don't dump so it's not a case of -- i definitely do not believe in getting the price highs and selling or anything like that. so i would like to see bitcoin succeed. >> musk has gotten a lot of pushback from the bitcoin community after announcing tesla would stop taking bitcoin payments for tesla vehicles. he talked about that and said they still want to do more diligence but says they'll most likely resume accepting bitcoin for tesla vehicles if you have bitcoin on an exchange, you don't really own it listen to this one >> in order to actually have decentralized finance, which i am a fan of.

i think it makes sense you have to own your private keys and you should be the only one who has the private keys. >> jack dorsey talked about square building its own bitcoin wallet to solve that particular issue. he also says bitcoin is working in emerging markets. things like remittances. calls it the currency of the internet and compared it in the technology potential to the early internet kathy wood, meanwhile, maintaining her bullish stance on crypto. she talked about certain apps built on top of blockchains like bitcoin. also arc is the closest thing to a publicly traded venture capital firm guys, back to you. >> that is some group. kate rooney, thank you 32k just in sight for bitcoin. a news flash on carnival cruise >> we're watching shares of carnival spark cruise line is raising an additional $2.4 billion in the

debt market. a yield of around 4 to 4.25% is what i've heard. that's a much lower yield than previous bond sales for context at the height of the pandemic, carnival raised multiple rounds of debt at a yield of around 11% to 12% it's a vote of confidence for the cruise line. it shows you how the market's outlook has evolved despite the risk of the delta variant. just something else i would mention. this is money able to use to buy back some of the costly debt it had to take out. shares up 9.6% sara >> near the top of the s&p seema mody, thank you. novartis topping expectations up next we'll talk to the company's ceo and what could be the next big drug in its pipeline you're watching "closing bell. dow up 277

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amoreisourcebergen, cardinal health and mckesson, what they'd pay. j sg j would pay up to $5 billion over nine years. now the total funding distributed is determined by the number of states and then localities that sign onto this so far new york has signed a deal 13 other states expressing support in the announcements today for this deal. you can see those there. we're already hearing from washington state they are not opting into this. they plan to take these companies to trial guys, this is a start. worth potentially up to $26 billion. but the final deal in whether this becomes final rests upon how many states and how many localities opt in. states have 30 days to decide and localities another few months after that. back to you. >> meg tirell, thank you pharma giant novartis reporting earnings beating sales and profit expectations. the company sees demand returning. the pandemic is impacting some areas of business including oncology and generics. the company expects sales growth

in 2021 to be in the low single dig digits joining us is novartis ceo vas >> great to be with you and great to see you well. >> i'm looking at you as a contra-covid indicator as people start going back to the doctor more and going to hospitals and getting surgeries. the demand for your treatments and therapeutics goes up what can you tell us on that front? where is that demand >> when you look at quarter two, we saw a resurgence of demand against many therapeutic areas across the board you saw that reflected in our performance. 9% sales growth. 13% core operating income growth why remain optimistic that even as we go through various waves of covid that health care systems learned we need to maintain care for noncommunicable diseases or we create another epidemic of these other diseases the two areas we continue to

see, lower rates of diagnoses are oncology where we're still trending 30% to 40% lower than pre-covid levels and in areas like cardiovascular disease. overall the trend is positive. >> so are you saying that the lockdowns were ultimately harmful for our health >> i think the signals that were sent that ultimately asked patients to stay away from emergency rooms, stay away from hospitals, it's sent a powerful message to patients not to get the care they needed may have been appropriate given the public health emergency but over time what that does is creates a significant need for better treatments for these patients cancer patients diagnosed later tend to have worse outcomes for cardiovascular disease patients that don't get the therapies they need. that creates more burden on the health care systems over time. i think it's critical now this time around we ensure that patients can maintain their care even as the pandemic ebbs and flows over the coming months

>> tell us about the radio gland treatment when it comes to cancer and the encouraging data you've seen there. >> we are really excited about this at the american society of clinical oncology this year we presented ground-breaking data on our lupsum. it combines a drug with a small radioactive microparticle which can target that radioactivity directly to the tumor. we saw very impressive survival benefits and progression survival benefits in prostate cancer patients. we've seen previously a similar effect on another cancer called neuroendocrine tumors. our hope is to expand this upon solid tumor. we've built the global infrastructure to take it on we hope to demonstrate over the coming years this will be a pillar of cancer care into the future. >> vas, to what extent are you

involved in production of vaccines and can you be more so we can really supercharge the production and shipping of these mrna vaccines in particular, get them faster into people's arms around the world >> yes, sara, we're trying to fully leverage our manufacturing capacity to support the global response we currently fill the pfizer/biontech vaccine in our manufacturing facilities in switzerland. we produce some of the upstream elements called plasmins for the mrna vaccines in our facilities in austria we're also prepared to offer more capacity. we have prepared to offer capacity for curevac now they're working through their filing we're working at fully leveraging that capacity as well with other manufactures are. we also produce monoclonal antibodies to treat covid for partner companies out of our singapore facility so we're doing a lot but also ready to do more if needed >> just pin it back to an earlier topic in terms of hoping to see people come back into

hospitals for treatments like cardiovascular and oniology. do you think in general people are waiting too heavily the caseload perhaps hospitalization load and death load from covid in general how governments are making decisions >> yeah, i think what happened is very strong signals were sent early on, stay away. we need to keep capacity for covid. and what that's done is created a hangover in the populations that's still reticent to come back and seek care particularly oncology where you need routine visits to identify cancers early and also keep patients on therapy. this time around, hopefully as we get vaccination rates up, even if we see cases continue to rise, we won't see the same burden on hospitalizations and icu utilization and we can keep it consistent message out to patients that they should get the care they need for their chronic diseases, get their routine screening and we can get them the medicines that they need to hopefully have a longer,

healthier life >> very quickly on the pipeline, you have a lot of exciting treatments what should we be watching the closest? what your most excited about, and are you investing in mrna? that's sort of the breakthrough technology right now >> yeah, so we are, of course, watching mrna but interestingly, the next big approval we hope to have soon in the united states is for a small interfering rna to treat patients who had a prior heart attack we're very excited about this. this could be one of the biggest medicines novartis has had the potential is to treat those who have had heart attacks and their cholesterol is not rnd control. what's magical about this using rna, small interfering rna technology is you only need to take it twice a year and see up to a 60% reduction in your cholesterol. this leads to significant benefits a major program ongoing soon hopefully to be launched in the united kingdom to take on

cholesterol lowering and we're working to do that in the united states a multibillion-dollar opportunity for the company p.vas, thanks for joining us >> thank you both. take care. when we come back -- jpmorgan giving jamie dimon an incentive to stay at the company r longer we've got those details, next. modern or reliable. we want both - we want a hybrid. so do banks. that's why they're going hybrid with ibm. a hybrid cloud approach helps them personalize experiences with watson ai while helping keep data secure. ♪ ♪ ♪ from banking to manufacturing, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm. ♪ ♪ ♪ 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

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jpmorgan chase is granting jamie dimon a special award of 1.5 million shares it reflected their desire to keep him for a significant number of years. it's not a typical restricted stock award. he'll only realize the value above today's share price. he gets access to them in five years and must hold them a further five years and they can be called back at any time based on conversations with sources at jpmorgan, this would have been done about 12 to 18 months ago if not for the pandemic people should read this as being a signal that the board wanted

to send back thens too who they wanted to be in charge for the next five years or so. they want dimon as long as he's keen and able and in a good place with other key deputies all committed for long periods of time at this stage. dimon was not present in any of the board discussions on this. final point for me on this i think there's an aspect of, let's just put to bed that debate of how many more years is it one, two, three, four, five and with it internally and people like you and i, will be it marianne lake, jennifer piepszak they are just trying at least give themselves a couple more years before we start making that the toing of conversation i don't think the money on this is what was ground-breaking and making dimon want to stay another three or four years. >> they'll still get that question and speculation -- so it's between the two of them >> still highly likely because

it's now four, five years. this will achieve that i had the question if they said five years again, made some promotions is it going to be two or three i think this doesn't make a difference in terms of people's thinking he's committed for a long time. it's, therefore, highly likely it will be one of those two, jen or marianne, both a bit younger, early 50s. >> because of jpmorgan, those questions will still be asked all the time and whether he wants to be president. when we come back, earn,s from texas instruments, las vegas sands all coming at the top of the hour. we'll talk to whirlpool's ceo after the numbers cross there. plus, dr. anthony fauci joins us with a look at the covid case count in both the vaccinated and unvaccinated individuals and what it means for the economic reopening a check on bonds yields are moving higher across the board giving some relief to some of those beaten down cyclical sectors values outperforming today energy at the top of the market. so are financials, materials and industrials. we'll be right back.

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30 minutes left of the session. just off session highs up nearly 270 on the dow let's check individual market movers shares of sleep number sinking today. the mattress company reporting a weak set of numbers. a miss on earnings and revenue supply shortages are hitting their sales. chipolte hitting all-time highs earlier off the back of their earnings they cited strength in digital

here's what chipotle ceo told us yesterday about that growth. >> i keep an eye on the absolute dollars that we're doing in our digital business because that continues to grow. we had the addition of the quesadilla our rewards program. so i think we're going to grow in absolute dollars from here but as our dining rooms come back we're seeing more people show up for lunch. we're seeing more occasions happen in the restaurant the percentages probably will change a little bit. >> that stock up 12% now really gaining throughout the day. up 4% yesterday. >> it was a pretty remarkable quarter which the reaction is also pretty amazing considering it's already been such a huge winner and already trading at, what, 65, 66 times earnings. next year's earnings already a premium values but they killed it and showed they had a lot of pricing power time for a cnbc news update with rahel solomon

>> here's your cnbc news update. in los angeles, harvey weinstein pleading not guilty four counts of rape and seven other counts of sexual assault. it's just a day after the convicted rapist was extradited from new york to face the new charges. a former columbus police officer is in trial for the death of andre hill. adam coy's attorneys are seeking to move the trial to another county coy filed on hill in the garage of a house where hill was an invited guest. a senate hearing on finding a pathway to citizenship for the nation's undocumented immigrant farm workers it's vital to the economy that citizenship should be offered. republicans argue it would worsen the situation at the border in milwaukee, the nba champion bucks replacing a sign on the forum that said history in the making with a new one that said history made they won their first championship in 50 years the owner's halftime a report

earlier had the hat on all smiles clearly a good time for that city i'll send it back to you >> understandably so congrats to him and to them. up next -- strategis research partner jason trenert joins us with his look on the market and where he's looking for opportunities right now. "closing bell" back in a couple. n from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today.

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the dow rebounding for a second day after monday's loss it's up about 0.8% today now in positive territory by 0.3% for the week also the ten-year treasury yield up to about 1.29 having, of course, fallen below 1.2

jason trennert joins us from strategis. thanks for joining us. it's amazing how quickly those pullbacks are in the rear-view mirror do you think that the second half of the year from here will be positive? >> i think it may be, but i think what we've seen the last couple of weeks, it's probably more emblematic of what we'll see in the second half of the year which is to say it's going to be more volatile. we're well past -- we're well into the second year of the bull market off of the march 23rd low in 2020. second years are always more difficult. and i think it's, my opinion, it's going to be more difficult because we're going to start paying for some of the massive amounts of stimulus monetary and fiscal stimulus in other ways. so far it's been a free pass we'll see in terms of ten-year treasury yields. but my bias is to think that they are going to move higher

and that's going to change the equation for stocks and stock pickers. >> so the catalyst then for some more of the potential volatility is, what, fed tightening or just yields moving up independently of that? >> i think, listen, i don't even think that's necessary in terms of what you'll get from real growth, even nominal gdp growth when i started this seemed so hopelessly viktorian now you'd use nominal gdp growth as what you'd use as your answer for ten-year treasury yields obviously, we're a long way away from that by almost any -- however you slice it, we're a long way away from that. so i think rates can rise without even the fed tightening. i think also, you know, you'll have a -- i think all policymakers have a harder time stepping away from the table, the combination, than they perceived because of things you've seen just over the last

week all sorts of concerns about whether it's employment or delta variant or health issues there are going to be some very difficult political choices, i think, even for the fed that have to be made in the second half of the year >> having said all of that, jason, you like energy, financials, materials and industrials, which is currently what's working in the market today. basically had been working until treasury yields started falling and then they got hit the hardest. >> that's right p. so you had lost faith there >> i have -- this is one of the things you -- when you're wrong, you're wrong. this is one of those issues where i thought higher inflation would lead to higher ten-year treasury yields. that was our general feeling at strategis and we're still of the view that it's going to stick here obviously, the treasury market is on a different page and we have to respect the markets.

we have to make sure that we're not whistling past the graveyard. my opinion is in time, treasury yields will reflect what we believe will be stickier inflation. having said that, what we saw earlier this week for the last couple of weeks is either a fear that we may make a policy error by maybe tightening too soon or that there's another spike in the delta variant or something else that's happening or geopolitical event so i'd say commodities and stocks are largely on the same page they are kind of telling you the same thing for the most part treasury yields tend to be a little bit of the outlier but you still have to respect it p. what do you have in your portfolio for protection at the moment, jason? >> well, you know, it's -- wilf, in my opinion, the best place to have some protection, largely, given what i'm afraid of is in basic materials and energy, believe it or not. because i'm most afraid of

inflation because of just the -- i think the combination that you've seen in the system. it is interesting to me that faang in many ways for a new generation of investors seems to be the new campbell's soup or the new proctor & gamble maybe i'm just too old, but in the old days you were worried about the economy. you would really move toward defensive sectors. and today i think for a whole new group of people that for them what is defensive are the secular growers, regardless of what the valuation is. so i'm not sure i think it was a great company. i don't have any interest in shorting them when the fed is keeping rates at zero. i think there are better places if you're worried of economic growth, my own opinion is i would probably -- this is not my view but if you're worried about economic growth i'd probably go to the more traditional defensive sectors, which haven't been working particularly well

>> utilities, reits and staples all down today jason trennert, thank you, from strategis. coca-cola out with earn,s today. up next what the company's ceo james quincy says about the state of the consumer and where he's worried about the delta adreeng hurting the opin tre. the dow up 275 that building you're trying to buy, you should ten-x it. ten-x is the world's largest online commercial real estate exchange. and it's fast. if i could, i'd ten-x everything.

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the action going into the close. mike santoli here to break down the crucial moments of the trading day. and ritholtz wealth management ceo josh brown back as well. we'll kick it off with the broader market stocks in rally mode second straight day dow, s&p and nasdaq have all recovered all of their losses from monday's sell-off how do you interpret the last few days monday we got this giant sell-off there were all sorts of concerns about key growth, stressed valuations, overheated sentiment, the delta variant and now it's the defy ers came in. it's back to value over growth and cyclical names what does it all tell you? >> well, at its low point on monday, the s&p 500 was only 3.6% off its all-time high and the median stock in the s&p 500 was down 8%. so as corrections or dips go, it was a very mild one. what made it feel different was that it accompanied news on the health front that seemed like a

big shift in terms of how we're dealing with the pandemic. along with, i think, the speed the vix really doesn't typically move that quickly for no reason. and there really wasn't a great reason considering forward earnings are at record highs forward revenue estimates at record highs and actually multiples for the stock market in the first half of this year have compressed. so it's earnings growth that's moved us up, not increased valuation. so it doesn't make sense to me i think i tried to do what a lot of people tried to do yesterday, sara, which is to say, what do i think is getting overly punished for no good reason and i found live nation down 18 points in the hole i found simon property group down a quick 20 points and that's what i concentrated on adding to. i didn't expect to get rewarded this quickly but again, the market is giving people a lot of opportunities to, i think, play these rotations by adding to stuff

they feel they've missed out on. now just quickly today, look what the worst performing stocks are in the s&p outside of netflix. all consumer staples smuckers down big. mccormick, church & dwight ball corp, clorox. that's what people buy when they think the pandemic is about to reoverwhelm us if you're trying to chase the one-day moves, it's a harder game the gam i'm playing makes more sense. buy the stuff you really want to be in. not the stuff you think offers you short-term protection. >> mike, is one of the takeaways that any dip of more than 3% is a buying opportunity it has been throughout the course of this calendar year >> it absolutely has been. i think that sort of your default assumption from here on out, i think, unless you see financial conditions tight chen is to say credit markets acting up, unless you see material change in the data or let's say policy expectations, something

that's driving it beyond just the rotations and slippage in that process yeah, i guess so it's a bull market no doubt i was saying it's a less generous one the question coming into this week was, the weakening participation to the upside. the weakening breadth of the market all the cyclicals falling away how will that be reconciled? is the s&p going to come down to meet it or is this magical rotation going to keep going you have this dip in the s&p and we rotate higher >> let's hit coca-cola, up 1% or so this falls into the much better than expected earnings category. organic sales growth up 37%. volumes have recovered now just below 2019 levels and revenues are above those 2019 levels. coca-cola raising sales and earnings guidance and -- which also signaled confidence despite new concerns around covid. the ceo james quincy telling me, we're in the quote, euphoric phase of people going to

restaurants and splurging, the reopening is happening the at-home business isn't going down to offset it. he points to u.s. and china as the strongest markets because they're both in the reopening phase and got a lot of stimulus. quincy credits the success to some moves he's made during covid to reset the business and reposition it. for instance, coke halved the number of brands in the portfolio. just killed off a lot of them. shut down marketing at one point completely and turned it back on doing it much more efficiently and they've invested in innovation like coke coffee and hard seltzer which results are early but seem to be working as for the delta variant and whether this will have an impact, quincy looks at it like the uk as a template cases are skyrocketing but hospitalizations are only increasing slightly. if that's the case in the u.s. he doesn't see it interfering with reopening and compared it to the flu in that sense

this is a company that got hurt on covid and on the closing of bars and theaters and sports games and restaurants and obviously is being helped by that now and has managed to grow market share they are growing better than the overall category >> the question is how long can that double-edged party continue of reopenings plus still at-home sales going well >> they'll not have results like this this was a reopening quarter but what they're showing is that they're back to 2019 levels and can potentially grow above it if the company line has been, we put in place measures to improve. we've taken the covid opportunity to reposition our place in the market, which a lot of companies have. some of the best companies have because they have scale and are able to do that where their smaller competitors can't. coca-cola has done that in a big way. i'm surprised this stock is only up 1%. yes, it ran up ahead of it >> the stock has helped his valuation. it's not as if the stock was punished at a real discount for very long. that is one of your answers. 3% yield it matters for the coke shareholder. it's still got a slight premium

to pepsi even if you look at it. >> also staples aren't so hot today. >> they better go up next year and probably will because the next quarter of next year is supposed to be down from this year you have to see how this will flow through expectations for what's to come in an economy that should be growing pretty well p. united airlines shares taking off after reporting better than expected quarterly results. phil lebeau has those. >> nice day for united and all of the airline stocks. in terms of united, the outlook is pretty upbeat across the board. q3 and q4, the company expects sustained profitability. some on wall street expected the company to say, yeah, we may be losing money in q3 that's not the case here corporate bookings are improving. the delta variant, according to scott kirby, it's not hurting their bookings here he is this morning on "squawk box. >> we don't see anything in our bookings data. every day bookings get stronger and stronger all of our conversations with corporate accounts say that

everything is continuing unabated they expect to open offices in september mostly and come back and i think the most likely and logical outcome is that we continue largely unabated. >> take a look at shares of united today with southwest, alaska and american airlines where we're showing you america, alaska and southwest because they report their quarterly results tomorrow after the numbercomes out from american, tomorrow morning on "squawk box" we'll be talking exclusively with doug parker you do not want to miss what he has to say and later on in the day during "the exchange," we'll talk with the ceo of alaska airlines and, like many of the carriers, as they report these results, guys, it's not about the second quarter. it's about the outlook and what impact they are seeing in terms of the delta variant for bookings in the third and fourth quarter. >> phil lebeau, thanks for that. josh brown, we talked about how quickly the markets bounce back from the fears on monday but regardless of that and the

initial dip, it seems the economic reopening pace when you hear from these airlines, you hear from hotel operators hasn't even flinched. >> here's the thing that i'm going to say that like 99% of the people won't say and the reason they won't say it is because it's unpopular politically and it's an ugly subject but we learned this in 2020 and what we learned was for most publicly traded companies, not all but most, there is a socio economic difference between their best customers being hesitant to respond or hurt versus customers in a lower income bracket who you need more of them to add up for it to make a big shift or a big difference. put walmart and target aside why that's important is when you saw apple products flying off the shelves and you saw demand for amazon web services flying off the digital shelves, that's

because their customers were not losing their jobs. their customers, fortunately for the customers, weren't working as bartenders and waiters. they were business owners, doctors, lawyers and professionals. so the answer to that riddle y all of a sudden is this delta variant turning out to be extremely contagious and scary but none of these stocks are acting like it's a huge problem? the reason is because the kind of people who are going to spend money at marriott or a jw marriott resort or whatever, they're vaccinated and the places, the clusters of the country that are having these really bad outbreaks quite frankly are not the consumers that many of these companies are relying on to buy a first class plane ticket, for example. that's what's going on i don't think it's a good thing. i hope more people get vaccinated we don't have these clusters but the stock market is not sentimental. it doesn't care about that distinction. it just says, okay, most of the

customers are not going to be affected therefore, travel should be fine and i want to stick with these stocks and that's what i think we're seeing here. and it's sad but true. >> still, airlines are 18% off recent highs but i take you point. less than 1% from all-time highs. netflix, shares rnd pressure after weaker than expected subscriber growth forecast julia boorstin with the details. >> that's right. netflix's q2 subscriber numbers did exceed dampened guidance but the outlook for third quarter subscriber growth fell far short of expectations. that putting pressure on the stock driving it down about 3.5% today. but the co-ceos talked on the call about potential in offering games to improve the value of the subscription they also said that media consolidation has not had a negative impact on the success of their business. >> these are all the same players we've been competing with from the beginning.

just through different channels. so i think in general that doesn't change in terms of what the offering is. and in terms of access to that offering, netflix because of the size of our distribution platform and our ability to connect creators with a big audience has always been a big help >> more than three quarters of analysts have a buy or overrate on netflix the new content that is set to launch in the fourth quarter as a key catalyst wilf >> jeweulia, we have a news alet >> the republicans ps blocked an attempt to move forward on the bipartisan plan in the senate. they are close to a deal with democrats but not quite there yet. this procedural move needed 60 votes in order to pass 49 democrats voted for it. all 50 republicans voted against it senate majority leader chuck schumer had to vote against it as well in order to bring this

back up later. that means this bipartisan plan is not dead just yet senators are hoping they can reach a final deal by monday and we even saw democratic senator mark warner and republican susan collins, two members of the negotiating team talking, laughing, chatting on the senate floor as this vote was going on. we're expecting the bipartisan senate negotiating team to issue a statement later on today, but for now, this test vote on the bipartisan infrastructure plan has failed back over to you >> elon mui, thank you not sure that headline had much of an impact. >> seems like not issue one for traders. at least not right now internally, another strong day nls yesterday's very, very strong breadth day almost 90% of all volume to the up side. something comparable, not quite the same today and hard to ignore that kind of burst of demand that you're seeing here, even though we see a lot of extreme readings in the

current tape look at consumer staples versus discretionary, equal weighted on a month to date basis. close to even but that same story. the cyclical stuff like discretionary has to bounce to meet where staples were. neither one of them leading this month. look at the vix as well. we've declined below 18, normalizing after that little kind of spike of fear that we saw a couple of days ago doing what it's supposed to do with the market. 1% from an all-time high receding rapidly >> sara mentioned nice jump in the final 10, 15 minutes takes us near the session highs as we approach the close up 0.8%, 0.9% on each of the three major indices. russell up double that 1.8% energy the best performing sector up 3.5% today taking that back into positive territory.

-- 4.5% today, still down on the week by 2.5% next best sector is financials at the close, the nasdaq up 0.9% s&p and dow close up 0.8%. the crowds are back at the nyse strong finish for stocks welcome back to "closing bell. i'm sara eisen with wilfred frost and mike santoli a spurt into the close up 285 on the dow. biggest contributor, goldman sachs adding about 60 points to the index. up 0.3% on the week for the dow. second day of gains in a row

s&p up 0.8%. the cyclical and value-type sectors that took us there industrials, financials, materials, industrials, those type of names. the nasdaq closing up 1 full percent. some nice performance from technology nvidia, facebook, google as well apple was actually a loser today. so was tesla the russell 2000 small caps roaring back from recent slumps up 1.8% in the close this does put the s&p 500, by the way, less than a percent away from its all-time high. about 0.8% or so get set for another big hour of earnings texas instruments, csx, the railroad company, las vegas sands and whirlpool. those results all just moments away we'll break down all the numbers. plus whirlpool's ceo will break down his company's results and discuss whether rising commodity prices are impacting the business then, national institute of allergy and infectious diseases director dr. anthony fauci on

how the coronavirus vaccine and breakthrough cases could impact the economic ghback. also josh is still with us first, over to you, mike didn't seem like any major catalyst away from the big sell-off on monday just continuing to buy the dip and -- >> i wouldn't say major catalyst i think it was a matter of the market bent slightly didn't break we've seen this pattern before strong rally to come back yesterday and no real switchback in terms of what treasury yields were doing more lift there. the capital markets were relaxing from that flinching that we did on monday. completely willing to hear that the driving down of the 10-year treasury yield to 1.12 the other day was mortgage hedging that ran its course technical. demand with the story line on top of it we have this global scare about delta. i think all of it is in the mix.

that's the explanation for two days later it's like, okay, i guess we were worrying too much. plus, you know, we're still vaccinating half a million people a day and people -- that's not stopped just because of this. all that is in the mix it's mostly a bull market acting like one and today was the average stock beating the s&p for once which has been the comeback pattern not what got us into the highs >> chris, still quite bullish? >> yeah, yeah, we're with mike mike nailed a lot of the paints. the first point i would make is an additional point, the fact this is a middle-aged bolt you'll get a lot of sector rotation, industry group rotation second guessing, skeptical moves. volatility spikes that happen once in a while. but the reality is the underlying benefits of profit growth, revenue growth that is surprising yes, everybody knows that there was going to be big beats. yes, everybody knows it's driving the interplay between tech and financials.

when you get rising profit cycle, you have extreme liquidity and you have companies with the ability to control operating leverage, despite the fact that you have a lot of price hikes in the input side of the equation and you have excess savings. this is a middle aged bull market that still wants to run >> so what do you buy on the weakness >> yeah are of the view that most people are still holding on to a lot of the technology and health care or growth side 5of the equation which we believe is fine because we want to barbell. we're buying on weakness where the cyclical side tends to take a break or even the travel, leisure and entertainment areas because the reopening still really isn't gathering as much momentum as we all want. not just in the states but globally we're going to buy the cyclical more on weakness

>> texas instruments the earnings are out the stock is down. josh lipton, why >> texas instruments reporting q2 results 205 on the bottom line unclear if that's comparable to the 183 the street was looking for. revenue versus $4.35 billion the street was looking for there in terms of guidance for q3. between $1.87 and $1.13. 1.97 and q2 revenue 4.4 and $4.76 billion. street was at $4.6 billion turning to the segments. $4.36 billion. embedded processing $780 million. this call kicks off at 4:30 eastern. back to you, wilf. >> basically up 3% in the regular session. mike, it's been sideways the last couple of months but had a dece

decent year. >> decent year not the driver of the semis. there's a reflex sell after the rally we had today it's another stock where really got to get some color about how next year is shaping up because at least in the published consensus estimates, there's a sharp slowdown coming for names like texas instruments they may be steal estimates but we're to that time of year where it's going to matter a whole lot. what they have to say about production and chip shortages, very important for texas instruments. >> i want to talk about nvidia a lot of people are watching that as a leader it fell last week ahead of the big downturn it rose on the day that stocks were down. how do you view nvidia right now? >> it's the best technology company on planet earth. i don't even think anyone would argue with me on that. last week it made it into the ten largest u.s. companies by market cap so now it's up there with like google and jpmorgan.

so i think the success of the company is inarguable. what's arguable is the valuation. that's the only legitimate thing you can say about whether or not to own nvidia. the problem is, if you have been saying that over the last eight years, it's routinely been one of the most expensive stocks in its category and it has continually gone substantially higher it's up about 12%. i tend not to look at the day-to-day i accept a lot of volatility from being a shareholder here. the software platform they've built for ai applications is probably the least known about part of the company that has the biggest implications for the next 5 to 10 years so we are all aware of the gpu business the data center business the cloud business on and on. i think the fact that they have built the de facto standard for ai software that every other company is going to have to build their stuff on is really the key here if you want to stay

long the stock from here, which i do >> josh, one point that you just mentioned there, and i know anyone that's threatened too much about p/e multiples over the last decade has been wrong and had terrible performance because of it but does it keep you up at night thinking that might change at some point in the future or do you think it continues forevermore that high growth and momentum dominate as yields rising, is that something that could trigger that transition? >> yeah, well, it will definitely change. there's no way that five years from now this and many other companies in its cohort will be selling at a multiple as high as they are now the history of the market tells us that's virtually impossible completely unheard of, unless a company reinvents itself out of the blue which i don't think is the story here so that should not be anyone's expectation. the expectation should be that earning growth and cash flow

generation and eventually when they need to, buybacks should offset the high multiples of today and gradually bring them down you should still be able to do well as a shareholder. but i think they're earlier in their growth phase than most people might be thinking because of these new verticals they're going into quite frankly inventing new verticals that have never existed before that have the potential to revolutionize the world. this is just the way that i choose to express that bet that the future is going to be radically different than the present. and, by the way, i'm in several debates with people throughout cnbc, intel versus nvidia. like the p/e ratio there are things more important than trailing 12 months earnings when selecting securities. i know that's radical. so, no, that part of it doesn't keep me up at night because i think they can outpace the high multiple with their innovation and future profits >> let's get to csx numbers.

>> shares of csx up about 1.5% after a beat on the top line and bottom line. the eps number, 52 cents a share. part of the eps result was due to a sale of some land to the state of virginia. still looking at the numbers right now. still, strong revenue growth 33% revenue growth one of the highlights, revenues for automotive shipping more than doubling. 132% growth. also its operating ratio that's an eefficiency metric last quarter 63% this quarter 43% the lower the better similar to margins for a retailer shares of csx up 1.5% after a beat on the top line and bottom line back over to you >> frank, thanks for that. our thanks to josh brown and chris hyzy for joining us. up next, thomas peterffy and dr. anthony fauci on the

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so you can watch in stunning 4k ultra hd. interactive brokers out with earn,s yesterday eps in line. jumping customer accounts from last year. the stock closed up about 0.5% today. the chairman thomas peterffy joins us in a first on cnbc interview. thanks for joining us. >> good to see you, too. thank you for having me. >> so really interesting details rnd the surface here for you clearly accounts as we just mentioned up drastically showing really the sort of benefit that you've saidly enjoyed over the course of the last year. is it fair to say that volumes on a quarter over quarter basis are down again, highlighting the things are great but perhaps not quite as great as they were a couple of months ago? >> yes, volumes came down from a

rate of 3.3 million shares a year to 2.3 million shares i mean, per day. daily number of trades 3.3 million versus 2.3 million that's a big drop, yes >> but the account openings obviously very strong. so can that continue the growth of more customers joining you even if the level of trading continues to slide a little? >> well, we believe that our growth will continue at the rate of 30% per year, but, of course, that's nothing compared to robinhood's numbers, right the idea that they have opened 4 million new accounts in the second quarter alone is -- just staggers the mind. >> i was going to ask what you thought about robinhood's ipo filings. we've got a peek under that hood and what it means for you to

have that competition go public. >> well, you know, our customer base is extremely different. the average rob onhood account has about $4,000 our average interactive broker's account has $250,000 so they have 15 times as many accounts as we do, but we have four times as much money as they have so it's just completely uncomparable it's very, very different. but i think it is great that they bring so many new people into the markets and these people learn about stocks and corporations and how they work and the economic realities i think they are doing a fantastic service to the country. i think it's great >> what do you think about the valuation, thomas? would you buy some of their

stock in the ipo >> so i'm a value investor basically. i would not buy the stock, although if i could get 100 areas somehow, i would do it just to see what kind of communications i get from the company. so maybe i'll open an account, yes. >> just quickly as well, and i know that you're about to launch crypto trading talk us through the timing on that and whether you think it's marking the top for the -- i know your clients still want to trade the asset, but do you think there's quite a lot of signs at the top for crypto? >> so, i don't know about that, but i do know that our clients expressed an interest that they would like to have some crypto in their investments and i

completely understand that and i myself have put a bit of money into crypto because even though chances are i think that this is not going to be a viable market, i think there's a small chance it will be a dominant currency so, you know, you have to play the odds >> thomas peterffy, always good to have you and add color on the quarter. thank you. interactive brokers chairman >> thank you very much when we come back, las vegas sa sands numbers. contessa brewer has that p. we're seeing a miss. revenues coming in at $1.17 billion. the street expecting $1.4 billion and loss for share of 26 cents versus the estimate of a loss of 16 cents let's talk about why this is before the pandemic, you had macaw and singapore making up about 90% of las vegas sands

revenue. macau is still operating under strict covid restrictions. you still have social distancing, restrictions on travel from hong kong. guangdong neighboring province just opened up a miss on the adjusted ebitda for the property a key earning metric macau coming in at $132 million where the street was expecting more than $168 million same thing with marina bay sands. an vrpt important for las vegas sands. and las vegas, which has been booming, las vegas sands has sold to beachy and apollo for $6.25 billion. they expect that deal to close in december. we'll get more on the call coming up in about ten minutes right now you can see the stock off 2.3% >> contessa, thank you back to mike santoli for a look at the question of cash on

the sidelines. mike, what do you see? >> in absolute terms, there's a tremendous amount of cash on the sidelines. as long as i've been doing this, one of the bullish arguments is a lot of that cash may be coming into the market. therefore, the equity market is cushioned. you see total money market fund assets huge spike, obviously, during the pandemic as people stopped spending started to save more to pay down debt got stimulus checks. up $4.5 trillion enormous number. look at that compared to the total number of u.s. stocks and what it looks like is on a relative basis, it's low it's near historic lows basically tracked by ned davis research here. it's around 10% of total u.s. equity market cap here and you can see we've seen that -- we've seen it lower. not tremendously lower but here you go the year 2000. late '90s, year 2000 peak. somewhere in the late '80s as well and then not just a couple of years ago got down near 2018,

too. so the point being, sure, a lot of that cash might come in but just less material for how high stocks are right now and how much that can necessarily move the needle, guys >> mike santoli, thank you up next -- whirlpool's ceo joins us to talk about his company's earnings they raised guidance and are looking very strong. he'll talk about higher demand and higher commodity prices are impacting the bottom line. plus, nih's dr. anthony fauci from the white house on whether rising covid delta variant cases could lead to another economic shutdown if more americans don't get vaccinated we'll be right back. new customers get our best deals on all smartphones. that's right. but what if i'm already a customer? oh, no problem. hey, cam...? ah, same deal! yeah, it's kind of our thing. huh, that's a great deal... what if i'm new to at&t? cam, can you...?

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whrlpool just out with earnings posting a beat on the top and bottom lines $6.64. estimates worth more like $5.90. revenue also came in higher. $5.32 billion versus expectations of $5 billion the company is also lifting its full year guidance due to strong demand and price hikes joining us for more on a first

on cnbc interview is whirlpool chairman and ceo mark fitzer welcome back to the show >> thanks for having me back >> the guidance lift on earnings looks especially substantial here you lifted revenue as well talk about what's working for you right now. >> of course we all know what we're up against which is largely q2, the covid quarter, but i would argue our results were impressive by definition. 32% revenue growth growth also against 2019 we had 1.4% ebitda margin. we can operate well in what i call an upside down environment. furthermore to your earlier point, we raised guidance, again, which i think shows we're confident about consumer demand. we're not naive in terms of some of the challenges will go away quickly but we know what whey can deal with and put actions in place to take control of what we can control and that gives us

the confidence we'll have a very, very strong year >> talk to us about pricing. how much more are consumers paying for their appliances and it looks like you have some pretty good pricing ability here to pass that on. your ebitda margin expanded even though you're seeing cost inflation. >> obviously, first starts with why do we have to raise prices the costs are increasing and we saw a fairly significant wave of inflationary pressure coming at us we talked already about that in the prior earnings call. so we knew raw colors were coming we announced, i would say successfully executed fairly significant and wide-ranging price increases. anywhere in between 5% and 10% we receive benefits of price increases which we executed in a very disciplined manner and so we're in pretty good shape from that perspective >> europe looked particularly

strong. >> yeah, obviously, europe, and we got to always keep in mind baseline effects europe was last year more impacted by the covid shutdowns and store closures than u.s. was. home improvement were still open year over year comparison, europe looks very strong having said that, in absolute terms we're very pleased with where we've been doing and going in europe on a sequential basis. on the right trajectory. revenue growth is strong we feel good about the momentum which we have not only in europe and north america, but -- >> for the u.s. in particular, marc, how much does this is a about the strength of the housing market and this boom coming out of covid, and how long do you expect that to last? >> short answer is we're very bullish from the housing market. now we all read headlines around the housing markets starts cooling down and i sometimes scratch my head. what we see sometimes is just the housing market is not overheating and starts to correct itself to what i would call healthy, sustained

long-term growth and that's a good thing. and ultimately driven by consumer demand is strong and we shouldn't forget and lose sight of the fact the housing market has been undersupplied for decades. we've been arguing it will take several years 26 of 2 million-p housing starts and 1.6. so in a long-term perspective, you just can't think the housing market will remain strong and right now what we see little ups and downs, the housing inventory or lack of it, which explains a lot of issues which we saw >> marc, thanks for joining us good to see you. >> thank you, wilfred and sara president biden's chief medical adviser dr. anthony fauci on whether mask mandates and covid vaccine boosters could be on the horizon as the delta variant cases surge.

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welcome back time for a cnbc news update with

shepard smith. >> there's a massive fight in progress over the investigation of the capitol insurrection on january 6th. kevin mccarthy said he's pulling all republicans from the committee investigating after speaker pelosi rejected two of mccarthy's picks specifically indiana's jim banks and the ohio representative jim jordan speaker pelosi cited the integrity of the probe both banks and jordan are trump allies who voted against certifying president biden's election victory livafe expectancy dropped in the united states. it's the worst decline since world war ii that's according to the cdc. hispanic and black americans hit the very hardest with life expectancy dropping three years for those groups and two simultaneous shootings in downtown milwaukee sent bucks fans running for cover last night as they all

celebrated the nba team's championship win the first in 50 years. cops say three people were hurt in it all. they arrested two individuals and say they're still searching for other suspects tonight, in our week-long series "crime in america," we'll hear from the new york mayoral candidate and former police officer himself, eric adams, who said this week that new york city has become a place where lawlessness is the norm. i'll ask him for his plan to fix that, plus gun violence and police reform. we'll be searching for solutions on "the news" right after jim cramer, 7:00 eastern, cnbc sara, back to you. >> shepard smith, thank you. when we come back, new data from the cdc showing the highly infectious delta variant accounts for 83% of all cases. after the break, dr. anthony fauci on how this could impact the economic reopening "closing bell" will be right back if your money is working toward the same goals,

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ah, they're getting so smart. choose the app that fits your investing style. ♪♪ ♪ ♪ ♪ cisco. the bridge to possible. covid cases spiking across the u.s. with a seven-day average now at nearly 37,000 in more than 50% jump week over week the delta variant driving the move higher. now accounting for 83% of new cases according to the cdc joining us here for a first on cnbc interview is dr. anthony fauci, director of the national institute of allergy and infectious diseases, chief medical adviser to president biden. welcome back to the show, dr.

fauci. good to see you. >> good to be with you >> clearly, these cases, deaths and hospitalizations arein inno- predominantly in unvaccinated individuals. how concerned are you in light of some of the new questions about the j&j's shot effectiveness against delta about the vaccinated people getting the delta covid-19 variant? >> well, the good news about vaccinated people are, if you look at the protection against severe disease leading to hospitalization and unfortunately sometimes death, the vaccines still work really quite well against the delta variant. we are concerned we're seeing more so-called breakthrough infections that's something we obviously don't want to see. we're dealing with a highly transmissible virus. this virus is clearly different

from the viruses and variants we've had experience with before it has an extraordinary capability of transmitting from person to person if you look at the so-called breakthrough infections which by definition means infection in someone fully vaccinated, that usually the overwhelmingly vast majority of these infections are either asymptomatic or mildly symptomatic which is compatible with the fact that it looks very much like the vaccines do continue to protect quite well against hospitalization and even against the delta variant. >> what about transmission what do you do if you're someone like me with two toddlers at home and have been going out to restaurants and going back to work do we need to change our behavior because we're seeing breakthrough infections on the possibility that we could transmit them to unvaccinated kids >> that's a question that's very appropriate and keeps getting asked over and over again. the broad overall cdc

recommendation is that if you are vaengccinated you are proted and don't need to wear a mask indoors or outdoors. but many local authorities, and the prototype example of that is l.a. county. los angeles county, which because of the high level of transmission and infection there, they are saying that if you are fully vaccinated, even if you're vaccinated, it's suggested that you wear a mask when you are indoors in a situation where you have a level of dynamics of virus in the community that's high. so i'm not sure exactly where you are or what the dynamics are in the region that you are, but you might want to consider if you want to go the extra mile of safety even though you're vaccinated when you're indoors, particularly in crowded places you might want to consider wearing a mask >> why shouldn't we just have the national mask mandate again if cases are spreading in every state in this country among the

vaccinated and unvaccinated in particular >> well, that's a question thatd appropriately. i don't think that we're going to sigee a central mandate for masking because there will be a lot of pushback on that. i do think you will be seeing there will be local mandating. mainly situations like colleges and universities saying, unless you want to be excluded from coming in, you have to get vaccinated or even a business enterprises might be saying that i think as the vaccine gets fully approved by the fda as opposed to just the emergency use authorization that you are going to see a lot more local mandates it's unfortunate about people sometimes say, well, it hasn't been fully approved. the data is so overwhelmingly positive for these vaccines that i would be astonded if they're not approved you never want to get ahead of the fda.

that's their decision. but i'd imagine that we'll see approval of these within a reasonable period of time. >> so possible to see more local mandates when it comes to mask wearing over the months ahead. what do you think about stricter measures than that what are the chances we go into more forms of lockdown again >> you know, i don't really see that, wilfred, on the horizon right now. what i do see is increased testing and increased local mandates and a big push to get people vaccinated the frustrating part about this from a public health standpoint is that we have the tools to stop this. and if we do get more people vaccinated you'll start seeing a down tick again in the infections it's really quite frustrating. these vaccines work well against this virus, including the delta variant. we just need to get more and more people vaccinated and hopefully we're starting to see

perhaps a change in that people -- be they people on tv and others who have been saying that they're not particularly enthusiastic about vaccination are now starting to change a bit and starting to recommend to people to get vaccinated >> with that in mind, dr. fauci, you used the term public health. does it become actually a primary health issue for those who have not chosen to get vaccinated, such as if you see deaths pick up later in the year we shouldn't react to them in the same way we did last year before it was just broadly a public issue and there was no real debate as to the decision-making of individuals >> well, you don't want to see anyone get seriously ill and die. you don't want to say, well, i told you so. you should have gotten vaccinated that's certainly not what i would consider an appropriate public health attitude what i would try to do is get people to look at thedata, and the data are really striking

in the united states, 99.5% of the deaths from covid-19 are among unvaccinated people. that is a statistic that just speaks for itself. that if you are vaccinated, you are accounting for an extremely small proportion of the people that are vaccinated. if you are unvaccinated, you're counting for it, 99.5% of the people who die from this virus >> where are you, dr. fauci, on how rurgently we might need a third shot or second shot if you got the j&j vaccine and whether it's the same one you got or something that directly targets delta? >> again, that's a question being frequently asked we are looking now at the data of what we call the durability of protection. you are talking about boosters on the two scenarios one is a person who has had initially a very good immune

response, but you want to make sure that it lasts and you don't know whether it's going to be eight months, a year, year and a half, so you follow individuals both for the laboratory data that can serve as a surrogate or parameter of immunity and protection or you look clinically as to whether or not you're getting more and more breakthrough infection the other reason for a booster, which is being considered and being tested, is that those people who have underlying conditions are below immune response namely transplant recipients or people receiving therapy for underlying diseases like cancer or autoimmune disease. those individuals may not have had a very adequate immune response to begin with and what you need for them is maybe an additional shot that is part of the total part of their regimen. so there were two reasons for that both of them we are pursuing in trying to find out to whom, when and if they should be given a

booster vaccine. that's a work in active progress right now. >> dr. fauci, what's relatively speaking more important. helping the developing world get their first shots or making sure americans have the option to have a booster shot where necessary? >> well, you know, i get asked that question a lot. it's an obvious question, and i think we're capable of doing both i think if we put resources into it and all of the countries who have resources, the developing world puts in enough resources to help the low and middle income countries to get vaccinated, i think you can do both i don't think it has to be a choice one or the other. >> what happened to herd immunity, dr. fauci? or did that just go away with these new delta variants >> no, i mean, when you have one-half of the entire total population of the united states that's been vaccinated, meaning the other half is not, even when

you include in the other half people who might havebeen infected and might have some degree of protection, we still have not reached that critical area where you have a comfortable blanket of protection over the community. and that's the reason why it isn't whatever happened to herd immunity it's why are not more people getting vaccinated so we can reach herd immunity. the easiest way to get to herd immunity is get the overwhelming proportion of the population vaccinated >> so do you have a projection for when we might see that given what we're seeing of delta >> you know, i think it's impossible to project. we've done very well with vaccines, particularly among the elderly. more than 85% of individuals 65 years of age or older have received at least one dose we know when you look at adults that we are now close to 70% of 18 years and older who received at least one shot. so in some respects, we're doing

very well. what we've really got to do better, and i can't project when we'll get there because we still have to get to the point where we're convincing a lot of people who are being recalcitrant to getting vaccinated to turn around and get vaccinated. >> if we were to rewind the clock, dr. fauci, let's say, six months or so, when you knew that the other variants to come, but you didn't know precisely what their characteristics would be, how bad are the characteristics of the delta variant, relative to your worst fears six to 12 months ago and do you think there will be almost inevitably another worse style variant to come down the line, or if we do manage to reach herd immunity in the months ahead against this variant and others, could we be home and dry before that kind of worse scenario emerges >> all very appropriate and good questions. the fact is that this is a nasty virus. it has the capability of very

efficiently spreading from person to person so six months, a year ago, we were in the situation where we say we hope we don't get a variant like that. unfortunately, we do the second part of your question is, what about additional variants that might be even worse? well, there's a very, very important tenet in virology. and that is that viruses don't mutate unless you allow them to replicate and spread in the community. you give them ample room, ample time, ample opportunity to mutate and get a new ariant. so the easiest and best and most effective way that we can prevent the emergence of a new variant and crush the already existing delta variant is to get everybody vaccinated so as i said before, we have the solution within our grasp. we just got to go for it >> how do you, with all of that

in mind, have any foint advise the president to mandate vaccinations >> i don't think you'll see a central mandate. i think there will be a reflex pushback from that but what i do see in the future, local mandates local businesses, local universities and colleges so that if people want to do things and be able to participate in activities, they will get vaccinated by a mandate. but i don't believe it will come centrally from the federal government >> do you think covid will ever become less virulent and become something like the common cold in the future, or is it always going to be a dangerous and aggressive virus >> i think within the immediate future and within our future, i would say within my lifetime, it will likely not going to all of a sudden peter out and become the common cold. if you look back at the history of viruses, it's conceivable

that the four common cold coronaviruses that we've been dealing with for decades before we ever had sars, that at one time in the history of civilization, they broke out as a pandemic and then over many, many, many years, adapted to the point where they are relatively benign it's conceivable that this will happen, but i think it's going to take more than a year or two. >> to that point, my final question, they are monitoring 200 people for monkey pox. there's only one case in this country but the cdc is obviously following it are we in a new normal where we have to worry about more aggressive and more deadly viruses than we have in the past >> well, you know, as you know, that's been what i have been doing for the last 40 years is responding to and preparing for the outbreak of emerging infections and we will continue to see emerging infections whether it's something like monkey pox or

influenza or sars or ebola those things happen. so that's the reason why you have got to be prepared for it and you've got to be able to adequately respond to it >> in terms of more opening up, dr. fauci, whether it's international travel or any local rules and regulations, what would you advise people to hit pause on that for the months ahead whilst we fully grasp what's going on with delta, or do you think, in fact, as you've outlined that, depending on your phraseology and spinning of it, the vaccines are working against a variant that's much worse than what we have seen in the first place, which is a great place to be >> in some respects, it's a good plac other respects we are dealing a formidable virus so you know, we really do have a choice i keep saying it every which way because it's true. we have the capability of crushing this virus if we, in

fact, get the overwhelming proportion of the population vaccinated i mean, there are certain things that we certainly can do right now. we are much, much better off than we were when we had that extraordinary spike in the late winter and early spring of last year of this particular year when in the fall and the winter, the end of 2020 and the beginning of 2021, we're not anywhere near there, but in order to keep us even more safe, we've got to do better with vaccination. that's the solution. >> any vaccination, or would you tell people to choose one over the other given what we're seeing in the real world setting? >> you know, any vaccination the three vaccines that have received emergency use authorization, in my mind, are all effective vaccines. >> are you doing anything differently now with these breakthrough cases, dr. fauci? >> well, you know, you're asking for somebody who's got a very restricted existence here.

i mean, to the nih every day, i don't travel we're too busy doing the things that we're doing, so i don't think i'm the typical person, so i don't think i'm a good example. >> so can you confirm for us exclusively that you have not been to any nightclubs lately, dr. fauci? >> indeed. i've not been to bars and nightclubs, i can assure you of that. >> mask on or off. >> i would love to kick back and have a beer at a bar with dr. fauci. >> maybe one day, dr. fauci. that would be a good indicator thank you for joining us and taking the time. >> my pleasure, thank you for having me. when we return, airlines have made a major comeback over the last year, but how might fears surrounding the delta variant impact their outlook we're back in a couple minutes at the lexus golden opportunity sales event. get 1.9% apr financing on the 2021 rx 350. experience amazing.

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[ "bugler's dream" playing ] ♪ ♪ ♪ ♪ ♪ ♪ looking ahead, another jam packed day for earnings on debt, we'll hear from the likes of intel, alaska air, american airlines, snap, at&t, southwest, biogen, twitter, and many more mike, early takeaways from earnings season? >> really strong, expectedly so. you know, i think a greater percentage are beating than even normal, and just the year-over-year numbers are mind

boggling, 75%, you know, earnings growth over a year ago. the issue is you go back two year-t years you're probably looking at 15% s&p profits above 2019 comps. still healthy. >> really strong, i was going to say this week and for the most part responding to those earnings in a way that perhaps didn't with banks but might because it came off the monday's gut check. >> that might be the case, and especially the economically sensitive stuff that got beat up netflix really heavy volume on that pullback on netflix there's push pull as there always is. definitely, poor guidance and a reassessment of what you want to pay for that level of growth. >> i think if you are a ceo or you're an investor listening to that c. fauci interview, i think you have to be a little encouraged at least. you know, we pressed him a bunch of times on these breakthrough cases and he really did not -- said that the vaccines hold up well the only frustration is that more people are not getting vaccinated because that is who is experiencing the hospitalizations and the deaths, but ultimately if you're a ceo

or an investor, you know, wondering if there's going to be an economic impact, listening to fauci -- >> probably not. it's younger people that are skewing the case numbers, all those factors make a lot of sense. plus, maybe there is now an inducement for more people to come off the sidelines and get vaccinated because of the scare. >> yeah. >> we are out of time on "closing bell," thanks is much for joining us "fast money" is next after this short break. if you're 55 and up, t-mobile has plans built just for you. switch now and get 2 unlimited lines and 2 free smartphones. and now get netflix on us.

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live from the nasdaq market site overlooking new york city's times square this is fast money i'm melissa lee. tonight fast we are all over the after hours shares of whirlpool, texas instruments all three stocks on the move, right now we're taking you inside their quarters straight ahead. plus, the bitcoin brain trust, what elon musk, jack dorsey and cathie wood said today that sparked a new rally in crypto land. getting real, the real, real rallying on the back of