does the same thing, but with buildings. sweet. oh no, he wasn't... oh, actually... that looks pretty good. see it. want it. ten-x it. yum! welcome to "closing bell." >> manufacturing pmi this morning came in at a record high, though services pmi came

in below expectations. the push/pull of dow components and american express is we have biggest winners. the dow could close above 35,000 for the first time -- last time i jinxed it -- i don't have the hat. don't worry. >> we're up 207. shares of boston beer getting crushed we'll talked to the ceo in an exclusive interview. plus alan patricof will weigh inin, coming up. a lot of the stock exchange coming up. julia boorstin is watching the big moves in social stocks, and josh lipton has a look at

intel's quarterly results. >> well, sara, this time it is the tech stocks under scrutiny, but the wider group listed here, they are certainly -- they're absolutely crushed in today's session, down between, wow, look at that 60% and 70%, this comes on news the chinese government may ask for-profit education companies to become nonprofits, even bar them from raising capital, why ed tech it's been a lucrative culture it's also raising costs for parents. it could be heard in one of beijing's top priorities, that is boosting a declining birthrate. check on the the larger chinese names.

it appears there no end in sight. you have alibaba, j.d.com, and pin duo duo, and last time i looked -- there it is, add been to the already brutal sell-off this company has seen. now half its ipo price, and half that value back over to you. >> we're going to talk about the politics of this later on, and just what china is trying to do. far the stocks are trying to do, it's mar for u.s. investors to have some visibility into all of this how wylie owned are all of these stocks >> well, a name like alibaba, right, is such a large company, worth hundreds of billions, so it is pretty widely owned, one of the bickest tech companies in

china. the k-web, also, but it is different for chinese investors. a lot of them are warning caution right now, have been for a long time. keep in mind this has always been a problem with the chinese companies, which is a lack of transparency the major question that many have been asking is, how far will beijing go this time? when will they debt satisfied in a lot of folks believe there's a lot of politics involved, whether it's didi or the ed tech names. even those see these names down hugely on the year, underperforming other american stocks, i think that's why investors are wary or tepid on buying on the dip. meanwhile, social stocks are moving higher on the heels of their earnings jewe julia boorstin has a -- >> they beat on the top and bottom lines they both guided to better than

expected revenue in the third quarter. that was key but snap shares, they are soaring over 25% today, on better than expected daily user growth as well, and better than expected guidance for user growth into q3, this is as -- drawing 200 million snap chatters daily, and advertisers are embracing that new tool. evan spiegel pointed to the snap map, as a coming opportunity to ads for small businesses. twitter shares are up, but not as much, after ceo jack dorsey explained his vision for using bitcoin to move faster for any products, including subscripses and tip jar. take a listen. >> there's a good amount of friction when you want to transact across borders, taxes, currency, different systems that work in one place or another so jack what talking about last

night is the opportunity to use a door centralize the occurrency to overcome some of those challenges >> that was twitter cfo ned siegle explaining ceo jack dorsey's perspective on "squawk box" this morning. when it comes to concerns about the concerns of apple new operating s.a.m., they greed, there will be more impact potentially in the third quarter. guys >> julia, clearly twitter's gain through the day, the other stock that's gained has been facebook i get that's in part because of these results, even though we still haven't seen if its snap-specific, this strength >> well, look, i think there are definitely some consistent themes between snap and twitter. we also have a bullish analyst note we have that note given

optimistic outlook going into next week. snap and twitter indicated there is strength in advertising, especially with brand tiesing, and also they're see that engagement is strong even at some economies have reopened there was a lot of concern about what the impact will be. the fact we're not going to see it that have in q4 results i think bodes well for facebook last week. >> yeah, a trillion no thanks to intel josh lipton has more >> that's another tough day for intel bulls here that stock is deep in the red, as we end the week, on track for its worth days since january

there are clear challenges as well, such as chip shortages pat gelsinger say the supplies will be limited after that half, as are the company's effort too build chips. there's rumors around the pursuit of globalfoundries he did talk with our own jon fortt how he seems the m & a landscape. >> it's going to be heart to be a small player you just won't be able to keep up we expect consolidation in the future we're not going to address any specific rumors that might be in the industry, but we're a big player, i expect to be a consultor, now, some analysts say they can understand the strategic place for globalfoundries in theory, but think it would be a tough sell

for regulators. >> down about 6% oar so today for intel, the quarter not being taken well by the investment community. shares of boston beer are getting crushed, up next, the company's ceo will join us to weigh in in that space you're watching "closing bell" on cnbc.

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shares of boston beer plummeting after the company reported earnings, missing on top and bottom-line expectations the brewer said it overestimated the demand for their brand truly. falling flat today, as well, in fact they're ending the session just slightly positive joining us in a "closing bell" exclusive interview, david barrick. thank you for joining us good to see you. >> good to see you thanks for having me. >> clearly there's a being disappointment relative to what investors were expecting, what is the reason for why they're so disappointed. >> let me give you some context just to start. i mean, first of all if you look at the first half, 60% in eps, and the first half of the year we're only 4% of the total vomit

of the beer business, but 45% of the growth wage is proportionate growth that only represents 4%. truly, to be clear, we're gaining share, our innovation has been successful, by far the most success of innovation of the care guy this year in fact, if you look at the households across the u.s., there's nothing more than other than bud light beer and truly is number two people have embraced the brand the issue is the category. it's a nascent category, growing triple digits. we went to high double did you get, and then in may and june that was a surprise, i think for all of us.

, though it's you have sort of in s-curve going on right now. i think we're at the inflection point of that s-chuv when you're on the curve you you don't see the inflection point, but hard seltzer is growing. households are still growing, in low double digits. it has come down, no question about it. >> i totally get the long-term path and trend you're on, including because of truly has been very strong, but a 25% drop in the share price highlights the scale of difference in performance today relative to what the investment compliant's expectation was. i guess the question is at what stage -- timjim cook was on thr months ago, and something

different has happened when did you realize that things had slipped behind expectation, and why want there more guidance along those lines? >> that's a fair question. think of it this way, there's two big overlaps, so covid obviously hit when we last spoke, when jim was here, even some conferences in may, we have cleared easily that first overlap. so toward memorial day, we felt confidence in where the category was going to go. we knew all along we were going to grow share. it really started to happen around i think one of the things going on here that's different

is that so the traceoff with purchases, consuming at home, particularly with what hit us. honestly, it hit hard and fast find somebody out here who knew it was going to hit that fast. at the time it doesn't look good we don't look very smart by missing on that guidance, but everything we knew we guided, everything we talked about in may afterwards looked really good let's be clear. 25% to 40% growth in a category that's basically flat, yolk there's another publicly graded company that comes even close to that

heart said been will consolidation, now wee very, very closed, knocking on the door for number one. and we're going to benefit as the category starts to consolidate eight. to that point it raises questions and whether whether to refute -- how much visibility do you have and to your business. what we're doing is basically looking to bonny and everybody

else out there, there's a lot of third-party data providers that are trying to pick this growth rate, too. what we said on our call yesterday, was 20% to 50%, and what we total all the analysts on the call yesterday, is look, nobody has a better idea, we think it makes sense, in the category grouse to 20, we'll grow two to three times a clip of the category. in anybody out there that can give a better sense of that, we can't control it, we've just got to deliver great inoy investigation, execute as hard as we can, work with our wholesale partners we have the number one ranked sales organization we have the right people

we have great brands obviously not a great day for investors, but we're going to be back in fact we haven't gone anywhere we're the same company as two days ago, and just as confident about our future. >> on the flip side, david, is beer proving to be a reopening drink of choice? >> it's funny you ask that you know what? what our sales folks are telling us is, as people go back to the summer time frame, may/june, as people went back to bars and restaurants, they wanted draft beer, and they're buying it. they still love truly, but you can get truly at home. you haven't been in a bar in a year, my first trip was a sam adalles summer ale i think that's where it is now we have truly on draft that's coming into thousands of different bars and restaurants, we think that will be a player, but people should just enjoy

cold beer off a draft, and we'll benefit from that as well. >> hear hear. >> you've got a man. i'm more of a cocktail gal it does does raise a question, though, with the earnings miss, the revenues miss, if that says something broader about the reopening, a company like yours at a time when the economy is booming, shouldn't that -- shouldn't it mean your business is killing 2 does it say something about the reopening story? >> let's be clear, our beer business is killing it, up over 300% in restaurants and bars, but it dwindled to a very, very small piece of our business. it's coming back to play a bigger role in our business over time the fact that hard seltzer that is gone down to 15% or so, that's actually a sign the reopening is working, because

you can't find celter as easily in restaurants and bars as you can at home. nothing is normal about the world we live in right now it's still not normal now, in serum of consumers demands, what pockets. everyone just has been to be patient, calm, it's going to be okay we want great brands and great team and great excuse. >> finally just greatly quickly which is why, when you saw the term, so you shouldn't have this shock in the market?

jim cook, our founder and chairman, the focus has been always drive the business, don't spend anytime trying to -- we don't pay attention to any of that really, june, we started to get the realization this was happening it's never good to surprise the street, and, you know, we'll learn from that, and we'll keep building or business going forward. dave burwick, thank you very much. we have less than 40 minutes left to go for the bell. s&p is up 1% tech is powering us higher nasdaq is up 1%. when we come back, treasury

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yellen did not provide an estimate of how long these tools might last the congressional budget office had projected october, even november, but yellen said the pandemic has made this timing particularly uncertain and extraordinary measures could run out shortly after congress returns from the summer recess

today jen psaki said the administration expects lawyers to act president trumply, but didn't say whether it should be addressed in one of those infrastructure bills. >> i'm not here to set a new deadline >> now, of course, guys, the u.s. has never defaulted on its debt yellen said doing so would cause irreparable harm to the u.s. economy and american livelihoods. back to you. >> not a lot of worry in the markets, ylan, but i guess we have to be watching this, in 2011 we had the u.s. credit downgrade on the threat it won't get raised was the likelihood of a stand-alone bill, verse attaching it to the reconciliation >> the letter from the secretary was standard fare, just saying the debt limit is going to be reached and that she's going to

take these extraordinary measures currently, the last reporting i had is that the debt ceiling increase was not included, but the latest we heard is they do no intend to vote to suspend it or increase it they want democrats to own it, so perhaps that's changing as negotiation over a infrastructure framework and democrat-only infrastructure bulletin on capitol hill, but i will point out there's still a must-pass piece of legislation that have to be done before the end of the summer. that's funding the government. that would be another vehicle for potentially raising the debt ceiling as well. >> ylan, thank so much we have just over 30 minutes left in the session, we are said for report closes on all three of the major averages, on the dow, as we stand let's check in on some

individual mark mover, shares of skechers reporting the stock is up 6% robust demand for the housesh for the move in the stock, which is up 4%. time for a new update with frank holland. hi, frank. here's what's happening at this hour assistant coach for the minnesota vikings may be the first in the envelope to lose his job for refusing to get vaccinated espn reporting that rick dennison is out after refusing to get the shot. the vaccine are set to hold their first practice for next season on next wednesday. teams leaving the surfside site search efforts will now been transferred to local police that are now combing through debris

that's been move off-site. in-state students in california starting next fall will see a 4% increase on the positive sigh, students will see no tuition hikes, as long as they graduate within six years. >> $13,000 a year, that sounds less -- >> it depends on what state you're in. >> well, there we go frank holland, thank you very much. still to come, citi's byron le levokitz joins us, as well as ian bremer shares have edged their way

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25 minutes left before the bell here's where we stand. record high closes insight for the s&p 500, both up 1%. dow is up 225 points. >> every sector is green hight north. the associate stocks are flying. when we come bashes, citigroup

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tobias, not only did we wipe out monday's loss, we're up 2% for the s&p, 3% for the nasdaq buying the dip was obviously a good strategy. >> i think the question is, how big are the selloffs we fell intraday about 3.3% on friday and monday last week and this week, combined. i think a lot of people felt that was a terrible angst moment we're less convinced that we can work through this and it's over. for example, a lot of people are looking at the bond yield collapse as being some sort of omen about economic activity if you look over the past month, for example, they break even, really didn't move at all, so it wasn't an economic call or inflation call it was very supply of actual treasuries our great strategy team, you know, noted earlier this week

that we only had about $84 billion of issuance from the federal government in terms of ten-year bond, and 80 billion of fed buying in that sense i don't think we're through all these issues right now. it's the inflation threats that can still be there even with the good earnings numbers we have seen, so far earnings for vision momentum is weakening, not strengthening. >> that doesn't really jibe with what we saw in the market. we saw cyclical groups up 20% from the recent highs, energy stocks also up, media down 10% from the highs that tells you a story of a slowdown, or at least peak growth, which has factored into the conversation at a time when this delta variant is spreading in the u.s. pretty rapidly, even

amongst vaccinated people. you don't buy the slowdown story at all >> i don't buy the slowdown story. i'll tell you why. when bond yields slip, cyclicals typically do poorly. >> in terms of peak ism, which i've hear people talk about, i'm a former industrials analyst the peak of the ism usually happens three or four years before the cycle dies. any time we see weak unless that's what's happening on the market >> in terms of positioning and sentiment at the moment, tobias, where do you thinking that

some people have suggested an outlet for support we have come out of some of the bullish indicators that maybe were in place the last couple months >> not in our work we've seen a very optimistic and ebue ebullient basis, and the handover, if you look from accounts bobble-free i guess the olympics are starting tonight, so when you think about the relay races and they hand over the batten, at least olympians are trained not to drop the baton, but the market is not necessarily in that position. >> good metaphor always good to check in with you. >> take care. after reporting an up tick in travel, we will look at the

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sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh...

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delano saborru dow is on track to close above 35,000 for the first time ever, jonathan, which did not seem possible or within sight on monday when we saw the steep sell-off have you advising your clients to buy on the weakness >> well, i don't think, you know, our overall view has wavered, which is this is all about the earnings season. the earnings season is fantastic. we didn't see anything more than the result of falling interest rates. we thought they would come back a bit, and they have so, you know, you can say you would buy the dip, being this is a 3.5% round turn. it's probably more noise than anything else. >> it noise delano this week, but did you take advantage

>> generally we've been buying for clients and myself, really, over the past few weeks. earnings have been strong, and a lot of companies intheir management presentations talk about how to combat again margin costs, so these earning numbers have looked strong i think that's what the market and investors have anticipated the strong rally gale, you know, invest offers confidence, ourselves confidence, that we think earnings will continue to go strong and really an opportunity for more up side we'll talk about what the projection is for quarters 3 and 4, but we saw it as a strong opportunity to stay long here. much weaker than expected quarter for kimberly-clark, amid plunging demand as americans slow their pandemic-motivated hoarding habits. kimberly-clark also pointing to

higher input costs and continued volatility the ceo saying that the company has raised prices to mitigate headwinds. shares up about more than half a pe -- 0.5% dealing with higher input costs, and at the same time some of the tough comps, because during the pandemic last year, people just hoarded anything like this -- toilet paper, paper towels, food, beverages. what do you do with these stocks >> i think they're a source of funds to use for other things. where is the strength? the big outlier has been in financials we've seen success in a bunch of cyclical sectors next week we have the top six companies in the s&p, which clung the faang stocks and tesla. they're going to set a different tone for the market, but those

companies -- i don't want to comment specifically on kimberly-clark, but people whoa makes floor cleaners, toilet paper, their demand is unencumbered by what's going on in the company they've done fine, but that's all they've done, which a lot of companies are 50%, 100% year over year. you don't have the same kind of zip. so we've been underweight the group, and it's been a pretty good call. >> intel the worth performer on the dow today, shares down about 5% despite earnings beat, concerns weigh on the stock ceo pat gelsinger was on "techcheck" earlier today. >> we gave good guidance for the second half of the year. we believe, boy, if we can build more, squeeze our factories a bit harder, we'll be able to exceed the guidance we have already put out there. >> delano, what do you make of

this one the quarter was good, but clearly there's margin pressures there. >> you're exactly right. particularly staying in a growth mer spect tiff, this is one that i kind of stayed away from we're looking at the good, increasing guidance for the full year, we've seen some strong -- >> jonathan, i'll bring you in, because i think we lost delano's shot momentarily what are we seeing there demand is strong, but there's some stock differentiation in terms of winners and losers, for sure. >> yeah, you know, if you look at the big story, i think, as we come out of this pandemic, it's just how difficult it is everywhere to get businesses back to normal operation you're seeing issues semiconductors playing through in autos, home appliances, and other devices, so this is an

area that the demand is just, you know, insatiable it's really hard for these companies to keep up i think they'll have tremendous pricing power, very strong values going forward under we clear through some issues. if you're going to be buys tech, i would think the more cyclical parts of the tech space could be leaders in this process, the same way before, wilfred, we are talking about the consumer staples companies just don't have the zip in an improving economy. a lot of areas, like software and the like, even those names son doctor enough zip as hardware and semiconductors. i don't want to comment on any specific names, but demand should be pretty strong. >> delano, we would love your take on intel, specifically, under pressure today. >> under pressure, with the increased full-user guidance,

looking to combat some of the pressure the charges look great, as a growth investor, i'm looking for more areas i like big cap tech, and this is an area i would stay away from as a growth investor right now. >> talk about growth, social media strokes are rallies today, led by snap chat facebook is on track to close above a trillion in market cap twitter's cfo ned segal was striking a pretty optimistic tone >> we grew our audience by 20 million people year over year, 7 million from last quarter. we're delivering better ad formats, all of this against a really strong make roe economic backdrop there are more events happening. advertisers have more products they're launching, where they

want to connect with nair customers. it's all coming together to give us a ton of momentum right now. >> delano, what do you do in the space now, given we're in an environment where a rising tide lifts all boats on the digital ad spending companies? >> 100%. really i'm starting to change that, with a bit of a position in twitter as mention, i like these -- you look at year over year, quarter over quarter, ad spend is increasing, especially with twitter, and they're doing different things with their product. stronger product improvement the engagement is a bick part of what twitter is try to go capitalize o the one-year chart, i think there's a lot of up side for twitter -- you can look for

opportunities here >> jonathan, facebook is up 5% on the back of this, worth more than a trillion. alphabet up 3% microsoft at multiple all-time highs, are you in any way worried about the megacap tech has run up a bit too much ahea of earnings? >> i don't think so. i think the story here is not an earnings story these names broadly have been rallying since march 31st, which was when the ten-year bond yield, you know, kind of peaked and rolled over. so this is all about discount rates. this is about change in market leadership, and market tone, and it's not an earnings story if you look at this quarter, you're getting much, much better results from discretionary names, metals, minings, and yet even while that's happening, you're getting much better

market returns from the kind of social media stocks you are looking a, so you can't have things go badly next week when all these companies report, but it's not as earnings dependent as investors think right at this moment long term these companies are so unbelievably well positioned, and they spin off so much cash flow they're huge winners. the real question is how do they do in a reopening? that's more questionable, but long term these companies are just rock solid. >> american express one of the leaders on the do you today. the company's results were boosted by increased spending on travel and entertainment amex saw strong demand for fee-based products such as the platinum card. you can see stock is up -- 1.3%

off 9 back of that jonathan, are you encouraged by this one in terms of the implications for consumer spend in the economy >> well, you know, we highlight this in a note out this morning, that, you know, up until this announcement, the credit card companies were beating expectations by 55%. that is just an unbelievable number so, you know, we think the space will continue to be strong it's almost beating by twice as much as the banks, and the banks are doing great. we love the financial space. it's the credit card companies, and you're right, the consumer is part of it, but it's a bunch of things working in the same direction. >> on monday, we thought we were selling off, we thought the market had peaked, and on friday afternoon we will close with three record all-time closings

quite an extraordinary turnaround week to day, the dow is up a percent, the nasdaq up nearly 3%, all higher today, and they're all going to close in record territory the s&p is up 1%, dow up 0.6%, and only one sector is lower today on the s&p 500 that's energy. it's one of two sectors lowish on the week, utilities, the other ten today are all higher community communication leais the leader. as i said at the bottom, the only one is energy some other cyclicals not doing as well. they round off the week. [ cheers and applause

>> since then, the ten-year ended the week at about 128. gold selling off today at the close, we have record all-time closing for all three of the majors. [ bell ringing ] the dow 0.7%, closing above 35,000 did you hear any of that >> not much. it's hard. we'regetting huge crowds at th stock exchange again welcome back, everybody. three record closing highs i'm here with wilfred frost. up 0.7 of 1%, i didn't pull out the hat, so the dow was able to do it and finish the job

the nats doom up 2% for the week communication services, we talked about the rally in -- technology had a good day, but so did defensive groups. nasdaq at a record close big mover there was moderna. facebook closing above a trillion, a 5% move higher the russell 2000 joining the party, not quite at its record high china cracking down on u.s.-listed chinese education companies. those stocks plunged today coming up. the eurasia group president with more despite a new bill in washington taking aim, we will

first up, though, on this record close, jonathan and delano are with us. jonathan, you detailed a note sort of refruiting the bear cases, the delta variant, for instance, people are worried about peak growth, peak monetary stimulus, peak fiscal stimulus, and it turned out the dip buyers were right how were we able to climb these walls of worry >> the most important thing is this inflation concern that we have is turning into higher profits and higher margins companies are passing this on with ease, this earnings season, the average company is beating

by 18%, even if we decelerate into the back half of the year, we're looking at earnings growth that will be 25% or so in the back half of the year. that means that stocks are nowhere kneel as expensive as they look, because the "e" in that p.e. formula is so much higher than people think. >> lisa, are earnings justifying these record closes? >> absolutely. to jonathan's points, the flies earnings reports we've had are helping the market to recover, but dissecting that, you seen nice internals on financials, what you see, for example, are credit and debit card trends going up that's supportive of the economy. you also see -- which really is another indication that banks are seeing customers -- so --

and then -- indicators, while they are still strong, and why we did have a softer on the services pmi number, overall they're coming in strong that's certainly support as well. >> jonathan, you talked us through financials, you also like a lot of these cyclical groups, we have seen growth outperform value for four weeks in a row it happened today, it happened this week. do you not thing the market is changing on that front >> it's an interesting story here the value sectors are doing much, much better than growth is, in temprms of earnings. it's something like value is growing 90% this quarter, and growth is 40, something of that general magnitude. value is beating by more value is, you know, normally

trades cheaper now it's trading much cheaper. the only thing that's driving the growth outperformance, and i think they did a nice job of describing it. when interest rates fall, growth wins interest rates have falling from close to 175 on the ten year to about 130 basis points that just drives growth sectors to do well, and basically overwhelms anything having to do with the story about the underlying profits so the real question on growth and value is, what interest rates do between now, and the end of the year, do you think, as i do, that they'll creep back up towards 150 or 140, then value rye asserts itself and wins if you have interest rates go to 1%, i think the market will feel a lot of pain. i think growth will continue to

win, but not only is that not my view, but i don't think it's the view of most investors delano, do you think that fears, as it relates to the market came and went literally in the space of one day, on monday? >> i wouldn't say that yeah, i do think the rebound is quite nice, predicated pretty much on strong earnings. that's still to be seen as far as the momentum and buildup in cases. that's something you look at a rolling seven-days averages as far as the cases, but i think that's something will have to watch out for. i think there's areas of safety, and you can be heavily positioned in some of the state at-home plays, or some healthcare plays i don't think we'll see any strong issues. we lean on the scientists that are saying if you're vaccinated in certain areas, you're fine. i do think the market will definitely watch that in the

future lisa, final word to you on your sector picks, and in general, where you would be looking for strength >> right now we are more biased, because we market on a cap base. our emphasis is the mid caps that's similar to what jonathan was discussing earlier, in the sense we do believe there's some continued momentum, and mid caps in our view is a very nice way to take advantage of that, because there is some exposure to the cyclical sectors, as well as a nice dose of growth stocks. the earnings continue to deliver, of course we'll have to see how that continues to pan out. we're seeing positive signs, such as reinstatement of guidance so far, so good. >> thank you all for joining us.

have a lovely weekend as well. chinese stocks dropped today. joining us to discuss is eurasia group president ian bremer good to see you, as also thanks for joining us. >> sure. >> another stunning set of stock moves after a set of rumored announcements. what, first of all, do you think china's main aim is? >> i don't think it's to punish foreign investors, per se, though obviously that is an impact i think it has to do with the chinese belief that decoupling their economy, is critical to nair national security i mean, the five-year plan in a

xi jinping has approved focuses, is grounded on this idea of dual circulation, which means more focus on the chinese mark, more focus on chinese supply chain. if you think about the private sector in china, the area that is most coupled, most transparent, has least control are thought companies that have engaged in ipos outside of mainland china that's precisely where the chinese government most recently has been cracking down, which has led to some pretty gaudy reductions in that ir -- their share prices >> if you were taking the perspective from u.s. versus china, long term, who's going to win, who's going to get stronger in a relative sense , would the

ultimate viewer welcome these viewers from china will it hurt them in the long term >> look, china has 1.4 billion people they're a middle-income economy that's been growing. they're unlocking their human capital. over time, that matters, but let's be clear that the reason china has grown to the size it presently is over the past 10, 20 years has been increasingly driven by the chinese private seconder to the extent the chinese government is cracking down on that private sector, xi jinping is trying to consolidate control, there is the potential that their efficiency and productivity will end up going way down in precisely the areas that the chinese government wants to increasingly dominate that's happening at a time when

demographics are becoming more problematic. they got rid of the one-child policy, two-child policy it won't lead to an explosion of babies, but that's a problem counting on chinese demand we also know that china's indebtedness, in terms of corporate debt as well as sovereign debt, it leads smalle and smaller growth, less return. so i think there's reasons to be more pessimistic because of the steps xi jinping is taking right now. >> how far do you think they're willing to take this issue of u.s. listings? are they trying to get it delisted >> i don't think it's every company, but we have seen that record fine for alibaba, we saw the ant ipo suspension

we saw didi becoming the subject of a cyber-review. and now we're looking at the education platforms there are arguments that you can make that even of those, for different reasons, are strategically important in terms of political stability and national security of china i think that's a much greater priority than the idea that the chinese government is try to go decouple their entire economy away from the west but those strategic sectors broadly defined, could -- it's a pretty significant piece much the overall chinese economy, and certainly many of the stocks that investors would be most excited about, long term >> so, ian, obviously this is not in a vacuum. the biden administration offering a warning to u.s. businesses operating in hong kong, because of chinese control there. of course, the human rights

issues, and the investigations into the origins of covid-19 the sort of renewed theory around the lack leak where does this all go what's the biden administration policy strategy here and what do you think is the ultimate impact? >> the biden administration believes that coordination with allies to try to either change china's behavior or to out-compete china and put them in more of a box is the top foreign policy priority that biden wants to engage in how far will that conflict go? i would say there's two different drivers here one, in china itself, to the extent their economy starts to sputter because of the decoupling, there will be a lot of people inside the chinese government, technocrats, that start pushing back on xi jinping and say we cannot afford lower

levels of growth, you have to leverage the decouples that you do in the united states, it's the ability of the u.s. government to implement and execute on long-term strategic policy to the extent we can talk a good game on decoupling, but actually or cornses will lobby, find ways to get around buy american, so they can get better shareholder growth one administration to the next administration doesn't align in the policy, biden has a hard time getting all the things through he would like to all of those things imply we'll have more of the status quo ante from a cnbc perspective, that's a lot of american capitalists that want to keep doing business in china you know, you go and talk to blackrock, goldman sachs, companies like that, they're talking about trying to take more exposure into the chinese market historically policy tends to follow those people than the

latest statements made by either a democrat or a republican president. >> ian bremmer, thanks for joining us. >> good to see you guys. alan patricof will join us tech earnings take centering stage next week. how you should trade those stocks we're back in a couple minutes tt and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity. for smarter trading decisions,

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facebook closing above 1 trillion in market cap, all of this despite headwinds amy klobuchar introducing a new bill that hold companies like facebook responsible for misinformation also, president biden tapped

jonathan kanter. joining us now is alan patricof. so now, kanter, leena kahn, and tim wu, council of economic advisers, why so -- why do you think investors don't seem concern. i have to admit, it defying logic. these three names are absolutely dedicated to dealing with the problems of revising the antitrust laws, which are really so far out of date, in a time when there was no digital economy. if you look at 'em of the companies they are looking at, when is primarily alphabet, google, facebook, amazon, apple, they are all.

and david sicily in the house house has had a focus on this. now it's ipartisan s in face of this, you're see stocks go to almost new highs and does have bipardon san support. it's the same thing that china is dealing with, trying to get around these companies

they have similar antitrust mo notally laws they are focusing on now >> yeah, just no congress, i guess, no parties, but alan, you know, facebook and amazon have already have had leena kahn to recuse herself now you have kanter, so investors are saying, what is the likelihood that would threaten their business that also get bipartisan support. i think it's unlikely they will recuse themselves. just because they're experts in this area -- you can't remove all experts regardless of whether their positions are. i think we have seen enough in congress to know that everything takes a long time. there will be amendments, there will be some restriction

applies, but the antitrust laws are so far out of date, there has to be some revision of these laws if you look at the definitions that have been put into the various bills that are there, they are really concerned with companies that are using their position in a monopolistic fashion, where they have made it more difficult for people to compete with them, either put them in a subordinate position, or even deny them access i just think that it's illogical to think that congress is going to let this go on indefinitely >> even if there's success in terms of clamping down on big tech and andy trust laws allers, would you still frame in administers as manically

probusiness? -- and if there are attempted attack to frame as wildly left wing, would they be misleading >> i think president biden, who i've been an active supporter since way before he even ran, is definitely pro-business. i don't think there's any other way to describe him, but he's also realistic about where the winds are, and we're not at a time where there are people, you know, concerned -- i use this expression, you know, we all love amazon, because it gets the price cheaper, and gets it there overnight, but if we say we're going to accept a controlling position, i mean, amazon has a huge percentage of the retail market particularly. google has a major control over 90% of the search traffic. if you go down the line, just at some point you have to say, we

have to figure out a way to bring these people under control. at the heart of it is the data they control the did you get al economy is becomes a bigger and bigger part and we have to have rules and regulation that reconflict where we're at all this moment in time listen, it won't be great for me as an investor.

>> snap was up 25% today, or twitter, which also had a great deal quarter you can't accuse them of being monopolies, but if you're talking about cracking down on data, does that make these companies vulnerable >> the way the laws that they're talking about have been framed, you have to have a market cap of at least 600 b$600 billion you have to have more than 50 billion monthly active users i think, going through the numbers, they have designed it so it applies to these four. i'm not even sure it includes microsoft in it. so i think it's self-defining how they're writing this proposed legislation listen, i'm backing young companies, startups every day.

we're finding interesting companies, and they have to deal with some of these behemoths from time to time, and it's not fun. >> alan patricof, thank you for weighing in. >> thank you for having me. >> it's certain a to be continued story. up nexted, the busiest earnings season. plus, what investors should expect from tesla's earnings on monday that's also coming up later on "closing bell. this is cynthia suarez, cfo of go-go foodco.,

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get ready for a barrage of big-tech earnings. josh has a preview. >> investors are about to have the busiest week in earnings the next date to circle here is tuesday, when three of the

megacaps will be reporting their earnings results microsoft, where citi just this week took the price target to a street high of 378, they expect a strong finish for the year, and jim cramer this morning, say twitter and snap results bode well for alphabet. it's alphabet that takes the gold so far by a long shot check out that shot, it's up some 50% later in the week the earnings parade continues, facebook reporting results on july 28th, amazon on july 29th. the tech-hef in nasdaq had the best week since early april. back to you all. josh, thanks so much for that let's discuss this further and bring in daniel flack, a senior research analyst and scott kessler, global sector lead for

telecoms very good afternoon to you both. daniel, i come to you first in terms of the setup more broadly for the megacap tech names against, today, obviously big moves to the up side record closes, trial yor dollar market caps cross, does it make the setup tougher >> beyond that over the next one to two years that's continued by continued innovation and investment. in capital expenditures. that's key to creating the value. so if we look at a company like appear 8, for example, the iphone franchise remains healthy. we'll get new iphones late summer, into the fall, and of course the story is around the broadening with services and wearables. alphabet i think remains healthy. it's extremely attractive growth

prospects, and the google cloud platform is beginning to resonate microsoft, which you mentioned, is doing extremely well with their azure cloud platform, and then finally out with amazon, which remains at the forefront in terms of delivering value to the customers with e-commerce, and has a very strong cloud platform so the companies need to innovate, they need to invest, but if they continue to do that, i think the stocks will do well over the next one to two years. >> scott, which of the megacap names are you most concerned about ahead of earnings? >> well, i think, wilf, a couple things come to mind. most obviously, i think the notion that apple is riding tremendous tailwinds, but they're still dealing with the global semiconductor shortage and related supply chain issues. we wonder wto what extent impac

that had on the quarter, not only from a sales and revenue perspective, but in terms of the -- in terms of gross margins. expert we talk to indicate this situation will not normalize until potentially the end of next year. it's something i would be watching for. >> dan, you're note concerned about that issue for apple he wall street frozen -- there we go? you got us, daniel >> it's critical -- >> we'll try to fix your shot, daniel we want to hear from you scott, just on some of the other companies, and sort of the broader enthusiasm around these names, clearly they're favored in the market right now for macro reasons, but also they

continue to show pretty consistent double-did you get growth which one do you think actually is a buy into earnings >> yeah, look, we don't issue investment recommendations necessarily, sara, but what i would say is a lot of this needs to be understood in the context of covid-19, what happened last year, and what we have seen over the last year and a half i think what is most noteworthy, you look at they companies like an apple, they're benefiting not just from improved fundamentals. microsoft not at much so the case, and i would argue amazon perhaps even less so that's something to keep in mind this year, and the out years as well, where you see understandably pretty significant deceleration in revenue growth, to some extend i think people are anticipating. >> we'll turn the final word to

you, daniel, push back on the apple supply 46 chain point and anything else that scott said? >> semiconductor and components remains a challenge to the whole industry clearly apple and others have been investing aggressively, will continue to do so along with their partners. i think what would be more important to the story is whether they can continue to execute on their product cycles. yes, there would be dee dee sell race but the bigger story in my view is what can they do to drive a delightful user experience, get new products and services into people's hands and continue to empower the developer community. that to me will be critical to delivering value to shareholders over the next couple years scott, quickly, we had a segment earlier about the regulatory

threat to these names. which one is least threatened by that >> i was los angelesing to that interview a bit, wilf, to me, it depends on what group we're talking about. interestingly, it feels like microsoft kind of went through this 10, 20 years ago, so they're perhaps not as vulnerable, based on experts we're speaking to and their comments, it seems like alphabet may be the most vulnerable maybe that's not over the near term, but these companies are spending pretty substantially to protect themselves from related risks and liability going forward. >> scott and daniel, thank you >> have a good weekend. how olympic ads will have on the bottom lines of comcast and discovery. plus general motors issues

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time for a cnbc news update with frank holland

>> here's what's happening after this hour. florida has asked the supreme court to hear an emergency appeal that would block cdc requirements on cruise ships the cdc is challenging the lower cord decision. florida says a higher court emergency decision is needed to save a super cruising season a nitrogen leak killed six at a poultry plant in january in georgia. the operator of that plant and three other companies. the taliban says no peace in afternoon until the country's president is replaced. the group wants a negotiated government the taliban continue to say rejectically for a cease fire, as long as the current government is in place shep is out today, so i will

be covering today at 7:00 eastern. back over to you we will see you then, frank. thank you. the tokyo olympics kicking off today after a one-year delay. it could also kick off a big revenue surge for the companies broadcasting and streaming the competition. julia boorstin has the details. >> despise the delay and lack of spectators, the games are expected to bolster those who hold the broadcasting rights nbcu says ad revenue is outpacing the $1.2 billion from the 2026 rio games, saying that tokyo will have more advertisers than any other olympics, thanks in part to the draw of new digital ad options. with peacock streaming many of events.

analysts see it as a key opportunity do drive the adoption of the new streaming service, and it should further acclimate many new peacock users to the superior features relative to linear channels. discovery, which generates more olympic revenue from licensing of its rights than advertising, is offering the games on discovery plus in the eight european markets that it's currently operating in argus saying the company is using free trials and olympics as a major promotional vehicle comcast reports next thursday, then discovery the follow tuesday. we'll have to see if the companies biff any updates on the games' potential impact. >> out of interest, what are the superior viewing features, whichever platform we're talking about? >> so pea cod ad-supported streeisming, that you can get more on demand, more

flexibility, easier to search, a lot of people still haven't explored what peace coke is, how it works, because there's so much olympics content on it right now, the idea that people will go to peacock to check it out and once they see how easy it is to use, maybe it's free, or the lower-cost version, then they'll stick around and keep watching. >> julia, thank you. up next, details about the new carbon-capturing companies. find out whether tesla's earnings on monday could turn around the stock, later on "closing bell.

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it matters who you travel with. the race to reduce emi emissions. there is a technology that could get us there faster. diana olick reports on her continues series of the rising risks from climate change. take a look. >> reporter: just outside zurich, switzerland, more than a dozen massive fans are fast at work, cleaning the air of carbon dioxide. it's the leading edge of what could be the largest industry

aimed at saving the planet what's behind me is a drop in the bucket it removes about 900 tons of co2 a year to put it in perspective it's about 40 billion tons. >> reporter: but companies are seeking to monumentally expand what is called direct carbon capture. it's a box with a huge fan on one end, a niller inside that only attraction carbon dioxide the fan sucks the air through the filter once it's saturated, the box is closed it's heated and cure carbon dioxide is released and captured it installed the zurich system, and by 2020 had raised $100 million from the likes of microsoft, audi, and shopify.

>> it's become a trillion dollar market i think those are the investments that they see there's a long-term return on this. >> he likens it to the fast rise of electric vehicleses, solar panels and wind farms. now the state of california is working on plans to use cashin capture to reach its aggressive goal of carbon neutrality. we have to try to proceed. we have to sequester carbon at a high rate. >> ken alex is the director at the center for law, infers and environment at uc berkeley it was considered too expensive. >> the price has already come down dramatically. as it scales up, i think it's not unrealistic to think this is a viable opportunity. >> alex says the world needs about 50,000 carbon capture plants by 2050, which would cost

a colossal investment. the captured carbon dioxide can be used to make fuel, plastics, even bubbles some of it is sold to coca-cola. ironically oil producers like exxon and chevron are investing heavily, because the carbon can be used to release trapped oil underground. >> we have to expand this. this is not a question of can we, it's a question of we have to >> it's a new industry it's just getting its feet wet, but i think the possibilities are quite substantial. >> reporter: carbon removal offering a knew opportunity for the carbon credit market right now companies can go ahead kretz for avoided emissions, but in a net-zero world, they also not only have to lower, but remove carbon. that's why big names like

microsoft, who want to achieve not only net zero, but remove historic emissions are buying into this big time sara thank you so much for that, diana. up next, find out what to expect from tesla's quarterly results next week. retirement income is complicated. as your broker, i've solved it. that's great, carl. but we need something better. that's easily adjustable has no penalties or advisory fee. and we can monitor to see that we're on track. like schwab intelligent income. schwab! introducing schwab intelligent income. a simple, modern way to pay yourself from your portfolio. oh, that's cool... i mean, we don't have that. schwab.

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let's take a look at how we finished up the day on wall street very different than the way we started the week all closing at a record highch the dow closed above 35,000 for the first time ever. and all of the major averages were higher for the week s&p eking out a 2% gain brushing aside the earlier concerns about the delta variant and inflation and peak growth and a lot of good earnings to help the story which continue to come moving on to the auto space right now. general motors recalling its all electric chevy bolt for a second time due to a potential battery defect phil lebeau. >> this is not a surprise. a couple of weeks ago we saw more chevy bolt fires, this is a bolt that was burned and

charging it belonged to and belongs to a lawmaker in vermont. well it caught on fire the battery pack did and this is part of the impetuous for gm recalling more than 68,000 chevy bolts, 2017 to 2019 model years as you mentioned, this is the send battery recall involving the chevy bolt since last november by the way, that one in vermont that caught on fire, it had been recall and fixed and it still caught on fire two defects in the battery cells is what gm plans to correct here for general motors, this is a problem they have got to correct as soon as possible. why? it has banked so much of its future growth on evs it is targeting to sell 1 million evs annually by 2025 they want to be a part of this growth that the entire industry believes will take place between now and 2030 but if you've got problems with your electric vehicle, if it is a potential fire hazard, if you

could tell people you've got to be careful about when you charge and how much you charge, don't let it drown or drain down too low, that is a huge issue. so for gm a second recall and they are telling the owners that there are restrictions, park them outside, et cetera, until the battery cells could be fixed. >> kind of surprising, phil. it wasn't down more than that 1% decline given the 30% move higher year-to-date. let's talk about tesla obviously a big name in the ev space, the big name in the ev space and they're reporting next week what should people be looking out for? >> really three things are in focus when tesla reports its financial results after the bell on monday. first of all, what impact from the chip shortage has tesla noticed and how has it hurt production and volumes around the world. what is the growth in china? will we get greater clarity and updates on two gig factors built

in german and one in texas tesla last year did just under 500,000 vehicles being delivered. they are expected to deliver over 800,000 this year the estimates are all over the place. last i saw was around 840, 850 but they move around a three-month chart and the profit is in focus as they were last quarter and they'll be in focus this quarter we get the numbers and the all important conference call monday afternoon. that is when we hear from elon musk. >> we'll see if they are and if they are not accepting bitcoin again at some point. and they'll move back toward that direction this past week. phil lebeau, thank you very much. and massive week for big cap tech next week i'm off next week so i'm sad to miss the earnings. but always in "closing bell" in the afternoons, i do just think that this set up, look at

facebook up 5.3% today and crossed into 1 trillion market cap and microsoft has been hitting new fresh all-time highs this week and i wonder if that setup is a bit tricky. >> so microsoft and alphabet and apple report on tuesday. and other big names like mcdonald's on wednesday, pfizer on wednesday thursday we are hearing from hilton which is a good snapshot on bookings and we have a fed meeting next week. it is expected to be a nonevent in terms of any policy change but you know there is a ton of focus on tapering talk and maybe we'll get a clearer outline as to what fed chair powell is thinking on timing and how the mechanics will look because there is some disagreement at the federal reserve, even though he's not in a hurry to do anything. >> he has a little bit por leeway to be a fraction hawkish because of the way that the yields moved lower early in the week we're back up to where we

started from 120 back to 130. >> he's very worried about the delta variant. scott gottlieb said they are worried about the variant and it is spreading among the unvaccinated and among the vaccinated as well so it could present an economic risk and i expect them to talk about that. >> four days in a row the cases in the u.k. have fallen. >> that is good. >> we're out of time here on "closing bell." >> "fast money" is up next esg is responsible investing. who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim.

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exploring the world in comfort... once again. welcome to "fast money," everybody. tonight, one of the biggest weeks for earnings kicks off they could drive this juggernaut stock market higher. so should you trade it or fade it we'll play it. plus starbucks, want a venti sized run. another new high, but with coffee prices surging is it time now to trade down? and ready for takeoff? maybe not so fast. the new survey shows business travel may not be coming back as fast as we thought but you may want