10 years from now. >> it's a great issue, as more and more people are focused on it, are we actually achieving the goals? talking about that carbon program. kristina, thanks. "closing bell" is going to start right about now. see you tomorrow. thank you, kelly and tyler welcome to "closing bell." i'm sara eisen could be another record-breaking for stocks any gain will be a record close. >> and i'm carl quintanilla in for wilfred frost. >> housing stocks under pressure at june new home sales miss expectations and come in at the lowest monthly level since april of 2020. and tesla, we'll get earnings from that company after the bell. coming up, bernstein ace

toni sacconaghi is here, all bick-tech heavy weights, and he'll talk about what he's focused on the ceo of intercontinental hotels will join us in a "closing bell" exclusive mike santoli is tracking the market action. kate rooney has a closer look at what's driving this pop in bitcoin today. >> carl, market holding near the highs, pivot on balance. it's a familiar story, certainly not an all-inclusive rally, but plenty to get a new report also up pretty significantly, the u.s. open has been a pretty good bid for risk assets recently also, we've kind of put in the books year to date i would say the sixth significant pullback or single-digit percentage pullback

and quick snap back to a new high only one of these you would say we rallied in new highs and never looked back. the others you have a revisit. another big story in real adjusted yields, derived from looking at the ten-year tips yield. this is a ten-year chart a marginal new low this is, all things being equal, supportive of valuations and other risky assets, but it also tells you maybe some muted long-term growth expectations, because they're not very much increased. that would also put yields lower. i also want to point out what happened here in 2012 and 2013, this is a lot of doubt about the

resilience of the post-crisis recovery and also the fed was seen to be having the end of qe in sight. that was the taper tantrum there's nothing saying that the market has it right here, so that's important to keep in mint we have mike wilson from morgan stanley later on. now we're at basically a 20-year high, and suggests this is a pretty well-sponsored bull market >> it's less than 10% in aggr aggregate, so we can cut it both

ways. >> jpmorgan had a note that the peak in uk cases appears to be behind us, could be a signal into rotation. could you argue that gave us some fresh legs around midday? >> i think so. there were some people hopefully pointing to the uk rollover of cases, and then it got further momentum when we did get that confirmation we might get a short sharp spike. it doesn't seem like it's going to be a surge that restrains economic activity, because the uk, like the u.s. is not doing much in the way the mitigation >> they're ahead of us mike, thank you. coming up in the next hour, we will talk with morgan stanley's mike wilson on the ratings and a lot more cryptocurrencies are jumping today. kate rooney is on more of what is driving this big move kate >> hey, sara

sentiment appears to be turning around in crypto markets this week, it jumped to almost 40,000, nut data shows about $800 million in short positions were liquidated on sunday night. also analysts are reporting to excitement that amazon is getting more serious about crypt on a london-based newspaper city a.m. reports that amazon is -- two of the world's largest exchanging announced they were lowering the leverage that users can trade with they're dropping it to about 20 pi times. the justice departments is reportedly investigating possible bank fraud to executives tied to tether. we had deirdre bosa ask about transparency in an interview

last week. >> as you noted from our public disclosures, it is overwhelmingly rated a-2 or better we think that's the key thing here we think that transparency with the market and how the market mass spoken and decided here is what's really important. >> guys, back to you. >> what else do we know about this potential amazon posting an by coin, which seems to have sparked quite a move is there any real indication that amazon is working on something with bitcoin >> it hasn't been confirmed by cnbc, but it seems to have added to the sentiment amazon already has a blockchain business on the cloud side

folks were saying it's unlikely if they're just hiring they could roll something out by the end of this year, and some of this was based on folks they've hired, but any of these big tech companies getting into crypto is seen as an extremely bullish signs, portland through other things like shorts liquidating, that long term is a bit more bullish, and at least confirmed for now. >> as cramer said, if any company will get your attention on payments, it will be amazon. china stocks getting crushed as new regulations puts pressure on those names we'll discuss if the crackdown is having an impact on the ip landscape. you are watching "closing bell" on cnbc.

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chinese stocks under pressure again in recent weeks china has ramped up regulations gary, welcome to the show good to see you.

>> so you told cnbc.com back at the end of april there was a tidal wave of chinese ipos come to go coming to the u.s. >> the tide is definitely receding the possibility of any chinese company doing an ipo is pretty remote so have the clients you advised reconsidered and are they just sort of waiting until this dies down >> there's always an initial period of waiting. most of the rekrrgs is going towards whether to listen to hong kong or shanghai. that was the lesson that came out of didi.

didi, as we know, really faced a public reprimand by ignoring the authorities and deciding to list anyway, even after being advised not to what's hatching there is very much to their behavior what we are seeing more recently is all these education names is completely different phenomenon. even though that is the case, obviously the general fear level goes up when there's a heightened level of regulatory uncertainty. >> gary, we did get a downgrade of didi out of a group today, though they kept their overweights, and both could benefit from any near-term cooling in competitive intensity. i wonder when you think that comes, that period of cooling.

the issue is didi is really a national champion. i was on "closing bell" a couple weeks ago when that first happened the key point i made then, is if the looked at the american national champions, what if all of these were traded in hong kong and then in the u.s., you would start to scratch your head and say, wait a minute, there's a problem here frankly the chinese government and the chinese people see it the same way the average man would love to participate in the wealth creation, but when it's traded in the u.s., you can't i think they have gotten the message. they're not going to listen to the u.s. they're going to listen to hong kong or perhaps shanghai the great question mark is the middle ground. companies, whatever it is, it may make sense for them to

listen to the u.s., but they're in a gray area it depends on, a lot of times it depends on what's happening, you know, in that window that they wanted to list. how susceptible are they to more pressure a year and a half ago is it was a question of whether the american would require them to delist, and now that will come on the radar screen next year. i don't think the chinese -- but certainly they're going to sen courage dual listing, right?

so zto express trading in new york and hong kong i think that's going to be the near-term, gradual move to, i guess, share in the wealth creation, in the visibility, and to really reaffirm from china's perspective that hong kong and shane high should be the preeminent listing places for chinese companies. >> we had a conversation this morning with john chambers, chairman emeritus of cisco, who says he's not advising his startups to do business in china, and not investing in any chinese startups he thought this would get bumpier before it got better do you share that view >> i don't know. i did see the interview. i would not shy away as a venture capitalist operating in china. the market in china for young companies with great new ideas is actually quite fertile.

it's a fantastic market, so all of the investments of benefits you could have from starting a business in china are still there. the vc always thinks about exits, right so, yes, looking out three, four, five years, is a u.s. exit still possible who knows, but hong kong exit, shanghai, m & a, there's plenty of ways to monetize that investment >> do you see this in the context of what's happening that the that the hoo high-level talks, that things are at a stalemate? or is this a separate issue it's

very discouraging when we hear that whatever talks are going on are not going well but i think from the chinese perspective, even if the relationship was absolutely rosy you would say why -- there's enough capital to fund these businesses, so i kind of thing it must feel like a bit of an embarrassment. >> gary, thank you, very valuable commentary. >> thank you we've got 42 minutes to go before the bell. dow, s&p higher, that would mark a record close the russell is up 0.1%

bitcoin is back above 40,000, first time we've seen that since june new home sales posting an unexpected decline we'll look at that, next. and some of today's top search tickers lose i had makes the top spot today, followed by the ten-year yield. apple, didi and tesla, ahead of earnings, coming up at the -- we'll be right back. and reinvent the wheel. with a hybrid, you can do both. that's why manufacturers are going hybrid with ibm. with watson on a hybrid cloud factories can use ai to automate the little things so they can focus on the next big thing. businesses that want to innovate at scale are going with a smarter hybrid cloud using the technology and expertise of ibm.

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one of the big numbers of the day, new home sales tumbling in june. diana olick has the details. >> reporter: yes, they dropped to the lowest level since the early days of the pandemic may sales figures were also revised

down significantly dr horton, the nation's larger builder, got an update the problem is prices. it's a smaller gain we have seen in the previous months, but most of the homes available for sale now are on the higher end, so lower tier, they're priced out builders can't put up cheaper homes due to skyrocketing costs for materials and land the supply jumped again, but it's only the pricier supply that's around. >> you mentioned the upgrade of dr horton. the slower sales cadence from the company should allow land development and community growth efforts to catch up to current demand does that make sense to you? >> reporter: it's because of this massive backlog of homes. if you look at the new home sales numbers, the number of homes sold but not built yet is huge the number of homes for sale but

not built yesterday is at a record high. the builders can't get the materials, and then they're watching these lumber prices, which came down pretty considerably, but bounced back up a bit again, still about 75% higher than a year ago because of wildfires in the northwest and canada they have a lot of issues, which is why they're slowing down construction >> diana, thank you. still to come on the show, tesla kicking off the busiest week of the season plus mike wilson is here to weigh in as we head to break, a check for you on bonds ten-year yield trading lower today, persistently lower, the real used going to record-low

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32 minutes left to go, tracking to record closes. let's check in on individual market movers. shares of hasbro surging today, specifically noted success they haven't did i higher by

12.2%. hi, rahel. >> good to see you, carl the very rants administration is require its medical employees to get vaccinated the healthcare workers have eight weeks to get their shots it's the first federal agency to mandate legislation, a c chants of "where is biden" at least one member of congress also joined the demonstration. in new york city, you know, a typical monday morning, made worse by a colorful, but messy

spills of peppers on a key highway. the truck overturned, traffic slowed to a crawl for miles. you just never know in new york. i heard about that. >> the spicy apple. >> luckily no toxic chemicals. >> agreed. pfizer and moderna, expanding their vaccine testing to younger kids. meg tirrell has the details. >> hey, sara, the company is talking about where they are for testing with kids until age 12, this under a "new york times" report that the fda had asked them to expand the trials in this age group to pick up any rare signals of anything sorted with the myocarditis moderna say it is talking about the fda for the trial.

saying it expects initial results in september so we should be see this withinen months. that's why it's taking a bid longer >> any update on when we might sigh the official approval for the vaccine for adults >> absolutely. i think the urgency is only mounting there dr. gottlieb says he thinking it could be three to

four months since they applied we could be see that potential in september >> meg, interesting day on whether or not to man dade vaccination. some employees of the state of california, are you seeing this demand growing >> yeah, calls for mandating vaccines have really been mounting over the last few weeks. it seems like people in the public health world feels like this is the only way to move the needle the city, the state, the v.a., also by businesses we saw that in france.

in order to go to a cafe or bar in france, you have to show proof of vax flation or a test that led to a huge bump in vaccinations when that was announced. so there's been calls to do something similar here in the u.s. >> and israel, too they have over 80% of the population vaccinated. just about 25 minutes before the closing bell here is where we stand s&p 4220 we are gearing up for tesla's earnings report after the bell after this break we'll talk to bernstein's toni saggonici and then keith barr willoi us jn "closing bell" is back after this that building you're trying to buy, - you should ten-x it. - ten-x it? ten-x is the world's largest online

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welcome back bitcoin is staging a big rally today, surpassing $40,000, the first time since early june. that bitcoin bounce back helping coinbase surge more than 10% today. last week it was elon musk and jax dorsey, cathie wood's powwow, and there's word, that they might be interested in cryptocurrencies >> still waiting for other media outlets to match that story.

tesla has had some rough monies toni, good to see you again. good afternoon. >> thanks for having me, carl. good to see you. >> let's start with profitability for q2 how important is it, given all the crowdwinds we're going to watch for. >> it's important, because tesla at the month usually reports the question is, as you noted, all the crosswinds the key metric that investors look at there is automotive gross margins, the expectations is around 23.1%. that would be a key number that investors will be focused on >> every conversation about tesla right now leads right into competitive threats, and whether

or not it would be lose ucid or mercedes. >> i think the important thing to req size is the ev market is an extraordinary growth market evs are about 3 million units per year we think by 2030 they could be 40 million units, so there's growth for many players. i think that's what's so attractive about this that will probably go to 90 or 100 million units per year it's a collective entry from all the traditional automotive oems. the luxury vendors, they're the principal migrators from those name plates to tesla

they're all coming out increasingly with their own offerings. you have new upstarts, but it's really the question of whether, collectively, this is firms will have enough of an impact. >> china's also a question, tony what do you expect to hear from the company, given the hurdles on the pushback it's seen lately in china >> well, i think tesla has a very good story from a production perspective it's producing model threes and -- i'm not sure tesla is really going to weigh in on what they believe consumer sentiment is that's really the question, has sentiment shifted because of some high-profile -- and with the government also saying

they're nervous or won't buy tesla vehicles for government use, given the fact they have cameras on board i'm not sure we're going to hear much about that on the call. >> speaking of china, toni, apple will report this week. you have written lately that the seasonal iphone trade is working. there should be a focus for investors later in the week, right? >> china is a big market for both tesla, almost 30% of its sales. for apple about 20% of its sales. some of the recent data points out of the china regarding apple have not been as strong. this cycle has been a very strong cycle in china for apple, given some of the data points coming out, that will be a key focus for investors. i think investors are really try to go gauge a sense of whether

this strength across the board that we have seen from apple and macs and ipads, and iphones will persist. there's an overall question whether the covid sale was slowing there's also been an extraordinary growth rate in china more broadly, whether that's something we'll see slow at all this quarter. >> so is that why you're at market perform with a lower price target you're at 130, some of the more bullish analysts say the service momentum is there, which gives the stock a higher rating, a higher multiple, and there's a new 5g cycle which continues to propel the numb bers >> our reservation is twofold. one is valuation which is, you know, about a 30% -- and so we

would be more comfortable telling investors over 25 or 23 times earnings the second issue that we have is, we believe that apple is really enjoying strength across the board, which sets up different comparesens for next year we believe that apple's revenue could be -- consensus expectations are for revenues to grow 3% to 4% next year, so the combination of a somewhat elevated valuation relative to history, plus our belief that these strong comparisons can bet fin from covid and strong iphone cycle will be difficult to replicate this year, are the reasons why we're at a market perform rating >> toni, thank you for joining us. >> thanks for having me.

cnbc.com's pippa stevens heart more on the big winners. >> hey, sara the group at the top gaining more than 2%, all components are in the green within the sector oil field services are outperforming so this is companies like schlumberger, halliburton and baker hughes all at least saw revenue growth during the second quarter. later this week we'll hear from majors, so a lot of things to watch there, including capital spending going forward, as well as dividend hikes, or just sticking with the status quo trait ahead, shares of lockheed martin are under pressure we'll diving into those numbers next you can always watch or listen to us litch on the go on the

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mike santoli to break everything do you, and today we have paul hickey as well we kick it off with the broader mark all three major averages hit record intraday highs. mike, it's a mix of the leaders make sense of it for us. >> it doesn't seem like there's a strong thematic approach in the big game in big growth stocks auto is up, banks are up the stuff that seems like maybe there's catch-up potentially, given where the index is with the records. also, with a feel of holding steady, ahead of a lot the big nasdaq stocks reporting, the fed obviously, so net-net, marginal progress on top of

record highs, not too bad when it's not a strong narrative driver. >> paul, someone this morning said it had to be one of the stranger days, where you get across the board report highs because of the things we don't know yet. >> carl, as i say, there's a wall of worry in the market, but i'm sure you remember, mr. short-term memory from "saturday night live" last saturday everybody was worried about the delta variant, and now on friday we're back at record highs so, i think a longer-term picture remains -- and a relatively high bar for earnings season, but overall the economy

remains solid. the pace of growth is slowing. that's cause the some concern among people, but the fact is, the strongest expansion comes in the -- and so pace the growth will slow down, but that doesn't mean the market can't keep rising i think that's something to keep in that mind here. the russell 2000, which has been consolidating for six months, not even down 10% yet, but also would rank as the seventh longest correction so i think as earnings season comes through here, some of these small caps will start to show some signs of life. >> i'm some of largest concerns have been walled off a bit deirdre bosa has the latest results. >> the biggest thing impacting music rights, both of those are two of china's biggest internet,

and adding to the growing list that are engulfing names across the board. another brutal sell-off today for the k-web etf of u.s. listed companies. meanwhile, wall street does not see any end in sight a number of analysts are urging caution here, benchmark writing, quote -- it's clear we're entering an uncharted territory. >> mike, it does sort of raise the 22 trillion m & a market >> i do think that's a fair concern what's interesting, though, when it comes to the chinese market, it's not been a leader of what the u.s. market has done for quite some time it's no longer the time when china is the incremental driver of global growth

it also seems china-specific that they're cracking down on. they don't want global capital flowing through certain types of -- it doesn't seem to impact us much. all the things that used to upend the u.s. markets seem like they're absent so far, but you do wonder how far you can stretch it, just valuation-wise. >> there's the stock issue and the tensions with china, which appear to be getting worse is it something that u.s. investors are underestimating? >> the way i look at it, so i think investors for more ammunition in favor of u.s. markets and u.s. investments china used to be like, over a quarter of eem, and it's different stocks, and that

money -- people aren't -- they're going to be more reticent to invest in china. i think you'll see other inflows of 2k0e68d markets with strong capital markets, and not where you wake up on a monday morning and find out that such-and-such company is effectively out of business. shares of lockheed martin are under pressure this morning. seema has the details. >> the stock is down another 3%, disclosing a $225 million charge taken on a classified program in a aeronaughtics. shares now trading about 15% below its recent highs raytheon and general dynamics by a wide margin, with much of the

pressure on the 2022 outlook now out in the open. research says some of its losses could reverse. carl, back to you. >> seema, thank you very much. talking about lockheed as we've watched the shares dramatically underperform year to date, mike. >> probably cheaper to the relative overall market. it's a very out-of-favor group of industrials they usually benefit from being this kind of black box they just create the earnings growth and that's obviously faltered here also, very heavy in these sort of different growth portfolios i think there's a lot of normal investors in defense stocks that kind of want to put it away and not worry about it so maybe it's creating an opportunity given that they are very cheap they also had a comeback after a typical care when a democratic

is elected president. >> there's also the the spending was so big during the trump administration, which almost never happens, but the fear is always there tesla to release results after the bell phil lebeau has more. >> they are expected to report a profits. the expectation on the street is for 98 cents a share to be the profit, with revenue coming in just over $11 billion. if there is one metric to focus on from the earnings release, it is the automotive gross margins. they hit 26.5% in the first quarter. they're expected to be up in that range for the second quarter. that's principally because of the model-y growth, and the demand that's been coming in china as you look at tesla keep in mind that tesla has

reported a profit for seven straight quarters. we'll have the numbers shortly guys, back to you. >> can we look to texas for any granular advice about the chip shortage and the quarters to come that's the hope. >> we don't know to what extent. if they don't talk about it in the earnings release, the hope is that it maybe be addressed during the conference call these conference callses have shifted. it used to be fairly wide open it's a bit more restrictive. phil lebeau, thank you >> what do you make of tesla's underperformance so far this year it's an interesting juncture,

but in the shorter-term uptrend, just above that down trendline -- it's right at a critical point it moves -- it's going to break one way or the other. nasdaq is flat you could get two record closes, though pretty solid, a majority volume is to the up side. on the nasdaq, it actually is the reverse. >> so, a bit of this undertow of selling below the service, even though overall indexes remain resill gent. and that's the complete over there form it's not necessarily

a critical concern, volatility index is now back below 18, slightly up on the day which is not unusual, but it's refused to buckle down. as well as some of the stormy seasonal factors there they talk about taper or delta? the market may interpret it different ways one minute to go to the close. the dow is down 70 points. boeing is a big contributor to the gains, along with disney, chevron, dow chemical, cater caterpillar. s&p 500 is also head fog a record close it is higher

[ bell ringing ] chip chip [ cheers and applause ] as we come back from the monday sell-off from last week. >> welcome to "closing bell. i'm carl quintanilla, along with, ser market commentator as well the dow will close close to session highs. s&p 4222, the nasdaq, as sara said, barely less than a tenth of a percent the countdown is on now for

tesla's earnings, we'll get instant analysis paul hickey is still with us mike, let's talk briefly about sort of this intraday high activity, though with limited momentum, so to speak, right >> doing just enough to stay moving i think we're working off that growth scare that we got last year two back-to-back days, very strong rallies so record negative treasury yields it says riskier assets on a net basis, are going to catch a bid. maybe it's simple on a day like this. >> can we also briefly talk

about the real yield going to record low negative? it's been negative for a while now we're hitting a record low what do you think? does that signal slower growth ahead? >> it's a signal the market has not bought into the idea that we're going to accelerate again. inflakes expectations remain high enough. the fed's going to remain in the gate it's similar to the post-financial crisis. i don't think it means it's driving everything, but it create that backdrop there is this continued bid for safer assets so you can say it's -- but it does show you, that there's a stubborn bid for safer assets in a world where people say it's a show me situation. >> i do wonder about your take

on that front, especially as we went into this season with peak earnings growth, peak economic growth i noticed goldman trimmed their q3 estimate. does that point to the scenario that mike was just explaining? >> i think the bond market right now has ainge anxiety about covid, delta, future variants. i think it's also picked up on the fact that fed -- i don't think we should be worried about peak earnings growth right now the market cares more about peak earnings, but it will be a busy earnings week. so far, 83% of companies are beating on sales our view, and when we look at high-frequency earnings division, which ticked up to an all-time high is that earnings will surprise to the up side into next year that will underpin the equity

market. >> what are we learning, paul, broadly, about companies' ability to deal with inflation, and to keep those margins rising in other words, where do you see the pricing power? how does that dictate which stocks are worth own right now >> you see it in the consumer staples. companies haven't necessarily been able to pass on the higher costs, but overall, companies are -- seem to be -- we saw last week that they were raising prices higher than their input and labor costs, so that was improving margins. very quick to raise prices

i think in this respect, as long as we do see some abatement of the inflation pressures, it's a positive sign for companies and their profits going forward. >> we've been talking about whether uk covid cases may be rolling over jim cramer said if it does peak, you're going to want to own everything except utilities and consumer packaged goods. would you be that aggressive on growth >> yeah, wee very positive on growth i think it's also all about the consumer i don't think it's good further shutdowns we have seen no signals of that so far but don't

abandon tech, i think that's a positive story overall >> it sounds like goldman sachs agrees david koston, and it turns out he's still bullish he says the new strain shouldn't pose a major risk. listen i'm sorry. i thought we were going to play some sound he made the case, marcy, as you did. my question, how does it alter the thinking of fed chair jay powell, who has said many times he's concerned about the delta, and if he talks about it this week, if that's a signal to the

dovish markets >> fed chair powell has a tricky path it's trying to thread a needle with a clothesline right now he has left himself some wiggle room, right, in allowing himself to be flexible i think now is the moment to acclimate markets. if we can get a reset higher in rates, it's a lot less painful i would expect, especially hearing from the fed this week, to hear more about tapers, and once again in august i think tapering starts likely in the beginning of 2022, but i think i expect chair powell to says taper talk is different from -- and he's going to try to

acclimate while the market talks about taper talk. >> i just wonder whether or not you think this delta scare, if we can call it a delta variant scare, is going to give powell some ammunition to argue for a slower pace. i think this would give the fed an execution and the declining cases from that peak nine days ago has been faster than the nine-day increase into that peak normally you see the down trend go slower, but they spiked up and spiked down just as fast, if not faster so i think this is the market, recognizing the fact this would not likely be -- and will be a

loot quick er. >> if that is the case, how do you explain the ten-year yield below 130. >> yeah, i don't think it will be resolved anytime soon >> i also do think it has to do with m-2 growth is slowing i think the market will parse every word chair powell says on wednesday. more of a drift or creep higher to reflect the quality. >> we've got tesla earnings just out, guys. the stock is up after hours.

phil lebeau has the read for us. >> sara, this is a beat by a pretty wide margin on the top line $11.96 billion versus the estimate. the earnings, the estimate was 97 cents a share, $1.45 the outlook will get attention, by the way, automotive gross margins x, the environmental credit, 25.8%. >> just a smidge lower than q1 that's similar language, they also said they have sufficient liquidity. the model y production will begin in berlin and austin this morning. they're moving the semiout to 2022 then they say cybertruck

production in austin subsequent to the model y so that's the latest, guys as they come in earning, what, a buck 45. guys, back to you. >> phil lebeau, thank you. >> a sign of the beat, mike. a positive reaction up 2r%, you expect a bigger reaction >> you know, i think implied in the original -- but if you added to what the stock did today i don't think there's a lot of suspension, but they have pushed through price increases that have managed to preserve and pad their automotive margins we knew the volumes, so it's a bit of the specifics on the cost side, and on the investment side, that we didn't quite know, but you have to say, a net positive result, but the stock, keep in mind we hit 900 in

january. it went into the s&p last september, and the price of 695 or so. it has been doing a lot of work down sideways for the months now. some of the china-made vehicles become a bigger part of the mix. >> down 2%, that's not a huge hit in terms of what you might expect, especially given the pricing pressure we've got seen. that is likely to continue sara mentioned it, the 28%, when you strip on the the environmental credits, you're down, what, i think during the conference call, a lot of questions will be focused on where things are in terms of being ready to begin production in berlin and in austin we've got a bit of color on

that, with them saying the model y will begin in berlin and austin this year certainly it would be a low volume, but i think people want more claris. >> dodds anything on bitcoin yet, phil? >> i have not seen anything. >> there's so much of the talk that the competition comes in, they're in trouble, but the fact is this pie is growing so much.

i just would like to see more info >> is this a quarter where you expect bitcoin to have an effect >> not necessarily on the price action they mentioned a $23 million impairment this is a squishy mark-to-market deal that's a small number, but what is interesting to me is tesla itself has taken to just de-midsing the whole thing >> i think they have disengaged it from that >> phil, what else do you see? >> we saw the 23 -- which as mike points out, a very small charge relative to all things considered to your point, you mentioned, do investors, is bitcoin still a

big deal for tesla investors yeah, i think people somewhat look at it as sort of a strange proxy to it, but in terms of the operates and its functioning, it's not a big deal. it's not a huge part of what this company is all about. when you talk about those tracking the company choicely, that's not what they're looking at. >> just a big part of his tweeting selections. good to have you both here as well >> thank you when we come back, much more reaction to tesla's earnings beat find out what our next analyst hopes to hear. plus the tech sector has outperforming over the last month. mike wilson is coming up we're back in just two minutes onclinbe." "osg ll

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tesla reporting just moments ago. joining us is laura cologny and craig irwin. good to have you both on board it looks like a beat on sales, craig, their gross margins come in better. what stood out for you >> it's a good quarter evs are the future >> laura, what about you what were you hoping to learn? and what did you get >> well, this looks really positive for tesla and nothing is clear until the quarterly filing comes out often you get the one-time events for change in accounting that are articulated with the

filing, so this seems really positive they're improving their margins and so on, but i want to know, was it removing radars in north american and as far as questions i'm hoping on the call, i would like to know more about how they plan to deal with increasing costs on raw materials and the parts shortage, if it's holding them back. >> supply-chain challenges, port congestion continue to be present. we're combing for a line that indicates that will lessen in q3 or q4, but haven't seen it yet craig, any thoughts on that?

but now semiconductors and other components are important it's impacting several other large oems tesla is important, so it could escape the challenges that others are facing, right but that's the biggest delivery risks into the back end of the year other than that, it looks like they'll have quite possibly a 900,000 delivery, which would be incredible really, a fantastic accomplishment >> so many others are catching up in. ev space do you expect it do you have an impact >> critics have been saying for year that the competition would take away from some of their market share i'm not sure if that's the case. they may take away more from

their internal combustion vehicles, but it certainly doesn't make growth easier for sales of regulatory credits, oftentimes tesla was selling they z.e.b.s and other environmental credits to other lawmakers, and weren't making enough of their own hybrids to be an environmental compliance so i'll be watching on both those fronts i'm not so sure when and how fiercely the competition may hit tesla's bottom line. >> yeah, certainly the reliance on credits looks toe lessening over time. we'll see how that plays into this particular one tonight. laura, thank you, and craig, thank you, on tesla. mike santoli has more on the market dashboard today. >> can't really deny, based on history, we get seasonal

headwinds coming right around now. we charted the average year in terms of the three-monday forward return this line shows you on averages what has been the s&p 500 performance over the next three month and we're right here so essentially no net return over the course of history for three months from now. that's well into the fall, into late october that comes back very strong, coming end of september. now, what you have though remember is, this is not something that dictates year to year, day to day action. it's a brought are environment, a lot of sometimes going to jackson hole that's when we've more chopiness to the down side the flip side here, is that it usually means an underlying strength to this rally finally, we want to look at one snapshot year, which is 2013

i keep coming back to it another post-election year we had a massive yield scare, and all the while we had a very resilient rally. even here, we also had the same exact amount as we were back then we had almost nothing going on from late july well through september, and then the final lift so even in a great year when you're up 30% start to finish, a lot of times august was not really very rewarding. we'll see how it plays out. coming up next, morgan stanley's mike wilson, on why he thinking investors should be favorite defensive stocks. plus the ceo of ihg hotels and resorts.

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stocks do finish out the day close to session highs s&p reaches another record high. let's bring in mike wilson it's always good to talk with you. thanks for the time today. >> thanks, carl. thanks for having me. >> you've been talking for a

while, just to remind our viewers, about this mid cycle transition you argued that the market understands the challenges, peak ecodata. was last month an attempt to price that in? >> monday is part of the same narrative. as you know, carl, we had a big spike in rates, that took out some expensive stocks. we rotated away from low quality and the market is getting very narrow that's all typical of what we call a mid cycle transition, when you go from the accelerative part of the recovery it's not the end of the cycle. it's not a recession, but the market leadership gets narrower, and eventually it gets toward defensive parts of the market. we think that stage is next, and then you have an index level correction we're trying to make money through that whole process, but

it's still a bull market we've navigated it pretty well, so far, knock on wood, but we don't think that transition will be over until probably the fall. >> interesting now that we have additional wrinkles, say, related to the virus. some argument if cases roll over in the uk, that leads you right back into the he reflation trade. is that misguided? >> not at all. i think there will be a new acceleration from a lower level. we volumes to deal with the fed, right? that's a huge part of the mid cycle transition you go back to the three periods that looks similar, those are all years in which the fed was transitioning to something else. so there's a chance we see an acceleration against after the fed adjustments, or maybe in the

fall, and then once that happens, we think the market will broaden out again there could be participation again for the reflation trade and growth stocks collectively it won't be just growth or value, and it won't be so narrow we can see broader participation against against the market >> last monday, we got a big sell-off, a 3% lower, and there was a lot of hand wringing about it guess what the defiers came in the next day. this is a market that's conditioned for that kind of behavior what makes you think that will change >> that's right. we may only get the scary two-day moves. that's possible. it's not what history would dictate, however, and we're going to stick to our playbook that's been working well since the recession and recovery began. a so% correction is driving by valuation, part and parcel with

the fed becoming hawkish, but i think we can all agree that valuations are a bit stretched that's all this is about we've seen it at the stock level, seen it at the sector level. could it be different this time? of course, but the sector playbook has worked perfectly. we're going to stick with that, generate alpha, but understand the risk/reward is not as good as six months ago. >> we were sharing with our viewers earlier in the hour your chart about the percentage of buy ratings on the market, and the degree to which the prices are being sponsored by the sell sign are we going to start to see net directionally the street start to move to neutrals themselves >> you don't know. if it's not an economic event where there's a real earnings downgrade, we may not, carl. it will be a quick revaluations going lower.

so we may not get a change in the ratings. by the way, that's not necessarily an indication that there's some correction coming we just thought it was fascinating that we have reached those levels, really the highest levels we have seen in terms of the buy rating since sarbanes-oxley when we have the adjustment >> healthcare over tech is one that i think you would get a lot of pushback with >> yeah, to be clear even the tech sector has been narrow the reason why we think it could continue is, number one, health care is a growth

sector as well it's as cheap as it's ever been relative to the market secondarily, we think health care is an area with pent-up demand, whereas technology could make the case there will be a built uppayback. >> mike wilson, thanks for coming on and share your views >> thanks, sara. still ahead, the ceo of ihg, and whether he's seen a slowdown of bookings because of the delta variant. lebron james making history. details on "closing bell."

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tesla shares are higher after hours, up almost 8%. they've been pretty much higher since reporting earnings it was a beat across the board on revenues of almost $12 billion. it turns out adjusted ebitda and free cash flow also came in above the street's expectation the bulls will point to the

gross margins, comfortably above. so lower than some had feared in the 75 million range the stock higher by 1.4% we have a news alert on amazon and bitcoin kate >> sara, we are getting news that amazon is denying some of the earlier reports that it will start accepting bitcoin this year this is from a statement given to reuters and bloomberg news, reuters saying that amazon says speculation that has ensued around the specific plans for cryptocurrency is not true, cite ago statement from amazon. similar news from bloomberg say they are denies this, coming after a report from a london newspaper report of it we have not heard back from amazon but according to new news outlets, amazon is denies this back to you.

>> kate, thank you for that. it's time for a cnbc news update with shepard smith. >> thank you, carl here's what's happening. president biden saying the united states combat mission in iraq will end this year. the announcement sets a clear timeline for american forces to step back from battling the islamic state in iraq. the u.s. troops set to training iraqi troops to continue the fight. the president did not say whether the current troop level will be reduced. the white house keeping covid restrictions on travel to the united states for now, officials citing rising infections from the delta variant. the u.s. currently bans from entry most non-citizens coming from the united kingdom, the rest of the european union, and longhorns and sooners bidding farewell to the big 12 conference the university of texas and universal of oklahoma making it

official, they will not renew their media rights deals that are expected to expire in 2025 tonight on the news, what this potential seismic shift could mean for your favorite teams and the billions and bills onat stake plus a look ahead to our primetime olympic coverage from tokyo, right here after jim cramer, 7:00 eastern, cnbc back to you, carl. the ceo of ihg hotels and resorts are next what people need to know for the next earnings. no one likes to choose between safe or sporty. 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

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covid cases continue to rise, as nearly half the u.s. population remains unvaccinated. this comes as cities across the country such as los angeles, savannah, and palm beach reinstate mask mandates. the america lodging and investing summit is taking

place. keith, good to see you again news today that the biden administration is saying it's not adjusting the travel rules on the uk, europe. i know you're based in the uk, have a very international footprint. are you pushing back is this a mistake? we've been talking about how to reopen safely. and the good thing is we're 95% domestic, so the 5d manufacturing by the administration does have an impact on some very, very important gateway cities like new york, boston, chicago, san francisco, which do rely pock the international travel so we're focused on working with the government, but it won't have a significant impact, but it's something we do need to rectify.

and international travel is aity cal component. are people readjusting as we have seen the spread in the u.s. and around the globe >> that was the real question we are wondering. we saw a recent surveying that 70% of americans are comfortable with getting back on with their life, travel, and confidence in their ability to cope with this. >> i will have internationally, so i flew here to los angeles. if the flights are any indication, they're not concerned. every single one of those flights was full, the front of the plane, the back of the plane. airports look like 2019 all over again, with the exception of people wearing masks, and those are transfer into hotel stays. we're seeing record occupancies

in many, many markets. and here at the amazing intercontinental in los angeles, they're running 80%. >> there's been a lot of discussion about how hard it is to get employees, but also written about the ways nom hotels are used technology to get around that, making adjustments for housekeeping schedules. do you see a clear path there? >> it is one of the real challenges facing the entirety of the hospitality sector. that's restaurants, that's hotels, things that involve service. we need more staff across the industry, because many people left the industry during covid we have to bring them back in. we're very focused on that, about how we can be an attractive employer. for example, i started in this industry as a teenager, then went off to university now 35 years later, i'm global ceo of so we have to get that

message out and be focus odd flexibility as an employer now and recogcognized some people ae concerned, and to ensure it's safe, too. that's one component we have to focus on training, developing, also more access to visas, working with the government to make sure they get the right levels, and leverages tech technology, like mobile check-in, mobile check-out, guest requests, things like that covid has accelerated the usage of technology. definitely a key component moving forward >> back to the demand side for a second what are you seeing for the fall for business travel? any signs of life there? how exposed are you to that section of travel versus leisure?

>> i was very surprised by covid about how much business travel continued on through covid some people have to travel to do their jobs teams of individuals going to a manufacturing plant to service it, they can't do that over zoom it's really it's that discretionary business travel we're seeing come back there were a lot of people on flights that were clearly on business trips and corporate customers are saying, as offices reopen, probably post-labor day, because there's a reason for me to go to an office and meet with people we're seeing groups and events book into the latter half of 2021 and 202 the death of business travel has been greatly overstated, and really, i spent this morning sitting down with real estate developers from around the world, who are saying they want to invest in building hotels from luxury results.

so people want to connect to do business, and it's going to continue to go on. >> meanwhile, tesla shares are popping a bit after hours, trading as they, a price target of d. usually on the prints there's something that the skeptics can point to, and it seems like the diet on that, there's a bit of a fender this time >> i think this one, i'm assuming you've already gone through the numbers. >> it's really the heart of why we upgraded the stock about nine months ago, sort of that -- so

it's going to be tough to point to any any activities here this is also, while carrying -- tex and berlin, as well as missing pretty badly on the production on -- so it's going to be a tough one to hit them with on this quarter. >> so, what's with the stock it's up. the market was looking for an 8% move in either direction if you don't have anything to complain about, shouldn't it be higher >> we'll need to call to see i'm not so sure that the after-market -- it looks up. we'll have more out tomorrow when we have more data but i don't -- --

>> i guess what i'm getting at is just generally whether the mood has chained around tesla. with the increasing competition, especially from the european automakers, both the luxuries and -- the bitcoin exposure has volatile, just whether the evaluation, and the whole consensus cult-like following around tesla has changed >> to paraphrase, the bloom is off the rose on tesla, we don't think it is here they built a strong brand. if they're able to use that, post margins that are well what people are used to in the auto sector, and can deliver we had above what -- i think there's still room to grow so we'll have to see what they say, but all around this, it

seems like a pretty clear win for these guys, and i think we would be recommending that the stock still has room to go higher >> yes with tesla, more than many companies, it's always about the call and the filing. jed, appreciate it coming up deck. apple, alphabet, microsoft and more gearing up to report tomorrow and plus lebron james hitting a major money milestone. the details when "closing bell" comes back

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lebron james has officially joined the billionaires club according to sportico, the star has earned $346 million from his nba contracts and around $700 million from off the court endeavors like sponsorships and other investments. his sponsorship deals include pepsi, mcdonald's and nike he also has a media empire spring hill and uninterrupted from produced shows for nbc and stars. it is big milestone in the sports world as he's the first

athlete in the four major sports to accumulate a billion dollars while still being active and playing his sport. tiger woods and floyd mayweather have earned a billion dollars during their playing careers this speaks to a few things. mike, basketball is the right sport. i think soccer and basketball have the biggest global marketing appeal and lebron has been savvy when it comes to extending his business and investments. the production company, space jam is just an example and a box office motion picture that his team is doing he set up this company like a year ago. >> he started when he was right out of high school so as opposed to athletes in years past he did have a head start and co insiding with the mega money phase with the sports media and the nba. you think michael jordan stake made him a billionaire but that was after he stopped playing. >> he signed a lifetime deal back in 2016 but a number of

them have and he's done the trips overseas like in china where they go crazy for him. >> looking ahead to tomorrow, we have a slew of big tech names gearing up to report results and josh lipton is going to help us with the rundown. >> so let's start with apple we know the company has enjoyed a strong iphone 12 cycle and the work from home trend boosting the ma and ipad then there is microsoft, they want to know about the lament and the cloud and so trends in enterprise and what is happening with corporate pc buying and office 365 as for alphabet, raymond james said they'll focus on google search and youtube and he rates the stock outperform given the steady growth in the company's core properties. back to you. >> thank you very much. some final thoughts. mondays are treacherous, but we got through this one and tesla is not going to hurt. >> they have been. also, preserve fridays for

levitation that gets tested on a monday i don't know if we want to extrapolate too much from that except we'll be reminded of the profitability of the biggest companies in the country and does the run up ahead of it take away from the reaction we have each one of them up substantially. it is hard to know if that is a market but there has been some talk that you front load the gains on all of that stuff. bigger picture, i wonder if people are saying look, why can't this maintain a 20 times pe multiple, that is the kind of logic we're in for yes, we're past peak growth but maybe we could do enough in terms of corporate profitability in this age of abundance on the corporate side that we could hold together. but it usually isn't in a straight line. >> alphabet closed at a new high today. and any of them a bell weather >> i mean, google has a little more leverage to the advertising

cycle and it is been recast as a little bit of a recovery play. but beyond that, no, not really. that is the whole beauty of them and a lot of investors' eyes they're just machines and they keep spitting out the profits. >> we did get record closes for the s&p 500 and for the dow and the nasdaq again on friday. and got it again today carl, it was fun you should have joined us later in the week. we have the big tech companies that is going to do it for us today. "fast money" is coming up next after a short break. 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,

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mmm, birthday cake. pure protein. find our coupons in sunday's paper. live from the nasdaq market site overlooking new york city time square, this is "fast money. i'm melissa lee. tim dan and karen and guy tonight on "fast," the great crack down continues china turning up the heat today. how our traders with protecting exposure and plus bitcoin breaking out, soaring above the $40,000 level. we'll brake down what is driving this big move and watching shares of intel, the ceo kicking off