looking at to fold in, some content that could be complementary or similar as they build up the new media company they're working on >> julia, thanks for that fascinating conversation that does it for "the exchange." "power lunch" with tyler mathison and courtney reagan right now. welcome. good to see you. >> thank you it's nice to be here >> ahead this hour, a payments powerhouse, square and afterpay marking an old-fashioned way of lenning. we'll talk to a top analyst who says the buy now, pay later phenomenon could set off a new wave >> the infrastructure bill includes $73 billion piece for grid updates is washington on the verge of giving the sector a boost? >> and is china still investable why that country's business crackdown could threaten its standing as an economic superpower "power lunch" starts right now

all right, everybody let's waltz you through how the markets are doing. as we begin august, an historically tough month for stocks, generally not so good. look at the dow. it is up a little bit this afternoon by 5.5 points. basically flat, you have to say, off the session highs. the s&p is up about 0.06 and the nasdaq up a third of a percent the yield on the ten year note, it is sliding on disappointing manufacturing data and, courtney, covid concerns >> we're never going to get rid of that one, i fear. let's get to the deal of the day. square paying $29 billion for afterpay it's a big move in the growing buy now pay later space. kate rooney is looking more at the companies involved in this one. hi, kate >> reporter: shares of square

are up more than 11% on the back of that news afterpay also up double digits and square reported earnings as part of the deal helping the stock as well today. on a call with analysts jack dorsey highlighting younger consumers ditching revolving credit they want those interest-free installment loans. the latest sign of the space really heating up. take a look at who else is getting involved we have paypal, affirm, klarna and jpmorgan got into the buy now pay later options. and apple is reportedly working on a similar project with goldman sachs. many don't charge interest and link to consumers bank accounts. afterpay charges four interest free installments and a fee if they miss an automated payment

many strike a deal with the merchant and profit on the back end. they don't charge consumers. many of them don't use a fico score. some worry about the debt load and what they call stacking debt, mean paying for installment loans with a credit card, seen as a big threat to traditional cards and names like visa and mastercard and money center banks whose main profit engine is still interest bearing loans and fees back to you. >> this is such an interesting one, kate. from what i understand afterpay was going to launch a money app in october so then it would have become a competitor of sorts to square not only is it buying some complementary financial technology but potentially taking out a competitor. >> reporter: that's a great point, courtney. if you look at square, even robinhood more recently, paypal, there's pressure to become sort of the single money app or the -- the comparison in china, for example, would be alipay

they want an app consumers can use for everything they really need to have everything in this case. square will have installment loans. it gives consumers another reason to not have to leave and go to paypal or a competitor and buying up what be a competitor square also operates in australia, i'm told, and have been talking about this is a potential move to expand geographies. they see that as a big potential for square >> kate rooney, thank you for running through that for us. our next guest says the afterpay acquisition makes sense for square and expects this deal to trying aeroround of consolidation among digital banks. lisa ellis is a partner at moffitt nathanson. kate laid out the landscape. some complementary, some competing products the buy now, pay late certificate a relatively new concept in this forum. what does the deal tell you

about what the landscape is going to look like going forward? do you expect more consolidation? >> yeah, absolutely we expect more consolidation as kate highlighted the whole fintech and digital bank world has been exploding with all these players that do one thing really well like afterpay does buy now, pay later very well robinhood investing has a strong p to p service like square we're starting to see the apps add, as kate highlighted, add other functionality and become the financial services super apps paypal taking the lead with this move by square we expect it will trigger further consolidation in the space and you saw today a stock up on an expectation they may very well be the next target >> lisa, how exactly does afterpay make so much money that it is worth $29 billion?

>> yeah, well, they do 12-month growth product is $500 million on a forward basis, the valuation and the deal is quite reasonable, actually not that far off on, like, a gross profit basis than what square is currently valued at itself mainly because, and as we're seeing in the stock reaction today, the two are very complementary meaning afterpay needs square and square needs afterpay afterpay was facing a lot of competitive pressure from all these new entrants american express, and so their stock has done poorly the last few months now bolstered by square that gives afterpay a large ecosystem. cash app has about 70 million annual useers in the united states

afterpay 8 million and they'll be able to expand their consumer user base in the united states, and it drives a lot of synergy for the two firms. >> lisa, you also cover names like mastercard, visa, more of the traditional payment players. what does this mean for them >> poorly understood fact, actually, the vast majority of these transactions through afterpay and affirm and others are funded by a debit card, over 90% are debit card funded and many of the players issue debit cards to their consumers so it's not bad for visa and mastercard it's actually good in the sense it transitions one big transaction into four smaller transactions they get more fees because it's lots of little transactions. however, this wave is a negative for the actual credit card issuers. a threat to more of the

jpmorgan, the citis of the world that are themselves issuing competitive revolving credit cards. we would expect to see more activity out of those players as this space grows in the u.s. >> and obviously it's been mentioned other players sort of in the space do you think they are acquisition targets? they have large market caps. $49 million. you explained how afterpay makes money but are these just as good if someone needs to bolster their financial technology like square is doing here with afterpay >> yeah, affirm and clarna specifically, and a whole host of smaller players, lots of them, but clarna is a strong european player and affirm the u.s. player with peloton and

shopify. they are absolutely now viewed as potential acquisition targets. affirm in particular because they're already publicly listed and they're very compelling. also, the networks of both having a merchant value proposition and two-sided networks are the holy grail of payments they create huge competitive moats, very strong, deep competitive pressure around your competitors if you can build the two-sided networks and the players are unique in having those. we would consider them to be very acquisition targets for anyone ranging from like an american express to a shopify, for example. you could see being interested in one of the players. >> forgive me for not understanding this, but if i'm a

merchant, am i going to use many of these different platforms am i going to sign up so that i can use this and that and so on and so forth, or am i going to be restricted to one or two of them >> it's a good question. they're not typically exclusive. they don't want too much clutter on their website and product pages. it's not uncommon for us to see one or two or three, but you wouldn't typically see more than two or three >> and right now paypal has the pole position, don't they? >> absolutely. in the united states paypal is on 80% of merchant websites whereas just for comparison affirm and afterpay, who are doing quite well in the u.s., are in the single digits, like 8%, 9% >> very interesting. this is not the end of the story. thank you for joining us utilities are the worst

performing sector in the s&p 500 this year. many are having trouble just keeping the lights on. pippa stevens joins us now with more tyler, power companies are scrambling to update their systems as climate change fuels increasingly frequent extreme weather events we've seen outages across the u.s. having significant economic consequences not to mention the impact on the people affected. all told these outages cost the u.s. $70 billion annually according to the department of energy the biden administration has made updating the grid a priority the latest infrastructure package earmarks $73 billion for power upgrades this would include existing transmission lines and building new ones as well as creating a grid deployment authority. the plan's fact sheet says this is the largest single investment in clean energy transmission in american history we're seeing the consequences of

an outdated grid in the west right now. in california power companies have to balance demand spikes due to record temperatures while ensuring equipment doesn't spark fires. and those fires have been made more disrupted because of the drought. they are asking to curb usage when supply can't meet demand. updating the grid is a massive undertaking and could benefit companies across sectors including utility names like american power, next air energy, aes corporation, and exelon. >> thank you very much, pippa stevens. coming up, a one-two punch for u.s.-listed chinese stocks first beijing cracked down and now is the sector too risky for investors like you plus, should vaccines be required to dine indoors some restaurant owners, very prominent ones, say yes. we'll speak to one who says no way. as we head to break a look at some of the stocks hitting

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welcome back to "power lunch. i'm dominic chu. shares of tesla on the move. now at a session high the stock was at its highest level since late april that being said it's still 20% below the late january levels.

its inclusion in a note from goldman sachs that points investors towards companies with stronger balance sheets around the federal reserve's next policy moves now for that, the next of the list, head over to cnbc.com/pro. subscribesers and why it's a buy. >> if you're not already subscribed, it's well worth it add it to your list of subscriptions you need in your life china's crackdown on products tryiggering a sell-off. the fxi, large caps, down 10% in just a month the big question is the worst over or are they investable at all? bob pisani will run through it for us >> reporter: good to see you the concern is that regulatory risks are much greater than investors had anticipated.

risks from china's regulators seek to go rein in everything from tech to education to food delivery services in the u.s. and regulator who is calling for more disclosure regarding their ownership structure. after a decade where investors sh have increase d oversight. that owning china on an equal market cap weighted basis is not going to be feasible still, the big lure for investors is the emerging market consumer particularly the chinese consumer put the consumer together with a smartphone and with the internet and you've got explosive revenues all of that is true, but some are arguing that in the case of china, even private companies are now essentially becoming state-owned enterprises as well. by the way, one final problem for international investors. the u.s. has consistently

outperformed markets overseas for more than a decade including developed countries like japan, but the u.s. has dramatically outperformed china it's one more reason international investors are much on the defensive tyler, back to you >> bob, thank you very much. so what does china's crackdown means for its economic superpower status? our next guest wrote about it in a recent cnbc.com op-ed. he says china is threatening its own position as the world's second largest economy let's bring in our friend ron insana, senior adviser at schroeder's. it seems they're cutting off their nose to spite their face with all the things they have done not only to clamp down on businesses but to silence or disappear an awful lot of their most prominent business people, right, ron >> it's not just the regulatory crackdown but goes well beyond

that and beyond some of the concerns the s.e.c. might have about accounting and transparency i think china with this kind of or wellian surveillance state and more and more taking over effectively what used to be independent entities and making them potentially state run as opposed to state owned enterprises may very well keep them from progressing further and the militaristic that is more common place around hong kong, taiwan and the south china see. i worry they are threatening the global order and that could lead not necessarily to a shooting war which is a low probability event but an economic war down the road that could have rather serious consequences not just for the globe but even more so for china itself >> let me ask you the simple dumb question which is why are

they doing this? why is xi on this path >> it's almost a replay of the experience it's power and politics over prosperity that is a dangerous concept. as i described china in my piece, the ussr, of sino-soviet republic, the amount of oppression that's going on and the internal human rights abuse that is are taking place in the millions when it comes to their muslim minorities. i am concerned the model they've created unlike what they were doing when they said they didn't care what kind of economy they had or precisely didn't care what kind of mousetrap they used as long as it caught mice. that's not exactly the express after 40 years of

liberalization, a column on twitter outlining that each time since the mid-19th century china has opened to the west it has closed back down later on. >> ron, if it has a history of doing this, as you're pointing out, what changes it what makes them turn away from power and politics and look back at sort of the money making aspect of all of this and reopening the economy? >> i'm not so sure they want individuals making this. you see this amongst the individuals where young individuals are less enamored either getting rich or work forgive there's a cap on what they can possibly achieve if they look at folks like jack ma and others and beyond that, foreign affairs magazine has done some extraordinary work on the succession issues with respect to xi who is acting more authoritarian on a daily basis i think it will have to take a

real change in policy and a move back towards globalization for china to become preeminent and, again, there are internal concerns, external concerns, and for some reason they appear to be strangling the economy in a certain sense relative to what they've been doing over the last 40 years and my guess is it may not necessarily be investable. it's certainly tradeable if one is very savvy about doing that and probably needs professional help >> very interesting stuff. ron insana, senior adviser at schroeder. thank you for joining us today >> thank you still ahead the growing, you for america's small businesses, inventory shortages. we'll inplain what's causing the bottlenecks. plus, is a problem brewing for coffee chains? many might find higher prices for their cup of joe that story when "power lunch" returns. ugh, these balls are moist. or is that the damp weight of self-awareness

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welcome back i'm rahel solomon. here is your cnbc news update this hour. a new milestone on the vaccination front. 70% of adults in the u.s. have gotten at least one dose of the covid vaccine according to data

published by the cdc it comes a month behind president biden's goal of 70% by the fourth of july meanwhile, federal help has arrived at a hospital in baton rouge, louisiana the disaster medical assistance team will provide support to the hospital in the midst of a covid-19 surge hundreds of shopkeepers and hotel owners in karachi, pakistan, are protesting saying the restrictions are hurting their businesses the lockdown in the largest city began over the weekend and will remain in place until august 8th. and starting today home depot requiring all associates, contractors and vendors to wear a mask while indoors regardless of vaccination status. the rule applies to all u.s. stores the company will ask customers to wear a mask while in its stores the latest retailer to impose such a rule, we heard from equinox saying they are going to require their members to wear a mask or be vaccinated through september. a lot more to come

>> i'm curious, a lot of the mask asks are being put off until september. why is that, do you think? if you're going to do it, why don't you do it immediately? >> you know what, i can't say for sure, but we know, for example, certain retailers -- i believe target earlier said they're going to require masks in areas where they're seeing covid spikes it's so piecemeal. perhaps maybe it's to give people time to get an appointment if you haven't already been vaxed >> maybe that's the case danny myers is putting it off until september. we'll talk about this in a couple of minutes. rahel, thank you very much appreciate it. let's take a look at stocks right now. they are off session highs and now the dow industrials have floated into negative territory by, what is that .001? >> a hair. i don't do math like that. >> and so is the s&p 500 there are all these stocks moving up and down

courtney regan has some of them. >> it is time for today's power movers check out shares of moderna and pfizer the drug makers both reportedly raising prices for their covid-19 vaccines in their latest supply contracts. moderna down 1.3%. advertiser up more than 2.5% shares of robinhood, up 6% the company announcing more than 300,000 users did participate in the ipo last week. a shaky debut. finally baird naming under armour a fresh pick. those shares are higher by almost 4%. the ceo of under armour, patrik frisk will be on "the closing bell" tomorrow as the delta threat worsens, more companies are requiring employees to get vaccinated. now some restaurant owners like danny meyer are even requiring the same from customers. the owner of junior's cheesecake

says he cannot afford to mandate vaccines in his locations. he'll explain more autha enbo tt wh "power" returns this is the gap, that opened up when everything shut down. ♪ but entrepreneurs never stopped. ♪ and found solutions that kept them going. ♪ at u.s. bank, we can help you adapt and evolve your business, no matter what you're facing. because when you close the gap, a world of possibility opens. ♪

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welcome back oil trading right now -- let's

see where it's closing, down more than 4% let's get over to pippa stevens at the cnbc commodity desk i'll let her take it away. oil starting the week on a down note with its worst day in two weeks. opec is boosting supply at the same time an acceleration in covid cases is prompting demand fears. wti finishing the session at $71.30 for a loss of 3.5%. brent crude at $72.93, down 3.3% economic data also sparking fears about the pace of the economic recovery. china's factory activity in july grew at the slowest rate in a year and a half while here in the u.s. july manufacturing fell to the lowest since january. courtney, back to you. >> thank you very much, pippa. over to the bond market where the ten-year yield continues to fall rick santelli, good afternoon. >> reporter: good afternoon. we're down a handful of basis points a very important five basis points

you see every day last week we held above that 1.22% area not today. any close below a 1.19 yield today, a fresh six-month low yield close. let's hope the chart is up the low closed since early february if you look at 30-year bund year deals overseas, today was the first day since february 3 they traded under zero again. negative yields are permeating europe, close to $9 trillion worth of them, about $1 trillion less than the all-time high water mark which was the end of 2020 tyler, back to you >> thank you very much, rick san santelli the debate to vaccine mandates in businesses, among employers and employees. restauranteur danny meyer last

week told cnbc all of his employees and customers will need to be fully vaccinated to enter his restaurants and dine inside he said it is a business decision >> this is going to make even more people want to dine with us the vast majority of people who dine out especially indoors don't want to see us go back to how things were when we had either no opportunity to serve people indoors or last september for the first time we could serve 25% capacity that is so yesterday >> our next guest says he will not mandate the vaccine at his restaurants and that he is still having trouble getting people back to work let's talk about these various things with allen rosen who has joined us several times before, the onlier of juniors restaurants, the most famous cheesecake in the world and i must say the best. welcome. good to have you back. according to my notes, i will not be mandating vaccines in my

restaurants and you thought the interview was ridiculous why? >> well, i find it suspect he mandated vaccines in his local new york restaurants but not in his larger chain of shake shacks which i know is a publicly traded company and probably contains more of the similar issues we have he's trying to gain ground we're a small business we've come out of the toughest 18 months in the 71-year history. i find it hard to put my employees on the frontlines of mandating vaccines their job now, as danny knows, is to be in the hospitality business and make people feel welcome and comfortable and as you pointed out until the supplemental unemployment benefits are taken down and we can get to the high water mark of hiring we want to be at

i think it's a tough time to get rid of family members because they won't get a vaccine. >> mr. meyer says a decision is pending on shake shack i would point out, i guess, i'm not a patron of shake shack but it is not really a dine-in kind of restaurant. a different kind of environment but i take your point and i hear it and i also work with a local charity that serves the developmentally disabled we operate homes and many of the people on the ground in the homes have resisted vaccination. if we were to mandate vaccination in all of those homes for all of the workers, we would not be able to staff the homes because the resistance is so high. you have high uptake on vaccination among your employees. what is the number and how did

you get it >> i'll give you the numbers we got it from day one we were paying two full days a full day for each shot we did it. we've been giving out the grace bracelets. and now anywhere from 80% trelu. >> is there a curious -- if vaccinated people are being urged to wear masks indoors in grocery stores, in restaurants,

in retail outlets, does then that very fact become a disincentive for people to get vaccinated the unvaccinated say, well, i'm still going to have to wear, well -- i almost said something nasty there -- a mask, why should i go get vaccinated >> i'm with you. listen, we have used a reasonable approach. we want to get back to living, to dining in back to theaters you also don't want to live in fear of getting ill. i'm pro vaccine. my children got vaccinated i don't think i can mandate that to my guests or employees at this current time. i don't think it's our place >> people ask why did you get vaccinated and in retrospect i would say because i feel so much

safer myself having had the vaccine. >> you feel freedom. freedom to enjoy >> if i want to go to a mets game, i can go and don't worry about it if i want to come to your restaurant, i don't worry about it i feel protected and safe. let's turn, if we might, to your difficulty getting workers to come back. you have hired back about 650. >> we have 220 left to go. we have a restaurant on 45th street which is open, still short some employees we are trying to get our 49th street store open. the supplemental unemployment benefit needs to end and end now. it ends in september but september is not now last week i heard the fed chairman say he's never heard

such high unemployment and so many job openings. if people are making $800 a week to stay home -- and restaurant jobs are not easy jobs but they're good paying jobs and i think that supplemental benefit needs to end we have a great opportunity here, tyler, to take people who have been unemployed for quite some time and make them employed >> it will be interesting to see when that benefit ends as i expect it will what happens on return to work >> i think it's a combination of schools opening and that supplemental benefit ending will be a big turning point >> thank you very much for your time today you're always helpful and we appreciate it. alan rosen >> thank you >> it is a hard job. i was a server at an applebee's,

a tough job. everyone focuses on mega cap tech but are there smaller names in the nasdaq that are better? traders will discuss that coming up nexonpor nct "weluh.

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welcome back, everybody, to "power lunch." you're way up there. now you're coming down to my eye level. the market's appetite for big tech only ingrowing. invesco's qqq, the qqqj, the junior part, three months, year to date, incesvestors opt for larger caps s. there room to take advantage of this uneven growth comeback? let's ask your trading nation team today chad, by chance, might i have seen you running in our joint town in montclair, new jersey, about a week ago is that true >> absolutely.

about four times a week. >> valley road i saw you there. i almost hit you it's okay, i didn't. so what do you think, is it time to take money off the table per chance among those stocks that have done so well, the large cap techs, large cap growth, and move them into the ones that are a little smaller what do you say? >> so we're staying with the trade of large cap tech overweight that we put on that trade in q2 of this year and we are going to continue to keep with that. these two etfs are vastly different. besides sharing the three letters qqq the large cap one has 60% in technology. the smaller j version has 40%

if you ever see me driving on the road, take cover t. could get dangerous. what do you say to the same question good time to move into another corner of the market in what has historically been a rough three months for stocks, august, september and october? >> tyler, i think both etfs look great. i think, if anything, it exemplifies our attraction to the high-growth area of the market, how broadly strong it's been it's not just the big nasdaq names. you also have this next-gen etf, the next 100 stocks in the nasdaq a bit more of a mid cap growth flavor to it we like it it provides pro-cyclical exposure without the need for a rising interest rate it's reversing it's down trend from february to may. i think there's support at

$33.50 as long as you're above there, i think this etf is set up for a big breakout of a six-month breakout above its february peak >> all right, gentlemen, thank you very much. thanks for joining me. for more "trading nation" you can follow us on trading nation. courtney, over to you. the struggle with supplies between inflation, worker shortages and shipping bottlenecks, small businesses are facing serious inventory issues we'll speak to a business owner about how he's handling it coming up next and now the latest from tradingnation.cnbc.com a common mistake some investors make is searching for stocks with the highest dividend yield, but this can be a dangerous strategy because a high dividend yield could mean the stock prices come down sharply or the dividend itself is at risk of being cut. so before you reach for yield,

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companies jumping in the ptsd few minutes as the mortgage and real estate company announces it will enter the solar energy business, helping homeowners get connected to a digital financing for solar panels and facilitate the installation and will test it later in year and hopes to make it publicly available next year. well shipping delays are the norm as the pandemic continues to snarl many are able to outmuscle the difficulty but it is a different story for a small retailer, many struggling without paying a significant premium to do this joining us now is snow jo ceo, joseph cohen the best way to start this is for you to just give us an example of how bad it is, the example of how much the containers are costing you and how much longer it is taking to get your products here and available for consumers.

>> thanks, courtney, for having me we're in our live stream studio in hoboken, new jersey and this is one of the best-selling items. it is our pressure washer. we get about 500 units on a container. what would cost us around $2,000 to $3,000 is costing us between $18,000 and $20,000. that math is not so great. >> so what are you doing to work around it? you were a pretty outspoken voice when the tariffs came into place and the issues with the supply chain i would assume labor costs to some degree is impacting your ability to operate what are doing what can you manage? >> so, everything, we're a scrappy upstart, one of the fastest grows brands in our category and we're going to do everything that we could to keep consumer costs if line things like outbound costs

we've opened up about 2.5 million space. where you have to ship from new jersey to california, we're opening up around the country and being nimble and agile within china and move it from mengo to shanghai. we've acquired our own trucks. everything is on the table to ensure that at the end of the day we're a seasonal business. and winter is coming and last thing we ant to do disappoint our customers like walmart and the home depot we have to make sure we're fully stocks and we're doing everything that keep costs in check. your point about tariffs, that is something simple that is an extra burden that something like companies are having to shoulder on products that we were exempted on. it is something simple that the biden administration could do quickly, is get the tariffs back

to where we were before, get them off and that is going to at least save consumers some dollars at the checkout lane this season. >> i think that is a point that we need to bring it home what is going to happen, if i'm a consumer and i want one of your products, a., will it be available and, b., what am i going to pay for it? how much more am i paying this year tan last year >> yes so we're having these uncomfortable conversations with our retail partners. i think if you're looking to do holiday shopping, do it early. especially on seasonal categories like generators or snow throwers. you don't want to shop when a storm is coming, especially with supply constraints folks have leaned into bringing inventory earlier are going to do well this fourth quarter and those but as a consumer i think you'll see earlier deals happening, that is your best bet to make sure you get what you need before it is too late

>> joseph thank you for joining us there is much more we could cover but we're out of time. please keep us updates on how everything is going. >> a bean streak in 2020 consumer spent $2.2 billion while locked inside but with prices climbing will people return to the coffee shop tonhe corner we'll be right back. ♪♪ ♪♪

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on this show we just did a moment ago because of the impact on the stock market among other things. but there are real world implications for you and moi and especially your morning coffee we have the details on coffee prices kate >> tyler, well americans drank a lot of coffee last year. 44.5 billion servings and much more at home $2 billion was spent on at home coffee makers and accessories as the pandemic swept the country now americans are resuming their routines and making their way back to coffee shops and restaurants at a time when coffee prices have been very volatile last year futures were down 5% marking the second negative week in a row but for the month of july up more than 12% and more than 35% to year-to-date levels not seen since 2014. this is in large part to supply chain issues and a drought and then a frost in brazil so what does this mean for

starbucks. well last week kevin johnson said coffee bean prices are locked in 14 months in advance to the brnd is protected to higher prices related to the weather going on in brazil the company had a huge quarter with same store sales up 80% overall data shows that us at u.s. restaurants consumers are spending 3% more on regular and specialty coffee compared to a year ago this holds true for specialty coffee at gourmet shops and the mpd group does lump starbucks in with that. >> what do coffee drinkers like the most what are they drinking. >> when they are going out, it is all about specialty drinks, latte and that made up about 3 quarter. that is tougher to make it home and something that you're weeing consumers go out and spend more money on when they are away from home. >> iced vanilla latte.

>> that is my pick >> what is it? break the tie. cold or iced >> i like the iced and the hot i like them both i can't pick >> ever the diplomat >> wish she was lear to go with us. >> good to be with you thank you for watching "closing bell," excuse me, "power lunch," and "closing bell" ander starts now. >> and thank you welcome to "closing bell" and i'm sara eisen strong start to the session giving way to a more mixed picture on the first day of trading for the month of august. nasdaq holding on to modest gains as we head into the final hour of trade. >> and i'm wilford frost coming to you live from london where i'll be broadcasting for the next few weeks let's look at what is driving the action today there is progress in washington on infrastructure, the senate unveiling $550 billion in ne