stream over the last year. and if we're heading back in that direction, it's a way to hang on to those customers and sales, particularly if people don't want to show proof of vaccination, they have the option to eat outside. that does it for the exchange so much fun to be with you this week "power lunch" starts right now >> it is always great to see you. thanks for stopping by we'll see you again soon ahead this hour, deep dives into the critical corners of the economy. the housing market still hot the ceo of loan depot warns of shrinking profits and volumes. and we'll talk retail with the president and ceo of wolverine worldwide. he's doing deals and sharing his unique view of cost pressure and tie-ups. and mask and vaccine mandates we'll hear from tillman fratita,

and he holds back, as you know "power lunch" starts right now let's get to the market averages the major averages all less than 1% away from a record close. the dow up about two-thirds of a percent. the s&p 500 matching it. the nasdaq una little more than a quarter percent. >> tencent shares falling after the chinese state media branded opium, and that is hassving an effect on other game stocks. and loan depot having a rough day after the mortgage lender reported weaker than expected earnings in revenue loan depot citing a number of

head winds to its business including shrinking profit margins, increased competition and lower refinancing volumes and a low supply of homes for sale to boot the good news is that mortgage transactions were up for new purchases, 87% year over year in its most recent quarter. let's bring in anthony shea, he's the founder and ceo of loan depot. mr. shea, welcome. the stock today is limping quite a bit on your report eps, 18 cents per share versus an estimate of 54 cents. revenue, 825 million versus 975 million. the comparables to the prior quarter and to the same quarter a year ago are not favorable generally. what has troubled the business >> tyler, we just enjoy arguably probably the best year the mortgage industry has ever seen,

which is 2020. our company earned $2 billion last year. the industry had a terrific year what we're seeing today is overcapacity in the system as interest rates are rising you're origination volumes are lower. so the industry has excess capacity so everyone is adjusting by fighting for additional market share. which we've done so along the way you have compressed margins we have -- our volume year to date over the last year by 110%. we have increased our market share by well over 50% so the stronger players are starting to amass market share and take this land grab. keep in mind the financial crisis just happened 12, 13 years ago. the top three new lenders today are adding up to about 12 billion, 13 billion. it's still early in the cycle. this happening and this development today in the market

where ma ginshrinking, that's expected. >> the bad news is profit nar g margins are shrinking. why are profit margins down? because of competition, because you're not having as many originations in refinancing as you are on the original purchase side what is it >> this happens every time when origination volumes fall you have lower capacity. the mortgage industry is still heavily inefficient. right now you have too many people in the industry -- last year we built it up to a $4 trillion run rate, which is one of the best years in mortgage lending history. this year it should be down to 3 trillion, still a great year, but it will be 20%, 30% lower originations than last year. so you have more bodies chasing lower originations that puts pressure on margins.

companies are cutting margins to try to amass market share. the good news is this always happens. it's a temporary event it's not sustainable those companies that amass market share when markets normalize will benefit >> what i hear you say, i don't mean to put words in your mouth, what i hear you say is you're being punished in the stock market for failing to live up to what was, by any stretch, a truly extraordinary 2020 do i have you right on that? >> well, this is a long game certainly over the last couple of quarters the entire industry has taken a back seat to earnings we have to understand that strategy here is going to be very important on the long run that's the long game the total addressable market is $11 trillion this is a massive market disruption is happening in the

marketplace. barrier to entry is significant. it's difficult for new lenders to come up into a scaled and branded position so we are very confident about the long game. short-term wise there is competitive pressure and that's well expected and we look forward to that challenge. >> part of the way that you are competing is by offering what i understand you're calling the grand slam package a cash rebate of up to $7,000 by bundle services? is that something that is attracting some potential clients to your company? >> that's right. part of the disruption, courtney, is the fact we're finding our customers now very early at the top of their customer buying journey. before the internet, before digital disruption, a lender really is called into the game after a real estate says hey, i have a buyer now i need a loan. today because of all the content and all of the wonderful

listings that a consumer can see online and through their smartphone, they're contacting a brand of companies such as loan depot well ahead of time this allows us to intercept and create adjacent products and services along the way we can bundle the service so a customer no longer has to make eight purchase decisions. think about it it's already stressful enough buying and selling a home. you have to decide on who sells your home. who is representing you to buy it then you have to pick a lender then there's title insurance, closing services, escrow, home owners warranty, inspection. if you can bundle it under a single-branded approach -- by the way, we have the opportunity to make additional revenue as a result of that, we're capable of rebating some of that revenue that we earn to our core customer by giving them up to a $7,000 rebate. that makes it much easier for them and puts them in position

where it makes it more affordable and they can use that $7,000 forcosts, et cetera >> the stock market is an inpatient beast. they want results and they want them now they wring their hands when they don't get them it's quite clear the stock market is not exactly buying the story here your stock is down 12% today it's down 57% from the ipo and the ipo was downsized from the original expectations here what does the stock market have out for you all? number one number two, you say you expect consolidation in the market because it's overpopulated will you be one of the sellers >> we certainly are sensitive to earnings i'm still a very large

shareholder. i'm in it for the long haul. the organization, the company is 11 1/2 years old we're very, very young and we have become the second largest retail lender in the country we just improved it to 3.3% market share so it gives you an idea how massively fragmented and how large the market is. in addition, tyler and courtney, this market will be defined -- the total addressable market is no longer mortgage, it's homeowners products and services and all the aaadjacencies mixed in we continue to be very disciplined towards our long-term goal we see that as a huge opportunity going forward. as far as consolidations, the non-banks now have over 65% market share previous cycles you've seen non-banks with 40% or less market share non-bank has started to be relevant here.

out of that entire market share, 65%, it's very fragmented because coming out of the financial crisis of 2008, 2009, everyone was racing for a land grab that is to build up capacity now the volumes are going the other direction. now scale, brand, efficiency matters. and this pressure you're talking about to earnings, that pressure is equal paying for everyone in the industry for those that have efficiency, for those who have scale in a brand and can push down customer acquisition costs will have an edge and ultimately will increase their market share. >> thank you very much for being here and taking our questions today. appreciate it. you are a stand-up guy thank you for your time today. >> thank you very much for having me. >> you're very welcome. markets near session highs right now. the dow up 221 points. let's get more on some of the day's big earnings movers in what has been a strong earnings season bob pisani is with us at the new

york stock exchange. >> a very strong earnings season, a lot of discussion is around covid variants and the impact on business and higher costs. look at the hotel chains marriott had terrific numbers. revenues were double that of a year ago important thing. you can see they're all weak on concerns about the covid variant. the ceo at marriott very upbeat. he said while we're keeping a close eye on delta and other variant strains, we're optimistic that the upward trajectory of the global recovery will continue simon properties said no sign of any change in visitor behavior despite the rise in the delta variant. big sales beats. their shopping centers, they say, are returning to pre-pandemic levels. their fund from operation, key metric, guidance was raised on that front and they're citing improved leasing activity. a lot of discussion about higher costs.

some are able to pass them on. some aren't. clorox today, they are not -- were not able to raise prices fast enough. they expect margins to be down 3% to 4% this year that's a big decline in profit margins. they are hopeful the costs will moderate later this year dupont, another company that confronted higher costs, particularly in the automotive division they were able to raise prices they raised prices 13% in the division that dealt mostly with autos. that was successful. dupont down, but overall good what does this mean? we're in a historically amazing second quarter you will go many, many years before you see earnings up 90% yes, it was off a low base, but we're at record highs for earnings revenues are also at records that's a key, more top line translates into more bottom line

when you have been cutting costs in between profit margins, clorox the exception, are at record highs, and those higher costs offset by price rising. the spread between large and small cap multiples 4hovering near the highest levels since 2001 our next guest will tell us what that could mean for you and your money. later, wolverine worldwide takes on lululemon we'll talk to the president about his strategy of wolverine, that is. some of the cost pressures he's facing as well as we head to break, shares of robinhood are trading above the ipo price. that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you can close with more certainty. and twice as fast. if i could, i'd ten-x everything.

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welcome back to "power lunch. look at shares of solaredge, 15% higher today after the company topped estimates on revenues and profits. that stock is tracking for its best day since may of last year. but it's still 20% below its january record highs that's also giving a boost to solar stocks across the board with one of the etfs that tracks those names, ticker t.a.n., up 3% or so other notable movers are sunrun, first solar, enphase energy as

well a lot of sunshine for solar stocks >> i like that thank you. turning our attention to small caps as the spread between small cap and large cap multiples hovers since the highest levels since 2001, our next guest says small caps look good here. walk us through your thesis. when you talk about small caps you don't like to look at the russell 2000 but the s&p 600 >> i wouldn't say there's a particular thesis around that. i thought it was interesting enough to tweet that the spread has enlarged by virtue of the fact that you have the s&p 500, the traditional index trading at 21 times and 17 times the s&p 600. the reason why i looked at the spread, not just to be apples to apples in terms of index provider, the s&p 600 has a

profitability screen, which the russell 2000 does not. at the present time, coming out of the covid environment, you have a larger share of the russell that are non-earners it makes it more difficult to do valuation analysis we don't have a tactical overweight on small caps right now. but we do tell investors if they're looking in the small cap universe inherently you get a higher quality bias within the s&p 600 version of small caps because of that profitability filter >> i understand. but we had bob on here before the break, he was talking about the strength of the earnings season that we've had so far of course this delta variant continues to rear its ugly head here around the world as well as in this country. what do you think that could do so some of these smaller cap names? >> so far we have not seen a significant dent in the economic metrics. the high frequency mobility

based foot traffic-based, services-based indicators that would suggest we're starting to see a falter in economic activity, even in a state like florida, which is number one in terms of the increase in cases that's not to say we won't see behavior changes, but so far there's not been an impact at a point where it might be an impact, even if it's absent lockdowns, just human beings making decisions to refrain from taking vacations or dining out, whatever the factor is, there are some big, powerful economic states that are on the lower end of the case count. that could serve as an offset. where the hit would come obviously, this is across the cap spectrum, but certainly in the small cap universe, some of these smaller businesses that v. just been able to claw out of the weakness driven by the pandemic, especially if they were on the services side of the economy, it's just impossible at

this point -- and probably unnecessary at this point to make a blanket call specifically to the economy, sectors, or types of stocks. absent lockdowns, i think that's going to be much more regional, state, local level bias in terms of trying to get a sense of how big the hit is going to be >> as ear-- has earnings growth peaked >> earnings growth in dollar terms has not peaked i don't think it's a stretch to say what's now the blended growth rate for the second quarter -- by blended, when you're in the midst of earnings season, the blended growth rate is the combination of companies that have already reported, so they're actual numbers with the estimates for companies that have yet to report that's a 90% year over year gain not really a -- >> you're not going to see that again. >> you won't see that again. the consensus is you drop down to somewhere in the high 20s

that might be low because that's been the tendency of analysts not to extrapolate and significantly bump up future quarters we won't get back up to 90 that doesn't suggest armageddon for the market, but if you look over history you'll see there's a pretty didecent tracking in yr over year growth rate in earnings and year over year change in the percentage of the s&p 500. that doesn't mean you go into negative territory but it's a derivative issue of slowing rate of growth that needs to be considered >> always great to see you thank you. >> thanks. still ahead, nikola reporting a loss days after a federal judge charged the company's founder with three counts of criminal fraud. plus wolverine worldwide is spending nearly half a billion dollars to take on lululemon

osdeilwh "welu how the tas enpor nch" returns.

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new york city mayor bill deblasio says andrew cuomo must resign or be impeached this after evidence that cuomo sexually harassed women in and outside of state government. the governor insists he never touched anyone inappropriately though he does touch people. >> i do kiss people on the forehead i do kiss people on the cheek. i do kiss people on the hand i do embrace people. i do hug people. i'm the same person in public as i am in private. s.e.c. chairman gary gensler is asking congress for more authority and resources to regulate the cryptocurrencies. the s.e.c. will take its current authorities as far as they will go. jessica springsteen failed to advance to the individual jumping final as she made her olympics equestrian debut.

in the qualifying round, the daughter of bruce springsteen did finish higher than two other americans in the event and she has a shot at a medal in the team event later this week >> born to ride, right >> oh. >> so good >> born to be wild, that was not one of his songs "born in the usa was." the dow is at session highs. the s&p and nasdaq are also closing in on new highs as you see right there. it is time for today's power movers ralph lauren climbed 7% beating earnings and revenue estimates sales jumping 182% you probably won't see numbers like that forever or maybe not again. finally planet fitness lower today despite getting an upgrade from stifel. the stock was down 3%, now down 2% and 7% for the year. for more on this call and other top analyst calls of the day, go to cnbc.com/pro.

all right. now let's get over to the bond market and rick santelli who is tracking the action at the cme >> good afternoon. year to date, ten-year gives us all the information you need we're looking at a fresh six-month low yield close. the same could be said for bund yields, and a july 1st start for 30-year you'll find a fly in the ointment going back to a comp for 30-year, it closed at 182 mid-july and currently at 185. we want to pay attention to the 30-year maybe the closest because if we do challenge that 182, despite ten years leading the way down, that should give a whole lot more energy to the buying that has been pushing yields down despitefactory ordee goods, proxy for business spending, they were all fairly strong this morning.

foreign exchange, look at the dollar versus the yen. the dollar is at a ten-week low. if you look at a may 1st chart of the dollar index, it's barely treading water above 92. lower rates and a strong stock market are not going to bode well for the dollar if it closes under 92 courtney, back to you. >> thank you very much, rick up next, the delta variant driving a nationwide covid surge prompting new mandates just as many restrictions were beginning to lift. how are struggling restaurants, casinos and other leisure destinations juggling the new call for mask and vaccine requirements we'll speak to tilman fertitta about that and more. that's coming up next.

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the oil market closing moments ago. let's get over to to pippa stevens. wti sliding 1% to $70.52 but that is well off the lows of the session. earlier in the day it broke below that key $70 level to trade as low as $69.19

brent crude holding up better here down 0.7% at $72.39. later today, we'll get inventory data from the american petroleum institute followed by official numbers out tomorrow analysts are expecting crude stocks to decline by 4 million barrels. tyler, back to you >> thank you very much new york city mayor bill deblasio requiring now proof of vaccination for most indoor events including dining at restaurants, working out at gyms the decision comes as covid cases spike nationwide here to weigh in on the vaccine mandate debate and how the delta variant may be impacting his business is tilman fertitta, chairman and ceo of landry's and the owner of the houston rockets. great to see you once again. let's dispense with thenba first. you had a fantastic draft by all accounts picking by some accounts the best player in the

dr draft. remind me is it jalen green in the first round. congratulations on that. let's get to the business at hand the idea of vaccine proof at the door of restaurants as now mayor deblasio is calling for, it is happening in other places as well do you favor do you not favor how do you make sense of it all? >> i'm really kind of there with him, but at the same time i don't want government mandating anything to me i don't want government telling me to not wear a mask, i don't want them telling me i've got to put my poor little hostess at the front line telling somebody now you're vr vaccine card lookk or whatever and getting into it with them. where we made a huge mistake, we didn't do a national database of

all the people that have had vaccines my own employees have told me i have not gotten the vaccine. i have a fake card i talk to friends that have fake cards. so we've really created a mess here at the same time, i don't disagree this time where mayor deblasio is thinking about going and going. but it's got to be done with certain rules. we're all in this together 70% of the people in this country have gotten vaccinated we all need to get vaccinated, okay we owe it to our fellow human being to do it but i don't know that i'm quite there yet telling you you can't come into my restaurant unless you're vaccinated. now, my good friend, rich handler, the ceo of jeffries has had huge groups of 150 in my restaurants recently, and if you're a guest, you have to be

vaccinated to come to his event? if you are an employee you have to be vaccinated if you want to go to his offices as a customer, you have to be vaccinated a d as an employee i think that's the way to do it. i think he's got it right. but it's up to the private business to do it. government, don't tell me what to do, i'm going to do the right thing. let me run my business >> let's hear from someone who has actually been a server and a hostess in a restaurant. courtney, she will echo what you're saying about being put on the front line there >> it's just hard. i was thinking about this when deblasio came out. i was a hostess at a local restaurant when i was in high school and several years later when i was allowed to serve alcohol at 19, i was a server, i felt uncomfortable clearly

asking someone older than me for their i.d. i can't imagine asking if they can show their vaccination card and then deciphering whether it's accurate or not, whether it's real or not if you believe that private enterprise should be the ones that put this in place, are you saying it should be me, the hostess, when i was 17 years old that's the one that says yes, you can sit inside or no, you have to sit outside? >> that's where it doesn't work, courtney you hit it dead on so i'm going to take somebody at the front door and say now you're the vaccination police? they can't even police the streets in our city in new york that we all love they want me to have somebody as the vaccination police they should not have told us what we were doing until they laid out how they will do it i'm not going after the mayor. i don't know that he's wrong here but i think we have to come out with a plan and tell us how we're going to do it and bring

people in and have a committee and ask us how can we make this work for us? i think it's the right thing but for some reason, he's being a dictator and just telling us this is the way we're going to do it and y'all just do it you're so right. >> i guess i'm curious also about, let's say, a group of eight comes to a restaurant and one person doesn't have their vaccine card what happens then? do you send the whole eight people losing those eight peoples business forever probably because you were enforcing that let me come back at you a little bit, tilman. if it's not the role of government to set the standard and say here's what we are "mandating" i think everybody hates that word, i can't think of a better one. how do you do it how do you -- it can't merely be the volition of the business owner to do something that is in the interest of the public health then it's sort of -- isn't it

chaos or what? if it's not government then who then how do you do it >> private businesses should put a sign in their door and say you have to be vaccinated, all employees and guests that come in here. if you don't want to follow those rules and you don't believe in vaccination, you go to a restaurant with all the people who are not vaccinated and get sick why do we not mandate to ride the subway system, which is one of the biggest spreaders that you have to be vaccinated? why are you telling me as a private business i have to do it i'm going there myself most likely i don't need you to tell me to do it. why can you ride a subway to get to my restaurant and they're not mandated >> it's not mandated there you have to wear a mask on public transportation in new york city. i think the transmission on subways is subject to some dispute. whatever, i take your point. in other words, you just rely on the business to be the -- but then that doesn't get around the

idea of still putting little 17-year-old courtney on the front line to -- >> right >> -- to look at and decide whether your card is fake or not. >> i quit. i'm sorry. i don't think i could do it. >> that's what -- that's what's going to happen. >> yeah. >> and you're having trouble getting labor any ways at restaurants and retail >> right now i'm going to go fire my unvaccinated workers >> yeah. >> do you require your workers all to be vaccinated or what >> we are right now -- you got to understand, this delta variant -- there's a good point there. this is why we do need to get people vaccinated and we do need to be tough. there's lots of letters in the alphabet, we are on "d." we have a long way to go that's what everybody has to remember this is not going away we'll have little breakouts of this for years to come everybody needs to get

vaccinated i have not mandated it yet because i would lose probably 18% of my work force and have to shut down. business right now is in a conundrum. what do we do? we're highly recommending it we're totally for the vaccine. we're making it clear we want everybody to get vaccinated. this whole delta just popped up in the last 30 days, 45 days where it really became a problem. honestly after the fourth of july, the past three, four weeks. we don't panic but we'll take steps to get people vaccinated everybody has to be vaccinated >> we could talk -- the reason we love having you on, every conversation is a great one. you tell it the way you see it i love that about you. we've got to go. give me a quick thought on vegas where they're requiring masks now even in casinos. how is business? >> well, they're doing it in

louisiana now, too, starting tomorrow i have a huge casino there what's happening in business now, i don't think it's stimulus i think it is that everybody is making more money today. hourly people are making more money. salaried people are making more money. and i think that this boom is going to continue. because you even have people who are not going out right now. our business is off, if it is, even a smidge. business is great. all of retail, all of restaurants, all of casinos. i don't see it stopping. people in the hospitals are not dying that have been vaccinated. still the death rate is extremely low. i see the boom continuing. >> tilman, as always, enjoy having you with us see you again soon congratulations on the return of business and on a very good draft for the rockets. appreciate it. >> thanks, guys. >> you got it. >> everyone be nice to your

servers and hostesses. it's hard work >> i think i said the other day, maybe it was yesterday, i work with a charity in northern new jersey that serves developmentally disabled people. if we were to enforce a full vaccine requirement we would lose a lot of the people who are the real boots on the ground >> it's a real conundrum for a number of reasons. ahead on "power lunch," the claws are out. we'll speak to the incoming ceo of wolverine worldwide about the company's active wear advances against lululemon. and today is black women's equal pay day. despite corporate america's recent push for equity and inclusion, a massive gap exists uny.black women across the cotr we'll discuss when "power lunch" returns.

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welcome back to "power lunch. a news alert on new york governor andrew cuomo. we learned there's an active and ongoing active criminal investigation into the governor. today we heard that governor cuomo broke central and federa laws by harassing the women who

worked for him, creating a toxic work environment and now in albany county there's an activation and they requested investigative materials from the attorney general's office. the attorney general says she's not prosecuting this and says the work of the attorney general's office is complete >> thank you very much for that update. shares of nikola are down 7% today. the company lost less money than expected but when you have zero money on the top line, the bottom line results matter even less let's bring in phil lebeau >> it's the outlook, that's what has the stock under pressure today. yes, they did report a smaller than expected loss of 20 cents a share. the revenue, however, for the rest of the year, the forecast has been cut from 50% to 70% the fuel cell semi they're working to develop, they're saying they will only deliver 25 to 50 this year. it was supposed to be 50 to 100. supply chain issues according to the ceo are impacting their

ability to get those trucks developed and built. address for former ceo, trevor milton, last week he was indicted on three counts of fraud. charges that his legal team denies nikola admits this could be a potential issue down the road. that it could be a distraction, if you will, for the company look at nikola over the last year this is a company that they spent $13 million covering milton's legal fees, what happens in the future could be a distraction. but more to the point of the stock today, it's the fact they cut their guidance back to you. >> all right thank you very much, phil. wolverine worldwide buying lululemon competitor sweaty betty for 410 million. pridt mpy' to the coans esenabout the big bet next you have the best pizza in town

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wolverine worldwide buying lululemon competitor sweaty betty. joining us now to discuss the deal and the issues facing the retail industry at large is wolverine worldwide president and soon to be ceo brendan hoffman. brendan, so nice to see you. it has been a while since you've been on cnbc and the first in this role at wolverine we'll start off with the big

question, why does wolverine want sweaty betty? it doesn't seem to fit with the rest of the portfolio. >> thank you for having me it is great to be back on cnbc but that's the reason why we love it so much. it expands our capabilities. it is something we have been angling to do is to get it -- expand our apparel capabilities and sweaty betty is an apparel first brand. so that was number one it also is a digitally first and dtc native brand that's another big pivot we're making as a company. we think it is all those reasons that it is the perfect acquisition for us at this time. >> and wolverine worldwide, if you don't know the name wolverine worldwide, you certainly know the brands that you market, and you license, we have names like saucony and merrill and many others. does this mean we may be seeing more women's apparel from merrill and saucony? >> absolutely. one of the reasons i joined wolverine and they brought me in was to pivot to a direct to

consumer first mindset, to enhance our wholesale business to do that you have to have more categories than just footwear. apparel has been something the company has been focused on for the last few years we have been doing it organically, but felt like an acquisition would be the way to supercharge our capabilities there and specifically for merrill and saucony as you mentioned, we think there will be a great partnership there. >> many years ago you were -- you were heading neiman marcus' online business from the beginning. that's where some of your expertise lies sweaty betty was a digitally negative company what does that mean for your outlook for the rest of the brands that wolverine manages when it comes to online? are you looking to move away from some of the retail partnerships and move more directly to consumer with these brands >> i wouldn't say move away. i think, again, it is not an either/or, it is an and. we are changing our focus to be a direct to consumer first business we have stated that our goal is

$500 million for our brands.com for this year. based on $2.4 billion overall business and we think that being able to tell our story directly to the consumer will only enhance our relationship with our retail partners, so it really is an and, not an either/or. with sweaty betty, they have strong wholesale partnerships w nordstrom's in the u.s., harrod's in the uk they're following a similar consumer rule book. >> we're running out of time in the show, you had a phenomenal second quarter, of course, but there is a lost tailwinds right now and head winds in retail and so you have to manage them altogether what is going on with the supply chain for your company and all of the kinks are we going to see gaps on shelves and on racks when it comes to some of your brands because they're stuck in container ships off in the ocean somewhere? >> it is certainly a macro problem impacting not just our

business, but industries across. we don't have a demand problem right now. our demand has never been higher, but as you mentioned, the supply chain for everybody is a little bit disjointed we're working hard to solve for that that's one of the benefits of having the roster of great brands, we have centers of excellence that can work with the brands and focus on getting gots here while they focus on the product and the messaging. we're in better shape man most, but something we're all dealing with a lot of our history was around black friday and how promeotiona things have gotten we have gotten back to selling regular price and that will benefit our brands for the long-term. >> pretty amazing that we're seeing average unit retail increase in promotions lower coming out of a pandemic i never would have guessed it. thank you for joining us we'll catch up with you again real soon. >> thank you. after the break, where corporate america stands on closing the pay gap for black women. i became a sofi member because i needed to consolidate

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ugh, these balls are moist. or is that the damp weight of self-awareness you now hold in your hand? yeah-h-h. (laugh) keep your downstairs dry with gold bond body powder. today is black women's equal payday that means black women have to work all of 2020 and until today, 214 days in 2021, just to catch up to what white men made last year. sharon epperson joins us now with more on what can be done to narrow this huge disparity hi, sharon >> hi, courtney. black women face a persistent pay gap including in jobs that have been essential during the

pandemic here's the stark data. on average, black women are currently paid only 63 cents for every dollar paid to a nonhispanic white man. this amounts to a wage gap of over $2,000 a month, more than $24,000 a year, and nearly $1 million over the course of a 40-year career for full time working black women versus white men. that's according to the national women's law center jasmine tucker is the director of research there. >> i looked at this in a lot of different ways, i cut it by education, i cut it by age, i cut it by job, and it doesn't go away it gets a little bigger, a little smaller, but the wage gap is there there is a wage gap in 94% of occupations. >> even in higher paid positions, in the same positions, the disparity persists including among doctors on the front lines fighting covid, white male physicians and surgeons make about $$63 an hou

and black women in these positions make about $47 an power that pay gap can potentially result in millions of dollars of lost wages in a black female physician's lifetime research shows student loan debt and care giving duties are among the factors that can exacerbate the overall gender and racial wealth gap but some companies are offering student loan repayment assistance and child care which could narrow the divide. back to you. >> quickly, what other actions could companies take to close this racial pay gap and what can black women do to make sure they're paid fairly if we don't know what our colleagues make? >> well, that's where we start companies need to be more transparent about who is paid what and for what job, disclose the data for anyone paid less than their peers in the same job, that includes black women, some experts say employers should stop basing compensation on salary history if you get lower pay from one job to another and that follows you to the next job and next employer, it is a vicious cycle

of pay discrimination. back to you. >> sharon, really interesting. thank you so much. >> it is so disparate in people doing these exact same jobs. not just average versus average. good to be with you, court. >> thank you for having me. >> we'll see you the rest of the week thank you for watching "power lunch. "closing bell" starts right about now. see you tomorrow welcome to the "closing bell." it is another choppy day on wall street, but stocks are higher heading into the close midday boost that we got in the dow's recovered from a triple digit loss now more than half a percent sitting near session highs. quite a turn around. i'm sara eisen at the new york stock exchange let's see what's driving the action in the final hour of trade. earnings front and center. sizable moves for bp, clorox, under armour, many more results coming for you after the bell. covid concerns are weighing on the travel sector. hotels, cruises, ride sharing names, all mostly lower.

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