that their card is trading on the dark web >> being used in bulgaria or somebody like that. >> it really is. it seems like there's always one hack after another all right. watch out for your bank account. thank for watching "power lunch. "closing bell" right now. >> welcome to "closing bell. stocks rebounding today with the dow turns positive for the weeks. setting a record intraday high let's -- job less claims shares of robinhood are pulling back today the company says existing holders may sell nearly 98

million shares over time and goldman sachs is getting bullish on strong earnings we have 59 minutes left to go. we are on record close watch for the s&p 500. close but not quite there, as we stand. coming up on today's show, president biden expected to unveil a new national target for electric vehicles, as well as new proposals for fuel standards. and we'll talk to the ceo of fisker plus the ceo of bed bath & beyond. he joins us as part of our back-to-school series. >> we begin, wilfred, today, with the consumers new data from mastercard spending, finding that july

retail sales jumped herenearly % joining us now exclusively with a look at what he is seeing from the consumer, ceo of nike, jon do d donahoe. clearly nike weathered covid-19 bers than most what would you say is your biggest takeaway. >> i think the important of having agility, the importance to respond to whatever conditions the world has dealt us in our case, we have tried to stay really connected to the consumer over the past 18 months, and we know that the consumers wants to get what they want when they want it, how they want it, so our digital advantage has really served us

well throughout the pandemic, having the incredible nike mobile app, nike run club, training club, when we were all working out at home, and we have continued our focus on innovation i'm coming to you right now from our incredible innovation building that's just opening we've really tried to continue to release innovative production throughout this period our focus has been on serving the consumer, trying to strengthen our competitive position. >> it looks like our on a basketball court there >> yeah. >> to the point on e-commerce. clearly you were the right guy for the time with your background at service now, and nikes digital was a huge consumer advantage, but there's now -- after the amazon quarter, etsy is down, adidas also saw

sales decline. are you seeing slowing growth as we emerge from the pandemic? >> not really, sara. we think of it through the eyes of the consumers so in almost every day, they start their shopping or exploration other cases they may buy it or reserve it other times they had to go to the store to try it on so we gear our entire focus, our entire offense, as we call it here, to serve that consumer regardless, and that served us we can meet their demands how they want to do it, on their

terms. >> the principle is to keep our employees save and secure. >> and retail is open there, so the situation differ in different markets around the world. vaccine availability difference. here in the u.s. we're strongly enkaurg encouraging our employees to be vaccinated bond things will be different. we will be spending some of our time together in person, but also we have learned a lot from this pandemic how we can work more productively, more

inclusively, so we'll be adaptingfield, but no spectators in person has that compromised your investment this year >> no, we think the olympics are incredibly important the world neiteds sport more th ever before. we live in a world where polarization is in, other polarization we've been apart from each other because of the pandemic. that's what you olympics represent, right it's the penultimate stage of athletes coming together, to be together and to compete.

this year's olympics has been just been amazing. i have circles under my eyes from watching every night, and as you mentioned, track and field where we've been privileged to win over 80% of the medals. >> then this year's olympics, new sports coming into the olympics, frank ly, both a coupl weeks ago, and where nike skate kits, the u.s. team, and others, wearing these kits it's been a sport where the next generation of athletes is emerging you look at whoed the medal winnerser. i think for this it's the power

and importance of sport. >> what about the u.s. market, john clearly the brand is strong, and you've seen a big comeback consumers have been flush with cash after the stimulus, the environment is strong. have you seen that fading at all? do you have any visibility >> consumer is strong, and we're in a space where we have some nice tailwinds the definition of sport, health and wellness is expanding. you don't have to come to a gym to be active you can do it in your living room, dining room, backyard, so more people are coming into sport more than ever before. athleisure, you don't neat to compromise comfort i don't think we'll ever see going back to what we are wearing pre-pandemic so we view

these as tailwinds that we think are playing into the strong consumer connection. >> well, let's talk about one other market some are wondering why you've not been more vocal around -- when you've got so out frond, here in the u.s. >> as i said earlier, we think sport is an important phenomenon so we participate all over the world, including china china is a very important market for us you know, phil knight, our founder, was in china 40 years ago, beginning to build what is now an incredible consumer connection that chinese

consumers have with nike, with jordan, with converse. so we continue to invest in china. we have over 7,000 stores through our chinese partners we're the number one sports brand, and still are today and we take a long-term view, and we'll continue to invest in china while also operating a very responsible supply chain. >> you told analysts, you are a brand of china and for china, which got a lot of attention, given the attention from the u.s. and around the world on the u.s., on the brutal clampdown a hong kong, questions about where covid-19 came from do you feel like you have to sacrifice your values at all, as a company, to do business there, continue to grow and continue those deep roots that you talk about that nike has there? >> not at all, sara. we connect to consumers at

markets all over the world they consider a brand for them that's one of the reasons nike has so globally successful where he operate very aligned with our values, always have been, always will, include throughout our entire supply chain. this is part of the challenges of operating a global brand, and we have navigated that very well for 50 years, and we will continue to do that. >> you also said you were seeing a sequential improvement in terms of the business coming back in china from the immr the. >> cnese consumers continue respond well brand, jordan brand, converse brand the take a strg medium

>> finally, john, we're doing this back-to-school series, what is the best selling sneaker right now? >> i think air force one is very popular with kids of all ages. air jordan, obviously a franchise that people love and adore, people of all ages so they'll continue to be out front form. >> are you planning to do more with colin kaepernick? >> colin is an important influencer, obviously an extraordinary athlete, and valued partner yeah, we continue to view colin to be one of our very many valued partners. >> thank you for the time, john. >> thanks, sara. great to be here.

>> wilfred, never enough time with him they've got a lot going d a great interview there with the ceo. after the break, robinhood retreats, the latest stock to get caught up with the meme. we'll discuss the latest next. you're watching "closing bell.

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pulling back kate rooney has the details. hi, kate. >> hey, wilf. >> insiders now able to sell up to $3 billion worth of shares. it's reversed from the rally yesterday it's not clear if and when investors would sell. that debt turns into stock when the company goes public, and this all goes back to january when robinhood raised debt from its venture capital investors. that was emergency funding during the gamestop saga had has a maximum price of $35 per share. based on how early a lot of these venture capital investors get in, it's still a windfall

regardless of where they sell. new enterprise associates, and an degreesen and horowitz are part of those investors. there's now some commiserating more about losses if they bought in on the momentum yesterday others are warning about buys in on folo, or fear of missing out. >> just to confirm, this would just be a transaction, not a fund raise for the company. >> robinhood would not see any of those proceeds. these really to the benefit of the early backers of robinhood, especially those who came to the rescue back in january when they did the convertible debt deal. >> thank you, kate down 23% today after a huge surge yesterday.

take a look at the dow, the s&p is on record close watch here for the s&p 500 the dow is up 184 points, nasdaq up 0.6%. russell zooming ahead today. up next, amazon and wales fargo are joining a group of companies pushing back their timelines to get employees back in office. and check out some of the top surge tickers, robinhood drawing -- moderna with earnings and some news on its vaccine, tesla and apple also topping the list stay with us here on "closing bell." ♪

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amazon and wells fargo the latest companies to announce they'd push back the return-to-office plans kristina partsinevelos has a look at how companies are scrambling in light of these

rising cases kristina >> just thought when you thought you would be dusting off the work clothes, the company's plans have been thrown out the window 30% say still vaccine mandates are gaining in popularity. our own cnbc workforce saying 29% say they would require proof of vaccination peeps, though, may be overlook i ing, from the workplace, that the vaccines -- >> the biggest lesson, is to not only have a return-to-work strategy, but an exit one as

well >> the interesting thing is they were one of the less proactive banks in the first place so my point is it's not unanimous throughout some companies have been taking a softer approach, and it might be different type, that kind of culture, or investment bank, or different from a retail bank >> don't you find, though, that some companies are referencing local governments then we'll move, so that could contribute to some hesitation by some of the companies? >> absolutely. we're going to pivot and join the president, who is about to start his remarks on the

electric vehicles, auto emissions. let's listen in. ♪ >> good afternoon. my name is impersonie rickey, i am president of uaw local 600, in dearborn, michigan. home of the forte lightning. mr. president, it is my honor to be here with you today we know that the uaw and joe biden have worked together from your earliest days in delaware, where we supported you in your first run for office we are so proud to be here now with our brother in the white house here today uaw members are excited about the future we know that president biden has our back we know he understands he can

brow our industry. >> it weeks as the president understands that none of us a ponder -- that is why i'm proud to introduce biding today as a uaw member mr. president, you are our back, and we have yours. thank you. >> everybody, sit down, polleas. before i begin, let me start with something, i apologize, with more somber i learned a couple hours ago, when my staff came in, that a close friend of mine, and i

think of many of you as well, rich trumka died today from a heart attack i policy jesus for being late, but i was talking to his wife and his son. he wasn't just a great labor leader, but a great friend he's someone i could confide in, and you knew whatever he said he would do, he would do. it was simple. he was always there. he was an american worker. always fighting for working people, protecting their wages, their safety, their pensions, and that i ability to build a middle-class life. i also believed that the middle class built america, but i know who built the middle class -- unions there's no doubt that rich

trumka helped to say unions. my heart goes out to barbara and rich junior, and the kids. he was from soft coal country, and i was hard coal country. that was the joke. folks, let me now turn to today's event. >> thank you for being here, ray. i also want to thank the leaders of the big three companies for being here today we had a long discussion on a

zoom call she made a commitment, and she's keeping 2. jim farley of ford you see that sucker over there zero to 60 in 4.1 seconds. it's all electric. i have a commitment when they make the first electric corvette, i get to drive it, right, mary? you think i'm kidding. i'm not kidding. my entire secret service detail said, oh, my god and mark stewart you know, we used to have one of the big plans you know, a special t

thanks. >> i just want you to know, to say to senators heinrich, markey, and padilla, and, you know, duckworth -- i'm leaving some folks out, i'm sure, representative caster, you know, senator gary peter, congressman debbie dingell, who is audible

>> we had almost 100,000 autoworkers. and they had something to do with it. i just want to be very straightforward. uaw brung me to the dance, i say. >> and he was one of the -- i think who tested this, one of the most honorable people, most decent people that i've ever known. so he embodied everything that

the beloved michigan and our country represents so, today, labor and industry, state and local lead ers we're n competition you know, back in may, i toured the floor plan, the state of area facility, where the uaw work ers as i sai, i get to drive it. they're a vision of the future that is now beginning to happen.

>> we're going to which to rely on other countries for that is batteries. whether or not the job are good paying benefits. right now, china is leading the race they're one of the largest and fas fastest-growing in the world to state the obvious, is the battery. right now 80% of the manufacturing capacity for these batteries is done in china remember, our national labs in

american, our universities, auto makers led in this develop of this technology. we just have to move and move fast when appointmentbarack obama ann office, we didn't listen to the nay sayers we even this people in both parties who didn't think we should bail out the industry we extended a lifeline and they stepped up made sacrifices, and we saved more than a million jobs in the process. we set fuel efficiency standards, provided incentives

despite bipartisan support they also let the federal tax credit expire they announced infrastructure -- they announced infrastructure week, they did it for every week, for four years and not once got anything done not once folks, the rest of the world is moving ahead we just have to step up. government, labor and industry working together, what you see here today we have a playbook and it's going to work. today i'm announcing steps we're taking to set a new pace for electric vehicles. first, i'm following through on the campaign commitment to reverse the previous administration's short-sighted rollback of vehicle emissions

and efficiency standards i'm doing so with the support of the auto industry. today the environmental protection agency andthe department of transportation are unveiling proposals to do just that these agencies are beginning to work on the next round of standards for a broad class of vehicles, for cars, suvs, pickup trucks, medium and heavy-duty vehicles importantly, announcements from automakers who have positioned around the ambition of 40% to 50% of all vehicles sold by 2030 to be electric we have to invest in our capacity to do that. that's what our build back better plan is all about leverages once in a generation investments, and a whole of effort to lift up american

autoworks and strengthen the american leadership in the world in a clean car technology, trucks as well and buses now, that's why today, i'm signing an executive order setting out a target of 50% of all passenger vehicles told by 2030 will be electric and set into motion on an all-out effort that's why along with members of congress here today, we're working around the clock on the build back better plan, which does three critical things one, it transforms our infrastructure we're going to put americans to work modernizing our roads, our highways, and, you know, that includes putting ibew and other union members to work, installing a national network of 500,000 charging stations along our roads, highway, homes and apartments two, we're going to boost our

manufacturing capacity it invests in new and retooled facilities, and employs workers with good paying wages, good jobs grants to kickstar new battery and parts product, loans and tax credits, and our build back better plan makes the largest investment in research and development in generation. this will help innovate, manufacture and build the supply chains from battery, semiconductor, and those small computer chips and electric trucks and cars with even more relying upon as we move forward. never again should we be in a situation we face today with a semiconductor shortage we know these kinds of federal investments. we know they work. the defense department, nasa, and got the modern semiconductor industry on its feet decades ago. our own department of energy

pioneered and transformed the battery industry where barack and i were in office with the help of the recovery act, grants and loans, battery prices dropped 85% because we were forward-looking we need that same mindset today. thirdly, support of consumers and fleets that means incentives to buy clean vehicles build right here in americas, including basic cried, $2,500 credit for vehicles made in america, and a credit for union-made vehicles

all american-made, clean vehicles that's what we're going to do as we roll out, get rid of the existing fleet we'll support the electric transit system as well. there's one other thing we have in our playbook that will help us out-competeother nations -- the american workers the american worker. i believe this i know you guys do, too. they're our ace in the deck. i know many of you watching at home, i like the folks i grew up in scranton, they feel like they're left behind in a rapidly changing industry. i understand that, but we won't leave anyone behind. 90% of our jobs do not require college degree

we're going to do everything in our power to encourage and protect the right to collectively bargain the bottom line is we are proposing a blue collar blueprint to rebuilt america that's what it's going to be we need automakers and other companies to continue to invest in america we needing to continue to deep you your partnerships. that's why i'm proud that the uaw is here today, and why the three largest employers are sitting here and their sights are set not only on electric vehicles, but expanding, expanding union jobs, expanding the middle class it matters you know, in the spring i kept

my mincommitment, on a zoom call with a whole bunch of folks, including the heads of state of the of china, india, japan, the european union, for being hosted in the white house on the most consequence quenchally issues facing the world the agreement was the climate crisis i made it clear -- i made clear what i have long bleached when i think of the climate crisis. beyond the devastation with lives and livelihoods and the health of our planet, when i hear climate, i think jobs good paying union jobs i want the world to see there was a consensus that all that we're at an inflection point in world history. if we act to save the planet, we can come out of it better. we can create good paying jobs, and an opportunity and raise the standard of living of not only

people here, but around the world. i also wanted to put the world on notice -- america is back america is back. [ applause ] >> in the competition for the 21st century, a future built right here in america. let me close with this our economy is recovering. in six months, we're seeing the fastest job growth on record at this point in any administration, the fastest economic growth in nearly 40 years. we have shown there's no quit in america, none. none none none it's never, ever been a good bet to bet against america we are the united states of america. there's not a single solitary thing, nothing beyond our capacity to get done if and when we do it together. we have to act that's what we're doing today. again, i want to thank the ceos of the automobile companies, and

i also want to thank all the autoworkers, thank you all for being here today now i'm going to sign the executive order. i would like to invite my congressional colleagues, if they're able to stand behind me. thank you all very much. the president wrapping up his remark there, about to sign the executive order, saying the future of autos is electric and there's no turning back. the question is whether the u.s. will lead or follow. we are in competition with china and other nations for the 21st century as a whole and need things to be made also in america. and phil lebeau, who joins us for reaction, said he wants to be the first person to drive the first all-electric core vette. >> you know, wilf, i hate to pour cold water on the president of the united states just minutes after he was speaking,

but this ambition of 50% of the vehicles being sold in the country by 2030, i am kept cat i'm not alone in that skepticism most in the auto industry will tell you it's more likely we'll get to 30%, maybe 40% if all things come together, but there's so many hurdle last year, just under 300,000 vehicles sold in this country were electric. that's 2% of the vehicles even with the 3% investing in ev development, most believed we're only going to get up to 1 million vehicles being electric by 2025, and it's just such an ambitious goal, most believe we won't get there by 2030.

>> and joining us is the ceo of f fisker we have another moving company before the bell. shares marginally lower today. joining us now in a first on cnbc interview here in person, what a treat kristin peck great to see you. >> thank you so much for having me it's great to be here in the studio. >> agreed. there was some concern going in the whole pet adoption craze that happened during the pandemic would peter out is that just not what you're seeing >> no, if you look at the results of the quarter, 22% top-line growth, but the companion business grew 36%. we're learns there are more

people adopting pets, but really importantly, they're spending more on them because of who's adopting them. a local of them are millennial and gen-z, and then tend to spend more >> so people spend as much on their pets say a few years after they buy them? >> they generally tend to spend more as the pets get older pets, like humans, have more issue as they age. >> we wanted to ask a question about vaccination against co corona, and whether it's a necessity at zoetis, we moved

quickly. we haven't seen a great need for a vaccine for dogs and pets, but there is a great need for zoo animals. we did work with the usda to get emergency used, and we have been providing -- donating over 11,000 covid vaccines. so we will continue to monitor the situation, but -- >> have we seen covid hit zoo animals? >> yeah, you have some cases at the bronx zoo, also the san diego zoos >> what about the outlook for the other part of the business, the livestock part of the business, which is always a good gauge? >> yeah, we had about 3% growth. the livestock industry sort of

had back-to-back pandemics there was the african swine fever outbreak in china, and then covid hit livestock hard. we expect to grow at or below the market, mostly because -- right now we're delivering on expectations we think livestock longer term will go back to more of the 4% growth. >> kristin peck, great to check in with you. wilfred? it's time to go into the market zone now, with, what, just 11 minutes or 10 minutes of the trading session remaining.

>> stephanie, is it right to shrug this off, given we've seen places come down like in the uk? >> there's still a lot of liquidity in the system. i don't think the fed will change anything at jackson hole. i think we'll probably hear that in the fourth quarter of this year you have more fourth quarter stimulus, so all of that boils into a tailwind for the market i think there's a tug of war that's going on in the markets with investors you have delta cases on the rise in the u.s., peak growth concerns in the u.s. that's the negative. on the positive, you've got very

strong economic data we have very good initials claims today they have actually were up at 16, that's for the 13th consecutive month, so good data on the economy that's not sustainable, but you have good guidance, very broad-based earnings, and this continued stimulus, so all of that boils into, you know, on a daily basis whipsawed around by the rate market. cyclicals lead. i would lean to reopened names. >> like which ones?

>> loon at wynn resorts, and las vegas sands is up 30% year to date so i say keep your eyes open, have some powder on the side, so you can buy when you have confidence. >> victoria, are you looking to potential seasonal weakness and stay long they are markets >> i think you have to we have this strong tailwind, she was mentioning all good economic numbers, and the

consumer is still strong, driving this economy person income was up even if you have no restrictions with regards to mask wears, i still don't think people are anticipating any kind of loxdown like we had before, so the consumer continues to do well, with that in mind, i think you stay long, in agreement with stephanie, look at some of the names that have been hit we're not necessarily doing pure reopening trades, but what we are doing is looking at some of value names so i do think you stay long this market. >> robinhood pulling back today after a massive rally this week, the exceed disclosing that it plans a stock offering of up to 98 million shares robinhood

still up more than 70% in one week steph, how do you read this? do you think it's a similar phenomenon >> i think so. ipos are very volatile, but this is not trades on fundamentals. you either believe in the story and the growth rate, because the growth rate is substantial, 19 to 20% penetration rate. so if you believe those numbers are sustainable, you're probably positive on the stock. i'm not sure it is as we reopening, you know, what does that mean for the retail investor are we at the peak at this point? at the same time, the valuation is crazy price-to-sales 11 times, that is at a huge premium to schwab or

e-trade, and there's a lot of competition. you either believe it or don't i'm a no touch, and you guys know you own morgan stanley. >> but even if you believe it, victoria, is it possible this is highlighting the way in which many of these stocks have gotten massively overstretched. i guess we have seen it quite a few times. but you see a stock down 28%, and selling off into the close, does it ever worry you that it leads to something wider and brings other stocks down with it >> well, we see with the meme stocks previously, right, it started to bring names it, gamestop, amc, others. i'm not saying this is necessarily a meme stock, but stephanie is right when they start to merge away from the fundamentals, i don't want

anything to do with those names. we're not in robinhood, but i also think some of it has to do with options trading options trading started yesterday. one analyst said the options trade only took about 22 minutes to go in the money, which is the fastest that it's happening in history. you have sellers out there with calling sshlgs perhaps people are going in and buying the underlying stock perhaps that's part of what drove the stock price up yesterday, maybe that's why we're down 25% to 30%. but the fundamentals donnell tell us much at this point media stocks rallies, and also from fox julia boorstin has awful details. >> viacom, cbs and are you want.

total streaming revenues from 92% as the company added better than expected 6.5 million streaming advertiser, and ad revenue more than doubled. the company also announcing a deal with "southpark." the company did not reveal fox nation subscieribers, and guggenheim upgraded fox shares to buy that bullish news on ads and streaming seemed to lift disney shares over 2% today, ahead of its earnings, which are due on thursday subscribers will be in focus guys, back over to you >> julia, thank you. beyond meat with another very busy hours. kate rogers has a preview of that name. kate >> hey, sara, analysts are expecting a loss per share of 24

cents. the company two big forms of business will be in focus this quarter, retail expected to come in at food service at 38.2 million for the quarter. retail business made up about three quarters of the revenue in q1 restaurants and that form of business did see a slowdown. the ceo said last quarter it was seeing a slow thaw, as vaccines rolled out and some diners did return so we'll have an eye on that back over to you. kate rogers, thank you beyond meat is down over the was 12 months, has the hype you'd off? would you buy this stock >> down 8% in the past year, on

it's really been a struggle. i think there's real questions about food service on the rebound there, and u.s. retail sales, they're guiding up 4%, but nielsen data is saying the overall industry is -- and then, of course, the biggest question mark is the dunkin' loss, that's the real wild card, i think, and something i hope they will address on the card. we have about a minute left on the session -- i did not catch that, i'm afraid we'll pick it up after we are set for a record close. the s&p 500 just closing to its session highs moments ago, and it is sitting on just a couple points where it needs to be. the dow is up 0.7% at its session highs. the nasdaq looking pretty

comfortable, and is also just about set for a record close energy financials the top two performing sectors, both of municipal that are 1%, materials and health care at the bottom. as the bell rings, not a record close. ♪ strong finish to the day with a double record close welcome to "closing bell." the dow finishing up near the session highs. salesforce with the most positive impact on the dow today, up for the week so far, which would be the second positive week in the last three. s&p 500 closing at a record high, up 0.6%.

we did manage to breach that 4423 level microsoft the biggest impact there, but it was a number of sectors that led us he financials have a more than 1% move up. health care and materials lagged nasdaq at a fresh record high. kind of a mix on the nasdaq 100. mercado libre, the biggest contributor, up 14%, and media companies also helping out the rally. amazon, google also did well, nvidia as well the russell 2000 also zoomed ahead, a strong finish we have another huge hour of earnings for you coming up, beyond made, dropbox, expedia, trip adviser, virgin

galactic, and more our back-to-school series continues with the ceo of bed bath & beyond. a lot of questions first off, though, on this record close, stover any link from hightower is still with you, victoria fernandez still with us. alicia joins the conversation. ten-year goes back above 120 buys across sectors, and across asset classes. >> this is a great example of when wall street expects one thing and the marketpeople expe something else it was led by cyclicals and

value. so i think that suggests despite the scary headlines, that the delta variant is a factor, but will not be the only factor going forward. when it comes to bond yields, i would love to see them over 131, 135 here they seemed to be hitting that ceiling. bev we go all in on deep value, you have to see bond yields move other than that, great day the growth sector is really on fire, quality stocks, big cash flow, earnings through a decent cyclical upswing, that's what we're seeing in the market right now. >> so, alicia, how do you play that do you want to buy various cyclical sectors, possibly even including the banks ahead of the yield curve? do you want to wait on the sidelines until that happens >> look, i think financials are

in terrific shape in terms of their valuations and base busi businesses there's just $16 trillion of negative yielding debt, so we're caught in this the u.s. bond market is part of the story, so very hard for yields to move higher, even though it does not accurately reflect what's happening in the real economy i would buy your cash flowing, high quality companies that can earn through a lot i would add health care here mid cycle. health care should do very well. in addition it's the tech and northerly as well. i do like the financials i just want to see the yield curve steepen a bit more. >> how much are you basing your picks or market calls on the bond market? and whiled -- the higher yields orb firmer yields, why are they

beneficial for stocks? >> sara, when we look at the bond market, everyone tries to see what the bond market is telling us, and i think it's a confusic story you have the inflation component that we assume not all of the frontline we're seeing is transitory that that's going to continue to bring yields a bit higher if so, it's positive for the bond market, big a bond portfolio manager, because you get a higher yield as long as the pace isn't extreme, sara, i think you're okay with the growth stocks. they're okay if the treasury moves to a 140 or 150. they probably won't be okay if they see it sky rockets up, but as long as it's measured, i think your stock market will be okay we're still at historic am lows, and the fed will not pull off

that liquidity away. >> we've got dropbox earnings just out josh lipton has the numbers. >> sara, dropbox reporting eps at 40 cents that's expectations of 524. paying yours we'll get guidance starting at 5:00 p.m. eastern. >> josh, thank you they've been performing quite well in the lead-up to -- >> it's up 42% year to date. it's still pretty reasonable

free cash flow is going to be key, because their goal is to get to a billion about so let's listen to what they have to say. it was nice progress made on that front as well they're just executing after not last year. so this is a good story. i think the valuation is not expensive. let's get to expedia and trip adviser numbers, which kristina partsinevelos has. >> i'm going to start with expedia, a loss per share of $1.13, much worse than anticipated. weaver also see revenues that came in slightly higher. that was higher than the estimate i want to switch over to trip adviser, also see a loss on their side, seven cents loss, that wasn't as bad as what the street was expecting, at a loss

of 11 cents, but revenue came in stronger so it seems for both companies revenue came in, that's likely benefiting from the ongoing vaccination drive throughout the world and people booking trips back to you. >> don't miss first on cnbc tomorrow, expedia's ceo will be on "squawk box." alicia, travel stocks have a bit, but perhaps they could have pulled back more where do you stand on those names? >> i think buying into the sectors that were hit because of the delta scare here i would be careful not to make it a blank et statement, because i think business travel will not come back at 100% i think that's seems pretty clear.

sectors levered to leisure travel i think will do well. that would be spent over time. you can't spend it on five trips at the same time i think this will be a longer cycle. the airlines are still off about 20% from the recent highs. >> i think you have to find the airlines levered toward domestic leisure travel, not those that are dependent on business travel most businesses will not spend their mid level employees on trips at the same rate i think coming out of the

pandemic there would be demand for the travel, but leisure looks completely intact. business travel, not so much on the topic of travel, victoria, are you traveling abroad for overseas equities at the moment, or staying focused on the u.s.? >> we look at where the different countries are right now in regards to vaccinations, in regards to reopenings we do like looking abroad a bit, as we go forward, we recently put popular in puerto rico in our portfolio, but when you look abroad, that might be an opportunity going forward. we would still be karins, because we know vaccination levels are not as high, so if that puts those economies a bit behind us, then wait maybe to

have a bit of a pullback, but we're still mostly domestically focused. >> we have beyond meat numbers crossing, and kate rogers has them for us. hi, kate. >> a mixed quarter here for beyond meat. wider than expected loss, revenues, though, a beat here coming in, compared to $140.8 million estimated here the stock is down about 5%, giving guidian for q3, revenues coming in between 120 and 140, compared to estimates of 153 million for q3 that conference call kicks off at 5:00. back over to you okay thanks so much for that, kate recording down nearly 5% what's your take on this one,

steph? >> sit think the bloom is off the rose, for sure you can't do that at 19 times price to sales, right? the valuation is just not supportive you've got a beat, a raise, you have to surprise to the up side to get the stock to go higher. i think they're having trouble on the food service, which is temporary to some degree, but we'll have to get a glide path as to how they're going to recover and what the trajectory is going forward the dunkin' question is a big question to me if they loose it, number one, what will happens, and what are the implications so a lot to digest on the 5:00 call we'll have to listen to hear what they have to say. >> beyond all these earnings, we're going to get the jobs report tomorrow, alicia. there are great expectations for more than 850,000 jobs

everybody is expecting that to be great how is the market likely to treat any surprise, a disappointments or better than expected number? >> i think the number would have to disappoint a lot to change the market narrative right now it's pricing in the beginning of the taper at the end of 2021, so you would have to have a disastrous number tomorrow for that to change at all. anything around five or 600,000 -- 24 states are not fully counted in having gotten rid of the extra unemployment benefits we have seen unemployment in those states 4% or lower, and those numbers were counted in this report, because the screening happens mid month. so now you have taken care of the 24 months that have gotten

rid of the supplemental insurance. to the stephen that matters, we will see it in this report in addition, schools are getting ready to go back, companies are getting ready to go back, and we have seasonality that will now be in our favor for this number. all in, i'm expecting a pretty decent number. >> alicia, very quick final question, what are we looking at behind you, a giant lego spaceship? >> it is it's an imperial star destroyer, this is what we did during covid lockdown >> wow. >> yeah. >> respect that must take talent and time. >> not my talent >> you've obviously passed it on to some family members great stuff. thank you so much for joining us, alicia, victoria and stephanie. up next here on "closing

bell," mark mahaney reacts. and hen rick fkeisr. we'll discussed that and much more when we come back

>> virgin galactic with a gap loss, 570,000 in retch, better than analysts expected cash equivalent of $552 million. here's the news for virgin galactic that is moving the stock right now. company announcing plans to reopen sales, effective day. on the heels of the flight

yesterday. three consumers offerings. the pricing will begin at $450,000, so basically in line with what analysts had been anticipating, at about double what the company was selling its tickets previously for the priority will be to the so-called space bearer community, folks who already had put their name on the list also announcing "unity 23" will be from spaceport america in new mexico, and that will be the retch-generating flight with the

italian air force. nonetheless, you can see the shares are up 6%. >> it's happening. private astronauts can sign up thank you, morgan. zillow earnings up kristina partsinevelos has the zillow numbers. that was a beat on revenue, also a major beat in the increase year over year we are seeing strong guidance for q3, so the company is very confident. they gave two reasons. they believe low interest rates will help continue to fuel the housing boom, along with people working from home, encouraging people to continue to snapping up properties. they also talked about zillow offers, where they want to be a one-stop shop, where they

purchase the home and sell the home to you they purchased 3,805, so they are definitely a major buyer on the markets shares are sinking though, despite the strong beat. the nasdaq closed at a report high today, despite wack necessary we've seen today shares of uber reversed course they ended up about 3% for the day, and the week as a whole lower by about a percent joining us is mark meheny. thank you for joining us do you think a bit of weakness was warranted for uber and -- >> i think it was fascinating.

lyft comes out, but they say driver incentives how much they have to give to driver to get them back in the vehicles thatr that's about a 20%, so the june numbers, incentives can come down, causing both stocks to move back up you see that in the demand side, the question is how long does the price catch up we think that's a temporary issue, we like both stocks, but a preference for uber, though. what about roku, to suggest you rank these earnings as quite positive

>> advertising has been a phenomenon all sector. you're now going into top comps. the strongers results, even the googles of the world only sauce modest increase. i think the next three to six months, in order to make money, and go for names that aren't --. that's a company with such explosive -- and retch and profits, that's the only one that's traded up it's also pretty offense, if you look at where.

>> yeah, i think you're right. i think we had a big rerating. if you're trading, rerated, you have to get everything right so the question is, what is the next move, the final -- the international markets, i think they can sustain revenue growth for the next several years we continue to like roku, but that's the near-term -- >> thank you so much

meg tirrell has the details on novavax >> in this earning report probably more to do with the timelines. it's pushing back its planned submission of the emergency use authorization to the fda now to the fourth quarter it believely said it planned to do that in the third quarter, so you're seeing it down more than 12% on this news it is saying it's planning to file in other countries earlier than the u.s here it is use might be questionable for anything other than po stenchally booster, given that we're already losing demand for covid vaccines at this point positive data on boosters, but we'll have to see what role this vaccine ends up playing. >> didn't they recently sign something with europe that got investors all excited?

>> they did. we'll have to wait and see how their vaccine will get used. >> meg, thank you. down almost 14 pu%. up next, the ceo on bed bath bon 'lbe right back. at pnc bank, we believe in the power of the watch out. that's why we created low cash mode, the financial watch out that gives you the options and extra time needed to help you avoid an overdraft fee. it's one way we're making a difference. low cash mode on virtual wallet from pnc bank.

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consumer demand is strong, as you said, and in particular for -- we're in a space where we have some nice tailwinds, right? the definition of sport, health and wellness is expanding. we have realized you don't have to go to a gym to be active. you can do it in your living room, your dining room, your backyard initial, athleisure, right you don't need to compromise comfort for wearing comfortable, good clothing. i don't think we'll ever see a going back to what we are wearing pre-pandemic that was nike's ceo john donahoe.

joining us as part of our back-to-school series, is the ceo of bed bath & beyond i assume for you, your back-to-school is going to college. how are you gearing up for that in the middle of this tur turnaround. >> it's an important part of the year for us. i took my kids to bed b bath & beyond, but we're gearing up it's -- having too much post-covid lockdown moment, out there having fun and getting some -- we're seeing about 72% of all customers in our surveys are less than 50% purchase we're geared heavily into

online >> people have been spending a lot of time at home, baking bread, taking care of their space. now they're out, though. is the reopening hurting your business >> i think it's stabilizing the trends the covid was people looked around their home, and saw it as a matter of pride and safety it's an important space, both for style and comfort. so it fortifying the space, there's always a transition from the highest point in covid-19, in particular bread baking, to a more stable moment we see going to college as a trigger for that

>> hose -- how is is it going -- and do you think the trend will be replicated? >> it's doing well we've cracked our first million in two weeks of opening. the customers are back, and we're doing that, relying on the local community, offices aren't fully back tourism isn't back in new york we have made the investment. it's early, but the early signs are tremendous i think shall those shah the newd about bath and beyond, over the next three years, we've completed about 40 so far this year >> i think part of the strategy has been your focus on the private label, your own brand.

talk to us about pricing, what consumers will be paying, and the fact you're focusing on your own brands, what that means in terms of competitive pricing there? >> we're incredibly well timed in terms of our own brand. we have an opening price point, and exclusively other brands in key segments i think it helps to combat any inflation rates i think inflation is around, and -- it's helped us with the flexibility for this moment. >> a 55% year to date, mark. do you embrace the fact that you have attracted -- >> embrace is a big word

it's a reality of what we've got through twice this year. i think what it has done for our investor community is had them lean into our fundamentals and there were a momentum stock, we are a three-year plan that's very achievable, and really drives a high rate of probability, and great investment for all of our shields. >> and there were some short interest aswell. mark tritton, thank you for joining us. tome we will speaking exclusively with nancy green, old navy's ceo news alert on booster. meg tirrell, as always, has the details. >> hey, wilf a report that the fda expects to have a plan for who should get booster shots by early september. this is, according to reporting from the "wall street journal"

just now the plan would lay out when and which vaccinated people should get follow-up shots. this as people got shots back in december and january you now many months into the vaccination. people who are 65 and older and thousands immunochromed may need boosters as soon as this month so, guys, we've been waiting for a plan, but of course, there are calls internationally for a moratorium, this from the world health organization yesterday on boosters until at least september, so thatcountries that haven't gotten access to the vaccine as much will be able to vaccinate a portion of their population inch i guess we are still waiting for a timeline why are we waiting

are they seemingly taking their time >> well, the -- about every time they put them slchs out for questions, in fact they were asked again. they say they're following multiple sets of data to assess whether immunity is starting to wane we know in the immunocompromised population, they maid just need a third dose to get initial immunity, so that's one characterization, but we're also finding data that there may be waning immunity even against severe disease after the six-month point. really just figuring out for whom to make the recommendations and based on what data, that sounds like that's what the agency is working on now. >> meg, thank you. electric vehicle maker fisker reporting its latest results. up next the ceo will join

us, and the apt's new ev sales goal he mentioned moments ago.

welcome back time for a cnbc news update with

shepard smith. >> booster shots dr. fauci now says officials are working as quickly as possible to approve booster shots for people withweakened immune systems. that's just in from druismt fauci. he says it's become clear that some patients do not produce enough immune response. cuomo impeachment. new york lawmakers preparing to wrap up their probe. they've game cuomo and his legal team until nest friday to submit final evidence in his defense. this comes two days after the state attorney general released a scathing report. and the dixie fire is now the sixth largest in california's recorded history. officials say it burned more than 50,000 acres overnight. the wildfire north of sacramento has now torched more than 500

square miles officials have shut down the lassen volcanic national park after the fire leveled a tiny town overnight and carl lewis joins us. he called the relay a clown show we'll ask him to clarify tonight on the news. right after jim cramer wilf, back to you. >> thank you so much, shep fisker is out with earnings this hour. let's bring in our phil lebeau, who is henrik. >> you're going to be spending more money on your development of electric vehicles through the end of this year

do you believe it's all systems go for having your first model, the ocean in production next year, and delivery starting either late year or more likely early 2023 >> absolutely, phil. good to see you. absolutely we will ship it, not only we'll start production, we will start deliveries right after that, into next year, both in the u.s. and in europe. >> so the question a lot of people have, and you heard the president today, he has a goal now for half, half of all vehicles sold in the united states by 2030 to be electric vehicles do you find that realistic let's be clear i know you're not trying to pour cold water on the president, but is that a realistic goal >> first we'll by 100% electric by the end of next year, so i do think so its think it's a matter of a tipping point.

we've been talking a lot of that i was one of the early adopters of getting into ev i think there's a couple of fundamental differences now. we have seen a lot more electric vehicles in the market the technology is better, battery pricing is coming down we're in the middle of finalizing our battery deal, and the pricing is extremely attractive, to the point where we come out with a car that can be better priced with a similar performance to a gas engine. and of course, i also expect that the administration will do something, which means we need to build the infrastructure, we need to continue with good incentives for people to be converted. i think we can become one of the wincer, because i expect these incentives to happen over the next few years.

>> and whether they should be increasingly focused on the relatively smaller ev makers, but when you see a press conference, does it annoy you with the focus on the fords, and the level of attention that the teslas have managed to get attention, and should you be given extra support? >> well, i don't think the companies need incentives. i think the customers need a boost to try out the new technology i think they need education. i'm not annoyed by any of the other companies, because i think we have a compelling product i think the key here is when the government gives incentives to purchase an electric vehicle, it has to go directly into the customer's pocket, means it has to take the price down secondly, i believe it should be capped at about $55,000, because

somebody who buys a $100,000 car doesn't need incentives, and that's what we saw at the beginning. the first one, the fisker ocean will retail around $69,000 our second one will retail under $30,000, so now we're talking about real mass market i think we are competitive even against the big threes i'm not worried at all >> henrik, good to see you thank you for joining us. >> thank you take care. >> and thanks to phil lebeau for bringing us the interview. when we come back, what we can expect from the july jobs report, which is out tomorrow, and zynga shares, and groupon soaring. and don't miss david faber

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here with some sweet advice to stop you from overpaying on worker's comp. try pie instead and save up to 30%. thirty percent? really? get a quote in 3 minutes at easyaspie.com. wow, that is easy. so, need another reminder? no, no no, i'm good. uh, yes please. oh. ho ho ho, yeah! need worker's comp insurance? get a quote in 3 minutes at easyaspie.com. a key senator says the fed should reverse its policies, and steve liesman has both stories for us >> wilf, stop injecting some of

these into the economy because of the inflation, it comes as the public is showing more concerns than it is the lack of jobs they're finding 67% of inflation is a bigger problem. majorities in every single demographic, they are more worried about prices than employment that could be because the job market is improving. wall street tomorrow expects blockbuster july jobs growth, and the unemployment rate to hit a pandemic low of 5.7% that said, some of the signals we watched, the numbers have been mixed adp was much lower than expectations, manufacturing and the service employment indices were strong. the two data., home base and ukg, their signals have been mod moderate

ukg has suggested it won't be as strong as june, but better than may. we've be looking for around early sigh if the delta variant is hurting jobs. wilf, sara >> i have a question, steve. i find it odd that senator manchin is weighing in, criticizing fed policy, urging them to move, when the administration itself has said that inflation is transitory we've heard that from janet yellen what is he up to here? what do you make of some of the recent commentary? >> sara, i think if you go outside and, you know, go like this, feel the wind, the wind is blowing against the fed from a political standpoint right now the wind of inflation concerns, and we picked it up in our poll.

we asked it three different ways, if it's seen more important by the public than the employment part. i think it's an interesting moment with fed policy, where maybe they forgot not just the monetary policy reasons to fight inflation, but maybe the political ones as do not likere and whether you have a job or don't have a job, you still have a concern over rising prices and i think that is the way that the political wind is blowing right now. >> so, steve, one answer perhaps for mr. manchin might be to replace powell with andrew bailey i don't know if you saw the news this morning on bank side, it is interesting. >> oh, you mean about the bank -- yeah. >> yeah, bank of england the thing i was going to draw was two-fold it is a sign of a major central bank that is willing to be preemptive rather than just totally reactive and waiting for

the data to come and wait years after and to your point, sticking to what it's original mandate has been and always has been as opposed to trying to fudge it to say we're just really focused on the unemployment side of things today. >> wolf, i think you have to go back to the financial crisis the fed was severely criticized for policies that helped out of the banks more and the wealthy more and powell came in from the very beginning saying we are going to address the needs of average americans through our fed policy and that led to a policy that has sided more with the employment mandate over the inflation mandate. it is interesting, it was not a mistake yet, but if in six months we're still dealing with inflation, that is a mistake and the fed should well have addressed the change in fiscal policy that is what i believe the fed failed to do it was all fine if the fiscal side didn't do anything or reverse like in the financial crisis this time fiscal stepped up big,

the fed didn't change and that is where the mistake may have been. >> that is where joe manchin should be focused because they're now debating another $4.5 trillion. some sad news today, labor leader and president richard trumka has died at the age of 72 joe biden mentioned he was a friend earlier in his speech today. and he was also a frequent guest of this show we return to him for his thoughts on labor and union issues the afl/cio saying he was a champion of workers rights and worker center trade and democracy and so much more we had some great debates with richard here on the show sometimes got heated and contentious and he was always ewacious and tsteadfast in his vis. we'll certainly miss him

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can't remember the lost time i had ceo's of adidas and nike beyond underarmyour in one week. and as far as their category and consumer spending in general in the u.s. and abroad, extremely bullish. >> and target, too the consumer seemingly not flinching from the delta variant and nor has the markets overrule another record close and it comes despite some sort of mixed data this week. it is interesting to see what jobs number is like tomorrow of course the service pmi was very strong earlier in the week so it is not like we've had bad data but the jobs number the key read other way tomorrow >> what is going on with u.k. cases. i know you're there. we've been following it closely because the leader for the u.s., we're still spiking here are they still continuing to come down. >> they've been coming down. and such a pronounced way that

people are baffled as to quite what it is and we haven't got the data to show this yet, but thoughts suggest not only is the vaccine working but the herd immunity might be nearing but that is kind of too early to tell but the good thing is that it is heading in the right direction and it is hard to explain because it has been so encouraging. i hope it followed suit over there as well. >> as they've continued the reopening. which is encouraging they moved forward, didn't lockdown hopefully that is what is in store here that is going to do it for us on "closing bell. have a great evening "fast money" is up next after a short break. hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene

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live from the nasdaq market site overlooking new york city time square, this is "fast money. i'm melissa lee. tonight's lineup tonight on "fast," we're tracking the after hours action, shares of drop box and expedia and virgin gal acic moving and robinhood retreated. we'll dive into what is driving this action. and later nadine is pitching her next best idea why she thinks this auto stock is ready for the fast line. we'll bring you the na