so they can be taxed. >> good luck with that that sounds like a rabbit hole ylan mui, have a great weekend thanks a thought courtney, great being with you all week folks, have a great weekend. thank you for joining "power lunch. "closing bell" starts right now. thank you, courtney and tyler. welcome to "closing bell" on a friday happy friday i'm sara eisen here. strong jobs report pushing to record highs >> i'm scope wapner in today for will fret frost. the economy adding 943,000 jobs, topping estimates by nearly 100,000, unemployment rate facts to 5.4%.

treasury yields bouncing on that data tech is lagging they do have 59 minutes left to go in the session. coming up on today's show, council of economic advisers chair, celia rouser will join us and whether this could derail america's recovery plus, it's been a rough week for spirit airlines, cancelling. let's focus on the big stories, to today's jobs record. dana peterson joins us

bob, set the stage for us. >> value stocks are starting to show some life it supports the idea that growth is still strong pushing up bank stocks like jpmorgan and wells fargo. in fact, these bank stocks bottomed in mid july when interest rates also bottomed at the same time, we have seen traditional value sectors like energy and material stocks, so dupont, dow chemicals, and the energy stocks like halliburton, all also up today. tech stocks like apple, microsoft, the semiconductors generally are lagging the rally here why is that? the idea that growth is still drone is bushing these interest rates up tech stocks are growth

stocks when rates rise, it makes that future stream of earnings that they throw off a lot less attractive for the moment, the market believes it will show, but not derail the recovery, but the extent of that is -- the job report really confirms there's still plenty of growth, but the delta variant is really the wild card here. >> dana peterson, nice to see you, welcome to "closing bell." >> thanks for having me. >> biggest job growth in seven monthsbig up-yard divisions.

almost every sector saw an increase in jobs, especially leisure and hospitality, where you have in-person services, you expect people going to amusement parks. regards wage, they're up almost 6% annualized over the last six months >> to what degree do they face wage pressures, and how long do they think it would last they're also seeing people quit,

certainly at the higher end, saying up to change jobs, or maybe i can find a higher wage our thoughts are in the fall, things will probably improve a bit, as children can go back to school, parents can go back to work also the very generous unemployment benefits expire, so you'll have many more people willing to go back and look for a job, but still, what do you do about the people that are quitting? at the same time, it came before we saw any impacts on the delta

variant on the economy the new york auto show was canceled, and consumer behavior. >> well, certainly the delta variant did provide, if you will, somewhat of a calfate for the fed to wait. so it's about substantial further progress in terms of achieving the market. so certainly it gives the fed a little more room to wait >> so what is your forecast?

when do you expect the tapering to begin and what about rate hikes? >> the thing is probably sooner than later certainly wee seeing some reasons for inflationary pressures. some are transitory once supply change improve but what about the chip shortages that's not going to change anytime soon also, when you look at rents and oe.r., if our an fomc member, you're saying this probably will be higher, more inflationary pressures, and will this go away

sooner rather than later er. >> dana, thank you very much it's also notable that a lot of fed governors have come on the this week, and there's discord among how fast they should be tapering a fed governor on monday was saying two job reports, and start in october that was pretty hawkish. i think powell has a committee that is getting antsy. we're going to talk about this

much more in a bit when we're joined by cecilia rouse after the break. we've heard from the head of nike, underarmour, and more up next next the dow is up 107 points. 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. ♪all by yourself.♪ you look a little lost.

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the sportswear company raising its full-year outlook. the stock has been under pressure, down nearly 5% after a big sales miss in china. i spoke exclusively with kasper rorsted, asking him where he saw consumer demands around the world. listen we saw that, they're seeing pent-up demands. whether it's 40-plus, or i think it's a mix of pent-up demand, but also great products. i think people have learned through the coronavirus crisis, so we're very happy with where we are >> first visibility on two key

seasonal trends, back to school and then holiday >> so what we are seeing is, you know, the -- of course, some of the -- have not been as high as normally, because people have not gotten the inflour of tourism, so you're not seeing the biggest tourist travel in the big cities back to school is strong so, you know, we're seeing a trend in the marketplace >> what about china? clearly the boycott is impacting your business there. can you give us a little color about what you're seeing and whether it's rebounded at all lately >> we are seeing a sequential improvement in china we're very confident, and even this year we'll have a great year in china. you know, there's no doubt the geopolitical tensions had an impact on the overall demand profile, but the overall market

continues to be pro strikeout. yesterday they went out and basically put programs in face with a focus on sports second quarter was deto political tension. how have you responded to some of this pressure that you've gotten, along with other western brands >> first of all, we are in the chinese market for a long time and will be there for a long time i think just show respect for local traditions and local staff, and influencers not get overexcited about the short term it's about showing respect, understanding what's going on in the country we employ directly several hundred thousand people

in commhina, and we want to continue to be there it's a huge opportunity. what about online, deceleration, as it was super-strong this time last year what is the right balance of the store traffic and the business online >> we are aiming to run a last year this time 70% was closed, the only store that is open, so i think he continues to say the -- either direct or online activities, or online partners. and that would normalize and with a normal high and normal low in certain quarters >> are you going to continue to cut relationships with wholesale partners or is that process over? >> i think it's an ongoing

process, but one that's evolving there's a lot of wholesale partners, to -- in the infrastructure there's no doubt that the small generalist, without any additional infrastructure, that partnership, you know, will suffer and continues to suffer we're seeing conservation -- and companies like dick's or kohl's, we have a strong relationship. >> what about the supply change? are you visiting any bottleanies, and other manufacturing processes? we're still seeing a continued increase, and that affects all industries across the world. so you have, one, there's an

increase in transportation costs, and you have congestion in hubs, so that's something that the overall industry you know is being address ed and in acia, which is impacting -- i wouldn't, i would say, even though the numbers are good, about 90, we're still i think a lot of people forget that. obviously you were very impacted by the last year in the store closures around the world. in these three regions, we grew close, so where we are seeing a

big increase, influence or consequence, is in asia, in some of the sourcing countries. that's where we're seeing in vietnam, and that closedown will continue until the 15th of august the corona is still around, but when you see the countries opening up, how attractive the sporting good industry is, that people are really, you know, being ability to relate to i want to dress in a very leisure way style, and the more the stadiums will open up, the more jerseys we will sell no doubt we also saw that in our second quarter numbers, our football business, or soccer as you would say in the u.s what can you tell us about how the brand is doing and how the sales went >> i'm certain you saw there was a lot of, i would say,

conversation about whether pe people. >> and now it's going to almost be a ten-year relationship and build a fantastic franchise. we're very, very proud what we're doing there's no lack of demand. >> we also didn't exclude is a time they have a colab there that's absolutely on fire, one of the best collaborations going on it was a weak spot for nike, and i did talk to john donahoe yesterday. they are still optimistic about china and still all in on this market

>> the government is supporting sport is the ways that he said it, and. >> olympic games coming up >> it's a lot for them to consider >> for both of them. up next, covid vacnes e ciar ready to take off. the details are next

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united is becoming the first major airline to require employee vaccinations. phil lebeau has more >> united is looking at the fact they'll be doing more flights, and they realize a sick crew, a sick ramp worker, whoever it might be, if they're sick with

covid-19, it could ripple through the system, ultimately costing the company money. they want to keep their employees as safe and covid-free as possible. they are mandating all u.s.-based employees will have to have a covid-19 vaccination, partly driving by the fda giving final approval there will be religious and medical exemptions made on a case-by-case basis otherwise, those not in compliance, will be fired. while the company doesn't say home of thousand employees are vacci vaccinated 80% of the flight attendants have been vaccinated they laid it out like this -- over the last 16 months, scotts kirby has sent dozens of condolence letters to the families of united members

there is one other note here they were getting an incentive to those workers yet to get a vaccination. do it and you get a day off. they have worked out similar type of compensation with the flight attendeants and pilots. you know how this work one airline does something, a lot tend to follow we'll be tracking them guys, back to you. >> may i ask a question? my other question, is there any movement or discussion to require passengers to be vaxated? i guess they would all have to move together to do that. >> think about the size of what that would require, sara you've got about 2 million people a day who are flying. to get that orchestrated, and to have a system in place, that's a herculean task i'm not sure that the airlines

think they can do that for domestic travel. it's a different story when you're talking about international travel, but domestically, while it sounds good on paper, i think that's such a huge requirement to put into place, the industry is looking at it and thinking i'm not sure this makes sense for us to do this. >> phil lebeau, thank you. still to come, we will talk more about the airlines, and joined by the ceo of spirit, as it deals with scheduling and logistics issues we'll ask questions. and a check for you on bonds. the yield making a big more higher the ten-year yield just under 130. a big jump from the low 120s, where it sat this morning. the dollar is stronger as well, up more than 0.5 we'll be right back on "closing bell."

these requirements generally include at least one female director on the board. companies will also be required to disclose diversity statistics those rules have been approved we do have 29 minutes to go before the bell rings, but let's look at some individual market movers today, gannett popping,

seeing a big earnings beat gannett boasting a 41% jump in digital subscribers numbers. revenue coming in well below forecast, and now a downgrade. and after this week's wild ride, the stock is up today by some 9%, but it's been one heck of a week for robinhood. >> as the retail traders have embraced it. rahel has the update. >> here's what's happening the biden administration saying it expects global supply change disruptions as the delta variant continues to spread aroundthe world. white house press secretary jen psaki says they haven't seen direct effects, but they do expect issues to develop

bike enthusiasts are up from half a million people. experts worry the rally will again play host to coronavirus infections, in a county where only 40% are fully vaccinated. in houston a high-speed car chase ending in a pool the driver let officers on a high-speed chase that went to a watery end police did apprehend a passengers, but apparently the driver is still being sought back to you guys, scott. >> rahel, appreciate it. after the break, the second quarter recovery for the instrument has progressed, but will it -- we will have the ceo and will do it next. that building you're trying to buy, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you see it. you want it.

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cinemark moving higher today following earnings the company reported a larger than expected loss, but revenue did beat it also noted faster than expected recovery in its business joining us in a "closing bell" exclusive is cinemark outgoing ceo mark zarotti, along with the incoming ceo sean gamble good to see you, gentlemen welcome. >> thank you. >> good to be here. >> mark, you're on your way out, but you oversaw the results, adviser. can you give us more details on the faster than expected

recovery inch we saw this coming, and then with the covid starting to decline and significant amount of new movies, from "fast & furious" to "the quiet place" to "black widow" we had good ebitda. as we look forward to quarters three and four, it will progress further with a great lineup of titles that's going to fall on shawn's shoulders. you have the heavy lifting now. >> i certainly think it is sustainable. we think how excited our consumers have been to return to our theaters i think the second quarter

results are a perfect example of that, quarter over quarter, our attendance was up. we spoke to a positive ebitda, so there truly is a passion for movie going, and one you see the virus is contained, we've seen how quickly it bounces back. have i changed any guidance? >> obviously it's early days, something we are watching closely. as far as safety precautions, it's a tremendous number of protocols throughout the pandemic recently this week, we reinstituted masks for our entire employee base, and we continue to reiterate requiring masks for our guests so it's something we'll continue to monitor and continue to evolve our policies. >> mark, i'm curious, do you have any amc envy? you know what i'm getting at

when you look at what that stock has done, and 52-week high is $27. what do you think about that whole thing? >> i think the short answer to that is no we've had a consistent strategy over the last six years that i've been here we have a strong balance sheet we came through the pandemic very strong. we went into it strong, and we've come out it strong we actually grew our market share during the pandemic from just under 13% up to 17% market share we're the company that will consistently provide good results going forward. we did that pre-pandemic we're really set up to do that as we go forward no, i don't think there's any envy going on right now. >> i ask you partly, and sean, i can direct this at you will, let's be honest. the theater business is

challenged, right? that mania that was happening within amc, at least, it allows that company to raise much-needed capital. i'm curious how you think about that side of the story. >> we've said for a long time there's a benefit to the whole industry in movie theaters recovering and the overall industry recovering. so in some ways preventing certain disruption there is a positive i think, as we look ahead, we're very bullish about the long-term prospects of this business and about this industry. it's a format that consumers love it's very important to film makers and talent, and it has many benefits to the players involved >> sean, i'm curious about your take on the legal battle du jour between disney and scarlett johansson, and the problems it

brings up do you have an opinion >> i would say i shouldn't comment on legal issue >> there clearly has terms to. over time, we still believe the theatrical window is in the best interests of all stakeholders involved it's the best way to elevate

content. we've seen how over time that all, how doing that, pulled results prior to the pandemic, 40 billion-plus box office industry, so we think that's returning and we think there's real value in that. >> we'll leave it there. thank you for both of us >> thank you. up next, a look inside oil's worst week since october, and tolay the pop in financials we'll take you inside the market zone, whether we come back on record close watch for the s&p 500. keep us working remotely, is the same company we'll trust to bring us back together. safely. securely. and responsibly.

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with 13 minutes left in the trading day, here to break down the crucial moments, chris verone, and sono sapporo the stock rallies to we are currently on report close watch for the dow and on record close watch for the s&p 500. the nasdaq is underperforming down about half a person solano, what was your reaction did it make you want to go back

into the cyclical plays? >> you know. >> it was a stronger than expected jobs report there's still things on the horizon that i want to watch. the other things that the fed has stated, staying the course on their strategy so far, as well as diversified to be in both areas of the market. >> chris, what about you financials getting a boost, obviously. do i need to rethink the way i'm viewing the market, giving where rates are, where the economy appears to be? >> yeah, i think you do. we wrote earlier this we're, the growth scare has already happened i think it's a consensus and overall call what we've been noticing in the last two, three weeks, a lot of

the ratios we looked at have started to perk bag up semiconductors, so i think there's evidence in the last two weeks, and then when you look at how the bond market responded, also the wednesday adp number, we tested 112, the fact we couldn't make a new low, and then to follow through today, i think it's suggestive that the market is telling us it's time to get more cyclical here again. oil having its worst week. pippa stevens has the details. >> ugly day and week for oil s. china is the world's second large is oil consumer. they have new lockdowns in place. we could so a slow down there,

which is spooking traders. once again, fell below $69 for the week, both u.s. oil and brent dropped more than 7%, the largest weekly decline in ten months the energy sector did manage to finish the week in the green, though there is some divergence between the winner and loser the oih which tracks oil service companies, is down 2%. on the other side, names like exxon and chevron are holding up better, finishing the week off here in the green. scott and sara, back to you. thank you. it's all about the reflation trade, right that's what we'll be talking about now. , and now what rates have done, in the span of a single week. >> but also china, the prospects of more china lockdowns, even if we don't think this time, that,

chris, could be a problem for the global economy and for oil prices, couldn't it? >> it certainly can, but i think at the moment, the market seems to be in the mood to look through a lot of this. look at the big bellwether stocks, which is rio tinto, or some of companies domestically it's been very constructive in resetting sentiment. we look at flows we see massive outflows over the last three or four months. i think a lot of bad news, a lot of growth scare, a lot of delta news is already placed into these stocks. >> what happens to -- and chris sort of alludes to it -- the good as it gets trade. we've done the best we're going to do, and we need to start rethinking what the recovery

will look at does the jobs report today sort of save the day on that conversation >> yeah, i think for now, i think in the short term investors saw a report that was really strong. but i think they have to consider where they're going forward. obviously the bond market there's very little yield. so they're searching for areas where you can get yield. i don't think it certainly said going forward, where we're moving forward, there's some notes out there that say that, but looking at the jobs report which was strong in the short terms, but we definitely need to see more, especially with the things coming ahead. >> and jobs is a lagging indicator, not a leadling indicator. it's good to see the labor market is on track, but i think the bigger implication is for

the fed. that's their indicator right now. that's where the substantial progress lies. why rates are, financials are up nearly 2%. wells fargo, goldman sachs, regionals are surging as well. chris, is this an area where you want to be, sniffing out a potential rate hike here >> absolutely. but i've been impressed, even when rates were falling, financials actually corrected in the most benign possible way they went sideways the fact that reaccelerating to new highs, this is compelling evidence, this is reasserting it itself we mentioned flows are very important input, the flows out of the xlf, over the last three

or four months, have become pronounced, i think long financials is now the contrarian call with the support you're getting from yields, it certainly doesn't hurt >> delano, what about tech we have to have that conversation, given where rates have moved >> yeah, yeah, we definitely have to have the conversation. you know, the tech plays, the growth plays, definitely stronger they have been over the past month or so, and i think that's just a look at a reasonable price, right so different companies, like a chewy, right they're trading at five times revenue right now. these are areas where you want to look for the high margins, high growth stocks, that can weather any pent-up moves in those yields so you definitely want to stay in those positions and look to add growth >> all right

pot stocks started out the year on a hot streak, but they have cooled off significantly the etf is now down around 15% we got the latest read here. frank holland has those numbers. >> >> canopy reported a big beat on eps, but they said that was the result of accounting anomalies he focus on the number one position for 8thible and the success of the martha stewart cbd line here in the u.s >> we're not waiting around for u.s. per missibility we're continues to build or being in canada, to drive our consumer-centric approach in canada >> canadian cannabis stocks

having a bit of a mixed day. important to remember the sector still remains up 25% year to date back to you. >> frank, appreciate it. i'm also just wondering, chris -- i guess i can direct this to you, what do you think happens to stock once the fed comes out and makes it clear it's going to start tapers i want to know if the market will be able to withstand a taper tantrum. >> i think we need to remember -- you've done a good job recovering this last three, four months, the only part of the index that's not corrected -- the ample -- after seeing the average industrials down 15, so i think the areas of the market that would be most surprised by a taper here have already discounted that. i think we're transitioning into this different regime here, where we might want to be more

worried about the growth stock you have overbought names. do they come in here that's how i would be framing it >> the stocks could work on the idea this was slow growth. >> that's right, i think that was the call in april or may when yields were on their way back i don't think the incremental decline in yields is going to be the net catalyst to get things going again. you know, it was up and down i lieic fact that small caps the last week or two have started to hold their own financialshave reaccelerated w

can call and get rotation, i think there was rotation 2.0 >> the rotations are hard to keep track of. spirit airline's ceo is apologizing for the canceled flights. phil lebeau has the details. >> today they have canceled another 336 flight, that's 43% of their schedule for today. since sunday, since sunday, they have canceled more than 2,000 flights. to put that in perspective, the average flight, maybe 150 passengers, that's 350,000 people canceled on it's under pressure once again today. more cancellations, by the way, according to the company are possible over the next couple days what caused this how long will it take spirit to get back on track. we have an exclusive with spirit's ceo we'll talk to him about whether

or not they can get back on track. that's last weekend and then this weekend, two of the busiest weekends in the summer for people to be flying. if you're on spirit, there's a good chance your flight was canceled >> phil, we appreciate that very much we're not that far away from a close today, and we are looking at a closing record high nonetheless, pretty decent day for stocks overall do the reports mean anything >> i think this would be the 40th new s&p closing high of the year this is something we look at, with the long secular markets, they come in clusters. i think the question is, we're in the middle of the summer, it's august 6th, we have some seasonality in front of us

just looking for -- a bit more -- [ inaudible [ applause ] -- they're getting more of that cyclical that you saw at the first part of the year [ bell ringing ] and there is the bell for the week a double record close. welcome back if you are just joining us to "closing bell," i'm sara eisner here with scott wapner today, in for wilfred frost. very strong reaction to what was a strong jobs report more than 900,000 jobs added revirus higher, wages shot up.

the unemployment rate goes down to 5.4%. the do you rallied jpmorgan and gold man sax the bigger contributions the biggest drag was amgen and p & g. it was the financials that led the charge today, for a change, i would say. materials, industries all rallied. higher rates was a big theme today. consumer discretionary, real estate and technology were the worst performing sectors nothing extreme in terms of the valuation correction, but you saw pressure on tesla, amazon, apple, nvidia, all the hot tech stocks, google and net flex, the russell 2000 ending up about half a%. all the major averages closed higher for the week. the nasdaq even gaining a percent on the week.

coming up, we discuss the much better than expected jobs report and how the covid spread could affect the economy, when we're joined by cecilia rouse, council of economic advisers chair. el elena hernandez, first to you. the big jump in rates, rally in financials, along with it, and does this set a new tone for trading in the coming weeks? >> yeah, i think -- we're very happy to see this data you mentioned in the opening that we're hitting market highs, with such an amazing performance, i think the important is such as

delta. >> an intention is in it, et cetera, and then specifically one that we don't hear people talking so much about, a major cyberattack that really does have an impact on the equity market from here >> so, i'm wondering, what is the catalyst to actually lift stocks from here i'm wondering if there's more catalyst out there to drag stocks from here do you want to talk about delta? if you want to look towards jackson hole, earnings are winding down what will lift stocks from here? >> yes, scott, that's a great, great question the earnings were really strong for q2 that was the catalyst that drove

us higher. >> so i think going forward that's the thing that you want to see. we're seeing restricted measures overseas in part here. i think those are two areas, that -- >> if you look at the imageries that is most off the two-week highs.

>> i think we'll see things -- it's a measure that's a lot better we needed more information, we'll see how the equities react, especially cyclicals. i think they'll have a clear picture on that, sara in other things like the fed in august.

last march you would have gotten the market wrong make delta so it might be -- one interpretation with this new backs towards sickly cal, if you look at some of the what were originally the real coded winners this time last year a lot of these names, i think that's a very important message. sfimplts finishes on a high note

company closed, it was up 56% this week. with pretty wild swings. the trading app saying it doesn't expect insider shares to get s.e.c. or insiders that would be selling sharesto get s.e.c. approval under about august 18th. earlier this week, cathy wood inspired -- there were a lot of retail investors getting in. take a look at net purchases for

wednesday versus the rest of the week that was more than five times the level. guys, back to you. >> kate, thank you very much chris, how do you see the robinhood spacs. does it say anything about the overall market >> i think certainly we've been in a moments tier. what does strike me is call it the last two months or so, a lot of the mean stocks they really haven't participated, even the ipos have been soft, so i think the market has differentiated h here. >> delano, what about this meme

mania return, does it speak to anything, or is it just individual stories >> i will say that will continue, especially the individual storiesthere are people that they want to get involved in the markets, so i definitely this is there's more to it i got in earlier, i was

watching it. and got in i i think what we'll see here, i buy it for the long term the issue is for the near term people were trying to make it more confusing than it really is ylan mui has some news on student loans. >> sara, the biden administration is extending the pause on student loan payments, interest and collections through january 31st of next year. the administration says this pause in payments in this final extension will help give

borrowers additional time to plan for the resumption of payments and reduce the risks of delinquency and default after it restarts the administration does say this is the final extension this is also an answer to progressive lawmakers, like senator warren, who have been calling on the administration to make this step the senator is also calling on the administration to additionally cancel up to $50,000 worth of student debt. the white house has not gone that far, but does say this pause on payments has been a lifeline for students and helps to give extra time to transition, and aid in the recovery the program now ending on january 31st, 2022 >> ylan mui, thank you my final question, elen that, if you look at the financialing and utilities, that those were the strongest

sectors, so if yields have been your guide, you're getting some confusing signals about what sectors you want to allocate to. >> yeah, i think it makes sense especially -- we just go the it here that inflation is not transitory so especially it makes a lot of sense. and these, as mentioned before, assuming that portfolios are able to navigate, the strong jobs report, went up 4%, you

have to make sure that, all the potential ways that the market can go, even specially when we'll hear, what is it, in three weeks with chairman powell at jackson hole, and we'll see if we get a hint on what's to come. >> thank you very much we're going to leave it there. thank you all. when we come back, council of economic advisers chair cecilia rouse on the strong jobs report and more plus spirit airlines under fire for cancelling nearly 1800 flights. the carriers and how he plans to win back angry customers we're back in just two minutes on "closing bell."

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the dow and s&p 500 posting a record high today. marking the best payroll increase since last august that unemployment rate falling down to 5.4%, better than expected joining us now is council of economic advisers chair cecilia rouse. great to have you. thank you for joining us. >> thank you. you must be celebrating the very strong jobs report. do you worry at all about the impact of what's happening now as a result of the delta variant, delaying return to work plans? >> well, this really reflects the president's approach to this virus and the economy is working. we have believe a thought of this stems from the american

rescue plan that gave us the funds to get the shots in the arm, because we know we don't get the economic recovery until we get through the pandemic. we know that is the base of this strong economic report in addition, we gave families, businesses, state and local governments the readvisers they need to get through the pandemic looking forward, there's no question that the delta variant is a concern, it has to be, but there's various aspects of the rescue plan that remain to be deployed, because we knew this recovery would be determined by the virus. families will get another check in another week or so. state and local governments will be bearing the brunt of being the front lines for dealing with this covid resurgence, and finally, additional funds for

state and local governments to provide for schools, so the schools could reopen safely and remain open. to ensure that i have proper ventilation and the ppe that they need. >> this is also indicative of a economy that's heating up, adding to inflationary concerns. were you surprised to see senator manchin call on the fed to start tightening as a result of this inflationary buildup in the economy? >> well, look, the federal reserve is watching the data they will make the decision they feel is in the right and best interests of the economy this is what labor markets do. when employers are having difficulties hiring, which some are do, they increase wages and

make it a better working environment. so i think this is all part and parcel of an economy that's reopening. i think it's good news, and really suggests we are seeing light at the end of the tunnel, but we are not there yet we won't be there yet until the whole world is vaccinating we're making great strides and ensuring there are vaccines available for the rest of the world as well. >> chair rouse, good to see you. on that very note, does the administration support the vaccine mandates that several businesses have put into play? >> look. this administration understands we will get through this pandemic through vaccination, and that americans need to get vaccinated so, you know, the code individual team is coming up with creative ways to encourage more americans to get the vaccine, to meet them where they are, to ensure that in every community the vaccine is available.

so we certainly support efforts to ensure that people get vaccinated that is the way we get through this pandemic. >> but does that say that you do support vaccine mandates yes or no. >> this administration supports people getting vaccinated. we know how important that is to get to the other side. >> i ask you the question, because there's a headline i'm looking from nbc news, saying that mandating a vaccine during a worker shortage, could spell spell trouble for corporate america. >> you asked mesh the choices private sectors are making -- this president supports americans and providing resources for americans to get vaccinated i have a question, obviously there's legal questions about

whether the cdc, how long are they emergency measures going to last >>. >> so the administration has been aware of the fact that rental fragility, and, you know, the threat of eviction was a concern for many americans throughout the pandemic. that's why part of the american rescue plan made available to state and local government to assistance, and the administration it is working with governors and local leaders to ensure that money is deployed effective live the labor secretary described the economy, in his words, fragile. do you agree >> i think this report shows we have a very strong recovery

underway, that the delta virus brings some uncertainly, but we've consecutive employment growth i wouldn't necessarily describe it as fragile. what i is it's not necessarily going to be linear recovery. we know there will be some ebbs and flowing, but fundamentally, the recovery is underway >> how many more months do you think we can continue to see -- >> again, i think there's -- look, i hope there's going to ebbs and flow. we know what happens in asia with their pandemic, what can effect the semiconductors, and

the various parts on you producers need so we know there's going to be some fits and starts, but i do believe we'll continue to see job growth as we go through. and, of course, the reconciliation plan, adding another $4.5 trillion to an economic that's already very strong, also showing some signs of overheating it's pretty significant wage increase how do you respond to those concerns about inflation, just adding more spending to fuel it? >> sure. the inflation we are seeing i do believe is due to restarting an economy both here in the u.s., as well as worldwide, that has been in relative stages of lockdowns as we get through this pandemic i do believe as we get back to recovery here and around the

world, we will be back to full employment the infrastructure plan and build back better are preismsed on the economy being fully recovered. these are investments which are designed to be spend over ten years, and actually will help to increase the size of our economy, to increase the capacity, upward capacity, so it helps moderate price pressure. these are meant as investments to help grow the economy, and to ensure the growth is more equitably shared. >> cea chair rouse, we appreciate your time we'll talk soon. >> thank you. target announcing this week tell help to pay for college up next, the ceo of old navy on whether the retailer is offering new incentives to employees. plus the ceo of spirit airlines on his anpl to fix the staffing shortages, and forcing

the carrier to cancel nearly 1800 flights this week within the delivery window and for the lowest price compared to other apps or you'll get back at least $5 in perks. we now find that 85% of individual investors are interested in sustainable investing. among millennials, the interest is even stronger. ♪♪ one of the big trends in sustainable investing is data, and the ability to understand how sustainable your investments are. by taking that information into account, investors can make better decisions for the long term. sustainability is not about one number. it's about variables like water usage, data privacy, consumer trust, diversity, land use and conservation. all types of investors are now considering this in their investment decisions. this is not niche. one in four dollars globally is following some form of sustainable investing.

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all week we've been getting ceos' takes on back to school. >> we have factored in the disruption that currently is reasonable to us we're looking forward to executing here in the bass half. >> i think it's a healthy consumer environment, but i think there's pent-up demand. >> consumer demand is strong, as you said particularly we're in a space where we have in nice tailwinds. >> we're seeing about 72% of customers in our surveys are actually less that are -- and i think even extending it to september. >> let's continue that conversation we're joild by old navy's ceo nancy green. great to have you. how different will back to school be this year? >> thank you for having me we're staying very close to our

customer for the last -- certainly very, very close to the last 18 months what's important for us, our customer is very much a busy mom shopping for her family, and we want to make sure we can meet those functional and emotional needs as she's moving through the different stages of life right now. what we're seeing is we'll have a very big back to school, but it will be longer, many of our parents still don't know what back as to cool will look like for them they anticipate the trend and shopping to be well into september. and then, you know, the other thing that's very important we're focusing on is making sure we can provide easy options for scherr she's very busy. we need to make it easy foreher to shop where she wants. how we serve her best online, and it is service benefits, like buy online, or pick up curbside,

it's been very, very important for her. old navy has been the crown jewel in the gap portfolio for several years, and coming out of the pandemic as well how big of a chunk of the big is kids >> it's a sizable business we don't break it out, but it's sizable and meaningful as we said, our customer is a busy mom >> how doing manage inventory? >> the name of the game is being agile, and really, again, staying close to customer trends, what they're thinking about what they need, and predicting out as best as possible we have very big responsive levers in our response chain we

use. we're vertical we can move very, very quickly, and, again, like understanding how our customer is living, and the category that will best immediate their lifetime for example, we pivoted very quickly into active last year, that drove very large growth for you. active continues to be very strong, but we're also anticipating a big comeback in denim, as fashion silhouettes are changing, it's driving a new need and desire to purchase denim again. >> just wondering how you literally manage it on a daily basis. given the environment we're in, do you have, per se, fewer sizes in things than you otherwise would have i'm wondering how you deal with that, if you may have more customers coming in, or fewer? how does that work >> well, deep mand is very strong we actually have more sizes.

we have a very exclusive size range. we think that's important for all american families. you know, we very predictive analytics, and we partner closely with our suppliers. >> when i think old navy, i think deals. i've gotten some great deals, and really good sales as well. the whole retail industry, they're pricing power. what is happening with your prices >> i would say the same thing for us we look at it as value our customer cares about great value. the value equation is great quality, great fit, great style, at a really great price that is acceptable to all. so we're constantly looking at, you know, that, and certainly, you know, we have also benefited by a strong customer demand.

>> any sourcing issues as it relates to factories, some of the factories in asia are closing because of the delta variant, all sorts of supply issues is any of that impacting your business >> we'll share more when we share guidance later this month, but we're not sharing that right now. >> understood. we appreciate you joining us to talk about back to school. >> thank you so much, sara and scott. spirit airlines' ceo estimates tenss of thousands customers were affected. coming up, what went wrong and how he plans to get the company back on track sgloob and later while a capitol hill crash over cryptocurrency could keep a key piece of legislation in je jeopardy

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a record close today for stocks time for cnbc news update with shepard smith. >> happy friday.

from the news on cnbc, here's what's happening lawyers for andrew cuomo say they want to see the evidence behind the report that says cuomo sexually harassed 11 women's. a news conference, still underway, said the public needs to be the documents. governor cuomo continues to deny he did anything wrong. in northern california, the dixie fire is defying attempts to put it out. it's burned more than 670,000 square miles 100,000 acres charred in just the last 24 hours, according to calfire. authorities say that fire threatens more than 10,000 homes and remains just 35% contained allyson felix has now won more track and field medals than any other woman in history the 35-year-old picked up her tenth medal in the 400 meter,

taking bronze with the faster time she has a chance to take home yesterday another medal. that's tonight on the news, we'll talk u.s. men's and women's basketball teams. we're going for a rush for the gold on the news at 7:00 eastern. thank you, shep. spirit alliance is cancelling nearly 1800 flights up next, the ceo will more, and what he will do to ensure that this does not happen again ♪ ♪ ♪

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it's been a rough week for spirit airlines. joining us in a cnbc exclusive interview is ted christie, along with our own phil lebeau take it away, phil. >> scott, thank you very much. by my calculation, you've had about 300,000 customers with canceled flights this is the height of summer vacation. >> you start with an apology, phil it's been a very, very difficult week for the guests on spirit, for the spirit team, and one

we're not at all happy with. we have to apologize for all of our guests, and to our teams that are working extremely hard to get our guests going to the right places, to get our airline back on track and get things moving in what is a very busy travel season. >> what happened you told reporters we just couldn't get in front of these what specifically caused so many cancellations that you haven't been able to get the system reset. >> it's a very challenges operating month of july, a culmination of weather, staffs shortages, both at airports and airline supports, travel and logistics, fuel transportation, those sorts of things, that began to culminate and really

c cascade more and more. we were doing our best to hang on and keepthe airline moving, knowing it was a busy travel season it did norse the airline to run later and later when that happens, the crews time out when that happens, we start cancelling for crews if you can't get in front of that activity, the crews become dislocated they're in the wrong places at the wrong time that becomes a puzzle for the scheduling team to solve that it takes time this happens in airlines you can usually move your way through it, sometimes seamlessly, because we have build redundancy in the airline, but because it was such a different month, we ate into a

lot of that slack through the course of the month, and the good news is the way we finally started to make progress, today will be better than yesterday. and we continue to improve by the weekend, such that by the middle part of next week we'll be running back where we want to be it will take time to earn back trust, but we'll do that. >> ted, usually when a company is going through this, i understand that it takes a couple days to reset the system, but some people are looking at this and saying, a week and a half if you're a customer for spirit airlines, what confidence do you have if you have a flight on sunday, monday or tuesday, that that flight is going to take off. >> i would suspect that confidence is shaken now, and that would be understandable it's taken longer than we wanted to start the recovery.

we are moving in the right direction, but you're right. we have seen disruptions across networks, even this year and this summer, and they do, you know, a couple days, two or three or four days of disruption, and in normal circumstances, we would have expected that here, too what we were trying to do is trying to keep flying as much as possible, knowing everyone is full, cancellations are extremely challenging. when you have no seat available across the entire industry to get people to get to where they want to go we were probably in hindsight we should have done more earlier on to stem the breadth of this particular disruption. the challenge going forward a how do we learn from this and what do we do to get better? >> ted, it's scott wapner. it's good to have you here

i assume you saw the incident on the frontier flight earlier this week, where staff was forced to duct tape a passenger to his seat is this a new normal how do you deal with such episodes >> i hope it's not a new normal. it's been a challenging year and a half for our country and the world as we navigated the pandemic airlines are not immune to that. it's been a difficult period i am proud of the spirit team we've been running better than most up until this time, so i hope this is not a new normal i expect as things return to more normal, we can expect much more normal behaviorat our airports and on board our aircraft. where are you for vaccining for youremployees and

customers? >> we are strongly encouraging everyone to get their vaccines that is our position as it relates to passengers, we believe that's a federal question that the regulators would need to take up. >> you mentioned you're strongly encouraging your staff you know the news from united today. i talked to other airlines, and i think we'll probably have announcements in the next couple days do you think that spirit will ultimately say you've got to be vaccinated or you can't work here >> i did see that news today from united. i know there have been other companies in other industries taking that position we have not to date taken that position we're always evaluating all safety protocols as it relates to the pandemic and covid. that's a constant fluid discussion here. i don't have any new news to share today, but we're always

evaluating cdc recommendation, world health organization recommendations, and trying to make the best decisions for our team and our guests. >> gentlemen, we appreciate it phil, thank you for bringing us the interview. >> ted, we'll talk soon. >> thank you. and cnbc's small business play book is coming, designed to give you the tools and knowledge to make the most of the economic recovery you can register at cnbc.com/smallbusiness giving you the options and extra time needed to help you avoid an overdraft fee. low cash mode on virtual wallet from pnc bank. one way we're making a difference. all the things, all around you... where you learn, work, and fly... we help make them healthier. we are the people of abm. for more than 100 years, we've been a leader

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for instance, you get a concussion, if you get mono, as you get covid, if you become seriously ill with anxiety or depression universities are not in a position to provide refunds. >> tuition insurance will reimburse you for tuition as well as housing and fees in some cases. for legitimate medical or psychological reasons for withdrawal many schools offer it through a third party like grad guard. you'll pay about 1% for the cost of tuition that's $10,000 of cover for $106 for a little more, you can get it your own if your school doesn't offer it >> what costs you'll be reimbursed for i have seen some of them that will reimburse you up to 100%. >> with the recent rise in covid

cases and mental health concerns, grad guard has sold double the number of tuition policies for this fall compared to last. >> question, sharon. what happen ifs the college decides to deliver the course online remotely because of covid and the student withdraws because of that. does that get covered by insurance? >> unfortunately, it doesn't the coverage is not drop out insurance. it's not coverage in change the way the school is delivering the education. it's designed for those unexpected events like a medical or mental health condition if you start attending the school and it turns out it's not for you for whatever the reason and you choose to leave early, most of the time that would not be covered in most case, if you have a physician authorized withdrawal, you'll not have difficulty getting claim paid and it usually pays pretty quickly. >> useful information. thank you. up next, your wall street look ahead

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now to our wall street look ahead. another big week for earnings on tap. monday we'll hear from amc and bion tech opinion bumble and ebay on wednesday. thursday is jam packed investors watching the big infrastructure vote. it turns out there's one surprise last minute hang up >> scott, the clash is over crypto currencies and dualing information for who needs to report more information to the irs. democrat senator want to carve out crypto miners and software developers for new reporting requirements the white house is worried that would create a giant loophole. i'm told that treasury secretary janet yellen has reached out to capitol hill with some of those

concerns the administration is getting behind a second amendment that only exempts the miners. not the software developers. the crypto industry says that approach is anti-innovation and d disasterous. lawmakers are at an impasse. we'll have to see how that plays out tomorrow back to you. >> interesting scott, as we wrap up the week, we close up record highs for the s&p and the dow. we have gains for stocks across the board for the week we have a really strong july jobs number and strong earnings. does it continue the delta variant that could slow activity and now the fed tapered timeline is being moved up >> do the trades that started to be put on in the latter half of the week, especially today, financials and sochl tme of thee

cyclical stuff i'm also interested in disney earnings see what that company has to say about the current environment, the risks going forward because of the delta vary krant. there's a lot lot on the plate >> i'm sure they will be asked by an analyst or two about that situation. >> or if not, analyst reporters. they always ask the better question the reopening and the high frequency data is the missing link right now of what -- what's happening with the variant?mento show is cancelled. it's indicative of people are postponing plans >> the market continues to look past the market you mentioned.

we couldn't be talking about the dow and s&p closed at a new all time high. >> the rotation keeps the market going. that's why we notch record after record >> happy birthday tomorrow >> thank you >> fast money begins right now that's right we do start now. tonight on "fast money," losing its luster while gold down bit coin catching a bid. what's changed in just a month we'll find out it's not just gold oil also stuck many the mud. big oil stocks, big time losing streak and chart miley cyruser s -- master sees more pain ahead. a special bonus hour of tv we'll hit the five biggest story that impact you and your