point earlier in this summer, a positive gain in the number of diners in restaurants over 2019. right now it's down 8% guess what, guys what does that represent the covid delta variant news cycle. that goes to show you how much it will play in that rahel, great to be with you. thanks for watching everybody. we enjoyed your company. "closing bell" starts right now. welcome to the "closing bell," i'm wilfred frost the major averages are mixed to kick off a new trading week. the dow is down fractionally as we head into the final hour of trade, but the nasdaq is holding on to slight gains. >> i'm courtney reagan in for sara eisen energy is the worst-performing sector in the s&p 500, as oil prices retreat on global growth fears. but also having an impact on

reopening stocks cruise names, airlines pulling back while vaccine makers are getting a boost. crypto is another bright spot, crossing above $46,000 for bit bitcoin. 59 minutes left to go in the session today. coming up on today's show, we will speak with the ceo of ticketing company eventbrite, about rising concerns of the virus, and new orleans scraps its event and new york's auto show is scrapped getting a nice lift today. mike santoli is back, tracking all of today ace market action and ylan mui has the latest on the infrastructure bill as it makes its way through the senate michael, welcome back.

>> courtney, thank you very much the market holding near record highs, it's loot the push and pull are fighting for a draw that there's enough strength like in banks and consumer staples to overcome some profit-taking in industrials and energy the market has kind of slowed down it's broken to a new high, but been a flattening out of the really to no net detriment to the overall trend. what you see on a very, very minimum, let's call it 4370-ish. to say it's any but is just a continuation 11 straight weeks we've a higher intraday high than the prior week that's the top ten longest streak in the last 30-something years. it shows you the persistent of the rally. so let's get st. get to the

appetites underlook -- corporate credit han a mainstay of the bull case for a while now. this is the ratio prices of high yield debt to high-yield etf so when this is rising, it means investors are getting more enthusiastic, and buying the more aggressive stuff. that peaked right here, along with yield, along with things like bank stocks, so that was the peak reopening you've had some erosions here in this ratio the good news is that it's mostly because high-grade bonds are rallying with treasury it's not so much about people getting too concerned, but it's fair to say we may have seen the best levels for corporate credit spreads for a while now. take a look, too, at a trader sentiment musher, the ratio of puts to calls traded, both indexes and single stocks optioning. what you'll see is we're at the top end of the range

this is as of friday it shows you, despite the fact that the market was going to new highs, people are conscious of the weak seasonals, so it works against the idea that investors are complacent so that's not too negative, guys. >> mike, when you go back to that last chart, and you're talking about the high-yield debt there, the downward trend is easy to see, but in the short term, it looks like there's a slight up tick anything further to read beyond that >> no, very important point, actually so you sort of have the -- treasury yields are off lows, but you have also seen similar bounces, so it's kind of like a reawakening of the economic momentum of course we got the good jobs numbers on friday. there was a bit of a pause in

the economic enthusiasm yaism story, and now it's rekindled just a bit mike, thanks so much anything positive for the s&p 500 will be a record let's move to washington now, where the bipartisan bill could pass tomorrow. ylan mui has the latest for us ylan >> wilfred, a by partisan group of senators are pushing for a last-minute change to clarify new cryptocurrency reporting requirements the industry has waged a fierce battle, arguing it could open the door to overly broads regulation by the i.r.s. the amendment would focus on these types of transactions being conducted rather than the technology being used. >> a year from now, there will be all kinds of new innovations we haven't thought of, that probably nobody has thought of we may very well go back and revisit the rules. what we shouldn't do is have an

overly brought mandate >> treasury secretary janet yellen has endorsed this change as well, saying it provides clarity on important provisions in the bipartisan infrastructure deal that will make meaningful progress now, we expect senator toomey to bring this up for a vote this afternoon. it would nine unanimous conisn't to past, so we'll keep you posted on the results. >> of course, ylan, looking forward to the results of the entire bill i mean, house significant is the bipartisan vote, and what does that imply as well for the influence that former president trump has on the republican party, given that he's of course been pressuring senators and other members of his party to vote against it >> yeah. this does look like it will pass very easily in the senate when it is time for that vote the procedure votes have passed with something like 68 to 29, 69

to 28, very strong bipartisan margins for this vote. where you do see president trump's influence, though, is the length of time it's taken to get to the final vote. there's been one gop senator holding out to speed up, because he's concerned about the price tag. president trump over the weekend sort of cheering him on. so you still see some influence, but overall this will be a bipartisan bill that would pas easily. after the break, should you buy the dip in some of the hardest-hit names? wee ask adam parker, next. you're watching "closing bell"

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up around 12% for energy, is there still room to play the space? adam, good to see you, as always just looking at oil now itself, down 2%, down 9% since the start of july. you have similar numb% for the energy sector as a whole are you seeing this as a buying opportunity? >> i think the gent question is,

will you see a reflation trade against? will people go back and buy the cyclicals that are really cheap? i think the answer to your question is, yes, you'll get another bite at the apple to buy these. they're earning so much money they're going to pull their balance sheets, or return cash to shareholders. i think the answer is yes. >> announcer: in particular, we did a study that showed in the six months following, you can pick energy stocks that had upward revisions and were still cheap. that's how we're providing ideas for some of our clients. i think the answer is yes, generally, particularly the once that will improve their balance sheets cycle to cycle. >> are you talking about the majors or the majors only in the u.s.

or abroad, where you do have a cheap valuation, and on which a bigger different yield. >> yeah, we focus on -- you have to be careful when you compare valuations across the pond you know u.s. equity markets massively outprosecuted europe, but i proffer to say not so much -- where they could have more up side, and improve their balance sheets more cycle to cycle. had a paw, and probably will go back to the prior quarter. >> adam, speaking of stocks that have performed well, talk about the faang stocks and where

you're positioned there. do you think they'll continue to pay back to investors? >> courtney, generally, i think the answer is for most people who manage money, it's more of a risk management issue more than an alpha one faang is bigger than any other sector if you strip them out it's just a ton of risk not to own anything they're hard to replicate, hard to edge. i can tell you for sure the least popular name among them is apple, with the china exposure and general concerns about the forward growth rate. amazon is at its cheape multiple in a long time i think investors should move that group in a way. >> do you have a strong view, adam, on the dollar with bullishness, are you expecting

it to weaken? >> small cap just have as much exposure -- so i think that's the general trend. >> as we think about risks to the market, is inflation a worry for you? >> i always think about the things that make me want to call a cycle top. they're hubris and debt, right too much capital spending, too much higher earnings, too much inventory, building fancy new corporate headquarters i don't see a lot of that excess anyway, actually in terms of the debt, it's already trimmed out. so i think the biggest risks is probably inflation, but in the

form of rising wages, and offset the ability of some companies to pass that on i would rather own in and commodities, than select industrials where they're going to be hurt by thought. generally, i think it's going to be higher this year than next year that's why i'm bullish investors are trying to figure out -- i don't think it's likely the way corporates are right now. i wonder if they could increase growing at that pace from earning growth rates to fiscal monetary support, et cetera. >> you know, the estimates were

15% to 20% lower than they are right now. clearly the earnings have been a surprise over the very long term, they have existed since 1978. in all but eight year -- the markets used to -- depending on average, the january estimate report earnings has been 14%, the actual growth has six or seven, so i think generally they're used to assets coming down >> an accommodative fed and fiscal stimulus that's pretty real that's four powerful reasons to be optimistic. , you can be afraid of an earnings decline, almost >> thank you, again, for joining us, adam parker sharing his

thoughts on the market. we have about 43 minutes left to go the dow industrials are just slightly lower to the tune of about 78 points. the s&p 500 is also just a hair lower, nasdaq hanging on to positive territory draftkings is making a bet on one online casino brand. details on the company's late it's wagers. as we head to break, check out some of the top searched tickers. "closing bell" will be right back

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chicken producer sanderson farms is jumping on news after it will be bought. the all-cash deal is expected to close by the end of this year or early 2022 separately, draftkings is making

a $1.5 billion bet on the future of online gaming contessa brewer has the details. >> hi, courtney. golden nugget online or gnog has it -- what is the return on that investment well, it gets promotional consideration at tilman fertitta's houston rockets, landry's, and the golden nuggets brick-and-mortar casinos but the details is they get 5 million gnog customers last hour jason robbins explained how that helps his company overcome a great hurdle. >> we have done a great cross-selling. we haven't done as well with the i-gaming customer.

they had done a tremendous job >> golden nugget has notable market share new jersey the analysts tell me it doesn't have enough cash to compete nationally ceo tilman fertitta pointed out that the shareholders have been at a disadvantage because of prohibitions of gnog accepting bets on the houston rockets. then draftkings sagged for a bit, and popped back up a bit, up 2.5% now. you can continue to watch this space. we'll see more of this consolidation, in especially the fight for the i-gaming customers. >> does this open the door for other m & a in the future? >> remember, this comes on the heels of what was a crazy week

last week in terms of announcing partnerships and deals you had pens talking about acquire -- and caesar was saying it's prepared to spend abil onon marketing. i think there's an economy of scale. it's a very crowded space, so they're trying to elbow each other out. if you can't manage market access in every state that becomes legal, if you don't have a tech stack tha-- staff, in so way, shape or form, you will get left behind, as the gaming market matures in the united states. >> i get the only thing about gnog being aquird, the name will be retired you won't get to say it that many times. >> i'm not sure i ever said gnog on tv before, and i'm trying to

work it in as much as possible >> i enjoy it. three times for me good to say. thank you, contessa. still ahead, we'll speak with the ceo of eventbrite, as organizer dial back plans. as we headto break, let's check in on bonds. yields moving higher to start the week "closing bell" will be right back

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a little more than 31 minutes left to go let's check on individual market movers shares of tyson foods are soaring after the poultry producer posted a beat they notedage increases in food service volume at restaurants as they reopened. they also raised guidance. jpmorgan initiating coverage of victoria's secret the firm says the retailer is a category leader that stock is higher by 28%. will it's time now for a cnbc news update with ra head solomon. >> here's what's happening at this hour. the speaker of the new york assembly says lawmakers are moving quickly to consider whether to impeach governor

cuomo. >> after the committee has completed its review, it would make a recommendation to the full assembly on whether to proceed with impeachment against governor cuomo we anticipate that this process will be concluded very soon. next -- when i say "very soon," i'm speak about several weeks. >> a fund set up to give money to victims of jeffrey epstein is finishing up its work. the administrator says it's paid millions of dollars. the south carolina governor says it's not right to force children to wear a mask. even though a mask, of course, would protect the kids as well back to you, courtney. >> masks are on/masks are off

debate continues, but the kids of who i worry about here is where we stand on the major averageses, the dow jones industrial average down about 0 po 3%. the s&p 500 is down just marginally the nasdaq composite is higher by 0.2%. new orleans is cancelling jazz fest for the second year in a row. up next we'll take to eventbrite, and if the reopening will put everything on hold. amc entertainment shares are up nearly 1500% for the year. we'll break the numbers as soon as they hit. "closing bell" will [. be right back.

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for online u.s. listed stocks. don't get mad. get e*trade and start trading today. welcome back we are still just negative on the s&p, down a little bit more than that on the dow at the moment let's look at shares of tesla, popping a bit after an upgrade from jeffries. it says it expects more global electric vehicle demand in 2022, and expects to see accelerating earnings the stock is up, around $715 at the moment meantime travel stocks are

moving lower today on covid fears. cr kristina partsinevelos has more. >> this is about anxiety, as well as a lot of conferences that have been canceled. new -- some places say they'll knee vaccines. people are wondering should i book my vacation nor wean edge is down, this is the same kind of story we are seeing for the airline stocks, too. we'll bring that up now, too many people, there have been consolations southwest air, american and eye newted trending lower. last but not league, the booking hotels although it's on your screen right now, it is relevant for all of these companies, because expedia did say they noticed a lot of people sell more money,

shorter vacation times, so think of smaller boutique hotels rather than lavish trips abroad. travel stocks getting hit, anxiety about covid and any time of new restrictions as well as any vaccine passports. even with norwegian, like in florida. back to you. >> that's a perfect sec way. surging delta variant cases are putting the damper on large events this for a little last wee's cancellation of the new york auto show, which was also scrapped in 2020 the moves come just as eventbrite sauce a strong return in demand for in-person events joining us now is eventbrite's

ceo julia hartz. we know that earnings are a bit backward-looking, of course, because you have the timeline from when you wrap up and when it reports what are you seeing now as the delta variant starts to pick up. are you seeing a dial back in in-person events q2 was a booming corner for eventbrite, and a bellwether for the recovery as restrictions eased, they got out, they were buying on average $40 for an event within the next two weeks, local events, unique content. really a way for people to get out and start to reconnect, an antidote to social ice lay i think it's important to note that 1.5 million events happened on eventbrite. this is a combination of

in-person as well as online, as creators have found new way to say connect with not only local audiences in person, but now global audiences with the same content,sh. >> julie, forgive me, what does happen to the financial model if there is a live event that eventbrite has played a part in, and then that event gets canceled is there a financial impact for you? we have mass refund options, clear communication, an option to offer a credit in lieu of a refund what we are seen overall is this connection between small and medium-sized businesses, and

consumers, and the event goers, it's really strong these local businesses are supported by their local communities. so there's not a lot of -- whereas a bigger event where the refund policy is not clear we're seeing the complete opposite on eventbrite >> what are you seeing in places like the uk and europe that had a bigger delta spike are you encouraged by the outlook there? or do you think it's possible we could have another downturn? >> pay tick volume soared by 70% quarter over quarter in the u.s., just slightly lower than that in the uk australia, while they're obviously going through a difficult time right now, q2 is also a great marker for recovery where they had a report number of tickets sold, 1.9 million, five time higher year over year. so i think where cases are

rising, we're starting to see creators put in place new safety protocols, as well as taking their events from an in-person event online, and where cases are decreases, and you're just seeing a pent-up attendee demand that's driving frequency our creators are notable to host more events because of this demand. >> on one level, i understand that people want to be unleashed and have the full experience on another level, wear ago mask is not that much of a hindrance relative to an event being canceled altogether. would it be a sensible thing to do to avoid the worst-case scenario in the months ahead >> by and large, i can tell you our creators want to host big gatherings we've been in the trenches with them since last year, really offering common-sense protocols and best practices

you know, social distancing. i think that it's basically, you know, an individual decision for these creator to say take on, but they also have a lot of tools in their tool belt now that they didn't have even a year ago on the consumer sentiment side, i will share you data that people are looking for outdoor events related to arts and entertainment or sporting. those types of events are up twofold in our consumer searches over the past three months i think it's a testamentto how people want to get out and gather, and be with people they love, doing things they're passionate about thanks for joining us. good to see you. >> thank you. straight ahead here on "closing bell," bitcoin hits a high since march, and more,

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good afternoon to you, steve anything positive for either would be a report closing high nasdaq is up 0.2%. mike santoli, to you, first of all, do you think the marketis expecting these delta case to say roll over, if it got a glimpse of the possibility that wasn't a case, would we see a more meaningful correction >> i do think the market is working on the premise there's not going to be a big business or consumer spending impact. yes, travel-related stuff is suffering. it seem like there will be a softening up at the trends it's just a bit of a work from home, play at home type of flavor it seems as if the market is assuming within the next couple weeks, we may see a crest in this wave. in theory, if it really did

accelerate, that might be a sort of downside risk, but it's not really lost that it bet when the economy was going to be able to persevere even in the face of these things. >> steve, what are you seeing in the market today energy down again, down more than a pertain, but we're also seeing the travel stocks lag, as perhaps we're getting more nervous about what will happen with travelers and the covid cases. is there anything more to make about today? >> yeah, i think it's a continuation of the pattern that we start to see a few weeks ago, which is that the rising tide has gone out now it's a question of quality stock selection. it's not going to be, you know, stage right, stage left. it's going to be what is an enduring investment rather than, okay, what's going to benefit off this, that or the other thing. i think that's pretty important. it doesn't mean we're seeing a

rationalization of high-priced stocks that trade. we still have those, and some of them are working quite well. i don't think that's going to be the case forever, but look, there are great stories out there. the market overall is fairly valued, to put it kindly, but i'm still seeing great values, and stocks i think will have a four, five-year run from here. there's some nervousness as well about what the inflation numbers will be. a big yield on friday. if you get that again on cpi during the week and then ppi, i think you'll see a more nervous market my own view is the fed tapers at the next meeting and they raise rates, you might see 2% by the end of next year. >> interesting take. well, investors are piling into bitcoin today, topping $46,000, hitting the highest levels since mid may. kate rooney has the latest good to see you. >> hey, courtney, great to see

you. bitcoin had been hovering since that 30,000 level since mid july it's breaking out today, topping $46,000, up about 6% right now the market did appear in part to be reacting to the big role in the signal infrastructure bill there had been two competing amendments involving a crypto tax provision. if nothing else, it shows the industry has pretty strong allies in washington bitcoin did extend the rally after senators got closer to a compromise it cleared a klee level of resistance, which may signal short-term price momentum. courtney, back to you. >> that's funny, because it sounds like bitcoin moved on some fundamental reasons today >> yeah. we don't see that every day, right. >> no, definitely not at all

mike, what do you make of the move >> i think you can have that sort of fundamental justification for some of what's going on right now if nothing else, it's the u.s. government treating cryptospace with some sense of inevitability, but i think bitcoin has been consulting for months right now you kind of recouped almost half of the loss. it makes sense also, there's a bit of a story stock meme flavor to what's going on you have tesla working again, moderna is taking wild, so i think it all fits together, in that sense, but different to project ahead what this means, because this could trade -- there's no fair value, right it just trades on, you know, kind of crowd psychology, plus what people think it will become someday that it isn't right now. >> but it has had a steady and significant bounce from the

30,000 level steve, i know you've been in and out a bit with bitcoin by the grayscale bitcoin trust. where are you now on this? >> yeah, i bought a llgts of the grayscale trust. i hate to see this things go to 50,000 and not be there and reinforce what an idiot i am when it goes back to 30,000. there's no store value there's no fundamentals underlying it. it's not a currency, but it is at this point as asset class we can't deny that so it's going to be momentum it's always the greater fool theory nobody can adjust the valuation. you can't justify the valuation on gold, either. you never have so it's the same thing this is a modern-day play, gold, except it has far less utility so it's always buyer beway it could trade to 100,000, but i wouldn't be surprised if it traded to zero more likely it will be in a

narrow trading range and it will stay there for a while >> oil prices also in a red today. pippa stevens has the update. >> oil declines, now down nearly 10% for august wgi settled 2.6 lower today after sliding morethan 4% at one point to hit the lowest level since may. upstream companies are leading those declines diamond among the biggest losers, guys, back to you.

since the start of july for the sector and for the commodity as well today obviously moving in the opposite direction in financials, so we're seeing a bit of divergence from time to time there's been a bit of a separation when it comes to crude oil in particular relative to a lot of the other proxies. what is interesting, is it's almost a steep drop back to 66 that's exactly where it bottomed three weeks ago after a similar-looking spill. in fact it had a high from the early part of the year it seems as if there's always a chance it could look like it's

falling apart. it bounces from here and all of a sudden people are saying, wow, look at that double bottom so i can see it working either way. >> australia granting provisional approval to the moderna shot today for adults who are 18 and over. switzer hospital the stock is on a tear lately. stronger than expected quarterly results. steve, i know you're a fan of

moderna, and you've got some thoughts here. the mistake to look at this is just as a biotech company. this is not a biotech company. this is a technology platform the covid vaccine were invented in two days. early stage phase 1 showing 60% reduction in the cancer tumor, but it's a technology platform this is amazon this is apple. they will continue to put out new product. the other thing about this is that you're see days ago you cannot and you've got corporations everywhere says we want -- you're soup it spread.

this will be an annual vaccine moderna has sold 20 million doses for next year. this is still the cheapest stock i own. in a year and a half, you'll after the pandemic three top people this will go from here, at least that's my

bet. i actually bought some more, and bought some more last week so my core position, which i haven't touched, but i tempt to trade around it, the super size, as i like to call it >> i do take production, but, again, don't touch the core position. four times appearing, so be careful on the entries and

exits, but it does seem as one of the most amazing markets. in terms of the internal markets, a bit sluggish. >> looks also you were talking about this earlier, they move really well together, from early june down to now blue finally the volume activity index made it big. you've lost a lot of that, under 17, not much of a signal, except confirming the market is lightly on edge but more ratifies than the new highs. about 40 seconds level to go in the session we won't quite get the record close. about a third of 1% on the dow the nasdaq is higher by 0.2%, closing in a bit closer to its

own report, but not quite in that territory the best performing sectors, financials and health care, the worst is center, down 1.5%, as oil slides 2.2%. another solve day for gold and silver, even though the dollar's rise is only slight today. the ten-year up to 132, so a decent enough rise in yields the s&p down, the doyle down by 0.3% the nasdaq holding on to a slight gain. welcome to "closing bell." i'm course any reagan in today for sara easen, along with wilfred frost and mike santoli the dow off by,ed s&p 500 down by just about four points.

investors now awaiting results, one of the biggest names in the meme stock rally the stock is up 1500% for this year we'll bring you instant analysis, plus mobile gaming stock skillz was once hot, but the shares are down 40%. the ceo discusses the decline and whether the rapidly spreading variant could results in more users. steve weiss is still with us, and mike, welcome back we a business of a mixed ending

it lens a creeden, but the other stuff didn't go along with that. i would just say we're holding near the highs, not to overthink it, but we're not necessarily totally through this idea that we'll have rougher, uneven patching in the economic recovery >> that's exactly what i was thinking, too, it feels okay right now, but it seems as if things could get choppy, and the delta variant -- variant will do what it does >> i think that's true, but when you look at the consumer data and the credit card data that comes out, you're actually seeing the credit card data

remain robust, up about 18%. itship a bit since july, but in general, it's still holding in there. what's really interesting is you haven't seen divergence in the dataa coming from those states with high cases of covid, so it seems like the consumer has normalized its behavior a bit, and you're not seeing the same retrenchment in spending that we saw last year at the same time >> steven weiss, is the only reason you're in the argument is the tina argument? another way is you're electric constructive overall on the equities market than the last few months >> i always keep some cash i would say i'm still optimistic i want to hear what the fed has to say i don't think they're as far behind the times as others they're going to stick to their

words. they're massages the market well i'm looking for opportunity to put the money in you've got my eye on some stocks where they fall back, i will add to them. so, yeah, tina is still it there is no other place to go. at this point, they manage the expectations of rates going up very well. so i wouldn't say i'm in, i'm never all all in, but i like the r risk/reward mark here. >> erin, steve said early on he is looking for the fed to taper. where are you on that idea >> i think the fed will announce their plans to taper in september -- sorry, they'll announce they're close to tapering they'll announce the full taper in december, and likely start to taper early next year, but they're going to be slow in the

tapering net supply is also likely to be slightly lower next year when you look at the net supply, it's actually not going to be a significant hit in terms of the fed taper, given the lower supply of treasury issuance next year i think that's a big deal and something the market will likely focus on i also think whether the fed tapers in november, december or january, i don't think matters a whole lot in terms of what your long-term discount rate is for stocks so, you know, there's a lot of talk about taper, but when you think about what the actual implications are for the market, whether they taper, you know, in the third quarter of this year or the first quarter of next year, ultimately for a longer term investor, it shouldn't matter i do think the fed has proven time and time again over the

last decade. when there's a lot of volatility, the fed does step in and does provide a backstop. i think that should provide some comfort that we won't see another taper tantrum like last time >> erin, hold on for one moment. we do have news on taxes ylan mui has more of the details. what's going on? >> senators elizabeth warren and angus king are proposing a new tax on companies reporting at least $100 million in book income as a way to pay for democrats' $3.5 trillion spending plan. the tax would be 7% on profits above $100 million, and the senators say it would impact about 1300 companies companies would get a credit for any federal taxes already paid this would function more as a corporate minimum tax, ensuring that there aren't any companies that end up paying zero federal

income tax once they report to the i.r.s. this does mirror a plan that president biden had floated during thinks campaign, and while he's been in office as well that would tax companies at a 15% rate at book income of our $2 billion, but clearly this tact being proposed would encompass a much wider swath they say it would raise $700 billion over a decade. we just got the text of the $3.5 trillion plan today, guys, so you can start to see the fight of what the policies will look like back over to you >> ylan, we're saying this is an additional 7% of corporate income tax on top of existing corporate income tax rates for those paying it? or is it an attempt to capture the am zones -- amazons of

world? >> they're saying this is not a double tax, this is not on top of corporate income taxes. companies would get that credit for any taxes they had paid in excess of 7%, but if you're paying less than 7%, and certainly if you're paying zero, this is a way to capture some of that money. ylan, thanks so much for bringing that to us. steve, i come to you on this clearly this week we're seeing positive news on the fiscal front in terms of more spending to come. is this a glimpse there will be more taxes to come one way or another, and it might well by

targeted as some of the highest cap companies that make up the s&p 500? >> i don't think there's anything in the market i have a positive or negative. the likelihood of it coming to pass is minute pal look, we can't go from capitalism to socialism in one fell swoop, and that seems to be what it wants to do. i don't mind taxes going up on corporations i don't mind corporations paying more taxes i don't mind billionaires paying more until i get there however, you know, i do think there would be a wealth tax, and those are the things, you know, that just they're impractical in terms of putting it into practice so i believe the market thought that the $3.5 trillion would actually come to pass. it's not going to happen, not with manchin there, not with others there

by the way, i don't think that warren would ever admit to a double tax, even if it was a quadruple tax. that's just not the way they s thinking >> i've got to buy five more shares arend then i'm done thank you, steve, for that openness with some sarcasm involved breaking news from steve leash man. >> wilf, thanks. the fed president earn rosin krantz saying he thinks the fed should announce a taper in september and begin to taper this fall. that's a change for rosengren. this comes, by the way, as others, club kaplan, bullard and chris waller, have all come

forward and suggested an earlier taper is priced in that strong friday jobs report has really upped the chatter when it comes to the idea of a faster fed that's out there, perhaps a if ed that announces a taper in accept or november and begins to taper this year. here is rosen dgren joining the more aggressive out there. he also said he doesn't see the fed's asset purchases increasing really he said all it's doing is raising prices wilf, sara >> thank you, steve, it's sara and i today. we've seen the low-end yields for the medium term. i think it is. i think that fair value is in 1 1/2 to 1 3/4, maybe even up as

to 2% this year. in terms of the yield left, so i do expect the bonds will sell off, particularly as we get into the fall, as we see more people return to work, and as inflation data remains somewhat robust i do think that that environment, you know, sort of will beget some selling from bonds. i don't think that means that yields are going excessively high from here, but i do think we're probably end of year in the ranges above 150 so from here, it probably makes sense to be lighter in terms of bond positioning. >> hey, wilf, i think we can also draw the conclusion that rosen dgren heard my position and said, that makes sense, let's go on board. >> we can all draw or own conclusions, i suppose, steve. we just got earnings from

the real real crossing, and the shares are down sharply, the company is posting an adjusted earnings the street was looking for a loss of 47 cents the revenues, however of $104.9 million was lower than $108.3 million that was expected. the ceo talked about the path to profitability, and says the plan continues. they do note they had the highest to-date value of $350 million, this was up 91% year over year. they are starting the at-home appointments going, saying the overall units did exceed pre-pandemic levels. still, investors not quite thrilled, at least not enough. those shares are certainly off the lows of the initial reaction, now down about 8%, and

the conference call begins at 5:00 p.m weiss, do you have a position in realreal or any of the resale names poshmark and thread report tomorrow. >> i don't i think it's a real category, however, i find so many cheap retail stocks out there like dick's sporting goods and others that i much prefer, have been proven year after year they can execute. i don't feel i have to wait for these companies to be profitable, and is generally an inefficient business model >> what do you make of these earnings, mike new models to us your daughters, we know, are good at this consignment business. >> first of all, that kind of revenue disappointment, you understand the market will not

necessarily take that without flinching a bit. in general, i definitely think that there's obviously something going on societially my daughters, the amount of d-pop charges i see -- it's kind of true thrift i think, basically stuff that's just out there, not really designer so i think the youth is plugged into this idea i just think it's a very diffuse opportunity. >> makes sense let's get to a couple more earnings report. planet fitness and chegg are both out. >> planet fitness, slightly less than the estimates, and revenue was a beat unfortunately, their full-year revenue guidance came in lower than expected.

the only news we're seeing is they're expanding their footprint in mexico, and they planto open 80 new shops they have about 2,000 across the world. nonetheless you're seeing shares down over 4% moving on to chegg they makes digital as well as tangible textbooks for students. we saw a beat across the board coming in at 43 cents on revenue of -- the guidance came in relatively in line, too. so they're optimistic with school starting, and then same thing for the full-year revenue guidance, also beat in the stock is trending higher on the news back to you. >> kristina, thanks for that. don't miss tomorrow an exclusive interview with the ceo on "closing bell." one quick final question, steve weiss. you're going to know which stock

i'm teeing up, but being back here in london and europe, i'm sigh more evs on the road than you see in new york, and much fewer of themare teslas. what do you make of that >> yeah. my second largest position after moderna is a combination of volkswagen and porsche people don't give volkswagen the love they will be the largest ev manufacturers by as soon as next year they put 50 billion into this. it's seven times earnings, the company gets no love if you broke out porsche, which far outperformed ferrari, you would have a much more valuable company. race is selling at 40 times on a p.e. basis, whereas the whole volkswagen, including porsche,

including bentley, including your car, bore gatti, is selling at seven times they're giving it away i think it would do extremely well >> thank you both for joining us great to see you both. still ahead, meme stock amc ready to report its quarterly results moments from now we'll eabrk down the numbers as we'll eabrk down the numbers as soon as they cross and for the lowest price compared to other apps or you'll get back at least $5 in perks. the pursuit is on. the pursuit of outperformance at pgim. we're back in a couple minutes with deep expertise to outthink across multiple asset classes, actively managing investments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries.

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morgan stanley out with a new report today, showing that retail trading is pulling back retail activity currently makes up just below 10%. after peaking last year in the third quarter, when it hit 15% joining us to talk about the retail trade is j.j. kinnehan. it's great to see you again. what are you seeing here, the morgan stanley note about retail

investor participation, was this sort of a flash in the pan >> courtney, we're not certainly not trading the level we were in january. but certainly elevated compared to where we were pre-pandemic levels you know, if you look at the earnings, it shows the client engagement remains high. barring some crazy news event, i would say no however, i do think we continue to built on what we're doing the other thing we continue to see is our educational engagement, and i think that's a very, very good sign longer term people want to understand how the market works, how options work, et cetera. so, you know, one of the things

obviously we have seen is this incredible growth in derivative products, particularly options, so we also want to make sure that people understand them. just like everything else, they're a great tool when used properly >> financial education is really important, i think, on all levels options is a way to learn different ways to make money in the stock market so what does that mean you know, picking up names that have bottomed out with hope for the future, on is there something more complicated going on there you guys are always nice to have to have me to talk about it. this measures what people are

trading can value cruise lines was one of the stocks purchased last month it would a terrible month. maybe it's i'm a believer longer term what was interesting is our clients overall continued to be equity buyer, but they also fix bought more fixed income what was most most interesting is tess tesla and apple. you guys in a previous segment talk about that tess ra was soul on the buy side, maybe if they

can figure out the formula j.j., tick with us it's amc this just crossed. kristina partsinevelos has the number we have a beat on both earnings per share as well as revenue the company did annoy they 22 million guests that's bev commissions and fees then they went on to envision a happy holiday ending up 4% on a beat both on earnings per share as well as revenue

what have your clients been doing? >> so i'll start with amc. they just had the earnings this has been one of our top -- pretty much the tom the price point i think makes it interesting. i think people are like, they must all be buy ers you know, yo look at a day like today, this is a stock that is interesting for options traders also it was a 13% move being implied on the amc stock tonight based

on earnings. >> so, again, really interesting there. in terms of robinhood, what was interesting is the ipo, we didn't necessarily see people clamors perhaps as much as you would have thought once they had the big down move. then with the addition of options last week, we saw another on the multiequity side in terms of what was going on again, due to the fact that it was -- more buyers had that first downward move, it's starting to even out in terms of buys versus sells. >> very interesting time to be in the markets, no matter what

side you're on thank you. we've been much more tomorrow morning when investor jim chanos joins "squawk box." skillz reporting a decrease of paying active users as the economy reopened up next, the ceo will talk about when he's seeing a rebound we'll be right back.

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time for a cnbc news update with rahel solomon. >> here's what is happening at this hour. the cdc is urging americans to avoid travel to france, israel and thailand because of the rising covid cases in those countries. in california, an off-duty police officers has charged with manslaughter in the fatal shooting of a mentally ill man who attacked him the officer said he believed the attacker had the gun, but authorities say he was not armed and was moving away from the officer when he fired. in florida, norwegian cruise lines can require passengers to prove that they have been vaccinated a court has ruled in their

favor. in afghanistan, taliban adding to its gains. taliban fighter capturing the sixth capital today. the pentagon says the security situation is not going in the right direction. on the news, what can be done to break the string of taliban victories. wilf, back to you. video game stocks getting hit this year, as the economy reopening. the -- this comes after falling 12% the last week. joining us is -- andrew, good to see you. thanks so much for joining us. i guess my first question is a

big-picture question as to whether reopening has to hurt mobile gaming in the same way that it hurts big-screen console gaming >> you know, i think less so we saw about a 20% bump in the first couple weeks of the pandemic it normalize some time ago when can you expect -- from the nfl products you're working on >> sure there are actually so many, so their able to narrow down 14 companies for the semifinals, all of which are now in the development

>> i understand you had an acquisition in the second quarter. does it mean you are in the market for more acquisition? >> well, so it's our demand side of the platform they'll by contributing $13 million to our company for the rest of the year, but more broadly as part of our we'll be able to my rate over the -- over time.

>> there are 2.6 billion people per month who playmobil games. skill we're at north american revenue. the international gaming market is 80% outside the u.s individual categories like card games, we have multiples of revenue we can expand. then beyond that even more broadly, international is an even bigger opportunity. obviously a console game will be a bit different. but having said that, mobile gaming is absolutely the biggest game, and growing, actually the

fastest. gives you inside into what's possibly to come >> we did -- the whole industry so a roll-out, and that had had an impact. >> thank you very much, andrew skillz is a two-time cnbc disruptor. like skills, before they go public still ahead here on loin loin

air stocks falling nearly 14%. as we head to break, teak take a look at shares of kentucky city southern they're planning to raise the takeover bit to nearly $300 per share. we're back in a couple minutes

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welcome back to "closing bell." we do have a correction. le realreal did report a loss of 50 cents, so that was a bigger than expected miss there on that bottom line number the revenue is also still a disappointment shares are down to the tune of about 6% mike santoli has a look at travel trends the back to normal type of trend, you see the number of passengers that are getting on planes, this other line, for the current otals, s obviously that was the normal

it's obviously sagged from there. there's some hesitation here as the national delta scare comes through. so, what you see is consumer discretionary has health steady right here it's accounting for the fact that, you know, excluding the influence of amazon, hope depot, things like that, the market is saying we see it as okay, even though the index has really suffered so the market is okayic okay with this idea, and the even household recovery is well intact >> mike, thanks so much for that one. meantime we have news crossesing on the from you bill ylan mui has that.

>> wilfred, the senate will not include the compromise on the cryptocurrency requirement the final compromise language got caught up in procedural motion along with a separate amendment on defense spending. neither one of those things moved forward. it needed unanimous consent from all of the senators in order to be included in the bill. it does not receive it therefore, it will not be included as part of this bipartisan infrastructure package. senator pat toomey, a republican from pennsylvania, clearly frustrated by the process. he did say we'll be back to try to fix this language in the bill, but he didn't make it clear when or how. guys >> ylan, thank you very much

bitcoin still holding on to the 5% or so gain. up next, the state of investing. we're kicking off other week-long series with the minnesota state board of investment his take on how the variant could impact the markets. also, a new primetime series, "super heists. tonight, the best bank robbers in american history, sparking the biggest fbi manhunt. don't miss it. don't miss it. 10:00 p.m.es. plus you'll now get netflix on us. all this for up to 50% off vs. verizon. it's all included. cnbc and this rate is fixed. you'll pay exactly $70 bucks total. this month and every month.

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stocks pulling back from recent highs our next guest is seeing a one-year return of 30.3% on his fund, highs since 1983 joining us to kick off our week-long series, from the minnesota state board of investment thank you for joining us, man mansko what's the overall amount? >> about $130 billion, but of that amount, $90 billion or so is in our combined pension

funds, which is what we focus on primarily. that's where we achieved the return >> a big-picture question, first of all on the state of ventsing, what level of fear do you have about the overall returns for markets when we see the massive stimulus we've had in the last couple decades, really, if and when that is removed do you think that will be a big blow >> that's the thing we've been most concerned about and talked about. if you look back in history, we still believe even though you have quite a few equity drawdowns that over the long, long term, and we're supposed to be investing for 25, 30 years out in the future, that equity markets, particularly in the u.s., seem to be pretty resilient over the long term if

you've got patience, you're able to do this. >> how about the allocation to fixed income how has that changed how is it relevant >> until 2018, we had pretty much had about a 20% allocation to fixed income. it was primarily in core bonds, maybe a few managers core plus in 2018, i was able to change the portfolio, where we were half core and half treasuries. that turned out to be a lot of luck treasuries i think in each period are just between 15 and 20%. when the pandemic began, i had a lot of flashbacks to 2008. my big concern was whether or

not we would have liquidity the most important thing is we were there to mitigate or liabilities, and the biggest fear is not having enough every month when it comes time to make retiree benefit payments so we wanted to ensure ourselves that if this was going to be an extended period, that we were able to say that we had plenty of cash on hand. so we changed the portfolio a little bit at the last -- started talking about it last may and june we restructured the portfolio that 5% has cash in a short-term ladder, so we feel pretty comfortable going out to our board that we didn't have to

worry about pension benefits 10 percent of the portfolio is in five-plus treasuries. we try to watch the -- we consider that to protection, if there is an equity drawdown, that, one, we're able to continue business, but it also gives us a bit to rebalance back if the markets are not right where we want it to be we account for about 5% or plus in -- as the year began, we started putting about 5% into what we are call our turn, seeking -- that would be emerging market debt, high-yield debt, some secured -- some structured credit, and the like. you know, the rationale behind that was given that we were near

zero at the treasury yields, that we needed to have something produce above the bond portfolio. the rest of the portfolio is very equity-oriented we have 50% dedicated, and 25% target were -- were 25% target for private markets. to the extent that we're not at our full 25% target. i think right now we're at 16% the difference between that and the target is in s&p portfolio >> okay. thank you so much for joining us you have an impressive return. we hope you come back and give us updates as you move forward >> to hear more from top pension fund managers, you don't want to miss delivering alpha on september 29th cnbc anchors and reports will

lead critical discussions on the issues in today's global economy. register today shares of coin base are higher today on the back of an initiation of raymond james. closing bell will be right back. , we've grown to serve all who've honorably served. no matter their rank, or when they were in. a marine just out of basic, or a petty officer from '73. and even his kids. and their kids. usaa is made for all who've honorably served and their families. are we still exclusive? absolutely. and that's exactly why you should join.

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we'll get earnings from google, coin base. >> wall street is watching a few different met rrics here for con base tomorrow after bell the big one is trading volume. 94% of revenue came from transaction fees which stem from crypto trading coinbase set the bar high after a strong first quarter results where it saw revenue triple. they're looking for institutional versus retail trading clients. last quarter that was about 11% in any drop off there could signal a little bit more competition. the crypto exchange stock price has been pretty tightly

correlated to bitcoin. bit coin did top that 60,000 level around play. it did start dropping off towards the end of the quarter analysts are expecting trading volume to hold up but they are watching for any third quarter guidance since bit coin had been stuck near the $30,000 level less volatility adviser to mean less trading on crypto exchanges. back to you. >> thanks so much for that up about 11% so far. let's have some final thoughts with under a couple of minutes on the session in terms of the after hour move, amc about a 5% high move what was your take on that >> hard to know what in the numbers would motivate a move. you don't want to ask those questions why this stock is going. so far, they talk about more than anything else, they raise $2 billion of new capital

through connect offerings this year they also burn 550 billion in first six months of the fiscal year obviously, it's kind of fighting a losing battle right there. the peak revenue was $5.5 billion. they are on track for a fraction of that. they are four times that whatever is going on with the stock, it's not about the business i think we knew that it's about a manufactured story about a short squeeze and aggrieved i d investor it's a lot of fun. market getting this wrong. know what you have and what you don't have with the stock. >> that's a good word of advise. it's amazing it's continued for this long. it's well off the highs. been cut in half from the very peak but still up tremendously >> absolutely. we have the real results disappointing after the bell slightly different in the types of clothing and accessories that

they sell different price points still a very interesting resell market that we know is hot with a lot of consumers, including mike stars that does it today for the closing bell thanks for joining us. "fast money" is coming up next

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live from the nasdaq markets overlooking new york city time square, i'm melissa lee. co-founder of market rebellion.com. we're all over the action shares of amc the reddit favorite stock kicking off the latest earnings call recent losses today but one notable name sat out the rally what it says about the sector. later, a kiss for crypto rocker gene simmons has been setting on the biggest on doge