make the most of the recovery. you can attending at cnbcevents.com/smallbusiness that does it for "the exchange." i'm headed back to d.c., but "power lunch" starts right now so i'll turn it over to rahel solomon and tyler mattson. we are tracking the developments out of washington and albany legislation in washington, resignation in albany. the company at the center of the economic rebound feeling the push/pull of strong demand, raw material delays and rising shipping costs. also the interim ceo of fanduel is here. we'll ask her about the company's next big bet, the unusual partnership with its biggest competitor and its expanding u.s. market share. our powerhouse road trip let's go to austin, texas, where homes are selling at record prices one of the hottest places in the country. and i'm not talking about the temperature. leading one retailer to do

something she's never done before we'll tell you what it is when "power lunch" starts right now the dow and s&p hitting intraday records, the nasdaq lower by a little bit. about zmt 4 of a percent the dow up about half a percent and the s&p about 0.2 of a percent. >> bank stocks are rising and tend to do that in tandem. bank of america, wells fargo all higher by 2% kansas city southern shares getting a lift after canadian pacific railways raised its bid to buy the company the board of kansas city southern says it will evaluate the proposal now to the events of the day on wall street and washington. we are tackling it all beginning with the question of the day for

investors. is the market at an inflection point? we'll turn our attention to the stock of the day, amc, and the return of meme mania and then we will dive into the deal of the day and the passage of that $1 trillion infrastructure bill in the senate rahel. >> okay, tyler well, let's get right to the market the dow and s&p hitting fresh highs, but will the record run be derailed by the fed's faster taper timeline, the spike in covid cases and the impact of rising inflation here to tell us how he's investing is kevin mah kevin, thanks for being with us today. you say that you actually like the e-commerce pace. i think when people hear that, they perhaps think, yeah, we know, amazon, amazon is that what you're thinking or what are you looking at? >> yeah, amazon certainly sits at the hub of the e-commerce

ecosystem but there are many other companies and other industries that also stand to benefit from the rise of e-commerce this back-to-school shopping season is going to set another all-time record with a projected $37.1 billion in sales most of that being derived, we believe, online. if you look at some of the names and opportunities that are presented as a result of online commerce, you look to names such as square. they're the mobile payment provider and the provider of other online solutions you look at a name such as 1-800-flowers, the online provider of flowers and other food type of items and of course u.p.s. u.p.s. is vital to the e-commerce ecosystem in terms of distribution and delivery. and guess what, they also happen to have an attractive yield. so we do believe there's more upside potential for stocks in general but specifically within

the e-commerce ecosystem based upon those names within our e-commerce ecosystem trust. >> kevin, do you worry or have concerns about less demand as the world reopens, at least for a time, at least where we are right now, and people return to malls, they return to stores, and perhaps shop online less >> yeah. and if you think about it, there's still so much upside potential for e-commerce and brick and mortar isn't dead just yet. as of the end of the second quarter of 2020, e-commerce only accounted for, and i'll put only in quotes, 16% of total retail sales. so there's tremendous opportunities for growth ahead and we believe that q2 earnings showed the strength and the confidence of the u.s. consumer. in all likelihood they're going to continue to spend this back-to-school season and this holiday shopping season and in all likelihood they'll take advantages of the convenience, the cost efficiencies and the

relative safety of shopping online. >> kevin, what are some of your biggest concerns in terms of e-commerce what sort of risk factors are you looking at >> i think it all goes back to really the federal reserve at this point in time because we believe at this point in time the federal reserve is likely to sit on their hands for the balance of 2021 and 2022 with respect to interest rates. we do believe that they will announce their tapering plans by the end of this year, in all likelihood starting to enact and cut back on their bond purchases and then ultimately starting to unwind their balance sheet at the end of 2022, leading to a potential spike in interest rates in 2023. if that timeline is moved forward, that could cripple the confidence of the u.s. consumer and have appear impact on their

online spending habits remembering that the consumer accounts for 70% of our gdp in o our country. so we need the consumer to spend. >> kevin, how long stocks have come, is this still a good time to invest when you look at valuations and other market measures is it still a good time? >> great question, tyler, as always if you look at valuation, they have actually become slightly more attractive. at the end of 2020, the s&p had a p.e. of just under 30. and went as high as 32.5 in march of 2021. but now it's below 27. that's not because prices aren't rising, it's because we've had 46 different days of record closes thus far this year. but it's because of earning strength so we believe that those attractive valuations present additional upside potential if the fed continues to remain dovish and the federal government continues to stimulate the economy. >> kevin, always great to see

you. thanks for coming by. >> my pleasure. next up, the stock of the day. there you are, i founding you. amc, shares losing their earlier gains despite better-than-expected results on the conference call, the ceo going on the offensive kristina has the details. >> yes we are seeing the shares actually drop right now giving up some of those gains but year to date this is up 1,500%. so is this meme stock becoming a reality? the loss per share was better than analysts thought but the movie chain is far from profitable as well, ticket sales were down roughly 77% versus two years ago pre-pandemic it did manage to charge more for sodas and popcorn. but and there's that graph i was talking about. it also had to sell a heck of a number of shares amc sold nearly three times as many shares as movie tickets in

this past quarter. and even if its corporate bonds are due in five years, which a lot talk about, they are sitting on a debt pile of $10.2 billion. what's the driver? is everyone excited about amc accepting bitcoin as payment, securing new cinemas or reaching a deal with warner brothers over theatrical exclusivity or could this be about the power of the retail trader? here's adam aron earlier today sglcht i look -- >> i look at millions of these investors. they're the owners of my company. they don't work for me, i work for them they're my bosses. >> so despite the headwinds facing the theater industry, the apes are still pounding their chest for amc clearly. >> i wonder how many more tickets amc has to sell.

i mean they have to sell tickets and draw people into the theaters i think viewing habits have changed probably permanently for many people. in other words, it is so convenient to sit at home, to screen it when it comes out on hbo or whatever and order dinner at ome. >> well, i have two answers for that the first is that amc is looking to try to go into live sporting events but those are one-time deals. it's not like a movie where you can continuously go every single day. again, that's a one-time activity where we all go and watch. >> would that be birds of a feather or what, meme stock to meme stock. >> i could go on even the technology that was used on the call by amc is called say technologies and that's owned by robinhood. so there's a lot but just to your point, on the call at the end of the call, the ceo did say, you want to know how much we know the cash we raise we can survive in an $8 billion box

office market for a year or two maybe. $8 billion that's at a level that is definitely much higher than where we are now so are we going to go back to those levels are we all rushing to the movie theater to see whatever iteration of "fast and the furious" >> kristina, thank you very much. now to washington where the senate passed the bipartisan infrastructure deal. it's a significant win for the biden administration, but it still has to get through the house. ylan mui has more on the developing story ylan >> well, rahel, we are waiting for president biden to speak about the senate passage of the bipartisan infrastructure plan if you remember, he was personally involved in these negotiations at every stage of the game, meeting with republicans and democrats at the white house. he's been determined to get a bipartisan victory as a way of showing the world that the gears of american democracy can still work now, the infrastructure bill did

pass the senate with strong bipartisan support, 69-30. vice president kamala harris presided over those final moments. and treasury secretary janet yellen has emphasized that this trillion dollar package is not a stimulus plan, it's a long-term investment she said, quote, this bill is designed to do the hard, generational work of building a stronger, more structurally sound economy with smart investments in the future. however, the white house and democrats on the hill say this bipartisan bill is not the end of the road. immediately after the infrastructure vote cleared the senate, the chamber moved to begin debate on the $3.5 trillion spending package. that includes money for child care, community college, clean energy, health care. democrats say it's fully paid for but they're going to have to pass that one all on their own >> ylan, you had an interview with senator king and i thought he made an interesting point about some of the broadband investments and how that might benefit those in rural

communities, especially working from home and that might become a more permanent fixture in the years to come. are you hearing more of that >> yeah, so the bipartisan infrastructure package has $65 billion in it for broadband. the way that this is going to work is that state and local governments will have to apply for grant funding in order to get some of that money there's a lot of concern aroun not just sort of the last mile of broadband, but also the middle mile of broadband service for some of these rural areas. we've talked to folks in appalachia who say they can see where the fiber ends right before their driveway begins we talked to one guy who said he feels like he's living in 1982 when he's in his house. >> that's an interesting -- >> dial-up modems. >> thank you, ylan. and a turn of events in new york state's capital

new york governor andrew cuomo resigning over the recent scandal that has developed contessa is here with the details. >> tyler, that resignation will go into effect in 14 days. his resignation likely bringing a sigh of relief across new york state from local leaders who have told me they have really established a routine of working around what they allege is a bullying, strong man behavior from the governor and his team lieutenant governor kathy hochul has a different approach, inclusive, team building, and thishopeful reaction is alread pouring in this is an hour south of albany, two hours north of new york city, executive pat ryan says she is the real deal, a proven public servant who understands how government works then you have new york state democratic chair, jay jacobs saying we could not be in better hands. from assisting her mother run a transitional domestic violence

shelter to helping make the property tax cap permanent, kathy hochul has always and relentlessly fought for the people of new york her experience at all levels of government, town board, county clerk, congresswoman, lieutenant governor, make her uniquely well equipped to effectively governor the state at this time and then you have the speaker of the new york assembly, carl hasty saying we will continue to address the covid-19 pandemic, rebuild our economy and face our challenges stajd together. governor hochul is a dedicated leader and united we will get the people's work done not only is there the pandemic they are mentioning there, but you have all this issue about people leaving new york state because of the high taxes, the end of s.a.l.t. and whether it's going to permanently undercut what is the revenue tax base for new york state >> yeah, taxes that, oh, by the way, as i recall were raised by the outgoing governor cuomo.

let me ask, new york state politics are really gnarly, as you know, contessa, and no place more so than in albany the question to me right now is where does the incoming governor fit on the ideological spectrum? is she more a centrist, a moderate, or is she closer to the aoc wing of the new york state democratic party >> you know, it's interesting that you ask that because she really cut her teeth on politics in a very conservative area in western new york near buffalo. in order to win office there, she had to be moderate so, for instance, she grabbed headlines saying that she highly disapproved of the former governor, eliot spitzer's proposal to give driver's licenses to illegal immigrants, saying that she would turn it down if they applied there and then what happened was as she got to state office, she sort of backed off that, became

more liberal i should mention too she briefly served a stint in -- she was the vice president of government relations for m & t bank in 2014, so it will be interesting to see how wall street sees her ascention to the governor's office here. >> that's a really -- >> but i think importantly -- >> that's a really important point because new york has a very big voice and a bigvote i how wall street is regulated under the various laws that govern the industry. so how much more lenient or equally tough will she be compared with cuomo? >> and you know that these -- if you're in government relations for any big, large organization, that you have to know these issues inside and outside. so she's going to be bringing that experience to the table, but also just an on the ground, detailed view of what these counties need from her. >> all right, contessa, thank

you very much. contessa brewer covering the governor's resignation in new york. coming up, what's in a name? a lot, according to the ceo of ethan allen. we'll ask him why he's changing his stock's ticker symbol and how he's navigating the backlog of orders. later, wall street getting behind a faster taper timeline say that five times fast we'll talk to the chief economist at morgan stanley about her latest call and what it means for the market. as we head to break, a look at the rise in metal and mining stocks in today's session. alcoa, steel dynamics, nucor all higher

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welcome back to "power lunch. with the infrastructure bill in focus, we are watching movement in some of the stocks that could benefit from increased spending in those types of areas, starting with one of the etfs that tracks those names, the ticker pave, the global infrastructure etf up by 2%. best day in three weeks, by the way. among the top performers are names like nucor and alcoa, martin marietta, vulcan materials and united rentals as well so construction aggregates, mining equipment all doing well today. i'll send it back to you. now to a big mover in the home furniture business. shares of ethan allen jumping after earnings for its further quarter and full year were in

line with estimates. the company did say that it's dealing with a large backlog of orders because of raw material delays and higher shipping costs, among other things. here first on cnbc is the chairman and ceo and president of ethan allen welcome back good to have you with us. >> very good to be back and good to see you >> now, let's get to the thing that is on everyone's mind here. you're changing the ticker symbol of your stock from eth to etd. why is that? >> well, for a number of reasons. first is that of course eth has been with us for a long time but recently eth has also been associated with this currency situation where we get confused. >> you get confused with

ethereum. >> that's right. so we don't want to get confused that was one reason. etd is more in keeping with our focus on design, so ethan allen design i thought was good and also takes away from this confusion between the two -- these two names. >> all right we've got that one out of the way. let's talk about house business. i assume that it is pretty doggone good given the fact that people are moving, either from city to suburb or from suburb back into the city how's business and what are you finding in terms of backlogs and bottlenecks in production, number one, and also rising prices >> yes of course as you know, about a year, a little over a year back when the crisis started, we had to close our 250 locations furloughed 4,000 people. then we came back towards the

end of the summer. as you said, people's interest in the homes started to increase the result was that we had you might say record sales now, one of the advantages we have is that, first of all, we have the right kind of product lines and then secondly, we have the opportunity of combining a personal service of about 1,500 interior designers with technology i think if we had not invested in technology like 3-d and virtual reality in the last four or five years, we would be in a much more difficult position because of the fact that 75% of what we sell is custom made in our workshops in north america now, that's quite different from the general industry where most of the time they sell a lot of what they have in stock, not custom so custom is tremendously important. it was a challenge, but became

an opportunity with the involvement of our interior designers, with the involvement of technology, and the fact that we -- it was not an easy decision in the last 10, 15 years when globalization, commodityizization we said we were going to stay here and today that's a great advantage. having said this, we are also impacted by service issues for instance, raw materials. while we made the products, the fabrics, for instance, come from outside. foam comes from somewhere else, lumber so we are meeting those challenges we are making improvements we have very high backlogs, but i think in the next four to six months we'll catch up. >> so i do wonder when you see and you said four to six months, where you're seeing the biggest delays i have a friend who just built a house, it's her first house and she's so excited but she has her

couch arriving one month, her bed arriving the next month. four to six months but where are you perhaps seeing the biggest delays in terms of sinventory at ethan allen. >> well, you mentioned sofas and couches, that's a fairly big business we operate very, very large operations in north carolina we also have in central mexico a 600,000 square foot facility dedicated to upholstery. where we founding issues in the united states is foam that was used in upholstery or couches. most of the foam came from plants that were in texas. they were impacted by the storms, the severe storms in texas really created a major problem for that whole industry. so that was one of the major delays we had. then that was a major delay from that point of view then the other one was we had fairly major operations in vermont, that's where we

started. we also established about seven, eight years back an operation in honduras now, in vermont, the issues were getting people back to work and it took some time, but they're now back to work >> good to hear that. >> people in north carolina are back to work so i think that for us, when i say four to six months, four to six months, i'm talking about going back to our normal where we make custom products in less than eight weeks right now it's anywhere from 12 to 16 weeks and some longer. >> we'll leave it there. here's hoping that she gets into her house before four to six months thank you. appreciate you being with us today. >> all right and further ahead a little later in the show, cashing in on compromise which sectors are most likely to benefit as the infrastructure bill makes its way through congress. plus, a full house the gambling market keeps on growing. draftkings buying golden nugget

online and now fanduel is announcing its customer base has grown threefold in the last year competition about to turn fierce we'll be right back.

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i'm kristina partsinevelos and here's your cnbc update at this hour. the texas supreme court is stepping into the fight over gop efforts to pass a voting bill. democrats have been staying away from the state capitol preventing a special session of the legislature from doing anything because there aren't enough lawmakers present the high court now says democrats can be arrested and brought to the capitol that's a reversal of a lower court's order blocking any arrests. a few democrats have returned to the state but many remain in washington where they can't be arrested by texas officers, no matter what the court rules. newsmax says today that a suit filed against it by dominion voting systems is an attempt to undermine a free press. the voting machine company is suing newsmax, one america news network and patrick burn accusing them of spreading false claims dominion helped steal the 2020 election from donald trump. newsmax said it was just reporting on allegations made by well-known public figures, including trump. in the atlantic ocean, explosions near the aircraft

carrier uss gerald r. ford as the navy tests whether the ship can operate in battle conditions rahel, back to you. >> kristina, thank you. let's get a check on the markets right now. the dow and s&p hitting all-time highs earlier in the session the nasdaq has pretty much lost all of its morning gains it's down about half a percent or 74% the dow is up about half a percent on 165 pounds. crude is jumping today, erasing yesterday's losses and clawing back some of last week's declines which were the steepest in ten months. wti is up about 2.8% tyler. ahead on "power lunch," the taper timeline is the fed ramping up its rate hike plans morgan stanley says yes. what that would mean for the recovery we'll talk about that next with morgan stanley's folks plus another week, another stop on our powerhouse road trip. they say everything is bigger in texas. but does that include the housing market we're going to austin where the

prices are texas size. we'll be back with more "power lunch" after this.

welcome back to the bond market we go where there is a lot of new supply to keep an eye on

rick santelli is tracking the action at the cme. rick. >> it has been an aggressive session. it's been a lot of aggressive sessions since last week, but today in particular we had a 58 billion three-year note option there's a one-month chart of three-year note yields that's yields going up when yields go up, price goes down but investors still showed up in droves to buy that, to catch that falling that should tell you something that many are thinking maybe it's going to slow down a bit, which leads me to think it won't. it we look at a one week of 10s, last week we pit 1.12. 10s minus bunds, we are gaining on european rates. that's a good thing. here's a one-month chart the difference between our 10-year and the european 10-year, approaching a difference of 1.80 basis points. finally the dollar index when the distance between the yields opens up, usually the currency starts to go higher, exactly what's happening

right now the dollar index looks to close -- it's about 93. darn close to the highest levels all the way back since last november tyler, back to you. >> rick, thank you very much we've been reporting on the fed's faster taper timeline. central bank officials are still getting behind that idea so is wall street. and today morgan stanley is making its move in a note to clients. the firm says it's moving up its forecast of the first tapering announcement to december, about four months from now let's bring in ellen zentner, morgan stanley chief economist and managing director. ellen joins us on the phone. welcome, ellen, we're glad to have you here. your move to advance the announcement of when the fed will start to slow its purchases of bonds and mortgage-backed securities and other securities is driven by what? >> so i think it's driven by the labor market you know, they're pretty much they have arrived on their inflation goal, even if you strip out transitory, which i

wish i had a dollar for every time i've heard that word this year but even stripping that out, inflation is not the worry, it's the labor market that's where they're focused and we've started to see the pickup in labor supply we're in line with chair powell's thinking that september and october is sort of critical there where unemployment benefits are running out, teachers are back at schools that are fully reopened and people can go back to work more fully. and so you've got a bump in labor supply that's coming that's going to keep these jobs numbers heightened that means that by the end of the year we should have closed more than half of the way to the job losses that we've seen since covid began, or specifically governor brainerd talked about comparing to december of last year and so we closed the gap enough that we think that's what the fed will see as the substantial

further progress on the labor market certainly by then they will have communicated along the way that they're ready to start tapering. >> so people will come back to work, sop up many of the john openings out there now, the unemployment rate will get closer to what the fed has targeted, which is pre-pandemic levels reasonably soon, so you expect december of this year to be the time when they will start making an announcement about how and when they will start not buying so many bonds when do you think they will actually bring into effect that slowing of purchases and when do you think they might turn to raising interest rates >> yeah. so the official announcement of tapering really is on the cusp of actually beginning it so with that december meeting, you'd basically be saying we've had all the discussions we're going to discuss we've come to consensus on the scope, the timing, the

composition of tapering our purchases and we're going to begin come january, first business day of january, so it starts basically immediately now, this won't come as a surprise because from now until then they'll be continuing along these baby steps toward tapering that's so that it's not a surprise to markets by the time it comes so the next thing to watch for is the minutes later this month from the last fomc meeting, how close were they to consensus we've got chair powell at jackson hole in late august. we've got the september fomc meeting. so they'll be stepping us toward that date. we're still quite a ways off from hiking rates. so there's two different hurdles you have to leap here. the first is substantial further progress toward inflation goal and maximum employment that's why we expect the december announcement for the taper. the goal to actually begin to raise rates is that you have to have arrived and so that takes quite a bit

more time. say unemployment rate back to pre-pandemic level at the least. in fact we think by the end of next year we're below the pre-pandemic level because we think it's going to be easier to get to a lower unemployment rate we don't think they raise rates until the second quarter of 2023 and that they raise rates about two times a year that is a bit faster than what the market is pricing in right now. our rate strategists have been short duration and so they are positioned for yields to move higher here because the market expectations are just too low. >> well explained, ellen thank you very much for being here we always appreciate seeing you. thank you. >> thank you. >> ellen zentner, morgan stanley. for more on the fed, tune in to "the exchange" tomorrow for an interview with the dallas

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. welcome back to "power lunch. the senate passing the trillion dollar bipartisan package tuesday sending it to the house for a vote how should investors be gearing up their portfolios for a spending spree on infrastructure nancy tengler and michael bios are here nancy, what about you? >> we like the industrial space. one is xylum water treatment. a little expensive on our valuation work but not terribly. jacobs engineer, global engineering company that works not exclusively with governments but significantly with governments. and then steel dynamics, which is up about 5% today, up 86% year to date

however, it trades at a five multiple against next year's earnings while these stocks have run in anticipation of the bill, we think these three have room to go. >> and michael, what areas are you watching in terms of upside? >> yeah, look, obviously it's going to be transformational for many sectors the ones that come to mind are industrials and clean energy, anything around climate control. we're looking towards two sectors that we think are uniquely positioned. the first and one that has just continued to lead markets higher is the technology space. but technology infrastructure surrounding semiconductors, surrounding any part of the infrastructure bill that goes through technology, we believe will lead the charge coming out for the next, you know, 12 to 24 months of economic growth. the other sector that we feel the stars are aligning for is financials with rates rising and hopefully inflation coming but at a moderate pace, and then, you know, you have domestic economic

growth financials will probably be the sector that comes out on top one way to always play this is through the esg strategy investing. so for people that want to get a broad based positive from the infrastructure growth is through the esg sector and strategy. >> nancy and michael, thank you. for more trading nation, head to our website or follow us on twitter @tradingnation tyler. >> thank you very much, rahel. after the break, the next stop in our powerhouse road trip, austin, texas. the housing market has been as hot as any in the country. inventory low, prices high but there are some risks for buyers we'll discuss that next. and now the latest from tradingnation.cnbc.com and a word from our sponsor. during bull markets many traders find themselves attracted to small cap stocks because they have a higher beta,

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our powerhouse road trip heads to austin. median home prices up 33% from just last year, the biggest percentage change of any major city according to zillow let's bring in jeanette spinelli jeanette, welcome. the buying frenzy has been hot sometimes you've been seeing 50 people in line to go into an open house 30 or 40 offers. or 40 offers. has it cooled off just a bit >> it has cooled a bit, but even by those standards, we're still hot, not white hot there's still bargains to be had, and of course austin has always been at the top of the list of people want to go move here. >> it's a wonderful city, a great place. words i never thought i would hear come out of the mouth of a real estate agent -- i do not want you to pay this for this

house. you've had to caution some of your potential buyers that they are way out over their skis. >> absolutely, we see ourselves as consultants, we have long relationships with you're clients, which really comes from them just being weary to buy a hot many it's an emotional things whether -- and they can make some mistakes one listing is in round rock listed for $435,000. tell us what it went for >> it went for $546,000. we had four offers, two were

cash, and it's in a great neighborhood, right next to a lot of amenities in round rock it's such a nice bedroom community, so that's quite affordable. >> is round rock where dell is, am i remember correctly? >> well, dell is lots of places in austin, butatou offered at $2.6 million in west austin, higher-end listing, that looks very lovely, beautifully photographed what did it go for >> we got an offer of $3.5 we had 11 offers on that property, the majority of which were cash, but the offer that

was alone, because they were willing to step so far above the next price, and this is an unusual situation. it's important to know they were also willing to put up half a million in what we call due diligence money, which means they would have lost that money if they terminated that made it a sure thing for that seller. >> so these people wanted that house some kind of bad genet, thank you for educating us for what's going on in the wonderful town of austin. >> you're very welcome thank you for having me. >> yes, that's where south by southwest is, isn't it >> yes, when they have it. expansion across the country is not slowing down, and now looking to team up with its rivals to keep the growth ingog. the ceo joins us next.

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>> what do you get off partnering with one of your greatest rivals. >> if you're referring to new york, new york is representing a fantastic new opportunities. the team has been working incredibly diligently to responsible, and listen, right now it's up to the lawmakers to determine who the right partners are. what i can tell you is we have a phenomenal head dart in that region and so when it's safe and legal to do so, we are prepared to provide of new york consumer a great experience. >> let's talk about half of the profitable, saying it expects to reach u.s. profitability by 2023 walk us through what needs to happen between now and then in order to reach that milestone. >> let's start with a phenomenal first half of the year we had. as you said, we just delivered almost a billion dollars in revenue, q2 was the first time we exceeded half a billion in one quarter, and so i think that

just speaks to the phenomenal momentum we have as a business the flay flywheel that we're building i think what is most important to the question of profitability is we're not just acquiring those customers at an unbelievable clip, but we're engaging them on the platform. in the first half of the year, we had about 1.5 million monthly users, which really means those consumers, that they're coming back, because they're delivering a phenomenal experience. if you look at the outlook, they expect over the next 18 months that there will be another nine states that come online, and eight of those are sports, which only plays to our advantage as we sit here with a 45% share of the market >> what do you think in terms of total adjustable market. how much do you see in the near term and perhaps a longer horizon? >> it's a great question

what i can say is the u.s. market is just continue to go exceed our expectations. it's going to be a function of how quickly some of those markets come online. the difference between now and the end of the year, we have arizona and connecticut that will go live canada will open up with the ontario province, so it's a question of how quickly they come online. what i can tell you is we remain laser focused on maintaining that number one position we're excited. we have about 30 seconds left what are the biggest risks you see moving forward is it sort of legislation or regulatory pushback? >> i think the thing we're keeping an eye on is we want to grow responsibly as a leader we've been partnering with the american gaming association and, listen, as we partner up with the biggest leagues, teams, media partners, we need to protect their brands and their washington mutualers, so i think that's what we're very focused on. >> congratulations on a great quarter.

aima howe of fanduel >> it's changing the way people view sports, either from their limits or while in the venue itself the gaming is coming, it is here you can play along rahel, good to be with you again. >> always. "closing bell" starts right now. welcome to the "closing bell," everyone. i'm wilfred free throwsed, a mixed session with the down -- white the nasdaq pulls back. >> and i'm morgan brennan in no sara eisen first of all, the senate passes a infrastructure bill which includes $550 billion in new spending that's boosting construction plays like steel energy stocks names like marathon, and treasury yields