>> 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 moving higher.

that's pressuring the nasdaq tech is among the worst-performing sectors today, chip stocks in particular are getting hit as well. we have 59 minutes left to go in the trading session. >> coming up on today's show, national economic counsel up director bright at an-- brian de will join us, and we're counting down to coinbase's report after the bell mike santoli is tracking the market action with record highs in sight ylan mui has the latest on the infrastructure deal in washington, but pike. >> we have oaf one of these days where there's just enough of a big to keep the s&p above water right now, toward a new record high business very persistent, somewhat low drama grind higher.

it's continues here. from april other so, it's kind of been a lower trajectory, but also pretty steady again we haven't had a 25% or more pullback since late last year. that has continued this projects out of the to the 4500 area for the s&p. next week or two, that will coincide with the monthly options expiration, okay, this might be maybe the ultimate destination for this little phase of the rally today it is industrial stocks, it is the cover story, certainly powering old economy names take a look at what is in the market the s&p completion index, a measure of small capping, and really big numbers it's not necessarily a negative chart, but it's -- i talked about how from april on we have made progress on the s&p 500 this basically means the average stock and the majority of stocks

out there in aggregate have nod made progress since about february, so it's holding together it's a consolidation, maybe it breaks out, somewhat looks like the small-cap charts, but definitely a more selective rally, finally, i know, morgan, you've been focused on the railroad drama what interests me, in terms of extrapolating from that is the valuation of other railroads, such as the one owned by berkshire hathaway by the valuations now being contemplated for kansas city southern, some people think off to a third of the value could be represented by bnsf. that won't really be the case, because there's no control premium. but what i find fascinating, they have basically been millennium i could, the railroads index, of course, berkshire is the largest company in the xlf they own 10% of coke and apple,

but it's been a blend of those two things in berkshire. >> in general, i mean, just looking at the action today, and i realize one day a trend does not necessarily make, but you've seen interest rates start to tick up a bit. it's some of the more cyclical value-oriented sectors i mean, is there a wisp of a reflation trade here >> i think so. it's the cyclical story is regangs some traction. you have the, you know, the green light from the higher treasury yields. whether it's correct or not, the market seems to be trying to handicap either a peak very soon in this latest wave of covid cases and hoopization, or just this idea that it's not going to alter the recovery path very much or change consumer and business behavior. i do think that's been evident, certainly since the jobs report

on friday and more so today. >> mike, thanks so much. the senate passing the $1 trillion infrastructure bill earlier today, boosting some infrastructure plays like caterpillar, and newcorp now the focus shift to the massive spending bill from the democrats. ylan mui has the latest for us. >> wilfred, president biden is set to deliver remarks at the white house any moment on the infrastructure plan, broadband, and of course biden's beloved am track. it passed with strong bipartisan support, 69-30, but the path in the house is not as clear. democrats hold an eight-seat majority, and members of the problem solvers caucus are urging nancy pelosi to bringle bill up for a vote asap. they say, after years of

waiting, we cannot afford unnecessary delays to finally deliver on a fill infrastructure package. pelosi has said she will not work unit the senate sentence over the $3.5 billion spending package that has the rest of the democrats' agenda. the senate is debating that proposal right now in contrast to the infrastructure bill, every single republican is against this one back over to you 9. >> realistically how long can pelosi hold out with that particular strategy? >> we'll see what happens when the house come back from resist next month there's some question of whether the budget resolution, which is what is being debated now, needs to pass the senate or the entire budget reconciliation bill, which hasn't even been written yet. which one of those needs to pass, so if it's the latter, we

could be talking potential months before we see some sort of infrastructure vote in the house, but certainly a lot of pressure from the moderates, even from moderates in the senate to go ahead and move on that infrastructure bill, because it's a win in a president biden himself wants to see. >> ylan mui, thanks for bringing us the latest. after the breaks more about the infrastructure bill and specifically more about the crypto rules and wbradley tusk will join us. you're watching "closing bell" on cnbc.

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that it needs to be bandied about in the house. now, i know senators portman and others did try to read language with the -- so it is possible that -- but to me, the bigger point is that you can't regulate crypto in an ad hoc way. it's time to have a regulatory framework.

>> so what would it actually look like? >> i think one is, you need one, right, the individual stakes doing stuff, it's all over the place. , to -- you guys mentioned on the intro, it's easy to treat them as outlaws and weirdos but ultimately they're trading a currency that's designed to be sovereign-less it's a lot harder than it is in other financial markets you've got to bring them to the table dodd that. third, you have to have consistent tax policy, and other

asset classes fourth, most states have never upgraded that transaction laws which means that businesses really don't know what apply to say them and what doesn't so there's a lot that can be done the important thing is we could make this country still the hub of contributo, right >> what do you say -- bradley, i was just going to pick up and say, what douse to the people how serious a thread is that

>> interesting to see how strong crippo has been of late. >> a despite in a period when gold has slipped significantly programs it's the anti-gold movement >> as well. >> we have about 45 minutes left until the closing bell we'll be on report high close watch, but the -- after the

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let's bring back in bradley tusk i want to ask, back to bitcoin, this always gets raised, this

threat of, if we overregulate it, the u.s. won't be a hub for crypto going forward to what is that a major swing factor? >> just look at this this way, you mentioned coinbase earlier, circular there's all kinds of exchanges that operate and have a lot of employees. while you'll never have the there's still a lot of opportunity toe created by this country, and keep those jobs here i think there should be incentive for washington to not treat crypto as a weird subset that no one understands, but see it as a growth opportunity for the economy and treat it as such to what extent do you think the

crypto corners are whining about regulation, because it will reveal tax evasion or other measures that need to be rooted out? >> that's why we need regulation we know two things for sure. there shouldn't just be no regulation of crypto, because there are a lot of problems, whether it's tax evasion or fraudulent ipos or anything else at the same time if you over-regulate you'll take out the industry, and drive it somewhere else overall there's a distinction between cracking down on some bad actions and treating everyone within that sector like they're all bad. >> bradley tusk, thank you >> thank you guys, sorry about before shifting gears, call it a

love train triangle as canadian pacific makes a new offer, reigniting a rival about $2 billion, excluding debt, so higher than its last offer, so canadian pacific's ceo say to investos, if you think about what's transpired, whether it's the president's executive order all to me support the facts of our combination, given that it truly is pro-competition. so at stake, whether rail regulators at the surface transportation board will green light for canadian national the creation of a voting trust that would acquire kansas city southern shares, and assuming there's approval, actually enable that merger

therein lines the pitch, more certainty. so all of this coming, as economic growth last weekend, as you're seeing the north american trade agreement. and of course we're talking about regardless -- you're talking about a network that would connect canada, the u.s. all of this is in play i will just say, the next couple weeks should be busy where all this potential rail consolidation is concerned, because kansas city shareholders are going to vote on the cn deal next thursday, august 19th in the meantime, the stb, the rail regulators, today said they're going to announce whether they will green light that trust structure before august 31st.

in the meantime, kansas city's southern shares are rallies, up something like 7% today on all this news. is this a market top in the economy, because people are buys into that peak kind of argument? >> i think it's probably a bit of both. precision scheduled railroading has been the key strategy that's been implemented on most of the major class 1 railroads over the past couple years. when you tay psr, put it into place for a connected network that moves across these three countries there could be potential saves. that being said you're seeing

more goods being movedly rail in the u.s. we are seer the trend of near-shoring and -- bringing more goods here, and then, of course, tariffing before it. so i think all these dynamics are at play. and there really is only one name right now that even potentially from a regulatory standpoint could be absorbed and that's kansas city southern, which is why you're seeing a bidding war taking place still ahead, national economic council brian deese on the infrastructure bill, and it is implications of it on the economy and potentially on inflation as well. let's also, as he we had to break, have a look on bonds.

yields have been continues their move higher this week. the ten-year yield up to about 1.34%. a big jump, of course, from the debts about a week ago we'll be right back.

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welcome back it's time now for a cnbc update with rahel. >> the state department is saying that levels of violence in afghanistan are unacceptably

high, and not consistent with the u.s./taliban peace agreement. they took part of two more regional capital today tens of thousands have fled their homes to avoid the fighting. the u.s. postal service is proposing temporary price increasing during the upcoming holiday season, similar to what happened last year north carolina is seeing a surge in covid vaccinations. some areas healthcare worse are going door to door last weeks vac nations in north carolina hit their highest level in 2 1/2 months. wilf, back to you. still to come here on "closing bell," we'll see if we get that record close. the dow is -- the nasdaq is down about 0.5%, with 29 1/2 minutes left in the session.

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welcome back we've got 26 minutes left in the session. boston beer is teaming up with pepsico to launch a new beverage the drink dubbed hot mountain juice is expected to debut early next year. those stocks are moving a bit. boston beer down and shares of fisker, saying

that it may be one of the only ev-related stocks to actually launch on time last week he was talking about production. >> not only we'll start production on -- we will both in the u.s. and in europe our first two vehicles, first the fisker ocean, will retail between $37,500 and $69,000. the second vehicle project pier will retail under $30,000, so now we're talking about real mass market. i think we're very competitive. >> that stock is up sharply today, off the back of that some 24%. so i'm just curious, before we move on here, would you try a spiked mountain dew?

>> i don't love mt. dew. i don't love it and i don't like spiked cocktails that much i find it has the effect of like being a bit of a fake alcohol, a fake drink i like beer. i don't care about calories, so i don't really see why i need to go for something fake, but i would give it a go. >> it feels like celter's response to redbull and vodka. speaking of calories, we're going to talk about planet fitness. the company did see a beat on revenue. the big question is whether or not the delta variant could put a dent in the bottom line. joining us, a cnbc "closing bell" exclusive is planet fitness ceo chris rondeau. we did men that u.p.s. miss, but membership continues to grow what are you seeing, whether a company-owned gyms or the ones

owned by franchisees >> first, thanks for having me on we could not be more with how other big is performing. they're normally the gym industry grows a lot during the winter month, and this year we started to see it tail off our second quarter growth was double of 2019, and even july was double july 2019 the curve has changed the seasonality has changed. we are down to a low of 13.5 million members, but we're back to 15 million, so we're only 5,000 away from our high we wouldn't debt happier. >> you're seeing places like new york city man ddate vaccines, ad how are you and a half investigating all of that? >> nationally, we're following all local guidelines

we have about 150 clubs today that have some sort of mask mandates you know, the vaccine was something different. hopefully it's short-lived we know a lot of the unfortunately the illness that let -- so fitness is essential hopefully it's short-lived you know, 70% of the u.s. was overweight going into covid and 40% -- it's really about getting people off the coach and making them healthier, so they can fight this or any illess that comes along. >> chris, the numbers are mentioned on matcembership, ver impressive though it is also painting a picture of quite a lot of volatility in big numbers when it comes to member

do you think it's a pandemic effect to get through another year, eel have a more steady, smaller growth, or is it to be expected as a norm long term >> you know, what i believe is coming out of covid, unfortunately it's flushed out a lot of the issue, that, in only 20% of the u.s. even has a gym membership that's a crux of the problem right there. i think people will appreciate health and fitness more than ever unfortunately 22% of the gyms in the country have closed permanently, so now there's less doors, people to work out in, but planet fitness, with its $10 price point, in all 50 states, we're in everybody's neighbors and backyard, we're ripe to take advantage of these times right now. >> just digging do the fitness

boom, this summer we've seen expo nemplgal go public, there's been reported talks about equinox potentially going public as well. i think back to the thick of the pandemic we were talking, you said at the time the lower price point offered an opportunity for folks who may be tightening that i belts. how would you assess it now, as people are now leaving their houses >> 40% of our joins are first-time gym members when you look at the f-45s, orange theories, they're all great businesses and cater to a certain niche, but we're focused on getting people off the couch for the first time so a very different price point. so if you look atsh planet fitness accounted for more than 100% of member growth.

we're really making the pie bigger so we're really excited going after the first-time or casual gym goer, and people trying wellness for the first time, giving it a shot >> chris, to what extent would you want to build a really good digital platform to rival the best out there or would you rather just focus on having people come into your gyms and kind of leave that marketplace to the experts, as it were. >> i think what we have all experienced is people's adoption of digit at, whether it's bar codes for menus, qr codes, how you ordered products, purchased. we're even see it planet fitness-wise, that digital membership has almost doubled. whether it's workouts, how they

interact with companies, so it's big for us i think the biggest part of what i get excited about, in this industry, unless someone walked through the front doors, we had no way to provide service. now this is the opportunity to provide value and service, so if they can't make it in today, we can provide them more service, which can only help customer satisfaction >> chris rondeau, thanks for joining us today. >> thanks for having me. ahead, what to watch in coinbase's results at ninthmaetth'sext "e rk zone."

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welcome back we have just 14 minutes left of the trading day. we're now in the "closing bell's" market zone. mike santoli is here to break down the crucial moments today we've got errol investing. charlie, we're on record close watch for the dow and s&p 500. energy, materials and industrials are leading the pack today. because of infrastructure? because of inflation trade and rising yields? >> i think all of that is yield is looking like they're backing up in part -- treasuries had huge inflows in the latest phase

of the yield compression we got. i think people kind of are rebalancing, i don't want to be leaning too hard in one direction. it's not at that broad, but just enough to keep moving forward. >> charlie, that -- good morning. >> i'm glad you have on today, instead of past days we absolutely think this is sustainable. we think we'll have very good economic recovery. i would add to the list of things that are helping or great earnings we think they'll continue, because there has been an overhang from delta.

when we get past that, and we will i'm talking to the day for the first time about $200 per share? standard & poor's earnings >> first, shares of amc turning negative it's been a volatile day of trading for that company it reported a smaller loss than expected ceo adam aaron was on "squawk on the street" earlier today, addressing how bullish analysts have viewed the stock. >> our focus is on building this company, taking it forward, improving its performance. that's exactly what we have done some people think heroically over the last year, and the same team that has paid attention to driving this company through, drop its fortunes going forward

is the same team that's going to take it from now how the share price reacts to all of that, we're all going to find out together. >> jim chanos told us that he isn't convinced that amc can be profitable. >> you can kind of run through the numbers. they're goods to be doing somewhere around $2.5 billion, possibly even less there's just no way they can be profitable >> yeah, so a lot of skepticism. i know you and i were talking about today the heavy lift. >> more like a gorilla debate.

>> so it was always a chance, it was always a business that was pressured by what's going on in the world. we know the stocks has its own -- in the business realities really no clear path.

>> are you confident it's back to trading on the fundamentals. >> that's fundamentally what value investors do, they compare the price of a stock to its intrinsic value. and civil amc is still a long way from its intrinsic value and they're not having any of those people in the back rouf. they're going to have 50% of the people they had pre-pandemic unlike viacom, which is trading today, civil amc is just way above its intrinsic value. >> now down 6%, mike, a

possibility of gaming, other ways of using its brick-and-mortar footprints, aaron seems to demure on whether he's had those conversations in fact, i think he said he had no conversations. >> adam aaron is putting up a sail, and we're going to catch that breeze, whether it be bitcoin or some gaming, other events they're going to feature in the theaters, but look, 10,000 screens, if you don't have the movie companies have a heavy release slate, and a lot of people filling your theaters, it's a tough way to get around it. >> the senate that is approved the infrastructure bill with a final vote of 69-30. a number of names are rising on the news president biden just spoke about the deal

ylan mui was listening in. ylan, what was the key gist of his messaging? anything particularly new? was he celebrated? or not yet >> i think he was celebrating. this was a milestone many in washington did not think he would every reach. it was not a squeaker, 69-30 biden used the opportunity not just to thank the democratic senators who voted for it, but the republicans as well, specifically calling out lead are mitch mcconnell, a longtime friend, but also a longtime adversary. he pointed to some specific projects that could benefit, including the water system in new orleans. he said he went down to meet with the sewage and water board in that city, which has warned that that system would potentially fail, but he spoke about the broad philosophy

behind his desire behind this bipartisan victory he said this is proof that american democracy can work. the difference was both sides listened to each other he brought republicans, democrats, even independents, to the white house to talk about how to keep this deal alive even during the darkest days. i thought it was also interesting, guys, when he was asked about the prospect of this bill in the house, he played kind of coy. he gave a smile, a little laugh, and he said, we're going to get this done. >> of course, the house is going to be key to all of this, in terms of a timeline for when we could dough it rolled out, ylan. what we have now is thousands -- thousands of pages in this bill right now. anyone inside or clarity into how some of this money would actually hit the ground?

>> yeah, so this is not the obama era shovel-ready infrastructure plan. so the administration has tried to be very clear, that these are projects that will be seen and put forward, and to sort of wound through over the long term this bill covers five years of spending, so it's going to be a process before we see some of that money really trickle through the economy, but over the long term, they say this will enhance the nation's productivity they say that this cannot stay on its own it's going to need to be paired with the second part of the democrats' agenda, that is currently under debate in the senate right now that's going don't hard to ensure that all democrats are on board with that. i'm going to keep going with this delay ylan, thank you. charlie, which stocks most

benefit from it. >> ken and metal makes the drill bits used on caterpillar road equipment. the thing to remember is people i'm going to take that this is already in the market. bitcoin had a very rough second quarter it has rebounded this week kate rooney is looking how it could impact coinbase's late zest quarterly results >> for coinbase this quarter, it's all about transaction fees, trading volume and competitive 94% of coinbase's reform of revenue last quarter came from fees, and analysts have worried about a bit more competition compressing thor fees.

and really under this week on the call today, last quarter they took mostly shareholder questions. back to you. all right. mike, thoughts on this one i mean, perhaps not surprisingly coinbase has been trading in tandem with the actual price of bitcoin and others coinbase's bottom line .very attractive business excha exchangeses, and it's very transparent.

to kate's point, they have a really heavy take. it has to be sorted out over time also, revenue estimates for this quarter haven't changed much since june 30th, so we'll see if there's a bit of change. mike, it looks like we're going to get a record close on the dow, not quite for the s&p >> yeah, we very dow-centric action in general here today was certainly driven by the industrials and the metal-bending company, but the breadth has actuallylooked okay almost 2 to 1 advancing to, they take a look at the -- after the

industrials of technology. here you have it on a -- since, you know, the end of may, you have outperformance by the semis, but the latest up turn in industrials here and downturned in semis is showing you a bit of reorientation by investors toward older economies we'll see how it plays out the volt activity index has been holding steady expect there to bedownside pressure on that, too, wilf. >> just under one minute for the session, and we are on track for a record close so we'll keep an eye on that the nasdaq is lower today, certainly no record close for the tech-heavy index on the s&p 500 it is cyclicals that lead the charge,'s we might

expect, given the fact that the dow is leading the major averageses the four sectors up more than 1% oil bouncing back a bit today. yields are slightly higher as well as the bell goes, are we there on the s&p just about at the close, by a matter of basis points we'll see where it settles dow with a record-closing high the nasdaq down 0.5% welcome to the "closing bell." i'm morgan brennan, along with wilfred frost, also mike san toldi. you just heard it from wilf, but record closes for the dow and the s&p. the dow finishing up about half a percent, for 162 points. s&p squeaking out a record

close, 4436 is the level there very narrow trading range today. we saw interest rates ticking higher, cyclicals outperforming, tech and some of those growth names underperforming day. the reason the nasdaq finished the day, down 0.5% as well the dow transports also higher on the day investors now counting down to coinbase's results speaking of an earlier investor about the stock's outlook. plus national economic council director brian deese on the senate's package of the infrastructure deal, and what is next on president biden's economic agenda. charlie is still with us, as is xi pou

>> the pendulum has swung back in the last week or so, as we got decent jobs, trying to look through the covid surge, we had the earnings base as being rebuilt, projections looking pretty good. i think it speaks to a market that continues to rotate in this very kind of constructive way, and not necessarily get bogged down in overall pullbacks with isolated corrections that's been going on for a while, we're also at a neutral spot when it comes to yields certainly there's a lot to prove. it doesn't look like a clear shot after one and a half. >> xi, what's your take as to

back derail this market? >> there's been a lot of talk on, of course, the fed tapers, but we really don't see how it would derail the market. there's a lot of unknown as now. we feel the variant will the economic backdrop is just very good we don't see -- we still feel it's supportive for the equity markets in the immediate term. >> coinbase's numbers are just crossing kate rooney has them for us. >> coinbase with a strong date it topped $2 billion for the quarter, for total revenue, that was up 27% from the fourth

quarter, and a more than 1,000% gain year over year. wall street was looking for risen of about $1.8 billion. they brought in about $1.9 billion just from transaction revenues, so eps coming in at $6.42. we don't have a comparable number for that yet. coinbase saying that -- they say the cryptomarket environment heavily influenced the second quarter results here, so talked a lot about volatility bitcoin -- they do say the business is inherently unpred unpredictable, but say trading volume will be lower in the third quarter. finally users growth, verified users coming in at a total of 68 million for coinbase, monthly transaction users group to 8.8

million, and finally 9,000 financial institutions now using coinbase that was a growth of 1,000 new institutions in the quarter. the shares are down slightly here after hours guys, back to you 9. >> kate rooney, thank you for that don't miss an exclusive interview with the chief financial officer tomorrow morning on "squawk box." charlie, i want to come to you on this one. i know you don't like bitcoin itself, but you own goldman sachs, a big trading company, do you ever look at the cryptotrading companies? >> sure. look at them, nothing to see this doesn't pass the rip van winkle test. if you went to sleep for five years, would you be confident that this company would remain i think governments around the world do not want this

competitive currency i don't think this business is, by any means guaranteed to be here in five years to that point, mike, i mean, the company itself is using the word volatility, using the words inherently unpredictable, and really speaks to essentially how early we are within the cryptocurrency asset class, i don't know whether you call it adoption or trading, where it fits into the broader market >> right it has become huge so fast you know, this business became very big in a hurry without really knowing the rules of the game that will be in place for a while. presumably the muted responsible is because of the commentary on the current quarter volumes being down taken on its own terms, the results seem very good i mean, you did not have a peak in overall volumes or customer

relati relationships, but i would be interested to know, maybe we'll get more color on how the last quarter played out in other words, was it very frontloaded, and that's why it peetered out, but absolutely, even if you don't get it outlawed, even if the whole industry doesn't go away, which i think is somewhat of a long shot at this point, a lot of the regulation seems pointed toward listed futures for institutions, things outside the direct realm where coinbase itself probably has the biggest sway. >> goldman sachs, if you do own it, has started trading bitcoin futures. but pivoting away, i wanted to touch on another you're getting close to taking some profits on kkr? >> thank you for bringing that one up this is a name i probably talked about more than any other name on your show people ask me about it on the street this is a wonderful company that we started buying at around 14

or 15. at the time that was at book value, so you were able to get the fees and carried interest basically for free today the stock is over 60, about 65 that's right on top of our valuation. we continue to hold it, but it was extremely cheap. now it's a great company, no longer extremely cheap. >> we're versus memes in general garners a lot of interest, how it speaks to the composition of the market right now and the wild year we have seen, as we did tick to tick, albeit at very small increments >> there's still a lot of concerns with inflation protections, so we are helping

our investors, trying to get investor to say continue to diversify over megacap stocks, looking to just stocks with more pricing pour infrastructure has been all over the news, and then commodities in oil is another big area, along with, of course, utilities, industrials has been reaching highs recently, and, you know, with very low yield, looking at investment-grade short-term duration bonds which are lower sensitive. . charlie, i want to go to a reopening stock. msg, what are your latest thoughts >> you're absolutely right they brought msg-n, the television sports network. the market hated the trade people who owned the stock wanted to invest in arenas, and it will do very well when we

reopen they probably shouldn't have done the madison square garden network deal, but the reaction has been way over down it went from 120 to 70, madison square garden is still a spectacular venue. the stock is way too cheap. >> charlie and xi, thank you both for joining us. >> thanks for having us. >> thank you next, more reaction to coinbase's results and how the bitcoin bounce back could impact the stock going forward. plus gamestop's heavy rally. coming up, the fund's ceo weighs in on that winning bet for her state. we're back in a couple minutes that's great, carl. but we need something better. that's easily adjustable has no penalties or advisory fee. and we can monitor to see that we're on track.

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coinbase had a beat on revenue. joining us is early coinbase investor sean williams, along with dan dolan from mizujo rasean, what are the metrics that stood out to you? >> i think eps and revenue are two of the main revenue. it's about take rate, about verified users, about the retail trading activity, so we're looking at theoverall picture, but most importantly the continued mass adaptation, and the more mainstream this becomes, the more institutions and global adoption that we see in the currencies, i think it company is hoisted to do really well if you're making a bet on digital occurrencies and on

blockchain, there's no better company to invest in >> dan, that said, the release, as morgan pointed to earlier, it does use words like unpredictable. do you think the latest trading volumes weave seeing are sustainable? >> as we said in the note just now, we think the outlook is a bit of a coin tows one day the volumes could be very, very high. the nest day volumes could plummet. that's what makes this thing different to predict eventually lower than the high end of the guidance. literally no visibility back in may, and now they have lowered it it shows you how volatile and unpredictable coinbase is as an investment. >> rash auaun, the jersey of the retch looks like it came from

transaction fees, what is the longer-term vision to continue to grow and diversity. what are you betting on? >> first and foremost they'll look at you can't pretty what's going on happen. most of my port 2308 i don't, you'll see like a 20% growth quarter over quarter, year over year coinbates will come through and give you a 700% growth, right? >> so enter new markets, bring in new users obviously mass adoption from the institutions up to be in a

number one player the biggers player, and no one is even close to catching up >> as you talk about the gigantic gains you have seen, what would it take for you to take some of that profit off the table here and an spotify. for us as technology invest offers, we're investing for things in the long haul. we think fundamentally industries will change and there are going to be very few companies that disrupt i can go on and on so this is a once in a generation company it will take generations for me

to sell a name like this i see companies that literally makes the checks that people write on, is still around. i remember raising money for them 20 years ago. so when you think about the future, you can't find a better name nan coinbase. >> do you think it you willy will more in line, than its own fundamentals in the years ahead? >> by transaction revenues, and i think this becomes -- so specifically bitcoin my main concern is the yields are declining, and the

competitive landscape -- so i'm readily concerned with their ability to sustain the pricing if you're liking for crypto, there's probably better ways to invest or it's the big goldman sachs of the world getting into this space >> they're getting into bigger things, right? a blockchain on a network.

volatility is just too much, i don't see the more sustained so that's how i think it's a better way if you believe in crypto, you should earn something that's more diversified >> gentlemen, thanks for breaking down these results for us mike >> morgan, a bit of a pattern is starting to emerge >> obviously this one has not traded higher.

this traded to $75 on the first day. and right in here, you had a chance that's been meme'd up and tougher to build an action here. as you can see here it the deal-making ip:, the exchange industry really showing that we

have a high liquidity, very active deal market where it so a bit of a push/pull in the issues market are you making a comparison here the direct listings dropped first, or not. >> it does include some direct listings, so really it's been a bit easy to play the buy it at the offering and flip. so i did think there's a different cadence to it just in general how the ipo has been

traded has been ha decent tell in how the rhythms are going in the market courtney reagan has the numbers for us we do have a loss of 67% for the second quarter we do have revenue at a beat the third quarter revenue ranges are higher than the street's expectations and the consensus on this street

for the third quarter send of period subscribers we 719,000, so that's stronger than expected for this second quarter. theyear-over-year subscribeser were up to more than 681,000 shares of fubotv up here i by 13%. back over to you. courtney, thank you. up next, national economic council director brian deese on the infrastructure deal, and whether -- and don't forts the conversation with robert kaplan on the taper guideline thas t' tomorrow at 1:00 p.m. eastern on this station an make emergency me possible at 40,000 feet. instead of burning our past for power, we can harness the energy of the tiny electron. we can create new ways to connect.

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♪ the trillion dollar bipardon are pasch san bill passing in the senate early today, and now

moves to the house joining us in an exclusive interview is brian deese thank you so much for joining us. >> thanks for having me. congrats on this first step. we heard from ylan's report of the president speaking, him feeling very happy about it passing, how significant is this relative to what we've seen recently in other bills. does it significantly boost growth in your eyes? >> this an historic milestone. this would be the most significant investment in infrastructure in a generation it would have been a significant long-term effect on the economic growth and capacity of the economy. you heard the president talk about the independent analysis, looking at adding trillions into the size of our economy. but also it will break practical

bottlenext getting goods to market quicker, across or ports, our airports, our bridges and bring our infrastructure into the 21st century getting that to all parts of our country will unleash new innovation, new business starts. this is a big deal, a big milestone. obviously we have work left to do we're going to move to the house now, but it's a big and important milestone. >> is there a risk, to speak of, if pelosi delays it too much >> we're confident that we can move this package forward. this is a process. throughout this process, we have faced question about, can you move this forward? you can move forward our physical infrastructure and human infrastructure is there a pathway is this going to be complicated? these are all parts of the normal part of the process

69 votes, that's more larger than the interstate highway system in 1956 we have some momentum here, and we're confident we can get it done >> between infrastructure and as you mentioned, the social infrastructure, we're talking about more than $4 trillion in money that's going to be deployed over the next couple years. how will you be certain it will not fuel inflation >> it's a great question first of all, both of these packages are packages to invest over multiple years. you want a couple years. these are eight to ten-year investment packages. by designs it's the kind of long-term investments that we failed to make over the last decades. secondly, and crucially important, these packages are paid for the president went out to the

american people and said these are investing we need to get done, but also need to responsibly address them so it's different from the conversation in the last administration where we add standard $68 trillion in tax cuts and other spending without even an effort to pay for them at all the last point on inflay i'm glad you raised. the investments in infrastructure, in breaking bottlenext, moving goods and service more easily across the country, will reduce prices. the investments in human infrastructure, in increasing labor force participation, with affordable child care, and care for the elderly, that will increase labor supply and reduce price pressures going forward. this is a prichgs to actually grow the economy and reduce price pressures over the long term >> yeah, i think it's up for debate on how much will ultimately be paid for, depending on whose estimates you

work with right now, and how much revenue is ultimately generated. we'll take infrastructure now being deply over the coming years. how quickly will we see some of those xwrooismts, projects realized on the ground >> our focus is not only on shovel ready, of which there are as number, and that's important, but also shovel worthy the big projects of national significance that may take more than a year on two to get done, but when we do them, they have significant economic benefits. so to help rebuild and refurbish bridges. these are multiyear investmens if we get that right, the amount that flowing over these big bottlenecks and the opportunity is extraordinary

it will take some time we'll be able to break gown in the relatively near future, but we'll deploy over time that's the kind of multiyear frisch investment that we failed for make, because there's been a short-term attitude that we can't make long-term investments. we're trying to turn that around >> looking a little more short t term. >> it's obviously an sure we're very focused on but, no, in the sense we're in a very different place economically than we were in 2020, even the beginning of 2021 not only because we've got 70% of the americans with a first shot, the vaccinations are highly effective, but also because our economy is growing at an historic rate so we have

momentum in this economy we're in a different place states and lots have the support they need we're in a different place. it's obvious something we are paying attention to every day very closely >> just finally pivoting back to the infrastructure bill, one topic within that, of course, has been spoken is crypto. to what extent is crypto a threat in your eyes and the president's eyes to the

prominence -- is that something you still discuss, or is it gone as part of that discussion, and focus on the minutia on how to regulate this thing? >> well, our focus and the focus of the debate has been about how do we make sure that we have adequate oversight and adequate visibility into transactions to avoid tax evasion? effective tax enforcement has been an enormous priority for the president from early on. we view crypto in that context, that we have sensible overjigt and sensible information reporting, so this doesn't become a place where people can use it as a form of tax evasion. i think we have a sensible proposal here. we are actually quite thankful to a number of senators who have worked this issue acrosstime there wasn't a vote on any amendment ultimately, but we think we have a workable pathway here, and the treasury

department can work with what's in this legislation to get an effective information reporting machine in place. >> brian, just to shift gears here, it's been a strong year so far for m & a. on a day where canadian pacific has submitted another bid, and you have at the potential for rail consolidation in the works here, the executive order the president signed last month, how will it play out when it does come to competition and how the administration is assessen dealmaking >> you heard from this admini administration we have identified a number of industries, including rail, where we think having morep -- it's something we're paying

attention to i've engaged with the railway industry since the executive order. our goal is to unlock effective competition by making sure that there's actually a healthy market environment brian, thanks so much for joining us we appreciate it. >> thank you guys. time for a cnbc news update. shepard smith has it. >> from the news on cnbc, here's what's happening after months of denial, at the noon hour today, the governor cuomo of new york resigned this comes after an investigation of sexual harassment even as he apologized, hi

insisted the investigation's findings are false, but he says that new york legislators need to get back to governing. >> the best way i can help now is if i step aside and let government get back to governing. therefore, that's what i'll do, because i work for you doing the right thing is doing the right thing for you. >> cuomo says his resignation will be effective in two weeks, some of thinks accusers showing no joy in that decision. the first woman to accuse him, instead, called him out for blaming victims to the very end. another says his actions are unforgivable, but that this is still a sad day for new york and president biden called for cuomo's resignation. today he says he respects the

governor's decision. lieutenant governor kathy hochul will be the state's first woman governor she says she's ready to lead and we'll be right after jim cramer on cnbc at 7:00 p.m back to you. thank you, shep. still ahead, one of the faang companies is telling employees they'll start playing rkg omprice if they continue woinfr home. we'll go to that next. k. it's the sound of a thousand sighs of relief and of a company watching out for you. this is the sound of low cash mode from pnc bank, giving you multiple options and at least 24 hours to help you avoid an overdraft fee. because we believe how you handle overdrafts should be in your control, not just your bank's. low cash mode on virtual wallet from pnc bank.

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coinbase shares have been very volatility despite reporting better than expected revenue. and fubotv up a nice 12% meantime shares of ww, formerly weight watchers, you are plunging courtney reagan has more on that. >> hi there, wilf. for ww, the earnings come in at 12 cents, a gap number

it's unclear if it's comparable. the revenue guidance, though, is falling short for the full years of analyst expectations at $1.3 billion. the revenue is also falling short for the current quarter at $311 million, compared to $337 million. it does seem as if the subscriber growth -- our i should say the end of period subscribers was not as the company had expected in fact, they lost subscribers both year over year and quarter over quarter the ceo says there's a plan to optimize performance in the second half, and position us for growth in 2022 but still, shares are sliding. 21% in immediate reaction to these results. morgan, back to you. up next, our state of investing series continues

alaska permanent funds joins us. "clongel wl rhtsi bl"ilbeig back ♪ ♪ ♪ with a bit more thought we can all do our part to keep plastic out of the ocea.

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the alaska permanent fund reaped the benefits from

gamestop it outperformed its benchmark, most been a nearly 47% return. joining us now, as part of our state of investing series, is the ceo angela rodell. thank you for joining us, and very good afternoon to you to kick things off, i wanted to go big picture, and to what extent you were concerned about the way in which the markets keep these records and whether they're pushed there by excessive stimulus, and the party is going to end at some point? >> no, i think you raise a really good question for all institutional investors right now. be see the returns we've had thisyear, we look at the dependencies that we have on this fund here in alaska, and we wonder how much longer this can continue i think it's important, though,

to remember we're long-term investors, and we want to keep holding the line on our asset allocation, and stay disciplined. the markets have been really good to all of us. >> i read from some notes you shared, you're excited about energy transition. is that sell oil all together, or we rely on it for a few decades more >> it really is the latter in our case, here in alaska, as many know, it is a oil-producing state. it continues to be an important component. it's really important that we recognize the time frame, how that's all going to work and operate and invest in the opportunities that, as companies make that transition, i think we see all the majors going into a

direction that recognizes a different future than what we have seen in the past, and we want to be a part of that transition, and not abandon it >> angela, it's morgan i want to dig into that more, but first, just looking at your funds, specifically one of the names that we have certainly been paying close attention to here and that you own is gamestop in a week where we're focused on the so-called meme names as we're seeing earnings from some of the other constituents, i guess, in this retail investor group, why are you invested there? how long would you continue to be invested there, given the gains we have seen in the stock? >> i know. i think that's a really good question we are invested in gamestop throughour holdings and passiv index funds, so we don't pick which stocks are in those particular index funds

we've been the beneficiary of what's happened to something like gamestop, but i think it would defy the whole investment strategy if we started to go in and picking and choosing which stocks the indices have in that index. so we'll stake in it as long as it's part of the index >> you mentioned, angela, the point on energy. what outside of that is your top sector pick at the moment over a 12 or 24-month time horizon? >> i think we continue to be excited about technology in a lot of different spaces, whether it's biotech we've done really well in the biotech space

we have done really welcoming out of the pandemic. that's one of our top ten holdings when we look toward sectors, technology will change the way we're going to deliver education, how to make the energy transition, how to change labo >> angela, thank you for joining us today to hear from more pension fund managers, september 29th, critical issues facing investors with interviews and panel sessions register today at deliveringalpha.com. up next, a big tech pay cut?

it looks like some google employees could face slashed pay. the reason might surprise you. the details when "closing bell" comes back if your money is working toward the same goals, why keep it in different places? sofi is a one-stop shop for your finances designed to work better together. spend with sofi and get cash back rewards that automatically go toward your goals. like investing in stocks, etfs, and crypto. that's better together. or pay down your sofi debt sooner. that's better together. and that's how sofi is helping millions get their money right. ♪ when i was young ♪ no-no-no-no-no please please no. ♪ i never needed anyone. ♪ front desk. yes, hello... i'm so... please hold. ♪ those days are done. ♪ i got you. ♪ all by yourself. ♪

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welcome back some google employees could see a pay cut if they switch to working from home on a permanent basis. also cutting for remote employees who move to less expensive areas. google is saying, our compensation packages have always been determined by location we always pay at the top of the local market based on where an employee works from. adding that pay will differ depending on city and state. i don't know, mike i mean, this is such a competitive labor market, especially when you talk about some of the skills that are necessary in high tech it will be really interesting to see who they can retain and who they won't retain, especially when so many employees who are working remotely are bouncing around and seeing the country. >> there's no doubt about it it's very strange to modify somebody's pay package if that might be what's going on because they now decided to work from home i can see it with newly hired

people you offer what you think you are able to offer. it's kind of fascinating a company incurs fewer out of pocket costs if they're not providing office space and rent and everything else. it's delicate, i have to say you see differentiation in terms of approach. >> you see it adapt. we saw a comment from the ceo of morgan stanley on that front that if you want new york salaries, you have to stay here. you can't move to other states and get those salaries i agree. i hope it is only for big, long-term trends i don't want to take a pay cut for being in london for one month this summer. that would be a great shame. >> i don't know you would take a pay cut in london. >> i think you would, in this industry quite significant. anyway, it's not going to happen we don't need to discuss it. let's have a look at the wall street look ahead.

cpi numbers and weekly mortgage apps mike, i think the cpi number is going to be the main focus tomorrow on a week when yields have picked up a bit, only to 135 but similar to where -- above where they were a week or so ago. >> also, of course, back at the peak moment of inflation, panic about inflation in the spring, we were up above 175 on the ten year people started ped pricing in an aggressive fed because the numbers were in the window if it's transient, so to speak, inflation, this would still qualify. the june numbers, it's expected based on the consensus to have a little cooling off from the prior month, not much. that will be the toggle, if it reheats from here, then maybe that's a market mover, in terms of people thinking that the taper and the contingent in the

fed that want to go sooner will have a louder voice. >> we have had a bit of fed speak this week that's focused on that. >> yeah. there's a faction, especially the regional fed presidents who say get on with it or a plan on the record you have the committee in d.c. and jay powell saying, no purery >> dow record close today. that will do it for today. "fast money" is up next. hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business...

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live from the nasdaq overlooking times square, this is "fast money." we are all over shares of coinbase after they reported earnings a conference call kicking off in 30 minutes we are bringing you the headlines. a big box breakout walmart has been lagging costco for months that's about to change a moderna meltdown shares that nearly doubled