annual increase seen in may of last year. all real estate is local in the first half of this year, new york city saw its rent applications double, compared with 2020. san francisco saw a 79% increase, seattle, 55% jump. all that, according to rent cafe meanwhile, boston saw only a 5% gain charlotte up 8% and portland, oregon, up 9%. >> the rental papplications we'e getting right now, you're seeing higher credit scores, applicants willing to put down more in terms of security deposit. you're seeing strong rental history as well. that wasn't necessarily the case precovid. >> reporter: and the demand is so strong, motwani says, because he's seeing renters who were trying to buy homes and were priced out and decide d to rent instead. >> diana, thank you.

"power lunch" starts now. >> here is what's ahead on this hour of "power lunch," peak inflation. is this a win for those in that inflation is transitory camp and what does it mean for corporate profits? app store crackdown. senators from both sides of the aisle are going after what they call google and apple's gatekeeper power we'll speak to the lawmakers behind a company that could potentially benefit. white house sounding the alarm on oil prices, urging opec to increase output an analyst is here to tell us why he's still bullish on crude oil prices power lunch starts right now. >> thank you, dom. let'sget right to the markets this hour. dow is up 207 point gain

look at the disparity we're seeing s&p up 6, nasdaq is down .4%, and stocks are once again gaining ground, namely the transports and freight stocks. csx 2%, jb hunt up nearly 4% canada goose and poshmark are today's biggest losers both those stocks down more than 10%. dom? let's get right to the big story of the day, inflation. the headline number is starting, consumer prices shot up 5.4% in july a closer look shows some key price gains are starting to slow down take a look at fruits and vege vegetables prices paid in july declined by .9% after rising. used cars and trucks, prices last month rose 2.2% after surging 10.5% in june. for the apparel side of things, prices were unchanged in july

after rising .7% in june last hour, dallas fed president robert kaplan, known for his hawkish stances, says he's still concerned about inflation in the overall economy. >> the cpi number was probably consistent with our outlook. we're expecting these extreme moves, used cars, other items to moderate, but we're still expecting a broadening of inflation pressures headed into next year and our forecast for pc inflation next year is in the neighborhood of 2.5%. >> so, are we near an inflation peak and what does all of this mean for investors and corporate profits as well? joining us now, michael farr from farr miller and lins lin

pp piegza. >> we're seeing early signs of that looking at this morning's report, the headline increase was starting, as expected. it will likely remain at mult multi-decade highs through the end of the year. if we look at the underlying momentum, particularly in the core, up .3%, this is the weakest or slowest monthly increase we've seen since the first quarter. it does suggest at least we're seeing early indications of that second derivative decline, slower pace of positive increase something we've seen broad based for several months now is the fact that a lot of these price pressures are really concentrated in some of these areas that have been hard hit by the virus and subsequent policy. as the economy recalibrates, as we work through these supply

chain disruptions, this is where the fed says we will start to see those price pressures abate. as you pointed out we are starting to see that, at least in some categories. >> michael farr, it might be an easier call. for the stock market, either way they have some support but for bond investors, a little tougher call. >> i think no question about t that, kelly. you know, what i see the market doing here is what i call pedal picking. the old she loves me, she loves me not we go for those points of data that support our thesis. and the current data sort of support this idea that inflation could be, indeed, transitory we are seeing things kind of slow down a little bit and if that happens and if the fed tapers, then you see what, a change in bonds that -- where yields go higher, bond prices go lower, because the fed is going to stop buying as much the other thing that you see is this shift between the growth and the fang stocks and the

great tech performance back to where we were at the beginning of the year, which was more of a value performing -- value performed growth rates go higher, we begin to discount those future cash flows. we're seeing that sector in the nasdaq today we're seeing some of the other stocks, dow stocks show some strength is it real are we just petal picking and saying we've got enough data points to support this thesis? maybe. but the pendulum right now is swinging in favor of those that are saying that inflation would be transitory. >> so, that seems like it is the case, lindsay piegza, petal picking aside. if you look at the treasury note, the bond market right now, we had an auction go off in the past hour, 2.65 dollars of bids, robust demand for yields of 1.35%. dealers only had to take down

10% of the overall offering. that, to me, says there is still robust demand for that type of security with low yield even in an enenvironment like this, where inflation is part of the picture. >> inflation is part of the picture. and we need to add into the conversation that while there is some data point supporting the idea that at least a good portion of the price pressures may prove transitory, one thing we haven't heard the fed address is wage pressures and wage pressures may prove more sticky and complicate the inflation picture both for monetary policy and the broader economy going forward. as we see this labor supply gap in the labor market, continue, businesses have been very willing to offer bonuses, incentives, higher pay to pull those workers back into the market even after we start to see an influx of workers fill those vacancies, it's likely that the incoming entrants will still expect that higher level of wages.

while some of these price pressures because of a slow reopening may prove transitory, the big question is, what is the wage component do to the wage picture longer term? >> we talked about tech stocks a moment ago what is your advice specifically for people here if they think we're in the peak inflation camp and if we're not does that sum up if you're in peak inflation, low bond yields, support tech stocks and if we're not and what kaplan was saying is correct, and that tightening time line happens you want to be in, a presume, value -- is that basically the options people face here? >> i think so. but any time you look at an a or b answer in the market, you're probably getting ready to make a costly error you know, having stocks and more diversified portfolio where you

have some value, where you have some rebound stocks, we've been talking about that for a long time and, yes, some of these high-tech stocks can be appropriate. so when you look at the macro, i think you said it perfectly, kelly. when you drill down in a portfolio to the micro, some of these tech stocks are behemoths and are increasing earnings. a year ago, s&p 500 was 25 times earnings because earnings have come up that fast even though the share prices have gone higher. so, i think you still need to diversify. right? that's pretty cool if you're an investor this hasn't been a multiple expansion. but i think we have to watch, see how it plays out pendulum swinging back toward transitory now, give it a couple weeks. keep watching the data and make sure you have a very disciplined, investment approach you can't be blown around by these wins day-to-day. >> well said michael farr, lindsay piegza,

thank you. appreciate it. bob pisani joins us with details. >> as of september 13th, full vaccination will be required for access to the trading floor. previously unvaccinated individuals working on the floor were allowed access providing they were wearing a mask exemptions will be allowed for medical or religious reasons the exchange already requires that people visiting to ring the bell and those coming in for the ipos must show proof of vaccination. this merely extends the requirement to those who work on the floor. other large companies like walmart, disney, microsoft, they're already requiring vaccination to return to the office the nyse is simply following a trend already evident in corporate america. nyse said it was expanding onsight random testing to include vaccinated personnel this kind of is emblematic of

the debate going on around the country and about what the right course of action is. there's been a lot of discussion about it here on the floor this week given the fact that all of us down here mingle directly and closely every single day, it's no wonder that public health concern has sort of won the day and outweigh other kinds of concerns back to you. >> it's dom here there have been folks on the floor physically speaking for weeks now. any sense from your folks down there about whether or not they feel good about this vaccine mandate or whether there will be some resistance to it from the employees on the floor >> nyse floor, i have found, dom, is very representative of much of america. that includes on things like this so, there is split opinions. the vast majority, i would say, are in favor of this ruling, but there is a small percentage of people that still feel quite stro strongly on the other side of the fence.

so, i think that you're going to see people on both sides i think the majority are in favor right now. the nyse has said purely for the fact that we're all interacting down here, as i said, is a public health issue. >> there has been no shortage of ipos lately to crowd the floor. >> exactly. >> thank you, bob pisani. the white house wants more, pushing opec to do something to bring oil prices down. what does that mean for crude from here? our next guest says to buy it. we'll get into that. blumenthal and blackburn, our next guests, including what's at stake for google and apple. and what proposed legislation could mean for business. there's a whole lot more power lunch ahead. sofi is a one-stop shop for your finances designed to work better together. save, spend, borrow, invest,

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welcome back to "power lunch. investors digest news that the white house is calling on opec and its allies to increase production to lower gas prices more supply available and outreach to members is ongoing right now. they have yet to ask i know i have to stick to the price with you it's so ironic, i don't know what the word is, to watch the

white house asking an oil cartel to increase production. >> our fourth quarter assumes you're bringing on all that capacity the next nine months. we assume you have to bring it all on we aren't seeing any investment and supply outside of ope kc. you probably now have lost the supply that people were banking on that means it's going to be even tighter than we thought even

with the modest hit with the delta variant of covid. >> the way that the futures curve looks through current price and those not far off in the future are higher than they are. if that's indicative of where prices go in the future, shouldn't we expect lower prices at some point or how do you interpret that backwardation for futures? >> absolutely not. it's a bullish term structure for any commodity market, meaning you'll pay a premium to have that commodity today not tomorrow it means you're short today but you have a deficit today it creates that premium in spot prices over the forward prices

backwardated profits are indication of scarcity it means you have too much today. so the backwardation or downward sloping forward curve is an indication of scarcity. >> so if i might follow up there, if that is the case, if we look toward the way that the supply structure looks in the coming months and years, is it fair to say that we could be back in what some would call a x commodity super cycle, at least when it comes to crude oil how can it be more constructive without it being killed by the fact that high prices will kill high prices? >> well, there's two pillars to our thesis one is a combination of

redistribution policies that we saw with the recent announcement out of congress. but also the environmental policies the other pillar, which is critical, is a structural decline in supply due to underinvesting oil, in particular, is severely impacted by this case in point, no investment, u.s. shale so one thing we like to think about this market, it was a demand driven market going forward it's going to be a supply-driven market and that's structural in nature if i were to ask you, hey, i'm from the white house and want gas prices down, what's way to then get oil or gas prices down?

>> we have a situation where it's very hostile environment to be making these investments. they're announcing share buybacks, dividends and not putting the money back in the ground to make those investments it's not really conducive the other way to think about it is cost to capital meaning you'll need higher prices to be able to track that investment. >> well said jeff, thanks for your time today. we appreciate it. >> thanks for having me. >> still ahead on the show, appetite for regulation. g get what i did there targeting the application market currently dominated by, yes, apple and google details on that story coming up. plus further ahead the great crypto caper details on what could be the largest crypto heist ever. power lunch will be back right after this

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the nation's budget deficit

hit $302 billion in july, a record for that month. the deficit was unusually low due to the delayed tax payment deadline in ten months, the deficit is down 10% from the same period last year. philadelphia is imposing an indoor mask mandate at midnight. businesses that require proof of vaccination for customers and staff are excluded just minutes ago, california became the first state in the country to require teachers to get vaccinated or be tested weekly for covid. >> the pilot, only person aboard the helicopter, was taken to the hospital with minor injuries. these two people will be the host for jeopardy. the question, who are mark richard and mayim malik. the prime time and spin-off

series including a national college championship set for abc next year, but i know here at cnbc, we know -- >> no. >> -- who should have been the winner of jeopardy, at least the host of it david faber. >> you win absolutely no money but the joy. >> we appreciate the update. still, maybe we could have a cnbc jeopardy spin-off and david can host that. record highs for the nasdaq 100 both down. cyber security survivors especially on the move announcing buying rival firm mcafee is surging 11%, strong earnings beat story. stay-at-home stocks are dragging the nasdaq 100 lower today zoom, docusign, pelloton down,

continuing weakness all week to the bond market we go huge ten-year auction just took place. more of the fallout with rick santelli rick >> absolutely. last week, we lifted off of 112. and 25 basis points exactly in new york this morning. look at the intra-day chart. we hit 1.37% many are looking at what the next area to pay attention to is many are look at this july 13th levels, july chart, close of 132. that bump on the left, we'll see h higher yields. i personally like to go back to 2012 and 2016. that chart shows you a double bottom, precovid, all-time two closing yields in july, those respective years just under 140. we stop today at 137 now this is good resistance. does that mean the move is going to come back down and yields are going to go back to prices

higher probably for a while but maybe the most important aspect is to pay attention if we get above that level on a closing basis to see yields rise it certainly seems as though that's the case. and don't forget that this morning we saw some moderating and cpi. however, the year over year still remaining stubbornly high at 5.4%. dom, back to you. >> rick santelli with all things bond with the bond report. thanks so much for that. ahead on power lunch, marsha blackburn and senator blum blumenthal, targeting the likes of google and apple. they'll join us next plus we'll speak to the ceo of a company that could be directly impacted by this potential regulation all of this, when power lunch returns after this break my retirement plan with voya keeps me moving forward. they guide me with achievable steps that give me confidence.

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let's go out to pippa stevens. >> it's been a roller coaster

ride for oil today as you were discussing with jeff curry, the white house is urging opec to boost production if you look at the wti chart you can see that pressure up at 6:00 a.m. when cnbc first reported the news this all comes down to the jump in gas prices up almost 50% compared to last year. a statement from national security adviser jake sullivan said, quote, higher gasoline costs, if left unchecked, risk harming the ongoing global economy. recovered those losses in afternoon trading and then some. the contract is currently at $69.24 for a gain of 1.4%. brent crude at 75.4 for a gain of 1.2%. a draw in both crude and gasoline stocks. kelly, back to you. >> pipa, real quickly, talking to jeff curry, he noted perhaps what the white house is sensing is a breakdown in talks with iran where that might have increased supply as well

if our supply is off the table, if their supply is off the table, he's saying he thinks that supply isgoing to be the main driver of prices from here? >> that is certainly part of the discussion and we have been looking towards that supply coming back online after those iran nuclear talks if those break down and with this underinvestment in the u.s. production here in the united states, then we are seeing this environment of growing demand and supply continuing to be curtailed and so the white house is saying well, we've got to make sure or they're trying to make sure gas prices don't spike even further they're clearly exploring the tools available at their disposal. >> strange pipa, thank you very much. pippa stevens. the epic battle between apple sbepic gains at the heart was apple practices with questions it replaces on developers now the issue has made its way to capitol hill. in the last hour bipartisan anti-trust proposal was introduced in the senate to strengthen consumer protectios

within the app market especially as it relates to apple and google with us now is senator marsha blackburn of tennessee along with senator richard blumenthal of connecticut they are the sponsors of this bill senator blumenthal, there are many different provisions here how would this be able to strengthen a developer's hand? >> what we are seeking to do through this legislative proposal, and it is very bipartisan, i think my partner here, senator blackburn, here for her great work, is essentially to break the iron-clad grip that these two companies, apple and google, are exploiting to raise costs for consumers, but also block innovation and invention on these apple and google app stores what's really important is they're able to block the innovators here. they can copy and kill

they extract 30% rent and use information from these developers to compete against them and refer their own apps. what we are trying to do essentially is open these markets to fair and full competition. >> it's dominic here, senator blackburn. if you take a way at this legislation has been crafted, it looks to try to ease some of the issues these app developers feel financially speaking we know the commissions they pay have been a hot spot for many of them before, alleging that apple and google shouldn't be able to charge the kinds of fees that they do. how much was the economic motivation behind this particular bill as opposed to some of the consumer protections that are out there as well >> well, dominic, i tell you, when you look at the situation in total and what you will hear from some of these developers is this if you take away the anti-competitive behavior that apple and google exercise on a

lot of the small developers who would really like to have their app in an app store, but they're basically prohibited from using third-party app stores, well, first of all, you are slowing down innovation, making it more difficult to innovate. you're making it more difficult for these individuals to get funding. people are saying, what is the payout going to be if google and apple are going to come in and take a big chunk now that does threaten the bottom line. but i also look at this as a huge opportunity cost. and this is why senator blumenthal and also senator klobuchar, why we've worked together to say how do we solve this so we open these avenues of

opportunity for more developers who are looking for a way to the marketplace. >> so on that note, senator blumenthal, pick it back up here and say what would your world look like if this bill garnished support, if it goes into practice how would it change the experience for users in the apple phone and apple store? >> developers would have equal access without these exploited fees and without the intimidation and stranglehold that apple and google impose. and senator blackburn is right it actually was very dra dramatically demonstrated not only by the epic trial in suing apple but by the hearing that senator klobuchar had in the judiciary committee where we all serve. these kinds of barriers to

competition really prevent the lifeblood of our economy, which is innovation from going forward with new apps and new designs, innovations, lower costs to consumers. so, this world would be a lot more hospitable to innovation and invention. >> a lot more hospitable senator blackburn, i would ask you to elaborate on that i, as a user, would have more apps on my phone would it have the ability to have the one-on-one relationship with me as the customer and have better communications? what's the end goal here >> well, you will see a little bit of all of that you would have other app store opportunities if you get rid of some of this anti-competitive behavior you know, we talked about the epic situation and look ing at this payment system, and being forced to use

the app store's in-app payment system, preventing developers from communicating directly with consumers. yet having to go through that app, such as, you know, to offer them a chance to download an app directly from the developer's website, which many users would like to have that direct interface with the app developer. so, i think you would see greater business to consumer communication as well as more options for an app store that would host some of these innovations. >> what about senator blumenthal, the case being made here that if apple and google, for example, do not control some of that in-app payment system, some of the other application distribution tools that you

could open a lot of consumers up to fraud, to cyber security issues, to privacy issues. many of the things that these gate keepers, so to speak, do is protect people's privacy and user data. that's the case they would make, right? >> that's the case they are trying to make it is totally to maintain their monopoly position. and it is not only disingenuous, it's ironic. because they're the ones who are actually invading privacy and stealing data from the developers, and all the while they're saying, oh, well, we're the privacy protectors our legislation in section four has a specific provision that protects privacy, even more than it is now. so, this kind of argument is totally bogus. and i think it is going to be absolutely transparent that

actually privacy would be better protected with this legislation. >> a bipartisan look at big technology thank you so much, senators marsha blackburn of tennessee and richard blumenthal of connecticut. we reached out to apple and google parent company alphabet for comment. we have not heard back but if we do, we will bring you those details. >> a lot happen ing on the senat front this week. we'll speak to a ceo of a company that helps apps monetize their comments and their gains we're talking to the ceo of iron source, who joins us next to respond to this piece of particular legislation and more. keep it right here

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shares of iron source are higher on record revenues, its first report since competing a spac merger in june. its part of the plumbing gaming industry with 89 top games, including a popular one you're seeing there candy crush saga could more regulation of the app

market lead to a more open environment and help give iron source a possible business boost? i guess you just heard that interview we had with senators blackburn and blumenthal about their proposed regulation of the app economy. i wonder as the ceo of a person who is neck deep in this app economy, do you feel as though apple and google need that kind of regulation? and will it help your app developers >> thanks for having me. i couldn't hear all the interviews and i haven't read it yet. we're a big platform serve all the constituents of the app economy.

people could choose what firms they want to use, how and to what extent. without knowing all the details and specifics of the app. >> that all sounds great but i guess maybe there are some questions for people who weren't exactly familiar with iron source and the overall business model, your job is to help app developers grow their apps and their business how exactly do you do that or make more money from the stuff they create. >> it goes back to how easy it is to make a great content, great help, great game we download billions of apps to our phones

to make it a successful business we as a business platform help them take that content into a scaleable successful business and with that, i mean we help them with things like user acquisition and monetization to annualize their users, to really analyze their behavior, how to better interact with the users and how to grow those apis. >> to put the question differently then, are the current giant app stores, apple and google, are they a barrier to your ability to help developers it seems you've been able to build a nice business off of this with the status quo. >> yeah. look, i think apple and google are two important companies in this system, many others in the natural channels for app developers to prosper.

eventually players like google and face book they use our platform and we also use theirs. i cannot say they're hurt ing ou business or our ability to grow or prosper in the app economy. >> earns per share roughly, shares under water since the spac, one of the biggest spa krc deals of the year. thank you for joining us. >> thank you for having me up next with yields on the rise, plenty of uncertainty around the fed right now should you buy xtwi dcu tt llisssha ne ♪♪

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♪ welcome back to "power lunch. financial stocks are up on the day today hitting a fresh record high in one of the top performing s&p 500 sectors is that financial sector. let's go with the move here with

your trading nation team todd gordon of inside edge capital management and gina sanchez of chance eco global advisers gina, from a fundamental standpoint, do these financials deserve to be at record highs? it's been a catch-up trade for the better part of a year now. >> it is but, look, you have seen a steepening in the yield curve and that benefits all financials lido advisers owns jpmorgan. it's a stock we really believe in even though their expectations is their loan growth may be, you know, cautious going forward because of the rate rise expectation, we have seen them reposition their $3 billion reserve that they set aside for possible pandemic losses and basically, if that's not a show of confidence and belief in their potential to grow, i don't know what is >> todd gordon, is this a record high for the financial sector

that you buy or take profits on? >> dom, listen, i'm a little cautious of this move up as you said, the yield curve is steepening, boosting the net interest margin which is giving a bump to financials but it smells like a dead cat summer bounce if that's a technical term the ten-year yield bottomed at 1.12 it's been a sharp move up. it smells like a bear market rally. not a lot has changed on the fundamental side i think inflation is transitory. on the chart side, dom, it looks like it wants to break to new highs. the last time the rsi was at level -- this level is broke up to a hundred this is back in 1998, presplit on the fundamental side they've generated a 10% growth on the wealth management side in the first year that's a six-month performance in a decade. wealth management is going well trading 14 times forward earnings the market pricing in a move in -- i hold it in my value portfolio,

yield 1.7% i like it. i'm cautious on the financials continuing into the back half of the year >> todd gordon and gina sanchez, thank you. for more onitrationing nation head to our website and follow us on twitter@tradingnation. dom, thank you first, hackers stole $600 million in what could have been the largest crypto heist ever. now they're actually giving some of it back we'll explain, next. now the latest from "trading nation.nbc.com and a word from our sponsor. one mistake many traders make is trying to pick the perfect entry price for a stock they'd like to own. why not just buy part of the position you'd like to have. that way if the stock goes down, you'll have an opportunity to add additional shares at a lower price and improve your overall cost basis i'm randy frederick, and schwab isheetr acfotrer t bteple r ads.

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welcome back a crypto caper after stealing more than $600 million of crypto, a group of hackers have begun to return some of the funds they stole eamon javers has the story >> what a wild ride. earlier today an unknown hacker attacked polynetwork, a platform designed to connect different blockchains to enable

decentralized finance or defi as they called it poly posted a message on twitter addressed to the hackers saying, the amount you hacked is the biggest one in the defi history. law enforcement in any country will regard this as a major economic crime and you will be pursued. now poly urged the hacker to negotiate and he or she did just that over the past several hours, they've returned roughly $261 million worth of the more than $600 million initially stolen. what's more, the hacker here has been offering this explanation for why he or she pulled off one of the biggest crypto currency heists of all time for fun. the hacker writes, ask yourself, what to do had you facing so much fortune anyone could be the traitor given one billion. i can trust nobody and he or she also says, i understood the risk of exposing myself even if i don't do evil i prefer to stay in the dark and save the world

so even though plenty of people will be skeptical of a criminal who stole $600 million now claiming to be a savior, chain analysis suggests some good can come out of this they say it appears poly network will get its money back and has also learned about an important vulnerability its team can now patch up ultimately, the ecosystem will be stronger for this that's not the way these crime stories usually end. >> people are speculating. this isn't so much because they just decided, we've made our point and we'll give the money back but it's trackable. what do you think about that >> look, i think this person might get found out before too long and they are scrambling to return the assets before that happens. law enforcement around the world tell us they have the cape annuality to chase things on the blockchain because that's an open ledger. normally they use servers to hide the money

that doesn't appear to have happened here so this person may be on the verge of getting caught bear in mind you saw what the person has written there we don't know if this is one person or a group of people or if this person is telling the truth or lying hackers and criminals who steal money do also tend to lie so take all of that with a grain of salt >> that's for sure eamon, we appreciate it. we turn back to the markets. record highs the stay-at-home stocks, yeah, underperforming. that's why the nasdaq is down relative to the others >> the one that has me so fascinated is what's happening with moderna from a data standpoint, ther are more and more folks right now searching for that mrna ticker on our website than just about anyone else out there. it's shot up the list. not just today but for good reason. we're showing you a two-day chart. this company got upwards of 190 to $200 billion in market cap. >> is this a meme stock?

>> it almost teams like it, but we had a b of a note out this morning. put a little cold water in the run up on this stock so much interest in shares of moderna right now. i'd be interested how long it lasts. >> that's really surprising. again, getting more chatter, even as we hope the pandemic is winding down dom, great having you. thanks for tuning in to "power lunch. "closing bell" starts right now. it sure does welcome to the closing bell. i'm morgan brennan more records set here on wall street today the dow popping 200 points to a fresh high the nasdaq is pulling back again today. >> very good afternoon i'm wilfred frost. let's look at what's driving the action the latest read on consumer prices showed a jump of half a percent which was larger in line with expectations. more inflation up 4.3% decelerating slightly from june. caterpillar, home depot and