company. so the hacker still has control over a lot of money here maybe they got in way over their head way too fast. >> this is such a brave news world of thievely and so mucher. you both have a good weekend "power lunch" is ending. "closing bell" starts now. welcome to "closing bell." i'm wilfred frost, happy friday. any close on the dow would be a record >> we're almost there. we'll see if we can do it. let's look at what's driving the action disney, after strong earnings yesterday, though that stock has lost some of its years oldier gains. consumer sentiment coming in at the lowest level in ten years. consumer staples are the

best-performing sector in the s&p 500 today. dan niles will help us wrap up a big week of earnings. how he is adjusting 4th portfolio. >> mike santoli is tracking the market action, and jessica you recallic urlich is here. >> there are calm fridays in the summer, and then very calm ones. and in low drama ways. the market to be a bit of a his

steep angle, so we're hugging that line. right now it's mostly more defensive in growthy stocks. i would also point out, this was last all, remember mid august into september 1st, we have this height surge, a jumpy, grabby market now like this one right now. it's a different path and pace some subthemes, buyback-related stocks have started to gain traction to a year-to-date basis, stability, quality that's what now is gaining some more favor versus more aggressive leverage to the cycle or speculative ames.

speaking of speculative names, look at the post-deal spac index. this is a special purpose acquisition company. after the merger, you coat stock as a group that look like this just this week, app harvest, tattoo chef, even sofi has struggled a bit. the smart wound company, really doing poorly companies not really ready for primetime. to no real net detriment so it does show you how we're trejting away. >> to your earlier point, doom is sometimes not what we get

so you were talking about extra credit for calm down, if you also see an up trend there pretty flat on the dow you think we were look at that with maybe more positive eyes that is the numbers are showing up >> all, as we all talked about beforehand, tends to be a weak are month. when the market tends to be strong when seasonally there's an excuse to be weaker i would give it credit for that. however, it doesn't mean august is over. it doesn't mean you lose those seasonal tendencies. right now it looks like the markets are projecting ahead further comp that's equation i think we'ral as we get into the weekend. >> thank you very much, mike shares of disney in the green, but off their highs,

following strong earnings last night it's parks and products division returned to profit. the ceo weighed in on what supported the performance last night. >> we have built of a history of consumer-trusted confidence. through things like the nba experience we had there, showing everybody in the world that we should operate responsibly during this pandemic, and we've been operating for over a year. >> jessica, does it suggest it was a bad pick for the quarter

>> the direct to consumers numbers we are great huller, espn plus was kind of as expected we think they will continue to be strong. the company is rolling out wit their start service later this month, and importantly they're rolling out disney plus in japan, a full rowellout in japan in october, which is a wealthy market with a huge affinity to disney it should be like a big positive for the company. that's october >> on the themes parks do you think it's a temporary post-pandemic bound? >> that's the bulk of our thesis the leverage here is why norm outs it's just really is unique for the company to use the pandemic to improve the

technology, which would affect many things, so they're working on a lot of things they hinted at new coming, but basically what they have done, they're able to move people through the parks faster with some of the technology they've been able to cut costs, and they actually increase capacity, even with capacity restrictions we see that people are just dying to get back to the parks, so demand is strong even without international attendance so per-caps are high. we think this is a five-year-plus trend they tip dale go for a very long time, and the demand is super-strong. >> jessica, we had tom rogers on "fast money" last night, a former media executive himself at the looked at the report perhaps with a bit of more dour

glasses. he wants to now how much of the subscriber numbers are come the from india, and seemed to act as if that boost was not as available. how do you recall about the breakdown. unltsds it probably will exceed that yes, the -- malaysia, india, have very low rpu, but as i mentioned, they are going into japan, which is a very high -- like the third largest market, so this is a global platform there's going to be a lot of competition coming to netflix as disney expanse its plate forms netflix has had a humongous

advantage with a ton of content, but a real strength. they have deep librarying. film and tv libraries that are well known, great -- and they have production capability so for disney, they're just beginning to ramp up the production you saw how engaged consumers with can mand errorian, and some movies like "luca" but they're not on a cadence yet that's all coming. >> it's hard to say, why they're so strong now. pixar, marvel and lucas films, which is "star wars. i think a lot of the media consolidation will be between some of the other companies. comcast, our view is ultimately

think scale up in content. they don't need to it's just a subjective view. will they get bigger we think they will, so we think it's just beginning of an m & a b base. >> thank you very much, jessica, to joining us and talking us through disney. a cdc advisory committee just voted to support a booster for those who you immunocompromised. dr. scott gottlieb joins us next we'll look at whether there is a bottom in sight for virgin gal galactic that's next. you're watching "closing bell" on cnbc.

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income...are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217 the cdc advisory committee voting unanimously today to recommend covid vaccine booster shots from pfizer and moderna for vulnerable americans the cdc, which is the final say, expected to prove later today. joining us now, former fast commissioner dr. got lien. his new book "uncontrollable spread" comes out next month thank you so much for joining us i guess there was largely expect

ed. >> the authorization was brotherhooder than i thought it specifics certain patience, but a broad description, so i think they left a lot of attitude to doctors, and left a lot of latitude to patients. they're not try to go over-complicate things now, i have long believed we should be providing boosters for older people, especially in congregant settings there's a very clear indication

across the south that you are seeing signs of the virus starting to peak what i mean by peaking is new daily cases will start going down probably this week. there probablily a discernible pattern cases, day over day. that doesn't mean the south is out of the woods, though, because you will continue to see hospitalizations build to the extent that healthcare systems are pressed now, they will continue to be pressed for several weeks. what remains is what happens in the north, the great lakes, and the northwest as the delta variant spreads. the question is i certainly don't expect a pandemic on the order of what we've seen in the south, but we probably will see cases pick up here, perhaps

signif significantly. >> in thes what we have seen is regionalized epidemic. right now we're seeing an epidemic surge in the south. it had spread north. the colder weather will start to drive people indyers. >> what happens in the uk is largely what happens in london it's an epidemic you mentioned

the kids going back to school. this variety seems to be hitting children harder than the original strain. how do where he protect our children that cannot be vaccinated, other than being vaccinated ourselves >> right, i think it's unclear whether this virus is more path ogenic in kids i think there was something like 1600 kids hospitalized just in the last week or are we just infecting a lot of children. >> we're only really diagnosing 1 in 10 to 1 in 20 cases so the people being hospitalized are the tip of a very large iceberg.

>> think implement as much precautions as you can, with the expectation we don't know how this is going to go this year. we don't know houw virulent thi will be, so you need to go into the school year with as much measures as possible in terms of masking, distancing, trying to implement social podding whan whatever we can do to try to control spread, and keep the school year open thank you, dr. gottlieb. >> thank a lot happy friday shares of virgin galactic falling sharply this week. the stock down sharply since month. what's pressuring the stock? hi, morgan, good to see you.

>> virgin galactic shares have been continues their descent back to work selling another big stake of galactic shares, 10.4 million shares, this was for a new filing we got last night, raising $300 million i'm told this is not a reflection or virgin galactic, rather they're saying they tend to use the capital to support the global leash your, holiday and travel businesses that continue to be affected by the impact of the covid-19 pandemics it is still the single largest shareholder, but this does come in a tough week plus for the company, which restarted ticket sales at about double the previous price tag, but also pushed back that planned launch from early 2022 to later next year amid some vehicle enhancements that's triggered analyst rating

changes, so shares are down about 23% this week. they're down a bit right now they have pared back some of those losses virgin galactic not the only pure play space name out there, because momentus just began. spiral global will make its due bee, extra also reported earnings after the bell, and rocketlab is expected to sreport this month. >> morgan, when it comes to virgin, 46.3 million shares still held by branson and the virgin group down from what, though am i right that their only ruan are the tourist flights, things

like launching satellites? >> so it's interesting you asked that virgin orbit is the sister company of virgin galactic it's branson et cetera other space company. it's reports that it can't eventually come to the public market as well orbital launches with small satellites, that sort of service. so galactic is also about the tours, as well ago some scientific work. virgin group, or virgin investments has sold the equivalent of $950 million is what it's raised through the stock sales so far this was the major stake sale we have seen in the nearly two-year

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still to come, dan niles, on changes he's making to his portfolio. as we head to break, here's a check on bonds, the ten-year yield hovering around about 135, just pulling back a bit today, but still considerably high from the lows last week we're back in a couple minutes

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shares of the honest company sinking today, they had miss on the top and bottom line. that stock is down by 27%, but we should all be washing our hands, by the way. and shares of rocket companies today. the mortgage operator gave up guidance for a variety of metrics. that one is higher by almost 9.5% a decision expected to come down today in the case between google and sonos over speaker --

>> it's another david verse goliath. google and sonos got together to make a music program google didn't make speakers, and now a few years later, the accusations are much worse on a sonos call this week, chief legal office said -- we estimate google infringes over 150 u.s. utility patsants, and went on to say that five was the limit they could fit into one case. the dispute has gotten the attention of regulators on capitol hill, who are investigating whether big tech has become too powerful. sonos is asking the united states international trade commission to block the pixel phones and laptops, which is made in china. a decision is expected -- it's 3:30 eastern time -- before the end of the day

wilf >> thank you so much, kristina time for a cnbc news update. hi, rahel. here's what's happening. the head of the united states calling on the taliban to hold its effort that's captured much of afghanistan it says the taliban should go back to the negotiating table or face consequences from the rest of the world. >> the message from the international community to those on the warpath must be clear seizing power through military force is a losing proposition, that can not only lead to prolonged civil ware -- war or to the complete isolation of afghanistan. >> lawmakers say they will suspend their impeachment investigation of governmentor we'llo when he steps down. and more than a million

americans got extra vaccines, according to u.s. health officials. it's unclear how many of the people who received an extra shot are actually immunocompromised. back to you. >> thank you, rahel. up next, get ready for christmas if august. the ceo of the apparel and footwear association says you better do your holidays shopping now. speaking of shopping, tonight at 6:00 p.m., a special edition of "fast money," spending in america, which companies are benefiting and how inflation and covid fears play into all of that that's tonight at 6:00 p.m. right here on cnbc this is how you become the best! [wrestling bell rings] [music: “you're the best” by joe esposito] ♪ try to be best 'cause you're only a man ♪ ♪ and a man's gotta learn to take it ♪ ♪ try to believe though the going gets rough ♪ ♪ that you gotta hang tough to make it ♪ ♪ you're the best! around! ♪

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china today cutting dour a key terminal it's the second time this year it's suspended operation at a key port the warn is to get the christmas shopping down early. joining us is steve lamar, american apparel and footwear association's ceo. i think consumers may be rolling their eyes, but i've spoken to six or seven retail ceos, many are vendors who make items overseas, but they're saying it's serious some of our merchandise still hasn't been made yet not only will there be shortages, but thing will cost more

do we really need to start shopping now >> this is happening now thanks for having me on the show we're having an unprecedented supply-chain disruption. factories are closing. price gouging by carriers. we're seeing disruptions, delays, massive delays at ports, and then the news today that the very largest container port in china had to close one of its terminals. you put all that together, you have disruption bingo. this will result in price increases, resulting in shortages, people can't ship their goods. if they can't ship their goods, they can't sell their goods. so we're trying to sound the alarm. so we're glad you brought this to light. >> it seems like a lot of this started when the initial outbreak of dough individual in

asia started shutting things down that has own gotten worse. that never really healed in the system now you have surging demand here by consumers for almost everything, it seems, beyond the clock objection wipes early on, but computers, bikes, you name it we want move of it so i guess the question is, how does all of this get fixed it? it seems like there's a supply issue, and demand is also really high >> well, there's a great demand story, in that consumers now have the wherewithal, they want to buy their great fashions, they are looking for deals, especially as we go back to work and back to school whether you call that closet fatigue or revenge shopping, the consumer wants to get back out there. the problem is the supply is not there. we've been trying to get our supply in as much as we can. some people are having more

success than others, but it's across the board it's affecting everything. not just clothes and shoes we're beginning to see price increases, shortages, and it's going to continue until we can resolve some of these shortages. we've been asking the administration for action and relief you know, there's long-terminus, the infrastructure bill that the senate passed, that's going to help in the long term. we've seen other legislation introduced that will also help to try to provide more authorities to investigate surprise gouging, but we need to see agencies to investigate price gouging right now, and look to the administration to provide relief we're still facing these crushing tariffing, high freight costs, the crushing -- you add all of that together, and it's a very, very difficult situation >> so, steve, what you're saying

does sound fairly severe, but it also does sound like it could be temporary, short term. what's your take on whether inflation over the next few months will be transitory, or whether it will prolong for a full 6 to 12 months? >> well, it would be transitory if we could see more aggressive action to address some of these problems right now one of the things we'd like to see the administration do is bring the stakeholders together and really roll up the sleeves i've heard people suggesting we call out the national guard to help unload the docks to clear up some of the disruption and logjams at our ports those are the ideas that need to be put on the table and we need to execute on them quickly the longer this plays out, the longer that inflation will happen it will really stymie the economic recovery we're trying to sustain

as people are getting bark outside if they can't find a product if the goods are overseas or stuck in our ports. >> just to give numbers to see, i was talking to one ceo and she makes these book bags for little girls, and she says that now it's costing her $20,000 for one container. she says, look, i don't think parents should be expecting these big promotions near the holidays is that at warning that consumers should be aware of now that maybe black friday won't like lie it has in the haas.

those high prices translate into high prices for goods. the other problem that happens is you pay these high prices, and the numbers you quoted are comparable to many numbers i've been hearing sometimes you pay the high price, and then your goods get knocked off the ship before it even sails, because the contract isn't honored. it's coming from both price increases, from freight costs that translate we should take action now to mitigate this and get the relief so that we don't have to withstand this for as

long as we're afraid we might have to. >> steve, thanks so much for joining us good to see you. >> thank you. still to come, dan niles on the changes he's been making to his portfolio recently that's a "closing bell" exclusive just after bells today. next, the s&p 500 sector has been on a hot streak we'll take you insite the marked zone in a couple minutes, with just 16 minutes left with two record closeses on dec. for the s&p and the dow. lucia. who announces her intentions even if no one's there. and sgt moore. who leaves room for her room. with usaa safepilot, when you drive safe... ...you can save up to 30% on your auto insurance. get a quote and start saving. usaa. what you're made of, we're made for. ♪all by yourself.♪

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just over 12 minutes left in the trading day. commercial-free action going into the closing today we have lindsey belt from allied invest as well. the dow and s&p 500 both higher for the fourth straight session. the dow just turning negative as i'm thinking, but anything positive would be another record close. it's not a resoundsing rally this week, but for what's meant to be a soft summer month of august, we'll take it. >> yeah. certainly the market is holding, making incremental progress. volume is way down, volatility very compressed. this is an encapsulation of the either/or nate earlier it was the cyclical stocks today it's pretty defensive,

more stocks down than up today so, so far the market is making it work. how far in the future can you project this delicate dance? that's what we don't know, but so far it kind of has the benefit of the doubt in its nature. >> lindsey, you also talked about them gaining steam since the beginning of august. is that a trend that can carry us thus the rest of the month? >> you know, it's a trend i'm watching to the end much the year the cyclical sectors or the industrials, they took a real good breather during the heart of the summer months in july, we actually saw these sectors show some weakness we're starting to see him perk up.

it's usually the third weakest months of the year we'll see what happens but we are encouraged by this trend, and believe it or not, the cyclical sectors have actually become associated with the momentum trend, which we you shouldly think of the tech or faang names. >> they are now representing over 40% of that etf, whereas tech used to be the bellwether there. so we're keeping an eye on that, because the s&p 500 indices resultsed to momentum, they are still heavily weighted to the tech sector. >> we're going to move on here, because one of the best performers on the dow. well off the highs of the day.

so it's a perfect case of what that price value relationship is for the guests, and i think it gives us more fuel for the future >> mike, i was pretty surprised at the subscriber numbers and the theme park growth, though i do have a number of friends who went during the quarter. but so far the delta variant isn't have an impact >> in terms of the quarter, they have did ily reassured the street there wasn't a lot of erosion. the regular traditional tv business not great, but the market is not really capitalizing that in terms of future profits streaming the fact that they have had a decent net adds was i

think was perceived as a bullet missed i think the stock has lost some steam through the day mostly because, what is exactly the next incremental progress? we have given them a lot of credit for getting streaming figured out. the theme parks are coming back, but certainly doesn't look as strong today as it did, let's say, a month ago it's 10% below its highs, but mostly going sideways at this point. >> it is what do you think about that, lindsey? is this something you said to add to yourledings >> it's always -- this is a high quality name, and if you're a believer in the reopening of the economy after a possible slowdown, this would be a high

quality name to be involved in what's in store for that particular sector? >> utility stocks are in a hot streak the sector is the best performer, up more than 6%, work from home continues. 46% electric, same period this year, that's 49% as commercial and industrial businesses so that 3% shift is a major boost. >> lindsey bell, how does this sector trade

>> well, when i look at the second op, it's had an impressive run the last month, month and a half i think the boost the sector got starting in july really was a rea reaction. >> so these guys got a benefit from that. that compares the of course, the ten-year dropped so, of course, it looked attractive by the way, reits also picked up of course they're trading at a

premium. but it's trading about in line with the historical average. and the end of the year into next year, this might not be the best sector to get the best returns in >> i look at the utilities, they're up about 6% what's going on >> it's been a catch-up move so, yes, treasury yields down it's almost always a contrarian. it's not a great growth story. you know they're very passive yield plays. if you look at the different growth stocks, so i see it as

a -- so a bit of a -- >> my utility bill did see some growth shares of doordash >> mean, that's true, even as the leading player, in grocery, no one is a percentage, and i think what that means is the customer is not yesterday satisfy so there's just a long runway ahead inch there's going to be

consolidation. being the biggest in any reasons. i think justifiable skepticism it's not clear because on a per delivery basis, they don't always make a lot of money , so, you know, we have a bit of a bump today, or airbnb and doordash bouncen today. >> fair enough >> lindsey, what are investors saying >> i think people are still optimistic and that's the right way to think about things.

>> we're not entirely sure yet, but as we get clarity i think the august report in september will be important. so there's a lot of things on investors' mintsds a bit soft, all day. take a look at the volume split. so you look at the s&p, it's about one half its normal volume

so the russell will be down so bit more of the -- so settling down towards 15, very sleepy market very cheap to bet on an uptick, just because it's been so quiet. >> we might wet get a report closing high for the do you. it's just turned positive. the nasdaq is also positive by a

fraction of points for today, consumer staples, energy and financials, bottom of the pile energy's had a soft week as well after the bell we are higher only slightly higher, though welcome to "closing bell." the dow, s&p 500 finishing higher the s&p higher by seven points didn't quite make it

that one was down by about -- noted tech investor dan niles is here, with the one stock -- plus, going, going gold. we'll talk to katy ledecky you're going to want to stick with "closing bell" for that before view. lindsey bell is still with us, and mark leman joins the conversation mike, i want to give it's friday the 13th. >> think think the one feature that has to be -- your main takeaway is a persistence of the rally. they have allow -- oust just

have no reason to trim them back or no per seven reason to trim them back. it's a low-energy fashion to click higher we are in the tenth straight month, and that's only happened about three times in the past 60 years. that usually has been in the middle range of a bull market, not near the people it usually doesn't mean it's about to have a long-lasting and deep downturn >> interesting market, i want to bring us into the conversation -- go ahead, wilf >> we're probably having a very similar thought, courtney. mark, give us your headline views at the moment more likely a surge, or 10 pores pullback? >> i think neither, wilf we've had lots the nay sayers talk about the things that would derail the market.

we had a hot take of too many ipos, rates are going to climb, it's going to taper, and guess what that has not happened. i think it will by a continual grind higher we'll get the delta variant under control. it would be a much better market than the global -- and i think we'll have the consistent grind higher, which is a great back drop for equities. >> lindsey, we haven't talked much about inflation, how much does that play into where we are in the economy if we're near peak, if we can make or way through it in the back half of the years with the data points we had this week. >> the data points we got this week were somewhat conflicting cpi is moving in the right disc direction. we did see improvements in some of the key areas that had really worried investors, worried about

them sticking around, like used car prices, and rents, and so what i want to watch when it comes to inflation really is that rent number to make sure, to find out if it's train torrie or not higher wages are also good for the consumer, too i think star where we're at in the business cycle, i still don't think we know how transitory the inflation is yet i don't think we're really going to have a good grip on it did we get a glimpse of what the delta variant could do if it lasts a bit too much longer.

before it has any meaningful effect >> yeah, first of all, it's a very extraordinary drop in the university of michigan consumer sentiment argument so clear ly we'll slow the pace of some of the core reopening activities kind of boomtime economy, to a somewhat slower, somewhat steadier recovery. that means we won't have any

real setbacks they don't do much earlier in the week they popped. >> some of the biggest head funds are gearing up leslie picker has what to e expect. >> that's right, wilf, showing how some of the biggest fund managers portfolios were -- so it was a very tumultuous it goes unwind, meme stock volatility. but the average equity hedge fund

amounting to report exposure now, funds only need to disclose longs and certainly options. it's this upcoming monday, after the close, guys. ed portland 5 pbz so that's on a fund weighted basis. up about 5%, that only invest in equities

>> leslie, thanks so much for that pivoting a bit that's not the subsector from hedge funds to spacs. we've started -- where people are probably over pessimistic. we're going to have a lot of these names, and they're starting to trend down. they have a huge opportunity, the dynamics that -- that's

clearly not true like any other good investments there's one that trades down and it's that much higher, but you've got to pick and choose. the number of spacs that will be trading publicly soon i think picking those names will be good for individual investors. >> lindsey, i know that earnings season is largely over for many companies, but a lot of big retailers are looking to report, including names like walmart, target that had been some winners early in the pandemic, and of course, they are consumers staples, where are you looking at when it comes to the retailers. is it more tom tear about consumer behavior, if anything is changing in the face of potential inflation or the variant? >> i think that will be important. i think your earlier interview, the question you asked about

inventory is going to be really important, too inventory and also pricing inflation. any insight we can get from the retailers on that in the back half of the year will be key i think it's going to a great holiday season if there is inventory there for people to buy. also, additionally, i think it would be important to how the e-commerce story continues to evolve that's clearly been the way the consumer wants to shot just like we saw from doordash, they're saying more demand and interest in the grossly delivery space. anything they have to say will also be very interesting >> mike, clearly the u.s. indices have been grinding out those new record highs over the course of next week. the place that's been heading new highs with quite a lot of momentum and significant gains has been europe.

i just wonder to what extent that could come 2349 u.s. in a way it has done here, or whether it's a more meaningful shift. >> i do think the market is basic as if there wasn't an across the board type move 9y there's a clear path to get the better year-over-year numbers. to me that's where the market is registers those gains. here we got the credit for the big reopening, then a reset and rethink, and now maybe we're looking for another move higher. it's plausible there could be some reallocation out of the u.s. equities, because the outperformance has been so massive for so long. asia has been a very poor performer compared to both of them so, you know, this has been one of those, you know, footballs we have approached many times

that's been pulled after before head a chance to kick it >> i know you're talking about american football -- >> naturally, yes. >> i was almost going to give you -- >> you know, because we have somebody holding it with a finger. >> exactly anyway, thank you very much for that, mike thank you to mark and lindsey to joining us in the market zone today, a record-setting market zone. the s&p 500 and dow both setting records, and satori funds' dan niles will join us next he not quite as bullish as you might expect, i don't think. we're back in a couple minutes

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thank you for jang us. >> good to join you too, wilf. >> let ate start big picture what you're thinking about the market so are you very constructive a bit cautious >> there's an old saying, the fed's job is to remove the bunch bowl whether the party is underway today they're not. since covid started a year and a half ago, they have added $4 trillion to the balance sheet. that's why value indications are sitting at record levels that's why i'm incredibly nervous when i look at this market i think with inflation, it will be much more persistent and transitory than the fed think. i think between now and year end, we'll get a tapering.

right now all news is good news. it has to deal with the fact that alcohol level will go down, that is when you sober up and that's when valuations have a real problem >> what does that mean in terms of level of pullback >> it's all about field positioning and valuation. if you look at market cap divided by gdp, that's sitting at 2.0 times at the peak of the tech bubble that was at 1.4. the 50-year average is 0.8 my feeling is you can very easily get a 10% to 20% corr

correction that starts in my mind with the september payroll report will be well over a million once you have kids going back to school my kids been going back to college in person, and you are unemployment benefits, the extra ones, expire at the end of september. that will force the fed, whether it likes it or not, to have to go ahead and start the tapering. >> was also very cautious on the consumer you're talking about in your notes credit card data starting to weaken, you think inflation will be more persistent than transitory southwest already remarking the demand is below guidance does that mean when we should expect warning signs from retailers when they report nest week >> i think that's the real risk, courtney this is in some ways the worst

of all possible worlds if growth is bad, people are like, that's great, the fed will keep tapering. if growth is good, that means earnings will be good. what people are forgetting, if you go back to the last period of really high inflation, the '70s, 50% earnings growth over two years, the market went down 50% peak to trough even though you had 50% earnings growth, you got crushed as the market had to deal with the high inflation. what you're dealing with right now i think is with the rise of this variant again, you know, you have this strange combination of growth might be slowing, at least what you're seeing in credit card data, southwest, you know, airbnb last night, a variety of other companies, but you also have rising costs, which is pushing up cost of goods sold, inflation. and high inflation, slower

growth, that's the one box you don't want to be in is that one for market valuations. that's why people should be concerned with things where they are right now. don't forget the broader market, if you look at the russell 2000, that peaked back in march. you have a handful of very large big-cap tech names that have been powering the market, but the broader market in general, you know, it peaked out a while ago. that's what i think is easy to forget when you're talking about the names that people always like to bring up >> i know, for example, you like the cheaper end of the tech space, like oracle are there any other names? >> it's actually not -- i like cheap, obviously, but it's more enterprise oriented. last year what benefitted was

the consumer names streaming, zoom, videoconferencing, things like that, because we're all trapped at home. interproo price demand fell off the cliff. you have 4 billion people vac nated across the globe so people are going back to the office maybe slower than we like, so the enterprise stuff is where we're focused. we like cisco. we bought juniper. we like oracle and we're trying to avoid or short the consumer-centric names that benefited a lot last year. if you weren't going to get on and use these services during the pandemic when you had nothing else to do, you're probably not necessarily going to add it during the delta

variant. >> so be specific for us, dan, in terms of some of those tech names. are we talking about some of the stretch smaller names? the pelotons or are we going to the real megacaps like amazon >> it's both we've said on your program before we don't like amazon, we've been short of it we just cord -- covered it recently we hope to put it back on at a higher level we're still short netflix. and i think we're short a good portion of them, but the stuff we really don't like is the smaller names within the russell that are more growth oriented, where investors won't give them the benefit of the dow you're going to get fired as a portfolio manager for owning a bunch of smaller naismgs that

people aren't cognizant of you talked about crowding. that's why there's so much crowding in these 50 name. that's why you have this divergence just very quickly, dan, we're seeing sonos shares jump on a rule that google has infringed five of their patents from a judge just any quick reaction? no worries if it's not something you're prepared to react to, because i'm putting you on a spot a bit. >> that's not a name we're focused on, but tied to that, what is more interesting is chronic is trying to get some legislation where you need to offer some other apps on user app store. and obviously you have the epic lawsuit as well. that's going to have sort of, you know, a broader impact in terms of the tech space for the companies that do try to get

more users through google and apple stores, where they take pretty bit cuts, at least to the companies that use it. >> right now, it is positive for sonos. thanks again for joining us today, dan niles >> my pleasure mike santoli is taking a closer look at some fintech stocks >> fintech has had a bit of a reset. robinhood is one of the more prominent ones that came public. it had a post-ipo pop after a soft opening it's sort of in the -- of course in reporting earnings coming up next week

more broadly we're down below the highs of earlier this year sofi, if you look at it, january 7th is whether it announced it would go through a spac merger it's basically traded sideways to down since then what we have in the green is the iai, which is the traditional broker dealer index. it's gotten a bit overheated in the past couple days. >> fintech is such a buzz phrase it's interesting, the broker

dealer etf obviously has a big chunk in goldman sachs and morgan stanley the key point is -- etf drastically different. >> without a doubt it's really based on how the capital markets are behaving on the volumes, on the buyback expe expectations it's also true for the asset managers of course, at some point you get a bit of an overshoot, people thinking we have nothing but good times, and then a bit of a gut check at some point. thank you very much, mike. coming up next from the swimming pool to the stock exchange we'll talk about katie ledecky, who just rang the closing bell

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welcome back u.s. olympic swimmer katie

ledecky ringing the bell, with a strong performance at this year's summer olympics in tokyo, winning two gold and two silver medals during the course of her career, she won a total of ten olympic medals and broken 14 world reports. she joins us in a "closing bell" exclusive. it's thrilling to have you on here today your accomplishments are many. that was, of course, a very brief mention of some of them. how do you make sure you keep your head in the right mental space. mental health came into -- how do you manage through that ko compete at your best >> thank you, it's an hopper to be here at the new york stock exchange to your point, mental health is very important it goes hand in hand with physical health.

>> for me it's to focus on my goals for myself that's what drives me every day when i go to training. i love the process i think you have to enjoy the day-to-day journey to appreciate, enjoy, really give your best at the biggest stage, which was tokyo for me. >> you're able to focus on your own goals, while being a great teammates. i understand you formed kgl sports, l.l.c. for all the opportunities coming your way. what are you most excited about for using your platform for move things like stem education, which i know is one of your interests. >> i'm really excited i've been able to partner with some terrific brands, and very

authentic partnerships and partnerships with brands that are doing really great things in communities and in the nation. i have a stem education program with panasonic that's something we've been doing that the last year and a half, we're suspending that. i've been visiting schools in the u.s., and even during the pandemic we adapted and did some virtual visits with students in tokyo. i did that last year around this time i even met with them virtually after my last event in tokyo i would have loved to meet with them in person, but we were able to do it virtually, which was terrific. >> it's great to hear how you're so positive about the training, but i imagine you also rather enjoy the down time after a massive event like the olympics. my question is, do you really indulge in those moments, or are

you so ingrained, that it's a temporary indulgence >> yeah, i'm usually back in the pool fairly quickly after my last race. usually i take about two weeks, on average, after the big meet i might stretch it longer than that after these games, but yeah, i've been in new york the last couple days enjoying it all. it was great to get applause i almost teared up we haven't had that in a while we didn't have fans in tokyo, but it was a fun moment. >> you should indulge here around new york. we have wonderful food here. >> i know. >> if you have any favorites you'll be able tofind it prett easily >> i was going to ask about the endorsements, and the ones that feel authentic to you. you turned professional in 2018, but now the rules have changed

for ncaa athletes. they actually can profit off their name, image and likeness, do you have any advice for students who are also athletes that may be looking into this? you weren't able to do it, but you are now, how to balance the opportunity financially with what you need to accomplish on the athletic side of your life >> as you said, i competed for stanford under my coaches. they were tremendous in helping guide me through the process of turning professional and very supportive of my decision. i signed on with a great brand, tier sports, based in the u.s. they've been a stress supporter. i hope the college athletes around the country are getting great support from their schools, and many brands around the country. >> i this will it will be fascinating how this leverage

that, how they build their brands and partner with some great companies. >> do you plan, katie, to focus on long-distance or the shorter distances in the years ahead or are you loving the mix, which has been astonishing to see your level of success and expertise in both? >> i love both i had a tough double this year, in the same session. that was tricky, but i loved the training for both those races, so it was really hard for me so say i was going to give up one i did them both, i was happy i did them both. but to turn it around and win the gold in the 1500 free was great. i don't know exactly my plan moving forward i love the shorter races the longer races are definitely

my strength and come the most naturally to me. i'd plot out the next couple years toward paris and figure out how my training will look, and how my racing and all of the metes leading into paris will look >> i thought the 200s were so tough. i can't sprint for 200 forget it. thank you so much for being on the program. congratulations. stay in touch and let us know about your sponsorships and moving forward. >> thanks so much. awesome stuff. katy ledecky there we're rounding the ohio school of retirement systems that's coming up tonight, by the way, 6:00 p.m., a special edition of "fast money," called spending in america. how americans are spending hard-earned cash, and which companies are benefiting

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time for a cnbc news update with tyler mathisen. >> wilf, thank you very much here's what's happening at this hour violent domestic extremists may use new covid restrictions as a rationale to conduct attacks form the department of homeland security putting out a terrorism warning bulletin, saying there's a risk of targeted violence around the anniversary of the 9/11 attack and religious holidays employees have unoctober 15i to be fully vaccinated unless they receive an exemption. all unvaccinated workers must submit to weekly testing on the news we'll go to mississippi where the school year is off to a very rough start. more than 4,000 students versus quarantined. some students are looking at resuming remote learning i'll bell there at 7:00. i hope you will, too.

in northern turkey, the death toll from mudslides and floods have risen to at least 38 they're searching for more victims and survivors. more than 1700 people have been evacuated across the region. folks, back to you have a good weekend. tyler, thanks so much. you too. the classic car market is getting turned up by the new generation of buyers we'll look at how auction houses are going hybrid, as they shift to buy online. that story, much more still to come here on "closing bell." if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades.

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or you'll get back at least $5 in perks. ohio outperforming its custom benchmark by 3% joining us to wrap up our state of the investing segment, thank you for joinings how did you do it? >> thanks for having me. this year i think we'll have performance from the pension fund, equities have done tremendously well, more than 40% return in the u.s., as much as 50% that we've been able to garner in emerging markets, so

that's the primary -- so if you have 50% allocation to equities, you've got a 20-some percent return already for the year. our performance has becoming aware with equities relative to our target, somewhat underweighted through fixed in income actually the return for the fix the income washington negative so, overall allocation, as well as active performing could be a strong relative performance as well >> and you mentioned emerging markets. your emerging market equities had the highest return at 50%. what do you think going forward what you'll do with that allocation does it feel appropriate to stay where you are? or do you need to change that? >> yeah, so, you know, we have

built the equity allocation, which is about 25%, but it's broken into three segments -- u.s. equities, emerging markets -- so after having a nearly 50% return compared to the valuation and so on, currently we are slightly underweight with emerging markets weight if our portfolio, and we'll continue that for some time -- things could be more -- going forward. that's where we're at. >> in terms of your performance, i imagine part of it is because you've been overweight the big tech names that have done so well, looking at the top ten holdings in the u.s. and overseas are you getting nervous about any of those names, given the run they've had, giving the

possibility of rising rates? >> well, valuations are quite rich, as you know, right so that's a concern overall, particularly equity, particularly in technology, but i think what we are seeing, you know, is strong earnings growth in those sectors, so that's seeming to support that valuation, the economic growth, you know, it's pretty strong across the board and you have plenty of liquidity. the market is flush with liquidity, you know? so all of this is tending, i believe, to support the high valuation, but there's certainly high and obviously forward returns would be much lower than what we've experienced in recent years. that's what we are preparing for. yeah, so the highest allocation through the u.s. -- and big tech

names -- and technology is about 28% or so of the, you know, the u.s. equity market so since we are really 60% passive in u.s. equities, we're looking for a high allocation in those areas. >> before we let you go, i would like your opinion on esg investing, which becomes a pretty important topic for a lot of investors that are managing funds on behalf of other people how are you considering esg, on you are you at all >> we are. i mean, the biggest part of esg so far has the g, the governance aspect of it we've been very active in that area through corporate

engagement programs. we don't not have any mandated program in terms of allocations to certain types of investments in those areas, as well as divestment sort of programs. what we are doing is selectively ailing indicating through what we believe are good climate mitigation adaptation strategies that will help in this process of, you know, getting to the target, whatever the climate specialists are promoting. so we are engaged in that. we have allocated through in private equity and other strategies, looking at not only alternative energy, but also improving energy efficient, transmission, those types of strategies >> thank you so much for joining us good to see you. >> yeah, good to see you both. thank you very much.

up next, the classic car market is seeing a new wave of young buyers robert frank is live in monterey, california at the pebble beach car auctionses. robert >> reporter: wilf, they are the robinhood traders of the classic car world. this is the young generation of buyers for an old generation of cars, and why jeeps may become the new jaguars, coming up after the break. made to order or ready to go? with a hybrid, you don't have to choose. that's why insurers are going hybrid with ibm. with watson on a hybrid cloud they can use ai to help predict client needs and get the data they need to quickly design coverage for each one. businesses that want personalization and speed are going with a smarter hybrid cloud using the technology and expertise of ibm. nice bumping into you.

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that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself. and some of those 13 f filings are starting to come out due after the bell monday. lesley picker has some details leslie. >> yeah, we're seeing an unexpected flow of filings on a friday, people are getting these things in early this quarter, notably from -- showing interesting moves in tech during the quarter. decreasing stake in e baby about 19% to hold a billion dollars worth of share at the end of the quarter. in facebook, he boosted that position by 19%. that position worth about half a billion dollars at quarter end on the chip side, bearing back of intel holding over a billion dollars worth of that position

but boosting shares of mic ron by about 32% these are end of june, and most likely have changed in the six weeks or so since that period. we're expecting more filings on monday throughout the day and mostly after the market closes, guys. >> leslie, thanks for that. classic car buying is moving online robert frank is live at the pebble beach car auction with more on how a new wave of buyers are shaking up the classic cart market are they transacting online and not bothering to see the product before they buy it >> they're taking delivery wealth it's fascinating like we saw with retail investors, this crowd came into the market first time during the pandemic take they cues from social media. they started with easy to use online trading sights like bring a trailer, and they picked the

most unloved part of the market, they like suvs and four wheelers and old trucks like the one behind me. they are starting to move up the value chain, becoming a big presence at pebble beach if you look at online and in person auction sales year to date we are already topping $1 billion. that is more than 30% higher than 2019 before the pandemic. >> went from typically about 50 internet bidders at an auction to sometimes 2,000 internet bidders at an auction but more importantly those 2,000 people were not the people that normally had come to sit in the seats as we expected 80% of them were brand new customers to mecum auctions. it became an opportunity for us to generate a new clientele. >> and guys, you can hear the auction going on behind me yesterday mecum auctions, where i'm at right now, their sales for the first day of the auctions were more than double what they were in 2019

they tell me, a large reason for that were these online buyers, this is the first year they have a truly hybrid auction, if you're sitting home with mecum online, you can bid at the same time with the people in the room here and they are making a difference you asked whether they're taking the cars or trading them at sites like bring a trailer we're seeing people buy a car and flip it two or three months later. unclear whether they're taking the car or not less the case here this is much more of a younger trading mentality. we'll see how long they stay in this market. >> robert, my quick question, i mean, if money was no object, is anything taken your fancy today? have you made my bids? i love the look of some of those but i'm more drawn to one or two of the newer models we had in the backdrop for your interview yesterday. >> yeah, i still think the jaguar e-type, the car i was just sitting in, which ends up called the most beautiful car ever produced that to me is the

ultimate classic car there still is nothing like it this is another jaguar yeah, the e-type for me, that's where my heart sits. >> very nice, indeed there, robert, thank you very much for bringing us that and we also might have caught a glimpse of one of mike santoli's very old pickups. we'll ask him that we have to go to break quickly your week ahead next tant. here's andy listening to my goals and making plans. this is us talking tax-smart investing, managing risk, and all the ways schwab can help me invest. this is andy reminding me how i can keep my investing costs low and that there's no fee to work with him. here's me learning about schwab's satisfaction guarantee. accountability, i like it. so, yeah. andy and i made a good plan. find your own andy at schwab. a modern approach to wealth management.

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now time for your wall street look ahead, a slew of retail names set to report next week, home depot and walmart on tuesday, target and lowe's, retail sales on tuesday. housing starts wednesday and initial jobless claims on thursday it's a packed week. >> indeed, packed week to come and mike, very quick first question before we go back to the markets, but your car was or wasn't in that vt? >> my truck is not exactly auction ready, let's say it's pre-restoration stage but one you characterized as a very old truck rolled off a gm assembly line when i was 17 years old.

how old that makes me. >> mike, in terms of the week ahead in the markets, i guess yields had picked up meaningfully earlier in the week but back to 130 again. that debate is pushed back again. >> it is, and just watch the case loads everyone's expecting a rollover. we're having also uptick in vaccinations, which should be good news. >> let's hope so that does it for the closing bell "fast money" begins right now. yes, it does, courtney, mike and wilf, thank you. tonight on fast, it is all about you, the american shopper and many eeamerica's biggest stores are saying about the future of the economy. they're all rolling out their numbers next week. plus, listen to this a good week for speaker company sonos got even better, the headlines set shares the already surging stock even higher in the past hour. and be sure to stick around for the top of the hour, for a special bonus hour, of fast, which is all about spending in america. from b