supply constraints but apple he's betting will ultimately secure the chips it needs while rivals may not be so lucky back to you all. >> thank you, josh people always seem to want those newest, latest, greatest phones. thanks, josh lipton. thank you for watching "power lunch. "closing bell" starts right now. welcome to the closing bell. i'm scott wapner in for wilfred frost. investors digest the fed minutes. small caps a bright spot as we head toward the close. hi, sara >> i'm sara eisen. let's look at what's driving the action the federal reserve releasing minutes from the july meeting just last hour as the taper conversation ramps up. most participants saw tapering this year. the delta variant does pose a down side risk to the outlook. more retail earnings out today target and lowe's topping estimates with lowe's surging on those results. and soft economic data point

housing starts falling 7% in july, and mortgage applications declined as well 59 minutes left to go in the session. dow is down about 128 points or so >> and we have a big show coming up today blackrock's jeff rosenberg will join us with his first reaction to the fed minutes, when he thinks the tapering will start plus the ceo of imax and box offices. and robinhood. a meme stock gearing up for its first report since going public. an analyst and early shareholder will join us to break down those results. >> stock up 7.5% into the report steve, let's start with the fed and the market reaction. >> yeah, the fed officials grappled with the three main risks to the economy

inflation, delta variant and asset purchases at the july meeting. they had not yet decided when and how to taper here are the minutes in the main goals had not yet been met but progress seen toward those goals. the delta variant posed risk -- downside risk to the economy and inflation again. several times said it was largely transitory more specifically on the issue of tapering. fed officials, most participants saw tapering this year tapering seen by some in coming months several thought the taper should begin early next year. as we reported the fed appears to have coalesced around the idea of announcing the taper in september since that meeting as a result of data as well. the staff, though, revised up its inflation forecast but still saw it as transtor no evidence of broad-based price pressures but some thought it was prudent to prepare the taper because of those inflation risks. the minutes came before the

strong july jobs report and higher than expected producer price gains that we saw. we're going to get the best indication of where the fed stands at the jackson hole conference next week, sara >> it came before the better jobs numbers and hotter ppi but also came before the weaker consumer sentiment data and the weaker retail sales data and weaker housing data. how is the fed likely to process all this incoming economic data as it relates to when the taper begins >> i think all of those are factors, sara. you're right to point them all out. i'm a little less concerned about the retail data. what i see is a shift toward services the consumer data, the fed can look at that and say, what am i looking at the delta variant or an impact on sentiment from inflation? that would push the fed toward an earlier taper >> it also came before fed speak. how many folks from the fed have come out in the days since the last meeting and sounded more

hawkish than you'd perhaps otherwise have expected, including in interviews that you yourself did >> yes, many have but we have to be a little careful with what we get. being the evidence that we have in front of us not everyone has spoken. the chairman hasn't spoken that's important folks like brainerd haven't spoken the fed is indeed moving toward the september announcement but not everybody has spoken still seems to be a debate out there. we see how they finesse that scott, one thing that powell could do is say, yeah, we could announce september, start in november we could announce in october and we could do a quicker taper. so he has some levers he can pull in order to bring the committee together wustill horse trading to be done it would appear p. steve, thank you that's steve liesman now to those concerns, the latest on the coronavirus. u.s. health officials outlining a new plan for vaccine boosters. president biden is expected to speak about that in the next

hour eamon javers with that >> here's what we know about the biden plan hhs officials are saying they are going to recommend those booster shots for all americans beginning the week of september 20th they'll say that that should start for each individual eight months after they got the second dose of the two vaccines that required the two doses they'll also say that this is all subject to the fda conducting an independent evaluation they say there's 80,000 locations across the united states offering these shots and those shots will remain free so the bottom line here is that beginning on september tw20th, h administration saying the booster shots will begin to be available assuming all the approvals and everything go through the process. there was some doubt about whether or not booster shots would be required and the science is suggesting now that there's some indication that you get waning protection over a period of time beginning about

six months out so the eight-month point now, they are saying they want people to go back and get those booster shots. it will depend on where in line you were to get that shot when that eight-month point ticks into effect for you. so we don't expect to see necessarily these sort of massive vaccination centers we saw with everybody trying to cram in and get their shots all at once. this will be rolled out over time and the beginning date is september 20th back to you. >> eamon, thank you. tomorrow we'll talk more about the need for booster shots with white house chief medical adviser dr. anthony fauci. he'll join us on "closing bell." first on cnbc. after the break here, though today, the fallout from afghanistan. we'll speak with rbc's helima croft about the risk of destabilization in the risk and why she's focused on one commodity in particular, and it's not oil you're watching "closing ball. dow is down 142 points as we head into the close.

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million. a group of republican lawmakers writing to treasury secretary yellen asking her to prevent those reserves from getting into the taliban's hands. i'm told by u.s. treasury official the treasury department is taking steps to prevent the taliban from accessing sdrs. the taliban won't be able to access that imf liquidity next week because the imf can't disperse to a country without a globally recognized governing body venezuela is a perfect example imf can't disperse funds there the imf has to poll its members and see if there's a consensus on recognizing the taliban is the government of afghanistan before any decision on releasing funding goes through that is happening behind the scenes but it could take weeks or even months same is true for the money in the afghan central bank, most of which is held abroad $7 billion at the federal reserve. the white house hasn't recognized the taliban as a governing body and cannot be

released as far as that money to them lawmakers and capitals around the world can breathe a little easier about the prospect of the taliban accessing millions of dollars, potentially billions in funds. for more on this situation in afghanistan, let's gling helima croft, global head of commodity strategy at rbc. where, if anywhere, should we be looking for market impact of all of this? >> what's really interesting is that we think about, you know, problems in the region, potentially affecting oil. this is not an energy story. this is really, i think, much more a story about the new energy revolution. i mean, the taliban potentially has access to one to $3 trillion worth of critical mineral endowments in afghanistan. and i think that is sort of the big play is, can they develop this resource? how critical will this resource be for funding the taliban is china looking by recognizing the taliban, to potentially gain

control over this resource, particularly the lithium deposits there that's the really big economic story going forward is, it's the critical mineral endowment in afghanistan. >> should we be watching china, and what do you make of the outreach by the chinese government to the taliban? where does that go what does that mean for the u.s. >> there was a meeting on july 28th between the chinese foreign minister and senior taliban officials. and we think about which government was quick to recognize the taliban. it was china china potentially is looking to not only develop lithium deposits in afghanistan but expand the belt and road initiative to afghanistan. and the really big question is, will this be about a bigger play on the part of china, to solidify their control over the supply chain for renewables. critical components for, you know, the battery, the rechargeable battery this will be the interesting story.

what is china's broader strategic outreach to this government >> well, of course, if it seems to me the bottom line of this conversation is that, why wouldn't china exert itself in that region more so than it's been before? and maybe that's one of the calculations that we didn't think enough about before we made the abrupt move that we seemed to do >> there was some discussion, though, about china having their own internal security problems with the uighurs and the question is, would they potentially fear that the taliban could somehow embolden this type of group in china, which is seen as a very big domestic security threat the taliban has come out and essentially said, how china deals with the uighurs is their own internal issue so i think china, for now, is looking at this saying we potentially benefit from having this relationship with the taliban. but they will be concerned, obviously, about any instability coming over into china because the taliban. i think we should obviously,

though, be watching the situation in pakistan. the fact that pakistan is a nuclear armed nation the taliban has worked very closely with extremist groups there. i think from a broader security perspective, that is a very troubling relationship we need to be watching, and that is, i think, the biggest story on the security front is what happens in pakistan now. >> so where does all of this leave the u.s. i know you're much more than an energy analyst you were in the cia. you followed this situation very carefully, an expert on the geopolitics of the middle east what does it mean for the u.s. and do you expect these other countries to start recognizing the taliban as the government here which would open up potentially some funding >> certainly, i think we've seen china, pakistan have been quic to recognize the taliban as well the indian government is extremely concerned about this development. the return of the taliban. we only have to think back to 2008 with the mumbai attacks the devastating attack in india that emanated from these groups. i think they are very, very

concerned about what this means. i think more broadly in the region, there are questions now about the u.s. role. the u.s. support for our key allies in the region i think the question is now, does china and russia have a bigger ability to say that they'll fill whatever security vacuum is there? so i do think there's a real question about american leadership in the broader region going forward. >> i think what sara is getting at, too, and i know she did mention you. you joined the cia shortly after 9/11 this is something you care deeply about the way that you went in and the way that now we've come out. can you speak to that? >> no, i certainly joined right after 9/11 it was an incredible period to be joining the cia the sense of mission that was there. if you would have said 20 years after 9/11 the taliban would be back in power in afghanistan, i don't think that was something at the time we could have really envisioned obviously, recent developments,

we have had significant warnings from the intelligence community about the likelihood of the return of the taliban, but in the months after 9/11, when the cia led the effort to push taliban out of power in afghanistan, the fact that 20 years later they would be back in power was not something i think anyone in that organization envisioned would happen >> we appreciate your time thanks, helima we have 40 minutes before the closing bell ta take a look at the dow and s&p the dow still down around 150. 147 we'll call it. s&p is down about 15 points in its own right. it's been mostly a down day following off yesterday's down day, even though we had a late-day comeback. we'll see what we have in store ahead of key earnings. new signals about the state of housing out today whether the hot real estate market is now showing signs of cooling down as we head to break, check out some of today's top searched

tickers on cnbc.com. they include earnings movers, lowe's and target. tesla, moderna, the 10-year note yield as well. "closing bell" will be right back

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stocks are under pressure today. the worst level of the day was down 188 on the dow. down more than 144 s&p 500 down about 0.3%. what's working in the markets today? strength in consumer names thanks to great retail earnings from tjmaxx, lowe's, target. consumer discretionary is the only sector higher energy is the worst performer, along with consumer staples and health care. the nasdaq is pretty much flat weakness in amazon, nvidia out of earnings after the bell tesla is coming back microsoft and netflix higher a split in terms of technology outperforming the broader

market and the small caps are up 0.3% they gothammered yesterday a reversal off very little news. the fed minutes, scott no decision on taper but clearly they're talking about it and eyeing doing it soon many of the members have seen substantial progress when it comes to the economy but no definitive date or timeline we look to jackson hole next week to hear from fed chair powell >> getting closer. we can all agree on that new data out today shedding light on the real estate market and whether it's showing any signs of cooling off diana olick has the details there. >> disappointing read on housing starts didn't hurt the home building stocks most in the green likely due to better earnings from lowe's. single family housing starts fell 4.5% for the month, although still up nearly 12% year over year permits which are an indication of future construction fell nearly 2% for the month and up just 5.5% annually and i want to throw in another data point we don't usually talk about and that is houses permit

bud not yet started. those are up 56% from a year ago. and that's just a start indicator of how they are slowing because of soaring costs for labor and materials. we saw that in the larger than expected drop in home builder sentiment. the lowest level in over a year. back to you guys >> did things just get too hot is that why we're seeing all of these pullbacks in the data? >> it's a combination of prices, definitely just got too hot. affordable eight weakened and the home builders were unable to bring the prices back because of soaring costs for materials and land and labor and that supply chain problem. while lumber costs did come down, costs for windows and flooring, they're all still sky high they can't lower their prices. can't lower them for the buyers and buyers can't afford them so they're pulling back >> diana, thank you. still to come -- blackrock's jeff rosenberg with his take on the fed's minutes and how the

central bank can avoid a repeat of the 2013 taper tantrum. plus, a look under the hood. just minutes away from robinhood's first earnings report as a public company it's been a dramatic first month, three weeks really, of trading for the stock. the stock sup 6% in anticipation a check for you on bonds yields mixed across the curve. 10-year yielding around 1.27 at the moment dollar went firmer after the fed minutes but no real decisive action and still hovering below that 1.30 level which is considered low yields we'll be right back. all the things, all around you... where you learn, work, and fly... we help make them healthier. we are the people of abm. for more than 100 years, we've been a leader

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33 minutes left of trading dow down 172 points. near session lows which were down 188 lower pretty much all day. the s&p 500 down a half a percent. and the nasdaq hovering around the flat line. energy is leading us lower today along with consumer staples. consumer discretionary higher off strong retail earnings but we're seeing the second day in a row of declines and have not seen back-to-back declines two days in a row for stocks in a little over two weeks which gives you a sense hough strong the market has been. we're only 1.2, 1.3% away from record highs a little more than that from the nasdaq, down 2% for record highs. a down day but there's the context. let's check in on individual market movers. ty lray struck a deal with cannabis retailer medmen

we spoke to tilray about what makes medmen appealing >> it went through its challenges and you know i like challenges i like turn arounds. and i like companies that have great brands and you think about it here. today it has 25 retail stores. and ultimately upon legalization, the opportunities, a store within a store i hope you see a medmen one day in a target and a walmart. >> shares up almost 3% mizuho out with a note on coinbase saying investors should tame their enthusiasm. investors may be overly bull oish the crypto platform saying users appear to be trading less and coinbase likely ceded some market share coinbase trading lower along with bitcoin today that will be something we'll look for in the robinhood earnings coming after the bell that's how much volume they're getting and how much action in bitcoin if coinbase is ceding

market share >> just general trading, options. we'll be looking out for that in 30 minutes' time it's time for a cnbc news update with kristina partsinevelos. >> let's talk about what's going on in the pentagon united states military officers are negotiating with the taliban commanders to make it easier for americans to reach the airport they are limiting travel even though they promised safe passage for evacuees the biden administration will require nursing home staff to get covid shots according to the associated press vaccinations will be needed for facilities to receive funding from the public, medicare and medicaid programs. and richard sackler says he, his family and his company are not responsible for the opioid crisis he made the statement to a bankruptcy court weighing plans to settle thousands of lawsuits. and an update on a shocking

baseball injury last night i have to warn you this is a disturb voog the oakland a's chris bassett suffered a broken cheekbone after getting hit with a 100-mile-an-hour line drive but he has no other head or eye injuries he will need surgery but he'll have to wait for the swelling to subside. look at that back to you guys >> i don't want to look at that. makes me cringe. 29 minutes left before the bell here is where we stand markets lower across the board and down 218 we're making new session lows on the dow. we got the fed minutes at 2:00 p.m. eastern time maybe pointing toward the taper conversation happening in the fall something we've been reporting but potentially taking some of the steam out of the market. dollar went firm or that s&p down a little more than 0.5% blackrock's senior portfolio manager jeff rosenberg joins us with his take on today's market. when he thinks the fed will taper and what impact that will

have and wells fargo upgrading viacomcbs and they name disney and netflix. and how the streaming wars could impact the box office. imax ceo rich gelfond coming up later on the show. we'llb right back. that building you're trying to buy, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads. or these sandwiches... ten-x does the same thing, but with buildings. sweet. oh no, he wasn't... oh, actually... that looks pretty good. see it. want it. ten-x it. yum!

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from its july meeting earlier showing most participants saw tapering this year joininging us is jeff rosenberg blackrock. more than $6 billion in assets good to see you today. >> good to see you >> we're getting closer, right >> yeah, it's what we knew the important new news here that we got out of the minutes was just validating the committee's views that they've obtained their objective when it comes to substantial further progress on the inflation side but still haven't attained the objective on the labor market side and the implication of that is that it sets up the labor market reports over september or october as really the critical milestones or critical new datapoints the market will be focused on because the committee will be focused on in determining that taper announcement >> where do you think we are in terms of the market at large

obviously, we're thinking about the taper and we're thinking about delta and the market feels a little unsettled over the last couple of days are we on the cusp of something nasty? >> well, you know, i think we have to separate a little the tapering conversation from all the other news items that are really, you know, affecting the outlook. most of those, if not all of them, have broken bad. they've been negative developments when it comes to the economy, when it comes to the delta variant, when it comes to globally what we're seeing in terms of the slowdown in china and these, more than the tapering conversation, are really what's behind particularly what we have seen in fixed income markets but also in equity markets in terms of underneath the surface with more emphasis on the quality side the fixed income side, the decline in interest rates we've talked so much about >> small caps are 8% off their recent highs s&p and nasdaq continue to be near their record highs. so is the fed tapering into a

slowering economy? >> well, it's tapering into an economy and really it's tapering into a market that is more cautious and is more worried about a number of things everything that i've just described. i think by the time you get to that tapering, hopefully some of those issues stop breaking only in the bad direction and we start to see, you know, more balanced information across economic developments, global economic developments, and critically around the virus. and i think for that last point what we saw in the minutes today, you know, probably pushes the actual tapering discussion a little bit further out in the fall timeline. the market is spread between september and december but i think you're going to want to see a committee that sees a couple of payroll reports. call that two before tapering. particularly because of the comments we heard about the ability or potential for the delta variant to undermine the progress on the labor markets.

they'll want to see the smoke clear on that a little bit and hopefully in that environment you get a little better balance of news for the market and the economy as they're tapering >> you don't think that -- let's just for argument's sake say we get a strong report, an employment report in september to back up the one we just got you don't think if that happens the fed goes to its meeting the third week in september and makes a decision to start tapering either in october or november >> you know, it certainly is possible and with a very strong report that's going to increase the odds of that but what you can see in this minutes is just the split within the committee. and that split, i don't think, is going to be reconciled by another strong report. >> it feels old. the commentary that's coming out of the fed, let's call it in the last ten days, at least the speakers who have been speaking, feels more hawkish, doesn't it

>> well, the issue with the minutes as well as the commentary is it's hard to get the right weightings too how does that affect the actual committee voting i'm not going to overstate september or november. i don't really think in the grand scheme of things it's going to matter. if you want to take something out of the minutes today is that you saw some of the concern in the delta variant. in terms of its impact on the labor markets and that may push the folks who are wanting to wait further in the camp of wanting to wait. if you see the delta variant in the next labor reports have that impact obviously, it doesn't have the impact and we may accelerate that tapering discussion >> i also think that those that disagree or have different opinions than the fed chair are more likely to speak out post fed meeting and express their opinions, especially if they don't agree with the fed chair themselves final question 10-year yield 1.27 where does that go if we're heading into a fall taper,

potential slowdown, if fiscal stimulus wears off where do we end the year on the 10-year? >> i think that we've had a pretty unmitigated string here of negative reports. negative developments. obviously, if that pace continues we'll stay here. we're going to go lower. but we have to recognize that we have had only one direction of negative news. and you could see a more balanced development in the fall that may help raise interest rates a little bit i don't think we're going to have a dramatic increase in rates from here but if we got some better news on the economy, on inflation, the tapering discussion, i think it could halt the six-month trend we've seen towards ever-declining interest rates and flatter curves >> where does that leave us? below 150 still? somewhere around there >> certainly, yeah i don't think we're talking about big increases under a more balanced level but you may halt the declines

it's in the range of 125 to 150. >> got it. jeff rosenberg, thank you for joining us from blackrock. we've got some breaking news on an s.e.c. insider trading charge kristina partsinevelos with the story. >> busted by the s.e.c an insider trading ring that was in action between 2017 and 2019. they were trading before earnings reports came out and made over $3 million in profit it involved three engineers and two people close to those engineers. one engineer in particular, this would be sung mo jun he shared confidential information about subscriber growth to his brother and they traded ahead of earnings calls because we know that subscriber revenues and growth is a big factor when it comes to these earnings reports and then even after he left the company, he still stayed in contact with somebody that still worked at the company and they traded and shared some tips. they were able to make over $3 million. the s.e.c. said they used encrypted messages, cash

kickbacks and the s.e.c. was able to catch them they didn't give details, but they said using data analysis tools to identify their improbable successful trading over time. so again, trading ring busted by the s.e.c. they made over $3 million in profit back to you guys >> kristina, appreciate that we're gearing up for earnings from robinhood after the bell we'll preview the key things to watch in its first report since going public at nt t mkezone for mac. who can come to a stop with barely a bobble. 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.

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trading day. scott, are you ready we're now in the closing bell market zone. commercial-free coverage of all the coverage going into the close. josh brown is back and pivotal adviser tiffany mcgee. welcome to you both. we'll kickit off with the broader markets. near session lows with the s&p down 0.75% josh, the context is, what, 1.3% off record highs but there's a little bit of a tapering is coming feel to the market today if you look at what's dragging us lower staples, real estate, utilities. some of the groups that benefit from lower yields. what say you as to the softness we've seen in the recent sessions >> yeah, we're in one of those periods of times, sara, where the average stock is having a much worse time than what the indices would suggest. especially when you look at the nasdaq composite not the nasdaq 100 just like the entirety of the nasdaq with all of those ipos

and spacs and things you'd never heard of there are some massive drawdowns in like thousands of names right now. and we've been here before it doesn't have to be the end of the world but there really is a lack of leadership here which would argue for a pullback after those fomc minutes were released you can really get a sense of just like how bereft of narrative this market is it's a little bit like me walking out of a buffalo wild wings on game day. just disheveled, sloppy, no real sense of like what do we do now? so the higher odds of a pullback when you have a situation like this even when you look at leadership you look at lowe's nobody knows anything. this is exhibit z. here's a stock that got smashed to multimonth lows after home depot reported reported today up 11%. best stock in the s&p. nobody knows what to do. second best performer is a m&a

candidate. cboe which the cme is already denying. and then big popular stocks looking terrible amazon, more lowe's. looks bad. i own it it's not cooperating with my retirement plan. paypal is rolling over also looks terrible. and then like if you want a bright spot, let me give you a stock in a severe up trend u.s. steel having a big day today. trending higher. looks like it goes up every single day for weeks and weeks unfortunately, that's a sub-8 billion market cap does nobody any good that's where we are, and i don't really have a strong conclusion about what it means but it doesn't look great >> let me ask you about some mega caps. what's a more important thing right now, josh? the fact that amazon hasn't been doing all that well or the fact that apple has been holding up it's been near new highs which would you focus on more if you're trying to figure out where the next major market move is going to be >> over on my second favorite

show "the halftime report," joe terranova gave us the best explanation which is that there is a push toward quality which explains the apple, microsoft highs while, for example, the other stocks are breaking down i don't like to ascribe these anthropomorphic traits to the stock market but there's that movement under the surface people looking at their positions. even the quants and just saying, what's work willing right now? size and large size and quality. let's buy us ourselves in that direction. and, of course, apple and microsoft are the most emblematic of that idea. i think joe is right about that and you can find examples of that in every sector in the s&p. >> the dow is at the lows of the day now, fresh 328 and looks like we're falling as i'm speaking i can't keep up. now it's down about -- what was that, 330? there it is.

333. so we have a little sell-off as the close is getting closer. on the back of the fed minutes, sm some other uncertainty barely holding on to the 35,000 level. a number of retailers reporting stronger than expected results this morning target, tjx and lowe's reported earnings and revenue beats for the second quarter tjx and lowe's jumping in the session while target trading lower. lowe's ceo just sat down with our very own jim cramer. here's what he said about the company and how it is navigating the delta variant. >> as a company, we're very conscious of the needs of our customers. we don't have a crystal ball and don't know what's going to happen relative to customer mobile ite but we're very comfortable that our total home strategy gives us the agility that we can manage in this environment to serve our pro and diy customers while keeping our associates safe. >> that's marvin ellison catch more of that conversation,

the exclusive interview tonight on "mad money" at 6:00 eastern what's your takeaway, josh, if anything, overall from these retail reports or are they just singular stories each in and of themselves >> i would venture to guess like 99% of the viewers are not aware that amazon's prime day occurred in june. and what that did was pulled forward a lot of retail sales that would have ordinarily shown up in july so when you look at that july retail sales report, you need a massive asterisk and one retailer would not have mattered that much but in the case of amazon, not only are their own online sales massive but that prime day prompts all of their other competitors to order up aggressive online deals of their own so that activity got pulled into the past quarter pulled inquiquarter and into th quarter and almost all of the

fall in retail sales was because of online retail down by 3.1% during the month of july and online retailers, almost 15% of the entire report so if you're not aware of that, then you probably think things are worse than they are. things are good. the consumer is fine i wouldn't sweat target. i wouldn't sweat home depot or any of these reactions on the stock. >> i feel like the reaction, josh, to some of these earnings has more to do with the setup going into earnings than what we learned. tjmaxx and lowe's were two underperformers. target had a great quarter and the stock is down. walmart yesterday as well. even home depot. maybe a slight comp store sales miss nothing worrisome as it relates to stores or strength of the consumer a lot is how the stocks have moved. >> positioning is important. >> all right well, robinhood is holding on to gains today even as the market sells off into the close we told you it's accelerating. the company is set to report its

first quarterly results since going public in just a few minutes. leslie picker has a preview. hey, l.p >> that's right. shares up more than 7% just right now. it's been a wild couple of weeks for robinhood as a public company. the stock price seeing 20% and 30% swings in a single day, despite no real changes, not known to the public, to the business the company give some forecasts for this quarter in a recent filing robinhood expects revenue for the year to grow 129% year over year -- sorry, for the quarter, year over year at the midpoint and a net loss for the quarter ending in june after recording a profit this same time a year ago robinhood did forecast a slowdown in the current quarter. expects decreased trading activity, especially in crypto currencies into the back half of the year robinhood also expects seasonality going forward. wall street is closely watching those user numbers or net-funded accounts which have seen colossal growth over the last

year for its core broekerage busines. the more people that trade, the more money robinhood brings in from payment for order flow. also watch that breakdown of equities, options and cryptocurrencies and any comments on regulation on the 5:00 p.m. call today guys >> it's interesting how the stock is just moving up higher and higher into the print. josh brown, how do you view this one? >> i don't understand the appeal we already know that the s.e.c. is going to request oversight of crypto from congress and most likely get it. they should get it they are the right people to impose some kind of law and order here while that sounds good for the protection of investors, it's going to be way less exciting for brokerage firms like robinhood that thrive in a free-for-all environment from that standpoint, a lot of the appeal in the future upside of trading revenue goes away

potentially and activity could even slow. and then you just think about the idea that all of the brokerages are going to start offering crypto as well. and then you say, well, how is robinhood going to achieve their growth expectations all through options trading? can't be because most of the people engaging in rapid options trading that are so profitable to sell that order flow to citadel are blowing themselves up and it's not a fountain of money. at a certain point the account goes to zero and they lose interest and move on to baseball cards or nfts. i really don't understand the excitement around the name i know they've done a great job growing users. the user base doesn't look particularly attractive for a lot of things other than aggressive trading and 2020 into the first half of 2021, may go down in the history books as the greatest possible period for a brokerage firm ever. i don't know how we'll ever repeat an environment like that given how unique it was.

so, look, hats off to them it's a $40 billion market cap. i just don't get why people are excited. >> the other side of the story, i can -- for argument's sake, josh, is average age of robinhood's users are 31 years old. and there is still a lot of potential growth for retail trading. it's gained -- it's doubled in the last ten years or so and could have a pretty long runway so could the people that are there discovering it >> yeah, so i think a lot of that is in the stock when you think about the price to sales multiple that we're seeing, for example. like i don't think what you're saying is wrong by any stretch it's justbeen very much appreciated already at this point unless you think it's cheap relative to how much growth there could be, and i don't think it is. >> got it. nvidia, the other big name we'll be watching after the bell for earnings josh lipton with a preview the stock has been soft in the last few days into the print

>> here's what we expect from nvidia q2 eps of 1.01 on revenue of $6.33 billion. the stock has surged this year to pull back the chart up around 50%. only around 5% from its all-time high that far, far outperforms the smh. one big number, q2 data center revenue. the street looking for $2.27 billion. those chips carry higher margins than the ones for gaming they call nvidia a very good investment for those looking to play ai and gaming back to you. >> josh lipton, thank you. we are seeing session lows it's been a soft final hour of trade, scott down 370 or so on the dow. a full percentage point after a weak day yesterday as well biggest drag on the dow right now is goldman sachs, amgen and s&p also falling into a close.

consumer discretionary stayed strong thanks to lowe's and tjmaxx weaker throughout the session. it only takes us down, i keep pointing out the context, about 2% 1.75% from a record high, scott. what else are you watching into the close? >> the question really has been, sara, what lies ahead? and whether this dip that we had yesterday or today is a viable dip. down almost 400 points on the dow jones industrial they suggested don't buy this dip, pointing to weakness as sara pointed out earlier, the small caps, russell 2000 is something like 8% or 9% off of its high it washigher today that has since rolled over it's down about a quarter of 1%. so that's one point of weakness to look at weakness in the small cap stocks nasdaq down about 1% there's been conversation about where the semi stocks are going

from here and whether all of that combined is pointing to us being on the cusp of a bigger pullback, which we just haven't had in such a long period of time you throw in concern about the delta variant, the fed minutes, digesting what the fed had to say and here is the picture you get. we'll close at the lows. certainly looks that way for the dow. >> 1% declines across the board. certainly for the dow and s&p. welcome back i'm sara eisen with scott wapner today in for wilfred frost we just took a spill into the close down 379 which means we closed just about at session lows we got the fed minutes out in the 2:00 p.m. eastern time hour pointing to more members of the fed expecting to taper before the end of the year, potentially

a trigger for the increased selling later on in the afternoon. you saw every sector get hit today in the s&p 500 except for consumer discretionary thanks to strong retail earnings from lowe's, target, tjmaxx, but everything else lower. energy was the worst performing sector staples, health care, real estate at the bottom of the list the nasdaq fared better. you had a little outperformance there on the tech side still down about 0.9%. apple, amazon, nvidia, microsoft all weaker tesla was a standout performer so was netflix most of the other big tech names were lower, including nvidia which reports in a few seconds the russell 2000 index of small caps was higher most of the session. couldn't hold the gains into the close. finished lower almost a percent taking the russells declines to down almost 9% from record highs. it's been an underperformer. something people are concerned about for the economy. get ready for huge hour of earnings ahead robinhood set to report for the first time as a public company

also cisco, nvidia, bath & body works, victoria's secret instant analysis coming up josh brown still with us ative tiffany mcgee. tiffany, on the back-to-back weakness, what caused it and whether you're concerned about the market here. >> yeah, hi, sara. great to be back so i think it's really hard to see the path in the middle of a storm. i'm in no way implying we're in a storm but there's some funnels circling around us scott mentioned earlier the delta variant, digesting the fed's remarks, of course supply chain disruptions, increased input cost but there are opportunities for investors right now. we look at what the fed is saying and what the fed is going to do and when they're going to do it. we kind of know that this -- we

know this is coming. this is not new. investors should kind of proceed accordingly. so a couple of things i'm thinking about now, number one, looking for names. first of all, of course, i want investors to really -- investors should be looking at names they think are -- that the growth is going to outpace the s&p, right? is going to outpace the overall index. for example, chipotle, they reported in the second quarter, 17 -- 1,765% spike in earnings in the second quarter. that's growth. that's crazy versus like the street's forecasting 138% growth for the entire year. square is another name in that category they reported 267% in earnings growth for q2 and the street -- the entire year, is expecting about 117% so looking for those names, those individual names that are

going to break out for the index that have been doing well and will continue to do well consistently throughout the year is very important. also looking for low volatility stocks stocks with dividends. value names. i definitely like to pay attention to return of dividends. and looking at a name like target that we really consider a staple they just reported earnings today. knocked it out of the park they've got 3.6% dividend. the difference between target and a walmart. so target's multiple, a 20 times earnings compared to walmart, about 35 times earnings. just looking for the opportunities, those little glimmers in the swirls if you will >> so, mark, tiff says we're not really in a storm yet. some swirls around us making us a little nervous sky getting a little cloudy and dark are we about to be in a storm? >> scott, that's not my fear i mean, the golden rule of investing since bear markets are

so exceedingly rare outside recessions is, unless one today is in the midst of forecasting the prospects of a recession over an investable time horizon and if the market would consider such as around the 12 to 18-month period, then without that threat in place i'm not going to worry too much about the wiggles in between we've entered a seasonally weak period for the stock market. august, even september and through october. in addition to that, we know we've seen a number of the economic data that, while still very good, and well above trend growth have weakened on same-store sales basis so that can be evidenced by the way of the index that's plunged below zero at this point and probably will wash out in the next two or three weeks past its prologue that should then reassert a more positive bend for expectations that have been sufficiently washed out and, therefore, i think reignite some of the stories that were so pronounced in the first quarter and last

half of this -- of last year again before this year expires what i'm talking about, of course, is those reflation narratives cyclical trades. those that stand to benefit from stronger economic growth clearly we have gone a long period of time without a significant dip. 3% to 5% maximum so we're ripe for something in that order but i am not prepared to turn more cautious than that. rather would either stay with the course of investing throughout whatever volatility we experienced over the next couple of months and/or use this opportunistically to buy it rather than fade it. >> mark, i guess what people are wondering today is whether this isn't or might not be one of those wiggles in between the bull market. whether there is a major shift happening beneath the floor of the market where the fed is scaling back its emergency stimulus, which could eventually put it on the path toward higher interest rates they're not talking about that yet but that would come next and where we've seen the most

fiscal stimulus that we're going to get and that may be president biden is going to have trouble passing another $3.5 trillion plus of fiscal stimulus at this point in time and whether that changes the setup, the paradigm for the market here. >> i have sympathy for that view and i think, you know, the risk here is that we have seen peak everything we may have seen peak inflation, which is a good thing but also peak growth or plateauing growth peak fiscal stimulus or approaching it and probably peak accommodation on the part of the federal reserve. all of those tail winds aren't necessarily going to abruptly turn into headwinds. but rather, we also know that, if past is prologue, history would suggest while the returns generated subject to periods in which using the ism purchasing manager index as a signal, in which it still remains above 50 and we know we're clocking in to close to 60 at this point in time but is decelerating from peak

levels that the market still posts positive results, albeit less robust than what we've seen as it broke above 50 coming out of the recession and continued to increase to peak out above 60 so this is still a climb that i think is quite fertile for stock investors looking out over earnings estimates up double digits next year, well into deep single digits the following year, i'm talking 2023 a valuation that, granted, is not cheap, but is hardly egregious given the considerations of where we are in the rate environment that exists at the moment and, therefore, should allow without multiple expansion, stocks to persist in their advance at least in a directionally commensurate fashion with that of that piece of earnings growth >> tiff, you have a lot of -- or at least maybe not a lot a bunch of the kathy wood-type ark stocks those funds, the ark has been taking on water lately

>> yeah, so again, i kind of get back to overall investment strategy and so i'm not a day trader stock. you know that. and so i'm -- again, less concerned about what something about what an individual name does in a day, in a week, even a month, sometimes even a quarter and more concerned with the direction. so getting back to kathy wood. so when you think about her strategy, she's investing it in evasion and disruption over a long period of time. even when you hear her speak it's not about the quarter it's not about the month it's not even about the year for her. really it's a five-year plus time horizon that's similar to how the invest to pivotal i believe innovation and tech will win over time because we have to keep pushing forward. that's the general theory. you can peel off these individual names and look for opportunities that make the most sense. look for opportunities where companies that have great multiples that have, you know, good valuations and that have

the most room to grow and really look at what sector they're in, right, and how they -- their potential for disruption so to answer your question, i'm definitely invested in all of those names that you mentioned that you know that i own i'm just staying the course. but i am looking for opportunities to buy on dips >> speaking of a kathy wood stock she likes, robinhood the stock is lower leslie picker with the numbers >> the market not loving what they're seeing here, although important to note the numbers we have right now for q2 were provided within the range of estimates in their s1. shouldn't be too surprising. robinhood shares down more than 3.5% right now let me run you through the numbers. revenue top line, $565 million for q2 that was in the middle of the s1 estimates provided up 131% year over year. transaction-based revenue up

141% net loss for the quarter, $502 million largely due to that convertible note warrant change in valuation contributed to some of those losses. a large amount of losses there eps a loss of 2.16 per share in terms of analyst estimates for the quarter, there aren't too many of those. so we don't typically compare to analyst estimates for companies that have recently gone public 22.5 met funded accounts reiterated the number out there from the ipo in terms of guidance, the company did say that for the three months ending september 30th, so the next quarter, we expect seasonal headwinds and lower trading activity across the industry to result in lower revenue and considerably fewer new funded accounts than in the prior quarter. again, this is commentary that was reiterated from the s1 they

had at the time of going public. however, the market may be reacting to some of that bearishness in the quarter ahead. they also noted they'll have a one-time cumulative charge of $1 billion in stock-based compensation for restricted stock units related to the ipo charged in the third quarter guys, back over to you >> coming back a little bit. robinhood shares that is down more than 3%. down 1.25% and for those of you looking for any commentary on cryptocurrencies, they do note significant interest in the quarter. over 60% of their net cumulative funded accounts trading in the cryptos in the second quarter. and for the first quarter ever they noted a larger share of new customers placed their first trade in crypto rather than equities tiffany, we'll get your first take on the numbers with the stock now down 1.5% or so. >> yeah, so -- and josh mentioned this earlier robinhood has grown at a faster rate than any other broker/dealer. what i was looking for and we

just heard the results, i'm particularly paying attention to new customers because, again, they make their money, the bulk of their money on payment for order flow so if they are growing with customers, you know, it's a natural expectation that they'll have more money to trade and obviously net cumulative funded accounts. those are the accounts that have money in them for people to trade. and, of course, i've got to digest all the results i just heard them. but again, you mentioned revenue $555 million up 131% that's good. it's really interesting their expectation, their guidance for next quarter kind of going into that kind of holiday season yeah, that makes total sense that consumers will be really paying attention to kind of coming off back-to-school shopping, paying attention to holiday shopping and probably spending a lot less in investing. >> josh, what we are supposed to do with that line that leslie

rightly highlighted and the one that jumps out in the release for the three months ending september 30th, 021, we expect seasonal headwinds and lower trading activity across the industry to result in lower revenues and considerably newer funded accounts than in the prior quarter? what is the seasonal headwinds the fact that it's summer and people are allegedly going to be trading less is that -- what is your t takeaway >> that's true that's actually true and it's always been true, barring like a year like 1998 where the international stock markets blew up in august like this is not a period of time where there is as much trading as there is in the winter especially among retail people because a lot of retail people use trading as a form of recreation so when it's nice out, they are at the beach instead none of that is suspect in any way, but i would just say like, if this is such a fast-growing company, should they be at all susceptible to what they quote as -- call industrywide seasonal

trends like shouldn't the secular growth story like this be able to step right over the seasonality that charles schwab, for example, has to contend with i'd say that and then the second thing is, i was talking so much about crypto prior to their report. i didn't know they were going to say 60% of their income comes from that. but, yeah, if you want to bet on this stock going forward, then the bet you have to make is that trading volumes in crypto will hold up or grow but more importantly, bid ask spreads which is where they're making their money to be sustained. and even when you look at coinbase, coinbase knows they're not going to be able to make as much per crypto transaction as they're making now as that business matures and more enitant comes in and more capital and more regulation, those bid/ask spreads have to narrow that's every tradeable instrument in the history of the world. there's no way that will be as

profitable an endeavor you tell me that robinhood will go from 22 to 44 million customers over the next three years? that narrowing of bid/ask spreads won't matter they'll have outgrown it i just don't think it's going to be that easy, especially with gemini out there especially with coinbase and fidelity decides to get serious here, lights out so that's my issue with being a bull from these levels it's going to be really tough going forward. imagine when they have to comp against january, february 2021, which is only a few months from now. that's going to be the toughest comp ever. think about what was going on back then with amc, gamestop we don't have any of that going on right now >> let's hit cisco earnings. robinhood down 4% after hours. kristina partsinevelos with cisco. >> a double beat top and bottom. strength in their product offerings. more people are buying products for cybersecurity, as well as telecommunications as we

transition towards that hybrid office product offerings for this fiscal year increased 31%. that growth year over year is a record that we haven't seen in the past ten years or so earnings per share at 84 cents they also had record operating cash flow for the quarter. and we're talking about the full year this is the key where a lot of people are looking for any guidance going forward for full year fiscal 2022 $3.38 to $3.45 if you do a control on the earnings report, there's no mention of supply. that's what we're looking for. there's a lot of concerns about the lead times for these products the supply issues. the surging freight costs as well as higher than normal component pricing. these are all aspects we'll have to get on the call hopefully shares, though, they fell 2% now down 2% on the news. >> josh brown, thanks to you tiffany mcgee and mark up next -- much more reaction to robinhood's first quarterly results as the public

company. we'll be joined by an analyst with a $151 price target on the stock. plus, the ceo of imax and whether he's concerned that rising covid delta variant cases could end up hurting box office ticket sales we're backn stwoines iju t mut all the things, all around you... where you learn, work, and fly... we help make them healthier. we are the people of abm. for more than 100 years, we've been a leader in making spaces cleaner, from the things you touch to the air you breathe. today, more than 100,000 of us are innovating to ensure spaces are more efficient, healthier and safer. abm. making spaces healthier for you.

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shares of robinhood moving lower following earnings moments ago. reporting a loss of $2.16 per share. $565 million in revenue. also warned about seasonal headwinds and expects lower trading activity for the current quarter. joining us is early robinhood investor rashon williams and hayem siegel is here as well you are the one with the lofty target, $151 and a buy rating. does that sound aggressive given what you just heard? >> the numbers look good i'm still going through them

i have to see how much was nongap expenses, but the revenue growth was pretty good i mean, it beat expectations the growth rate has been coming down off of big numbers which is kind of expected but the numbers look good. the stock is down, actually, not that much. >> nope. >> i would have expected it to be down more on that guide that they said that, you know, they were expecting a tough q3. i guess we'll just have to wait to hear on the call, are they being conservative or are they already seeing that? i think everybody will key in on that >> what about you? what's your take thus far? >> i think people are losing sight of the big picture here. and the big picture is about two things young people and people new to investing. and when you break down what robinhood is doing in those areas, no one is even coming close. looks like now 22.5 million funded accounts.

and this is in a few years where etrade has 5.2 million yaif been around 40 years. revenue is still increasing year over year by over 100% i think 132% this is where the average revenue growth rate of a public company is between 5% and 10%. no way to look at these numbers and not think this is a dominant player and that they are being very long-term strategic of course there will be volatility mutual funds must own this stock. hedge funds are going to short it and retail investors are going to trade around the position because that's what they're here to do i'm very excited to see the ra results. >> equity transaction-based revenue decreased 26%. what does that say about the longevity that these younger retail traders are in it for they got huge growth in cryptos, huge growth in options, but that equity transaction and the warning, some people are wondering just how long they're in it for, the retail trader >> that's what a management team

comes into play. you set up a business and you're a one trick pony and all you get money from is the equity transactions then you'll see a dismal future in your stock performance. but when you grab this amount of young, new investors and people that are excited to be on your platform and you get them excited about a movement, the democratization of investing, then you can sell them other things they can do other transactions what we fully expect and always expected is to build a mass of users and then to allow them to expand horizontally as well and start to execute different transactions and do different business with them that's the name of the game, the holy grail like the amazon model. they got you for books and now you're doing everything on amazon >> i hear what rashaud is saying, but chaim, they need to make sure she's users are excited for a long time. and in a bull market, it's easy to be excited when you have a lot of volatility and some

losses, and different times than we had as our josh brown was describing of a year ago in this market, times can be different, no >> definitely. i mean, you saw the fed come out and it was a surprise minutes today and it hit the market. i mean, we think that's an early read that the market is in shock that they are pulling forward their taper to this year and it's going to be six months. the market has hardly reacted to that i think a lot of these robinhood investors don't know what a down market is. so, yeah, they'll have to react to that. that's going to -- maybe that's a little bit what the guide for q3 is about. they are being realistic on where the market could go. septembers have a history of being volatile and they know that and that could affect their trading. i think they are being realistic. >> the question is, are you? with a $151 price target to be frank. >> my numbers adjust every

quarter. and i am still going through the numbers. the key number that i see that accelerated is their expenses for transaction -- for transactions like cost of goods sold for them. accelerated. and i just need to see how -- if that's nongap or gap i'm still going through the numbers. and that's what matters. but if the numbers, if there's -- if that's a nongap number, meaning if the trend is the same as it's been, the number is a blowout on the earnings side. so i just need to figure that out. >> we've got to bounce i've got nvidia out. thank you so much. the numbers are out. josh lipton has got them >> q2 reports. eps $1.04 versus expectations of $1.01. revenue up 68% to $6.15 billion

versus expectations of $6.3 billion. turning to the guide for q3, looking for revenue of about $6.8 billion plus or minus 2%. versus expectations of $6.5 billion and nongap gross margins of 67% versus expectations of 66%. gaming up 85% to $3.06 billion versus forecast -- expected forecast of $2.98 billion from the street data center 35% to $2.37 billion versus expectations of $2.27 billion. back to you all. >> both sound like a beat. stock down a little less than 2% after hours. josh, thank you, josh lipton free guy released only in theaters ruling the box office last weekend up next the ceo of imax on whether theaters need to push for more traditional releases or losing more to the streamers and more on the changing media landscape when we're joined by former disney ceo

michael eisner that'somroonlongel torw csi bl.

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welcome back an ugly end to the session today. stocks fell hard into the close. the major averages there, the

dow basically closed at the lows of the day down 382.5. along with the s&p nasdaq was weak. russell weakened into the close as well. look at some of the after-hours movers today robinhood on the back of its earnings and a warning of sorts about the coming quarter that stock is now at the lows of its after-hours session down 7.3% there's nvidia cisco is down about 1.8% in the afterhours as well sara >> scott, wall street is tuning in to media stocks big time. wells fargo upgrading viacomcbs to overweight saying the coming slate at paramount plus should help maintain streaming momentum and make the company one of the better bets for consolidation. also viacomcbs and comcast, our parent company, announcing plans to launch a new streaming service in europe called sky showtime morgan stanley naming disney and

netflix as top picks for the second half on content spend and subscriber growth. joining us for an exclusive interview on "closing bell" is imax ceo richard gelfand so what are your thoughts as you hear the wall street enthusiasm for the streamers and these new ventures like the comcast/viacom becbs endeavor in europe >> i think companies need to make money and that ultimately determines the value of that particular company and i think that streaming has yet to play out in a monetization way i think there are nontraditional measures like eyeballs and subscribers and things like that and i think netflix invented a terrific model with tech multiples on it. and i think a lot of other studios, a lot of the studios are saying, we can get that multiple, too, by just putting on streaming

but i think the difference is that netflix didn't have proprietary ip so they did these episodic -- >> i'm so sorry to interrupt you. we have to cut you off we're going to listen to president biden who will be speaking on covid booster shots. let's go there to washington >> -- protected from the covid virus. i just got a monthly briefing from my covid team here's the latest data that confirms we're still in a pandemic of the unvaccinated while we're starting to see initial signs that cases may be declining in a few places, cases are still rising, especially among the unvaccinated there are still 85 million americans who are eligible to get vaccinated and remain unvaccinated, and at real risk across the country, virtually all of the covid-19 hospitalizations and deaths

continue to be among the unvaccinated in alabama, more than 90% of the current hospitalizations are among the unvaccinated in texas, 95% of those in hospitals are unvaccinated right now it's worse in states where overall vaccination rates are low. but let me be clear. even in states where the vaccination rate is high, the unvaccinated in those states are also at risk and we're seeing cases rise as a result quite frankly it's a tragedy there are people who are dying and who will die who didn't have to so please, if you haven't gotten vaccinated, do it now. do it now. it could save your life and it could save the lives of those you love the good news is that more people are getting vaccinated. overall, weekly new vaccinations

are up more than 80% from where they were a month ago. while it can take up to six weeks to get fully protected after your first shot, this increased level of vaccinations are going to provide results in the weeks ahead. just remember, we have two key and two key ways of protecting ourselves against covid-19 one, safe, free and effective vaccines and, two, masks. vaccines are the best defense. but masks are extremely helpful as well. and for those who aren't eligible for the vaccine yet, children under the age of 12, masks are the best available protection for them and the adults around them that's why we need to make sure children are wearing masks in school before i talk about the news related to vaccines, let me say a few words about masks and our children unfortunately, as we've seen throughout this pandemic, some politicians are trying to turn

public safety measures, that i children wearing masks in school into political disputes for their own political gain some are even trying to take power away from local educators by banning masks in schools. they're setting a dangerous tone for example, last week at a school board meeting in tennessee, protesters threatened doctors and nurses who were testifying making the case for masking children in schools. the indimitation and threats we're seeing across the country are wrong. unacceptable i've said before, this isn't about politics it's about keeping our children safe it's about taking on the virus together, united i've made it clear that i'll stand with those who are trying to do the right thing. last week i called school

superintendents in florida and arizona to thank them for doing the right thing and requiring masks in their schools one of them said we teach science so we follow the science. the other said they have a guiding principle -- students first. i couldn't agree with more -- i just couldn't agree more with what they both said. and that's why today i'm directing the secretary of education, an educator himself, to take additional steps to protect our children this includes using all of his oversight authorities and legal action, if appropriate, against governors who are trying to block and intimidate local school officials and educators as i've said before, if you aren't going to fight covid-19, at least get out of the way for everyone else who is trying. you know, we're not going to sit by as governors try to block and intimidate educators protecting

our children for example, if a governor wants to cut the pay of a hard-working education leader who requires masks in the classroom, the money from the american rescue plan can be used to pay that person's salary. 100% i'm going to say a lot more about children in schools next week, but as we head into the school year, remember this, the centers for disease control and prevention, the cdc, says masks are critical, especially for those who are not yet vaccinated like our children under the age of 12. so let's put politics aside. let's follow the educators and the scientists who know a lot more about how to teach our children to keep them safe than any politician this administration is always going to take the side of our children next, i want to talk to those who -- of you who can get vaccinated but you haven't the delta variant is twice as transmissible as the alpha

variant. it's dangerous it continues to spread vaccines are the key to stopping it we're making progress. today more than 90% of seniors have at least had one shot and 70% of people over the age of 12 have gotten their first shot as well that's good news we need to go faster that's why i'm taking steps on vaccination requirements where i can. already i've outlined vaccine requirements are going to reach millions of americans. federal workers and contractors, medical staff caring for our veterans at va hospitals and our active duty military reservists and national guard today i'm announcing a new step. if you work in a nursing home and serve people on medicare or medicaid, you will also be required to get vaccinated more than 130,000 residents in

nursing homes have, sadly, over the period of this virus, passed away the same time, vaccination rates among nursing home staff significantly trail the rest of the country. the studies show that highly vaccinated nursing home staff is associated with at least 30% less covid-19 cases among long-term care residents this announcement, i'm using the power of the federal government as a payer of health care costs to ensure and reduce those risks for the most vulnerable seniors. these steps are all about keeping people safe, and out of harm's way to walk into a government office building, you should know that federal workers are doing everything possible to keep you safe if you are a veteran seeking care at a va hospital, you should not be at a greater risk walking into the hospital than you were outside the hospital. and now, if you visit, live or

work in a nursing home, you should not be at a high risk for contracting covid from unvaccinated employees while i'm mindful that my authority at the federal level is limited, i'm going to continue to look for ways to keep people safe and increase vaccination rates. and i'm pleased to see the private sector stepping up as well in the last week, at&t, amtrak, mcdonald's, they all announced vaccine requirements a group of business and education leaders from united airlines to kaiser permanente to howard university were also doing the same thing over 200 health systems, more than 50 in the past two weeks, have announced vaccine requirements colleges and universities requiring more than 5 million students to be vaccinated as they return to classes this fall all of this makes a difference

"the wall street journal re report"ed job postings stating that new hires must be vaccinated has nearly doubled in the last month governors in california, maryland, massachusetts, new york, oregon and washington have all announced vaccinatio requirements so let's be clear. vaccination requirements have been around for decades. students, health care professionals, our troops, typically required to receive vaccines to prevent everything from polio to smallpox to measles, mumps to rubella. in fact, the reason most people in america don't worry about polio, smallpox, measles, mumps and rubella today is because of vaccines it only makes sense to require a vaccine that stops the spread of covid-19 it's time for others to step up.

employers have more power today to end this pandemic than they have ever had before my message is simple do the right thing for your employees, consumers and your businesses let's remember, the key tool to keeping our economy strong is to get people vaccinated and at work you know that i'll have your back -- they should know i'll have their back because i have the back of the states trying to do the right thing as well for example, yesterday i instructed the federal emergency management agency, fema, to extend full reimbursement through the end of the year to state development -- of the state deployment of national guard in support of covid-19 response nearly 18,000 national guard members are supporting our response nationwide. i'm caring for patients to administering vaccines to

running testing sites to distributing supplies. as the states continue to recover from the economic toll left by covid-19, the full reimbursement of national guard services during this pandemic will be another tool that will help them shore up their budgets, meet the needs of their communities and continue our economic recovery. these are the latest steps we're taking to get more people vaccinated next, i want to speak to all of you who are vaccinated how should you be thinking about the moment we're in? first, know that you're highly protected against severe illness and death from covid-19. only a small fraction of people going to the hospital today are those who have been vaccinated we have a responsibility to give them maximum amount of protection, all of you the maximum amount earlier today, our medical experts announced a plan for booster shots to every fully

vaccinated american. adult american this will boost your immune response, increase your protexs from covid-19. it's the best way to protect ourselves from new variants that could arise. plan is for every adult to get a booster shot eight months after you got your second shot pending approval from the food and drug administration, the cdc's committee of outside experts will be ready to start these boosters -- this booster program through the week of september 20 at which time anyone vaccinated on or before january 20 will be eligible to get a booster shot so that means that if you got your second shot on february 15th, you are eligible to get your booster shot on october 15th if you got your second shot on march 15th, go for your booster starting november 15th and so on. just remember, as a simple rule,

eight months after your second shot, get a booster shot these booster shots are free you'll be able to get the booster shots in any one of approximately 80,000 vaccination locations nationwide it will be easy. just show your vaccination card and you'll get a booster no other i.d no insurance no state registry requirement. my administration are planning for this possibility and this scenario for months. we've purchased enough vaccine and vaccine supplies so that when your eight-month mark comes up, you'll be able to get your vaccination free and booster shot free. we have it available we'll make you safer and for longer and it will help us end the pandemic faster. now there are some world leaders who say america shouldn't get a third shot until other countries got their first shot i disagree we can take care of america and

help the world at the same time. in june and july, america administered 50 million shots here in the united states. and we donated 100 million shots to other countries that means that america has donated more vaccine to other countries than every other country in the world combined. during the coming months, the fall and early winter, we expect to give out another about 100,000 boosters and the united states will donate more than 200 million additional doses to other countries. this will keep us on our way to meeting our pledge more than 600 million vaccine donations. over half a billion. as i said before, we're going to be the arsenal of vaccines to beat this pandemic as we were the arsenal of democracy to win world war ii so let me conclude with this the threat of the delta virus

remains real but we are prepared. we have the tools. we can do this to all those of you who are unvaccinated, please get vaccinated for yourself and for your loved ones your neighborhood and for your community. to the rest of america, this is no time to let our guard down. we just need to finish the job with science, with facts and with confidence. and together, as the united states of america, we'll get this done. god bless you all, and may god protect our troops thank you. >> does not look like president joe biden will take any questions. a lot of them being shouted at him. the president taking the opportunity to urge the 85 million unvaccinated americans to get vaccinated. urged schools to require masks and to have kids wear masks in the fall went after some politicians that are banning mask mandates in

schools. let's bring in eamon javers. a lot of questions from the press corps. i'm sure they wanted to ask about and hear about afghanistan and this effort to bring our afghan allies back to the united states and get them out of there. but the president was focused on covid today. >> sara, that's right. the president not taking any questions. you can expect a lot of them would have been about afghanistan. the president clearly not wanting to discuss that right here and step on the message he's trying to deliver over that afghanistan news and political feistiness from the president that we had not necessarily expected to see. the president signaling he's going to use the legal power of the federal government to tangle with governors who are stepping in the way of mask mandates at the local level in schools around the country as schools get back into session coming up in september so we could see some legal skirmishing in courtrooms around the country as the president tries to step into protect those school districts that are engaging in mask mandates from governors who are trying to stop those mask mandates from coming

into effect. so that's one area of confrontation that we'll be watching for one that we did expect to see in this speech and that the president did announce here was an effort by the federal government to make sure that nursing home staff and employees are fully vaccinated the president is going to do that by linking the vax status of those employeesand nursing home workers to their recipients' status for medicare and medicaid funds if you are a nursing home and want to get those federal dollars you'll have to make sure that all of your nursing home staff are fully vaccinated in order to do that that's a big power that the federal government has and i think you can anticipate, seara, this administration will look for more ways to leverage federal dollars and federal legal power to push forward with mask mandates and vaccine mandates in those arenas where they can you also saw the president very much encouraging private companies to push forward with their own vaccine mandates as well the president not willing or

able really to do a national vaccine mandate, but looking for those spots where he can encourage private companies to do it. encourage school districts to do the mask mandates and encourage those nursing homes to do the vaccine mandates looking for those spots where he has the leverage or authority to do so. >> it is somewhat stunning to actually hear the number that still -- the number of americans that still remain unvaccinated who are eligible 85 million it's just such a large number of people in this country who have yet to vaccine and perhaps why there still remains so much uncertainty about the direction of the economy with such a large number still out there. >> you heard the president, scott, make a direct appeal to those americans saying the best way you can protect yourself and your family is to go out and get the vaccine, please do that, but you wonder how much effect that's going to have on those people, whether they're even going to hear that message today

given how political it is and the vaccine situation in this country. there are americans who are not going to take it for political reasons, who are not going to take it for reasons of suspicion of the government more broadly and some of those people are unreachable by this president of the united states and maybe by any president of the united states. >> certainly coming with this situation as it has unfolded around afghanistan as well eamon, thanks. we'll talk to you soon eamon javers there we have much more on this afternoon's earnings nvidia, popping and hear what analtsantoys wt hear on the company's earnings call that kicks off in a few minutes

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an after hours mover shares of nvidia initially falling but now slightly higher. the company beating on both the top and bottom lines here to break down the numbers and the stock is stacy rasgon of bernstein. has an outperform, stacy looks like a beat on the data centers. what's your first take >> overall, the results are really, really solid you're right, it's a beat in the key businesses, gaming and data center gross margins are good

the guide is very strong investors want to see strength in the data cell numbers overall the guide combined with the margins, this looks really, really good. >> your price target unless i'm reading it wrong is lower than where the stock is trading now even though you have an outperform, am i right >> don't read too much into it it happens sometimes let's see how things gogoing forward. don't take that too seriously. >> okay. >> says the guy who put it on. >> it's been a monster over the last several months. sometimes these over take you. >> i hear you. that's what i was going to say it's up 55% over the past 12 months it's had this tremendous run built on the back of deals and high performance, stacy.

is it too late to get in how much of the good news is baked in. >> in terms of what people worry about, people worry about sustainability and with nvidia, they'll be worried about crypto. their crypto revenues were light. they were supposed to be 400 million. they only did 266 which means the beat they saw would not do at least a stand alone crypto so that might be a good sign suggesting that maybe the corporate is doing good. that's a good sign people are worried about sustainability there we'll see what crypto is going to do. i don't know long term, these guys are still exposed to greenfield opportunity. accelerated within the data center this is a trend that is just getting started. it's going to keep taking over the entire paradigm. there's a software story it's still early not a lot of revenue now

the idea nvidia is getting more over five plus years from software is starting to become more of the narrative. that's something that's also greenfield from where we're sitting. if you are looking long term, there's plenty of opportunity. near term, we'll worry about the fico and not a whole lot that the company or investors can do about that long term the trends still look good. >> lastly and quickly if you could, jim cramer basically said sell the stock if you're buying it off crypto. that should not be a prime reason to be bullish about nvidia's future. do you agree with that >> no, it's absolutely not the worry is they've done a crypto revenue, that's like stand alone pure play crypto there's some amount of crypto that's in the gaming business. we don't know how much that's the worst, right? if crypto starts to roll, does it impact the gaming business? that's where they worry about. where we take some solace is the stand alone crypto business

misses that's a good thing. it means the rest of the business was stronger and it may be able to read across maybe it means the crypto business in the gaming is not as big as some people thought the stand alone crypto business is lighter than we thought that's good. i don't think anybody is buying the stock because of crypto. everybody that's buying the stock is afraid of crypto. >> stacy rasgon, thanks for joining us scott, stocks finished today worst day in about a month 1% on the dow. closed at the lowest levels. we'll see tomorrow how the market absorbs some of these earnings i would point out robinhood, the ticker, is getting hit pretty hard after the company came out with better numbers but did warn the current quarter is going to see lower revenues and transactions also, the growth was in crypto and options, speaking of making a bet on crypto. not as much on the equity.

we'll also get jobless claims and philly fed. >> small caps too. you noted it at the very top of the show, right, sarah >> they've been hammered. >> down 8% from the highs. had a little bit of a reversal today and then they also closed to the down side that's been a point that people have been looking at that points to the real underlying weakness in the market as to why some think that we may be on the cusp of some kind of correction nvidia will be interesting too to see what the follow through is chips will be in a worrisome space. what was it up, 50% on the year. >> 55, yeah. >> in the number >> it's been one of the outperformers. and then big cap tech. apple has been around highs. microsoft too. yet to crack as long as those stocks stay strong, it's going to be hard to make a case that the market is going to have a big pull back. >> right which gets to the point that a number of our guests made on the show quality. that's where investors are

what worries people a little bit about small caps which are domestic if the concern is about a global slowdown because of the delta variant, what are the small caps telling us there plus we've seen lower treasury yields which is a sign of lower growth we'll see how the market takes new data krug claims tomorrow. we'll wrap it up thank you, scott always good to have you here, even not in person that does it for us on "closing bell." "fast money" begins now. live from the nasdaq market site in times square this is the big show "fast money. i am dominic chu in for melissa lee tonight and your trader lineup for the evening, dan nathan, guy adami, tim seymour and karen finer man as you're seeing right there tonight on "fast" we are tracking the after hours action in shares of robinhood, nvidia and cisco as well. all three stocks on the move as you can see right on the heels of earnings reports. we are going to break down their respective quarters straight ahead. plus, x ma