>> a lot the wisdom. kate, thank you. we should know that nbc university and comcast ventures are investors in acorns. to read more about this on invest in you, go to cnbc.com, forward slash, invest new. >> that does it to kick off the week thanks for watching "power lunch," everything "closing bell" starts now. >> see you tomorrow. welcome to "closing bell." i'm sara eisen, a very strong start to the week, to kelly's point. the nasdaq up 1.7%. the fda officially approved

pfizer's convenience today and energy by far the best performing s&p sector. crypto is jumping as well. with prices up more than 50% in the past month 59 minutes left off the session, sara >> big show coming up. we will talk about bitcoin's big rally, with tom farley, who is taking a start-up bullish public via spac we'll talk to him about all of it plus jeff currie will break down the crude comeback and why he thinking oil is heading higher from here miketoli is back, and meg tirrell is here mike, a nice full percent. >> as a matter of fact they've been hovering right at the close

1% level for most of the day clearly follow-through from last week 'rebound. if you look at the one-year chart on the s&p 500, it really shows you there had been diminishing magnitudes and durations of these dips. last fall by got the 10% decline. february/march, somewhere in the area of 5% here you have just this basically persistent up trend that has not given you too much of a chance -- not to discussing this will definitely -- we also have a great rally last monday or so, i saw, from a distance. the equal-weighted version of the russell 1000 has been a laggard.

it doesn't mean the s&p has to come down. you see basically flatlining for months now this is a six-month chart. it basically is also underperforming the year-to-date by a small amount. this is the sure that people have had with this rally the problem is, if you go for a very long period of time, they have basically been providing the defense and protecting the index from the gravity of this growth scare take a look at the so-called high-beta parts of the market, compared to high quality -- that was an investment factor in this. when you see high beta pick up such a lead in the early part of the year, it distill has a cushion. there is not to say it's a truly defensive type of market, but it shows you not necessarily a

zero-sum game. big blue-chip stocks, where high beta is we're excited about the reopening. the peak thew yam was a few months ago, but it's still holding together it's not one of the binary days where it's either the growth basket or cyclical value stocks doing well it's pretty much all together. >> i guess the other point to make is you do have the cyclicals bouncing today, but yields not bouncing. as we approach jackson hole, the question is how long can both of those factors hold >> that's right. the yield is not moving very much the fact the u.s. dollar is kind of rolling, it doesn't necessarily mean we're reupping the idea of a acceleration it means we've had some internal corrections in parts of the market most geared to growth

small gaps are bouncing, but from relatively depressed levels >> it definitely feels like a sign of relief that the fed -- if they're taking it so seriously to go on zoom. >> that is just one of the strands that's absolutely in there. i think it explains, along with china stimulating consumer activity over there, things like that, why it's not just one thing or another the yield is being very calm, maybe because of the fed, and the growth stocks for that reason, but at the same time the idea that delta might be rolling over into some of the hardest-hit areas is giving some bend to the economically geared sectors as well. >> coming up, tracking the charts very carefully. mike, thank you. vaccine stocks gets a boost as well as the fda officially

granted full approval for the pfizer shot. meg tirrell has the details. meg? >> hey, sara with that full approval, getting a brand name in the u.s. it's now called on you k it'sed fast has gone through that approval process. for people under 12, we're still waiting for clinical trial results for kids now, just more than 70% of american adults 18-plus, have had at least one dose. so there's more than 85 million americans out there who still have not been investigation nated. according to a recent kaiser family foundation poll, they say some would be influenced by a full approval. president biden addressing those individuals directly, and

putting out a call to the private sector >> if you're a leader who rabbit waiting for full approval, i call on you now to do it, require it require your employees to get vaccinated or face strict requirements >> so, guys, we're waiting to see if we'll see more mandates gets announced, stocks are all up on this news. i've been talking to investors they say move from emergency authorization to full approval signals this is something that will be around beyond when this is still counted as a new emergency. guys >> absolutely. meg, from a process standpoint

for those that is skeptical, what is the process to a full fda approval to make people feel confident? >> there's a few differences to get emergency authorization, they wanted two months of follow-up, half the people in the trials getting their set shot to get enough safety data to evaluate it they needed six months worth of data for evaluate for full approval beyond that, they do a bunch more analyses, including of the manufacturing processes, doing everything they would do for any drug or vaccine that's on the market so they had folks saying, why is the fda taking so long for this full approval? but they wanted to ensure folks who were worried about this going so quickly during a pained that they were going to check all of the boxes they would norm at check when we're not in a pandemic that was the emphasis they were putting on it today. >> got it. meg, thank you. up next, hearing economy stocks on watch today, after a california judge said last year

ace ballot measure to exempt gig workers from state labor laws is unconstitutional we'll talk to early uber investor bradley tusk about the fallout. we're near session highs

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the green now, a judge ruled that the prop 22 was uninfersible the companies say they will appeal this decision joining us now is political consultant bradley tusk of tusk ventures he was an early investor in uber, and the company's first political adviser, has focused on this issue for a long time and not involved in the stock. i'm curious your reaction to the market action right now. wouldn't you expect the stocks to be lower if this was a real threat to their business model >> i think it's probably -- it probably was a premature decision by the market not to overreact. the case has to go to the circuit, and if the ruling is upheld there, it probably will go to a supreme court where there's a good chance that the companies would prevail there. overall, while yesterday or it

was a bad day for these companies, overall there's still opposition to this fight. >> how much of a setback is this, then they're battling massachusetts it's clearly going to come at an international level and it's not going away. >> no. i mean, prop 22 gave a tremendous amount of momentum to the sharing economy companies, and it shut down almost everywhere the 2021 session across the country was basically free of these issues i think that momentum might have continued if not for the court decision, but now you have a court decision, a biden administration that is very pro-work classification reform, and it will work as part of the -- probably doesn't make the final version of the reconciliation bill, but there's a lot of momentum right now in

the other direction. what that really just means is you'll see in 2022 legislative sessions places like new york, illinois, massachusetts, pennsylvania, washington state take up these issues, and what would be great, although maybe unrealistic of me to ask for this is, rather than each side pushing their own interests, is recognizable with a construct of labor law that was made 80 years ago, and the world has changed a lot. there's no reason why we couldn't update our laws to include the sharing economies. i would like to see something that basically recognizes people can work on different platforms, have the flexibility to set their own schedules, but have a certain amount of benefits, the

ability to receive pensions if they said it, workers' comp. i don't think basically protections and working with flexibility have to be mutually exclusive. both sides want to say that it is, because they're each going for growth, but the reality is people who, say, drive for uber, they like the flexibility. they look a lot of the things being a contractor provides, but i'm sure they would also like benefits the only reason we can't do that is because we're living in a regular framework from the 1930s. >> i wonder how this issue collides, which is a shortage of driver, and the fact these prices are log going up so much for consumers, because there aren't enough drivers on the road, and whether one speeds up the other. >> that's the interesting thing, which is, while -- if the drivers -- it does reduce

operating costs for their employees. at the same time, they've got to meet the demands of the market, which means if they can't get enough drivers, they have to pay more and more money to bring more drivers onto the platform this may even be a day where, you know what, it's cheaper to be salaried employees than to meet the market where it is right now. i think i had this on the program before, and uber never license about this, but if they went the w-2 model, while it increases the cost from -- i think it would force most drivers off the lyft platform en entirely -- as little as possible for a car so i do think there's a move that uber could pull here, but not really the style of their leadership >> at the moment, bradley, lots of conversations about how hard it is to get a car at the moment and the cost of it when you get

it, both anecdotal and based on investment bank surveys. what do you put that down to is it all linked back to this issue or is it broader >> no, look, i think some of it is an artifact of covid. some of it is this issue, but generally speaking, the labor market is incredibly tight right now. people have lots of different options. as a result they're going more selective or still enjoying benefits that don't run out until next month so, they're not working at all that impacts almost every single industry, and that includes rideshare. >> bradley, good to see you, as always thanks for joining us. john zimmer will join jim cramer tonight on "mad money." a big bounce back to the declines of last week. still to come, oil seeing a big bounce today after seven sessions of declines

goldman's jeff currie will join us. check out some of the today's top searched tickers on cnbc.com the ten-year used always makes the top five it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪ new customers get our best deals on all smartphones. that's right. but what if i'm already a customer? oh, no problem. hey, cam...? ah, same deal! yeah, it's kind of our thing. huh, that's a great deal... what if i'm new to at&t? cam, can you...?

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welcome back the price of bitcoin surpassing $50,000 for the first time since may, briefly kate rooney has the details of a survey and more. >> hey, wilf, that's good news for some of the newer investors who appear to be more bullish and more exposed to cryptocurrency this is according to our invest in you next-gen, conducted by cnbc and momentum. those who got in 2020 or later are mosh likely to own crypto

occurrence, as opposed to their more experienced counterparts more than a third of those investors think bitcoin prices will be higher by the end of this year a close second, 26% of new u.s. investors also own crypto, more than twice the level of mutual funds and etfs are more than three times of ownership for real estate or bonds. about one in ten u.s. investors say they own crypto, men are twice as likely as women to hold dig digital assets kate, two questions, do we

have in this idea of the size of position $100 here and there, or thousands in general what type of exposure do they have underlying in one of the currencies like bitcoin? or broader than that, and in took like coinbase >> that's a great question we don't have the average account sides or average invest size, but if you look at some of the retail investors, robinhood has given away fractional shares with cryptocurrency and stocks, you can buy $5 worth versus an entire share of amazon that's why we've seen this influx of retail traders, because the bar is lower we don't have exact number, but it's likely, especially for newer investors, it's easier to buy a smaller amount. >> kate rooney, thank you, ether is up, and we'll talk more about

that when we're joined by former new york stock exchange president tom farley, now the incoming ceo of a cryptoexchange called bullish shares of robinhood are marching higher today after a absolute of firms initiated coverage an analyst will join us and tell us why they thinking the stock is a buy. the ten-year is just around 126. the big story is some skepticism also, reports that treasury secretary janet yellen is backing powell for another term when his term expires in february we'll be right back. ♪ music playing. ♪ there's an america we build ♪ ♪ and one we explore one that's been paved

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heading for a record close energy is the leading sector, up almost 4%, a big comeback from what we've seen in recent weeks. consumer discretionary, industrials, all of, so ar financials having a strong day materials and health care. the weakest part are the defensive groups which had been more in favor in the last few weeks. those economy-sensitive sectors, that's what's driving the market the best performer in the dow is boeing as we head into the close, general mothers expanding its bolt recall to include newer models this is expected to cost of company an additional $1

billion. gm trading down a little more than 1%. virgin orbit is planning to go public with a spac merger virgin orbit is the satellite-launching spin-off of virgin galactic. here is richard branson earlier. >> we had a very good experience with virgin galactic with the spac we were approached we hadn't even heard of spacs at the time we were approached, and since we've been public, we have raised money for the company, we've taken some money out to help the other virgin companies, and investors have done very well >> shares of next-gen up almost 2%, despite the fact that spacs aren't really in favor

>> richard joining us there from your typical british living room i've been spending my whole summer in rooms like that, of course, as well. what gave it away? >> no. i have no idea i really wonder where he was there. he looked like he was in a circus tent of some form rahel solomon, where is rahel? in a circus tent >> no, no, not quite in headquarters in inglewood cliffs the pentagon is saying it's working to get all americans out of the afghanistan by the august 31st deadline. prime minister boris johnson expected to push for an extension. the police officers who fatallily shot ashley babbitt has cleared. an internal probe found the officer was acting lawfulfully

and following department policy. federal officials also cleared him of any wrongdoing. a judge says they will allow tens of thousands more felony offenders to vote, though an appeal is likely and nbc is starting its annual clear the shelters campaign the month-long effort seeks to find homes for pets in shelters. maybe add a furry friend to your family sara, back to you. energy the best-performing sector as crude oil breaks a seven-session movement we'll that you can to jeff currie about the move. plus we'll get earnings results from palo alto networks. we'll break down the numbers as soon as they cross the stock is up almost 2% in anticipation

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don't get mad. get e*trade and start trading today. energy is, by far, the best performing sector today, with oil rallying, snapping a seven-day losing streak, the longest since 2019 joining us is jeff currie from goldman sachs. thank you so much for joining us putting today aside, in the short term, we've seen a lot of weakness why did we see that? >> well, there was a lot of concerns around the macro backdrop you had china concerns you had delta variant concerns,

and then you had the reflation trade. this caused new -- which shifted the trend downward ctas ran it sharply. bottom line, it massively overshot fundamentals. if you look at the microfundamentals, they're tight across all of these different markets. they're still in a deficit even oil when you had demand come offer, particularly china, with the lockdowns, you know, you had demand, you came down, but the demand level was still above a supply level, so now, as demand goes up, you have critically low inventories you draw the inventories in the west that's what we think will be the catalyst to send up back up to 80 so is that in terms of the turnaround for oil today, with the 5% jump.

is it higher from here until we hit those tarts until 80 >> president to be very careful. the liquidity is very low in the markets. equally large down moves as the up move today. that's why i always say, you know, when you go through these periods, you know, you can't take the position down, because you don't know which day it's going to pop back up i'm very comfortable once we get past labor day into september, hey, these fundamentals will prevail and we end up with much tighter markets. the other thing, too, on the physical side, people were really concerned we had a liquidation of paper, but also liquidation of inventory, in both oil and metals so, you know, now that these fears, particularly with the news out of china this morning, we think that will take some of that make roe headwind out of

market near term, but i want to be cautious, liquidity is quite low. >> it kind of makes sense. if you don't think the at the will announce a taper, we know it's coming. they're going to start scaling back stimulus. that's driven up the dollar, that pressure is crude why do you not thing that dynamic will continue? >> commodity markets are driven by levels. even the tapering will be into, hey, the liquid is still going to rise, just not at the same pace as before even what was so critical about commodities is financial markets are driven by growth rates commodities are driven by levels of at this time. you know, so take oil after the covid lockdowns in china the demand growth rate declined. it went down financial markets react to that. summer is down here. even though the decline is still above supply, you're drawing

inventory. the tapering begins, but liquidity is still increasing, putting up-yard pressure on the demand level, albeit at a lower price, will still keep these markets high >> jeff, i ask you about gold every time you come on when is it going to rally or fold, meaningfully it's always just around this 1800 level >> it's amazing it kept its ground during this time period there was some defensive nature will the catalyst, i think you have to see people interested in the reflation trades, but the chinese arbitrage wide open. that means the chinese are buys gold, but also, when you look at emerging markets, central banks, it was coming from the ens that were under political pressure, like turkey and russia this time it's broad-based, so the fundamentals really look

good, you need that catalyst to go up to the $2,000 target, which we think will have to be -- people getting interested in the reflation trade what could that be in. >> >> aside from oil prices, people are looking at the 70% fall of wlum better prices and some of the other commodities saying, see? inflation is going to be transitory would you argue that >> i mine, the markets you can point to, like lumber, iron ore, steel, they're reasons for that weakness iron ore in china, one you had flooding in many of the areas that halted construction that's going to subside, you know, get that construction activity back again. then when you look at th government, you know, it's locking down on the ability to produce steel due to environment

reasons, and nothing to do with the broader economy. so you look at what's going on in these markets, we do not believe they're a canary in a coal mine. >> thank you for joining us. >> thanks for having me. reopening stocks, and chips get a boost. we have the details next in the market zone, with just 18 minutes left in the session. nicely higher across the board today.

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mike santoli is here with us to break down the crucial moments of the trading today today we have josh brown with us as well. good afternoon to you, josh. stocks rallies near session highs, the s&p 500, nasdaq on track for record closes. mike, i have to say, i mean, it's pretty surprising and impressive how quickly we're back to the record levels, if we close where we are now. >> just barely a 2% diplomat previous pullbacks this year, about six or so, the s&p back to its 50-day average we did not nearly approach that this time. not to say it's over necessarily, but at least we made new highs, reset the clock a bit. it's interesting it's the market behaving exactly in character as it's been doing for most of this year, but also plenty of reasons or excuses for a bit of buying across the board today, whether you wanted to wait for covid cases to decides

to roll over in hard-hit areas, whether you wanted a sense that it would go slower versus faster on the taper, because they're going virtual on jackson hole or approval of the vaccine by the fda, all of these things feed the story line that has been tough to turn negative meanwhile, even the crypto and meme stocks have gotten revived. >> if you're in energy stocks, you're in a bear market. if you're in airlines, you're in a bear market. if you've been in small caps, it's been a rotating way of doing it, where there's actually been a lot of pain. >> without a doubt i think the bullish spin on that, we had our correction. it just happened in spots. it just was sort of internally we had a reset s. therefore those things can bounce and help out on the up side, even as they have a lot of catching up to do. >> josh, what do you make of the

enthusiasm today >> i think the last thing santoli said was the keyed point. we had rolling corrections all year if you owned individual stocks, you know it. you don't need me to tell you. if you look at the ipo etf, it's down 16% from march, so that's like six months of torture while the s&p went up 15% in the same period of time the spac index, spak is the etf, if you want to following along, is down like 40% in that same period of time that's a rolling correction. arguably, it's in the place where the correction is most deserved you had a reopening correction, because of delta those stocks are ripping day on the vaccine approval news, fine, but they all corrected pick one every one of them. so, for me, the real story is the nasdaq this is a rip for the ages we are now up 3.8% from the

thursday lows, l.o.l., back to an all-time high, the qqew, which is the equal weight nasdaq, is pennies from an all-time high, so it's not just faang, but can we please talk about faang? they won't need anything relative to what i'm about to tell you google is printing an all-time record high right now, up 60% year to day. i talked about it innian jeer as my favorite of the year, happened it's a $1.9 trillion market cap. none of these energy stocks matter, whether we're in a bear market or well, and nvidia o.m.g. it's up almost 5% on the day, up 69%, nice, year to date. this is a massive market cap it's $500 billion.

so what are we talking about alcoa? carnival cruise is in a correction the big picture is companies are doing great, share prices are advancing, equality weight as well as market cap weight on the nasdaq that's what i like to see after a dip like we had last week. >> more on nvidia in a moment. l.o.l. and o.m.g. in one answer? good for you, josh live event stocks like madison square garden, eventbrite, all surging, cruise lines, airlines, hotels also jumping. josh, you made fun of carnival, sort of looking at big tech -- >> i don't make fun. >> are you ready for the opening stock? >> i'm in livenation, it's one of my favorite stocks. i'm rooting for all of the

reopening stocks, carnival included, just as i'm rooting for my kids to go back to school without mask i don't know anyone is root fog them spiritually am i long any of the names i own simon properties it's very sensitive based on foot traffic obvious lieutenant the bull case for livenation is clear. i think what is hilarious, now i'll get the vaccine because the fda approve it really do you real will lot of clinical data in your spare time? sure but it does matter to a lot of these stocks we've had in the last three days, a million vaccinations per day that's a pretty high rate. i don't think that's happening because of the fda whatever. i think people know people who are really, really sick. that's what actually driving people to go out and get it. all of that is good for this group. i don't know that that blanket space that all is going to work.

could the l.o.l., the omg names, the googles of the world that joel is talking about, could they get hurt? >> yes, there's certainly room for yields as to pick up we all know the cover stories it's not necessarily mean you sell long-term treasuries. it's not been the pattern, usually a longer end -- it's been elsewhere in the yield curve that has had that effect so i do think there'sroom, certainly, for disappointment.

the market will start to run a bit hot here any kind of excuse, you know could be -- you know, could be the reason that all of a sudden the nasdaq 100 doesn't look so bulletproof. to me, we have to wait for september probably to get a clearer view of what might happen josh lipton has a summary for josh >> check out the smh, enjoying a day in the green, right now it's all-time highs some of the big movers there now you have top, rough for august in that name it's about 6%, on track for its worst months check out amd.

you know, the proposed acquisition, that could increase the possibility -- back to you all. >> thanks so much for that josh brown has already touched it we've seen in certainly names -- >> in terms of semis, not really i do think it's important to look they chart of the semis for this whole year. they actually -- it's a catch-up trade right now. there was a bit of a fall breakout, maybe. it doesn't seem that people are as usually you get an overcorrection maybe that's what the market has been hinting at. without a doubt they have held in there i just don't know that this is

necessarily the area that everyone is going to be hitchings to the semis at the moment are not there any other names in that group? >> i think there are great trading opportunities in things like micron and some of the higher beta chip names, but i've only been focus on semi names. nvidia has been a favorite of mine for a long time i like the platform better than just the chip opportunity i like both, obviously, but this company is arguably sitting on the programming language that we're going to be using as the entirety of the fortune 500 begins to automate their businesses

i said to be in this for the long term. the independent contractors have been -- shares of the of lift and that may be because voters 3ru6d prop 22 last year with nearly 60% of the votes, which could make it difficult to overturn it's a reminder that gig labor remains a tricky issue uber and lyft are trying to use the same playbook in other states like massachusetts and new york wall street, though, morgan stanley naming uber a top non-faang pick should the legal threats scare investors away it's obviously a big risk, not a new risk, i

don't know that it's necessarily one that people have to vastly upend their estimates for what this company can ultimately do >> it's a reminder the fight is not over >> there's already massive doubt even when you're using contract workers. it's been in the air for just a moment >> it reminds me of payment for order flow everyone is like, that's the big risk for robinhood that would 3we8 popular with precisely zero people. you couldn't find a penguin in antarctica that's in favor of that tell people that their ride to the airport will cost 40% more because of the a new law passed.

you'll get voted out of office i think that's been drastically overstated >> are you still in uber >> yeah. not going anywhere there we go. it's up 2.6% today mike, two minutes left of the trading day. here's the volume split. it's not gotten to, you know, the whole 90% type of left it's obviously a net positive, at least on a one-day basis that we've had for some time now. the u.s. dollar index, we talk about it earlier, it's had one of the worst single-day session in a while it's getting unwound a bit

whether it's net fed dovish expectations or it's no longer that the u.s. will necessarily have as much of a growth advantage. all of the technical mechanics it has been a pullback that's been in the market for a while the volatility index, another trip up to the mid 20s we also had one in july that receded very quickly so it's created another pretty pronounced spike on the chart. not necessarily outperforming, let's say what the equities themselves are doing >> a strong day on water all of the cyclical, the economically sensitive stocks the session high was up.

s&p 500 up 4479. nasdaq will close as an all-time high [ bell ringing ] >> we are well ahead of that technology is in charge today. along with energy, a big surge in oil stocks. communication services, consumer stocks, financials, and so do materials. that will be a record close for the nasdaq up 1.5% not quite there, i don't think we're kind of right around the level. just fractionally below the level required on the s&p. welcome to "closing bell." i'm wilfred frost along with sara eisen and mike santoli, senior markets commentator record close for the nasdaq. the s&p 500 up 0.85%, just a fraction of a point or so

energy, the best-performing sector, utilities the worst, down 1.3%. bitcoin rallied more than 50%. coming up -- as he get ready to -- initiates coverage of roy i want with a buy rating joining the conversation as well tom, i come to you -- the record close.

a lot of the clients were very concerned about the economic outlook, as one that it was surging, and there's a lot of questions about how effective vaccines are i think in the past few days we're getting what things are called more half full. it looks like covid is rolling over florida pretty decisively the formal approval for the vaccine is great, because it allows private institutions and governments to kind ofmandate vac vaccines. >> a lot of people look to your photos for some of these covid charts, especially ones that indicate we're near some sort of peak you've been looking to the bright side at some point,

hopefully we'll get back to some sort of new normal at the same time we have a lot of still his helping the market. will the market just keep climbing this wall of worry that you pointed to >> it's a fair question, sara. for the most part i don't think it's a center view for most investors that covid is going away i think theed idea that it could be peaking if florida. it took the uk 45 days, if that was true, the markets could look through the surge, but for the most part, there's a lot of fear about the delta variant. then i think from an earnings perspective, earnings were largely ignored this season you. i think the big surprise is they haven't been rolled over to next year i think s&p earnings could over

200, and something closer to 240 next year. i think there's pent-up demands mand, but i don't think the good news is baked in >> do you think that's kind of factored in already? >> at the index left, under normal rules of engagement, you would expect another opportunity for rotation back into the cyclicals, financials and industrials, which we saw up a bit today, but today was not pronounced in the opening direction. shopify and zoom were up along with airlines and leisure stocks, so i don't think today

was necessarily about some kind of one-way story line. it was part of the story today but not all of it as you suggest, wilfred,ist not as if the overall market got punished, because we were bracing for a kind of covid wave that was going to kurt vail economic at this time. we still have back-to-school to deal with there are rising cases in states that have seen schools go back in session, and everything's now back to earnings, and they're reaching new highs. what do you think would happen to the market if we did take a step back? >> that's on everyone's line

delta might be different, but i think schools do need to take steps to try to limit transmission, but you're right that's on the top of people's minds. last year, though, florida didn't take any steps to mitigate transmission, and they were largely back in person. yet florida cases rolled downward so, you know, covid is a mystery. >> josh, i know you don't think that the likes of energy names or banks really matter when the trillion dollar market cap companies are leading the charge are there any cyclical sectors that you've been tempted to buy?

>> i don't know that i've been racing to buy cyclical stocks, but i definitely have holdings in many of them. i want to go back to what tom was talking about. i think this is the biggest issue for the market right now, way bigger than jackson hole or whatever else. to be, do you recall 2011, where like the news from germany and greece, and blah blah blah, it would almost ebb and flow, but with each successful burst of fear mongering it mattered less? to me the delta variant has felt like the european crisis circa late 2011, it's a mess, let's get on with our lives. do you see somebody as the chief strategist at jpmorgan during that time, talking to the people

at the highest levels about that crisis to me that's very peripheral we had the downgrade of the u.s. debt ratings at the time people were up in arms, but you're right, at some point the market found its focus or cornerstone away from those headlines the by coin rally bac towards 50,000, that defies all fundamental thinking, given the actions taken by the china and u.s. >> the other thing about that -- >> >> sorry, 5 trillion in money

market funds. >> 5 trillion, price to the pandemic it was 4 trillion stock market forward pe has actually declined this jeer. >> josh, you have a try i don't think dollars incremental in -- what would you tell your clients if they had to rebalance right now if they were up that much in stocks >> i think it defense if you're trying to get opportunist ic.

>> i think why we became number, draghi said he'll do whatever it takes to save the youra. that's because the central bankers came in and numbed everything with trillions and commitments to do everything to keep the currency together, and there are parallels to the situation, i would say jay powell went all in at the beginning of covid, and gave a strong signal and said he would be there from the beginning to the end, and now we're talking about what the end will look like >> i think you get unexpected volatility, what are we talking about? if you think about who is in control of this market now, the people who are living off the

money they have had invested in stocks are gradually exiting and a new generation that loves volatility, and is actually enjoying themselves, they're coming into this market. >> that's why i feel, whether it's jacksonville or whenever that's going to be a major factor >> existing home sales this month we just got that data today. last month testify 25% we need that to slow down.

>> i think it's important we cover jackson hole, that we listen to what gets said but can you find somebody who sold on a jackson hole speech? i don't think that person on earth exists so investors need to be tempered around these events and take a deep breath. >> i think we can allgreat on that. >> that's fair >> let's hit pause and get palo alto networks. >> eps of $1.60 versus expectations of $1.44. billings up. for q1 the guidance is mixed there. for revenue, 1.19 versus --

between 1.19 and 1.21 gill on. for 9 year, though that's above on both counts. very expectations of 707, and between 5.275, versus expectations of $5 billion capital return, and they say the board of directors is authorizing additional 676 million, increasing the remains authorizations for future shared purchases to $1 billion expire december 21st. back to you all. >> josh lipton, thank very much. coming up tonight on mad, jim cramer will speak with the ceo of palo alto network josh, we get the point this week itself probably not going

to be game-changing forle investigation ways that said, looking forward, are you concerned about whether we do get to an era much higher rates? >> i agree with josh, it depends on time frames even if front of the first actions, i would expect investors to be really nervous they don't like uncertainty. sort of taking away this really will be big, and i any for those who are sort of focused on long-term invests, these periods of weakness are really buying opportunities. >> even, tom, if inflation proves it's not just transitory and lasting for just a few months as we get through the

reopen you don't think that's going to spook the market inflation is a new element for the markets. >> what people have to keep in mind, for the last 20 years, negative real rates, the level of inflation above the ten-year exists 26% of the time we largely think high inflation and lower rates is an anomaly. it's actually really one quarter market history, and stocks actually do troordly well during that period of time, 1917 to 1929, and 1942 to 1959 so it's unknown, because it's a new element, but i don't think markets need to fear inflation as much as we think.

>> we'll leave it there. thank you. a good combo up next on the show, we will get the outlook for cryptocurrency, when we are joined by john farley. plus, we will hear from an analyst who made a pretty bullish call on robinhood. ocming up, why he thinking that stk can really another 50% we're back in two minutes on "closing bell. it's where safe and daring seamlessly intersect. it's understated, yet over-delivers. it is truly the mercedes-benz of sports sedans. visit your local mercedes-benz dealer today for exceptional lease and financing offers. ♪ ♪

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gloom joining us now is incoming ceo of bullish cryptocurrency exchange tom, great to do you as well >> great to see you. i miff you, wilf i miss you sara.

i miss sara as well. let's discuss your upcoming listing, but my first big-picture question is, how long have been super-constructive on the c cryptospace? have you been a believer for a while? >> you know, in 2012, we were starting to wander in the exchange base with this new blockchain thing, a potential risk or threat to our business a friend of mine said, hey, i've got some buddies, they're starting a company, i think you would find it interesting. this company turned out to be an exchange called coinbase he introduced me, said would you like to learn more >> i jumped in with both feet.

we did an investment in early '13, i think was the date, i bored information rites, and really started to learn the cryptospace and full in love with it. it took me eight years to devote my entire working life to it, close the plan here with bullish. >> why is bullish different from what's already out there. >> in many ways it's the anti-traditional cryptoexchange. first of all we're trying to bridge the metaverse of traditional assets, and bridge centralized exchanges. so tangibly, the first way we're different, wilf is we're going to underpin every one of our currency pairs we list, with a liquidity pool, an automatic market maker the second thing, on the day the

deal closes, we'll have a substantial balance sheet. so the price -- it depends on the price of crypto some days, certainly bitcoin goes up and down right now post cloig the balance sheet side will be over $8 billion. we're going to takes it for ourselves, or reinvestment it in our business, investment in those liquidity pools, and create really chunky liquidity that we think will be attractive, not just for retail, but institutions in this space the market makers are the number one, and what you spoke about a defy, etierium, block decline, most days they're the number one used application, and we're going to use that innovation in defi >> it sounds complicated

there was a headline a few days ago that crypto defi projects are not immune to regulation, according to the s.e.c how much of your new job will be taking experience dealing with s.e.c., just dealing with regulation, which is changing by the week with so many different regulators from around the world trying to approach this crypto issue. >> i was saying to a colleague this morning that strategy in crypto is regulation it's understanding regulations, understanding where regulation is going i think my personal experience, having run, i don't know, maybe a dozen regulated exchanges in my career, across multiple jurisdictions will give me a pretty good handle on that but anybody who tells you they understand how regulation will play out is arrogant or ignorant but the truth of the matter is, this space will get more regulated and regulated by more

regulators we're starting, as a regulated exc exchange we want to be adults in the room we want to behave in a very mature business model that will attract institutions, because i think our biggest -- you know, two kinds of things we think will happen. one, there will be more regulation two, volumes and participation from institutions will increase. we want to be the exchange that they come to >> tom, does it surprise you, given, you know, the background you just outlined yourself in this when you're part of a big institution like the stock exchange realizing the opportunity -- does it surprise you that the action is in new entities like others, big banks, big brokers that we talk about on this network.

why haven't he harness the i don't know yes, it surprises me, it's not just the exchanges as you point out, it's the banks. you have big investment banks that will makes markets in any asset, any structured product and they're doing nothing on crypto, even though this day in some cases earlier this year, if the revenue the exceeded it is them combined while the exchanges miss the opportunity, the kid brother came back 6'6", ready to tussle with, you know, the bigger

brothers, older brokers. you hear it from some of the older-school investors, just, you know, there's hacks, there's illicit activity, there's extreme volatility in the prices you have heard all the counter-arguments. it still feels like people aren't convinced that there is long-term stairing power as a source that people can't use where ultimately are we going on all of this? >> i'm a believer. i wouldn't be devoting my entire professional career to it at this moment. if you look with that much time of brainpower, money, resources, i have no duty it will continue

to grow, but the bear case is real we've been taking six weeks writing or proxy statement, and we're spending just as much time on the bear case as the bull indicates. the digital asset space is a spec speculative endeavor there's a lot of down side it's just to me i look, like i said, all of the use cases in defi, all the smart men and women going into the spates. i look at the institutions that are moving in the space. i look at the staying power of bitcoin in particular, and i just think it's -- personally i think it's here to stay. >> great to be with you guys

coming up, we will discuss with an analyst who thinking he can really from 50% here the optimistic outlook for that stock, next.

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robinhood ending up today about 6%, but still up 46% from its high, dan is here to break down his call and his target what do you think is being under-appreciated here >> great to be on the show again. thanks again so, look, sara, i think what people are pushing back on this robinhood is a betting site, right? they're saying there's too many auctions being traded, too many meme stocks. the work we've done, is for the price of options, they get paid 2 1/2 times more on optioning than equities. the actual mix is not that different from ameritrade. it's a little higher, but not a

lot. i think people are undeservedly being bearish. we think it's a singularity. we think they captured the gen-z site geist there's no reason to not be super up on robinhood these days the action is in crypto, and there is tons of regulatory risk and factors -- how do you respond to some of those more bearish signals. >> what you say in the second quarter is really just like a phenomenon of the second quarter. you saw that across coinbase as well, where the volatility of crypto was very high

there's a very loyal user base that's engaged way more often. the engagement on robinhood is higher than ven plmo and paypal. they transact six to seven times on robinhood it only happens -- i've never seen any other app that gets that, right? really that's the key. once you get that loyal customer base, i think crypto will come and go there will be better quarters with equities, with cryptos, but the fact of the matter is people love the app, and that's the key. >> so do you also wonder whether, dance, companies like charles schwab or other brokers deserve a much more premium multiple than they currently have in part of your case, seems to me, attracting the current

customer base to do other services with them more than just to trade stocks. >> that's a great question, wilf what's happening here is i'm severe this with the square app, for example, the disruptor should get a much higher multiple i'm not making a -- i'm making a comment on general, the disruptor is getting a higher multiple than the disruptee. so you're seeing that, you know, with square versus banks, right? that's very important. that mechanism will play out hooismt robinhood is getting a high multiple not because of what it is today, but what it's going to be in five years. you're seeing that trajectory, which is moving this way they're going to bifurcate away from the traditional exchanges and become the single money app, but, you know, they're not competing with charles schwab. they're competing with traditional banks. i think that's what people are

missing. >> what happens, then during a bear market to that engagement and growth levels? >> we have seen a short bear market last year it just created, like a huge oomph in the engagement. in general, bear markets are bad for everyone, but they're offering free trading. what i have actually seen -- this is something we heard from the companies. when the market comes down, users actually go back and buy equities on robinhood. there's a phenomenon, when the stock market actually recedes, user are more engaged, buying even more stocks i wouldn't say it's contra-cyclical, but it's a gift that keeps on giving. >> i guess it depends on how long the bear market lasts, if it comes dan, thank you with your take. >> thanks, sara. find out what's behind the

housing games and what to expect tomorrow. mike santoli breaks down the softening economic supplies index. i'm gsolad he's back. i was waiting for this chart we'll be right back.

welcome back, shep. >> thank you president biden says full approval of the pfizer covid vaccine is yet another reason for people to get their shots. mr. biden calling it the gold standard pfizer is the first -- sending a message to private companies, mandate the shot require your workers to get vaccinated u.s. troops are now rushing to get americans and allies out of afghanistan before the end of the month. the taliban telling our sister net york sky news that the august 31st deadline is a red line that should not be crossed, and warning there will be consequences if the brits and americans stay any longer. despite that g7 has a meeting tomorrow to do exactly that.

rescue workers are working to find 40 people still listed as misting after deadly flash floods over the weekend in middle tennessee the death toll officially 21, including a pair of 7-month-old twins swept away in the rushing waters. survivors take stock of what's left of their homes and community, on the news right after jim cramer, 7:00 eastern, c innocence. wilf, back to you. let's move to existing home sales, which rose for a second straight month in july diana olick has the details. >> yeah, wilf more supply is lifting sales up 2% month to month, up just 1.5%, and the comps are getting tougher because of that huge spike in housing we saw last summer inventory was still down 12%, that's a smaller annual drop price is still hot, up 18%

part of that is really because all of the sales are on the higher end homeowner stocks did not participate. that's less about existing hole sales, likely more on inflation issues we'll get new home sales for tomorrow and i'm sure the stocks will react to that back to you guys >> diana, thank you. teaming up to create saxwork. coming up, the president of saxwork. and later we'll look ahead to tomorrow's earnings and what investors need to know about those reports in particular. we'll be back in a couple minutes. coolest trucks there are on the road. on my routes on a daily basis i might have 1,100 to 1,400 stops which to me that's 1,100 opportunities to connect with my customers.

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the owner of saks fifth avenue, hbc, betting big on the future of co-working with a new concept called saxworks. it would convert part of its department stores with working space with his amenities wework is supporting the new venture, providing technology and staff to help run the location the first location will be open next month joining us is the president of saxworks amy nelson welcome. >> thanks so much for having me. what is the idea here?

>> it's a great question i think, you know at saxworks, we're looking at the question of take retail spaces and welcome back the community in a different, new way we also have workspaces, but fitness, wellness, programming, cafes, the list goes on and on is it a somewhat sad commentary on the state of department stores, but there's just too much square footage of them in this country >> i don't think so. i think one of the cool things about the history of retail in america is that it's in a place for community to gather. if you think about it. it was a place to see the holiday windows, where we would do all sorts of things, and at saks fifth avenue they've always been innovative. in the 1940s, we offered photographs for families sending soldiers offer to war. so now we're going to the next piece of evolution to bring back

that community space and welcome people in different way to say gather and design and do it in a place that's beautiful >> so is this like a mini wework within a saks store? >> we're partnering with best in class operators, in companies like body squad on the wellness side we are building spaces at times within saksworks where we be added into stores, but also in lord & taylor locations, and other locations throughout the country. in greenwich we're opening a restaurant concept in the old ralph lauren mansion. >> does it actually help drive sales in the retail location >> i think it helps drive sales,

but it also is how else can we serve customers. >> they just made -- and retail is thinking the same way i think, you now hbc, our parent company, is asking ourselves how to evolve. >> i guess, amy, the obvious question for the potential critic is to ask whether this is because the stores are too empty, and there's a level of desperation of needing to do something with what is otherwise quite expensive real estate. is there any truth to that line of questioning >> if you look at the reports, and i think they're true, hbc is actually hitting it out of the ballpark saks fifth avenue, and the bay we have evolved into an arena with a strong e-commerce business but i think at saksworks, you

can about he in our stores, but come, eat, dine, have a glass of wine, work, all the different things it's tale real estate to the next evolution >> so who do you expect to be the customers for this what are you seeing? >> it's really interesting we keep talking about the fact we have work, we're remote, we're hybrid, the fact is where we live has also changed one of the most innovative things is we're headed to the suburbs. we now know people have lived further out, and we're bringing what you normally find out in the city, and for -- what we're seeing is a lot of interested from workers, where there's some days we'll be working from home, but they might have many children like me, i have four little girls and can't high in the bathroom for zoom calls, so i need to get out somewhere else and do that work.

>> it depends on the location interesting experiment >> thanks so much for having me. don't me cnbc's evolve livestream on retail tomorrow 1:00 p.m. eastern time with ceos on how they're dealing with supply chain issues, you can register at our events on cnbc.com wilfred? up next, surprise surprise mike san tollist at the times to mike san tollist at the times to the telestratotter finance systm than we do.

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c . stocks closed right near record highs today for the s&p a new record for the nasdaq. let's send it over to mike santoli who's looking at some of the macro indicators mike, last week, all week every time a data point missed i said where is mike san doe lee. i'm so glad you're back. the data's still missing. >> as recently as this morning just so i'm clear, the main reason you missed me for a week is -- >> just one of many. >> got it, understood. here is the chart. it's a dramatic one. we've never seen anything leek the degree to which the the economic data was exceeding economists's forecast back here off the 2020 low and the resurgence however, we have dipped below zero that means on balance, economic numbers are falling short of economists' forecasts. that was as recently as this morning. the market pmi index did again -- this helps explain why you've seen perhaps treasury yields been suppressed, growth beating value.

the reflation trade has lost some steam all of that is coinciding with the idea we did see peak momentum in the economy earlier this year. take a look at high yield credit spreads. this is the risk spread of junk bonds above treasurtreasuries, y long-term chart here these are also up. the spreads are higher people are demanding a little more return to take on the risk of risky debt. coming off of record lows around 3% yes, we've consistently been above the recent lows for a few weeks right now, but if you look at this long-term chart, we bottomed in terms of high yield spreads in like 2014 there were years left to run on the economic expansion and on the bull market back then. likewise, when we bottomed here in 2018, had some choppiness in the market again, it was only after much higher levels of spread. i think you see moderation in growth here as opposed to real risk to the long-term expansion, at least right now, guys. >> do we blame it on delta maybe a little bit of fading of fiscal stimulus in there too

>> i think a lot of it is those two things coinciding and the idea, too, that you're always going to get that peak level of momentum, of kind of breaking out to the upside of economic activity when everything reopened at once we've never really seen that economists have a hard time trying to handicap just how strong things were going to be, and they were consistently too low in their forecast. it's boom times, raise their estimates and now you've seen a lot of the street economists are pulling down their third quarter gdp expectations because of delta, because of the changes in consumer behavior, even though they're modest and yes, i do think we're going to start talking a lot more going into next year about fiscal drag because we're not going to see as much spending out of washington relative to the base from 2021 next year >> mike, thanks so much. >> your wall street look ahead, we'll get a read on some key consumer names and a closer look at how the housing market is holding up amid the delta surge,

a full breakdown when we come back

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ahead on the data investors will be watching new home sales that number out at 10:00 a.m. eastern time, and more earnings on deck as well tomorrow, we'll hear from best buy, nordstrom, urban outfitters, toll brothers and a few more as well as that mike, i'm most interested to keep an eye on asia and europe as well, but asia to see if that rebound continues. we had pretty sort of negative readings are from overseas for most of the last month or so and tended last week to have lower opens than we had closes it was kind of weighing on sentiments each morning. today seemed to turn the tide a little bit overseas. >> yeah, for sure. massive underperformance by asian stocks obviously for the last couple of months. that was primed probably to have a little bit of a bounce over there. i do agree that's going to tell us something about the persistence of this sentiment, as much as today, i had the kind of action, it's hopeless to fight this market. it seems like it's frustrated for anyone who would sell or try to bet against the market

because so many different areas and themes were higher i do think it's enough residual doubt in there the market fails to make a new high on the s&p 500. we're still trying to figure out what school reopening means, and just exactly how much is baked into stocks. we're up almost 20% year-to-date in the s&p 500 it's been a little tougher sledding in the last couple of weeks. >> as for covid i think the kids is a question and an issue but clearly, i think, today we should acknowledge the great milestone that happened which is the full official fda approval of the pfizer shot did you see moderna's stock? it's been a moon shot. it's been an incredible stock, but it was up another 7.5% for those that have been skeptical, and i've seen it on message boards, i've seen it on social media, people do argue that, look, it's just experimental it's an emergency use authorization. perhaps this goes against that and will convince more people to get shots. it also provides legal cover for companies to start mandating it and others to start mandating it ultimately those stocks have been

absolutely on fire, especially moderna, mike, which has really helped driven the nasdaq. >> some of the efficacy studies that have been come out in terms of the durability and immune responses seem to favor moderna a little bit it's yet to be seen if there was any fresh news that justified the stock. >> confirmation of something we were expecting that's going to do it for us here on "closing bell. good to have you back, mike, wilfred, see you tomorrow. >> "fast money" begins right now. >> overlooking new york city's times square, this is "fast money. today's line of dan nathan, guy adami, we've got our eyes on big after hours moves in palo alto network, we're listening in on the earnings call, plus a bitcoin breakthrough the crypto briefly crossing the key $50,000 mark since may we'll break down where the digital coin is going next crypto punk nfts are rocking