that makes la tisse is allergen, but it's got again so lower costs for an eyelash drug. m meg, we appreciate it. i'm off for a day, going to a niece ace surgery, and a friend tomorrow having surgery, we'll keep him in our prayers. see you next week, tyler. >> see ya. and "closing bell" starts now. >> the major averages mostly higher, as we head towards the close, though wells on of best levels, both hitting record levels during the session. >> i'm morgan brennan in for sara eisen what is driving the action today? energy by far the top performing sector crude back above $70

names like cabot and occidental are up today the job less claims is the lowest level since the part of the pandemic that's ahead of tomorrow's jobs report retail stocks are making a moving we have more on those straight ahead. we have 59 minutes left to go in the trading session. wilf >> a big show coming up. as always, we'll speak with bank of america's head of retail about the state of consumer and whether the delta variant is hurting the numbers he's seeing. and the ceo of first center on the impact of extreme weather. pike santoli is tracking the market action. ylan mui has a look at whether the infrastructure bill will

address some of the problems that this week's flooding has brought to light >> we're idles ahead of the jobs number some upwards drift between about 45.20 and 45.40 area, so it seems as if we're flattening out before we get the jobs number before, and the start of month flows, which maybe you with squint and see that the market is a big sluggish here still, obviously very much on trend. nothing is really disturbing this upward grind just yet take a look at the relationship between the nos dak 100 and broader market over the last two years. one year ago, essentially exactly is when the ndx peaked

relative -- this is the megacap growth here, which essentially trades right in line with the huge faang and other nasdaq stocks and obviously had a big underperformance relative to the rest of the market that was here, and now we've kind of come back up, not quite back up to the levels of relative performance, but the relationship has stabilityized a bit, so you can keep an eye on that of course, we mentioned a couple days ago, the nasdaq 100 was looking like it was getting stretched. and people who matter sought it before i did, and had a softer footing under the ndx. finally, some of the more emerging growth areas, or maybe risk-seeking areas of the market have repercolated against, as, remember, the big peak in the arc invest etf, as well as cloud

computing as ark and the ipo, all of them in the basic same shape with little acceleration so we'll see if it's a re-emerging trend. we are in -- small caps are trying to catch up, and maybe it's just a matter of, look, we've gotten overdone in some areas and we're going to pick up what's been left behind, at least in the short term, guys. >> to your point, the ndx is the latest average is there anything to be read from the seasonality.

i don't know that it's out the window i think it's one of the things that keep up the -- there at least to be air pockets in that. to attribute it to the fact that late in the summer it's hard to get a read on seasonal effects analysts did not -- some of the mac robe data is a little jumpier, soit used to be actually about the season. right now i think it's about -- we'll see if we're due for a meaningful pullback. the rotation has rescued this market repeatedly. so it's hard to bet that all of a sudden that's going to come to an end. >> it certainly has, mike. thanks so much turning to the storms, some incredible images over the last 24 hours, flooded subway stations and roadways as the remnants dump report rainfall in the renal is not ylan mui has a look at whether

the infrastructure bill will address some of the issues that have been brought to light in the last couple days by this storm. ylan >> wilfred, officials in new york said they're working tots the state officially declared as a disaster area, but theyings pushed for the trillion dollar infrastructure bill. >> so when they floods or fires or anything else occurs. they're much more resistant. >> the bill includes a subway system as well >> another billion for water infrastructure speaking at the white house today, president biden called on

lawmakers on both sides of the aisle to come together in the aid of the recovery. >> this isn't about politics hurricane ida didn't care if you were a democrat or a republican, rural or urban, its destruction is everywhere. it's a matter of life and death, and we're all in this together >> now, biden has spoken with the governors of new york and new jersey, promised that the administration is sending help guys in returns, the governors also pledged their support for the infrastructure package back to you. >> what would be the timeline of some of those items, to really take effect form it's not by next hurricane season, of course >> it could be as soon as a year these projects tended to be long term before some of that money starts flowing so that's why they're trying to do two separate things there's

one thing to fix the bridge, it's another to rebuild it up next bank of america's head of retail will join ugh, and whether he's see any slowdown in the housing market you've watching "closing bell" on cnbc. with directv stream, i can get live tv and on demand... together. watch: serena williams... wonder woman.

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consumer confidence has been coming in weaker the past few weeks. joining us today is steve boland thank you for joining us. >> good to be here, wilf. >> consumer confidences readings everyone gets to see, what about the underlying data? is it painting a similar picture? >> you know, actually, wilfred, i'm seeing a lot of activity that gives me a lot of confidence first, i look at payments,

whether clients are using credit or debit cards, or ach wires, writing a check. payments are up 20% versus the pre-pandemic period in 2019. and the other area i like at spend. we're seeing credit and debit spend that's up 25% versus the pre-pandemic period. now, you have to look underneath that and say where are clients spending as well those show some encurrenting spend, and interestingly enough, i look at ought. 60% of spend was on clothing you think about families with kids going back to school, you saw some signs of normalcy there. >> you haven't seen any signs of slowdown, whether because of delta or otherwise on week on week or month-on-month basis. >> the only things you look at,

travel had been rebounding, right? if you think about the beginning of the year, travel was down about 50%, last month down maybe about 9% even there, i would tell you -- that's versus a pre-pandemic area, even in our debit card spend, that was up 6%. we've got to watch that, you know, as we kind of have the various kind of volatility with the pandemic we're going to see what happens, but right now, i've got to tell you, i'm seeing fairly good activity. >> steve, it's morgan. how about on the housing side? we know prices have been fish errors, but early signed it's start to go cool in part, what are you seeing in terms of mortgage activities, reify activity as well, the whoa kit and caboodle, if you will? >> mortgage activity has been robust, but the inventory issue

has been tough on buyers if you look at last quarter, our mortgage production was up quarter over quarter we're seeing good activity we do a survey every year. i saw some good encouraging signs. if you think about just traditional prospective home buyers, i looked at 18 to 43, they told us about 90% of them saying their number one priority, they're saving for a home it's good to know even despite the challenge of acquiring a home, you still seal a lot of activity just as interesting, in that report we looked at that same age cohort, but for existing homeowners here is the interesting thing. we hit like a 20 trillion of home equity, many of them are thinking about tapping into equity to remodel their home so you think about moving up,

changing their lives, and now they're thinking about tapping into the home equity to renovate their homes. >> we know you've had good digital adoption numbers for a while. they have obviously gone through the road, and brian and many of your colleagues talk about it when they come on. i wonder if it changed your forecast expectations for how many branches you might close down over the next five years or so >> so, you know, first on digital activity, digital is in a couple places. first, it's been a big driver for sales. we've seen over 3 million sales whether it's home mortgage, auto, it's a big driver. 80% of mortgages and auto loans comes that channel even our deposit products, 40% come in via digital s now, you know, we follow the consumer

what we found, as consumers have shifted from everyday banking needs versus digital, you know, we're continues to invest in our digital capabilities at the same times in our financial centers, we're putting client professionals helping them on the bigger kind of advice that they need on planning, so financial solutions can help them with investing, small business bankers that might help them. we're always looking at our footprint and how to rationalize where we are we opened up i think 190 to 100 new centers. we continue to renovate new centers. so high tech, high touch, we want to win in both spaces. >> steve, just to dig into that more, we are starting to see the lines blur where some of the fintech names are concerned as well maybe companies that started as

trading platforms, starting to look to do more of the banks service, too how are you encounters that from your side? >> you always have to pay attention to existing participants, but our focus has been how do we continue to engage with our clients? if you go back, look at second quarter, we have over 2.5 billion log-ins. in the second quarter, we have zelle transfers for over $60 billion. if you think about erica, or driven finance assistant, there are over 2 million transactions that have happened to date so far. we launched something called life plan. that's the ability on our app to establish a financial plan for your life. we are seeing huge growth in that, over 4 million people with life plans it's helping achieve our purpose, which is to help make

the financial lives of our clients better 20% of our clients who created a life plan have seen growth in their assets we're going to continue to invest in how we engage, and all the other capabilities that they do with us 85% of deposits, and everything that we can do for our clients we continue to react and respond to that. >> steve, good to see you, as always thanks for joining us. >> great to see you, wilfred thanks, morgan. after the break, two more companies are laying out creative policies rather covid-19 plus the world health organization says it's monitoring a new variant called new, what is it? where is it? we have all those details. check out virgin galactic. it would ground the company's space spaceshiptwo -- we have more details on that story strait

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welcome back more companies are speaking out there their vaccination policy u about. s meantime is also out with a new policy, saying state of members can now apply to work from home. let's talk more about that new variant. the world health organization saying this week it's monitoring that strain, which was first identified in colombia hey, meg >> hey, wilf world health organization calling it a variant of interest, not a variant of concerning it was originally identified in january of this year in

colombia, and it has mutations that give concern about the potential to avoid vaccines. they say that they have detected it now in 39 countries, and it's a small proportion of sequences, and declining, though they do note that it's climbing in colombia and ecuador here in the united states, the previousliens is very, very low, 0.2% in the cdc's most recent update delta is 99.1% of variants identified in the u.s. that's such a contagious variant, it's difficult for another variant to out-com piece it, but folks say if the mu variant can evade vaccines could we see it from mu? the previousliens right now is extremely low. back to you.

still to come here on "closing bell," we'll talk about covid's incoming -- as the ts 5689 records lowest number of screenings since may late tom lee will join us and predict perhaps an everything rayly. rally here's a check in on bonds

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welcome back let's check in on some individual market movers shares of chewy are falling after the earnings report. >> customer spending on you're platform is at an all-time high. it was up 14% on a year over year base. more customers, they're spending more, staying with us longer that stock is down 8%. shares of chargepoint are moving in the opposite direction. here's their ceo on "the exchange" earlier talking about demand. >> we're seeing very strong demand across all sub-verticals in the industry.

i think that's evidence that businesses are seeing evs show up in their market the lot, engaging cordially right now it's about grabbing that scale and just continues to execute and taking advantage of the demand >> that stock is up about 8% talk about a tale of two stock moves. it's now time for a news update. we turn to rahel solomon. >> crews across the northeast, the major deegan highway pretty much turned into a lake. chevron is committing to donate $3 million to heche hurricane efforts focusing on communities in louisiana, and matched donation by employees and retirees.

and there's a call to release from the oil reserve to relief fuel disruptions. and walmart is raising wages by at least $1 an hour for more than 565,000 workers walmart says its average u.s. wages already mob that are $16 -- retailers face a tight labor market, which is hard to believe, morgan, but right around the corn er. >> it will be interesting to see how that plays out we have less than 30 minutes here before the closing bell the major averages are higher right now, the dow up about 0.2% the s&p up 0.1, but a new record high there, and the nasdaq also reaching a new high, though hovering around the flood line straight ahead, the cdc is

out with a new warnings, urging the unvaccinated not to travel this weekend we'll break it down with a top analyst for the airline industry. and earnings coming in later as soon as they cross. ckngel wl rhtig ba ad! hey, son! no dad, it's a video call. you got to move the phone in front of you like..like it's a mirror, dad. you know? alright, okay. how's that? is that how you hold a mirror? [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most and $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today.

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to reinstate restrictions on american tourists. joining us is shielda callaiou good to see you. it looks like traffic is at the lowest level since may 11th. i realize some of that might be seasonal how does it speak in general to what we're seeing in perhaps some ebbing demand on the, i guess, passenger willingness to get on planes right now. sure you're exactly right august 31st was 1.3 million, the lowest since may 11th. august tsa numbers are down about 20%, 15% of that is seasonality. basically for airlines you've had a hot summer with domestic u.s. travel, but i think for fall, you're going to have it

fizzle, as reopenings will be pushed back, and you'll have to bet on cost performance and hold out for one or two more quarters for the very least. >> are there any thinking you like here? >> sure, we like delta, given the potential improvement in corporate. >> so, you know, i think for delta to work, you have to be patient. you'd have to wait for q2 2021 to see better numbers, and also for cost efficiency, we're preferring following spirit and the manufacturers rather than the airlines right now, given some of the cost pressures they're seeing come back. >> sheila, how do you put in any certain numbers on international

travel when the dates just seem to move. it's so much nor binary when you look at the international travel. >> yeah, you're exactly right, wilfred. domestic is faring very well, really due to u.s., china and russia, domestic travel among nations, but international is still down about 70% you're really seeing a tit for tat with the european union potential putting another ban on vaccinated or unvaccinated u.s. folks coming in. so you're going to have to see more global reception to folks coming in, and it's pushed out we see domestic travel coming back by 2023 to 2019 levels, but our forecasts don't embed any improvement until 2025 for international. you'll see softness in wide bodies, that's baked into the forecast when you think about the manufacturers.

>> and your take on those stocks the business piece of the equation, we can talk about what this does to commercial business travel, but i imagine it would have an impact, make not a negative one, where business jet demand is -- >> i think business jets have been booming you know, they're way above 2019 levels right now what we heard from the charter folks is that levels are very good july was one of their best months august has been even better. the business jet obms like givestream, cessna, bombardier haven't arriving rates, bull people are holding off selling their old jets, because they can't get in line to buy a new one. our preferred name is techstron.

there's a decision expected with the army in -- the f-22. techstron is our preferred. >> i'm not going to let you know about the defense stocks as well obviously we have seen this pullout of the u.s. military in afghanistan. meantime, you have the latest defense bill being -- starting to be hashed out in congress as well how does it speak to what we could see as potential growth moving forward >> i think the b-280 it does remind you that they do exist and it's not all about china and

space, so the army's dollars should be funded equal equally that competition will be decided in the spring of 2022. we'll have to wait for it, but i think the army aviator needs an upg upgrade, and the competition is set for that. >> sheila, thank you for joining us good to see you, as always. >> thank you coming up, a new policy at amazon is simpings shares of visa and mastercard. retailers are also moving lower as well, in today's session. and don't forget you can watch or listen to us live on the go on the cnbc app we will be right back with the market zone. aaaand welcome back to guess the price. sal. what do you do? oh, i'm a retired postal worker.

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♪ we have 15 minutes left in the trading day. we're now in the "closing bell" market zone, commercial-free coverage of all the mac into the close. mike santoli is with us, and stephanie link joins us as well. welcome, stephanie. >> hi. we'll need a bit more than we've got on the s&p to have a record there as well mike, it looks like a bit of rotation with only very slight gains, but a couple things are doing quite well energy is finding a footing, and the ark kind of universe also doing well both today and this week. >> they are. you know, even the equal-weight industrials is up 1% today it looks to me like -- with the

exception of some of the more aggressive emerging growth stuff, it looks like whatever has performed well for the last month is giving a bit back, simply as the market pulls itself into neutral ahead of the jobs number. tough to really draw big conclusions out of the action, except the market continues to hover at the highs again, just trying to get neutral before we get the jobs number bed a miss on adp, so it seems like you have crosswinds that could turns that number either way. sup how you see it, stephanie, the next major egent is the jobs report tomorrow? on you are you looking at something else >> tomorrow's report is backward-looking the more important number within

that report is the wage number it was 4% annualized growth last month, so let's see if it's high and hot again, because that is -- inflation implications it's much more sticky, in my opinion, versus commodities, which have started to roll over. i think the report will be good tomorrow, solid. let's watch the wage, but i was more encouraged by the initial jobless claims a challenger gray layoff numbers was the lowest monthly figure since 1997 so clearly we have momentum building i think that's why you have a bit of a rotation into value today versus growth. to mike's point, let's see if it lasts, but i am encouraged that the data is getting better the other thing i'm watching is m & a. we had baxter, and i think that's very positive

we've had $3.6 trillion in m & a globally year to date. that's better than all of last year's trillion. that's a sign of a positive signal in my mind. >> especially when you have the ftc is pretty outspoken in terms of some of the dealmaking we're seeing energy sector massively outperforming today, on the back of a jump in oil prices. crude oil inventories, mean time opec and its allies believe demand for oil will only increase, and upped the demand forecast in the meeting yesterday. steph, we want your thoughts on this especially as natural gas is trading high, too. >> the dollar is a big weak. we had a hot eurozone as well,

we do have a bit of inflation in the system by the way, energy is down 14% from its june highs, so maybe it's a bounce. it's only -- less than 3% of the s&p weighting, and so i'm overweight, but i'm only 200 basis points overweight, only 5% in my entire portfolio is energy >> mike, clearly it's bouncing a bit today but given steph's point about pullback of late if we see covid peak or declines from previous estimates being less pronounced, does energy bounce quite aggressively? >> probably so at least it has more life in this bounce. i think it did get pretty washed out near the lows. if you look at some of the flow

data, it had a purge in the energy sector, so it makes sense it would do so you know, if the global delta case curve, you know, a lot of people passing this around, it definitely seems to have rolled over hard to know for sure if that's something we can just bank on right now, that it's only headed lower. plus opec-plus pretty much did what was expected. no incremental supply increase beyond what was thought would be happened we'll get the refineries back pretty soon. >> stephanie, if you're seeing a rollover in some of these more industrial commodities, does that make the stocks look more attractive here? >> well, input costs are coming down >> fair. i think the industrials, the cyclicals, the value, the reopens, they and you have lagged the last few months.

>> i think we have to get that number tomorrow, but -- and you've got to get people back from vacation, by the way. i think the economy continues to do well. i think we're at peak growth, but i think we'll stay above trend. i think you'll see stickier -- all of that to me translates into i do want to own more value, more cyclicals, but it's been painful, because growth has really taken over, as i mentioned earlier. >> retail stocks on the move today, after reporting earnings. we've had quite a few retail earnings over the course of the last week or so. rahel has a round gyp. shares of five below, dropping nearly 13% today sales -- you can seize -- also a similar story to american ethe

outfitter. >> down about 9% after posting disappointing second quarter results, and a weaker third quarter outlook. guys, back to you. all right. rahel, thank you >> sorry, morgan >> you keep going. mike santoli, my question was going to be, on this, whether in fact with these pullbacks, with some of the less encouraging reports. if we listen to what steve boland had to say, if this all would be temporary there's a will to spend. i think the market is much more

consumed with staticy signals out of the supply chain, and then some of these individual concepts have an inability necessarily to preserve margins. even the chain retailers with great positive reactions to their good earnings, like best buy, they have given back some of that pop. stephanie, we have your thoughts on this, especially as we talk about wage gains, the state of consumer and what all of this will look like into the holiday season. >> i like the consumers very much i think you have a bunch of pent-up demand i think we'll see above-average

wages in general, maybe not 4% annualized, but i think we'll see higher than average. consumer confidence, i know those numbers were accounts appointing, but the numbers are pretty darn good by the way, they at least companies you mentioned, chewy, five below and american eagle, all had better than expected margins in the face of higher freight costs, in face of supply-chain issues. that's remarkable. i think they all had high expectation, but that's why they're all selling off. i like the total addressable market story there. shares of visa are lower today. amazon australia is adding a 0.5% surcharges on purchases made uses visa credit cars, mastercard and american express are also lower on this news as well mike, we want to get your thoughts here. we do continue to see the lines between some of these more

traditional, stayed financial services companies, older established fintech blur with some of the newer startups. >> it's been a pretty unfriendly set of headlines for visa and mastercard you did have the amazon/affirm linkup, too. the idea that maybe they're not as central and immovable part of the 35i789 structure as previously thought that was a -- there's so much premium that could come out. i think when you trade at 40 times earnings, it's been a

trend under way for a couple months it's not just the last couple rounds of news flow. >> i totally agree, mike, nothing determined, but if you pull up a ten-year chart of mastercard, you can see the extraordinary gains they have enjoyed, while the rest of the financial system has been disrupted. their share prices have hardly flinched in a way the other parts have steph, i know you watch this area closely, have held various names. and i just wonder whether you fear that point, that might be says that, the multiples are quite steep relative to the other parts of the financial system. >> yeah, i scratch my head on the multiple, wilf, these are 39 times, and mastercard is at 41 times. by the way, these are so well liked, 85% buys on visa, 84% buys from the sell side on

mastercard america express is trading at 18 times. that's not cheap, by any means, about you cheaper than these other two. i think you'll see it's a reopen name, right? we no that leisure has come back in terms of travel, entertainment. we have to watch delta so that's why i think actually next year sets up quite well for american express, since this was a very heavy investment year for the company. i these expenses will come down next year, revenue should go higher, and that's operating leverage by definition i'm comfort with amex here >> mike, in terms of the other parts of the financial system, does it suggest that other big incumbents are due a bigger multiple >> it's hard to know if they're going to look at the huge financials that do have

technology that's suited to participate in the next phase of payments or whatever else, and feel like the market will bestow a higher multiple. of course, it's also, you know, a lender and it's leveraged to spending volumes much more directly i don't know that that's the best, but overall the traditional financials have held up better than you might have expe expected so i don't think it's necessarily about an either/or >> about 90 seconds left, mike internals? >> yeah, somewhat mixed but still positive, the volume split right now, it's about 2 to 1 to the positive side. underliking it is a bit of

demand evident look at the equality-weighted russell 2000 just in the last two days it's finally nudged to a new high previously set back in june. >> it's been repairing itself to some degree. the volatility index 16 1/2, it's steady. i think it's got more juice in it ahead of that jobs number tomorrow it probably does have some downside just unone minute left >> it's just high enough to get its own record close, having not had one. the dow continues to say -- energy is the best performing

sector followed by health care only three sectors are negative to today. >> as we go to the -- at the close, two records highs for the s&p and the nasdaq dow not quite as one a slight gains across the board? welcome to "closing bell." i'm morgan brennan in along with wilfred frost as stocks selling here into the close, just getting a read on the major averages, all finishes the day for the most part higher we have new closing highs for both the s&p and the nasdaq composite.

finishes right around about up 0.3 of a percent nasdaq finishing up. dow up 131 points as well. the outperformer was really the small caps the nasdaq, the 100, though, the big tech name, finishing the day, as all eyes now turn -- or many eyes turn to the jobs reports tomorrow it is september-plus, we're movement away from earnings. we're going to break those numbers down is not they are released stephanie link is still with us. and courtney dominquez joins us as well. mike santoli, i turn first back

to you for both the s&p and the nasdaq composite, albeit the fact tight trading ranges as we go into what's a holiday week next week. >> yeah, i would call it an upward drift it's a bit of a continuation of what we saw at the very end of all the here it's hard to say that anything is going on that's changing the trend. treasury yields are kind of contained. there was a growth stock focus, but that'sing more balanced out it's difficult to say that any new themes are emerging to see if that ends up being the catalyst that can switch on or off this rotation we've gone

following. i think we're only arguing about small differences in the cadence of when the fed says it's going to start to taper the bond buying, but that might be enough to get the market more interested and energized for the next move. cou courtney, what are you thinking? >> the jobs report will be important, but not growing so fast the market likes this low-race environment, but it's definitely something we want to be watching. >> stephanie, ifrlsed we touch on this before the closing beg, but just in what is outperforming today, it's industrials, energy, but also health care, but it speaks to

the push/pull we've been seeing, whether it's value and cyclical, whether it's tech and some of those more growth-oriented names, or maybe even a barbell approach. >> it's exactly right how you ended on barbell that's how my portfolio is position i think you will see a higher inflation. i really like the reopen names some are down 20%, 30%, 40% from the highs but within the kind of reopen, and then on the other side, you don't want to miss out on cyclical growth, on total addressable market stuff, so next week will be interesting, because we have a bunch of conferences next week we have barclays consumer, so that will be important

morgan stanley has two, an industrial conference, and health care. i think it will be a quiet week, if you will, so it will be fun >> it sounds like you have a lot of brokers pitching you to come to their markets >> whether that's a positive or whether it would be a sign of a top. >> so i think it's very positive i think you always listen to what ceos say and do, and they're putting their money where their mouth is i think this is very encouraging. the entire year of last year was barely 3$3.6 trillion, so we hav surpassed that

i think industrials are also getting help, but i like that companies are usingtheir cash. we talked about endless free cash flow. we're going to continue to see that, but to do a cap ex cycle, that's all more bullish in my mind how are you individualing your clients to be invest >> i don't know about you, but i think what you want to look at is history. >> markets are about 20% since the beginning of the years

just -- it does not mean they have to slow down. i do want to echo stephanie a bit. where you're adding that, i don't think tech is going anywhere, but i think some of the values and cyclicals are an opportunity. to ma extent do you think that's already priced into markets? if they do get that level of slowdown in growth down to a 2%, would that be a blow for markets? >> i think it's alternates lower that that perhaps we have already positioned for it's not always perfectly predicted so that's what the market is really hash communicating is the last

several weeks. that's the growth outperformance so it seems like there's nobody who expect that 2%, even if we printed that for one quarter will be the new run rate it has to be more of a studder step i do not believe markets are valued for that. docusign numbers are out. >> a nice beat from docusign, 47 cents versus the analyst estimate revenue also coming in high other than what wall street analysts were predicting, at $511.8 million guidance is strong shares are down about 1.5% this, of course, is a company that you think of that's trying to simplify the contracting process. the big question facing docusign

is as organizations are forced to -- will they look at products that docusign has to offer wilf, i'll send it over to you. we have another one crossing, hpe. contessa brewer has the numbers. >> hewlett-packard enterprise, revenues coming in in line with consensus, a beat on earnings coming in at 47 cents a share adjusted, versus consensus of 42 look at the margins, operating profit up 28% year on year with strong demand. orders up 11% year to date just announced a $2 billion deal yesterday with the national security agency. i just spoke with the ceo, who is bullish, with the demand for

pay- pay as you go. he says they have mitigated the problems building up the inventory. it's tasked engineers for workarounds. they're announcing as much as $250 million in buybacks, free cash flow of more than half a billion, raising free cash flow guidance as well to $1.5 billion to $1.7 billion the other is they're raising fourth quarter eps between 44 and 52 cents a midpoint is 50. courtney, what is your take here? >> i think it's actually a really great to see there. i think it's really optimistic here they're relatively a good value right now. i think, if anything, when you

see how dell just came out i think they're a good -- >> stephanie, i want your thoughts on this, too. both of these names have been beneficiaries. it looks like the strength continues, but of course the concern as we have seen, is potentially at what pace >> absolutely. i think both were good quarters, but high expectations. >> what i am happy about with hpe, number one was guidance was ra raised let's listen to hear what they have to say on the call i like the fact that margins reversed

if i heard that right from conit essa, that's a very good sign. bev seen that, and so hpe is right there as well. >> it's now kind of flat as we assistant. >> we're two quarters into this

period we've this hyper year-over-year growth i think mostly what it's done is just support equity valuations overall we are going to slow down, based on the consensus and how the market is positioned for that is going to be the question >> we will have to leave the market zone there. great to see you, asally up next, outlines the sectors where he see the most opportunity and how we cldeeou s an everything rally. we're back in two minutes.

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economic data for august coming in weak with consumer confidence and let's bring in tom lee from fund strike global advisers great to see you as always, tom. to what extent is this a bit of a slowdown for this quarter already priced in for the market >> i think the slowdown you are citing is positive for markets, because as you know, over the last eight weeks i think markets were worried about two things. one was the trajectory of the delta variant and how that would lead to adverse economic outcomes i think the soft readings the past couple weeks is pushing the fed off, and i think the delta variant concerns have made is the fed do muchish, too. the adage was always weak data is good news, because it made the fed dovish i think that's where we are

today. if we get soft readings, it's bullish for stocks. >> you think particularly bullish in the short term going later into the month >> yeah. we think we're in an environment where we're going to see an everything rally into the end of the month. i know a lot of people think september is seasonally, but we were already bearish going into september. investors were bracing for a weak final few quarters of the year because of that positioning and the fed turning dovish, i think we're in a a reversal of that, and i think investors will get optimistic into the month. that's really the fuel for the rally. >> if softer readings might actually be good, in terms of fed policy, i mean, it looks like you favor energy and materials right now. why?

>> it's really the tip of the speer in the epicenter trade oil got clobbered starting in june, as we started to see the delta variant surge. now oil is decisively back above 70 you know, wall street firms like goldman thick we could even get for $80. there's going to be a tracking catch-up with energy stocks, because they have underperformed this movement in oil so i think energy is a good risk/reward into year end. i think materials benefits from the supply-chain tightness the third group is faang also, as investors come back, i think they're going to buy things that they're comfortable with, which tends to be faang. >> tom, ultimately, is your argument that we're only one year into the start of a totally new cycle? does that still apply even when

all of the stimulus is removed a year or so from now, or maybe further? is it reliant on stimulus? or is it not there's a long, new cycle ahead. >> i mean, the future is uncertain, wilfred i don't know what 2022 looks like, but it would be rare for a stock market to peak only 12 months into a new business cycle. as your guests were talking about earlier, like stephanie, there was a cap ex cycle coming, there's a lot of capital stock that's been depleted not only do we have an inventory cycle coming and reshoring of capital assets, but if there's infrastructure plus a capital spending cycle, these are all supports for markets it's not necessarily dependent on the fed, but i think it's tough for market for the fed i'm not saying we can look will you it in the short term.

>> how does cryptocurrenciy -- ethereum has been jumping higher as well, and seems to be outperforming versus btc how do you see that going forward? >> i mean, there's three sort of logical explanations for why crypto is doing well we still think bitcoin can exceed $100,000, but first and foremost, it's serving as an inflation hedge, i think actually better than gold in some people's mind it's a -- in emergen markets when people have excess savings flow, they're more likely to buy crypto than the thailand stock market third is we know there's a big preference in millennial to treat it like equity so i think you have three sources of money flow that will benefit crypto. tom lee, thank you so much. >> thank you.

. let's get to julia boorstin who has broad com's earnings that have just crossed. >> broadcom beating expectation on the top and bottom line and reporting higher guidance than anticipated that stock is up just a tiny fraction right now, but adjusted earnings beating estimates of of.88. >> revenue just a hair ahead of estimates. and fourth quarter revenue guidance of 7.35 billion ahead ahead of the $7.23 billion stilted. in the press release, the ceo says they project to have the momentum go into the fourth quarter guys, back over to you. >> shares of broadcom flat right now on the heels of this report. julia boorstin, thank you.

we had a news alert on reddit >> morgan, reddit, best known for its messaging board, is reported looking to go public. according to sources, reddit is speak to go higher advisers. latest valuation around $10 billion in the private market. reddit is by no means a young company. just in the last 12 months it's become a bigger focus given the use of the messaging platforms by retail traders to discuss a lot of the meme stocks, but again according to the report, reddit look to go go public. back to you. >> notable, an ipo, not a spac or other ways we have seen. >> yeah. >> thank you after the break, we're going to sped to a broadcom analyst for his instant reaconti to the earnings "closing bell" will be right back

the beat on the top and bottom lines joining us is stacy raskon of

bernstein research good to see you. >> thank you good to be here. what's your first take >> maybe it's a touch in line, and the guidance is quite strong, both on the top line and on margins they did like a 51% -- these guys are just a machine, and that machine is continues into next quarter it looks like the momentum is still going. the flywheel is still going. >> so how does that compare to some of the main competitors are they facing the same pressures in terms of supplies >> they are. that may be one reason it's hard for them to beat on semis, similar to -- because there are supply concerns.

broadcom, at least, they recognize the shortage situation before anyone else basically since april of 2020, and they've been talking about their business effectively being sold out for the year. so we're seeing incremental growth for the year, by by the same token, i'm a lot less worried about, like, hitting an air pocket, because of how they've been managing. overall, it seems to be really, really good. good solid revenue in the quarter. good beat on the top margins what could they do with the excess cash? >> broadcom's strategy, half goes to dividend, and the dividend is very good. half goes to either m & a or buybacks they were rumored to buying a company, it doesn't look like anything happened with that. so they have to make the call,

do they save the cash or buy back stock at some point that cash will be deployed personally i'm more partial to m & a. they're actually really, really good at buying stuff i'm total ly okay with buying back stocks. we were looking across the semiconductor sector what are the key takeaways in terms of where to potential invest and where to steer clear. >> everybody is definitely worried that we're approaching quote/unquote peak cycle i like the feel of things. you can't could look at secular

names if you're worried. things like adi have an m & a catalyst i think, though, if you were nervous, this is our top pick. i'm less worried about the cycle. they are going to deploy cash, either through m & a or buyback. good different, and the highest mar margins what's not to like >> go the it so in terms of some of the shortages we are seeing. i mean, how long could we potential see those extending out? and i ask that as you are bringing up those. >> we could be at, quote/unquote, peak cycle for a while. you look at automotive the auto companies are still cutting production like the parts are probably not

going on the shelf they cannot build cars, so with automotive t. some of the other sectors, you don't know, like whether or not they're going on the shelf, we just don't know, but most of the companies are suggesting that shortages will last into the year it seem plausible we could be looking at a 2022 resolution, but nobody really knows the exact timing. >> stacey, thank you for joining us. >> thank you. up next, mike san toldi heads to the telestrator with a look at the labor market and today's jobless claims numbers. and a wide right for virgin galactic today we'll have more when "closing bell" come back. our retirement plan with voya, keeps us moving forward.

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here's what's happening at this hour.

the white house says it will invest $3 billion in the supply change, making sure the u.s. is the leading supplier in the vaccine in the world in new york city, 12 deaths have now been confirmed. all but one of those deaths confirmed in gladded basement apartments across the northeast, at least 29 people have now died in the storms president biden says the death and destruction from the gulf coates to new england is a reminder the climate crisis has arrived. on "the news" climate change or using a catastrophe for political gain i'm filling in for shiep we'll see you tonight. we look forward to it, kellie thank you.

a look at the longer-term history, we've got to break the chart into two pieces. what hat last year just went way off the scale. this is from 2009, shortly before jobless claims peaked in the great financial crisis session, so we peaked just around 700,000 it took five years to cut that number in more than half so five years of grinding progress, you get down to 340, the fed washington already tapering 2015 since this point, so starting through now, it's going to make everything else like minimal. we've gotten back to where we

were at five year. that's why this cycle is so on the and compressed we'll see how this filters in. >> it's so key what all of this will mean moving forward, even if tomorrow's number is more backwards look doesn't actually move the needle. does this represent further progress or not, or this is going to assert the new policy

is not going to be proactive and get towards something that is even better than the prior version of full employment >> mike, thank so much up next, the ida aftermath northeast is experiencing massive flooding and power outages. the ceo of firstenergy will join us after the break thanks for coming. now when it comes to a financial plan this broker is your man. let's open your binders to page 188... uh carl, are there different planning options in here? options? plans we can build on our own, or with help from a financial consultant? like schwab does. uhhh... could we adjust our plan... ...yeah, like if we buy a new house? mmmm...

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welcome back to "closing bell." remnants of hurricane i had that slamming the northeast last night. the storm leaving at least 29 people dead. new york city and new jersey declaring a state of emergency firstenergy's nudge nudge customers are among those impacted as of this afternoon power had been restored to about 65% of those affected let's bring in steven strahn in terms of the restoration process, how are those efforts

going currently? and did this come unexpected or were you braced and your cruised braced for this much damage po tej all? >> we've been tracking the impact of ida in two ways. one, we wanted to help our fellow utilities, so we have allocated workers to help in the south. we also understood in weather tracking there could be an impact through the other states we operate in in you're five-state territory, and sure enough we were impacted throughout west virginia, maryland, pennsylvania, in particularly new jersey was

heart hid, about 175,000 customers. overall we're about 80% restored, but we still have some very touch work to do. new jersey was definitely the most difficult impacted. i personally worked storms and lived and worked in new jersey for five years, and we are working very hard as quickly as we can to restore power while keeping or employees safe. >> we're showing some of the images from the northeast. overnight as well, as something who has worked storms for 30 years, is it the storms are getting more dramatic, that the infrastructure in general at this stage is more at risk, in need of updating how would you assess the situation? it seems like in recent years they weren't even hurricane category, but theft swept

through the region with damage. >> i think more frequently we are seeing storms. not necessarily super-storms, but what i would call major storms occur with more frequency, at least within our footprint. i think you're seeing that in the united states also i think the utility industry as a whole in the electric utilities space has done a good job of understanding and addressing building in additional resiliency to our transmission and distribution systems, but is it enough right now in the here and now? i would say the answer is no we expend about $3 billion on an annual basis in our transmission and distribution systems, but we're going to have to keep that steady state spending and provide greater automation within the systems, refresh and renew infrastructure where needed, and then lastly, we have to learn lessons from the past

so if we go back to the 2012 time framed discussing superstorm sandy, we saw a number of our substations flood very bad ly, and even with the once in a 1,000-year rainstorm, which is my perspective i put on the east coast, we did not see any of our substations flood, flood out that we lost any source supply for them so we do have to learn from the past and apply those lessons forward. that's kinds of my assessment of where we are at pressurently. >> i think you said about 85% of the homes in new jersey have seen energy restored what about the remaining 15% are they hit hard enough we're talking about weeks away >> i would think of our new

jersey customers, within the next day or two, i think you will see some outages extend into the weekend regrettably these are more of the isolated areas, in our sussex county, in the remother area where we have a lot of wind and tree damages you have to restore those customers one at a time, but i would say a majority of all customers will be restored late tomorrow night i would also just want to recognize and acknowledge our workforce in the field doing this difficult, dangerous work, wheel they're coordinating with state and local officials on the ground there we have good working relationships with governor murphy and his team. our team is doing a good job of keeping themselves and the public safe, even following some of the pandemic protocols that we still are following, you know, given our current situation. >> steven, as we look out to the

future, you talked about spending, the investments are making into the company and your infrastructure, this infrastructure bill that is making its way through congress does allocate billions towards the electric grid ago well will that be enough, whether it's for your company or as a sector as a whole, willthat be enough to counteract some of these events >> i think it will certainly help, morgan for me, it's two pieces. number one is developing further and greater resiliency that i just spoke much, within the grid it transmission and distribution level, but then also, it's preparing our country more so for greater numbers of renewable power sources that we brought onto the grid in the years to come i think that is up side in terms of improving reliability and preparing for the next coming decades of renewble power.

i would also say we have to be thoughtful and not just throw money at the infrastructure. the improvement that is we make have to make sense for customers, they need to be affordable one program we have in which we're improving reliability on our transmission system, we have improved by some 39% in the footprint we have affected that is something that i think is good for kurtzs in terms of reducing outages and wise investment of dollars. so i think we have to keep that in the equation as well. thank you for joining us you too. all the bed. i have top thousands who experienced what we experienced today. >> that was sir richard branson after his trip to the edge of space. now that same trip is coming

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welcome back two more earnings movers to tell you about this past hour shares of pager duty jumped after a smaller than expected loss beating on revenue. the cloud computing company giving strong third quarter revenue guidance and mongodb also beating shares of virgin galactic finishing down 3% in a very volatile day of trading. this is amid an faa investigation of a flight deviation of that last test flight the mission carrying sir richard branson to the edge of space the faa grounding the spaceship and saying it may not return it to flight until the faa determines the issues related to the mishap do not affect public safety this comes as the company announced just this morning that

its next space flight, unity 23, which is its first commercial human attended research mission for the italian air force could happen as soon as later this month. i think probably investors wrapping their arms around or grappling with the concept about what this is going to do to that potential timeline as for the faa investigation, it was first reported yesterday virgin galactic issuing a very lengthy statement acknowledging a 1:40 deviation below the altitude of airspace that was protected for the company's flight and saying at no time did the ship travel above any population centers or cause a hazard to the public faa representatives were present in our control room during the flight and in post-flight debriefs we are working in partnership with the faa to address the airspace for future flights. the stock was trading higher and ended up turning lower on that faa statement and the fact that

spaceship two is officially grounded while this investigation is under way. >> morgan, my question is why we're learning about this now. simply because the new yorker has broken the story but the faa already reprimanded virgin weeks ago? surely it would have been easy and quick for the faa to notice if they did indeed deviate from their flight course or not >> great question. i do not have the answer to it we're definitely digging into it a little bit more. i think that's the reason you're seeing such a strong reaction in the shares today too from an investor standpoint is sort of just how big, just how, i guess, wide-reaching, just how lengthy this faa investigation could actually be. i will say based on the statement which was multiple paragraphs from virgin galactic, a lot of push back on some of that earlier reporting that we saw from the new yorker yesterday with the company basically saying that they dispute the misleading characterizations and conclusions in the new yorker article published.

nonetheless, the faa oversees these commercial space flight operations not just for virgin dplak part -- galactic but other players as well there's been some questions around spacex and their flights and tests in texas it speaks to this emerging new frontier around commercial -- especially commercial human space flights and what that regulatory landscape ultimately over the coming years will look like we're still in many ways in early days but the faa does govern these launches and how they're done and making sure it protects the public and the folks getting into these vehicles as well. >> morgan, obviously the reason -- i was going to say the reason that investors would be very sensitive to anything that bears upon just how many flights once things are really up and running with paying passengers there are going to be in the coming years morgan and i, we spoke about one of the new wall street analyst

reports on the stock that was bullish saying by next year they're anticipating one flight per month for the two vehicles that are flying and then it builds from there. so, you know, all the value in this company is in the out years. so you have to get moving toward those goals of ferrying passengers pretty quickly. >> that's right. this is a company that recently reopened ticket sales which goes towards revenue, right and you have this italian air force flight that's revenue generating as well certainly they're looking to target as soon as later this month but you have this faa investigation in the middle of that and as we found out in the last earnings report, at least of a couple of weeks ago on track depending on some of these upcoming flights and tests and refurbishments that are going to happen, poised to actually launch commercial service but the timeline slipped it's still going to be next year potentially but slipped until later in the year, q3 or possibly later it again goes to that point, mike, about just how long do you stay invested in the stock given

the fact that this is a very long-term story that potentially now could be longer term given the investigation from the faa. >> virgin closing down 3% today. off its session lows up next, your earnings scorecard. we just heard from hp and broadcom, what's moving those stocks and others when we come back assumptions like never before. there is a new, accelerated sense of responsibility, sustainability, and social equity. at nasdaq, we call it the "era of impact." and we're at the forefront of it. innovating technology, data, and insights to help you deploy an esg strategy to be seen as the company you aspire to be. folks the world's first fully autonomous vehicle is almost at the finish line today we're going to fine tune the dynamic braking system whoo, what a ride!

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welcome back let's check on this afternoon's biggest earnings movers. hpe posting an earnings and revenue beat also a $250 million buyback. broadcom beat on the top and bottom line. docusign seeing total q2 revenue increase 50% year over year. but all three stocks trading lower. hp the worst of the bunch, only down 1%. final thoughts mike, all eyes of course on the jobs number. i guess the market is at record highs, obviously is quite relaxed ahead of it. >> somewhat relaxed, yes obviously the stakes are pretty high in terms of dictating the pace at which the fed decides to get moving with this taper idea. but the difference between september, november, i don't

think necessarily is going to be the decisive factor for how this market goes. it could certainly be a catalyst for another one of these rounds of sector rotation, style rotation that we've seen for a while right now. but we're kind of coasting into the number in a pretty comfortable spot and kind of neutral. >> yeah. we'll see what actually shakes out tomorrow as you and i man the desk together, mike santoli. "fast money" starts now. life at the nasdaq market center overlooking new york city's times square, this is "fast money. " i'm melissa lee. tonight on "fast" we're all over the after hours action broadcom on the move on the back of earnings. the company's call just getting under way. we'll break down all the big headlines from the quarter. plus grounded. tsa screenings at our nation's airports falling to their lowest level in the last four months. and later, a real ringer shares of tt popping today