benefits >> just think about it this way. there's so many more millions people that have job openings that are unemployed, about 2.5 million more people could be finding jobs out there that deficit is at a record high so just keep an eye on that. dom, thank you very much. thanks for watching "power lunch," everybody, "closing bell" starts right now >> it certainly does welcome, everyone, to "closing bell." i'm wilfred frost, an up-and-down, dow having its fourth down day in a row. >> i'm courtney reagan in for sara eisen today stocks took a dip mid session, also weighs on sentiment, a number of fed speakers jobless claims coming in, better

than expected. and some big individual moves on earning. lululemon and rh soaring we've got 59 minutes left to go in the session. coming up on the show today, commerce secretary gina raimondo making the pitch to back the reconciliation bill. she'll join us. nfl season kicks off tonight on nbc when the buccaneers take on the dallas cowboys. we'll speak with the ceo of draftkings and meg tirrell has the latest on president biden's vaccine push, but mike, start us off with the market. what are we looking like today >> it's still apprehensive, somewhat twitchy tape so far today's low, we had that flurry

of selling, brought us back down to about yet morning's low very, very narrow range. before we were ratcheting up this week we've been going downward this would by the fourth straight down day. getting very compressed in there. yields also arguably get very compressed it seems as if we're on alert for a bigger move, breakdown, breakout, but right now not very decisive we do have banks outperforming today. it's kind of a one thing or the other. not everything at once talking about the airlines warning and just cyclical groups in general, it's been in the air this week, people bracing for a late summer, early fall, the market has been there for a

while, so this is a few different cyclical reads that's the airlines index. that's the energy sector this is commodity chemical so just big chemical companies you see here from june 1st, pronounced the underperformance. the overall s&p managing gains in there that's probably why the market doesn't seem completely shocked or even really read it as brand-new news that we're seeing some of these warnings it doesn't mean this can't broaden out, but it does expect that's why we're kind of stalling as opposed to getting more alarmed by some of this news also lululemon, great positive reaction to its numbers. it's almost been anointed into the new blue chips, new consumer kind of fast-growing expensive stocks, but seems like they have something all figured out so over a two-year period almost tracking one another really well

right here who knows? we can't extrapolate these gains out into the future, but clearly they have come to the forein terms of these companies that seem to have reliable franchises that has a long runway for growth. >> as mike said, the airlines have been lower of late, but mostly higher today, despite a number of warnings phil lebeau has the details. hi, phil. >> wilf, the airlines stocks are moving higher, not a shocker it's been forecasted for us over the last four, five weeks. it's an air pocket that's what the industry is in right now. when you look at what's happened with travel bookings, september is seeing a slowdown revenue estimates were trimmed today -- not cut today, but trimmed, and you have soft bookings that have lasted. need some proof of that? look at air passengers levels. what you are looking at here, check out august

we saw a definite decelerations. keep in mind, september is bankly been the labor day holiday. it's been expected to continue slowing down, so in terms of individual airline stocks, let's start first off with jetblue and american storks trimming the upper end by at least $50 million. american sis it's weaker than the previous guidance of down just 20% united now saying it expects a pretax loss in the third many expected them to take a slight profit, and finally delta likely on the lower end of that 30% to 35% if there's one thing, guys, you want to hang your hat on, if you're an investor saying, how bad can it be? delta did say today it sees booking trends stabilizing and the ceo at a comps today said he thinking eventually in the next 60 to 90 days, you will start to

see a reacceleration in terms of bookings obviously this is dependent on what happens with covid-19. >> how much have they tried to lower prices >> not a lot no, and i don't expect them to, wilf this is not necessarily an issue in terms of a fare sale will bring people back. it's a case of people saying, do i want to travel do you because of covid-19? it if you're offering $99 fares, people are going, where am i going? and am i comfortable going there? clearly there's been a deceleration over the last five weeks. >> phil, thank you very much president biden is slated to give a speech at 5:00 p.m. eastern, and expected to announce a new vaccine mandate

for federal workers. >> the president is expected to lay out a six-point plan, as we are reaching these highs we didn't expect to see again in terms of hospitalizations and deaths from covid-19 at the top of the plan is a push to get people not yet vaccinated that plays into this idea of mandates, taking away the testing out option for federal employees, mandating vaccines for them also encouraging more employers to put in player, also for healthcare facilities, reporting that hospitals that do work with medicare and medicate, that they have to have a 100% vaccinate rate among staff our nub colleagues are reporting a push for regular testing in schools, something that, as we reported weeks ago is not universally done so we'll hear a lot more about

these plans, including potential hear more about booster shots. >> moderna also head its r&d day today, laying out the future of the plans not just for the covid-19 vaccine, and one piece that caught a lot of attention is the ceo said they expect to be first to market with a combo shot for covid-19/flu and rsv, the respiratory disease. that's going to be put together one at a time, and they're expecting the flu results sometime soon. it will be fascinating to see if they can do as well in other diseases as they did in covid. >> does that mean it's aimed at children >> that is what all of us moms asked, because my son had rsv when he was in daycare it just was awful.

first it would be for older adults they get hit hard by rsv as well, but they do plan to test for children as well. >> meg, thanks so much we are still lower on the s&p, only 0.25 also, and still less than 1% decline for the week after the break, when it comes to pet messes, irobot is hoping to be number one at avoiding number two we will speak to the ceo about its brand-new smart vacuum with a.i. features. more details to come on that very important information. >> don't pooh-pooh the tease. >> very good we'll be back in a moment.

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joining us on a first on cnbc interview is the irobot ceo colin engle. thank you for joining us to talk about the innovation of the new iroomba vacuum it comes with a hefty price tag, $849 a lot of these consumers bought them while in lockdown, staring down the dust on their blinds and everywhere else, and thought

they needed something to help clean up the floors. >> you know, people are starting to rely more and more a robots to really take care of their floor care we keep raising the bar. and to up the game of cleaning, we need to increasingly make or robots more intelligent. whether that is make it possible to more precisely tell the robot clean around the kitchen table avoid drama around the home and don't interrupt nap time and nobody feels like they need to clean up before they vacuum these all require the robots to be more and more intelligent, and the j-7-plus robots not only empties itself it recognizes the different

types of objects on the floor. if you drop your headphones it will go around it, as opposed to causing a drama of separating a headphone from the robot, and that unlikely, yet highly disastrous run-in between robot and pet waste. >> how does it do that it can smell >> no. we actually dried that this has been something we've been working on for flierly a decade we tried smell, but as we put more and more processing power, we can run machine lealearn i algorithms and use the camera to determine the pet waste. this was not necessarily the most glamorous job that one could have, but -- [ laughter ] >> -- but we built hundreds of play-doh models of poo

we even made synthetic models of pet waste. we're confident we got it pretty well covered. >> i'll bet you use a lot of those very popular emojis as you were messaging one another, but in all seriousness, i do have one of these i-robot vacuums and i have a regular vacuum. a lot of times i just got to the regular vacuum, because the i-robot gets stuck, i put something in a place it wasn't before when it originally mapped the room is it that much quieter, truly that much more adept at avoiding things that weren't there when it originally mapped the room, that it would be worth it for me to replace it? >> with this launch we're upgrading the intelligence on

all of our robots, so this genius intelligence systems is automatically upgraded the ability to continuously upgrade the map on your robot will be turned on. the ability to have the robot automatically start cleaning when you leave the house will be turned a for all of our connected robots the j-7-plus can also see the floor and also avoid getting stuck on cords and other objects, and, of course, number two. we are committed to continuously improving the intelligence in all of the robots we have in the marketplace today, and if you are in the market for a in roomba, man, the j-7 just raises the bar substantially in its ability to clean your home without getting stuck, without feeling like if i don't pick up my home perfectly, the roomba is not going to work. >> what about chip shortages,

are you considering that, colin? >> yes, we are we had to revise our guidance down in the last earnings call we're working hard to manage this on a day-to-day basis we'll still be able to grow over last year, but this is a real challenge, and will continue into next year if i can sneak in one more quick, what about other supply-chain disruptions when it comes to building these robots, and then distributing them throughout the country to your retailers? will you see a shortage around the holiday season >> i think that we will have a good supply, but i believe we will not be able to fully supply the demand in the fourth quarter. we are seeing transportation costs escalate very, very substantially. luckily, a 40-foot container of

roombas is fairly high value, i have a great simply for people shipping lower value product from overseas. >> it's a real challenge. >> thank you very much for joining us on the "closing bell" here today well, after the break, saturday marks 20 years since the september 11th attacks for many veterans who answered the call to service in the ensuing months, it's been -- be a challenge to return to work we'll talk about how some companies have tried to help that's up next

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welcome back for the thousands of americans who enlisted in the military, getting back into the workforce has been tough. >> more than 196,000 people joined the military after the

terrible attacks on 9/11, and defending our country. that was the motivation for this sergeant he says boot camp was the most memorable. >> i was emotional about joining in the military after what happened on september 11th, but i fell in love with the military while i was in boot camp so many people, young people, felt the way i felt about protecting our country, serving our country, making sure september 11th doesn't happen again, and if it does happen, we are ready to defend the country. >> but back to civilian life and employment, that was a real challenge. nearly half of 9/11 veterans found it difficult to transition, compared to only 21% of pre-9/11 veterans. >> corporations need to understand veterans coming back bring a wealth of knowledge and work experience into the civilian workplace a lot of times people think

because you joined the military, the only thing you know is how to carry a gun you have mechanics in the military, lawyers in the military, people working logistic in the military, and we bring all those skills back to the civilian world. >> he was helped by a exceed called bold. the marine is now one of 10,000 in our network many prioritize hiring vet advance and their spouses, including amazon that has pledged to hair 100,000 veterans and their spouses by 2024. back over to you. >> frank holland, thanks for t that. bob scott was at the world trade center, and he'll speak about what it's like to lead a company through and after a crisis like that also ahead, commerce secretary gina raimondo will

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just over 31 minutes left in the session. let's check in on some market movers

mcdonald's teaming up about beyond meat to launch the plant, including vegan cheese, a vegan says my bun, topped with onions and pickles. off its session highs. a buy rating on nike the firm says the retailer's fundamentals are still good. it is time for a cnbcius update with rahel solomon. >> hello, everyone here's your cnbc update. the fda has ordered more e-cigarette products off the market former president trump endorsen a challenger to liz cheney

cheney's response? bring in she said it's tragic that some are still supporters of the -- they're search fog a time capsule, they believe it's in the statue's pedestal, but it hasn't been found yet. free birth control in franch will be offered to all women up to 25 years old. officials say the expen expense benefit will be about $25 million a year. it took a dip lower around 1:00 p.m. with the treasury auction when we did see a yield move lower the ten-year is about 129. only financials and materials are higher, the other nine sectors, real estate and health

care down the most, the russell is outperforming today, the only index up about 0.5%. epps next or conversation with secretary raimondo. plus a new football season kicks off tonight on nbc we'll talk to jason robbins about what he expects with sports betting this fall "closing bell" is back in a couple sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools

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welcome back the biden administration urging the business community to back the democrats' reconciliation bill in an effort to fund the build back better agenda joining us is secretary gina raimondo good to see you. >> nice to be with you >> have you been disappointed by some reactions of parts of the business community, like the chamber of commerce? >> i was disappointed. jo expect them to embrace every single aspect of the president's plan, but it's time for action doing nothing isn't an option. we have to make these investments in job training, infrastructure, climate change, sustainability, and if you don't like our specific ideas, come to the table and help us find solutions. the fact is we need to make

investments, which, by the way, are good for businesses, and we need to pay for them in a way that doesn't burden middle-class americans. if you're serious about solving problems, let's work together and get something done >> have you had any business leaders that have come to work with you and proposed other alternative ways to fundsome o the spending or perhaps argued that some of the spending shouldn't happen >> yes, we have had -- i talk to people in the business community every single day we are having continued productive dialogue. we are listening to them, but when i talk to businesses, they tell me, you know, they can't find enough workers that have digital skills or cybersecurity skills they tell me we need better investments in our job training and mentorship initiatives

at the tell me how expensive climate change is. a third of americans live in a community that was affected by extreme weather events businesses are saying we need to make these investments so the question, then, is how do we pay for them, and they have to come to the table and be part of that solution i haven't found a single business person who has said we don't need to invest in broadband, roads, bridges, airports, child care, pre-k, apprenticeships, community college. >> so i think that's part of the issue is, everyone wants these things to be improved, but paying for them is another matter i'm a working mom. i would love more affordable child care, but i also want my company to remain competitive and offer competitive wages. i don't want the tax rate to

increase to the point where it hurts competitiveness of american business. how do you solve for these issues >> i think -- you make good points the reality is, you know, we're the only industrialized country that doesn't provide family leave, that doesn't provide some form of child chair or public pre-k. i saw this when i was governor when i was governor, i brought about all-day kinder garden, two years tuition-free community college. the sky didn't fall. it made our economy better and stronger we had a 500% increase in on-time graduation rate of kids of colors, who could then go on and get jobs the reality is the president is not calling for tax increases that would make us uncompetitive. we want business to say compete. we want businesses to be

profltable having said that, it would be irresponsible to make investments that we can't pay for. i don't think the business community would want a president who thinking he has a blank check. we are putting forth a responsible package to make investments that we can pay for. having said that, you know, we are calling for a corporate tax rate of 28%. the president has been very clear. he's open to compromise. what he's not going to buy is inaction what i'm saying to the business community is, opposed this and not coming to the table to help find solutions is irresponsible, and we're running out of time before it's too late to make these investments. >> switching focus, secretary, how fearful are you of inflationary pressure coming from supply-chain issues we've heard the word transitory

so much, but a lot of the business leaders that come on this network seem to suggest that those supply-chain issues are very significant still >> yes they are significant, and that's something i'm working on every day, chiefly as it relates to semiconductors, which is so important. we watch inflation vigilantly and take it seriously. there still isn't anything to suggest there's widespread inflation. two thirds of the inflation we're seeing relates to limited number of products, all related to the pandemic. you know, all related to supply chain disruptions or travel and tourism related to the pandemic. i would say many of the investments in the president's package are investments that will shore up our supply chains. investments in incentivizing the production of semiconductors in

america. so the quicker we get to the business of passing this package, we can improve a lot of these disruptions. >> speaking of trade, i understand there was a high-level meeting between the united states -- or at least discussion between the united states and mexico and the trade relationship there can you give us the headlines that came out of that, that americans and everyone that is involved in that trade needs to know about >> yes we had an excellent meeting. we met with our counterparts in mexico we -- in fact, we talked a great deal about supply chains we talked about the opportunity, you know, it's not only making semiconductors or batteries, or medical equipment in america, but it's near shoring, making these products in our neighboring countries, such as mexico there's a great emphasis on that, on doing more trade, on

shoring up our supply chains, working together in that regard, and of course we talked about the border and how to create more opportunity in central america so folks there have an ability to stay. overall, it was a very productive, opt mythsic meeting, just consistent with where the president is leading under the circumstances to show up our partnerships with our allies. >> secretary, thanks so much for joining us good to see you. >> good to be with you. when we come back, the ceo of lululemon weighs in on a blowout quarter and we preview daat to expect after the close toy. the nasdaq has just gone positive again

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14 minutes left in the trading day. we're now in the "closing bell" market zone. mike santoli is here with us, and today we have anastacia amarosa here, too. the dow and s&p 500 lower for the fourth straight day, but only slight declines, as you can see, the nasdaq is just higher by one basis point mike, tell us what happened in the 1:00 p.m. hour. >> very tent tiff to start with. people have been on guard of any slowdown, and what are the bond

yields telling us about a slowdown and demand for safe assets we did have the treasury auction, very strong demand, yields tick lower. it seems more of a technical trigger for a bit of upselling it's interesting we settle around this mark, where we've been attempting to defend in the last couple days it seems ago if we both discounted a lot of global growth, given the way the cyclical sector -- at the same time it's not -- where we can handle the full steam ahead on the taper. that's the back and forth that we're watching every day >> anastacia, earlier in the hour mike was talk about how everything is not winning and not everything can win on a lot of recent days tech, of course, is an area that keeps trucking forward maybe it's not the leader, but

you're still logging gains do you think valuations are stretched here, or is there still an opportunity to run? >> yeah, courtney, we have to talk about tech, from a contact cal and strategic perspective. but you have to decouple sometimes the longer view, with what is a tactical setup right now. that is a pocket of the market i do worry about if you look at stock core valuations, you're right, they are off the charts, really pretty elevated. everybody is in extra trade. the uncertainly around tech, i would say, has to deal a lot with fiscal policy fiscal policy will take center stage this fall. as we speak, congress is debating what taxes are these going to increase?

how much will they increase the guilty tax i think it's going to thes in crosshairs of all of that. i think it does need to pull back some. it will be more viable after that >> mike, what are the key levels that traders are watching below that >> i would say somewhere in the zone of 4400, make a bit higher, so six, seven, eight times this year when we've had these pullbacks, numb of them have materialized, but you've gotten to about the 50-days average and more or less bounced from there. we're talking about 2%, give or take, but that would basically be one the totally routine standard pattern below that, it gets looser because of the seasonal factors,

and other set judgments with regard to options exposures, and thing like that, there is this window, perceived, anyway, for a bit more air pockets and things like that along the way because of the way a lot of these kind of hedging concentrations are set up not to get into further detail, but people are wary of these dynamics, and therefore it might create the defensiveness or sell-first attitude that may bring them about >> so the dow transports, lower by about 0.8 of a percent, more than the dow jones industrial at this point, but airlines are not the only industry. seema mody likes at marriott's decline. hi, what's going on here >> earlier today, tony capuano said it is possible he may not see business transient demand return as quickly as he might have hoped, due to the delta variant, and companies pushing

back their return to office, but he also added it's too early to say with a booking window being so close right now statistic corporate forecaster -- that's why the return of the business traveler is so crucial for the bottom line they're also rebranding some of their properties to really cater to that leisure traveler, wilf and courtney, upgrading foot and beverage menu, among other things >> it is a traveler that so many want back and is still pretty elusive. thank you so much, seema. >> anastacia, what do you make of these comments? does that give you even more pause to look at any stocks because of the high-value customer is just not back yet? >> i think he said it's possible that some of the business travels -- i think it's highly probable that some of this -- we've seen that in some of the

conferences, we've seen this in the return i will tell you, that does not necessarily deter me from the stocks, because the time that i want to be adding stock to this portfolio when there's uncertainly about the return, but with this uncertainty i think comes a big opportunity. we have seen the retail consumer we have seen the leisure traveler is back, and hotel occupancies, for example are back to pre-pandemic levels, but i think there's a big optionality as business travel does return. let's say it delayed to 2022, that's a big optionality i want to be buying into. cou courtney, the last thing i will quickly say about this, i think the next month is cry cam for the direction of the delta variant. the reason why business gets delayed is parents are worried about their kids, worried about back to school

shares of lu lu element been hitting an all-time high following strong earnings last night, ceo calvin mcdonald was on "squawk box" earlier today, talking about the brand's growth going forward. >> i've said all along that the brand really is in the early innings. i think it's a quarter that just represent that when you look at our approximate across channels and markets, all are growing very healthy i think it's reinforcing the fact we're in early innings we're excited to arrive early, and excited about the future

>> meanwhile, shares of peloton are rallying on the large of its apparel brand, ranging from $15 to $118. mike, an interesting reverse approach to lu lu. it remains to be seen if it's an transferrable in that same way you don't feel like it's such a lifestyle brand. >> mirror or peloton >> peloton. >> i don't know if it's worth $3 billion in market cap. it would seem to me, maybe you've noticed they like to share the fact you're into peloton. >> i'm into peloton, but i wouldn't buy any of that. >> but there are those people who share the screen shots of their ranks. >> i haven't seen what they will produce, but i have a feel it

would be more of that overly tight stuff, which i also am not into i do like the bike, though >> look, lulu keeps showing that they have room to go, and they maintain their premium brand and can get the pricing. i once looked at the density of physical stores in canada versus the u.s. by that measure, they could double u.s. stores to match the density they have in canada. nobody says they're going to do that, but think seem like they would have the ability >> i mean, they have two stores off upper west side, and i think they do very well. affirm is the big name after the bell today kate >> annualists are looking for a lot of on revenue of $220

million. those losses are expected to continue into 2022 the one big thing to be watching, is any additional news on the partnership that affirm and amazon announced about two weeks ago. i buy now/pay later is available now to certain customers, with broader roll-out in the months to come. split purchases into smaller monthly payments it did send affirm shares pouring. paypal announced just yesterday the acquisition, and last month square said it would buy afterpay back to you guys >> thanks very much, kate, anastacia, i'm wondering what you think about the buy now/pay later space, if affirm is the name that you think will be the big winner investors certainly thought it was after that announce mment lt of steals that seem to be being

made right now do you want to look somewhere else here if this really is a growth area? >> courtney, you're right. there's a lot of players in this space, some of them are more established liar square, paypal and others banks are trying to get into the buy now/pay later, and visa and mast mastercard, this is a pretty crowded space, but i think there's a lot of -- remember, this is a $8 trillion credit card business, and the volumes of buy now/pay later are really small right now. they could grow 10, 15 fold. there's a lot of competition for sure. >> affirm up today mike, just a big of a leg lower.

>> a bit of a tentative feel it has been all around i feel like we have full equity allocation meeting this window of uncertainty 4494 on the s&p nothing is rally falling apart here i feel as if it's in a low volume anxious back-and-forth trade. and the advancing/declining? >> you see the new york stock exchange much more volume to the upside than the downside that's a recovery from the past couple days. another way of visualizing this trend toward defense, take a look at dow jones utilities against the transports, and you see a pretty wide gulf of performance. utilities are not just purely

defense, but it does show you this soft patch in the economy is not something that's blindsided investors i do think there's a sense of let's be aware of the down side, which realized volatility has been extremely low than it might actually have just a bit of up side, with a lot of these deadlines and fiscal policy benchmarks >> we are basically at the session lows for the s&p 500, as we approach the close. you can see it's taken a big of a leg lower. back to where it was at the 1:00 p.m. sell-off. nothing too pronounced and down less than 1% for the week as a whole. three sectors higher, the other eight are lower.

the nasdaq is down only a quarter of a percent it was positive just 20 minutes or so, so pasch of that late-session slide, as is the russell. only five basis points, well off its high oil is down 2% today, and yields, as you mentioned earlier, split around lunchtime. [ bell ringing ] welcome to "closing bell." i am courtney reagan in for sara eisen, along with will fed frost and mike santoli

affirm shares are up nearly 30% since reaching a deal with amazon, initially spiking up about 48%. the company is about to report the latest results we will break down those numbers and any details how the deal is impacting guidance. 9 nfl season kicks off took. the ceo of draftkings joins us exclusively. anastacia is still with, and grace joins the conversation. >> yeah, it was minimal moves either way, but definitely trying to find some support. nasdaq 100 had a couple wages lower. we talked about this week, if there was one area of the market that would use a rest, it was those huge stocks that have been carrying things for a while now. they didn't help out too much.

again we're talking about moving within a relatively narrow band, where we're beyochbd the earnings window, beyond the earnings upside estimate revision, and it just seems as stable valuations. people are worried about the incredible at macro news flows, in terms of expected growth rates we have right now, when of course -- >> catherine, do you think we will get that elusive pullback at some point in year? >> i thought we would, but i might have changed my mind >> so the most important person you should ask is the committee of standard & poor's, and if we do get a pullback, i don't think it's going to be for the reasons

that people are talks about. i don't think it would be the fed tapering i think it will be something out of the left field, something like we saw with covid and march of 2020. i think the market seems like it's been going up the fed has been very support ir now you're not so sure, but if you do see something, it could be something out of the left field, how do you possibly prepare for that? we think it's very exciting, went up about double the market so far hole builders, cyclicals --

great management fee -- they do a great job. i think it's going to continue to go up the foreign buyer has been up. number two, if you look, u.s. is actually underbuilding for the last decade. it's one i find interesting. i have others that i find interesting. >> i think it's one risk that's worth hedging, and, you know, i agree with catherine it's not because the fed is going to taper or the rates will rise 30, 40, a 350i7b9s. i don't think that would be the case, but we might add additional stimulus to the economy to the inflation picture that i don't think is so

transitory and the markets are not necessarily bryced for the fed moving on -- more than expected. and now it's the interest rate risks. we do that with private credit, where most of the loans in the space are floating rate loans. they tend to do well in a strong economic environment, the default rate landscape is very well subdued in the meantime your earns that's a part where we're doing in the portfolio one other quick note sure, it's been a picture-perfect rally, no doubt, but i think you'll get a lot of rotation underneath the surface in the category, traditional

energy, but also clean energy, and cryptoassets we're thinking about as well. >> would you look at clean energy >> clean energy is very expensive, i have to say energy is interesting, especially, anastacia, i agree with you, if you're concerned about inflation, energy is the place to be. it's a wonderful hedge against inflation. i'm not that excited about clean energy it's very expensive, very growthy, very topical. i would rather by in something like cybersecurity they are spending a lot of money to assure to prevent hacking

firewall providers, to filter -- growing its top line by 25%. f i like secular growth names like that in areas that you're absolutely going to need >> with this move side waist, are people less stretched? >> it's the tactical investors, yes. the put/call ratio, and the delta news, the news flow has

gotten people it's less than 1% off the highs over that period that's a strange drip-drip. >> sort of a little uncomfortable? more neutral than anything knowing that september has this well-earned representation for sometimes being choppy, and then also, though, not wanting to get too negative

you know, typically is when you have better times with the market. >> catherine, i think we have one more of your three stock picks to run through >> i'm going to throw it out there. >> even if you go back to the '90s, you have in the bull market periods when it wen count. having said that mmsi, they make very average things. some of the products cost between 20 cents, and one product that costs $55 thew. it's a leading manufacturer of single-use catheters, guide wires, things of that sort

revenuing were down l.a. years revenue is up today. they have raised guidance. it's not cheap nothing in this market is cheap, but if you want a good solid company, more of a small-cap name, i think it's wonderful it's a tough market for stock pickers, i have to say affirm results have just crossed. kate >> the company reporting a 48 cent lost per share. it's well above the estimated by analysts ref guidance for next quarter also well above expectations we'll go through some highlights gross merchandise volume for the fourth quarter was 2.5 billion, an increase of 106%, or 108% increase if you exclude peloton. active merchants group by nearly

29 thousands active consumers grew 97% to 7.1 million. transactions per active consumer increased 8% to approximate 2.3 per consumer ban over to you. "mad money" tonight, jim cramer will have the ceo of affirm. you don't want to miss that. the stock was up 3%, 4%. i didn't know whether that meant someone with gotten an early look, but now it's up 17%. massive growth the customer and partnership growth is from a small base, but the consumer up to 7 million is a huge jump. >> everyone's decided that it really does create this relationship between merchants directly having a connection

with their customer, right because the merchants kind of endorse this program so customers like it the problem, if it becomes a problem is when consumers aren't so flush, you worry about consumer credit, and you have not made the huge up-front interest income that they have already paid that's not today's business. that's where this goes eventually >> it's a huge point, whether this is a sign of the top of the market, just extending so much credit maybe there's experts. they're not getting paid the same left, that's for sure so we'll see what happens. kate, what is your view on this

one? >> affirm is one we have looked at for a long time there was a time when affirm was 80% of the market. they're now only 15% the reason was they only dealt in the high end, gucci, peloton. the other competitors came in at the low end. so affirm is trying to play catch-up i think they will play catch-up. i agreed with you they are not making as much interest as a visa or typical credit card, but remember, if you don't pay, they cut you off. they cut you off and you're done they also make money on both sides. they get a discount from the retailer, because they're driving traffic to the retailer. the retailers don't mind a discounted price i think it's

left some of the credit card companies a little flat-footed. great to see you both. >> good to see you. still ahead, draftkings shares up 20%. up next, the company's ceo weighs in on her investment, as the nfl season kicks off tonight. plus much more reaction to affirm's results with analysts who think the stock can keep rallies. we're back in a couple 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... and our son just started working. oh! do you offer a complimentary retirement plan for him? as in free? just like schwab. schwab! look forward to planning with schwab.

nfl commissioner roger goodell, speaking with cnbc earlier today, talked about the impact of betting. >> when you have more engagement, you'll find more

weighing to generate additional revenue. fans will use different platforms, different applications we have seen it already. we're already seeing an increase in revenue but that's our z not our main focus our main focus is building a bigger base, and reach the fans directly. the first question, is the nfl the key sporting event for you and your market? does it dominate >> absolutely, the nfl is the biggest betting sport from a volume perspective, but even bigger from a new customer and active customer perspective. there's only 17 games this year, there's a handful of playoff weeks in super bowl. compared that to 2 games no nhl

and nba, 162 for baseball. even despite less events, the nfl is the biggest revenue generator, but when you look at it from an activation and new customer standpoint, it's way larger that this anything else. >> in terms of people getting involved with betting with the nfl for the first time, what is the driving force? is it people becoming away are the opportunity for the first time in states that already had legalized it >> just in the last nij days we launched two new states, wyoming and arizona. we do a lot of promotion tonight there's a promotion that lets you bet on the buccaneers with a plus 73 spread. that means they would have to lose by 73 points for you to lose, which we chose, because the largest margin of victory

ever, in 1940, was 70 to 0 people can come in and basically get free money by betting on the tampa bay. lure them in with an easy bet, and then the odds makers step up to do their job. in all seriousie roger goodell said it was not his focus, the main focus is to create engagement and build a brought of fan base, but it sounds like the nfl is key for your business, it sounds like it's building a fan base for him. what is the relationship like between draftkings and the nfl >> we have a great relationship. we're their exclusive official daily fantasy partner. we do a lot of collaborating with them. they've been very clear in all the discussions we've had.

obviously they want to make money. that's their job, but their primary focus is how do we do this the right way how do we increase engagement? they understand this really takes fans that maybe weren't interested, and makes them interested in every game it takes games well out of reach in the fourth quarter, because the spread or your fantasy lineup is still in play. people are still watching the whole way through. you can make profits up to the last until the last play of the game i think they get that drives an incredible level of engagement it takes the casual fan. i know myself, before i started playing fantasy, i really only fold my hometown team. i now follow every game. it changes the level of engagement with fans. >> there are so many betting companies out there. some are rengional, or more

national like you. what do you foresee? >> right now we're in the a nascent stage of the market i'm not surprised there's a lot of companies going after it some will be winners, some won't. some that aren't are going to see that rather than sooner rather than later, and make a small move and consolidate with a bigger player. order maybe will go after it, and i think we'll have a few companies when the music stops we're left without a chair we're working hard to make sure we're one of the ones who do well. >> jason, i do like watching live sports. i think it's a great way to spend time with friends and family, but i've never been interested in betting on the game how do you attract more women to your platform? >> we're working hard to attract more women to the platform we have added women executive team members, board members.

we added giselle bundchen to our advisory board we're also running a lot more, you know, casual promotions like pools, where people who are maybe not accustomed to betting against the spreads or with odds, can tiptoe their way in and try things that are more comfortable. ultimately it's a marketing thing, a product thing, but that's definitely a focal point for us there's so many female sports f fans, more that should be betting on draftkings. >> we'll be following along with draftkings you can also watch it on peacock. coverage begins at 7:00 p.m. eastern time saturday markets the 20th anniversary of 9/11.

up next, ceo of morgan stanley, bob scott, he remembers how he led the firm through that crisis you sure you want to leave that all behind? yeah. stay restless with the rx crafted by lexus. experience amazing at your lexus dealer. in 2016, i was working at the amazon warehouse when my brother passed away. and a couple of years later, my mother passed away. after taking care of them, i knew that i really wanted to become a nurse. amazon helped me with training and tuition. today, i'm a medical assistant and i'm studying to become a registered nurse. in filipino: you'll always be in my heart.

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saturday marks the 20th anniversary of the terrorist attacks. gol former ceo bob scott was at the world trade center on 9/11 thank you for joining us. >> you're welcome, wilf. good afternoon. >> morgan stanley was one of the biggest tenants in the building. >> i was down in the trade center, which connected to two towers, given a presentation to a group of economists. in the middle of my

presentation there was a loud noise, the building shook and the ceiling started to come down in the auditorium i made my mayway out to the str, and i saw the dark smoke at the top of the world trade center, and it was clear that something really horrible had happened as i got into my car to try to drive back up to our offices, which were in times square, i watched the second plane bank and fly into the south tower, which was where we had most of our people located, and i thought for a moment my goodness, we have really just suffered a tremendous calamity some 3,700 employees were staysed in the world trade center

remarkly only six losses how was it not higher? >> well, as it turned out, the numbers was 13 but unbeknownst to me. when the first plane hit, the head of security for that building, a man named rick, had immediately begun evacuating the building, as he had prepared the employees for going all the way back to 1993 by the time the second plane hit squarely in our floors most of the people had already left the morgan stanley space, and his actions saved many, many lives that day. >> hi as is were instrumental in

saving all those people, but you still then had to operate a business what leadership lessons came out of all of that, banding together, make it through a crisis together on the other side what did it teach new. >> there are a lot of lessons that came from that. the first thing we did was organize a command center up in midtown. the most important thing we did was get our priorities strait. those were our employees, our clients the community. by that, i mean new york city, washington, d.c., the securities industry, and the country. it was important to have those priors straight. it informed all our messaging. we wanted to reinforce that those were the priorities in every communication that came out of the firm.

the second thing was disaster planning is critical you need redun daness. in our kay, we needed it for computer capacity. we needed backup trading locations, other office space. >> in this day and age you even need a plan to work from home, and even a backup for hr we needed a way to find all of our people because they had scattered to the four winds. finally after that, you need to be able to pay everybody again so, in addition, you need to test all these capabilities. rick used to have fire drills in the world trade center building. you have to have live tests of your backup locations. you need to tithe backup generators

finally i think it's important that senior management be very visible. you need to share the experience your staff is having you've got to communicate frequently, and the communications need to be really authentic. when employ decree senses are raised, they can tell if you're playing up to them immediately people process grief differently. some people wanted to comes back to work immediately.

others never wanted to come back we had employees who couldn't ride up an elevator. one more important lesson, you need to delegate, post a crisis like this, the recovery requires making a lot of decisions and making them rapidly. senior management can't micromanagement that it has to delegate and support the decisions of the team. you need to rely on the culture you've already built i think by and large we passed the test fascinating and important

lessons. when you do walk around that particular area, the memorial, obviously, as you've outlined it, it takes a long time to get back up and runs it takes a long time to heal you never heal with this level of loss. what are your feelings are you optimistic i am but i'm also surprised how close to the surface all those feelings are every time there's a beautiful blue sky day, i think in my head, wow, that's just like 9/11 when you go to the memorial, and you see it, the feelings really rush to the surface yes, i'm optimistic, but i hope everyone realizes the sacrifices that many people made for us that day.

>> absolutely. bob scott, thank you for joining us, sharing those memories and lessons as well to take away. >> you're welcome. thank you. up next, mike will bring down the increasingly tight labor maetrk we'll discuss that, coming up next for skin that never holds you back don't settle for silver #1 for diabetic dry skin* #1 for psoriasis symptom relief* and #1 for eczema symptom relief* gold bond champion your skin

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time now for a cnbc news update with shepard smith. >> president biden is getting ready for announce sweeping new measures to slow the delta variant surge. covid shots to be required for all federal workers and contractors. there's this -- a push for many private employers to require exactly the same thing plus support for hospitals and small businesses unassault by the pandemic mr. biden's speech is set to start at the top of the hour the justice department is suing the state of texas over its so-called heartbeat abortion ban. attorney general garland has just said the law was enacted in open defiance of the constitution, and that america just had its hottest summer on record 2021 just narrowly beat out the year 1936, the summer when

drought turned much of the west and great plains into the dust bowl the average temperature for the lower 48 this summer was 74 degrees, 2.6 degrees higher than the long-term average. tonight, full details on the president's new covid strategy and what it means for all of us. plus the challenges ahead with exclusive new information from a cnbc change research poll of unvaccinated americans. that's on the news right after jim cramer, 7:00 eastern, cnbc courtney, back to you. in the meantime we're going to send it back over to mike santoli, who has a look at the labor market in the last week we've gotten multiple new data that suggests we have a tightening of the labor market we did have a disappointing jobs number a week ago, but we saw the unemployment rate go down and labor force participation back off then the record jobs openings

number yet, jobless claims came in lower today you see this interesting crossover where actual unemployed people has declined over the left of open positions. this isn't the first time we've seen it happens. there's been a gap where there was a mismatch, but it does suggest we are farther along in the accelerated economic cycle than maybe we would have expected that was eight years ago or so, into an economy recover, so the labor department didn't liking about demand hopefully it's all about the virus and back to school and having people go back to normal, but this here also says perhaps more upward pressure or continued upward pressure on wages for companies. >> just curious how the seasonal

employers will find the employees that they usually hire when amazon hires hundreds of thousands of workers potential thank you very much, mike. affirm shares are soaring after a big sales beat up next, an analyst who sees more upside for that stock that starts in just a few minutes. plus a decisive victor in the border battle between box and starboard. coming up on "closing bell." thi. love you, sweetheart they guide me with achievable steps that give me confidence. this is my granddaughter...she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. come on, grandpa! later. got grandpa things to do. aw, grandpas are the best! well planned. well invested. well protected. voya. be confident to and through retirement. incomparable design makes it beautiful.

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here's a firm surging, up 19% at this point. the company beat on revenue and saw active consumers grow, ceo max legend sitting down with "mad money's" jim cramer moments ago. >> our partners, the mvps pick up, because we have a great technology company and have a great team we certainly have built a better product, while helping them guy things they need over time >> that whole interview will be on "mad money" took at 6:00 p.m. >> for more, dan, i'll give you the opportunity to react to the numbers. there's not much to dislike in the results if you are a bull here >> yeah.

the results were amazing it surprised us on the up side i think what's especially on the results is you're seeing the ample order, it will come down and be more of a kind of everyday ticket items, everyday things people are buying of course, the most interesting thing is the amazon deal is not included in the guide. i think that's why the stock is up so much people are saying, hey, there's massive upside to the guide if the deal turns out to be as strong. >> to your point, they give numbers excluding peloton because of the big purchases so you can see what it looks like with and without it. because of the the amazon number is not incorporated here, how much is that deal worth to a form in your calculation >> we have done a lot of work on this we have done a survey about two

weeks ago, right when they announced it of 200 amazon customers. if you took a huge haircut to everything that the survey said. 22% they're very likely to use it so if you do this times 50, 50, 50, you still get 20% to 30% potential upside, and that's the massive up side of the deal. and none of this is included in the guidance that's why you're seeing the stock up so much, you know, in the aftermarket. >> are you fearful, dan, they're taking too much credit risk, and we might be late cycle this trend is taking off and it all could be a bit of a sign on the top? >> a great question, wilf. you see that they have said today it's a nonexclusive deal you saw paypal bought a company in japan just yesterday, and

amazon lets a company in a paid -- advertise or use their services on their website, so i think, look, there's so much room to grow in buy now/pay later, i don't see any risk of any emerging credit card crisis in the near term we have talked about this before the algorithms, you know, that companies like affirm have, are way better than, you know, what we are used to when it comes to sp fico scores. it's the algorithms, nose what they're doing, that helps you reduce the risk. that's what people don't understand it's the algorithms that help avoid a credit crisis. >> so, dan, there are a lot of competitors in the buy now/pay later space. i will admit, i thought isn't this layaway is this a big market

but clearly i wasn't right what is the opportunity for buy now/pay later? how many transactions are being done this way? and how many could be done this way that all of these competitors are trying to get a piece of >> obviously this could be huge. you look at australia, australia is the market where buy now/pay later started. it's similar to ours, because of language, culture, et cetera, so it's a good market to look at. in australia you're seeing double-digit penetration afterpay, you know, zip pay, there's a lot of companies there. afterpay is obviously the biggest one. in that market it's taking a bite into the very controls, which are trying to kick downward at least double-digit penetration over time. you're talking about trillions of dollars of credit volume.

whatever penetration it is, it's still massive growth opportunity, just because the tent is so big. >> why do you think that amazon didn't do this on their own? is there a risk that they'll learn how told it, they'll pick up the knowledge in the years to come, they'll just do it on their own? >> i thought about it a lot. two reasons for that one, i think amazon is in the business of wanting to sell stuff. they want to be, you know, they don't want to be sort of dealing with, you know, underwriting of credit i do thissh so merchant so merc want amazon to know more than

they already do. i think amazon understands it and they're trying to maybe stay away from, you know, making it look like they know too much about their merchants or consumers. that gets a lot of merchants somewhat annoyed and scared of amazon so maybe that's another reason. >> dan, thanks for joining us. affirm is up 18% up next, box's big battle. we'll discuss what the company's next move cook, when we return as your broker, i've solved it. that's great, carl. but we need something better. that's easily adjustable has no penalties or advisory fee. and we can monitor to see that we're on track. like schwab intelligent income. schwab! introducing schwab intelligent income. a simple, modern way to pay yourself from your portfolio. oh, that's cool... i mean, we don't have that.

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ten-person board they had set to remove him or sell the company, but this obviously solidifies his position on the board. at least for the short-term. instead, box partnered with kkr on a special financing something star board atribted to its loss they say they're quote, disappointed by the results of the election which were skewed it appears that starboard's settlement last month with box where three new directors joined the board, diluted it this time around >> the share price there since the original agreement with starboard, the stock's done incredibly well. small even though it feels big on a one-day move. >> greatpoint. it's up almost 100% since they had the settlement in march of 2020 so clearly, shareholders don't

have too much to complain about. that kind of diluted their argument for the need for a board refreshment so soon after they had that most recent settlement of course today, moving down 7%, it's something you would expect to sell the news it's not uncommon, especially as you see a run up in the stock and lead up to the actual vote itself >> that's it thanks so much president biden set to speak at the top of the hour. we'll break down the key topics on the agenda and how it could impact the broader economy that's up next plus, what we'll be watching as we head into a fresh trading day. "closing bell" back in a couple of minutes

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for online u.s. listed stocks. don't get mad. get e*trade and start trading today. president biden due to speak at the top of the hour expected to impose new vaccine mandates, putting more pressure on private businesses, federal agencies, and schools to have stricter policies amid the delta variant. that's due to start manin the n few minutes. just want to hit wells fargo, which is higher. news crossing in the last 15 minutes. relating to the consent orders the occ has added additional enforcement action that relates to their home

lending business where if you'll remember that arose in 2018, not the earlier consumer issue in 2016 haven't done enough to fix their problems in that part of the business, but the stock is higher by 1.5% as an additional part of this release, the consumer financial protection wubureau's order, th big, juicy one, that has expired and not seen more added to it. and mike, the other reason i think the share is moving higher is it declined about 10% over the last few weeks on rumors and stories they might see additional punishments there is an additional one, but it feels like a small one relative to the big one expiring they were trading at 50 bucks a few weeks ago. >> it's a good, pretty much realtime indication that it has been that overhang of regulatory concerns that's been restraining the valuation, therefore the reflex move here

trades around one time book value. it seems like it has sort of been in the penalty box for long enough they have new management maybe it seems things at least slightly, the path is clearing >> cfpb easing off occ is not >> what's on your mind for friday >> i keep coming back to this anomaly of one of these losing streaks in the s&p yet no net loss i've been watching credit markets to see if they're showing any real nervousness or signs of stress. not really happening there it doesn't seem as if it's a cross asset mini panic about growth it seems to be about equity positioning and incremental news flow it's all those things together i think the fact that the nasdaq stocks may be coming off the boil is going to be a pressure point off the indexes.

every day this week has been either a small caps down and big stuff up or vice versa that rotation rate maintains itself although it's not as seamless >> interesting that banks outperformed >> indices coming when yields moved low. s&p closed down by about half of one percent. thanks so much for watching. "fast money" starts now. >> live from the nasdaq overlooking new york city's times square, this is "fast money. i'm melissa lee. tonight, guy, karen, dan, and tim will join us in just moments. tonight, big cap pharma, stocks like eli lilly, merck dealing under the weather. plus, peloton popping. the stock climbing nearly 10% as the bikemaker rides into lulu's lane and we are all over the after hour's action as affirm is surging on earnings. we've got the latest from it