markets with limited growth to recurring revenue streams from contracts and subscriptions. cisco shares are up more than 40% over the past year so it remains to be seen if investors will appreciate the old tech names, transformation in the long term cisco, oracle, dell all experiencing similar size year-to-date gains that does it for "the exchange." "power lunch" begins right now it most surely does. and welcome, everybody glad you could join us here is what's ahead this hour and it's going to be a busy one because president biden will -- let's go to president biden right now on the economy and the build back better plan that i have proposed. i've said many times before, i believe we're at an inflection point in this country, one of those moments where the decisions we're about to make

can change -- literally change the trajectory of our nation for years and possibly decades to come each inflection point in this nation's history represents a fundamental choice i believe that america at this moment is facing such a choice, and the choice is this, are we going to continue with an economy where the overwhelming share of the benefits go to big corporations and the very wealthy, or are we going to take this moment right now to set this country on a new path, one that invests in this nation, creates real sustained economic growth, and that benefits everyone including working people and middle class folks. that's something we haven't realized in this country for decades. the data is absolutely clear over the past 40 years the wealthy have gotten wealthier and too many corporations have lost their sense of possibility to their workers, their communities, and the country just look at the facts

ceos used to make about 20 times the average worker and the company that they ran. today they make more than 350 times what the average worker in their corporation makes. since the pandemic began, billionaires have seen their wealth go up by $1.8 trillion. that is -- everyone knows a billionaire before the pandemic began, but total accumulated wealth beyond the billions they already had has gone up by $1.8 trillion simply not fair. and how is it possible that 55 of the largest corporations in this country pay zero dollars in federal income taxes they made over $40 billion in the year 2020, and they paid zero think about that zero dollars in federal taxes on $40 billion in profits

how is it possible that the wealthiest billionaires in the country can entirely escape paying income tax on what they've made how is it possible for millionaires and billionaires that can pay a lower rate of tax than teachers, firefighters or law enforcement officers here's the simple truth. for a long time this economy has worked great for those at the very top while ordinary, hard-working americans, the people who built this country, have been basically cut out of the deal and i've said this from the time i announced i was going to run, i believe this is a moment of potentially great change this is our moment to deal working people back into the economy this is our moment to prove the american people that their government works for them not just for big corporations and those at the very top. when i was sworn in as president, the nation was struggling to pull out of the worst economic crisis since the great depression

job growth was anemic. with just over 60,000 new jobs per month in the three months before i was sworn in. then we went to work and passed the american rescue plan back in march and it worked and is still working. over the last three months we've been creating on average 750,000 new jobs per month our economy is growing at the fastest rate we've seen in nearly 40 years. our recovery is unique in the world. we're the only developed country in the world whose economy is now bigger than it was before the pandemic while this is all good news, i know many americans are still struggling to make it through each and every day for too many it's harder and harder to pay the bills, food, gas, rent, health care i get it we still have a long way to go to get the economy where it

needs to be. as i've said for a long time coming out of this economic crisis as deep as the one we're in was never going to be easy, but we're doing it and we can continue to do it. covid, supply chain issues, bad actors seeking to profit off the pandemic, are all contributing to the challenges we're facing that's why i've made getting covid under control my top priority for my first day as president. everything -- everything from our public health to our economy depends on this. we've made enormous progress against the virus through the summer and now we put ourselves in a strong position to battle this delta variant. that's why the actions i proposed on vaccines last week are so critical from requiring federal workers to get vaccinated, requiring health care workers to be vaccinated, requiring employers with over 100 employees to institute v

vaccine and/or test protocols, calling on them to know what their employees are doing before they walk through the door calling for a vaccine or test requirements to enter big venues and a whole series of steps i proposed to protect our kids in schools. wall street firms have analyzed the impact of these plans, and they're projecting these new requirements will help 12 million more americans get vaccinated which will help more businesses stay open and more americans back to work the data shows the overwhelming majority of americans agree with my proposal. that is no surprise given that 76% of american adults have already gotten at least one shot but we're facing a lot of pushback especially from some of the republican governors the governors of florida and texas are doing everything they can to undermine the lifesaving requirements that i proposed and some of the same governors

attacking me are in states with the strictest vaccine mandates for children attending school in the entire country for example, in mississippi children are required to be vaccinated against measles, mumps, rubella, chicken pox, hepatitis b, polio, tetanus and more these are state requirements but in the midst of a pandemic that has already taken over 660,000 lives i propose a requirement for covid vaccine and the governor calls it, quote, a tyrannical tight move this is the worst kind of politics because it's putting the lives of citizens of their states, especially children at risk, and i refuse to give in to it. these policies are what the science tells us we need to do they're going to save lives. they will protect our economic

recovery as well and allow the economy to continue to grow. we're also going after the bad actors and pandemic profiteers in our economy there's lots of evidence that gas prices should be going down, but they haven't we're taking a close look at that taxpayers have paid for extraordinary effort to keep our country going over the past year or so unlike the last administration which resisted oversight and allowed taxpayers to be victimized by fraud. we're working hard to protect vulnerable americans from having their identities stolen as a consequence of their unemployment checks stolen as well and we're going to offer organized criminals -- go after organized criminals that defraud america or misuse covid funds. look, we're also taking a closer look at places in our economy where fewer and fewer corporate giants are controlling more and more of the marketplace than the area they work just look at agriculture and the

food industry. a very small number of giant corporations now dominate the market which gives them the ability to drive up prices because they face so little competition. as we work to build health care competition in our economy and crack down on bad actors, the american rescue plan, which we passed in march, is still working to give hard-working americans, hard-working people some relief. one of the best examples of that relief is the expansion of the child tax credit which in effect is essentially a historic tax cut for families with children just yesterday 39 million working moms and dads got their direct payment that money is going to help cover groceries, the mortgage, new pairs of shoes -- all of the things kids need it's a tax cut for working families so we're working to provide as much relief as we can right now to american families

but here is the truth. yes, the pandemic has caused a lot of economic problems in the country, but the fact is our economy faced challenges long before this pandemic struck. working people were struggling to make it long before the pandemic arrived big corporations and the very wealthy were doing very well before the pandemic. that's why i've said it's not enough to just build back. we have to build back better than before. and that's how it all begins big corporations and the super wealthy have to start paying their fair share of taxes. it's long overdue. i'm not out to punish anyone i'm a capitalist if you can make a million or a billion dollars, that's great. god bless you. all i'm asking is you pay your fair share pay your fair share.

just like middle-class folks do. but that isn't happening now today in this country right now the top 1%, for example, evade an estimated $160 billion in taxes that they owe each year, not new taxes, taxes that they owe. the way it works is this -- if you're atypical american, like i suspect most of the press people sitting in front of me here, you pay your taxes why? because you get a w-2 form it comes in the mail every year. the irs gets that information as well your taxes get deducted from your paycheck and you pay what is owed beyond that. that's why 99% of working people pay the taxes they owe but that's not how it works for people with tens of millions of dollars. they play a different set of

rules and they're often not employees themselves so the irs can't see what they make and can't tell if they're cheating that's how many of the top 1% get away with paying virtually nothing. it's estimated by serious economists that that number is about $160 billion collectively owed each year that doesn't get paid it's not an even playing field my plan would help solve that. for example, it would give the irs the resources it needs to keep up with the lawyers and accountants of the super wealthy. it would ask just for two pieces of information from the banks of these folks that amounts go into their bank accounts and what goes out of their bank accounts so the wealthy can to longer hide what they're making, and they can finally begin to pay their fair share of what they owe. that isn't go raising their

taxes. it's about the super wealthy finally beginning to pay what they owe what the existing tax code calls for. just like hard-working americans do all over this country every tax day. look, like i said just a few minutes ago, 55 most profitable corporations in america pay zero in federal income taxes. on what amounted to $40 billion in profit. not a penny. that's not right my economic plan will change that not punish anybody, just make them pay their fair share. my republican friends in congress don't want to change the law. so what are they doing they're attacking me and my plan, which is fine. if we're going to have a debate, let's have an honest debate. my republican friends are attacking my plan saying it's big spending let me remind you, these are the

same folks who just four years ago passed the trump tax cut totaling almost $2 trillion in tax cuts a giant giveaway to the largest corporations in the top 1% listen to this, almost none of that $2 trillion tax cut was paid for it just ballooned the federal deficit. in fact, the unpaid bills racked up by the last administration are projected to increase the national debt by more than $8 trillion over time what i am proposing is totally different for three reasons. first, my plan is paid for it's fiscally responsible because our investments are paid for by making sure corporations of wealthy americans pay their fair share second, we're not going to raise taxes on anyone making under

$400,000 that's a lot of money. some of my liberal friends are saying it should be lower than that but only corporations and people making over $400,000 a year are going to pay any additional tax and, third, not only will no one making under $400,000 see their taxes go up, the middle class will get some tax cuts, some breaks my plan benefits ordinary americans. not those at the top who don't need the help. it's a historic middle-class tax cut, cutting taxes for over 50 million families my republican friends are making a different choice, though they would rather protect the tax breaks of those at the very top and give tax breaks to working families it's that simple but let me ask you this. where is it written all the tax breaks in the american tax code go to corporations at the very

top? i think it's enough. i'm tired of it. it's about time working people got the tax breaks in this country. that's what my plan does by asking them to pay their fair share makes it possible to invest in america. to invest in the american people according to a leading economist forecasters like moody's and major international financial institutions, my plan will create jobs, make us more competitive and grow our economy and lessen, not increase, inflationary pressure. 15 nobel laureates in economics released a letter yesterday arguing that exact same point. they said, and i quote -- this is from 15 nobel laureates --

quote, because this agenda -- the one i'm talking about, mine -- because this agenda invests in long-term economic capacity and will enhance the ability of more americans to participate productively in the economy, it will ease long-term inflationary pressures it will ease it. let me highlight a few the added benefit of allowing millions of people, mostly women, not able to go back to work because of very young family members or elderly people they're taking care of allow them to go back to work. it's estimated in the millions it lowers prescription drug costs by giving medicare the

power to negotiate lower drug prices and it strengthens medicare by adding dental, vision and hearing coverage if you're on medicare it extends for kids the american rescue plan we passed in march all of this will mean thousands of dollars in savings for the average american family on some of the toughest, most important bills they have to pay my republican friends talk about inflation. my plan strengthens the capacity of our economy while also reducing the inflationary pressures over the long run. extreme weather events we're seeing all around us, we see it everywhere we know it's real. in just the past few weeks, and

there's more to come, i've seen the destruction of hurricanes in louisiana, winds got up to 179-mile-an-hour gusts, a deadly toll from flooding in new york where 20 inches of rain in new jersey, more than 11 inches in some areas more than 5 million acres of our lands in communities have burned to the ground in wildfires just this year alone. that's more than the size of the entire state of new jersey burned to the ground i was out in california. i flew over some of these areas. in addition there's a severe drought in the midwest there's a blinking code red out there for the nation we can't wait to act extreme weather just last year cost the american public $99

billion in damage. $99 billion in damage last year. and, unfortunately, we're lucky to break that record this year and the evidence is overwhelming that every dollar we invest in resilience saves $6 down the road when the next fire doesn't spread as widely or the power station holds up against a storm. we need to rebuild with resilience with resilience of mind so roads are built higher levees are made more strong. transmission lines are better protected. and so much more i hope we're past debating climate change in this country now we have to act we have to act fact. fast my plan does that. let me end with this, this

pandemic has been god awful for so many reasons. lost lives over 660,000, the jobs, the businesses lost, the lost time in school for our kids but it does present us with an opportunity. we can build an economy that gives working people a fair shot this time. we can restore some sanity and fairness in our tax code we can make the investments that we know are long overdue in this nation that's exactly what my bipartisan infrastructure plan does i should say our bipartisan infrastructure plan does investments in roads, bridges, highways, clean water in every home and every school. universal broad band affordable places for people to live and we can invest in our people. giving our families a little help with their toughest

expenses like daycare, child care, eldercare, prescription drugs, health care preparing young people to compete against any country with preschool, community college we can confront this crisis of extreme weather and climate change and not only protect our communities but create new opportunities new industries and new jobs in short this is an opportunity to be the nation we know we can be a nation where all of us -- all of us not just those with the growing economy in the years ahead. let's not squander this moment let's not look backwards trying to rebuild what we had let's look forward together as one america not to build back but to build back better thank you all very much. may god protect our troops

thank you. >> mr. president mr. president, what kind of impact does it have when celebrities like nicki minaj share dubious claims >> well, there was a question about nicki minaj. i'm not quite sure what it was that was president biden speaking on the economy, and we're going to bring in cnbc's kayla tausche, libby cantrell from pimco welcome to both of you kayla, welcome back. good to see you. there was a lot in there, libby cantrell there was a tremendous amount. he talked about vaccines and cracking down on criminals who were profiting from covid relief he talked about taxes and making the rich and corporations pay their fair share he talked about extreme weather events he talked about antitrust and the concentration of power in the food industry. there was a lot of breakfast on the table there, libby talk to me he says his spending plan is

paid for is it? >> well, his proposal might be paid for the devil will be in the details and, of course, it is not the president who writes legislation. it is congress we are seeing indications of what this bill will look like. it is a priority for many important senate votes in particular including senator manchin and senator sinema from arizona, that this bill is paid for but, again, we'll see. there are lots of things, as you know, tyler, that are claimed to be paid for but ultimately have budget gimmicks instead of actually real pay fors with that said, though, it does seem like democrats in congress are very serious about raising taxes. there never should have been any doubt on that. they've been very clear.

maybe not as draconian or as profound as what president biden has proposed but certainly your taxes are going up and that will be a meaningful pay for for this democratic -- >> before i turn to kayla, one more for you, libby, if i might. how are these proposals -- or what parts of these proposals are most likely to affect investors and how? >> i think the market, obviously, is very focused on the tax increases especially on the corporate side, whether it's the corporate tax increase which under chairman neal's proposal would go up to 26.5%, not the 28% that president biden has proposed also international tax increases. that's a real concern for a lot of multinational companies there's also a question of the demand side here from the consumer and the individual. president biden spoke about the child tax credit, the child care tax credit all of those things could

potentially marginally increase demand and, as he said and i think it's interesting he's bringing up deflation, that they may actually dampen inflation as well because it increases labor supply and what have you so i think from an investment perspective obviously tax increases are really in focus. i think there is a demand picture and potential for increased growth as well >> kayla, it's nice to see you welcome back let's talk a little bit about the political calculus because it comes down to vote and vote counting the democrats really couldn't have a narrower majority in the house, and they have really no majority in the senate except for the fact the vice president would vote democratic, the most powerful man in washington right now is joe manchin of west virginia, period, end of statement. what he wants is likely to be in this bill. what is the needle threading that is taking place right now on the house and senate sides with respect to what the

president has proposed >> well, tyler, it's great to be back with you as well. certainly there is what joe manchin says in public which is he doesn't like the size of this package $3.5 trillion, and also he thinks 25% is a better level for the top corporate tax rate for the largest corporations versus what libby just mentioned. he met with the president last night. there was a fairly sanguine readout on that meeting and certainly will continue to be meetings behind the scenes not just with senator manchin but kyrsten sinema of arizona. there is some wriggle room the chief of staff mentioning they're open to decreasing the size of some of these programs or the duration of some of these programs to bring that overall price tag down tyler, i don't think it can be overstated how much the white house decides to or has to give away on this package to bring those centrists to the table could also cause them some

negotiating leverage with progressives down the line for instance, here's a hypothetical that could play out, if the white house has to give a lot away to win those centrist votes and decrease the price tag of the package, they may have to consider not reappointing jerome powell to lead the fed in a couple weeks' time because they need to give progressives a win here. this is the calculus going on where they're trying to figure out where the chips are going to fall and how much they need to give away to get some of the votes right now and how much they'll need to give away on other policy issues. >> welcome back. libby, we were showing all the different things on the table here there's the fed chair that kayla just mentioned there's figuring out the numbers for this bill, libby, and what about infrastructure, where does this leave that bill as we continue to see stocks trading off its likelihood of passage? >> i think on both the bipartisan infrastructure bill, the $550 billion of new spending

plus this democratic only bill, democrats realize that failure is not an option while these negotiations are going to be kind of messy, the nonlinear, they realize that they have to pass both the bipartisan infrastructure bill and this reconciliation bill probably by year end in order to go into the mid-term election cycle running on a proactive message. as we all know the party in power usually loses at seats ine house. it can go up to 37 seats in the house. they only have a three seat majority the democrats are just historically going to be on their back foot here and they need to be able to run on something. again, i think this is all kind of noise from a market's perspective. i think the democrats and the white house realize they must get this done, and i think they

will it may look different from what president biden has proposed >> all right, folks. let me just throw one more final question if i might to you, kayla. we have the debt ceiling debate resurfaced once again. to me this is childishness childishness, period, because the very same people who voted for many of the proposals that have elevated the debt are now saying we are not going to vote to raise the debt ceiling. >> yeah, there are some glimmers of 2011, which we remember well as certainly republicans are trying to call the administration's bluff they believe at this point they could possibly still get some republican votes to pass it. republicans led by the minority leader in the senate mitch mcconnell is holding his ground and saying if you want to raise the debt limit you need to do it yourself you have a vehicle to do that. we'll see how it plays out in the next week or so. >> thank you libby, kayla, great to have you

both appreciate it. and still coming up, the american consumer flexes their muscles. retail sales came in stronger than expected. the former ceo of toys 'r' us tells us which are best positioned in the economy after positioned in the economy after this and thinkorswim trading™ is right there with you. to help you become a smarter investor. with an innovative trading platform full of customizable tools. dedicated trade desk pros and a passionate trader community sharing strategies right on the platform. because we take trading as seriously as you do. thinkorswim trading™ from td ameritrade. i wonder how the firm's doing without its fearless leader. you sure you want to leave that all behind? yeah. stay restless with the rx. crafted by lexus. experience amazing at your lexus dealer.

[slow electronic notes fade in] [fast upbeat music begins] crafted by lexus. [music stops] and release. [deep exhale] [fast upbeat music resumes] [music stops]

age before beauty? why not both? visibly diminish wrinkled skin in... crepe corrector lotion... only from gold bond.

welcome back i'm rahel solomon and here is your cnbc news update this hour. the special counsel looking into how the government investigated possible russian meddling in the 2016 election is close to indicting a democratic lawyer. nbc news reports that he will be accused of making a false statement to the fbi when he passed along suspicions about supposed secret communications between the trump campaign and russia those concerns were later found to be unfounded. his lawyer says he did not commit a crime louisiana state university is unenrolling students who have not shown proof of vaccination as required by the school. "jeopardy" announcing a new

host they will rotate on the syndicated version that will continue until the end of the year as the producers decide on a permanent replacement. and once again piers morgan working for rupert murdoch he has signed a deal to host a show on a new british channel being launched by the murdoch media empire morgan left itv after controversy comments about meghan markle. you are now up to date thank you very much. august surprise retail sales jump is a good sign for the economic recovery. but changing consumer could be a new retail crop. one sure to be in style for investors no matter what happens. let's welcome in gerald storch, former ceo of toys 'r' us. it's great to have you back. always in style makes me think of tjx what do you say? >> the value-based players are in a long-term winning strike

and will continue doing great. during the pandemic, whatever, they're going to do great. we already have seen big increases in stock prices at target and at costco so it's kind of a little late to bounce into those names. having said that they perform great. you have a bunch of other value players where the companies are fundamentally sound and they're doing great in this economy where all boats are rising including tjmaxx and dollar general, amazing companies, long-term winners. i would add walmart and amazon, two stocks that provide great value, recognizes having low prizes, whose stocks have not gone through the roof that are big opportunities, also. value is in the name of the game it has bifurcated. luxury is doing great. everything else is value based channels >> i'm surprised to hear you're positive on amazon i didn't know if that was allowed from a physical stores guy historically the stock has been struggling and they, themselves, are trying

to figure out whethers to more bricks and mortar to match their online strength. you mentioned luxury if you think further crackdown on china could be an issue there. >> certainly it's an overhang of some sort, but that's more for the manufacturers, so you think about the branded companies based in france, companies like that, that are making goods they're selling over there for the retailers in the u.s. this is an amazing market and it is highly correlated with the stock market which, as we know, has been on fire for a long time they're going to do great forever. what happens in china? a different story if they're serious about making that economy more equal then you could see issue for the french manufacturers. >> this one jumped out at me, there is no delta impact on retail >> there was no summer slowdown in retail sales. it drives me crazy every time i hear that, that somehow things went bad in july and are good in august the only way you can really see

these numbers in a clear light is built on a solid foundation the last time was prepandemic. go back to 2019, the same months in 2019. this august, the data just came in, sales up 18.6% over a two-year period. if you told me two years ago that sales would be up almost two years later i would think the economy was going great guns and consumers were spending like mad because they are what do you think the numbers are for july 18 18.6%. almost identical the same increase it's up in august. they're comparing that to july those are weird numbers. we see huge revisions come out every time we take a look at it.

the coronavirus and huge swings have restored the ability to seasonalize these numbers. current number and what you see is a very robust consumer. that's what i tell my clients. they're seeing how they're doing. that's why last month i told you those numbers are good for july and then you have huge numbers come out of retail >> bang, we're done. great note to leave it on. gerald storch, we appreciate it. >> my pleasure ahead, is energy volatility starting to affect the currency market why that could bthca nt.e e seex

♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪

and there you have it— -woah. wireless on the most reliable network nationwide.

wow! -big deal! ...we get unlimited for just $30 bucks. sweet, but mine has 5g included. relax people, my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself. switch to xfinity mobile and save hundreds on your wireless bill. plus, save up to $400 when you purchase a new samsung phone or upgrade your existing phone. learn more at your local xfinity store today. welcome back the relentless surge in energy prices is starting to hit currency markets rick santelli tracking the action at the cme. rick >> reporter: you know, when you talk inflation, energy prices seem to be the next topic that comes up, at least with my sources. and it's not only affecting what's going on in foreign exchange, it's affecting what's going on with interest rates particularly in europe look at 8:00 eastern we had better sales and the last guest

weighed in on this there's reasons it weakened up we're not arguing about that we're arguing about what was expected and the stronger numbers that appear. if you look at a july 1st start for 10s we're in a wedge shape totally different than the formation of july 1st on bund yields right now at- two month highs. a chart of the dollar index. it was really acting quite soft just a month ago now it's turned up and it's a three-week high. the euro currency is the reason it's at three-week lows because energy prices in europe are surging causing asians to buy as much fuel as they can. factories may be closing uk has issues. italy has issues germany, their energy for businesses is up hundreds of percent year over year this may be coming to a state near you because we're canceling much of the developing fossil fuels for good reason. the problem is the alternatives aren't really ready for prime

time yet look at this chart of the crb, a six-year chart, we're on six-year highs all of this most likely for the near term will be a real downer for the euro currency and could boost bund yields closer to zero because they're still negative tyler, back to you rick santelli, thank you very much. let's take a look at the markets right now. we've come back from the lows of the day but still in the red, red is a color we've seen a lot of s&p down seven of the past nine sessions market little changed on president biden's speech just a few minutes ago. i think most of the content of it had already been priced into equities the dow, however, on pace for its 11th negative day in the past 13. sounds like the yankees lately and the nasdaq on a similar pattern. so why has a seemingly teflon market started to get a little wobbly let's bring in the senior portfolio manager at morgan stanley investment management. what's going on, andrew?

>> well, i think this time of the year people get anxious. we haven't had a 10% correction in over a year usually you have a 10% correction every year, year and a half a lot of people calling for 10% correction and that's got people a little bit more anxious. the issue is that we're starting to run out of time on that 10% correction because as you get into the fourth quarter into october i think you'll have pretty good earnings and then november is the best time of the year to be invested in equities. i think we're chopped but without any substantial pullback i think the bigger correction call will run out of steam >> so with what is happening in the financial markets with rates and the yield curve and energy prices and so forth, where does that lead you as a stock picker right now? >> yes, tyler, i find this fascinating. if you dial the clock back to march of this year, everyone was optimistic about the economy and

rates were growing at 2% and suddenly stopped going up. and rates start heading lower and the yield curve started to flatten and energy prices came down semiconductors started underperforming. they started to decelerate and then lo and behold we got the economic data that validated what the markets anticipated we are in the mirror image of that right now which is rates are starting to go up. the yield curve is starting to steepen. cyclicals started to outperform and yet everyone is in this growth slowdown mode we'll get to the fourth quarter and the data will go, oh, the financial markets were right we are seeing an acceleration. so, to me, if we're going to have a big growth slowdown, how come rates are going up right now? how come the curve is steepening i think the opportunity set is in vothe value names, this litte

mini slowdown. >> names like or sectors like? >> well, i think financials are easy place to start because higher rates will help them. i think that the energy sector, which is completely unloved. energy is at $72 if we were going to have a slowdown, why are energy prices going up those are two obvious areas. you spent a lot of time talking where you heard the president with the taxes i don't think there's a lot of infrastructure built into some of these industrials so if a bill went through i think some of the industrials you would see their estimates more higher. i think that's the big opportunity. at the end of the day, yes, the s&p is sitting at a high level that's because it's overweighted and the faangs and the s&p is down over 10% from its high. >> andrew, thank you very much we appreciate your time as always sorry it had to be a little abbreviated because the president's remarks. >> understood. up next, trading the housing

boom the debut of our new segment is next wealth is your first big investment. worth is a partner to help share the load. wealth is saving a little extra. worth is knowing it's never too late to start - . ♪ ♪ wealth helps you retire. worth is knowing why. ♪ ♪ principal. for all it's worth.

♪ music playing. ♪ there's an america we build ♪ ♪ and one we explore one that's been paved and one that's forever wild but freedom means you don't have to choose just one adventure ♪ ♪ you get both. introducing the all-new 3-row jeep grand cherokee l jeep. there's only one.

do you have a life insurance policy you no longer need? now you can sell your policy, even a term policy, for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized that we needed a way to supplement our income. if you have one hundred thousand dollars or more of life insurance you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit conventrydirect.com to find out if you policy qualifies. or call the number on your screen. coventry direct, redefining insurance.

welcome back, everybody. last month we took you on a road trip across the country for deep trends in the housing market remember our rv trip >> you drove the whole way. >> i always do now we have a building project check out they blueprints. we're going to look at the different brands and companies that go into building the american home and trade them this week we're starting with the basics, made by companies like mascof. vulcan and more philip, it's great to have you often a lot of these names are infrastructure >> infrastructure demand has been muted, funding has been a little choppy, so with -- that could be pretty impactful. we're talking about potentially

a 50.respect increase in pos positive. >> i think it can also be a headwind if it's not there, but i think the fundamental might be where the demand comes from. who are your topics in residential construction and why? >> yeah, i mean, on the residential side, we remain quite bullish, how underbuilt we are. our favorite play would be fortune brand, and that is important where material inflation is an issue, they have real pricing power on the r & r side, fortune brand. for a more concentrated, we like

a company called pofil, it's help them navigate this, so we like them on the housing side. >> an insulation installer and insulation manufacturer in owens-corning. >> yes, we like owens-corning a lot as well. we would make the argument that insolation has been under-earned in this cycle, but supply demand a tight, and we certainly have a bullish on housing we've severe four price increases this year. so there's a real opportunity for margins to to really expand. >> i wasn't all that far occupy.

insolation inflation and azak, it sounds like they produce synthetic products to replace wood >> it's a secular they do composite decks and exterior trim first of all, the housing stock is -- so you have old homes that need to be renovated when you have the exteriors with wood rotting, a composite deck, and something that's made out of the plastic is the technology has gotten a lot better i'm not the most handy guy, but manage that advisories very little upkeep is great >> some of these things, can you not tell the difference between

the synthetic and the wood i'm thinking of doing it on my back porch right now philip, thank you very much. >> one of my favorite things we own is one of those adirondek chairs it's great. >> ahead of friday's fda meeting on a covid booster show, surveying americans about their feelings on the next round of covid vaccines we'll give youheests nextul, 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.

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! i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be a deep learning engineer to help make the world a smarter place does this come in blue? become an agent of innovation with invesco qqq

new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria.

visit indeed.com/hire and get started today. ahead of tomorrow's fda meeting on covid booster shots cnbc surveyed americans on the topic. meg tirrell has the results. >> we first wanted to find out how many people of taking matters into their own hands and gone out and gotten a booster shot the cdc says it's almost 2 million americans when it was approved just for immunocompromised, but it's suggested between 4 and 16% say they have already gotten a boost.

72 another question is do people want to stay with the same brand this 79% of people say they want to stick with the same brand they got the first time. we also asked people what their preference would be for a booster doe, the most popular brand is pfizer, but that may be influenced by the fact that most people got pfizer the first time around, but we did find the most people who wanted to switch from a brand had j&j the first time around importantly tomorrow is just a meeting about the pfizer booster in particular, however there would be a lot of discussion about the broader question of whether we need boosters at all. >> that's been the discussion,

isn't it >> the main question is, does the protection we got from the first two shots wane enough against severe disease to warp us needing a booster now we know that it wane against getting a case of covid, but does it start to wane enough about hospitalization? that's the key question. >> thanks, meg. and thanks for watching "power lunch." we do appreciate it. "closing bell" starts right now. welcome to "closing bell." it looks lie we had be headed for a down day >> let's look at what's driving the action retail sales are coming in better than expect ed they're