gross margins are headed higher. stock has done nothing all year. i like it >> all right farmer jim >> kinder morgan will benefit from natural gas demand >> all right the reform broken, josh brown? >> staying long, uber. >> what a huge day for uber, up 12.5%. that does it for us. thanks for watching. "the exchange" is now. ♪ ♪ thank you very much, scott hi, everybody. i'm kelly evans. ahead this hour, the day after the big sell-off stocks are trying to hold on to gains we briefly went negative early on bitcoin is trying to avoid more losses which asset class is better positioned to ride out the volatility gold on a two-day up streak, by the way. plus, europe's energy crisis, could it happen here and what does it mean for energy stocks that's been the best sector over the past month, second best year to day will china be able to control the damage from an eventual evergrande collapse

if they can, should you guy those stocks right now dom chu is here with the numbers. what a day >> what a day because we've seen either side of the flat line, right? positive, negative overall though i guess if you are bullish this market you have the take it as a victory because we did see 600-plus points come off the dow yesterday and, yes, we did dig briefly negative but still getting back 129 of those points right now for some of the people who were fearful the slide could be exacerbated, maybe at least for now there's a little bit of abatement to the selling pressure s&p 500 up 13 handles, one-third of 1%. 4,370 for the last trade there nasdaq composite up about one-half of 1% modest gains but a nice respite from what happened yesterday first of all, a bullish story coming out for the best performing stock in the sepp sepp right now and that's auto zone the auto parts retailer, that stock is up about 4% right now,

heavier than average volume. it comes out with better quarterly results, earnings and sales. it did mention some pressures coming on the inflationary side of things they're keeping an eye on watch auto zone shares, up 39% year-to-date a stock not in the s&p but getting a lot of attention today is uber. the ride-sharing giant and food delivery giant is up about 12% toward session highs right now it is still down 12% year-to-date, but it came out and said in a regulatory filing, kelly, it sees its key measure of operating profits for the current quarter coming in much better than previously forecasted, and they see bookings improving by end of the quarter as well. so uber shares are up 12%. by the way, competitor lyft is also up in sympathy. watch those stocks, uber, auto zone the stocks of the day back to you. >> big moves dom, thank you very much meanwhile, the federal reserve kicking off its two-day policy meeting today with the latest decision on rates out tomorrow will they announce a taper, what are markets expecting and how will it affect a volatile month?

joining me from morgan stanley management great to have you both here. jim, i will start with you what is the market expecting from the fed this week >> well, first, kelly, thanks for having me on your show there are some mixed feelings. i believe that the con senson view is that the fed will not talk very, very tough on tapering at this point there's too much going on, whether it is some of the credit risk conditions coming out of china, whether it is the infrastructure bill or even the debt ceiling there's just too much room for a policy error but i think what is important though is that the dot plot that does get released will probably reveal a hawkish result, but powell is going to spend some time at the press conference trying to walk that back most likely and put things in more dovish terms i think it is too soon for the fed to act in a very hawkish manner at this point with everything that's going on >> it is a risk they have to manage, jim, though because they

have near-term market conditions which for all of the reasons you mention they can take it easy, say better safe than sorry on the flip side you have people upset with what is going on with inflation and supply issues and they think it is a result of the fed stimulus, a result of the trillions spent on the federal side of the equation that's causing headaches in d.c. in terms of passing the next spending bills could it create headaches for the fed where people realize, at some point these conditions are too supportive >> absolutely. i think that's an excellent point because i think there are two parts to this, right one is tapering, so the reduction of quantitative easing which effectively was really there just to address liquidity concerns i think that at this point the market is ready for tapering i don't think qe is necessary. the other is tightening. that's raising interest rates, and that actually increases the cost of credit so what powell tried to discuss at the jackson hole symposium was he wanted to break the linkage between the two. yes, it is probably time to

taper and that probably gets announced in november, december, and enacted in january of '22, but it may be -- it may be not so sequential you do tapering and immediately thereafter you start to tighten there might be a long lag period between the two. i think that's what the dot plot is going to confuse, and i think the chair and the vice chair of the fed are more in the camp to say, let's fix the plumbing, let's reduce the tapering at some point, announce that at some point later this year, but it doesn't mean that there's going to be tightening that differentiation, breaking that linkage, is very, very critical at the moment >> jeff, do you think that is going to play a role here in helping markets navigate this period of uncertainty? i mean i would find it hard to believe that the taper, whether it is announced this month or it happens, you know, in another six weeks, you know, it has to be like the least surprising, most-priced-in market event now of all time. i know you are cautious, jeff, with equities but basically bullish over the next 12 months,

right? >> yeah, no, we -- we are bullish over the next 12 months and think that not a whole lot has really changed on that front. we have still strong earnings and economic growth, low interest rates, tight credit spreads and sentiments come in so there are reasons to be, you know, positive looking out the next 12 to 15 months however, risk levels have increased and the fed is part of that fixture clearly inflation is on their mind i think we have got a little bit of reprieve because the employment report that was soft and a lot of stuff that is going on right now, and i think they will kind of thread the needle here but in anticipation of what the fed may do and the concern about policy risk, the average stock is off 12% right now so what we're telling investors is stay put. this isn't a time to be heroic you know, you still have a positive fundamental backdrop, but the market is narrowing and there is a growing world worry which includes what is the fed going to do, what is tax policy going to look like >> right >> so if the market is taking a

65% equities and your normal target is 60%, we pare back the neutral. if you are at 60%, stay put. if you are under, the average stock is down 12%. maybe you want to add to your equity exposure a little bit. so there's context to this >> sure. i want to give people some of your picks you have active. johnson control. bristol-myers squibb, twilio and viva so a wide range of stocks across things you say can work value and growth depending on the company right now. jim, i will give you the final question it is more of a comment on the level he have interest rates it does feel like we are headed to a japan ification which as rick points out it barely even trades i wonder where our markets are going. if the fed begins to exit the picture, is there a chance our markets get back to normal >> i think it does i think our markets will get back to normal effectively what we also have to understand is there's been almost zero net issuance of

treasuries since the beginning of the second quarter. for many technical reasons, but when the debt ceiling gets resolved, which we think is late october, there will be an onslaught of net issuance of u.s. treasuries coming forward we also have to worry about the infrastructure bill. how does that get paid for is that deficit finances is there going to be more debt i think one of the things is that debt and deficits are going to increase in the u.s that could push rates higher as you pointed out earlier, there is inflation risks that are out there as well. so i don't see this really as the japanification of u.s. markets. i think we are in a very technical period right now that's keeping interest rates probably abnormally low. >> yeah. >> and we could probably get back close to 2% by the end of this year. >> i hope you are right, but, you know, we've been waiting for 2% and waiting and waiting and waiting. we'll see if it gets us any closer to that guys, thank you. appreciate it today. jim caron and jeff crumpleman.

bitcoin dropping at much as 10%, all of this of course after sec chair gary gentzler warned that crypto is a wild west asset class rive with fraud and coinbase dropped its plans after a spat with sec. joining me is michael sundeshine it is great to have you. you have the bitcoin trust product for the time being i don't know if you want to offer general thoughts on how you think over time crypto should be performing as an asset class? >> well, it is great to be here, kelly. i think there's zero question in investor's minds crypto can occupy a slice of their portfolio allocation and it is not just bitcoin investors have increasingly been diversifying their cryptocurrency holdings. i think the sec and regulators have a tough job at the moment the ecosystem around digital assets is evolving very, very

quickly, and even as early as today the chairman had commentary that once again invited industry participant into the sec to discuss the products and services they're offering and stated the sec has the authority to regulate crypto >> right which, you know, he seems to be making it very clear something will be coming in this space what do you -- i mean what did coinbase do wrong from your point of view? >> well, i think coinbase and companies like gray scale as well are the types of industry participants that are ask for permission, not for forgiveness types of organizations >> right >> making use of existing security regulations to provide products and services around digital currencies so it would be tough to say exactly what coinbase did wrong, but, unfortunately, i think that, you know, where we are today there needs to be some more guidance from the sec and we have to move to a place of actual regulation beyond just enforcement action which we continue to see. >> and i guess the distinction you are making goes back to other platforms like we were

talking about with kate rooney yesterday that offered yield products with higher yields it it is unclear how they're generating those yields and they're not asking for permission, are they >> well, i think it depends on the company and the product or the service, but there is no doubt that crypto as an asset class in investors' minds is here to stay some of the features like taking, lending, yield, these are the type of services becoming increasingly important to investors >> are you disappointed in the growth of stable coins and the attention they're drawing from regulators, having to figure out if they're akind to money market funds and so forth there are those saying it is unhealthy speculative activity, the kind of credit creation bitcoin was intended to avoid in its hardmoni money eethos

>> stable coins have become a fixture on the digital ecosystem given that they often an ability to create a stable point within investor's portfolios when moving in and out of different digital currencies rather than relying on the traditional bank system which has time delays and fees of getting back to fiat assess being u.s. dollars or otherwise. as is the case for bitcoin, as is the case for stable coin it remains early days and i know that the industry and momentum behind it will continue to work with regulators to smooth out any concerns there may be. >> you know, if we turn back just to what has been going on with bitcoin and sort of the different investment avenues into it, would you guys launch a bitcoin futures etf if that ends up being the only regulatory path >> i wouldn't rule out anything. i think at grayscale we continue to toe a line between providing investors with investment options we find compelling and that we want to provide unique opportunities and access to with where investors are telling us

they want to have the exposure i think it would be an unfortunate scenario if the sec were to only approve bitcoin's future-based etf and not allow for a level playing field, which would put both -- physically back bitcoin in the market at the same time future space one and instead let investors make the decision whether or not they want one product or the other. >> what would your response be if the sec says there's already a way for people to go along with the bitcoin, they just buy it why do they need an etf? >> there's no evidence that investors want exposure to bitcoin in form of security. our flagship product has tens of billions of dollars invested in it and it is the largest bitcoin fund in the world. despite its popularity and success, kelly, there's still a segment of investors waiting for the familiarity and the protection that an etf wrapper provides we feel this is certainly going to be an important part of the ecosystem that will draw in more capital and investors. >> final quick question on this.

is it possible just as you are sort of making the case for a bitcoin etf the etf itself loses tax advantages because of changes in washington? >> that is a very interesting question and that's a new piece of, you know, legislation or potential piece of legislation that just recently got -- has been floated out there i think with the rise of etf and their popularity and their utilization in investor portfolios it would be unfortunate to see any kind of legislation that would dampen the life cycle of etfs or the growth of that part of the investment universe. >> it would be a surprising twist in the story but we can never rule it out. michael, thank you for joining us today >> thank you >> michael sonnen shine of greatscale investment. natural gas prices are starting to come back to earth over the past month or so. our fourth straight session of declines around 2% up next we will speak with bank of america and what it means for the transitory inflation debate plus, what does china's

evergrande prices mean for american investors with exposures in china we will explore that ahead on "the exchange. this is "the exchange" on cnbc hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, like asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business, you can pick the best plan for each employee and get the best deals on every smartphone.

welcome back to "the exchange" everybody.

europe's energy cries is worsening as supply levels hit dangerously low level ahead of the winter season. tightening supply is forcing prices to spike, forcing suppliers to turn to coal. chinese growth concerns are putting pressure on commodities. oil is around $70 a barrel for more on all of the moves in commodities and where it is headed from here i'm joined by frances globland from bank of america. francisco, it is great to have you here let's start with natural gas because it is probably the biggest one in terms of price swings lately. have we put in the highs for the year >> well, depends on which gas market you are looking at. if it is the global gas market i think the answer is probably not. if it is the u.s. gas market i think it depends heavily on what the global gas market does we have a very site global market feeding street through into u.s. net gas. if the winter turns out to be pretty cold, it is going to get

messy. we will be running on very tight supplies in asia and europe, and that's going to feed straight through into prices in the u.s that's our view. >> you know, if you can translate into what this means for consumers and businesses, you know, we are all looking at the headlines in europe where you have some providers refusing new customers, where you have some -- you mow, these economics are terrible because there's a cap on bills to households and yet they're completely exposed to rising input prices and some are going under and trying to figure out what to do in terms of bailouts. how much of that could happen here >> well, i think -- i think in terms of the u.s., it is not very likely that we have the same situation there is a number of buffers that will likely prevent, most likely prevent a run-up in prices like we've seen globally. remember, europe is short gas. the suppliers of gas traditionally have been britain, the netherlands and norway, and now europe has become very dependent on russian gas there is no liquid natural gas

out there because it is all being taken by china so the europeans are basically having to shut down factories. we have seen it in the uk in terms of fertilizer companies. others have passed through effect already into the meat production business because it is a shortage of co2 which comes directly from natural gas. i think we can see other industries being impacted, and, of course, there's the winter. if we have a cold winter things are going to get messy inventories are too low. in the u.s. there are a number of buffers that will prevent prices from getting higher than where they are today i mean i think we could see in a bad winter, we could see $8, $10 per btu but it would be unlikely we go higher than that in europe they're paying 25, so it is still meaningfully cheaper than what you are seeing in europe and asia right now which is about $150 a barrel so extremely high prices >> so many more questions than i

have in terms of whether we are going to fate outright shortages. we've seen some sort of startling headlines about, as y you mentioned, fertilizer, food supply and that kind of thing. what would you say to those who are alarmist about the present situation and what would you say to those in the u.s. who you think are relatively more protected from this? still, how might we expect it to behave headed into the spring of next year? >> well, look, i mean i think the advantage to the u.s. is you have a very, very large domestic shale gas business if "the price is right" we will see investment coming into the sector we will see more production. we expect growth of 3.5 billion cubic feet of supply in the u.s. next year. the issue in the u.s. this year has been that all of the exports to mentioxico, all of the liquia

exported internationally siphoned off domestic supplies but the u.s. has historically been a gas island. you just need to drill it and get it into the market internationally it is more complicated. i'm not worried about the u.s. i think on a relative basis this situation benefits u.s. and u.s. businesses as people will say america is the place even though gas prices are higher than last year, they're still way, way lower than what they are elsewhere. so i think the u.s. is in a relatively better position now, europe, i don't know. i think it is a challenge where europe is. ultimately it is all about russia opening up the taps and releasing more gas into the continent. >> yes it is almost like they're the opec, you know, just themselves of this vital energy source. >> they are. >> so i just want maybe to get your thoughts on some of the clean energy commodity plays and that kind of thing i wrote earlier about pierre andiron who basically said he is not long this phase of the transition, that he thinks it

will hasten its own demise could you just explain the dynamic from your point of view? how do you see that playing out and where do you think commodities are best positioned for investors to go long >> well, i think at the moment there are two big stories going on one is the winter and the winter fears and clearly gas is going up on the back of that, and potentially we could see oil prices going up, too so we do think there's a risk of oil being dragged up higher by natural gas, and maybe we see $100 a barrel this winter if gas keeps spiking. just out of substitute and then i think the other side of the commodity story is the industrial metals and the bulk commodities. that's a more challenging story. again, this is all connected to the evergrande fall-out in china. remember, the property sector is almost 30% of gdp in china so we're worried that some of the construction materials, some of the commodities heavily

utilized in the construction sector start taking a hit. we've seen it already with iron ore in particular as china has been shutting down some steel mills. it could help also in some of the other metals, maybe copper, maybe some of the other metals where china is 50% of the world's market so i think commodities right now, more constructive on the energy side. i'm more concerned about the industrial metals heading into the winter >> which is the opposite of what i think a lot of people would anticipate with the reopening. if you have china slowing while we have a global energy crunch, probably the opposite makes sense. thanks for your time today i hope to check back in soon francisco blanche joining us from bank of america set to go public via a spac merger, what does it mean? we will ask the ceo. plus, j & j is out with the effectiveness of its booster wsh weill hear from the company's chief scientific officer ahead

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with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity. welcome back. the rebound from yesterday's big decline in danger of fizzing out. the dow is trying to hang on about a tenth of a percent higher the nasdaq up a little more comfortable, a third of 1% big lots is on pace for the worst day this month after a downgrade to neutral at piper sandler. the firm saying notable stimulus benefits from 2021 are rolling off now, impacting the discount and low income retailers bit share down 5.5%. draft king is also lowing after proposing a takeover of an online betting company in the uk the deal would be worth $20 billion. favor also reporting that mgm

consent would be involved. it does confirm he has received a proposal from draftkings to acquire the company. didn't give details about the offer, but entain shares surging, and draftkings is down about 6% to rahel solomon for a cnbc news update >> hi, kelly here is what is happening at this hour. fbi agents and other law enforcement officials are back in the carlton nature reserve searching for brian laundrie, the fiance of gabby petito the head of the u.nnited nations telling world leaders we face the greatest cascade of crises in our lifetime and wants the world to come together to fight climate change and wide-ranging inequalities. >> we face a moment of truth now is the time to deliver now is the time to restore first

and now is the time to inspire hope, and i do have hope the problems we have created are problems we can solve. humanity has shown we are capable of great things when we work together. >> and in texas on the border with mexico some migrants are being bussed to houston, but thousands of others face deportation. on the news flag, migrants back to their country and new migrants heading to the u.s. that's tonight at 7:00 eastern back to you. >> rahel, thank you very much. still ahead, the first test for evergrande, whose debt crisis is about two days away. we have the latest in the saga and where investors should fear contagion risk the details of the latest jpmorgan acquisition are next on "the exchange. stay with us

welcome back, everybody. after yesterday's big sell-off stocks are sitting in a holding pattern today. you have the fed decision on one hand coming tomorrow you also have the first of two bond interest payments deadlines for china's evergrande the street is widely expecting evergrande to miss the payment

eu eunice yoon is in beijing with the latest. >> reporter: thanks. kelly. evergrande is planning to boost confidence in the company. in a letter for the staff from the mid autumn holiday said evergrande will walk out of its darkest moment very soon and resume full scale construction of property projects as soon as possible however, he didn't explain how smp said it doesn't believe a rescue will come in the form of direct support from beijing. the rating agency said it only sees beijing stepping in if there's a, quote, far-reaching contagion causing multiple major developers to fail other property developers today attempted to reassure investors it wasn't going to happen. for example one mid-size term rnf, the co-founder said they're injecting $1 billion of their own capital into the company starting tuesday and they sold

their property management business to rival country garden others announced share purchases or bond redemptions. what is next well, on wednesday we will get a sense as to how chinese investors feel about the whole saga when the country goes back to work after the long holiday then on thursday the company needs to make an interest payment within 30 days or risk default. kelly. >> eunice, we appreciate it. we will check back in in the next couple of days as the saga plays out. we wanted to mention two of evergrande's bonds due this thursday, that all being the case as she reported, will china's government step in or resist the optics of having to bail out one of these companies? if evergrande isn't too big to fail, what happens next? let's welcome back chief strategist at the clock tower grugt and author of "geopolitical alpha. and ward rick mcneil is managing director and cnbc contributor.

great to have you here marko, let me start with you the evergrande issue has been out there so long everybody assumed nothing would be done about it what do you think is being done? >> i think we should look at the other analogs in china that can provide some sense of where the chinese policymakers are likely to take it one of the things we heard in china is that investors should really focus on restructuring businesses such at the h ad a group which is the beleaguered airline/airport business whose restructuring plan is coming to the forefront. first of all, original founders, private holders of equity will be completely wiped out but the business itself will be restructured there will be local provincial soes that will take over the airport business there will be a private company that will actually take over the airline business, and that's interesting because that's a business that has nothing to do with airlines. in other words the chinese

policymakers are splitting off the beleaguered group and giving it over to soes in other firms to ensure that sort of the businesses that are rely on services are not impacted negatively that's likely to be the scenario for evergrande as well >> i think it is a great analogy because evergrande is a sprawl in, has so many different businesses and it has had different ones it sold over the years and some it still retains, but fundamentally people are holding wealth management products, people had down payments on property i think what marko is saying is there's a way to keep them relatively whole while having the state sort of take it apart and figure it out. but i guess i want to ask you a slightly different question, which is to kind of quote from the excellent piece in "the journal" about all of this she says xi jinping's campaign against private enterprise is far more ambitious that meets the eye. he is trying to roll back the country's style in western

styles and roll it back entirely if that's the case, evergrande if dealt with is not the real issue for investors. the real issue is do they want exposure to that version of china. >> yeah. i think that's right, kelly. look, i think we are very clear that xi jinping has a different model in mind. we talk about that a lot i think with evergrande specifically though, let me say i think given xi's focus in that model, his real concern would be on cushioning the impact of retail and other vulnerable investor i think the big boys, the big boys and girls will have to take a haircut. i think that is coming i don't think it will fail outright it won't be a meltdown, but there's some pain coming but i think absolutely right the question is are investors willing to take this ride with xi jinping and see where china's economy lands under this new sort of common prosperity narrative. i will also say, kelly, that the debt problem in china has been

around for a very long time, but few leaders have felt strong and secure enough to tackle it this tells me that xi is pretty secure going into the 20th party congress and he is really knocking heads and trying to restructure the economy. >> an absolutely great point because you would never take this kind of risk going into an almost unprecedented third term unless you felt as if you were able to have that kind of control over the economy marko, what would your advice be to investors you know, we had jim chanos yesterday who pointed out china has not performed well if you look over the past decade. if china's market broadly speaking did not perform well over a decade in which it evolved more towards capitalism, how should we expect it to perform if it is evolving away from that, back towards something more socialist and communist as this reporting suggests >> you know, in emerging markets it is dangerous to equate gdp growth with equity performance in fact, it is not a good guidance at all. i think it is going to be -- it

is going to continue to be challenging to generate returns in china at the same time the people who are likely going to do the best job at it will be onshore managers there's still uncorrelated alpha to be generated in onshore markets. one thing that i would say, so i don't disagree with has been said, but iwould say that it i ironic that what is happening with evergrande is not actually part of the common prosperity writ at large. what i mean by that is that here is china trying to deleverage beautifully. it is trying to deal with its debt problems, which are really a feature of the last decade during which it was supposedly more capitalist, and yet it still has this debt problem. it is actually dealing with it in a very austere, washington-consensus type of way. it is not dealing with it in a socialist way. yet that is the greatest risk to china's economy now, is that

rus irony that chinese policymakers trying to do what is right may actually cause the economy to blow up. that's why they're between a rock and hard place. that's why most investors assume they're going to have to deal with evergrande in a sanguine way. i agree with that. the problem is so does the market if you look at the ten-year, it hasn't rallied copper prices haven't really fallen i the sanguine view is priced in by the markets that's what concerns me. >> very, very interesting. i'm glad you made that point guys, we have to leave it there. again, maybe a little bit of a warning there as to what extent china can allow it to unfold beautifully, if i can borrow marko's turn of phrase up next with supply chains under pressure we will look at and talk to the ceo of digital freight broker trans fix about the company's big plans to gain market share and go public

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we've been talking about supply chain disruption for over a year and a half with u.s. consumer shifting from goods to services during the pandemic the demand for imports is causing major shipping backlog and now with the holidays fast approaching freight brokers across the country are working by land, sea and air to replenish inventories. trans fix is focused on trucking, a nearly $800 billion industry in the u.s. to take add advantage of the rapid expansion, they announced going public via spac early next year with a merger valuing the company at more than a billion dollars. joining me is trans fix ceo and president lilly shin welcome. >> thank you so much thank you for having me here today. i'm excited to tell you more about trans fix. >> yes i guess let's start with the state of play in trucking more broadly right now. i guess to sum it up, it would be described as really bad you know, there's a lot of

shortages we have heard about, retailers warning us there is not going to be product on the shelves for the holiday season is it lessening at all how would you describe things? >> look, i mean the market is tight and if there's one thing we know about the freight market, no day is ever the same. you know, i think the disruptions continue obviously we are still coming out of covid there are capacity constraints and volatility in demand i think this is where our technology has come into play. in working with customers such as target, unilever, way fair, our technology has really helped our customers manage through the volatility >> sure. so let's talk for a moment about the spac why a spac at a time when their performance has been pretty underwhelming this year? are you concerned at all about the experience that other companies around your size have had going public this way? >> well, i can't speak to other spacs, but what i do know is

that we have incredible momentum in our business. every year we have really continued to grow as a company, bringing on new customers, new carriers, building out the automation and that's enabled us to scale we have an incredible partner in g square sn1 they've been investors in the company since 2019 they have invested in companies such as airbnb, spotify, coursera and they've made a number of investments in the fr freight space as well, so incredibly knowledgeable and share our passion for the opportunity ahead. the last thing i will say is that we all know the supply chain is the backbone of our economy. the importance of digitization is critical. so now is the time, and, you know, in thinking about being a public company for a while now and given, you know, our momentum, given the partner, given all that is going on in the space, we felt now was the

perfect time >> i mean, again, there's never been more attention on, you know, these supply chains. so, you know, if you could talk about sort of the playing field, it is pretty fragmented in the trucking space is part of your growth plan to consolidate existing players or are you providing the technology that everybody can use what's that growth plan look like >> absolutely. a lot of the automation that we have built on the platform today has really helped aggregate shippers, customers, across -- across the country we work with some of the largest -- largest customers an retail, food and beverage, cpg and manufacturing. at the same time we've been able to really pull together an incredibly strong community of carriers on our platform 93% of all carriers that work with transfix continue to come back and want to work with transfix that's really resulted in a high level of access and reliability to shippers. >> all right lily, it is great to have you here today

congratulations. again, it will be helpful to keep checking in on a lot of these concerns, especially as the holidays approach. it is good to have you on today. >> thanks for having me. >> lily schenn with transfix still ahead, jpmorgan acquiring a new startup as the bank works to have lifelong engagement with its customers. this time it is headed back to school the details of the latest deal are next retirement income is complicated. 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

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to college and need to pay for it it's got a bunch of tools. i think the main tool is an

automated service. it helps students apply for federal aid. they can apply for discounted college courses, scholarships, negotiate their federal aid that they've gotten and other things. so basically, you know, what they've got is, you know, this tool that has grown a pretty good user base it's got 5 million users and you know, jpmorgan wants to get in on that. they want to basically have an affinity program essentially that as you're thinking about attending college, if all goes according to plan, you've got a chase bank account and after that, if you graduate, add a credit card, mortgage, and auto this is their play to get people hooked into the chase ecosystem at an early age. >> which may explain why they see so much value here otherwise, they have smallish transitions, transactions. the one that was announced the

other day. should we expect bigger moves, things to really move the needle >> there are a couple of buckets in them that i see them doing. they had three or four they bought fintech platforms that did specific things whether it's robo, advise ing in the uk an infatuation they do reviews. this is their play to grow, deepen their diesties with dines because they use credit cards. it's another affinity play, which is unexpected coming from a bank what they have been less successful at is the transformational acquisition you think of morgan stanley and their multibillion dollar deals with e*trade and jpmorgan, by the way, a bid they swung for it, but didn't actually execute on that so you know, i think they're

still on the hunt. it's likely that they're still in the hunt for these bigger deal, but in the meantime, they've just got a steady clip of these smaller m&a transactions >> whether that's a big missed opportunity probably depends more on their strategic vision for what they will become in the next few years thank you so much for your reporting. and jpmorgan is moving into one fintech while one is starting to look more like a bank. paypal is launching high yield savings accounts and one that offers early access to paychecks. paypal shares roughly flat today. they've tripped those during the pandemic mastercard and visa are underpe underperformers. paypal and square are up about 15%. amex shares are up the second best gainer in the dow. the shares dropped 83% from

their 52-week low last october they also pay about a 1% dividend, something to consider as many investors look for safer stocks during a market selloff up next, johnson & johnson's covid booster shot and its promise. we'll dig into the numbers and wh t cpaatheomny needs to do to gain fda approval, next. ♪ ♪ ♪ ♪ ♪ ♪ 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.

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welcome back johnson & johnson has released the data from its covid-19 booster trials and that puts it up there with pfizer and moderna's vaccines >> this is the only one-shot vaccine out there for covid-19, but jnj looked at what happens when you give a second dose. the efficacy goes up 94% in the united states they saw when they give one eight weeks after the first

dose they also saw theit tolerated they also looked at giving the booster shots six months out, which is much more likely what is going to happen at least here in the united states they saw that antibody levels went up nine to 12 times when you space the doses out further versus four to six times we talked with their chief scientific officer just now on how they're thinking about those booster doses. here's what he said. >> as we are going to live with this disease for long-term here, it's not going to be over in the next year. we need to make sure that the protection is there for long-term. so the longer you take the space, the better you have your second boost having impact on the antibodies >> the case there if you're going to get a booster, space the doses out more, but of course this is a one-shot vaccine still around the world and jnj also providing an update

on the effectiveness of one dose saying they saw no reduce in effectiveness including when the delta variant became dominant. however in some countries with variants like lambda and gamma, they saw somewhat less protection here's how they look at the philosophy of providing a single-dose vaccine during a pandemic >> if you have to vaccinate very large populations in countries with millions of people, the simplest way is to do it at once the protection once and done at least for protecting for severe disease and death is actually the most important thing at this moment in the large scale in the world. >> so kelly, so much during this pandemic, it comes down to the question of public health, once and done versus perhaps on a personal level, you want that booster to increase your protection you'll protect more people with the one dose >> and everyone's still trying the figure out if they should

mix and match or just stick with the shots they got appreciate it. thank you for the latest there that does it for the change. thanks for joining us. "power lunch" begins right now >> it sure does, kelly thank you very much and welcome to "power lunch. this is a busy day a bit of a rebound day stocks, however, losing some gains after an earlier attempt to bounce back after yesterday's big selloff. is it time for ibnvestors to start nibbling why it may pay to get selective and defensive. and blowing in the wind. the next two weeks could define the next decade for the alternative energy source. a top analyst has a list of stocks he thinks could benefit and a working lunch with the ceo of outreach. jon fortt will tell us how an early career