>> industrial use beyond unlike gold which little industrial use and has decorative value and stored value value silver is a different animal. >> thank you, christina. thank you for watching "power lunch." >> those were purple crocs earlier. >> i keep thinking it's friday. >> "closing bell" starts right now. feels like that a little bit. welcome to "closing bell." i'm sara eisen recouping the losses from monday's plunge. dow up as we head into this final hour of trade. >> i'm wilfred frost a look at what's driving the action today easing fears around china and the taper plans to drive the rally. treasury yields jumping giving a boost to the financial sector. salesforce giving the dow a boost after raising the 2022

revenue guidance 59 minutes left in the session energy in the lead. coming up, a rare and exclusive interview with the ceo of u.p.s. following a rough week for fedex. we'll talk about shipping demand what she is expecting for the holidays, rates, delays and more. plus two great reads on the consumer after the bell when nike and costco report results all the numbers and analysis when they are released. let's focus on the big stories here bob pisa noi is here meg tirrell and ylan muoy. bob, 600 points or close to it for the dow. >> a rough week for the bulls and the bears. i just want to show you the dow jones industrial average we bottomed on monday late in the afternoon and since then the

dow up 1300. half of the rally has occurred before the federal reserve started at 2:00 yesterday. bear that in mind. big question is why are we rallying so much let me show you the key points here give powell credit, he convinced the marks to not conflate tapering with the rate hikes they have confidence in an economic recovery. yes, there's help from washington on a human infrastructure package but it is about the economy. value leads. cy cyclical leads look at the numbers for travel leisure stocks same thing with energy been mediocre performer and actually hitting new highs in companies like conoco, devon, oneok and cabot. big moves up there same with the banks. 10-year yield two-month high

banks sideways for months now. 4% moves the tech up but generally underperforming the general market value, cyclicals up. growth okay but lagging. every day this week volume is lower than monday and what that tells you is with the rally going on it's a basically a seller's strike. you have seller exhaustion as time goes on and disappointment from bears who expect a 10% correction imminently and gotten crushed. back to you. >> it was quick. >> breath taking. >> thank you we'll turn to the latest on covid vaccines the fda approving the booster for 65-year-olds and the cdc is meeting on theshots, as well meg? >> hi, sara. we are nearing the end of a two day meeting as advisers on the

boosters and about to go to a vote essentially debating around what the fda authorized last night for the booster shots just for pfizer's vaccine and for people over 65, those at risk of severe covid-19 with underlying conditions and those with exposure to covid because of the jobs or -- and then therefore at high risk of severe disease. the commissioner specifying in the nad release last night this is folks like day care staff, grocery workers, teachers and people in prisons and homeless shelters there's debate among the advisers to the cdc in those latter two categories seemingly all on board for people over 65 and people who live in nursing homes to get boosters but there's debate over whether there should be boosters begin to people at high rex of exposure because of their jobs and seem to have difficulty with

the idea that you would be preventing more than just did decay in hospitalization protection there because younger people don't seem to expense that as much as people over 65 so we'll let you know where the vote comes and where they land if they vote really on what the fda recommended or try to narrow that. >> thank you so much. there appears to be some progress on the democrats' plan to pay for spending in the reconciliation bill. ylan muoy has that story for us. >> leadership said that they have a frame work for the tax increases in that $3.5 trillion spending plan and provided no detail just the announcement after house speaker nancy pelosi and leader chuck schumer met with treasury secretary janet yellen this morning. the chairman of the tax writing committees in both chambers were there and pelosi said that the house will move forward with a version of the bill. >> we have consensus and

overwhelmingly, maybe 10-1, 20-1, in our caucus as to these priorities higher percentage in the senate. but we wanted to make sure that it was paid for. >> but while democrats said they were making progress on the social spending bill the fate of infrastructure bill seemsen certain despite president biden's meeting with lawmakers yesterday. pelosi dodged the question of whether the house will vote on monday saying that democrats are taking out one day at a time republicans and democrats are still pointing fingers and calling on the other side to take responsibility. back over to you. >> so where does that leave us then clearly the treasury secretary was there with the house speaker because of the urgency around the debt ceiling and i would think the government shutdown. what will they do about it

>> we just don't know at this point. they didn't say specifically that the debt limit was discussed in that meeting with treasury secretary yellen but it is hard to imagine it wouldn't come up. pelosi saying that they will not shut down the government and just one week out from that deadline the government runs out of money september 30th government agencies are toeltd to check plans just in case there's a government shutdown and right now waiting for one side to blink and either republicans to get on board to help democrats pass the continuing resolution or for democratings to realize that they cannot do this to increase the debt ceiling as well and put forward a clean government funding bill instead so next week is going to be critical in seeing how this plays out. >> got it. thank you. almost 50 minutes left of trade. a big interview, exclusive with the ceo of u.p.s. after competitor fedex sank on

earnings in part of higher labor costs. plus the jouts loutlook for holiday shipping and measure every dow component is higher. first up is this exquisite bowl of french onion dip. i'm going to start the bidding at $5. thank you, sir. looking for $6. $6 over there! do i hear 7? $7 in the front! $7 going once. going twice. sold to the onion lover in the front row! next up is lot number 17, a spinach and artichoke dip, beautifully set in a hollowed-out loaf of sourdough bread. don't get mad get e*trade and get more than just trading investing. banking. guidance.

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a healthy day on wall street all the major averages comfortably higher financials up 2.5% two sectors in the red utilities and real estate and only just negative. latest forecast predicting holiday retail sales growing between 7% and 9%. healthy. some recommend consumers start ordering the holiday gifts now for more on how to navigate peak season let's bring in u.p.s. ceo carol tome and joining us from the control room of u.p.s.'s atlanta super hub which kind of looks like a tv control room, carol. what goes on there >> well, hi, sara. welcome to smart this is one of the largest buildings we have in our network. it is over a million square feet and every day we run about 900,000 packages across 18 miles

of conveyer belts and in this control room you can see cameras that watch every activity in the building everidy. >> the nerve center. we started off by talking about holiday shipping and everyone saying start early it is september. are you seeing people start? how are you preparing for the holiday season >> we've been preparing for peak four months. every month we get together as a leadership team and talk about what do we need to do to get ready for peak part is hiringing over 100,000 people and even in this tight labor market i feel very good about where we are in i look at the hiring to date compared to where we were one year ago we're ahead of where we were so that's good news why is that? because u.p.s. offers high

paying jobs that actually turn into careers one third of the seasonal workers we bring into our company actually stay with us which is a good news story but we are also planning for peak by working with our customers we know what customers surge during the holiday season so we work with them in a collaborative fashion to build operating plans to allow us to control the volume coming in to our network, using the capacity that we have to ensure that we deliver excellent service. and to make that real for you last year our on time service levels 96%, the best in the industry, and planning to do that again this year. >> on the labor issue you said you're hiring 100,000 people are you drawing a distinction between you and fedex who yesterday missed earnings saying the labor shortage was the number one reason 600,000

packages are rerouted? is it different for you? >> well, i'm here to talk about u.p.s. and not our large c competitor every day we take care of customers, delivering 2% of the world's gdp and looking to the peak and holiday selling season we have the necessary people to deliver the packages >> what about wages? clearly they guided yesterday to significant wage pressures are you experiencing the same? >> no. the labor market is tight and certain parts of the country we have had to make market rate adjustments to react to the markets but that's included in the financial guidance we have given for this year. >> your strategy, you pivoted from volumes and focus on the amount and to more profitable package delivery

how does that change the strategy around the holiday season and who you deal with in terms of what size businesses and who they are >> so we're all about value share and not volume share but we want to serve our large enterprise customers who surge at peak so that's a reason why we hire so many people to take care of those customers. we also through a collaborative fashion build to know when they have promotions, they know the sales volume forecast and we bring the voluntarily yim in appropriately to deliver the best service. >> pivoting from wage pressures but more broadly the supply chain issues that are kind of everywhere around the world what do you think is the initial trigger for the pressures? the pandemic or go back further

than that? t tariffs or more recent than the pandemic we are in the small package delivery and we deliver it but many of the supply chain issues jamming up the world economy go way upstream and if you think about what drove these challenges, if you go way upstream manufacturers were running lean manufacturing, just in time inventory which worked well until the pandemic hit. then manufacturing slowed down and then when the world started to recover the demand outpaced the capacity so we found ourselves with a lack of supply, with capacity constraints and ocean freight and air freight and then when the products finally get here to the united states they're jamming up in the ports. some is because of the labor shortage or because of covid but

when the packages finally get out of the ports and on the way to warehouses or retail stores or small and medium-sizes businesses we come in and deliver the packages. >> how long do you exec the pressures to last in the shipping delays? >> yeah. i'm afraid it lasts for a while. these issues have been long time in coming and it is going to take all of us working together to clear the blockages. >> in to next year beyond that? do you have any visibility >> it is hard to predict i focus more on the small package market and for the small package market we see growth as e-co e-commerce continues to grow and we see opportunities for our business to grow and leaning into the areas of our market that values the end to end network, areas like small and

mediu medium-sized businesses and health care logistics. we have been in the health care logistics business for almost 15 years and delivering vaccines, over 600 million vaccines in more than 100 countries and by the end of this year we will deliver 1 billion vaccines >> the biden administration this week announced that it is shipping another half a billion around the world, purchasing and then shipping. how tricky and challenging is it to do that with the temperature requirements and the fact that these vaccines can expire so that not a single one is wasted? >> yeah. it is a complicated supply chain for sure and that's why companies like u.p.s. who are experts in cold chain logistics can help we manufacture dry ice that accompanies the vaccines that travel around the world. we have specialized labeling that are battery powered labeled

so we never lose the package traveling around the world we stood up command centers the know where the packages are. all those vaccines that we have delivered we have delivered at 99.9% effectiveness. >> what about shipping rates every conference call you hear these days the company is blaming supply chain issues and higher shipping and freight costs. >> there's a demand capacity imbalance and any time you have a demand capacity imbalance when there's more demand than capacity pricing is tight. >> so expect higher prices to continue i guess is the message. finally, you move so much gdp around i think 6% of the u.s. every day. there's questions whether the economy is slowing from the covid variant and whether the stimulus is wearing off why what

do you see for the u.s. economy into the end of this year and next >> there's been a little bit of debate recently coming out of the authorities who forecast economic growth. the economy is growing perhaps not as growthy as we thought at the beginning of the year but the economy is still growing. >> finally you have acquired it looks like office workers vaccinate jd what about front line delivery folks? are you looking at a mandatory vaccination with them? >> so job number one to keep our u.p.s.ers safe and we have leaned in hard on that providing ppe for the u.p.s.ers, changing procedures to keep them safe we are encouraging all u.p.s.ers to be vaccinated, some jobs do require vaccination, some people who are traveling we require they be vaccinated, too.

as related to the biden executive order we work through that we'll do the right thing with clarity. >> why not require it for everyone is the labor market too tight for that sort of thing >> we have been working very effectively for now almost sadly two years and our u.p.s.ers have done very well and stayed very safe in the environment in which they have been operating. >> got it. carol, thank you for joining us. good to see you. >> my pleasure, thank you. >> ceo of u.p.s. >> cooler than a tv control room to be honest. >> similar. >> when she wept through what they achieve from there. >> maybe not as much screening we never get screen back. >> maybe more obedient parcels as well. anyway we have 38 minutes left before the session ends. dow up healthy 564 points.

still ahead, chip stocks getting a boost along with the broader market today and still big concerns about the global shortage we'll speak with an analyst as the white house meets industry leaders. bond yields moving significantly today. this is the spark by a fairly hawkish bank of england this morning meeting which push everything up. we'll be back in a couple minutes.

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darden restaurants the company topping same store sales estimate and upping the buy back up 6% today. blackberry getting a boost the ceo was talking about expectations for the cyber security side of the growth. >> we are looking at double digit terms and more of a subscription or radical revenue stream and will see that revenue come in throughout the next two, three years so we expect for example next year everything see double digit growth inclusive of revenue and billings. >> blackberry up 12 percent today. fears over a default by chinese developer evergrande sending shock waves across the market this week but who owns the company's debt leslie picker joins us now with

some key takeaways what have been the headline conclusions? >> despite the ballooning debt and fears of a property slowdown in china evergrande attracted bond funds morningstar attributes the trade to the idea of widen spreads despite the risk of default for the giant and uncertainty surrounding any type of government bailout in china. black rock added the bonds between january and august of this year while hsbc boosted the ex exposure by 40%. total exposure for the asia focused funds is just around 1 prs, about double that of the morgan stanley and not high enough to make an impact on the performances ibs trimmed the exposure in may and upped it in the months

leading upto that time distressed hedge funds are said to have been buying offshore bonds in evergrande recently that's according to a bloomberg report citing people with knowledge of the trades but obvious many firms were net sellers. fidelity, pimco and others pairing back the exposure. >> do you think the company names you mentioned are going to face significantbacklash from the shareholders from holding this in the first place? it suggests poor due diligence on their part. >> we don't where they stand of course august is a long time ago in terms of the time line at this time. that said it does depend on kind of how things play out with regard to evergrande's future.

if an orderly restructuring it could be a trade that isn't so detrimental for the companies but if something becomes a lot more disorderly and not as they envisioned it could get messy and still pretty small proportion of these portfolios which do focus on high yield asia specific bonds and so therefore it is a big part of that market. it wouldn't been foreseeable for them to have at least dabbled i this debt. how they traded in and out is something that investors are very much watching especially as the events unfold on that front. >> leslie, interesting angle, thank you. time for a news update with rahal solomon. >> the second largest reservoir on the colorado coast said there's a chance that lake

powell will not generate electricity in 2023. the dam provides electricity to nearly 6 million customers more water problems in paraguay the lower sunk to the lowest level since 1904 larger ships cannot pass through shallow areas. it is a key source of fish and the bill and melinda gates foundation pledging to fight global malnutrition with the money over five years, a big pledge by private donors with the united nations annual general assembly you are up to date back to you. >> thank you still ahead charles schwab chief investment strategist. plus nike getting ready to report after the close

giving us a look at how the company fared in back to school season and what to watch for in a bit. as we head to break out the today top searched tickers 10-year yield top of the list. apple, dow, s&p 500 and sofi among the top searched technology is holding up very well given the rise in bond yields we'll be right back. that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you can close with more certainty. and twice as fast. if i could, i'd ten-x everything. like a coffee run... or fedora shopping. talk to your broker. ten-x does the same thing, - but with buildings. - so no more waiting. sfx: ding! see how easy...?

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here's where we stand. higher across the board by 1.6%

on the dow energy is best performing sector the white house convening a meeting of tech and auto execs today. up next top semis analyst will discuss how long he thinks the troubles could last and why it could be a positive long term for the sector we'll be back.

first up is this exquisite bowl of french onion dip. i'm going to start the bidding at $5. thank you, sir. looking for $6. $6 over there! do i hear 7? $7 in the front! $7 going once. going twice. sold to the onion lover in the front row! next up is lot number 17, a spinach and artichoke dip, beautifully set in a hollowed-out loaf of sourdough bread. don't get mad get e*trade and get more than just trading investing. banking. guidance.

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welcome back semis rallying today this comes as chip makers and automakers meet at the white house for overcoming the crisis. joining sus managing director for research at needham. thank you for joining us >> thank you >> a broad question, is the worst of this shortage behind us >> no. the shortages are going to worsen throughout end of 2022. the shortages are happening across the board in the industry whether it's at the wafer level, the raw materials, the wire bonding, the compounds pretty much almost every element of semiconductors, the shortages are continuing to be fairly strong it will be like that for i imagine something into 2022

based on my conversations. >> will some companies circumvent the worst of the shortages like apple or will it take a bigger hold on even them? >> you have the most acute impact on the automotive industry where the forecast of reducing vehicles by 13 million units. $100 million impact for the industry because they cannot get access to chips. there is more capacity coming online to support automotive semiconductors i think that will have a positive impact on the production exit this year but the industry will continue to be fairly constrained pertaining to semiconductors in our view is a positive thing long term. historically the emiconductors are heavily inflationary and

then it's the opposite a lot of inflation pricing power built into semiconductors given the importance every single aspect of the economy. so semiconductor companies, cap equipment companies, foundries will have more bargaining power, more importance in almost every aspect of this economy. >> does that mean the stocks should continue working? the group is already up 24% this year. >> i think the group will continue to outperform the stock up about 25% it's above versus the nasdaq there could be some short term volatility as we work through this supply constraint environment. however, the demand picture, the overall demand picture is extremely strong so whether it's 5g smartphones,

electric vehicles, low power devices on the edge to support iot or data center buildouts the demand picture is extremely positive and we have been coming off two years of which industry demand is depressed because of external events. in 2018 the china trade war. sanctions against huawei came out 0 of that in 2019 and then covid and the beginning of 2020 and basically two years in which industry demand is suppressed and seeing now a massive snap back in demand and the growth drivers in terms of vehicle electrification. so the tail winds are strong over the long term. >> give us a quick 30-second take on your pick and the best way to play this. >> the top pick is synaptics

up almost four times the semiconductor index. it is a play on low power edge devices so any device that's connected to the internet. they enable very low power processing, voice, vision or -- on a single chip sound bars cameras. all connected to the internet. we also like nxdi, a play on electric vehicles. they're a leader in batt ri management systems which are crucial in every electric vehicle. we cannot to be bullish on nvidia and we also like sky works which is really strong plays on 5g smartphones. >> thank you for joining us. good to see you.

>> thank you. after the stock pot stocks push higher. those stories and many more inside the market zone next. we are up 1.4 p% on the s&p i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums]

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losing streak. what stands out is that pretty sharp treasury selloff and tech stocks are holding up the market is holding up what do you think is driving the action today >> yeah. it is the year of the rotation we are back into cyclicals and reopens. we are just trying to digest the fed and a little bit more hawkish yesterday and getting the december implementation most likely june 2022 it will be completed i don't think we needed this emergency policy in place. we should embrace the taper seeing better growth and the fed were talking about 3.8% growth next year. i think it would be higher without the supply chain issues and next year closer to 4% which

is what i've been saying and as a result of that and inflation the fed doesn't -- can start to taper. on inflation they're using 2.3% next year. i think they're way off. we have talked ab cpis and ppis but wages are going through the roof just asked fedex their struggles. a lot of problems with shortages and general mills is in your camp talking about explanation 7%, 8% there's real fligs higher rates cyclical rotation and the reopen and the expedia comments from the ceo earlier today said that they're seeing twice the levels of searches in the uk in the past week now that the restrictions will be lifted. i don't know if wilfred is part of that search but that'sgood

news for exped yeah and reopen. >> we saw virgin atlantic say that flights are 600% increase in bookings europe >> frost family is back in the air. >> coming when permitted i hope i hope they want to come and see me i wanted to pivot to you delano. growth is not bad over the next 18 month was there something missed in the fed conference growth rates for the year have come down a bit. and we are of course near record highs on the market. >> yeah. i would say something maybe pessimistic there. growth rates have come down a bit. we are talking about supply chain bottle necks the variants resurgence of the summer and how much is priced in the market now and talking about

the fed commentary and the timing and scheduled of tapering versus growth rates and the expectations going forward and something that investors have to take into account. i agree with stephanie saying that the tapering should be coming sometime soon i think the investors and the market is already kind of priced that in based on the fact of a lot of great communication from the fed in regards to the scheduling, the timing just the amount. we haven't heard and the amount. a drop in the bucket compared to the asset purchases being done now. >> pot stocks are big winners on enthusiasm over the safe banking act in congress. frank? >> as you just said cannabis stocks trading higher.

it would allow increased access to capital and access to banking services not available because cannabis is federally illegal. the domestic cannabis etf up and off the highs of the day now why the big impact could have is on the cost of capital. the cost was 15% now 10%. ceos said that better rates make it easier to scale up and increase profits the bill has to pass in the senate no timing on a vote just yet >> thank you delano, is this significant? >> this is significant the big thing is positive new flow and regulation, positive regulation is something that -- [ inaudible easier to do business in the

united states. very little exposure and something for investors to look fur further out talking about the industry we have seen the stocks and you want to look out further down the line >> lost your audio there but we think you like it. let's hit nike because they report after the bell. earnings estimates have come down why? the brand is so hot and the styles in demand but not immune to the issues out there. vietnam at the top of the list 50% of the sneakers and 30% of sportswear is manufactured in that country and been in the government man date shutdown down for covid also watch china this is the great hope for the bulls on nike. growing double digits and then growth hit by the backlash

across social and state media. now there have been some potential rolling shutdowns because of covid in china and that could potentially hurt nike if they have to close stores estimates from 0 to 15% to 15% growth analysts will want to hear to talk about whether the brand strength in china is intact. given head winds there finally watch themargins because lately we have seen strong margin growth from nike transitioning the business direct to consumer it is a more profitable business that with higher prices for sneakers and sportswear, can they offset the supply chain costs and freight costs? analysts expect north of 46% the stock has done well up about 13% and been down as the

concerns around vietnam materializes so i guess my question is what does that mean for the setup and how can -- how would the stock treat disappointment on the supply chain issues >> yeah. i think the supply chab is the key issue and nailed it in terms of exposure to vietnam maybe they'll be able to buy time this quarter but the guidance in second half of the fiscal year might be on the conservative side for that very reason just not a lot of visibility they have size and scale and they're going to do better than probably better so we have to watch that with the stock down 9% headed in the kind of a setup is not so bad. my problem is it's trading at 37 times earnings so we have to watch and to your point watch china because it is really -- 40% of china brand and very, very important. >> delano, are you a holder of nike >> yes

we are definitely holding nike obviously we talked about the impressive rally of nike and that resurgence based on the ability to pass on the cost pressures to consumers we have the strong brand to do that i look to the direct to consumers channels and how that growth is looking on that side of the business. last quarter up 73% in direct to consumer looking outside of north america, look at europe, middle east and africa, second strongest growing area and this is an area to see that growth. >> e-commerce, too my question is how much will act as a bellwether for the rest of retail because a lot of these companies have moved the factories from china to vietnam. not just nike and adidas and nike reports at an odd time in the cycle. i wonder what it could

foreshadow. >> it is going to impact the entire industry. we have to order for christmas and holiday items now. that's what companies suggest because it is hard to get the stuff in the door. this is not going to be forever. this is certainly -- it is transitory which is -- i don't know how long it will last carol tome wasn't willing to commit in terms of when the supply chains heal i think we have to live with this but nike again the size and the scale that they have will fare better. you have to pick the spots within retail. offprice retailers will be just fine i think the dollar stores are not. >> nike's one of the big two companies reporting after the bell the other is costco. courtney >> hi. costco has been a pandemic winner but even when they come out and

beat often we don't see the stock move markedly. it is a consumer staple and one of only retailers with monthly sales up dates comps in june, july and august grew 14.1% 13.8%. and 14.2% respectively the big thing to listen for is commentary on how the wholesale club is managing the flow with inventory as you were talking about in the still very congested supply chain and if price increases are coming many people go to costco because of the low pricing as a wholesale club consensus is $3.57 per share on $61.296 billion revenue. >> thank you we have 30 second before the close. look at the market strong session on wall street. dow up a little more than 500

points best day since july. off the session highs. still strong s&p 500 is now higher for the week it is higher if the day by 1.25%. every sector higher except for real estate and utilities. small caps are rallying almost 2% there goes the bell and the comeback continues from monday it is a one way ticket higher. >> three major averages are all higher as we stand welcome to "closing bell." i i i'm wilfred frost with sara eisen. investors now awaiting earnings from nike and costco we will have reaction whether the reports cross. stephanie link and delano is

with us and liz ann saunders joins the conversation now your snapshot takeaway on this roller coaster week we have. >> coming into this looking at positioning in the options market particularly retail investors, there was actually a bit of prep that had been done for some sort of pullback and then as they've proven to do consistently in the past year bought the dip in earnest on tuesday and why we have had the rebound we have had and folks watched the 50-day average and monday's swoon down took us below that than we have hit before and now back above that so i think that technical picture is improved, too i wouldn't be surprised to see continued swings like this not to mention a lot of churn and

rotation under the surface. >> what happened with bonds today. the 10-year yield 1.42 saw a lot of selling in the treasuries are you surprised the broader market held up especially like technology, nasdaq finished higher by more than a percent. last time seeing the yields move like this technology got hit. >> it did. but that was into the late march period where you had had the move from 50 basis points last summer to almost 1.75 on the 10-year and that was a bit of a surprise at the time so you had that rerating that occurred in the longer duration segments of the market and 10% correction in the nasdaq so i think a 10-basis point move up may not be enough to ruffle feathers but seeing a march higher in yields at least likely to see another rotation away from some of those longer duration segments.

>> let's touch on some potential beneficiaries from yields. banks topped out in june despite strong year to date numbers still. do you think the latest jump in yields could be a catalyst for them it was over today. >> oh absolutely i think that one of the reasons that bank of america outperformed for most of the group today is because it's the most interest rate sensitive bank and rates have been stubbornly low and that's good news and meantime that stock, i have been adding to that one actually trades at one and a half times book morgan stanley is buying $12 billion of stock less rate sensitive. i think that will help on the rate side. i still like american express for the reopen and you know

wells fargo is a largest position i'm overweight financials. it's not been pretty but last couple of days nice. >> we have breaking news on the pfizer booster shots meg? >> hi, sara. we have the first of what would be several votes on the pfizer booster. this for people 65 plus and nursing home residents unanimously voting in favor of a booster 15-0 now going to other questions of for whom the fda recommended the boosters including people high risk of severe disease and jobs as caregivers. there might be more debate about those coming up. we'll let you know about those votes. people 65 plus and living in nursing homes unanimously yes for a pfizer booster

folks with moderna and j&j have to wait. >> that's what i was going to ask. what's next up there's commit tees and a lot of government agencies meeting on the boosters what is the next one you're tracking >> yeah. so once we get through this process the fa is going to review moderna's application for a booster dose we don't know how long that will take they said they're working as fast as they can and seeing the process reply kated for moderna and then some point for j&j but it's millions of people more than six months out from the second dose over 65 with that vaccine who see the pfizer counter parts boosted and there's acknowledgement at the frustration they'll feel. >> thank you for that. i want to bring back to the broader markets. how surprised are you that we haven't had a more than 5% pullback monday we did but not by the

close. do you think we will by the end of the year. does it kind of increase the chance of a bigger market pullback >> keep in mind that through monday's close the average stock in the s&p was down about 13%. and if you go across other indexes like nasdaq and russell 2000 bigger declines every sector with an average decline more than the index associated with the sector so we have had corrections but under the surface for rotation it's kept the overall index on a closing basis better than a 4% correction that could continue. i think you would need whether it is a spike in yields, something treacherous on the debt ceiling front, a worse rollover in check growth, we all know the potential catalyst here that could be an environment where the index catches down to

some of the underlying weakness or we could continue a process like this. so i think if one of those catalysts were to pop in to see a 10% correction in then dex wouldn't be a big surprise. >> what about the debt ceiling issue or the prospect of a government shutdown? how closely are you following this and do you make any moves on these risks >> yes these are things that we have to follow and as investors we look at the issues as well as the news of the corporate tax hike and have to be assessed but looking at the near term you look at fourth quarter where in the third and fourth quarter usually see equity markets compare better looking pastz the 30 years so that has to be in play and add to the defense ifr positions and look at the high commission areas and put new money to work in those areas. >> you mentioned dhl

we heard from u.p.s. that some of those inflation bits of commentary are pretty stark why what chances are there that the fed is really missed the boat on and there's a sudden need to rate hikes next year and could that derail markets? >> certainly it could. i do think that they're behind the curb but they can act accordingly if they want to as the data comes in but a reason why i'm highlighting that not all of the inflation scare is transitory wages are a big piece of company earnings and costs rather so that's big 4.3% analyzed is 11 million job openings out there the labor market is super tight. won't change any time soon i don't believe and rentals are going higher just starting to go higher so i think those are two big issues i listened to the industrial conference and several

companies, industrial companies that talked about demand being fine, being really super strong and the supply chain issues giving them headaches and the companies i talked to, they are all raising prices so you have to find companies with the pricing power to deal with this because we are in it for the medium term in my opinion and something that if the fed has to act quicker markets won't like that. >> just in the last hour on this show we heard from a sem semiconductor analyst saying it will get worse than better u.p.s. kroemt tome said well into next year in terms of higher shipping costs. how's the stock market going to take it to see not so transitory inflation picture? >> i think the stock market importantly should heed whatever the message is from the bond market which is the case over the past six months or so.

i think the calculus on the fed's part right now is that even if this inflation spike turns out to be a many, many month or many quarter problem i think the calculus is that as long as it is more driven by supply disruptions and less from demand and sort of wage increases that feed into the spiral environment like we had in the1970s, i think the fed would view getting overly aggressive with the balance sheet or rate hikes as not really the solution to a supply constraint problem very different if we see it much more consistently on the wage side and if you see it demand driven not so much to supply chain disruption so i think if you've got the 10-year yield in -- behaving that's a very different and better poir for the stock market but if we break out on the upside there then i

think the stock market would probably heed that warning. >> is china suddenly no reason for concern again? >> china's a big concern also because of the -- not only because of evergrande but the swelling growth so it is a very big concern, something to watch. also worried about delta still we are talking about peak growth and still an issue but i come back to the data points in terms of the economy and we have gotten some really encouraging data points and especially retail sales which is so important to our economy because the consumer is 70%. to have them back 10% above prepandemic levels in retail sales is amazing to me they have a savings rate and money on the sidelines in money market accounts and pen-up demand and why i want to open reopen names but those dealing

with pricing power and the supply chain issues are the winners, too. >> is that you would tell your clients? how's q3 earnings shaping up for you? >> maybe we are not at the inflection point but key to watch given that we saw a hook over in upward revisions may be a factor for the market because wesk in this unprecedented swing. this year the consensus in dollar terms was for i think 168 for s&p earnings for this year jumped up to almost 200 bringing the growth rate from 36% to 63% and seen upward revisions for 2022 but the growth rates come down because of the base of 2021 number's gone up but if the revisions start to roll over that historically is not the death knell for market looking at a rising dollar amount but tends to bring in more volatility and a rolling over in

the rate of appreciation for the s&p. probably still on positive territory. i think be careful what you're extrap lating in terms of unique and record breaking rates in earnings especially seeing a profit margin touched on and then exacerbated with corporate tax hikes. >> delano, a thing hit on monday like everything else and not recovered week to date yet is bitcoin and crypto what have you been doing there of late? >> we are still seeing interest. that's a thing where clients really in this for the long term and adding to positions with new money andy v diversified and there's a lot going on with news different things with regulation but for the investors that want allocation to that portion we

put small amounts of capital to work there and continue to see that looking at the technology changing so quickly coming to cryptocurrency. >> thank you all. when we come back, earnings from nike and costco we'll break down the numbers when they are out for you. ceo of crypto trading firm radkl with the outlook for bitcoin which is bouncing back from the recent selloff we'll be right back.

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on revenue overall if you look at where that miss came from it looks like north american sales light china sales better than expected growing 11%. gross margins, 46.5 and better than expected but misses on the top line the ceo in the releeasing is saying unrelenting pipeline on the digital numbers 29% on digital and nike direct sales were up 28% including digital and how they repositioned the business direct to consumer. let's bring in sam poser likes the stock. going through the initial results looks like a slight miss but for nike got to be on the supply chain concerns around vietnam and not enough product to get through to sell.

>> yeah. very definitely. the supply chain has certainly been an issue. every check says the demand is exceptionally strong and the gross margin shows how that is inventory given the sales growth was flat year over year showing that they're having problems getting inventory through. what we are really listening for is how they talk about the balance of the year and we believe the biggest issues occur probably in late q2 into q3. when -- that's what we see because we think the bulk of the problems will hit them but been -- we hear that the delays in general are basically worse than they have ever been and got to bring product through and what they do to address that is what we listen for. >> the call is important because they don't provide guidance in

the release but in the call from the cfo and where the bulk of the problems of vietnam and shipping areas to hurt nike. it is on two fronts, supply chain. i can add color based on talking to the company which is vietnam about 44% of global manufacturing and just delayed times. in transit inventories delayed getting to the ports, sam, the consumers ultimately how temporary do you think this is >> vietnam, they're pretty weldy verse if ied within vietnam. what we hear is northern vietnam is okay. southern vietnam is still a problem but the ports as you said and we have heard that there are record numbers of container ships at the port of l.a. right now record number of ships at anchor

and record number of ships waiting to go to be at anchor so you take that and even though nike is good at what they do there's only so much to do given the size of nike that being said as a previous guest said we think it's transient. demand is strong and we believe they'll shift more business to the direct to consumer going forward which will take pressure off supply chain. >> what would be better for the stock in your view what would you like them to do hike prices and protect the margin or use the huge scale and balance sheet to undercut rivals when everyone's under pressure and take some market share >> the ability to move goods and direct to consumer can do that

i think that their execution as they put it the demand creation and everything else positions them better than most for taking share while sustaining the sanctity of the brand and building upon that you can see other brands try to take share by lowering prices and will hurt their brand. if they can get goods in nike -- anything good from nike is selling out immediately these days. >> so the stock is down 3% so how much of this was factored in this is not news to have supply chain issues. >> i think all of it is factored in people involved in the stock are aware of it. people may have thought that

this was going to tcook right through may have bought the stock into the quarter and selling the newsand as we wrot we believe that there's tremendous opportunity long term for this company and at the end of the day nike will come out stronger now again we'll get more color on that opinion after 5:00 >> all right but sounds like you're a buyer down 2% right now. good to have you. >> thank you. another result crossing. costco ko courtney reagan has the numbers. >> earnings per share at $3.76 unclear if that's conclusion total revenue $62.68 billion that is a beat from what we thought we were getting at

$61.269 billion. for the total quarter up 15.5% shares are higher by just about .7%. the release is sparse as usual and detail about the supply chain snafus dealing with we'll have to listen for on the call back over to you. >> thank you so much more on that to come later steve cohen is investing the personal money in a cryptocurrency trading firm radkl. up next the ceo gives us the outlook and the potential threat from new regulation. president biden announcing to nominate a cryptocurrency gutoic to oversee a key banking relar. the impact what could have on the industry when "closing bell" returns.

president biden announcing he will nominate a cryptocurrency critic to run a key bank regulator kayla? >> the white house just moments

ago officially announcing saule omarova. pretty much any company that wants to get into the financial services space even digital will because she is an academic there's literature released publicly with the thoughts on the matter and highly critical of big bank and tech companies alike. she called digital currency untethered and say that they could detract from groit of jpmorgan she said does the world need them to be bigger and facebook of she called it monopolistic in its business practices. the white house had trouble finding a nominee to appease progressives and seem moderate enough to win votes on the other end of the democratic spectrum the white house is betting because she worked for the

george w. bush administration and is less progressive than previous names that have been suggested and more conservative that they will have not a hard time getting her approved but a lot of written content for lawmakers to sift through and potentially argue against her in the confirmation hearings. guys >> a pat earn with the tech regulators that they have chosen want to quickly ask you about the reconciliation bill. some news today of a potential framework? what do you know >> reporter: i just spoke with a senior source here at the white house who thinks that congressional democratic leaders got ahead of themselves saying there's no agreement on the size and scope of the package and questions of pay fors included in the frame work that pelosi and schumer announced earlier

today. the white house feels that negotiations are still ongoing in earnest and there are this point more questions than answers but say that the talks are still ongoing and they hope to get more progress expeditiously. >> thank you so much much appreciated we'll pivot back to crypto following the first part of that story and joined by the ceo of rad kl ryan which is a new crypto trading fund. it is backed by steve cohen and thank you so much for joining us what exactly is different about what you're planning to do this is a hedge fund vaeshl to trade in crypto asets long and short. >> first thank you very much for having me on radkl is a trading arm of gtf so radkl will be bringing the same

core competencies to the traditional markets like equities and bringing technology and quantitative techniques to make the markets more liquid and bring that over to the crypto market and digitize the markets. >> you don't have to be net long ultimately of crypto and the kripty space >> no, no. radkl really we view our role is to be bringing liquidity into the markets and creating a place for greater investor confidence to participate in the markets by doing like we have done in the other marks of bringing technology and techniques to making the markets more efficient. >> so how did you get steve cohen? is he interested in the bitcoin aspect of this or the volatility >> yeah. i'll let steve speak for himself on the reasons for his involvement and excited to have him as an outside investor

we are focused on really the day-to-day management why we have a great core management team in place to guide radkl in the future he is public about having interest in the cryptocurrency word >> what do you think the biggest threat to crypto is in the moment >> threat's a great question there's a tremendous amount of opportunity out there, innovation going on. in the market we see the smartest, brightest people going on in finance are actively involved in the crypto market and certainly threats like there always are but i think the key will be navigating those and searching for the next opportunities and innovations. >> great to have someone on necessarily arguing to be long all of the individual cryptocurrencies and may well be short some of them

do you think the environmental concerns around bitcoin itself are real >> i'll leave that to the experts. there are people better positioned to comment on that. our responsibility is to do what we do well which is bringing the technology, the techniques, creating liquid and efficient markets. >> you don't have a view on which of the individual cryptocurrencies to succeed in the long term? >> probably many that we haven't heard of today and i think the key is to growth of the ecosystem overall, the innovation happening in it that's where our focus is. >> ryan, thank you for joining us from radkl. >> thank you very much. still ahead, former national security adviser to president trump on whether the crackdown

of china on companies poses a threat to the u.s. nike down 2.5% revenue miss supply chain issues for that company. costco is up we'll be right back. ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it changes when our goals change. planning can't be that easy. actually, it can be, carl. look forward to planning with schwab. schwab! ♪♪

time now for cnbc news update with shep smith. >> hi, sara. here's what's happening a mass shooting this amp still unfolding at a kroger supermarket in the memphis, tennessee, suburb. the police chief there says one person killed, at least 13 wounded and transported. describing some conditions as very serious the suspected shooter according to the police chief also dead. he says he shot and killed himself. the police chief called it the most horrific event in that city's history. a cdc panel just voted to approve the covid booster shots

for americans 65 and odor and including home residents and people aged 19 to 49 with underlying medical conditions. this clears the way for the agency to give approval for boosters as early as tonight. no sign of brian laundrie the boyfriend of gabby petito. investigators say they have 75 people from 16 different agencies on the ground at the carlton reserve searching today, the 25,000-acre near venice filled with mostly water that said, nobody outside his family reports actually seeing brian laundrie since september 10th one of the last eyewitness accounts of gabby petito alive a jackson, wyoming, restaurant

man manager saying she saw them around the time gabby disappeared. tonight on "the news." back to you. >> thank you so much. up next, former national security adviser to president trump on whether the controversial u.s./uk/australia deal could feel tensions with china and the fallout for the nation plus carnival a big winner on wall street. find out what to expect later on "closing bell. (vo) while you may not be closing on a business deal while taking your mother and daughter on a once-in-a-lifetime adventure — your life is just as unique. your raymond james financial advisor gets to know you, your dreams, and the way you care for those you love. so you can live your life.

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chinese authorities asking governments to prepare for the downgrade of evergrande. off the back of that story joining us now general mcmaster. his book "battlegrounds" is out now in paperback good to see you again. >> thank you for having me. >> i want a big picture question whether you think talk of potential economic downfall is too big a strong but pressure in the china is good or bad for the u.s. >> i think it is time to confront chinese infair trade and economic practices and to recognize that really it is china and the chinese communist

party seeking uncoupling you see that with the crackdown of tech and the regulations that have been put in place to extend and tighten the chinese communist party's grip on power and control over the private sector in china. by law chinese companies have to act as an arm of the party and seeing a manifestation of what xi jinping said he was going to do and i don't think regulatory risk is factored in to the market and time for american investors to take a hard look at a country that's not a free and open economy, a free market economic system. it is an authoritarian system that is taking aggressive action against us. >> what did you make of the security deal? was it something that took you totally by surprise or past administrations have been

working towards behind the scenes already >> i think it's in the works for sometime and i think an important step forward in multinational cooperation among like minded partners and allies to compete effectively with china. we are in a dangerous situation because i believe that xi jinping thinks he is winning and america and the west is weakened and connected to the catastrophic withdrawal from afghanistan. but it's also connected with the narrative that he has created to help keep the party in power and a narrative of national rejuvenation remember in 2017 xi jinping said it is time for china to take center stage in the world and think of the actions taken since that time in the midst of a pandemic bludgeoning indian soldiers to death. weaponing islands in the south

china sea. coercion aimed at australia. you see higher degree of international cooperation and president biden hosts the quad summit tomorrow as well in washington. >> do you think that the withdrawal from afghanistan alters the odds of aggression from china towards taiwan and also another factor that might alter the odds of that is the chip shortage that the u.s. is experiencing do you think that's something that china welcomes? >> i think that china will be emboldened by the u.s. really i think we have to call it what it is essentially we defeated ourselves in afghanistan and surrendered to a terrorist organization convincing the adversaries they cannot accomplish objectives through force is an equation of capability times the will. and the chinese communist party

is assuming i think wrongly but probably assuming that the will is close to zero and if there's an analogy to be made it might be to the unenforced red line in syria after the assad regime committed mass murder. you can draw a direct line of that 2013 to 2014 to the annexation of crimea, invasion and ukraine and building and weaponization of the islands in the south china sea. china telegraphed it saying we'll patrol taiwanese air space. it means that they threaten the sovereignty more aggressively. if anybody has the stomach to read the china daily which is the really mouth piece newspaper they threaten taiwan right after afghanistan by saying you think america has your back? they don't it is a period of significance

risk based on the per essential of american weakness and how aggressive the party is in the midst of a pandemic. >> leaving some u.s. companies in the middle. what would you advise? nike posted making $2 billion in 3 mofts in china do what do you advise the companies and advisers to prepare for? we are already so linked. >> minimize the risk xi jinping is minimizing what he sees as china's risk and companies have to be responsible and do the same thing. i think what companies should do is take an oath, the first do no harm by doing business in china or accepting chinese investment. first don't help china develop a differential advantage over the military by the transfer of emerging critical technologies don't help the chinese communist

party perfect the police state and doan help them commit genocide with -- by turning a blind eye to the activities, saying for example we are of and for china and result -- response to coercion after they suggest that they don't want to use slave labor in the production of products and then finally, don't shortchange or don't compromise the long-term viability of your companies in exchange for short-term profits and so many companies have done that over the years. this is affected everything from wind turbines to battery manufacturers and just example after example. learn from the examples now and recognize that doing business in china is a risk. also i would say it should be the number one esg issue how can genocide not be an esg

issue in board rooms around the country? >> general, i wanted to ask your response to president biden to being asked to resign from the board of west point. >> you know, i think it's regrettable because i think whenever politicians try to make the military partisan or drag the military into politics it is a danger to our professional military ethic and to our democracy. i think it's worth noting that when it was announced they said president biden really wants people on the board who share his views. of course anybody in your audience knows that what you don't want in a board. right? you want views and opinions on a board that prioritize the company or in this case the military academy's mission i think it was regrettable and part of the trend across both

parties to drag the military into politics and i think the board is poorerer if not having the experience that was asked to leave including general jackhim, who i have admired across my whole career. >> general, great to see you thank you so much for stopping by. >> great to see you and sara thank you. >> thank you. up next, your earnings scorecard. shares of nike are a little bit lower after reporting a moment ago. a revenue miss gearing up for the conference call to get guidance we'll have more on that move after the break. costco up after just beating results. your wall street look ahead as well coming up a big pandemic laggard gearing up to report we'll break down what we'll be watching and what clditou signal about the broader recovery when "closing bell" comes right back

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>> shares of wynn falling but did close up 3% today. "mad money" jim cramer, we caught up and got his take >> 20 times in the document they

put out they talk about the health and the stability of the industry, and that is what they are focused on we employ 15,000 people there. we are good corporate citizens you know, i have a very, very bullish view of the future of macao and what we are going to see going forward. >> you don't want to miss the rest of jim's interview with the wynn ceo "mad money" 6:00 p.m. eastern. carnival shares have seen gains this year but how has the business held up what to watch from tomorrow's earnings from carnival we are back in a couple of minutes.

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we are just getting more c.d.c. advisory panel votes on pfizer's booster shots >> reporter: hi they just finished voting and c.d.c. advisors voted to slightly narrow the recommendation that the fda authorized pfizer's booster dose for and voted against boosters for people at high risk because of a job or institutional

setting, health care workers, teachers, grocery store workers. voted against that the fda had included them. there was a ton of debate about them and they did vote in favor of all adults being eligible for boosters if they had high-risk, underlying conditions. but there was a concern if they opened it up to people at high risk because of a job or other setting, they would be opening up boosters to everybody and it would be really hard to implement. there is a lot of mixed feelings about this they say they will meet again soon and perhaps discuss it more but now going with a narrower recommendation for boosters. >> who overrules whom? if it is fda approved but not c.d.c. recommended, what does it mean for health care workers >> there was a ton of conversation about this. the c.d.c. essentially making

the statement that because this is a public vaccine and provided by the government and under eua, that the advisory group's recommendations holds a lot of weight saying it shouldn't be used outside of the recommendations they are making now. the c.d.c. director still has to accept the recommendations and sign off she essentially always does. we will see if she does here for now, it should be more narrowly recommended to use. we know people are already going to the pharmacies and getting things >> meg, really, really interesting. thanks so much looking ahead to tomorrow, carnival gearing up to report earnings >> reporter: hey, carnival now aiming to get more than half of the fleet sailing by october, earlier than investors anticipated but well behind royal caribbean which has been more aggressive in the restart with 70% of the ships at sea the question is how the past

summer of not so smooth sailing and confusion has impacted bookings for the winter season shares of carnival are down about 1% from the recent high. thank you. don't miss our exclusive interview with the carnival ceo arnold donald tomorrow 4:00 eastern time obviously always looking forward to him he has been caught in the center of the storm as far as the rest of the market we will see if we can hold on to the gains of the week. we go into friday with a half percent point. >> we need an updated photo of arnold, he has a great beard these days i said this last night it did correct today, the dollar a massive move in the british pound. we didn't touch on that. hawkish bank of england this morning. that is really what triggered the move in u.s. yields.

dollar only down by a half percent but the pound is a percent move interesting dynamics u.s. yields followed suit. not like we saw a gap in the spread >> are we in a new focus where it will be on higher rates now the discussion goes. is the market going to be okay with that. >> i am sure "fast money" will be driving into all of that. >> we shall, live at the nasdaq markets this is "fast money. tonight's lineup tonight on fast we are all over shares of nike, the stock moving well off of lows following earnings we will bring you any big headlines. salesforce surging we will break down how the traders are playing this name. heavy lifting. steve is taking the mound for thfa