shelves faster i'm joined by the executive director of the ports of los angeles and long beach gene soroka and mario cordona i miss -- i apologize, mario and the president and international longshoreman's union. los angeles and long beach are home to two of the largest ports in america and together these ports are among the largest in the world the best way to make that point is if 40% of shipping containers that we import into this country come through these two ports and today we have some good news, we're going to help speed up the delivery of goods all across america after weeks of negotiation and working with my team and with the major union retailers and freight movers, the port of los

angeles announced today that it's going to begin operating 24 hours a day, seven days a week this follows the port of long beach's commitment to 24/7 that it announced just weeks ago. 24/7 system, what most of the leading countries in the world already operate on now except us, until now. this is the first key step toward moving our entire freight, transportation, and logistical supply chain nationwide to a 24/7 system. and here's why it matters. traditionally, our ports have only been open during the week monday through friday, and they're generally closed down at nights and on weekends by staying open seven days a week through the night and on the weekends, the port of los angeles will open over 60 extra hours a week we'll be open in total, that will almost double the number of hours that the port is open for business from earlier this year that means an increase in the

hours for workers to be moving cargo off ships onto trucks and rail cars to get to their destination. and more than that, the night hours are critical for increasing the movement of goods because highways are less crowded at night in fact, during off-peak hours in los angeles, cargo leaves the port at a 25% faster pace than during the day shift so, by increasing the number of late-night hours of operation and opening up for less crowded hours when the goods can move faster, today's announcement has the potential to be a game changer. i say potential because all of these goods won't move by themselves for the positive impact to be felt all across the country and by all of you at home, we need major retailers who order the goods and the freight movers who take the goods from the ships to

factories and to stores to step up as well these companies are the ones that hire the trucks and rail cars and move the goods. on this score, we have some good news to report as well today walmart, our nation's largest retailer, is committing to go all in on moving its products 24/7 from the ports to their stores nationwide. specifically, walmart is committing as much as a 50% increase in the use of off-peak hours over the next several weeks. additionally, fedex and ups, two of our nation's biggest freight movers, are committing today to significantly increase the amount of goods they're moving at night fedex and ups are the shippers for some of our nation's largest stores but they also ship for tens of thousands of small businesses all across america their commitment to go all in on

24/7 operations means that businesses of all sizes will get their goods on shelves faster and more reliably. accordingly, according to one estimate, together fedex and ups alone move up to 40% of packages in america, up to 40%. and other companies are stepping up as well they include target, home depot, and samsung that have all committed to ramp up their activities to utilize off-peak hours at the ports so, the commitments being made today are a sign of progress from moving goods to a manufacturer to a store or to your front door. i want to thank my supply chain disruption task force, which we set up in june, led by secretaries buttigieg, romando and by vilsack, and brian dies i want to thank them for their leadership i want to thank joe picari, and

i think joe's done one heck of a job, my special envoy specifically on ports, who's been working this issue with all the stakeholders for the past several weeks. i also want to thank the port directors. i want to thank gene and mario and the mayors of los angeles and long beach, mayor garsetti and mayor garcia for their leadership and i think the private companies that are stepping up, i want to thank them but i particularly want to thank labor. willy adams of the longshoreman and warehouses union who is here today, the teamsters, the rail unions from the brotherhood of railroad singleman and the international association of machinists, to the american train dispatchers association, to sheet metal, air, and rail and transportation workers union known as sus.m.a.r.t this is an across-the-board commitment to going to 24/7. this is a big first step in

speeding up the movement of materials and goods through our supply chain but now we need the rest of the private sector chain to step up as well. this is not called a supply chain for nothing. this means that terminal operators, railways, trucking companies, shippers, and other retailers as well. strengthening our supply chain will continue to be my team's focus. if federal support is needed, i will direct all appropriate action and if the private sector doesn't step up, we're going to call them out and ask them to act. because our goal is not only to get through this immediate bottleneck but to address the longstanding weaknesses in our transportation supply chain that this pandemic has exposed. i might add emphatically one of the reasons why i think it's very important that we get the infrastructure plan passed, my infrastructure plan. and that supply chain system is almost entirely in the hands of private business

the world has changed. prior to the crisis we cheered the focus on lean, efficient supply chains leaving no buffer or margin for error when it comes to certain parts arriving just in time that is needed to make a final product and our administration, barack and ours, just in time was the focus. we didn't have a pandemic and other things at the time we need to take a longer view though that invests in building greater resilience to withstand the kinds of shocks we've seen over and over year in and year out, whether it's the pandemic, extreme weather,climate change cyberattacks or other disruptions. in fact, research tells us that a company can expect to lose over 40% of one year's earnings every ten years due to supply chain disruptions. a longer-term view means we

invest in systems that have more time built in and our ability to produce, innovate, and partner with our allies. it also means companies throughout the supply chain like maritime, air freight, and trucking companies reduce their carbon emissions and help to meet our climate change goals. it also means creating and supporting good-paying jobs so folks want to stay in these jobs so they can build the skills and careers and to make a decent living it means more opportunities to join a union, especially for truckers these steps are critical they allow companies to pivot quickly when a disruption hits because they've invested in their workers, their workers' skills and training up front to be able to adapt we need to invest in making more of our products right here in the united states. never again should our country and our economy be unable to make critical products we need because we don't have access to materials to make that product

never again should we have to rely too heavily on one company or one country or one person in the world, particularly when countries don't share our values when it comes to labor and environmental standards. i've said before, we're in the competition for the 21st century. we are america we still have the most productive workers and most innovative minds in the world. but the rest of the world is closing in, and we risk losing our edge if we don't step up in order to be globally competitive, we need to improve our capacity to make things here in america while also moving finished products across the country and around the world we need to think big and bold. that's why i'm pushing for once-in-a-generation investment in our infrastructure and our people with my infrastructure bill and my build back better act these bills would transform our ports, billions of dollars for ports, highways, rail systems

that sorely need upgrading and i would bring products faster and more efficiently from the factories to the store to your house let me be clear. we're proposing to make the biggest investment in ports in our history. the bill would also make investments in our supply chains in manufacturing and strengthening our ability to make more goods from the beginning to end right here in america. the bottom line, we've seen the cost of inaction and the pandemic and the delays and the congestion that affect every american but it's fully within our capacity to act to make sure it never happens again. it's going to take a little time, and that we've unlocked the full might and dynamism of our economy and our people that's what we're going to do. god bless you all, and may god bless the longshoremen, rail workers, truckers, and all the workers who are keeping our

economy going. may god protect our troops thank you all so very much [ inaudible question ] >> president biden outlining a number of steps his administration is taking to address the supply chain disruptions. something we talk about here on cnbc every single day as companies face all sorts of bottlenecks, clogged ports, railroad tracks, shortage of workers. welcome to "closing bell," everyone sara eisen here with wilfred frost. let's bring in kayla tausche who has been following the administration's efforts on this front. kayla? >> reporter: you heard from president biden that there are some actions being announced today, but much more needs to be done, and that speech he was calling on retailers who order these goods in high numbers as well as freight, rail, and trucking companies to do their part to help unlock some of this capacity and get these goods to consumers. he says that if they want to incentivize these companies to make these changes but that he

is not going to back down from taking federal action if he needs to, to loosen up some of these log jams we're heard from the commerce secretary who has said that in 45 days or just less than that, she would be happy to use the defense production act to compel some of these companies to provide more information about their supply chain if that is what it takes to actually fix the problem. behind the scenes, as president biden's approval rating has been eroding in recent weeks, as the administration deals with legislative chaos and geopolitical uncertainty, the last thing they want is for any sort of cloud over the holiday season in december to impact the way that consumers and potentially voters think about what the administration has done here so they are calling it a 90-day sprint to the end of the year. and today is just one part of the actions that the white house is going to take as they sprint to what they see as the finish line >> kala, thanks so much. i appreciate that. and we're going to keep

discussing this. this is a crucial issue for markets. transportation secretary pete buttigieg will join us to discuss the white house roundtable on supply chain bottleneck some of those points that the president was just discussing and whether or not this is going to be a temporary issue or prolonged a little longer. that is coming up later on the show we should mention the market's at the moment about flat the s&p's off kits lows but is only high by about 0.2% with about 47 minutes left of the show he made a lot of money bu buying things other investors don't want ouwh'stalk to bruce richards abt at on his radar. back in a couple

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our promise to deliver the food you love on time, and give you the lowest price, or you'll get $5 off your next order. it's been another volatile day here on wall street with the dow now well off its lows. let's get to mike santoli, who is tracking the market action. the fed, inflation, what are you watching >> yeah, it's been a twitchy

market all within a range, about 3% range i'd say in the last couple of weeks. not really breaking down decisively but also all the rallies have been brief and kind of weak actually so we still have the short-term downtrend. sort of failing to revisit last week's lows. we have absorbed those headlines, hot inflation number. obviously the fed talking taper and accelerated taper. the market pricing and maybe a rate hike sooner than later. the market is not really breaking down on all those things take a look at the yield curve this is where some of that kind of new thinking on what might happen with the fed and with growth is manifesting. 30 years so, this is sort of an incomplete surge in the yield curve you might say because look what happens after recessions normally it surges up you get above two percentage points didn't get there this time we've curled lower even recently the two-low. it's been since a high since

march of 2020. it's not really to me pricing some kind of a massive fed mistake. it's really much more about the give-and-take between supply chain growth, inflation and whether inflation starts to roll off looking into nextyear. speaking of inflation, alternative measure median cpi is lots of different ways to calculate this median cpi. this is obviously a huge surge this is the very middle category of goods and services and what the price change looks like on an annualized basis. obviously very hot this was kind of oil boom times, commodity-driven largely the 12-month average also getting a little bit uncomfortable up here. and, yet, again, we're going to be six month as way from when we're kind of lapping those really, really extreme numbers from the spring. so we'll see how the market kind of tries to navigate all this. this is supposed to kind of diminish the noise value of cpi. i'm not sure it's actually succeeding this time around. >> tech having a particularly good day here.

mike, thank you. jp morgan out with earnings this morning wilfred, the stock is down and so are all the financials. >> it's down as we approach the close. they did beat revenue estimates, and, in fact, comfortably beat earnings estimates on the bottom line though that line was flatted by a $1.5 billion benefit on the credit line. capital market's activity remains strong the gift that keeps on giving in the current environment you might say. investment banking revenue of 3 billion was ahead of forecast of 2.75 billion included a record all-time high in m&a revenues. equity trading was also very strong, 2.6 billion, the forecast was 2.1 expenses were also better than expected for the quarter at 17.1 billion albeit they were guided higher for next year. net interest income was solid. 13.2 billion it was up 1% year over year, and encouragingly on the call cfo

said we may have now bottomed for loan growth. jamie dimon said that underlying everything, we still see a strong consumer and strong businesses he had the following to add first on supply chains, then on inflation. >> people should get the big picture. the economy's going 4 or 5%. what people are buying has changed. i doubt we'll be talking about supply chain stuff in a year i just think that we're focusing too much on simply dampening a fairly good economy. it's not reversing a fairly good economy. you have inflation, it's been 4% now for the better part of a couple of quarters and it's been my view unlikely to be lower than that next quarter or the quarter after that in the meantime i think it's unbelievable that we're getting out of this at 4% unemployment and you can have good growth with some inflation. that's okay. >> yeah, we've got some problems, but take a little bit of perspective, we're in a pretty good place right now.

overall, shares trading lower. it's kind of a sell the fact type move and yields flattened today. the group is a whole is down because of that. they've run up into earnings but down 2.5%. >> i thought he really pushed back against this notion of stagflation which has become sort of this dirty word where you have slower growth and inflation. he made the transitory argument although he said he expects it to stay a few quarters on supply constraints and that growth is really strong. the credit card issuers are getting slammed today off this jp morgan call warnings about competition, is that the concern >> well, the consumers, the comments on that are very all strong and indeed that they think loan growth is going to pick up i think you've seen a bit of an issue of the yield curve you're seeing a bit of cost as well and competition. all of those factors at play but the other point i would just say on the macro, which we didn't have time to cherry-pick in that sound bite he also of course alludes to the

fact that rates are going up it's not bad for banks so, again, on that he's highlighting that they're going to persist for a good few more quarters and it is high but it's not all bad certainly if you're jp morgan. >> for today only group in the red in the s&p 500 shares of signet are getting a pop today. demand remains strong with no supply issues in sight and citi group upping its price target to $93. this comes after the company plans to announce diamonds direct for $490 million in cash. joining us now on the phone in an exclusive interview is ceo of signet gina, welcome, good to talk to you. >> you too, sara >> talk to us first about this acquisition and what you're after. whatever kind of demographic and what kind of growth numbers do you see in this business >> well, we've been growing our business consistently thanks to our team, in part, we're seeing

a very strong consumer in the jewelry industry but i think our unique insights about what customers are interested in, when they're dying, and our flexible fulfillment to serve them whenever and wherever they want to shop is really disproportionately helping our company. so it's from a position of strength that we've been looking to grow it further diamonds direct is a 22-location chain. they have quite large collections of bridal jewelry. they serve a younger, more accessible luxury customer and it really doesn't have overlap with our existing banner portfolio. so it's a unique and differentiated offering that we thought moves us closer to our $9 billion goal. >> the guidance raise again also caught some by surprise. because the economy has cooled down a little bit from the super high growth numbers. stimulus has certainly faded yet, you don't seem to be seeing

any slowdown is that right, for demand in jewelry and consumer spending? >> that's correct. we have anticipated that consumers might begin to shift spending away from luxury categories like jewelry into travel and experiences we have not seen that shift occur in our business. in fact, we have a strong tailwind on engagement with bridal jewelry being about half of our business. and so that's what's reflected in our guidance today. we took our full year high-side guidance up 240 million. and what i'm particularly proud of our team for is that our high-side margin guidance is double our pre-covid operating margins. so the work we've been doing on efficiency, becoming more agile organization, is really flowing through to the bottom line >> well, i think it was also notable, gina, that you said there are no supply chain issues, given we are hearing

supply chain issues from nearly every company that moves product. is this just because you're using air freight instead of shipping and rail? is this something that is across the jewelry industry or is it unique to signet? >> i think there are two factors, at least one of which is unique to us. we work with an excellent group of vendors that's a strategic group that we have honed over a number of years. and we partnered with them to put in our holiday orders earlier than ever before that far gave them flexibility in the event that covid caused any disruption to be able to ensure that we would have all of our holiday products they did not see the covid disruptions that might've occurred so we have our holiday product in earlier than ever in fact, over half of it is already out in our stores. so we're beginning christmas early, and the holiday season early at signet. that's something our team

uniquely did i think the second factor is that, yes, jewelry is a high value/low weight product so we have traditionally used air freight as the primary way of shipping our product. and we've moved often more so to that virtually all of our product is coming in through air freight so we don't have the current ocean freight congestion that many others are seeing. >> you just have to go to instagram to see that weddings are back in a big way. we had to cancel a lot of stuff last year. how long do you expect this wedding boom to last, which, no doubt, has been helping you? >> well, it appears that venues even through 2022 are fully booked we know that the most likely couples to get engaged are ones who have just gone to a wedding. so, the fact that weddings will be strong through 2022, we see as something that we can, you know, be able to help our consumers with we are very knowledgeable about

engagement couples and are always there to serve them we will be doing that through the holiday season and beyond. >> gina, great to check in with you. thanks for honing in >> thank you, sara >> ceo of signet and the stock has worked it's up over 200% in the last year jim cramer has liked this one. and he says now the street is finally giving this company some respect with the upgrades we've seen lately. >> it's not being affected because it doesn't ship, it flies its stuff around >> makes a big difference. coming up, ceo bruce richards will join us to give us his take on the market and where he's looking for opportunities here's a check on bonds. we're seeing a bit of a flattening of the yield curve today. the long end lower, the short end has enjoyed quite a big jump as a whole still rising. we've got over one-spot 08 on the five-year.

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but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. 29 minutes left of the session, and we are down one point on the dorp. let's check some individual market movers. more customers are shifting their operations to the cloud. stock's up 5%. black rock reporting earnings. the company's ceo spoke to cnbc about the results earlier. >> the most important thing to say it was broad base and etfs we had $45 billion in active

flows, flows internationally, flows domestically in almost every asset category so a pretty outstanding quarter, and almost every one of our businesses show that resiliency. >> shares of black rock up 4% today. jim cramer talking about both of these stocks in his investing club letter. cramer sending out a number of calls throughout the today to learn more sign up at cnbc/investingclub or just point your phone at that qr code and it will take you right there time now for a cnbc news update with rahel solomon. >> here is what's happening at this hour. the supreme court appears to be ready to reinstate the death penalty for boston marathon bomber dzhokhar tsarnaev during more than 90 minutes of arguments the court's six conservative justices seemed likely to embrace the biden administration's argument that a federal appeals court mistakenly threw out his death sentence it's no surprise that heating will be more expensive

this winter. the u.s. government putting specific numbers to the increase homes using natural gas should expect to pay about 30% more homes with electric heat are best off with an estimated increase of just 6%. and william shatner finally makes it to space 55 years after he started playing captain kirk on "star trek. he thanked jeff bezos and his blue origin company for a, quote, most profound experience. >> i hope i never recover from this i hope that i can maintain what i feel now i don't want to lose it. in an instant, that's death, that's what i saw. >> he said he doesn't want to be known as the oldest person in space. i'll send it back to you >> i will say, though, he looks, i appreciate we're all focusing on the age, which is unbelievable for 90, the way he just climbed up to the top of that launch pad, i think i would

have struggled ralph, thank you so much much appreciated 26 minutes, here's where we stand. we are just higher on the dow up about a quarter of a percent up next, the fda now considering whether doses of different covid vaccines can be mixed and matched. those details ahead. and later the man who plays media titan logan roy in hbo's succession brian cox will join us to talk about the new season and filming during the pandemic. must watch interview can't wait for it. that's up later.

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on "squawk box," quarterly results before the bell from these banking titans how the latest numbers could impact investors when the markets open instant reaction and analysis tomorrow 6:00 eastern. watch "squawk box" any time on demand

new data shows johnson & jj's covid booster shots bolster defense. >> ahead of two days of meetings from fda's outside advisers, j&j and the fda posting documents around a johnson & johnson booster. we saw j&j's yesterday making the case for either a two-month or a six-month boost now thefda today saying it's asking its advisers to discuss both of those things a booster given at two months or if there is one given at six months if that could actually increase the immune response the fda concluding, quote, there may be a benefit to the two-month boost but notes there were limitations in the data available to it, including assessing the booster for people over age 60 as well as the efficacy around the delta variant. we are going to see the advisers discuss this on friday, perhaps make recommendations to the fda. i got some news just out of the nih. a study posted on a pre-print server

really preliminary data that have not yet been peer-reviewed, essentially looking at what happens if you give a different brand of booster dose to any of the three vaccines, and essentially conclude they all increase the immune response but if you give an mrna booster, either moderna or pfizer on top of the j&j, that will likely produce a better response than giving a j&j boost to j&j. but, guys, this was a small study. we're going to have to see how this shakes out and how the advisers look at it. all of that coming up tomorrow and friday sara >> something people i know anecdotally have already been doing. question on the boosters clearly the data is showing that they lose their immunity, their impact for immunity after a certain period of time what about the ability to protect against severe infection and hospitalization? does that stay even a year out from these shots >> yeah. so, the data are different for each of the vaccines but from the primary series, the fda really has made the case

that the protection holds up very well against severe disease and death from covid for all of the vaccines we did see some waning for pfizer from israel against severe disease, and that played into some of the decisionmaking around boosters. for moderna's the data looked good they don't have comfortable data from israel so it's hard to make apples-to-apples comparisons johnson & johnson seemed to stay pretty well over time, but it starts out lower than the mrna vaccine. all of this will get discussed over the next couple days. >> shares of crispr therapeutics are dropping what's behind this move? >> yeah. so this is one of these companies that uses crispr gene editing technology for medicines. phase one cancer drug data that disappointed you can see their stock down about 5% it had been down more earlier. it's been staying flat for most of the data. the data disappointed investors

and don't look as good as competitors like alogene, and you can see that stock today is rising as crispr is falling. alogene has faced issues over the last couple weeks. but as you mentioned cathie wood has been a big fan of the crispr space and was reportedly buying up this stock leading up to the report today >> meg, thank you. straight ahead on the show, the ceo of delta airlines speaking out about the company's recovery rate. that story and more when we take you inside the "market zone. and you can watch us on the cnbc app, we will be right back s&p's up a quarter of 1% the dow is jt ouflusabt at

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15 minutes left in the trading day. we're now in the closing bell markets. cnbc's senior markets commentator mike santoli is hear to break down these crucial moments. and we have josh brown with us good afternoon to you. josh, let's kick things off with the broader market the s&p 500 and nasdaq are higher for the first time in four days while the dow is slightly lower and, mike, it was a sort of rally that faded earlier in the day, but the afternoon's kind of the other way around but, again, just really kind of trying to find his feet. >> pretty indecisive we're really -- you could argue, i think, that there were plenty of excuses for the market to back off a little bit more, whether it was the inflation

number with the two-year note yield saying about the fed apple supply you piled a few things on. we had the low for the day at 10:00 a.m. it seeps to me in general like the flip side of august in august the indexes were just racheting higher, up 3, you know, tenths of a percent every day. and it was sort of hollowed out rally by the end now this time we seem to be stuck indexwise. we're in a short-term downtrend. yet you still have a little bit of traction in terms of some of the cyclical sectors it seems like the market attempting to settle out here, not that you couldn't overshoot further to the down side but that's the way it's been shaping up for the past few days >> you add another hot inflation report, and yet more tapering talk out of the fed minutes. is it all just baked in at this point? >> i don't really think that anything that's happening today is particularly meaningful like, even in the earnings

reactions, let's take black rock and jp morgan. black rock plus almost 4%. jp morgan down almost 3% why? both good reports. that really is about expectations if you look at how those stocks traded going into the number, jp morgan was on fire, and black rock really wasn't doing much. so expectations for the rock were low and that's why you get that kind of a reaction. that's kind of what i'm expecting during this earnings season it's going to be a very strange earnings season. looking at price action, though, i am noticing a high beta growth trying to bottom a good day for teledoc, a good day for zoom snowflake is acting well the trade desk ttd is up so some of those names zillow having a nice day. they appear to have taken all of of the abuse they might take this year, let's hope. and then you've got some traction, to your point, in the transports well off the lows, that's a segment of the market that looks

like it may have bottomed. the price action is still very constructive and i agree with what michael said, it's okay >> starward capital. he joined "squawk box" earlier and issued a pretty grim warning about the market listen >> you really have two stock markets today. you have the one i grew up on. i went to business school. i learned about discounted cash flows, and the company's ability to pay dividends and grow. and then you have a complete casino society, a complete total speculative bubble, whether it's the meme stocks or even some of the multiples on the tech companies that are impossible to imagine. >> there is that sort of bubble warning again. have we worked through some handcuff the meme stocks, spac, froth? >> we've had a lot of mini manias inflate and deflate also there was no mythical time in the past where there was no

real speculative action going on it's not as much discounted cash flow analysis. in the early '90s it was, oh, the stock snapple was a bubble pixar when it was a separate company, people pointed to these, there's always been the biotech craziness of the late '80s, early '90s i don't think that there was ever a moment in time where it was only just sober, quantitative analysis going on >> it just doesn't really apply though anymore that's really the story from this is that a minority of people really take positions based on that now. >> well, so we've been waiting for 12 years for that to mean revert and for people to start caring about that again. and, to your point, it really hasn't happened. what's responsible for the biggest winning stocks in the market is not just a cash flow

story or price to book or any of those metrics that people were trained on it's really just this idea of a lot of markets becoming winner take all, and just this idea that there are cumulative advantages the companies that get big the fastest stay big and continue to grow if you've been a winning investor the last ten years, those are the types of bets you've been making making these kind of meme reversion bets, it's been very difficult. >> also whatever the kind of motivation for buying these huge winners and what the story line is attached, if i look at the biggest five stocks, there were 25%, 23% of the s&p 500. they all trade between 3 and 5% free cash flow yields. they've all converged in this area and as rates have done what they've done, they've kind of modified those free cash flow yields we're not talking about other crazy stuff. we're not talking about --

essential not that and even some of the software service stocks that became public and immediately went to $100 billion >> they're also all shrinking their floats via buyback they're all paying dividends they're all investing massively in r&d they're all hiring like, what do you want these are like maybe the greatest companies that ever existed on the face of the earth. what else could you ask for other than a company like an apple to be the largest company? >> you can ask alphabet and facebook to actually pay a dividend but beyond that i would say no >> well, eventually. but then you look at this tier beneath that and it's a different story. i get it >> let's hit delta very quickly. it was sinking today despite beating earnings estimates continues to face rising fuel cost pressures the ceo remains optimistic though here's what he said on "squawk box" earlier today

>> we're only going to be about 65% recovered in october but november and december we're looking for a ten-point increase in our recovery rates because incr increased business demand and increased international opportunities. and people are not as concerned about the impact of the variant. so we're going to end the year at about 75% restored which started the year at 25%. >> josh, warranted to see this pullback on today's announcement >> i don't know. i don't know how these guys, like, in public talk about business demand being back with a straight face. first of all, how does he know that second of all, what if it never comes back what if this is whatbusiness demand looks like forever, and it's people taking a tenth of the trips they used to for business but you get a pent-up consumer who wants to do a lot of leisure traveling so it sort of makes up for it that's what these charts look like they look like, all right, big

recovery but not getting back to the 2019 highs or 2018 highs and that's what their businesses look like. so i don't know how he knows that business demand is going to bounce back to the extent he thinks it will i highly doubt it. and i would say the same thing to somebody that's running commercial real estate properties best of luck 2019 may have been the high point. >> the other point you make with the airlines in particular is that, es, the stock prices are still well below where they were before covid but the toll capitalizations are not. >> yeah, they sold shares. >> bigger enterprise value today than before. they're slightly lower than their peaks before this. it just shows you there's a little bit of a headwind in terms of getting share price up when you have that much capital already in the company >> but it's been all about demand, demand now there's this extra headwind of the fuel prices and what are they going to do about that? are they going to be able to pass on higher prices to the consumer >> normally pricing is something you need the business traveler

to really get hold of because they'll pat. >> they used to be, even though we just criticized dividend stocks, they've got a lot of debt to pay down >> that's not going to be a story for ale a while. >> i'll give you a dividend stock way better than any airline. i don't even know why people are banging their heads against the wall with airlines this is what i would call attention to there is a massive breakout in the works, in my opinion, in shares of simon property group, spg. if you don't see what i'm seeing here technically, you've never looked at a chart before like, you have no idea you should do something else for a living >> did you just criticize -- >> no. this is a whole different story. these are malls in a booming suburban america where consumers have never had as much buying power, have never had household balance sheets like they do now, heading into the holiday season. what simon did during the

pandemic was they made all of these percentage rent deals with their tenants. they basically said, okay, we're going to help you survive this thing. but here is what we want in exchange we want upside, so if your sales break a certain level, the rents increase they did that across 200 malls with some of the best multichannel retailers, meaning companies that are strong, doing great ecommerce, doing great off line and now they're going to reap the rewards with that in an environment where 75% of americans are telling surveys they plan to start shopping holiday shopping early, and 85% will be spent in actual physical stores even if people are shopping online first. this is the type of stock that's lined up to reap the reward of the re-opening and airline stock is literally a hole in the head i can't imagine why people would be looking at that segment if they want to capture what's about to happen here with the

economic reaction. spg way easier and you're getting 4.5% yield. and they raised the dividend twice this year. and -- sara, this was at 200 something a couple years ago >> so you see it getting back up to a high point? >> he likes airlines was that the message? [ laughter ] if>> i'm just saying it's not that hard. that's all i'm saying. energy, josh, an underperformer today but alternative energy stocks are surging. let's go to cnbc.com's pipa stevens. >> starting with traditional oil and gas names. the group turned positive for the day in the last hour but now a slightly negative here for the third straight day of losses it's a mixed picture within the sector baker hughes and eog resources moving higher.

while ox dental petrolem and diamondback are down more than 1% invesco solar etf up more than 2% today and 12% in the last three days and, finally, check out these stocks both up more than 20%. guys, back to you. >> pippa stevens, thank you. have you been following the solar move >> it's always hard to handicap exactly why it kind of - >> usually it's on the biden infrastructure plan. >> right it had been for a bit. i do think the general sense of shortage of power across the world is not a bad kind of overarching theme to actually get people motivated here. i think the ia came out and said we're not investing enough either in fossil fuels or in

alternative energy if that's going to take the place of fossil fuels to me that's the cover story for a revival of some of these high beta stocks that people have liked a lot in the recent past >> we are positive, the dow is just, well, bang on flat at the moment but still positive >> if nothing else, we're above the morning lows, and there has not been kind of a very strong fade in the last hours there has been a few days in a row now. internally the market does show some traction. there's more stocks rising than falling. it's about 3 to 2 on the positive side in terms of a positive ratio mentioned some of the cyclical areas that seem to be holding up better if you look at autos and home builders relative to the market this month, they're outperforming, especially that auto move, it's kind of interesting suggesting maybe the semi shortage is easing up a little bit and then the volatility index did get a little bit of downside i think after the fed minutes

following the cpi and the fact that we've had some relatively narrow intra-day ranges recently has gotten us below 19 so not decisively giving up that whole rise that we got starting in september, but definitely showing that people are kind of maybe getting lulled a little bit by the fact that we've gone sideways >> just one minute left to go. the s&p's up by 0.3% in a day where we've seen the long end of the yield curve fall the short end continued its recent rise over the last week or so. that has hurt banks. financials the worst-performing sector the rest of the bank's earnings continue throughout the rest of the week utilities is the best performing sector and the only one up more than a percent materials, consumer discretion and real estate, information technology all up above 1.5%

so ithe dollar's down about half of 1%. goal's had a decent day. up about 2%. up about a third of a percent on the s&p. and three-quarters of a percent on the nasdaq. dow just positive breaking a three-day losing streak. welcome back, everyone, to "closing bell. i'm sara eisen here with wilfred frost and mike santoli take a look at how we finished up the day on wall street. dow closed higher by less than a point. it was another up and down day on wall street biggest drag was american express. jp also at the bottom of the pack salesforce, microsoft, nike the biggest contributors to the dow

of the day every sector higher except for energy and financials. utilities the outperformer tech had a pretty good day the nasdaq closed up 0.75% pretty much everyone except for apple which was at the bottom of the list on report about a production cut for the iphones the russell 2000 index of small caps up one-third of 1%. pete buttigieg, just how long the supply chain bottlenecks may last and what the white house is doing to fix them. and hbo's hit show "succession" returns this sunday star brian cox who plays logan, joins us to discuss the show, what he thinks logan roy wants to see in his succession this was a career highlight for us >> we prerecorded that one and got him in character for portions of it

>> later in the hour first up though on the market, josh brown mike, first, set us up on the close. we did get some, a positive close for the first time in a few days is the market trying to bottom >> just as everybody was focusing on this pattern of basically selloffs late in the day. it is trying to bottom i think that it's plausible that last week's low, it's like 4280, a little bit below that on the s&p, is around where we maybe have caught a little bit of traction however, we basically if this was a football game, you set the over-under at exactly where we closed day, this was 4363. it's the 100-day average it's also the exact level that a lot of people who look at these kind of clusters of options exposures say above that, the options dealers are more buyers. on a net basis below that there

are more sellers my point is when it closes right there it's a push for everybody. and the maximum number of betters lose and the house wins. it's not really a win for anybody, but it's better than obviously losing ground late in the day. >> jp morgan numbers, were they bad? >> no. i think they were fine i think, as josh said, the group rallied pretty big into the quarter. it's had a good year and a half coming off the pandemic. so i'm not surprised by it but i do think that what you're hearing is that loan growth is picking up that the name is going to improve at some point and that the tech spend is hopefully going to start to bear fruit in the next year or so so if you look out, like josh said, you look out at the next year, the economy's going to be much stronger, loan growth is going to kick in for the first time in, like, a decade. and i think the earnings are

going to surprise people to the upside does it mean the stocks are going to double? i don't know about that. but we've got this good chance now the next year or so for these stocks to outperform because they're finally going to benefit from the economy and the re-opening >> remind us where you're positioned, josh, on the bank stocks >> i'm jp morgan i'm much more excited about stuff like paypal. i own some klarna that's not yet public, but i think will be a huge success when it does come i'm looking way more at fintech companies. i'm constructive on the banks. i think you are also in this unbelievable environment where bankruptcies really don't exist. like, it's very hard for these banks to find something to take losses in. there really aren't any. that won't last forever. but that is the current environment given all the liquidity out there. and that was largely intentional. so not only are they seeing explosive demand for things like

investment banking and credit creation and syndicate business and ipos and trading but also there aren't any losses on the other side of that. so, i think these stocks are okay i think jp morgan is still the highest quality one. there might be some more upside in some of the others. but that's the way i'm in. >> i think that's a fair way to look at it and also a reminder that inflation and really strong wage growth, which is what we have right now are very good of credit worthiness. but there was a headline yesterday that got some attention that ford is going to stop requiring a minimum fico score for, like, seven-year auto loans. at some point the edge gets pushed out and people start to loosen underwriting. but it's so long in the future when in comes home to roost it >> and we've got a buy now pay later craze. again, the tone, from these ceos every quarter on the bank side is that we're very relaxed, credit quality's amazing, business is looking good the only thing i was going to

say though, is jamie dimon said it we do expect inflation to persist at these 4, 5% levels, which is a far cry from where we were in the summer and it was going to be very temporary and you just wonder to what extent that is priced in today seeing gold up a couple of percent. we'll see if that actually hurts those valuation multiples at any point. >> that certainly is the question i agree that that's not the tard line we've heard for a while it might be that something close to what jamie dimon has been saying can't deny that. and you look at the components rent was a big driver of the core inflation number today. that usually had some legs to it when it starts to get rolling. so, you have to be aware of the possibility even though the market is not alarmed yet. >> dave, given that backdrop, where are you positioned within

the banks? because i think you also are interested in fintech and paypal but have some handcuff the traditional names as well. >> i'd say a third to 40% of it is fintech and the rest is big banks and things like movies and a few things like that i'm positioned last year was a great year in fintech. this year it's not been as good. but i think the bigger banks are hopefully going to be more competitive there in the next couple years i'm not going to bet my whole portfolio on the top three banks in america because they're so highly regulated and so controlled that you never know but i think if you look at the smaller banks that have reported so far and there's only been two or three of them, they're basically showing pretty good loan growth and some margin improvement. the business is getting better i think it shows the economy -- i think the economy does really well the next three to five

years. there's so much money sloshing around and i think hopefully the banks and even the fintech companies will benefit >> what about within the bigger banks, dave? is it now time to shift from the capital marketscentric ones to the retail bankcentric ones? >> you know, i've never been a believer that capital markets is worth anything but it's good for the traders, and they can buy their nice homes and all that kind of stuff. but for me i'm not going to pay much for that. and that's why, you know, paypal trades at three times the valuation of jp morgan because people want the consistent earnings so, i think the question is are these companies going to move away from that and that's going to be a smaller part of the business going forward. we'll see. but, you know, i just -- i think the industry is in a pretty significant period of transition i've been following it since the early '80s it doesn't mean i'm smart, but you can see i've got a gray hair

and a gray beard so it's showing up somewhere but i think the industry is transitioning, and you have, you know, a paypal on one side and venmo, and then you've got a guy who's trying to make money trading stocks i think the market is saying i'd rather own venmo than a guy who's making money trading stocks that's the transition we're in and it's going to go on for another decade if not longer and hopefully i own the better companies that are managed that can manage through that. so it's going to require -- it's not easy now, this business is not as easy, it's not just make a loan, take a deposit and go play golf. this is a much more complicated industry, and hopefully i'm trying to own the best most alert managers, and hopefully that will pay dividends for the shareholders >> dave ellison, thank you for joining us today always good to have you. and thanks to you, josh brown as well josh shing by the way, who is at

the nysc the last time logan was at "closing bell." >> to be a number one, you have to kill. coming up, actor brian cox on the return of hbo's hit show "succession" and his iconic character as well as his take on the increasingly competitive media industry plus, he's made a lot of money buying things other people don't want up next hedge fund manager bruce richards on the formula for success and the companies he sees a lot of value and distress we're back in just two minutes

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baaam. internet that doesn't miss a beat. that's cute, but my internet streams to my ride. adorable, but does yours block malware? nope. -it crushes it. pshh, mine's so fast, no one can catch me. big whoop! mine gives me a 4k streaming box. -for free! that's because you all have the same internet. xfinity xfi. so powerful, it keeps one-upping itself. can your internet do that? one man's distressed debt is another man's opportunity. that's what our next gez says. that's how he looks at his investment ideas joining us is marathon asset management ceo bruce richards. bruce, it's good to have you back welcome. >> nice to see you, sara >> well, it caught my attention that you were buying evergrande's debt, the chinese

massive real estate company that is on the brink of collapse. i think they missed anotherbon payment and are heading toward default. why are you buying this debt >> it's a really big issue in china. first of all, it's not for our big portfolio, just a little trading ledger that we since cut our positions. let me tell you about evergrande real quick here in the u.s. back in 2006, the housing crisis started, didn't end till 2011 you know what happened to the banking system during the great financial crisis so over in china, here in the u.s., by the way, housing manufacturing and housing production represents about 4% of gdp in china it's about 20% of gdp evergrande is $5 trillion in debt on the sector in china, and it's evergrande and many others because evergrande's only 9% of that

and so when you think about it big picture, there is a big problem coming evergrande has over a thousand different entities and their legal structure. 700 different projects, and then 700 different projects they are supposed to be delivered 1.5 to 2 million homes from their projects and a lot of these projects are on hold right now because they can't pay their contractors, they can't pay their creditors so it's a big problem for china, for the chinese banks, and it's the biggest domino, but there are many other domino's that are going to fall right after that based upon that further analysis, we've decided to stay back for a while because we think it gets worse before it gets better. >> ever since they issued that grace period on the first bond payment, it feels like the market has been relatively calm about it are you saying that the market overall, even u.s. market potentially is underestimating the risk here? >> i think it's going to be a close situation for china, where it's going to be a global chain

reaction is potentially down the road in commodity prices they're such a big consumer of steel, of glass, of commodity inputs that goes into building these big vertical buildings their average building is 3 to 400 units in a building and their average building that represents a project is roughly seven to eight buildings they have 700 of those and they are less than 10% of the marketplace. so imagine if the housing market were just to freeze a bit because these projects are down 33% in price if they went down like the u.s. housing market went down. the real loss is going to be home buyers as well as the banks, as well as the creditors, as well as the contractors so we think it's best to step back and see how far this falls, see if the government stabilizes the situation before we proceed. >> i wanted to talk as well,

bruce, about the macro environment, and whether you've been surprised by how well credit has behaved here in the u.s. and rates on the treasury side haven't soared yet, but they've been starting to jump, and there's been some questions about the pace of the question credit remains remarkably well behaved. >> we remain constructive on credit we think the economy's growing this year at 4%, next year at 6% there's less of a drag on the economic side of it and just simply inflation i love the atlanta fed president who has the transitory jar and he's calling b.s. because he says every time he said the word transitory in my office, you have to put a dollar into the jar. i think the whole world has woken up to the fact that the fed's spin on this that it's transitory is not the case in fact, inflation is running because of all the reasons they talk about from the supply chain to food, to commodities,

tomorrow energy prices look, the price of a house is up 20% year over year the price of a car is up 17% the price of energy is up 100% year over year when you talk about natural gas prices and your heating bill that you're going to get in your home. in uk in the last three months it's up three times. so to say we don't have inflation is like what are you looking at we definitely have inflation to the extent that that squeezes margins for companies, that could create a higher stress level for companies down the road but right now what we see are the companies who are able to pass through higher prices, i.e., inflation, which is protecting their margins and we're going to see that in earnings for right now default rates expect less than 2%, and the high yield levels market because there is so much money in the system and that's an important point. since the beginning of 2020 since the crisis began in 2020, the u.s. money supply measured by m2 is up 40%.

that is our government has printed 40% more dollars outstanding than existed prior to last year and so with all that money in the system and more money in the form of more stimulus and more spending coming, i don't see the economy slowing much down for now. and all i think it does is push inflation. if you go back to march of this year, 10-year notes were 1.75% i think we're probably going to touch 2% certainly the next 40, 50 basis points will be up, not down >> not a lot of bankruptcies i'm curious why you are buying or have bought amc debt. because this is one where the company is paying off their debt now and they've been given this enormous gift of retail traders just showering them with liquidity and money. is that why you're buying? or are you betting on the future of movie theaters? >> first of all, i think you kind of talked about both.

let's talk about the technicals first. the technicals are that they are trading around 38, which means a $20 billion market cap is about $5 billion in debt bought them in the high 70s. there's 12% pick is becoming in the days to come a 10% with $2 billion of cash on their balance sheet and theaters really coming back and they are coming back, we have a couple blockbuster movies coming that's been talked about in the news in these last couple days recently talked about this is the best for september, october that he's seen in three years. so we think that the theater is not dead, the theater is live, and going to come back and we think amc's going to break even in terms of their firm rate come the first quarter of next year any time you pay a 10% current pay in this market and actually get paid 10%, that's a pretty

good rate. >> bruce, very quickly, if you can, your view on hertz. >> hertz we also think has a lot of value we're a large shareholder in hertz. we think it's about 40% too cheap the equity when you look at the trades nine times ebitda, we think our company right now hertz is priced around six times. next year they're going to do probably a billion and a half dollars, and bottom line in earnings, and that's three times where they were coming into covid. and speaking about free times, also three times the margin. so it's a company based upon mobility they have mobility through technology to start delivering cars to your home or the location just in time, just like your uber driver might and you can take that car and leave. and we think it's a great

business model we also, by the way, behind volkswagen are the second largest shareholders in europe car which is now currently being bought by vocabs waggen. we've had a big play on the resumption of travel and mobility and the rental car marketplace. hertz in the united states, been great investment for us. >> bruce richards, great to have you join us. thanks so much >> thank you >> vefz also got mark fields in there as their intern ceo. logan roy making his return to "closing bell." and he had some choice words for us as we pushed him on his company's "succession" issues. >> i'm not going to dignify that with an answer you can both [ bleep ] off >> we will have much more from actor brian cox and what he said about hbo's return "succession" later in the show.

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welcome back the hbo series "succession" returns for a third season this sunday earlier today we sat down with "succession" star brian cox who stars as media titan logan roy cox a storied actor, of course

we started by asking him how the role has altered his perspective on acting on the big screen versus the small screen versus the stage. >> the problem about theater, especially as i'm getting older, and one doesn't have the same amount of time, but i'd certainly like to have a go at some theater before trying to fit it into a crazy busy schedule but the long form of television from an acting point of view is probably the best. it's very -- television is really so actor friendly now and i love that. and i love the aspect of it. and working on a show like "succession" of course is a gift because you develop something of a nine or ten episodes there's nothing like it. i think the long form of television where we do something over a long period of time is very gratifying and very

reviewing. >> in terms of the character, you've had some stunning ones to play down the years. is logan roy maybe at the top of the list >> i think he's pretty special he's well up there i mean, i've had great roles, and i can't complain it's like children, you can't say i prefer that role to that role but certainly logan is a kind of pinnacle in a way. >> you know, it's a widely acclaimed show for so many reasons. but in 2021 it really is an essential commentary on business, "succession," that is. when did you realize that this was a touchstone >> i think we've always had that inkling. jesse is that kind of writer i mean, he's alagorist, dramatist, all kinds of ists

and his team, they're all so much -- they're just an extraordinary bunch of people. they just are. and you're in great hands. and you know this is great work. and you know it's current work >> has it changed the way you think about business in america playing logan roy? has it changed the way you read the news >> no. i've always been pretty contentious. >> contemptuous. >> what's so interesting about america is it's so polarized, and yet -- you know, like, cnn is clearly the same story again and again and again and again. and i love cnn because i'm fairly left wing so i go to it but then i get, you know, it's the same number because it's in

opposition quite rightly and then fox news, well, i don't even go there because that's, like, the devil. but it's so interesting. and back in the uk, there's more debate, there's more nuance in the news it's not as cut and dry. but also i understand where it's coming from. because this country desperately needs alignment. and so you can see why these channels have developed in the way they have. and from a logan roy point of view, that's as it should be and there is a market. that's why fox news is why -- it has a market for it. whether he believes any of that nonsense is neither here nor there, but he just knows it's good television. and i think this is what logan understands. but i'm empathetic to the fact

that we need this polarity i this country we desperately need it because it's in such a bad state >> i wonder where you stand on how accurate a docu-drama needs to be. there's a lot of debate about it when the later season of "the crown" came out on netflix and other churches like churchill that you care passionately about it. >> i think so, but in all lives there is nuance, there are different things churchill, there were things, he was a constructive personality with the hat and the v-sign and the cigar. there was all that and that kind of obfuscated or kind of. but it was a sort of deliberate thing on his part. and it was a creature that he had created. that's what's interesting from the actor's point of view is you get beyond the hat and the

v-sign so you go, what is the animal, where is he, where are his insecurities, what is he covering up, what is he allowing to get through and that's what you do with every role and logan is part of that as well and logan is very much in the zeitgeist of the time. we are dealing with that, and particularly to do with entitlement of these children. and we've seen it with the entitlement of the trumps, ivanka and the kushner boy and it's kind of nonsense. so, in a way, jesse is doing what shakespeare says right at the very beginning it's to hold the mirror up to nature show the form its own being. so that's what he does and that's what's great to be part of >> all right so question for logan roy. what is the one quality above all that he is looking for in his successor? or is it just last man standing? >> no.

it's consistency i think he's looking for a consistent element that can change so it's a kind of paradox in a way. but i do think that. and the problem is when to hold your counsel you see, what we've witnessed in the past is that, who was probably his favorite child, and she might be again, but she couldn't keep her mouth shut, she blew it big time and at the wrong time when talking to rivals she blew something, which hadn't formed, and we hadn't got to yet so that is the difficult piece is these kids are always out of kilter and it's sad for him because he loves his children, but it's difficult sometimes because of their kind of erratic behavior >> season three of "succession" debuts this sunday 9:00 p.m. eastern on hbo it's available to stream on hbo max. that was epic. >> it was fun. >> i actually was thinking when

he gave his first answer about how much he enjoys the arc of building his character and how small screen stuff was probably his favorite i struggled in season one, loved the climax in season one and devoured season two. it was interesting, someone who is a classical actor, picks tv as his favorite medium quite interesting. >> i like how -- so, the obvious comp to him is rupert murdoch who it's based on. he bashed fox news, says he watches cnn because he's more left wing. he insulted ivanka and the kushner boy. it's just funny, his real personality, not logan roy, is just totally the opposite of that he said he's not a capitalist. >> i thought it was very - >> he also did tell us to f-off.

>> we pleaded with him to go into character at the end, which he graciously did and we loved him and look forward to the show, definitely a favorite. i think a lot of our viewers as well >> i didn't tell him i was team kendall. i didn't think that would go well >> he would have told us to f-off twice. still ahead, mike will head to the charts to explo wthreheer there's still more room for energy we'll be back in a couple minutes. we love our house, been here for years. yeah. but there's an animal in the attic. (loud drumming) yeah yeah yeah yeah!!!! (animal drumming in distance) (loud drumming) drums! drums! aaaaaahhhh! at least geico makes bundling our home and car insurance easy. we save a lot. aaaaaahhhh!

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tonight, easing the supply chain crisis a new strategy from the white house, but will it be enough plus, william shatner's message after his trip to face >>

time for a cnbc news update with kristina partsinevelos. kristina >> thank you, wolf and here is your cnbc news update at this hour. air force airman has been found guilty of murdering a mennonite woman from new mexico. the jury reached its verdict after less than a day of deliberation he was also found guilty of kidnapping sasha krause. he faces life in prison on the murder charge. near norway's capital of oslo, a man armed with bow and arrows has killed several people and injured others the suspected attacker has been arrested police say he walked around the city as he shot arrows at people back here in the united states, the tsa says firearm confiscations this year are the highest since 2001, and that's with three months left to go in

2021 this year weapons are being found in carry-on bags at twice the rate in 2019 and the treasury department is launching a new effort to study the financial impact of climate on households and communities. the project will focus on how historically disadvantaged people may be affected sara, back to you. >> kristina, thank you up next, big supply chain bottlenecks. transportation secretary pete buttigieg joins us next on how the administration is pushing to solve these issues plaguing so many businesses across the couny ghtrrit now. that's straight ahead.

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president biden hositing a virtual roundtable transportation secretary pete buttigieg was at that meeting. he joined us for on a cnbc interview. and he asked him what took so long to put these measures in place now. >> well, we've been working this issue from day one the president signed an executive order on supply chains in february, in june began co-chairing a task force with my counterparts convened the entire ecosystem of supply chain actors who work with respect to the ports and were continuing to drive action as we go into this holiday season and beyond. look, we got two sets of issues, long-term issues and short-term issues the long-term issues are why we urgently need to pass the

infrastructure vision that the president has laid out it includes $17 billion to support our ports. and i think we're seeing just how important that part of our supply chain but then we have the more immediate issues the good news is demand has come roaring back that represents a policy success under the president's leadership people having more ability to spend. the economy's got a long way to go but we've seen that demand come back and then some because we also have shifts in spending patterns where people are spending less on recreation, restaurants, travel, when imeans they are spending more on things that supply chain has strained and stressed and sometimes is out of date right now is putting through more than ever we saw a major increase in the goods coming through the problem is they have still not been able to keep up and that's why we've been acting as an honest broker with the private sector actors like those gathered at the white house today to identify more short-term steps that will help

ease those bottlenecks and get those goods moving >> might it get worse before it gets better? >> i think we can continue to expect to see a lot of challenges and ups and downs this is a system of systems. most of them are private sector. many of them are global. we are confronted with everything from what happens when a shoe factory shuts down in vietnam to a port closing in china due to covid but there is a lot that we can do and are doing right here in the u.s. and, again, we're acting as an administration as an honest broker to bring together the players just this morning we heard commitments from some of the biggest retailers in the country like walmart and others about what they're doing to increase 24/7 operations. we've been talking with every part of the supply chain from ship to shelf. that means truckers, that means the rail operators and of course those all-important operators and workers at the ports who have been through so much again, they're doing more than they've ever done before but we have to step it up even

further in order to get those goods where they need to be quickly. >> as you just outlined, this goes to china, this goes to vietnam, warehouses and factories. how much realistically do you expect these moves today to actually help? >> well, we know that taken together these moves can make a difference for example the announcement of los angeles expanding to 24/7 operations, the same that long beach started working on earlier. these are very significant steps. but it's only a piece of this big puzzle think about those images we're seeing of the ships that are anchored offshore. if you're seeing the ships then, by definition, the ship has made it that far. are they there because there's not room for them at the port? or are there ships at the port who are waiting because the containers haven't been offloaded? sometimes they've been on ofloaded but they haven't been able to get onto the area ill that needs to carry them forward. we're even funding efforts for what we call inland ports, where you can rush some of the product out from the ports and then sort

it further inland. but that means standing up the kind of intermodal facilities where rail meets truck all of these differences will make a difference but there is no they rshort-term or easy fix >> do you think this should influence company leaders deciding where to put their next plant, if it should be overseas or domestic? is it an added factor that people should be doing as much as they can in terms of manufacturing here in the u.s. >> i think this is one more reason why we've got to look at domestic sourcing. and the president from day one has been talking about buy america. obviously the more we can source things within the united states, the less we are dependent on some of this international shipping that has proved to be vulnerable to supply chain shocks we're always going to be part of a global and interconnected economy. but i think the president is rightly challenging us as a country and certainly across

this administration to promote american manufacturing and the domestic supply of these things that we need from electric vehicle batteries to the products that go into our homes. >> so, as a result of some of these problems we got another hot consumer price index report today. 5.4% in terms of rising crisis from last year a 0.4% jump from last month. both of those numbers came in higher than expected how concerned is the administration about the rising cost of living as a result of some of these problems >> we continue to see that pressure and we know that people are feeling it it's largely a consequence of the whipsawing that has happened in the u.s. economy over the last 20 months but it is also decelerating, which is important and the best this can we can do is take actions to ease inflationary pressures important to mention that i believe moody's and others in their analysis of the president's overall build back better vision had determined and estimated that it will reduce

price pressure and inflation in this country if we move that agenda through in its entirety one more reason why we have such a sense of urgency passing the infrastructure vision and the rest of the president's agenda >> mr. secretary, quick final question, different topic. how is it that the u.s. is still declining travelers from countries like the uk, not limited to the uk, where the numbers on the covid front from cases to hospitalizations, to deaths, to vaccinations, importantly, are considerably better than the numbers here in the u.s. >> well, this is exactly why we are moving to a new framework that is based on the risk profile of travelers rather than the country level. we have made that announcement and are now moving to work to where vaccinated travelers can travel internationally as the transportation secretary, nobody is more eager than i am to see us fully move safely toward that international travel and the announcement is a big step that we are moving toward that i know the various airlines

based here in the u.s. and serving the u.s. are moving quickly to deliver on as well. >> can you give me a firm date when my family from the uk can visit? >> i can tell you that we want this to be done as soon as it safely can and we're looking toward that november goal. >> maybe thanksgiving. definitely christmas >> was that a full commitment? the problem with it is it's moved a number of times. >> as far as the supply chain measures, let's go to transportation secretary pete buttigieg to join us a, they're a little late, we're heading into the holiday season already where so many of these packages are already idled at sea or can't even get to sea so they should've done this six months ago, and it's not enough. they are really putting it on the private sector, ports of l.a. and long beach being open 24/7 certainly helps but there are so many other issues and kinks in the system and some of these duties that are still on some of the rail parts makes it harder to get the rail that this is going to take a lot more to actually move the

needle on some of these bottlenecks. >> yeah. we'll have to see, as we heard as well from the likes of jamie dimon. everyone's aware of it it's not perhaps new information. but even if it goes on for two or three months, it really kind of disrupts the holiday season so fingers crossed these things work oil has been on a steady climb over the last month and traders are getting bullish on the sector mike santoli breaks down the charts ahead and it is hispanic heritage month. all month long we're spotlighting cnbc contributors, business leaders and our own on-air anchors and reporters here's cnbc producer patricia martell. >> i'm a first-generation mexican-american my parents taught me to work hard and do a good job but in the competitive corporate world you need more than just hard work. you need to form your own personal committee of mentors, sponsors and coaches that will help you navigate the playing field, check your blind spot, and position you for the next

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energy is the best performing sector so far in month. mike >> energy stocks have been great performers most of this year yet by some measures they have lagged the commodity price itself in oil. this shows you the world energy index has not kept pace with what brent crude has done. last time brent was at these levels, stocks were at a higher level. it's not that unusual to digress. if these started at the same spot you might have seen a similar gap. costs are higher maybe there are explanations, but this argues there is decent support. short-term bases, more tactically, look at how traders' sentiment looks now.

the crowd, you can see it is in the extreme optimism zone. we are above 70% this suggests in the short-term maybe we are in for a breather a bit on crude it doesn't mean the long-term trend is over, but it's suggesting it's getting heated in the near term >> thanks, mike. up next, the mask mandate teba we got the take on the mask mandates, peaches and many other areas of comment

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it's where your whole team is in one place so everyone can stay up to date. slack. where the future works. texas governor greg abbott banned vaccine mandates by any business in the state. sharon, what impact could that have amongst the youngest.

>> we were told what he thought about the texas governor stopping mask mandates and vaccines in the state. >> we know the science we know it spreads easier when you don't have mats beings we know that we know that vaccines save lives. >> and cardona outlined how the biden administration is countering the move. >> they are investigating how those actions could be discriminating against students' right to public education if they are medically vulnerable or fragile or students with disabilities that are more likely to be hospitalized with covid-19 >> and he also outlined how many students are seeing higher hospitalizations when they have not had the vaccine or there have been a ban on mask mandates you can hear more on what the

education secretary had to say on this topic as well as the department of education by going to the website cnbc.com/invest-in-you >> tomorrow we have a big group on deck. not often you get all four big ones on one day. and don't miss jim cramer's interview tomorrow morning at 9:00 and 3:00 we will be joined by mike lots to be discussed it seems like capital market will probably do well again and individual stocks specifics will matter costs for j.p. morgan and guides on interest coming all spread from one end or bank of america sensitive rate on the other end.

>> after j.p. morgan's numbers were influenced by the numbers also having all four of these big ones in one day gets you away from the dynamic, expectations are set by one and countered by the next one. capital market, i would imagine that feels like a zero sum game. not everybody caught it right. i think everyone is welcoming this moment where company specific stuff matters more. it's not just the technical and yields and we can start to get name by name >> the market matters a lot. the fed hike pushed to september of 2022. there is always a risk that the fed will tighten in a weakening economy. >> my thought is at times it will seem they are headed that

way. the labor market as tight as it seems to be acting, and with six more months of that, it may seem like the perfect moment to raise rates, but until we get there, investors can talk themselves into a negative scenario >> broader markets are just positive today that does it for us. "fast money" starts now. >> live from new york city's times square, i'm melissa lee. tonight on fast a we are trading the financials as big banks kicks off the earning seasons. we have your big bank setup straight ahead plus william shatner making history becoming the oldest person to travel into space with all of the money and hype into spac