think will do right well excellent management okay jason? >> crm i like the momentum. i think it pushes 300 in the run. >> dr. j. >> riot block chain. >> we'll take you out with a look at the dow. it is a good friday for stocks thus far "the exchange" begins now. thank you very much, scott hi, everybody. i'm kelly evans. ahead of the exchange, consumers may be furious about higher prices, but their spending was much stronger than expected last month. strong retail sales, strong earnings have the market rallying we'll look at whether these gains are sustainable. oil is dumping -- and a different commodity could that i can take the reigns from here. the stocks wall street says are going to redefine the future

everything from movies, transportation, and of course snack food but we begin with dom chu. >> reporter: the do you industrial is up 295 points roughly right now, to give you some kind of context of how we are shaping up here, thee high of the session we were up roughly 355 points so tilting towards the more positive is s&p, 44.66, the last trade there. up about two-thirds of is% 14,887 the last level there. one of the things we're watching happen is an interesting trade last week sectorwise if you look at the best performing sector in the s&p this week it's the real estate side of things it's one of the smaller sectors in the s&p doesn't get a lot of attention, but with so much focus on inflation, there's a tilt in

many investors' eyes towards real assets and things like real estate become part of that materials as well. hard assets, real assets about about 3.75%. the two best performing sectors. in comm services, cable companies, media companies, disney, at&t, some of the social stocks lagging worst performing sector on the week gold man sacs, single hand dlid responsible for roughly 60 some points in the gain so roughly a fifth of the advance is just goldman sachs. coming out with blockbuster results. one of the best quarters, if not the best request ever. and if you look at it, investment banking revenues, nearly 90% in gain over the same time last year goldman sachs up big still one of the biggest stocks on the move today. >> we're going to have more on the deal movement in just a

moment thank you. markets are nearing all-time highs but my next guest says inflation will be the driver he worries a spiral may be already happening. joining me now, david hard, the ceo and chief investment officer at summit investments. today really highlights things market off to the races. strong retail sales but the consumer sentiment, second worst reading in a decade. inflation numbers not heading in the right direction, and you have economists warning this is almost sending recession nary signals. >> it system we have seen this a little bit we have been watching it the feds obviously watching it s this a concern i think that if you look at it long-term it probably settles down, but more -- higher than what the fed warrants at 2%. war we're looking long-term at maybe 3% so this is going to be a little more to deal with than what the fed is talking at now. >> you have picks here

costco, exxon, aadobe. you're selling southwest are these stocks that won't do well -- there's no wage price spiral yet is that the idea >> that's right. if you look at -- definitely even is worried about these global supply chains, right? and all the ships off of california, et cetera. but costco is one of the most well managed inventories before anybody was thinking about inventories, supply chain, costco was so very, very positive on costco we have been positive for a while. if you're worry about supply chain, i think this is the place to go. retail sales,s awe noted, were up if anybody's going to take advantage of this and do better, costco would be the one. where if you look at tech, some techs have hard ware problems. we have heard about apple, some disappointing going on in vietnam. turn to something like adobe

zero supply chain issues, are bust growth. growth margins top of their industry for the past three years. higher now than they were prepandemic. great company. intuit, another good company look for teches that do not have supply chain look for those in supply chain that are better than everybody else. >> what do you think about the market overall here? i think i saw the word bubble show up maybe at least once in your thoughts. is that what you think is taking place? >> there's no doubt in our mind that we're in a bubble currently, right but the thing is, what would cause the bubble to stop what would cause this to not catch up with itself there's two things right now that are the only two things that really stop this right now, and that's a rate scare, where the ten-year gets above 1. 17b9 75 i think you need to get defensive in that situation for than you are today and if the fed policies -- listen, in january when people's terms end, we might even have a

more dovish than today if the fed's dovist policies begin to be viewed as more harmful than helpful, then i think that really takes the bubble to a burst level. so value right now over growth, assume choppy trading and sustained higher inflation longer. >> david, thanks for joining me with all of these thoughts today. good to see you. >> you're welcome. >> david harden with summit global investments. let's turn the commodities where crude is up 13% in the last month and 70% in the last year is this rally getting long in the tooth is it time to start looking elsewhere in the commodity complex for the next break out joining me now is paul at bank of america great to have you here what are you worried about on the crude front?

>> thanks for having me. good to be here i usually enjoy a cup of coffee with your show, but today i'm enjoying copper and a lot of commodities specifically on the oil front what we're seeing there is secular uptrend, but we're seeing momentum wane what i mean by that is the last three higher highs this year in oil prices have been reached with lower levels of momentum. we commonly look at an indicator called the relative strength index, rsi for us technicians, that's a concerning sign that maybe there's time for oil to take a breather or correct lower at the end of the year. >> 81 was your target, and we talked about how he broke woof that level week. you're saying a commodity rotation is under way. i've heard the case for copper in the long run, evs and that

kind of thing, but it seems like you might be talking about things short-term. are there any supply problems there? >> not sure if there are supply problems, per se, but what i do see is a period of time where copper prices did nothing. they corrected from the last highs back at about 488, and they went all the way down to about 4 bucks. so you have a period where supply and away was digested by lower prices now maybe demand is picking up, demanding higher prices for copper because maybe they slow down in producing. >> that would be a great sign. as people are starting to think about the energy transition, all that, they are looking at all of these key inputs to producing the next demand wave that may be coming so, i also think when you say to people you think the oil rally is getting long in the tooth, are you getting any pushback because it is such a loved thesis i think a lot of people are looking for alpha into year end.

>> sure. a lot of the clients that know my work and research are aware that earlier this year in the second quarter, we called for new all-time highs we have multiyear outlook on copper, oil prices and many commodities that are probably more bullar in the streets the way i see it is a lot of thesises are catching up to the what the technicals identified in the first half of year. so could oil prices persist after a dip? absolutely i think for managing a portfolio of commodities or thinking about, you know, how to better position for the next couple of months, reducing some of the oil long exposure looks beneficial because of the way the momentum setups have presented themselves in favor for the base metals, specifically copper. >> interesting you're saying you could see copper -- if we get to the 488,

500 range it could lead to a long-term breakout that could lead to 630s, maybe $700 range where do you see oil ranging do you see it falling quite substantially? how would you explain the setup now? >> i think the best way to compare the setup now on oil prices is look what happened in 2018 with the distinct point that now we're this a secular uptrend in oil and 2018 we were in a secular downtrend. in 2018 after this momentum divergence, oil prices declined 40%. i don't think we're going to see a 40% correction maybe something like 15% that gets down to the moving average. >> so kind of a higher low >> absolutely. >> i'm outside of my field of expertise. paul, thank you so much for joining us to break this down. it's really important stuff, and we really appreciate it. >> thank you my pleasure.

>> paul ciana is with bank of america. still ahead, striketober continues. up next, the economic factors leading from health-care to hollywood. plus, today is tax day for high income earners who filed a extension and will be looking to claim a new tax residency. we'll tell you how far people are willing to go to dodge uncle sam.

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for fifteen hundred dollars off your kohler walk-in bath. visit kohlerwalkinbath.com for more info. welcome back to "the exchange." recent data shows covid created a perfect storm that could permanently alter the labor landscape even once it ends. kate rogers is here with that story. >> reporter: the report is called can demographic brought, is a people shortage is on the way. there are several factors to worsen the crisis. first up, baby boomer retirements. an extra 1 million boomers are projected to have been push into early retirement during covid, but the future workplace will be smaller, due to falling birt birthrates, which saw the biggest drop in 50 years in 2020 there aren't enough millennials or genx yourself to fill the

boomers' shoes the money millennials are set to inherit, $68 trillion. 2.4 million women left the work force over the 2020-2021 year, but men have also been exiting the work force for decades millions alone due to the opioid epidemic others are living with their parents in higher numbers and tend to prefer part-time work. companies need to be tliing about wages but also flexibility and new ways in order to keep workers on board. >> what we have to do is change our messaging versus how much a job pays versus how valuable the job is, what you're doing that's meaningful i feel that maybe there's an opportunity to just tell people more about the value of the work that they're doing versus just saying i can give you another dollar more than this job over there. >> reporter: now, this is already starting to crop up on

earnings calls, particularly in thor is sis sector. >> is the lost worker phenomenon we're seeing giving employees more power than ever we've already seen strikes across a wide industries, from carp carpenters. is there a way to solve these issues to get the labor market back into balance? joining me to discuss, mark piece, national chair of the lashl relations word and bill rogers director with the st. louis fed and former chief economist at the labor department mark, i'll begin with you. is this just the beginning of a wave of additional strikes and similar measures we could see? >> i think so. i think that what we have here is a situation where the pandemic has made clear that workers are vulnerable and are

concerned about their health and safety and they have also seen record profits in businesses that have not reached the pockets of the workers. workers see that there is a shortage of labor, and they have options now. and they're utilizing these opportunities to get better protections and get more money in their pockets to compete and to be on the level they should be given the profits that are being made in this country >> bill it's interesting weave seen wages rise. even if you go back to before the pandemic, a strong economy, wages starting rise long lowest earners, but this is a totally different story. there are specific industries that are hard hit. kinds of industries especially difficult to fill right now. how quickly before the workers come back to the labor force are they in other kind os roles? what does the raft of strikes

tell you >> let me go with the raft of strikes. the raft of strikes tell me this is the straw that broke the camel's back, that starting in the 1980s -- a little history here starting in the 198 s there was a concerted effort to weaken unions, weaken organized labor then we also moved into accelerations in terps of globalization and also technologies into the workplace. prior to the pandemic is buzz was, is ro bet or ai going to take your job? then combined with policy responses that were not as strong in terms of supporting workers or supporting their continued growth and the share of workers cofferen accusation, share of -- labor share, it's called so this is really the chicken coming home to roost, so to speak. as my colleague here just spoke,

the labor market shifted the nexus of power from employers to workers. >> mark, how much further does this go? we've seen amazon paying now i think $22 an hour. is it going to be just about wages because prices are so high is it about other kinds of benefits what would you expect as this continues to play out? >> well, it's not just wages it's safety. it's quality of life workers have an opportunity, given the pandemic, during periods where they have risked their lives to really evaluate whether or not this is what we want to do this is a period where they're talking about the great resignation. workers are leaving their jobs in droves and going to different areas where they're less vulnerable will this continue

as long as there's a desire to make a profit, there is going to be a need for a viable work force. just like in the '30s when they had to ramp up production to combat the depression. businesses had to face the fact that there has to be a partnership with labor, and that this is an indication that that's the direction that things had to go. >> bill, how does the fed address this is stimulus, qe, balance sheet, is that the way you can try to address a shortage of labor, a supply side crisis >> yeah, i should have said at the beginning, i have to say, all my opinions that i express are mine alone and not fed policy, my bank policy or the system so i will leave this question to my bank president jim bullard

and other colleagues, but i will say that our institute, institute for economic equity, which i'm four months into being the director, we are focused on these long-term trends that's why i shared with you my perspective on why we're seeing this uptick in strike activity management workers don't want to strike this is the last option. and the patterns that we have been seeing, that we're documenting at our institute really show that, as was said, the american worker and their families have had major challenges prior to the pandemic, it was supposedly the best economy since world war ii we still were finding in some of our federal reserve data that over a third of american households, that if they had an unexpected bill of $400, they wouldn't be able to pay it the pandemic further exacerbated

the challenges these families are facing instead -- a good job is a job where you feel like you're cofferen sated fairly, you're making an impact and feel like you're being respected and the data and speciouses that are being shared continue the show we have a long ways to go this will continue as long as we continue to have this strong economy, as long as we have these labor shortages or skill shortages to where the nexus of power stays in the hands of workers. >> well, as you both eluded to, maybe closer to the gaining than the end. mark piece and bill rogers, thank you so much for analyzing the situation. still ahead, the $6 trillion market that dealmakers are set to profit from thanks to demand from prepandemic fundraising. plus, a worrying trend in higher education we'll tell you what's behind this move right after this

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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. welcome back to "the exchange." the dow is the out performer today. the naz back lagging here are a third of the moves this hour. generac think they will grow 50% given the outages. less than 3% from all-time high. pierson was the mystery chart we showed before the break. s the lower after reporting a drop in higher education sales though maintaining full-year

guidance the company says enrollment in community colleges was hit by the delta variant. 30% off its recent highs down almost 15% today. now to rahel. >> reporter: the justice department will ask the u.s. supreme court to block enforcement of the u.s. abortion ban while court cases challenging its constitutionality continue it comes after an appeals law left it in place it allowed the law to take affect but did not rule whether constitutional. a u.s. capitol police officer has been indicted on obstructiono justice, helping someone hide their involvement in the january 6th insurrection. they allege riley told someone to delete photos from facebook that showed the person in the capitol during the january 6th attack. in the news, chicago's union taking thety to court for

opposing her mandate the fight over shots tonight at 7:30 eastern. in california, firefighters made significant headway in corralling the wildfire. containment jumped to 41% and the size of the fire and area burned has grown only slightly since yesterday. more than 1,700 firefighters are battling the fire. kelly, back to you. >> thank you. well, the streamers could get the star treatment climate change takes cooperation, but at a cost and forgot wellness -- snacking is here to stay. all that and more is coming up in today's future edition of rapid fire first, it's friday and that means time to look ahead to next week here's your friday fast forward. it's a huge week for earnings big names reporting including net licks, tesla, ibm and intel. investors will be listen closely for any resolution the major airlines are also out

with results we'll hear from united airlines, southwest, american airline, and alaska air and it's not just earnings in a surprise to many, apple announced an event focused on mac books and air pods on monday housing starts for september out on tuesday existing home sales tuesday. will prices start to cool off? fed fib facebook brings a check on economic conditions on wednesday. and wework is finally going public the beleaguered company will debut on the new york stock exchange thursday. the deal values wework at around $9 billion, a steep drop from the $47 billion witas worth just two years ago that's your friday fast forward.

he breathes... he kills.... [ screams ] he dies, tonight. let's catch you up on a few other stories that should be on your radar this friday it's time for a special futures of fast friday what climate change means for the economy and taking a strip down the snack aisle joins me now, danielle shea. gina sanchez, and christina

parts rounds things outs great to have you all here first up, the future of-s and theaters morgan stanley says everything has changed permanently. they know three key outcome, robust but smaller theatericle business, studios will increase output, but skew to stream analysts bearish on the box office with estimates 10 to 20% below prepandemic levels but they are most bullish on names in the space, reiterating disney and hikingprice target on cine mark. >> i don't know if that's something that could last into the near future and i think they're ujds estimating what could happen with streaming platforms. we know everybody is investing in original content. even jeff bezos said back in 2018, when we win a golden globe, it help us sell more shoes. that is a priority for them.

maybe what we see now is what we seal pre-1948 when there was only five movie theaters until the supreme court shut that down or broke the hold that they had. so i'm concerned with the tripes of original content we'll get and what this means for indy film makers, too, because even just on the amazon platform, indy filmmakers can no longer upload their film. we have to focus on the original content that could kill it. >> danielle, which of these names do you like and agree with morgan stanley on, and which to you shy away from? >> i absolutely love disney. hulu, their platform is continuing to grow we're seeing a lot of original content on hulu that's different from disney plus and is going to attract a different audience then what we're seeing on disney plus anddisney plus itself is doing fantastic since their debut. so i'm absolute aa buyer of disney i think that amazon and their

original programming is just going to continue to expand. definitely a buyer there, and i think everyone needs to watch out for the streaming space. this is something that's only going to expand over time, especially with consumer preferences and the changes of generation "z" and how they like to view media. >> before i move along, danielle, would you be a buyer of cinemark? >> no, i would not i would not buy any movie theater stocks you do have amc. they're trying to really reach out to the younger generation, so maybe i could go with that, but not cinemark. >> breaking news coming. it's been a busy day for vaccine news not sure if this one's related but let's goat meg. >> reporter: the fda advisory committee just finned voting on whether the recommend the booster for the single dose j&j vaccine at least two months out from the first dose. unanimously, 19-0, recommending that folks who got a j&j dose --

everybody 18 plus, should get a booster at least two months out. a lot of committee was talking about this like it should have been a two-dose vaccine all along looking at the trial data they have seen j&j poxed it as a single dose vaccine essentially because we're in a pandemic. that will double supply. if you're looking at this as a two-dose vaccine you're cutting supply in half that said, they applied for a booster at two months and six months saying for folks at higher risk, maybe two months makes more sense and six months for everybody else, but the panel saying this looks like a two-dose vaccine when you get vaccine efficacy up similar to the two-dose vaccines. they're going to come back and talk about other stuff, in a couple minutes, include, mixing and matching not expected to take a vote on, that but this vote opening up the process to folks being able the get a second dose after the fda issues its final session, the cdc weighs in next week. kelly? >> appreciate it, meg.

between that news and moderna news, it's been a busy afternoon. gina, let's talk future of vaccines here. in the light of this news, what would you do with shares of j&j? >> well, j&j has been sort of the redheaded stepchild of the vaccine race, so i think that this is positive for them, but i think the next news that's coming out is the mixing and matching of vaccines which actually is going to work against them, meaning folk who is got j&j could get pfizer or moderna boost. and to so that could actually change the story there. >> we see the shares up a little less than 1% now moderna at session lows, down about 3% let's move along, talk future of transportation today, with jeffrey saying it's all about changes for autos their survey shows 33% plan to buy a new car. more than 60% of americans use a

car to commute along with an aging pleat and, verks option jeffrey sees car sales as well as auto suppliersuppliers. at least they're giving a vote of confidence in that strength there's plenty people concern now -- i think this is the cathy wood argument, so many cars have been purchased it's going to be tough were carmakers to deal with the aftermath. >> as well as the what about the infrastructure for evs we know gm is pushing forward by 2030 to have more of their car just being ev based and they announced today they're going to be spending $750 million on ev infrastructure so if we're talking about the future of the auto industry i think that's going to be fascinating to see the stations, the retailers that can benefit, because you have to sit and wait 10, 15 minutes for your car to charge up.

i'm going switch for just a second, because in that note they did speak about air travel, and i think it's fascinating, too, that with air travel it seems like many of us are not as concerned when it cops to the environment and that possibly going forward we could see the death of first class as more and more leash travel picks up you can see people paying for comfort plus but not first class. >> cold play i think is under pressure because they've got a new tour, and they're trying to offset the emissions any way. let me ask you whether you'd be a buyer of the traditional makers, the teslas, what would you do with this space >>, so i love tesla. i'm a huge fan, you know, and i think that when we're comparing tesla against other car manufacturers, you need to remember that tesla is honestly primary a technology company, and yes, while they are a manufacturer of cars and they are in the ev space, they're light years ahead not only in

that space but also in technology i'm absolutely a buyer of tesla are a price target of at least $1,000 their infrastructure is fantastic. yes, they have been selling a lot of cars recently, but they're very on top of, you know, how many cars they're selling and their infrastructure they're light years ahead of the other companies. and so i believe that their infrastructure will continue to expand and it's just going to be a culture change you stop at a tesla stop, go get some coffee, check your laptop, and that's what it's going to be like in the future. >> i thought it was interesting that elon musk said he thought their manufacturing would differentiate them in a world where there's ton of evs and autonomous cars that he thinks their manufacturing is that world leading. speaking of climate issues, bank of america says the push to net zero emissions will actually hurt economic growth prospects medium term. they're pushing back on an international agency report that says pushing to net zero

emissions would create 9 million jobs b of a argues by the time they're under way, global economist will be near full employment that's good news, never mind that warming -- which could push inflation higher than the estimate beyond the estimate to the globe we're looking at the impact on the economy. this isn't a note about stocks per se, but obviously implied in all this is the transition from fossil fuels to clean energy. >> you're right, and that energy transition is going to require a significant amount of nfrsment and that investment is really what i think b of a is focused on, because investment incurs an immediate cost and a long-term benefit. your cost comes immediately, but your benefit comes later if you're looking at it over a decade long period you can say net-net it's good, however the immediate and short-term impacts can be negative, but the resulting outcome is significantly more positive.

so it's -- the challenge we have is that we are a kind of fast consumer, and we want everything nowand if benefits don't come now, the economy is -- investors are not happy, and that's the challenge we have to get over. >> it's a challenge, danielle -- we talk about high oil prices although we just spoke about a technical analyst who's warning there could be downside there. where would you be in the old energy versus new energy names >> i'm all about the new energy names. over time, with the shifts we're seeing overgenerations -- jgenz i like inphase energy. i just got an inphase system myself it's working great so far. and this is stock that i like. i think they're a leader in the

space. and tesla again. >> yeah, exactly great. can't leave it without talking about the future of snacks on the twinky front, hostess with an outperforming rating about $4 up from here. they're saying not everything about health food these days is what you think it is taste is still the most important driver of snack choice the analysts say the pandemic advanced a structural trend towards more snacking occasions and hostess is poised to claim more market share. i say this as my beloved producer at home saying trying not to snack through the kitchen today. >> associating twinkies with taste? i don't know in terms of snacking i think you're correct you had levis point that out, the weight fluctuations had them increase their sales because

people are sizing down, seizing up i thought it would be funny to look up various efts if they had fat-f-a-t. f-a-t-t is available a financial opportunity, right >> there's a financial opportunity everywhere gina, hostess front, would you be a biuyer, seller, or holder here >> buyer the argument. the you're going to snack you don't want to snack on carrots you want to sthak on food that is just pure sugar, no fieb earthquake it's terrible for you and so you fall into the what the health effect. if you're going to go, go big. this is worst version of any food out this and the just sugar. >> i've gotten some decent healthy snacks at costco lately. everyone should take a look. thank you guys all

we really appreciate it for this rapid fire today costco also has the $10 m and m jars the you file were an extension? if you want to pay late there's an app for that. we'll explain next

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♪ ♪ ♪ welcome back accounting firm kpmg says global dealmaking could hit a record $6 trillion by the end of year as businesses take advantage of low borrowing rates. they found half after ceos have an appetite and plan to undertake deals with growth being a top priority here appears hiccup. high valuations. joining me now to discuss is the global head after mna at kpmg. this is not getsing the headlines it normally should why do you think the dealmaking move is urn the radar?

>> there's a lot of competing headlines but certainly what we're seeing is the market is extremely strong activity has rebounded from the pandemic for sure and really hasn't stopped at all. >> we said this is being driven by growth. in the past sometimes it's been driven by cost cutting we go through cycles where there's not a lot of top line growth and companies have to earn by cutting on the expense sidle tell me what's different this time. >> there's a universe of companies out there facing head winds. we know about supply chain difficulties we know about lack of inventory. those issues are certainly impacting a number of companies as well as availability of employees. and so what companies are looking for is other ways to grow and as a result, you know, i think our kpmg survey found that

the vast majority of ceos see inorganic growth as the best path forward when there aren't really great organic opportunities. >> interesting i wonder how many liquidity is responsible per making players the incentive to want to get this done. >> for sure. if you look at low interest rates, attractive financing markets, private equity drying power at record levels, corporates with massive cash under balance sheets, there's no doubt that that is fuelling this market as well and driving the record values. >> what kinds of industries and sectors are we talking about and how much you do you expect this to continue into next year or kind of -- i don't want to say hangover, but is there a reset we should be expecting >> i think kelly what i'd say is kpmg and the nature of our

services, we tend to get hire early on in the deal process, so we tend to have a window of visibility as to what's going to happen over the next few months, absent any major shocks. and what we're seeing both from the m and a side, our deal and strategy colleagues is a really high demand for our services i don't expect, absent a shock, i don't expect things that will change as we go through into 2020 or 2022, sorry. >> except maybe high valuations. how much does that complicate things people are looking around -- i hear this even with smaller players looking to combine these have cascading effects up and down across industries where people just say, these valuations are just too high. >> sure, and what we're seeing are record valuations. you know, the combination of the huge tail winds we discussed

with the universal buyers that far exceeds the number of assets that are out there, it's really driving -- driven multiples up to levels that are pproaching, you know, helevels that haven't been seen. that's cause them to have to think about other ways t the typical synergies may not be enough given the multiples that they are paying. what we are seeing at kpmg is just this huge demand not just up front for due diligence but also for the post parger and integration work that's something that all of these companies are going to face paying the multiples they have to pay today. >> it's the interesting how that could have an effect on the bottom line so significantly, to have to really push on that front. if you are looking for the beneficiaries of this deal making boom look no further than goldman's earnings out this morning. thank you for joining us.

well, it has been turbulent for boeing lately, but jim cramer is sticking with the stock. isee about a quarter% today, 4% th wk. we are back in a moment. - [narrator] introducing the grubhub guarantee: 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.

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welcome back to "the exchange." let's talk little boeing the stock one of the few names that sat out theirs's big rally on reports that the company is working through a parts defect again on the 787 dreamliner. jim cramer says he is still sticking with the company saying it is a great way to play the recovery in air travel and the possibility of trying to recertifying the 737 max sometime between now and the end of the year. he clarifies he is not selling his current position, and also not adding shares. you can read all about his trades in his newsletter the cnbc investing club. sign up by going to cnbc.com or pointing our camera at the code on the screen. what it takes to officially

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welcome back today is tax day for the high income earners who filed extensions about you the wealthy flight out of high-tech states like new york and new jersey during the pandemic is complicating things. robert frank is here with that story. >> kelly, a record number of taxpayers are using location apps to prove they have been out of a high-tech state at least half the year. the app called maneo says access has doubled in the last year. >> moving from high tax states to low or no tax states. the biggest corridors are new york down to florida and california down to texas >> but new york, california, new jersey, already sending audit notices to those who claim they

have moved the rules state in order to change your tax resident you need to meet more than the 180 day rule you have to establish domicile severing ties with your old state, selling your house or apartment, moving your dog, your dentist, your kids' school, your office all to the new state. high earners are automatically audited with collections reaching over $1 billion those who skip out of town or a year or so and then return will also get caught because new york has three years just to inform you of an audit. you may not know you are being audited until 2024. >> if you move out of one of those states, you automatically get audited? >> sort the hotel california school of taxation. >> wow >> you can check out any time you like, but you can never leave. especially if you are a high

income earner, you automatically get an audit notice. that's why they have been raising a lot of money from these respectsy notice. >> that would be enough i would think to dissuade a lot of people from making that choice maybe that's the point robert frank thank you. that does it for "the exch exchange", "power lunch" begins root now move your dog, change your dentist, pick a different school you have got to do it. it is not just 183 days, folks you have got to move welcome, everybody, to "power lunch. here's what's ahead. as for you all my friends who have gone south to florida bitcoin's watershed moment price is $60,000 as the s.e.c. gets set to apparently allow a futures etf a potential step to opening the crypto market to a much wider audience. consumer spending rose despite shortage