the line, will have a real telling part about the next corporate earnings reports in two to three quarters what can happen in that. >> also why they taub about fare hikes. >> the fares are going up. like i heard this morning like 1%, 2% a day. >> wow. >> that's crazy. >> thank you >> thank you for watching "power lunch." >> "closing bell" right now. thank you, tyler and kelly welcome to "closing bell." i'm sara eisen here at the new york stock exchange. >> i'm wilfred frost good afternoon to you. the action today, the material sector the winner after congress passed the white house infrastructure plan over the weekend. semis are higher amd shares soaring on news of a deal with meta the u.s. lifts the international travel ban. we have all angles covered

today. first the ceo of british airways and then with the ceo of hilton about the demand he is seeing in business and leisure travel and a huge hour of earnings after the bell paypal, roblox, amc and many more but let's get to the big stories. mike santoli, frank holland and pippa stevens. mike, let's start with you broader markets and higher the run continues. >> yeah. higher, slowed down and preserving the gains adding to them today is five weeks since the market bottomed with the september into october pullback. 5% at max and we are up more than 10% since that intraday low five weeks ago market had a sprint since that moment it is by almost every measure

looking like it's getting stretched. doesn't mean it's over it looks like the stats early april and then into july and doesn't mean stops in its tracks and starts to fall but further gains sometimes don't stick around in late 2017, we got to overbought readings and blasted higher for two months and optimism what's going on in the economy can overwhelm the risk/reward out there. look at tech relative to the u.s. big cap market and the rest of the world it is a big story of u.s. outperformance this is the technology sector spdr everything but the u.s just see liftoff from here going up in concert up until the middle part of this year and tech has been the thing that's

added the most market cap. not necessarily that narrow. cyclicals are doing fine, too. the volume of gains in the big u.s. growth stocks look at the interest in tech this comes out of morgan stanley. this is retail buying as a percent of total in the technology and communication services as high as it's been all year. back or actually a year ago. you got back there in october of last year after the first -- this is interesting to me, too back in january and february when we had the nonprofitable tech and ipo and spac craze that's high. usually this activity chases a rally. it rolls over before the market does and tells you where the enthusiasm is coming from that's floated the market. >> and so clearly the momentum is there at the moment what about the seasonal factors? when we have done so well in the first half of q4 does it mean

that arguments wanes or not? >> it evens out a little bit if you say years up 20% through october which we were through october of this year what happens the rest of the year 5% to 6% is the median so we have already got 2% of that in the books and basically tells you that you would not expect things to gain at the current pace up 1 pat% or more in the last fr straight weeks. >> eight days in a long, longest since 2021 amc is teaming up with meta. frank? >> following the news it will provide data center chips to facebook and instagram parent meta platforms i spoke with james and he said that the signal that the leadership is changing

still shares of the rivals in the green. for nvidia chips are part of the enterprise revenues there 69% high every. they get 44% of the revenues from that business analysts say the meta deal could be the catalyst to capture half of the market by 2023. it's cpus and gpus and gain would come from intel. the market leader in cpus. nvidia the leader in gpus. again amd shares up 11% on the meta news. >> jim kcramer with the late oesest news letter saying it's a chance to take some profits.

nothing negative against amd but run up so far so fast and he is in it for many -- much of the year's gains. >> still sees it as best in breed. ev stocks rising today pippa has more. >> the stocks getting the jolt because the infrastructure package for ev charging are most ambitious to date. the spending calls for a $7.5 billion to build a national network of chargers. this is really important because one of the hurdles in the way of widespread ev adoption is range anxiety or the feeling to be stranded with no charger so the hope is that more chargers including along major highways means consumers are more comfortable with evs. charge point which is the largest peer play name up.

and then there's evgo up 37% today. these companies have different business models but research firm needham saying it expects all the charging names to benefit from the funding the stocks are volatile and some are newcomers to the public market wilf, back to you. >> thank you so much for that. for more on this story be sure to check out cnbc.com/pro. when we come back an interview with the ceo of british airways. you're watching "closing bell" on cnbc.

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welcome back british airways flights touched down in the u.s. for the first time in nearly two years as restrictions have officially been lifted. flights have been traveling across the atlantic during that period but first time that they were probably full and first time that people have been able to enter without having to be a citizen or a visa holder i sat down with ceo shawn doyle and asked about how he feels about the return of transatlantic travel. >> we are really celebrating this milestone i'm here at jfk.

you can see see the buzz behind me it's a day we thought would come sooner but after 604 days not traveling to the u.s. we are delighted to be back. >> as an airline that is so reliant on transatlantic travel, do you feel hard done by over the course of the last couple years on two fronts? on one the uk government hasn't given you near as much support as the u.s. gave u.s. rivals and the way that the u.s. government has not allowed you to travel with british passengers on this route for so long. >> yes i think we have had to fight fairly hard. the fact that the market wasn't open was a missed opportunity. we would have hoped to open the u.s. and we are encouraged the excitement is there. and people really want to get back travelingi to the u.s.

again. in terms of support that is a political process and knuckled down we stayed resilient and now about rebuilding the airline. >> have you seen a massive uplift in demand >> a significant uplift. i think since the announcement three weeks ago all segments is booking strongly and booking late but the evidence that corporates are back out traveling is more pronounced as the days go by. >> that's interesting. clearly everyone would have expected a flurry as the terms changed as it were but do you expect that demand to be prolonged and as you suggest significant in the business area or still tilted towards leisure? >> i think we are looking at other markets like the u.s. and did see the recovery confounded the pessimistic analysts and hoping to see that in europe the peoplehaven't been traveling forclose to two year and business needs to be done

and value in meeting face to face and time and relationships to make up and restore that's what we're hearing and seeing as the bookings begin to come in and the premium leisure market is strong and booking ahead of 2019 for three weeks and lots of people reunited with family and friends there's a million british people living in the united states and we think that pent-up demand is significant. >> i do know that but on the prospect of demand picking up significantly are you able to match that with staffing and supply or facing similar labor shortages that the industry is facing here in the u.s.? >> as of today in the flight to 17 cities in u.s. and will build to 23 by december and we hoped to restore the cities that we used to serve by summer 2022 at the minute we are building and have the capacity to rebuild

and something to work through but we want to restore the leadership position on the north atlantic quickly and that's what we we're focused on. >> is it possible that in years to come that the pandemic will have proved to be a slight pods for british airways in that there's a reduction in capacity and will you capitalize on that in a couple's years time and have more market share than in 2019 >> i think what we have done is seized the opportunity of the pandemic to make big decisions we retired the 747s and replacing them with aircraft that are more efficient and the flight today is 40% more efficient andpowered with 35% sustainable aviation fuel and continued to modernize the airline. regardless of the environment

we'll come out of the pandemic a better airline and more efficient and more sustainable airline. >> on the transatlantic route are you threatened by jetblue? it is rare to have a fresh entrant in that specific market for quite a while. >> yeah. look i think we'd always take any entrant seriously and jetblue is a well-known brand and a strong airline and the capacity is 1% of the overall market so it's early days and confident if we deliver on the things in the plan that is we'll compete effectively. >> were you disappointed with your partner american airlines establishing a fresh partnership with jetblue >> no. i think that was a partnership that we would have supported and american airlines are here today as part of the welcoming party and that partnership is as strong as ever so the relationship compliments what american have to offer.

>> wanted to touch on the uk energy crisis and whether that hits you as well or as a global company and clearly with a footprint everywhere whether you get around that. >> yeah. look i think our supply chains are up and running and rebuilding the business and you may have heard reports of some queues for gasoline in the uk but that's not the case anymore but people see heating problems in supply chains and we work through them as quickly as we can and some of the issues are now beginning to ab 25 -- abate. >> i wanted to see how you think about things like brexit and the pandemic. >> i think business is finding way and the issues and the u.s.

is single biggest direct investor into the uk that's a huge bedrock of the relationship and i think on the back of that we'll find ways to do business, to grow the relationship british airways wants to be part of that. >> british airways ceo shawn doyle there. so the interesting thing from there for me on this there is a chance over time that there are some positives to come out of period for them largely because of the reduction of the capacity jetblue added one but that's 1% and the other rivals norwegian for example out of business basically and not doing long haul or the higher end and the u.s. airlines reduced the flights they have so will some of their core routes be more profitable they upgraded the fleet in the time we'll see as a five year price

chart will show us still down sharply from the prepandemic peaks and has taken on much debt but less than the u.s. >> moderated a panel this morning for the nyu tish school of whhospitality and the ceos wr on it and everyone is so optimistic premium leisure is a bright spot and two key missing come poa innocents for the airlines and the business which is conferences coming back they say and not there and china still closed for travel. really and the boarders. that's huge for the international players but otherwise they're very xibted about today, demand, it is there. >> doyle was positive about the outlook on business travel, too. >> they all are. 40 minutes to go before the closing bell take a look at the market.

higher reaching new record heights. the dow up about 103 s&p 500 up little more than a tenth of 1%. the nasdaq a quarter of 1% field point private's chief strategist and why pullbacks should be bought we'll be right back. hey businesses! you all deserve something epic! so we're giving every business, our best deals on every iphone - including the iphone 13 pro with 5g. that's the one with the amazing camera? yep! every business deserves it... like one's that re-opened!

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live nation facing a lawsuit after tragic and deadly events broke out at the astro world festival over the weekend. julia? >> travis scott expressing condolences to the victims' families posting this video on instagram. >> i want to send out prayers to the ones that was lost last night. we're actually working right now to identify the families so we can help assist them through this tough time. >> this is lawsuits starting to

be filed one sued organizers score more and live nation accusing them of profiting at the express of health and safety live nation issuing a quote saying we support and assist authorities in the investigation so that both the fans who attended and the families can get the answers they want and deserve. and we'll address all legal matters at the appropriate time. now this all comes after live nation reported better than expected quarterly results last week the stock up 110% over 12 months sara >> we had the ceo so week. so bullish on concerts and the return thank you. travis scott is known not just nor music but as a businessman with a number of cob lagss that we pointed out on this show like epic with fortnite, mcdonald's,

general mills for cereal boxes and his current partnership with nike which is perhaps the most popular. it remains to be seen if the fallout will have any impact on current or future business deals. he is a very stron brand though and as as far as any potential impact that might be seen from this is that part of his brand as a performer on stage as he and there will be legal questions about that is that he incited crowds and faced misdemeanors in the past and actually criminal charges. remember the festival in chicago a few years ago for encouraging fans to call the stage and calls the fans ragers and if there's a change to the brand that might be one to deal with it. >> yeah. really traffic really tragic events. up next, the fight against

covid. the antibody drug and what it could mean for vaccines. paypal, trip adviser, amc and more we'll break the numbers down as soon as they cross here's a check on yields

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welcome back we have just over 30 minutes

left of the session. let's check individual market movers citigroup is shutting down the korean operations costing $1.5 billion. the bank announced to close 13 overseas markets to focus on core locations and the stock is up about 2% best performing at the big banks today and seeking a buyer for the overseas consumer business and quicker and easier to shut the korea business down rather than wait and even though there's a write down charge it is seen as a positive because of the sort of action that the new ceo is taking ripping the band aid off. and the stock is as i said the best performing big bank today newegg commerce. a computer hardware and electrics maker. it's soaring on reddit wall street bets and surging because

of that and up 54%. >> e retailer. time for a news update with rahel solomon. >> here's what's happening airports not the only place to see a surge in new travelers as restrictions ease. land crossings into the u.s. from mexico and canada are busy including here in san diego. the mayor saying the end of the travel ban will help the local economy. four astronauts on the way back to earth. they have been on the international space station since the spring and expected to touchdown in seven hours and the replace. s could launch wednesday night jirngs kareem ab dull gentleman bar calling packers quarterback rodgers a liar why he say that is rodgers is bringing back the stereotype of the dumb jock with the response to the nfl's covid vaccine mandate and he said harming all professional athletes and the reputations by

ignoring scientific evidence of the coronavirus. you are up to date back to you. >> rahel, thank you so much. regeneron said the antibody cocktail provides protection against covid-19 meg? >> hey, regeneron already has this and body drug approved or authorized in settings where people have been infected. early in the course of the disease at high risk for progressing or for certain limited postexposure settings. they looked at what could happen getting this as a single dose and then tested how well it prevented covid and reduced the risk by 81.6%. out that far now ceo joined "squak box" to talk about the implications for this. >> you take a single dose. subcutaneously and protected for

months they're prisoners of the pandemic the immune compromised. because they don't respond to the vaccine. >> so he's talking about 3% of the population that may not get enough protection from the vaccines that could be a potential population to benefit from this. they're waiting on the fda to act on an emergency use authorization application for six months to expand this. regeneron up 1.8%. >> only use for 3% of people anyone else that's taken the vaccine and has essentially worked for them no potential use for this cocktail? >> for people vaccinated and for whom they actually make the and bodies and get protection this wouldn't necessarily be for them for people not vaccinated thises an alternative and the public health recommendation is to get

vaccinated. >> for elderly folks that are vaccinated and get covid-19 they should get the cocktail and i feel like there's no awareness because the administration is focused on the vaccine people don't know how effective and how safe the drugs are and how available that are at e.r.s. i have talked to people and they have to be explained that this is safe and that you should do it and in the first ten day just people don't know. why is that? >> that's the treatment setting. this is the prevention setting and the treatment setting this is available since late 2020 and it is really effective if you get it early but there's been a reluctance from some to use these and seems difficult to set up the infusion sites. it started to get used as a treatment in florida the ceo's talked about libraries

in florida using these and giving the injections there. so it's started to get worked out but it's not focused on as much by the administration or the last one to some extent. >> yeah. good news that it can be prophylactic, as well. double eye jeff sherman weighs in. he'll join us. easy-to-use tools, and interactive charts to give you an edge, 24/7 support when you need it the most. plus, zero-dollar commissions for online u.s. listed stocks. [ding] get e*trade and start trading today. never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers, plus some of the lowest options in futures contract prices around. get e*trade [ding] and start trading today.

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joining us is jcameron dawson what are you telling your clients to do after significant gains and the latest little melt up in the s&p? >> so we think that there's reason to believe that this market should take a pause in the very near term but then from there rally into year end the rational for a pause in the very near term is just that we see the s&p 500 as the most overbought or the most extended versus the trend since times like april of 2021 and january of 2018. so what happened after each of those times was a period of digestion and some consolidation but we don't think any weakness will last very long this time around at least going into year end because there are a lot of tail winds at the back of this market including things like liquidity, better growth expectations from

infrastructure and seasonality but one thing to highlight is that there is very bullish signals when we look under the surface of the market so we start to see cyclical and risk on assets outperform making new all-time highs and looking better relative a good sign for risk taking while defenses are left out in the cold so staples making new lows relative lows. utility making new relative lows shows that people aren't moving to defensive positioning and that all is good news for the underlying dynamics of this market. >> does that set up the strategy for 2022 is that still where you want to be in some of the cyclical names encouraged by the signs in the market >> we think at least in the beginning parts of 2022. but we do expect returns to be quite a bit lower moving into 2022 if we take a step back the

reality is we are coming off of three extraordinarily strong years of returns for the s&p 500. we had almost 30% in 2019. 16% in 2020. and then 25% now in 2021 why to make it a fourth year in a row of returns over 15% wouldn't just be rare it would be exceedingly rare and only happened during the tech equity bubble in the late '90s so our expectation is lower returns in 2022 overall making sense from a fundamental perspective. we think that multiples come under pressure as the fed continues to tighten and earnings growth will slow in 2021 which just means that earnings won't offset that multiple compression as much. we have lower growth expectations for next year.

>> are we set for a period of a stronger u.s. dollar >> we are seeing resilience in the u.s. dollar. much to the surprise of people who thought there would be debasement stimulus but the dollar has been resilient which is a key risk for this market. if we continue to see higher upward pressure on the dollar that will kind of do the fed's tightening for them. that will tighten financial conditions and likely end up putting pressure on the s cyclicals down the road. >> cameron, thank you so much for joining us. >> thank you. when we come back, amd scoring a deal with meta and a look at why shares of tesla is under pressure today with deep expertise to outthink across multiple asset classes,

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24/7 support when you need answers, plus some of the lowest options in futures contract prices around. get e*trade and start trading today. we are in the "closing bell" market zone. mike santoli here to break down the crucial moments of the trading day and today with us ceo josh brown with us let's kick things off with the broader markets. stocks rallying up the s&p up and the nasdaq higher for the 11th day in a row. all on track for record closes and the nasdaq dipped into negative territory in fact we just slipped, mike, over the course of that last

commercial break. >> a little bit of -- i think slipping of the gears a bit with such a sprint. five weeks up 10% it is the excitement in a handful of very large stocks that did the work. nvidia up another 3% today it's the highs of the day for s&p itself everyone is talking about how statistically things are stretched. the direction of mean reversion in a short term is not as friendly once you have been up this much in a short period of time. >> josh, i heard goldilocks a lot from the strategists and the morning notes. the economy is growing not too hot but we have high inflation ratings and the federal reserve is patient on interest rate increases. is that what is underpinning this good news on covid and the anti-viral pills. >> yeah. listen

i also think we're in this time of year where people are up a lot and they're exuberant in a great mood and they're looking past the negatives they have been having in the back of the minds and choosing to focus on the positives. there are a lot of them so i think that there is some element of that. that's okay. there's nothing wrong with that. but most of the viewers have been buying not just all year but for years and so they have got huge gains in stocks very big, very liquid well-known stocks don't have to be a genius to do well in the market the nasdaq is compounding at 25% a yearsince 2009 you just had to be in the game you could underperform everybody and still do really well that is the sentiment right now. people looked at it and said that's not a good omen or whatever the signals are and now

egg on the face. the transports pennies from an all-time high today after falling 13% between may and september. there's a line of thinking that the transports have to magically line up with the industrials or else they're a canary until coal mine the read through the stocks is not an actionable ratio to look at that's the kind of thing i think is plaguing people for a long time now things that used to work have no semblance on the current reality. big picture, it is very, very hard to be bearish only reason to be bearish is because things look too good i suppose there's legitimacy there and i don't know another reason for you to look at what's going on and say this is not good

it is good >> amd certainly shareholders have having a good day selling chips to meta gaining a leg up against intel amd with contracts with largest companies including alphabet and microsoft and meta and a new slate of supercomputing chips. amd up 10% it is interesting that cramer took some chips off the table, pun intended, with amd because it is a winner lately. what do you do with this stock >> yeah. listen if you're managing a portfolio and you have a stock go up five fold in a short period of time you have to look at the scale of that position relative to the rest of the portfolio and you have to decide am i too exposed?

this is having an outsized impact on the whole and a key is making sure that you have that balance between different positions so you don't become a tail wagging the dog i suppose that's prudent i don't know about the portfolio but i think there's plenty of room for amd and nvidia to work. i think amd has done a terrific job turning this company into what it is from being a competitor to intel and nvidia has an edge. putting the chips aside if you google queue the software cu 2k5 that's nvidia for the next gen technologies i don't think that amd is as strong there and i own nvidia and can both work given where it sees the future is headed. >> if you don't know about the

portfolio you need to subscribe to the news letter mike, seeing both what companies working very well, it is extraordinary momentum behind them. >> but also a little bit of buzz word bingo the market cap added to amd, i don't know if that's the market carefully discounting what that means for future cab flows or this is the area i need to be in and need exposure. doesn't mean it's a wrong way trade but tells you the fevered moment we are in >> anything joining the meta verse is big peloton needs a meta verse. >> the commercials on nfl games. >> should mention we bounced enough that we are on track for four record closes as we speak only the nasdaq 100 not

positive let's talk about shares of tesla. musk polled the followers on whether or not to sell 10% of the stock in the company and then another tweet saying he doesn't take a cash salary or bonus from everywhere and only way to pay taxes is to sell stock. meanwhile jeffries raised the tesla price target to street h high the firm saying tesla is a threat to traditional automakers down close to the session lows mike, if the founder and owner after the extraordinary run the stock had is going to sell 10% of the holding and a 5% pullback, massive win. >> the market can absorb this selling from esverybody >> he is there because - >> he pledged more than half the shares against loans a long time

ago when the value of the shares is much, much lower and not like they're at risk. he's correct and it's a normal thing to do with a concentrated position jeff bezos sold $3.5 billion of amazon last week why it is what you do in that position he was disingenuous whether or not to take the public will on that. >> is he allowed to tweet like that doesn't the s.e.c. -- do you think he got his disclosure lawyer to sign off on the twitter poll >> no idea. >> who cares >> he has to have them cleared. >> i know no one cares but he can move stocks with the tweets and been knocked for it in the past by the regulators.

>> he's worth $300 billion like he didn't care when he was worth $20 billion. i'm saying he doesn't care. >> no. i think you're right observe. we'll see if there's a response to it. >> you know what though? >> price target call. >> transparency. >> sorry the board should ask him -- >> tweeting before the sale rather than after the sale even if it could annoy most boards and relay or thes. >> josh? >> i was going to say what the board should ask him to do is adopt a stock selling plan which would basically take the decision making out of the hands day-to-day and enable him to get liquidity on the shares on a regular basis and nobody would

look at any particular sale and say this is meaningful or this is because of the blank. it would just be a regular thing that happens i feel like that would probably be the best outcome where musk is happy, the board is happy, regulators are happy and shareholders are happy this is what you're supposed to do otherwise what's the point you should be able to sell stock as things go well for the company. that's one way out of it. >> it is a little not genuine making it about how billionaires don't get taxed with unrealized gains. >> exactly irrelevant has 9-year-old stock option grant and the tax bill is coming due and expiring and you have to sell it. >> tesla down 5% paypal, kate rooney here with the key numbers to watch in the report. >> wall street is watching the take rate in q3.

the percentage and they're looking to see if it offsets an anticipated slowdown in revenue and watching ebay. timely clarity on the acquisition strategy after the company says it's no longer looking to buy pinterest and it was a big winner with the pandemic related shift to e-commerce stock is now negative year to date back to you. >> kate, thank you very much paypal setup into earnings tougher than you might think >> yeah. some volatility for the payment companies. >> been on the weak side earnings forecast for the quarter have come down since april so as the majority of companies you see massive ramp

and forecast trimming here this is an interesting question why they felt the need for something related to e-commerce to maybe bid for pinterest or entertain that option and the idea of where are they in this the street is stubbornly bullish on the stock price consensus 40% above where we're trading right now. >> two minutes left of the session and set for record closes just about despite the nasdaq 100 being negative. >> it is positive breadth internally you have small caps outperforming again and at least most of the day. and that usually means breadth with a chance to be pretty strong take a look at micro caps on a month to date basis and opening you will a big lead over the largest 100 stocks in the s&p 100 and shows a risk appetite.

the volatility index is ticking up the vix down to 15 people trying to anticipate a little bit of a pullback and turbulence until we have capitulation you're not going to see the market break down so maybe the vix has to get below 15 before you really feel as if everybody's gotten super bullish. >> a minute to go. dow is higher. looks like tracking for a record close. caterpillar is contributing to the gains. nike, am general and boeing the biggest drags. s&p 500 with a record close it looks like materials, energy and technology health care, financials are positive mostly it's the -- under pressure why the nasdaq is a mixed bag.

you have strength in the chip names. the nvidias, microsoft higher. tesla, apple, amazon all lower facebook as well there's the bell looks like we are set for another quadruple closing high a quarter of 1%. another strong finish eight days in a row for the s&p welcome to the "closing bell." i'm wilfred frost along with sara eisen and mike santoli. four record closes once again. only slight gains on the day but you can't complain when it's so consistent as it has been. s&p 500 up .1% dow up 0.3%. nasdaq up about 0.1% a couple of high profile decliners. tesla down 5% today. investors now set for an hour of

earnings moments away from reporting the numbers. plus also breaking down results from thread up, real real and lemonade once they cross josh with us and another guest joins the conversation mike, yields of interest remarkable how low they in general have settled with that settle and lack of volatility there equities grind out the gains. >> especially because the lower yields is not taken as an economic flare being sent up it seems to be a lot of repositioning. people bearish on treasuries smoked out last week and the fed is patient i think that's taken to heart. >> liftoff is the new buzz word. breaking news on the fed

steve? >> federal reserve out with the third quarter financial stability report saying many of the most urgent dangers from the pandemic have eased but risks do remain in the system for example, the fed says valuation of stock measures are high they point out that price earnings ratios the upper end and the yields on a fixed of securities low relative to the range and stress in chinese real estate does pose a risk to the u.s. financial system and asset prices vulnerable to significant declines should risk appetite fall on the upside there's little indication of investment of real estate they're saying that credit levels are in good shape coming

to blending. they talk about the mean stocks. saying they create limited systemic risk but they do warrant monitoring a big risk is cyber risk has grown in the financial system. here's a quote from the report a small group intending to cause widespread harm can target and time the attacks with the goal to impyring the financial system again on stresses in china, could strain the global financial markets. they don't talk about the risk of the amount or the rising amount of federal zet. that's not really within the purview to look at that but a lot of debt shifted from households and companies to the federal side so they don't talk about that one sort of elephant in the room there which is the amount and size of federal debt and the risk to pose to the system sara >> when do they write this is this like working on it all weekend or going on for months

>> no. it goes on for months. like an 85-page report i don't think they pulled an all-nighter on this one. >> if you look at the biggest risks for the market, they cite the virus, stress in china's real estate sector the china story feels stale and the biggest risk is more like inflation. >> you know, that's a good point. it is not in the report. i think the way to read this report is take two really nervous fed guys and have them look at every market that looks like it's above the historical norm and then write a report putting them in there. if you want a list of assets to worry because they're high, read this report. it is a decent read to look at the potential risks out there. it's hard to know where the next

financial shock is coming from but it's a good bet it is in this report. >> thank you so much for that. what is your take on whether things have got a bit too stretched for u.s. equity valuations at the moment >> listen. the s&p 500 up 25% even more now through today's close. world pushing in on 20% gain for the year this feels like a strong year but we don't think it's orr. talking to institutions some really started to take down risk and found themselves on the wrong side of this trade and underweight and we think that there are three important things that are really driving the markets. earns come in strong more than 80% of the gains of the nasdaq beat expectations and an incredible accommodative fed and not too hawkish or dovish.

putting the policy just right. supporting this market and the gains. and finally last week's an announcements, a new covid pill and distributing to 5 to 11-year-olds we think that these three things will continue growing the market through the end of the year. our mid year 2020 price target of $5,000 is about 6% of where we are today and might see that earlier why not saying that we won't set courses up for volatility ahead but the factors mean we continue to expect the equity markets to perform. >> mid year 2022 i think you meant for the s&p. >> yeah. we have breaking news on robinhood. stay with us robinhood news kate >> robinhood disclosing a data security incident. the company says this happened

last wednesday a party socially engineered an employee by phone they say they got access to the systems and it was limited to most emails and full names and the outside party got a list of email addresses for 5 million people and then full names for 2 million penal and 7 million total and then 310 there additional personal information with names and dates of births and zip codes. robinhood saying that the attack has been contained they believe no social security numbers, bank account numbers or debit card numbers exposed and no loss as a result. robinhood says the party demanded ransom or a payment no word if they paid that and working with law enforcement and

an outside security firm. >> thank you down almost 3%. not good for reputation. >> not great risks is a thing for the financial system to be aware of. not great. >> at a time when robinhood under pressure with the core business. >> yeah. you know it sort of perhaps will maybe reignite the questions about the systems and whether they're a kind of ready for the scale they achieved. >> trip adviser just crossing. seema mody >> hey did miss street expectations 16 cents adjusted versus the estimate a 115% increase in revenue for sp experiences and dining and

hotels not meeting the estimates on wall street shares falling 5% and news on the ceo coming on cnbc and announcing plans to depart in 2022 no details on succession planning but a statement revenue increasing reflecting growth of 29%. so really touting the results and the recovery in travel but not as strong as wall street was hoping trip adviser with many travel stocks outperformed of the last one to two weeks and up 20 ps and there is a discussion on the street whether the international restrictions lifting, vaccinations increasing and priced in to travel stocks and how much more run there is for names like trip adviser now down in extended trade. back to you.

>> thank you so much slipping a fraction now more it is the recent couple of weeks in the sorts of names that made it so hard. >> for sure. absolutely just how things are pacing the stakes are high for the stocks with run in this area this is a company doing a billion and a half in revenues per year tracking as for prior guidance 900 million. when are you getting back to pref -covid? >> do you like the travel picks, josh >> i did in the past i liked nvidia the best. trip adviser having you pay a membership and get access to various discounts at different hotel chains and doesn't seem to be a ton of traction there i think just generally speaking this is a come pettive industry.

maybe that's an opportunity if somebody starts a consolidation wave it feels to me like that should be the case. >> roblox results out. frank? >> shares up about 20% right now after a beat on revenue. we are not comparing to estimates. roblox shares beat daily active users, came in over the estimate also on the average bookings per daily active user, roblox came in at $13.49 shares up now 21% after hours after a beat on revenue, loss of 13 cents a share and not comparing. back to you. >> frank, thank you very much.

just looking at -- you know, they were lapping tough covid impacted periods back to school seasonality they saw growth in all metrics frank just ran >> yeah. >> engagement is strong. >> the stock did peak three, four monthls ago. it is returning after a period of consolidation. >> up 23%. trip adviser down now 8% rod, wdo you like the cyclicals exposed to reopening like trip adviser? >> absolutely. we watch the reopening baskets trading very well. we like financials in part because we think that net interest mar jns experienced by banks do well as interest rates and inflation creeps in.

energy is something that we continue to feel that has plenty of room to run and health care gotten a little bit of a push here with the breakthrough in the strategies in drugs and also a lower risk of regulatory reforms to hurt the earnings there. so we like the consumer. we like the consumer doing things as -- not buying things but going out and doing things and in the reopening trade those experiences we think are really going to be driving the market through the end of the year and into the first quarter opposed to a year ago buying stuff online. >> so are you saying that you don't think it's a mega cap tech driven market? >> listen. we are having an internal debate about technology technology seems to be acting as its own animal we think that technology is sort of part of a growth universe but

tech seems to be acting on it own and not dead we see that in some of the two names. we see that in the technology names. we like value stocks because they're absolutely valuation still shows some room for improouchltd and looking at the s&p 500 and those as you correctly pointed out to me the ' '22 mid year targets is opportunities to pick and choose the targets. picking mid caps and value stocks energy, financial, health care where we see the opportunity to grow. >> josh, wanted to get your take on peloton is the game up there >> yeah. but we knew that 70, 80 points ago. the roblox thing is interesting. people said it's another version of peloton and this is where i think things have gotten

interesting. that concept of a stay at home stock, this is a go out stock is antiquated in 2021 the stay at home winners remained winners post vaccine because it is a story of adoption being pulled forward and continued usage and that's what roblox is just because people are outside doesn't mean this isn't the favorite online environment to spend time in and buy so 10% of the flow was short going into the report tonight. about $1.76 billion worth of stock and they're learning that this is not the same of peloton. this is a very different story and ties into the meta verse stuff. i don't think this is a stay at home stock in the way that peloton were so it's very important now that people stop using that

nomenclature and focus on what companies individually are and not what basket they belong in. >> it's a really good point. the stock up 25% we are getting the results from thread up and the real real. courtney reagan with the numbers. >> hi there. let's start with thread up this is the resell platform online for women's and kids cloetding reporting for their third quarter a loss of 15 cents for thread up and one penny better than the street looking for. better than expectations you can see shares up more than 6.5% also giving stronger fourth quarter revenues for guidance and then moving to the real real for the third quarter. this online resell consignment platform with a loss

on revenues of $119 million. gross merchandise volume or value up 50% from 2020 and 46% from 2019. the take rate fell about 50 basis points you can see shares of the real real higher by almost 7% after hours. back to you. >> two winners thank you. a common thread is they don't have supply chain issues because they're both secondhand resellers and the thread um quote from the co-founder and the ceo said supply seems endless and distinguishes the names hot or not in the market supply chain is the top issue. they don't have it. >> absolutely don't have it. shipping costs are an issue to sell and what price and both

stocks had a rough few moths and a little bit of excitement about the category and it faded a little bit and now getting a bright side reaction to the results. >> amc with a good session are westarting to see some ove the top action in some names >> yeah. the juices are flowing again nowhere near where it was. amc peaked i guess above 70. yes. it is absolutely going along with the micro caps stocks cannabis stocks. had a very dramatic move on policy whispers and you can say to the muscles are back working. >> be careful what you say. >> yeah. >> not popular with them. >> not at all. i don't need image. >> thank you, josh, rod. good to have you both on as

always we appreciate it. still waiting for paypal an analyst thinks the stock can rally 40% from the current level. plus the ceo of hilton up on how the end of the u.s. international travel ban will pa danimctemd and pricing power for the industry

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zinga's earns are out. >> 4%, almost 5% after a beat on revenue and eps. the story all about the guidance fourth quarter in line with estimates of 715.4 million guiding 715 million. also for the full year guiding $2.8 billion in bookings that was in line with estimates from street account. just below estimate just shares up 4% after a beat on revenue and loss of 4 cents per share we

are not comparing. back to you. >> all right thank you. up 5%. still down about 20% for the last year and well off the high. >> yeah. the street shove ds aside and a deal where low expectations hurt in an area where people are willing to believe if you start talking about whether it's part of the meta verse. ceo of hilton where travel demand could return to prepandemic levels and how investors should position the bond portfolios. we're back in a couple y etfs. and strengthen client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. c'mon caleb, you got this! and if you don't, there are other options! umpire: ball! good eye! good eye!

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virgin galactic results are out. morgan brennan has the numbers. >> that's right. shares are trading higher. post close right now in terms of the numbers revenue $2.58 million. which keep in mind this is a company until it launches commercial service which is expected next year is pre-revenue and better than expectations i'd note that adjusted ebitda

totalled a negative $68 million. net loss is a narrowing in terms of the loss year on year the key metric that investors care about is the space tourism company is concerned is cash burn until that commercial service kicks off hopefully next year a billion dollars is the cash position as of the end of q3 with cash and cash equivalence the other key headline for this company with earnings right now it did reopen ticket sales starting at $450,000 a seat for the sub orbital space flights. currently 700 of the 1,000 reservations that it was hoping to sell have been sold to date commercial service on track for q4 of 2022 but this comes on the backdrop of ratcheting space tourism operations in general

with blue origin and jeff bezos with two crewed missions so competition there and 700 new ticket sales for the company and you can see shares up about 1.5% right now. >> thank you we want to get to paypal earnings stock higher now kate >> mixed quarter for paypal lowering guidance. announcing a deal with amazon. paypal is teaming up with amazon to enable customers in the u.s. to pay with venmo at checkout. back to the core numbers mixed here revenue up 13% to 6.18 billion that was light a miss there revenue growth excludeing ebay 25% and still a drag on the growth eps at $1.11 adjusted. that's a beat.

26% growth venmo with $60 million of the total transaction volume more than 80 million users on venmo. an update on total numbers there. the take rate, that is a key metric for analysts, 1.8%. the total take rate there and 1.9% or the transaction take rate 1.8%. lower than analysts looking for. disappointment there ebay a drag. the stock up more than 3% after hours. back to you. >> for sure. definitely something that's likely to be moving the stock higher l let's bring in a guest is the headline there that the venmo amazon tie-up? >> the headline is positive. the numbers are in line with the peers. in general this quarter

quarterly earnings season for fin fintech is traumatic the numbers have been muted. guidance is muted. some is a function of the environment. we've seen a slowdown in volume growth strom is the stimulus spending going away some of it has to do with the corporate travel that seems to have been pushed out until '23 paypal's numbers look decent if you exclude ebay management is adamant to say that this quarter is messy again with ebay. 25% growth is impressive >> what about the pact with amazon not sure if you had a chance to look at that yet. >> yep. >> paying directly on amazon for things via venmo. >> a reason why the stock acted the way it did is based on speculation that venmo volume slowed down in the quarter and

the numbers look strong. this is part of what they're doing for monetizing the consumer side of the business. again that can act to volume growth, monetization this is a big deal because it is with amazon. >> yes always a big deal learning with the firm and needed it didn't they? after what happened with pinterest? because it seems like they wanted to. i don't know a lot of reports that they were seriously looking at it why the market didn't like it and they backed out how do you interpret what happened there >> the management team had a long term way of thinking. we thought it was an interesting combination. i think they would have made this work with a company of honey that is kind of doing

that that would have probably gotten them deeper. some speculated that maybe they decided to go for it because they have quote/unquote lost a bid for square we don't know if this is what happened maybe timing is problematic. on top of that you have had the whole thing about paypal and what it means in the intersection so that kind of added to the whole fire about the fact that the core business is slowing down and why they had to do it but beyond that i think this could have worked down the road under the right circumstances. >> thank you so much for joining us good to see you. >> sure. thank you. amc results out. julia? >> amc beating expectations on bo the top and bottom line. expectations for 708 million

earnings were a loss of 44 cents per share, smaller than the loss anticipated and see the stock is trading down after hours and seems to be as a result of a key comment in this letter, press release. the company ceo noting that results from the beginning of the fourth quarter are strong and announced a week ago and goes on to say we are not yet where we want and need to be we wish to emphasize that no one should have an illusion. we need to sell more tickets and adjusted ebitda is well below pre-pandemic levels. we'll be listening for more insight on the earnings call back to you. >> thank you the ceo of hilton on the outlook for travel now that the u.s. ended the ban on foreign travelers coming in.

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time now for a cnbc news update with shep smith. >> here's what's happening the house committee investigating the january 6 insurrection issued a new round of subpoenas all to aids and advisers of former president trump. among them senior adviser jason miller and former national security adviser michael flynn plus the former nypd chief committee chairman bennie thompson saying we expect all witnesses to cooperate no response yet from any of those subpoenaed. satellite images appear to show mock-ups of u.s. navy warships in china.

you can see this fake warship is on a railway track indicating maybe it moves and this image coming here shows what appears to be a full nuclear powered aircraft carrier and walmart is bringing in the driverless trucks to help with the online grocery business the company's testing the program in the hometown in arkansas walmart reports since august two trucks without a safety driver have driven a 7-mile loop between a fulfillment center and a store. walmart says it's part of a plan to become more efficient. concert goers crushed to death in texas in the wake of the tragedy at the concert we're live in houston with the investigation of what went wrong right after jim cramer 7:00 eastern cnbc

back to you. >> all right a lot to dig into there. thank you. today marking a major milestone in the push to return to normal amid the pandemic. the u.s. reopening the borders for the first time in nearly two years to vaccinated international travelers. today i talked to hilton ceo about what the reopening means for the company's demand outlook. listen. >> i think demand's going to be off the charts this is a big day. particularly for the cities in the united states. we have had a really strong recovery through the last couple of quarters. we had a historically strong leisure travel season. business travel is coming back bit by bit meetings and events delayed because of the delta variant but demand starting to surge there for periods of time in the next year and if you look across the country broadly very good

recovery and the cities have been significantly lagging so everywhere but the cities are way ahead of the cities. probably by the cities are twice as far off relative. >> because of tourism? >> generally but a lot of reasons. a lot of it is international travel u.s. on average in 2019 would have been like 5% of the whole business is international travel in the big cities up to a third of travel and went to zero pretty much so it's a big day for the cities getting the cities to catch up with the recovery big day generally. long timie coming. >> demand is strong and healthy. where we relative to 2019? >> in q3 up about 19% off of 2019 my guess is fourth quarter will

be similar because leisure seasonally goes down business travel is picking up to compensate for that. as i said the meetings and events business is -- the demand is off the charts and pushed into after winter season and won't see big uptick in that segment. so i think fourth quarter will look like third quarter next year you'll see demand released in all sengments you will see leisure outperform. i think you will see a step change in business travel just because more offices are going to be reopening in the - >> totally back do you think ever >> no. i don't know what the new no, ma'amal is it is a fool's errand to figure

out when you are in the middle of a crisis what the future will look like. it won't look like what it was in '19 but i don't think it looks like it is now like what we see now and still somewhere in the middle. my guess is ultimately you will have a more mobile workforce more people maybe not working from home but from anywhere. i like that. i said like when you lift way up over the industry mobility is good for the business. if the world is more mobile, people go to an office once a week, working from anywhere and not in an office much, that's good for the business. right? they have been to have a place to meet and sleep when they travel so i think broadly what you will find is getting into next year mobility goes up a lot and that's going to stimulate a lot of travel. the last leng in the chain for

us is meetings and events. >> can you have enough staff to meet that demand >> that's the plan. >> the shortage is - >> single biggest issue. it is easing okay but we are not there so we are working really hard to get people back into the industry. >> how do you da higher wages >> better benefits in the end better culture. a thing i'm proudest of which we talked about is we're i think for two or three years running the number one great place to work in the united states of america, number three great place to work in the world and part is wages and benefits and every other thing we do from a stand point of diversity for the best most inclusive culture not just in the industry but across all industries and so the first thing we do is create an amazing place to stay and have the friends come and they build a career with us but part of that

is paying more focusing on the ben efits that matter the most. marketing to potential team members that this is a great industry in recovery and expansion and a new goal in travel and upward mobility that was a bigger issue now and easing and will be working a the this for at least the next year. but so far so good. >> what about pricing with the demand how much have you been raising prices >> the laws of economics are alive and well and like everything we see whether it's grocery shopping, starbucks, amazon, wherever you buy things or services not in every place but many they go up. because demand is very high so we have historically better pricing levels relative to where

we are in a stage of recovery. i have never seen pricing power recover this quickly demand recovered quite quickly and it's really strong that are allowing us to price of historically high levels of 2019. >> do you think you're sharing lose to an airbnb? >> i don't think so. what's happened with airbnb is the largest part of the business has been out there the recovery led by value leisure business that's why people use them and of course if that's the large preponderance of demand out there they'll do well. what we do is something very different. we take a high quality product and deliver it consistently and wrap it in the amenities, the

gym, the restaurant. we connect it with heart felt service of team members that are trained and lifelong industry players and customers get a very friendly and reliable experience and pay a premium for that they can't do that with all respect and the way we do it and customers pay a big premium for that the best example is i don't need to worry is we're running the highest market share we have ever run in the 102-year history so customers are staying with us more on a relative sense and paying us more than they ever have relative market share is at all time highs. >> not worried of airbnb the ceo whose stock up 36% this year outperforming competitors up next, doubleline's jeff

sherman on the key inflation data impacting the market. roblox shares on a tear on a revenue beat zynga is a winner. paypal is a winner with a new collaboration for venmo payments at checkout. we'll be right back.

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record closes across the board. meanwhile treasury yields higher today. investors looking ahead to inflation data late this week. ppi tomorrow cpi on wednesday let's bring in jeff sherman at doubleline capital jeff, great to see you as always what is it that you think that has kept yields lower, lower than their a month or so ago >> there's been this big resurgence in global buying and so you found it's not gjust the u.s. market but the sovereign land and huge expectations last week for the bank of england to do something with the interest rate policy and by keeping it where it is at .1% that actually just really kind of wrecked the market last week and all of a sudden these expectations changes about the hiking path and all of a sudden you saw a big rally for a couple days and so i think the u.s. was even

though we had good economic data, the gottlieb news about the pfizer pill, there's positive things happening on friday you saw a big rally across the curve and i don't think it's telling us something about the u.s. market but showing what happened globally with a rally in us what happened globally, a rally in sovereign years across the curve. >> haven't you guys been bearish on bonds, on this idea that inflation is not transitory, and it will be persist ended at high levels throughout the year >> when there's a big positioning, talking to our global team this morning, that's what they were really focusing on, was just really the big rally on the back of that. from our perspective, nothing's really changed from the fundamentally. as wilfred kicked us off, he's talking about the big data this weekend. numbers we haven't seen since the inception of data set.

cpi later this week, which is supposed to be the highs of the year, about 5.9% is expectations so you have to remember, sarah, the last time we saw inflation with the six handle is back in december of 1990 even though we see this from a fundamental standpoint thinking yields should go higher, there's a lot of technicals in the market right now keeping them somewhat contained to us it's just like one of those coiled springs it sits there, it sits there at some point it's going to be explode. our fundamental viewpoint hasn't changed on the treasury market >> thanks so much for joining us today. apologies for getting squeezed on the time. >> no worries, good to see you all. thank you. a quick look at some of the after hours earnings roblox up 28%. paypal up 4 or 5%. thredup up 19% we'll have more on some of those names when we come back.

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paypal shares have been all over the place first lower, then a spike up and now down again after reporting a bottom line beat some news on amazon and comments from the ceo kate >> it was a pretty mixed quarter

for paypal i just got off the phone with ceo dan schulman he said it opens up tremendous utility for venmo customers to pay on amazon. it's an important moment for the monetization efforts of venmo. that's been the story for paypal, making money off of venmo, how will they make this profitable he said it comes about because of the freedoms from the ebay operating agreement. he said that's really what enabled this deal and allowed them to team up with amazon. some background, amazon makes up 40 to 45% of total e-commerce. as far as future growth for paypal, could be big venmo's trend will be transaction positive this year, he said. some sort of profitability milestone for the year on venmo. on ebay, he said it's like getting a pig through a python

he said this quarter is the maximum impact they'll see from the results. he's called 350 basis points of pressure from ebay he says within the next two quarters or so is when they'll see the most effect it will be by the next two quarters earnings call coming up here shortly. back to you guys >> kate, thanks so much for that one. mike, various maneuvers tonight, trip adviser down, roblox higher of course we'll turn to macro data coming up as well >> yes, producer price index tomorrow paypal is by far the biggest of those companies, over $200 billion market cap, and it's 25% below its highs. clearly a bit of a struggle. interesting that visa and mastercard perked up a little bit, still below their highs unclear if the amazon deal, whatever their profitability or economics they might be able to pull off thatof that, will chane things up.

>> thredup may finally be having its moment >> massive divergence has been the story. roblox, a $40 billion company before this move today so a lot of value already been built up right there >> we are out of time on "closing bell. thanks so much for watching. "fast money" starts right now. live from the nasdaq market site overlooking new york city's to times square, this is "fast money. we're tracking three stocks, we're breaking down the quarter straight ahead plus building gains. infrastructure stocks in rally mode as congress passes a massive spending plan. the names you need to have on your watch list. and later, a crypto breakout as bitcoin closes in on a new record weta