doing that much. >> dr. j. >> snap. they're buying the 52 calls that expire this week i bought those. >> and josh brown. >> nice bounce in coinbase i think it can continue. >> nice bounce across the board. stocks, big bounceback in technology, and the nasdaq "the exchange" begins right now. >> thank you very much, scott. hi, everybody. i'm kelly evans. a really for the second straight session like scott was talking about. the nasdaq is leading the way up almost as many points as the dow. what's changed and which stocks could be the next great opportunities in the tech space. the semi names are flying, cloud stocks helped by strong results from mongodb media names are selling off. we'll dig deeper

strong guidance has shares of designer brands, what the parent of dsw says about the consumer and the holiday shopping season. the ceo ahead. dominic chu has the number. >> solidly in the green but it kind of speaks to the notion of what's the bigger impact on the markets. was it fed concerns? was it about interest rates if was it about omicron what was the bigger downside draft? today, you are seeing some of those worries ease no matter where they are the nasdaq composite the notable trade today. it is doubling the performance on a daily basis up 3% over the dow industrials up a respectable 521 points or 1.5% there the levels we're talking about, 35748 for the dow and 4690 for the s&p 500 and 15,707 for the nasdaq composite juxtapose that to the reopening type plays we've talked about, the epicenter of the volatility, to the downside and upside, take

a look at some of these trades that have been geared toward the economic reopening in a post-covid world oil and gas stocks doing well up 6.5%, free port up nearly 5% notably, the travel and leisure stocks which had been the most volatile in some of these covid whipsaw trades are underperforming the overall market delta airlines up about two-thirds of 1% royal caribbean up 1%. it's a dynamic to watch there. maybe another kind of tech versus economic sensitive trade happening. the stock of the day so far today is apple not just the biggest up with out there, again, by a wide margin but a record high. we'll put the gold star up there. this has been either a safety trade or a growth trade. it didn't matter even with the market volatility, kelly, of course today's action 3.5% helped in some way by analysts at morgan stanley led

by katie hubert who upped their price target to a street high $200 per share they cited optimism about their ar and vr type products in the future >> interesting just did a podcast about that this morning when it goes up, i'll let you know. thank you. we'll see you in a moment. yields are climbing with stocks today, but they've since, what do we say, pulled back a bit rick santelli can break things out for us what do you make of it, rick >> the short dated treasures like 2 year and 3 year haven't pulled back. the longer dated pulled back but they're coming back up in yield. we have to make sure we take a look at the 3 year note auction. you can see ha kelly is talking about. it's at a 45-degree angle over the two session, 68 basis points, up 5 a handful. let's go to the longest maturity, 30-year bond a different look yesterday it was up around

45-degree angle and today it's traded a higher yield than yesterday's, which means it's in guns hot mode for higher rates it's flattened out a bit you can see it on all per me yentations of the curve. 10s minus 2s, today it's flattening because 10s are up and 2s are up. look at what's going on with bunds overseas what a different look. it responded to the omicron variant. rates went down in a bit in a flight to safety it's flatlined where there is much more volatility in u.s. treasuries even though it doesn't seem to be commensurate with the volatility in equities. finally, ha are fed fund futures telling us let's look at 2022, and remember it's like a t-bill, 100 minus 75 would be 99.25 that's three quarter point hikes. this is over simplification but

we are building in three quarter point hikes for 2022 will it stay that way? it's only as good as the snap of my fingers back to you. >> to clarify, how high did the 10-year yet today. you said we're around 143. >> 146 right now is the last yield, so that's up a couple it's been as high as 148 for the most part yesterday's high yield right around 1.44 that's what you want to pay closest attention to >> thank you rick santelli in chicago today the nasdaq soaring 3% or so. it's up almost 500 points as you can see there and now just 3% below its all-time high. my next guest says the pullback has created good entry points in future tech leaders in software and in china joining me now is portfolio manager asset management and of the goldman tech futures etf

it's good to see you again >> hi. >> what do you think is the reason for the massive jump in the nasdaq today >> it's great to be back on. part of the move is the reflection that the draw down was quick and severe, based really on things that we think are transient and aren't actual reflections of what's going on in the fundamentals of the company. the g-tech portfolio we talk about balance in a bunch of different ways with our clients, whether geographic balance between the u.s. and europe but most importantly balance between some of the high growth disruptive, innovative tech companies and balancing that with the companies that have much more steady growth and margin opportunities this draw down has created an opportunity where we feel investors these to be focused back and gain something exposure to the higher growthbucket because the correction has been severe and that's moves we've been making lately and investors should be doing the same. >> i was going to ask if we till have opportunity

the nasdaq has been closing quickly. s snowflake is up, but ui path is down today would still be a good entry point? >> yeah. so, you know, when we think ability things broadly, what's driving software, data is really the oxygen of digital transformation all three of these companies are using data in unique and interesting waysthat are attractive to end customers. start with ui path here's a company that's centered in robotic process automation which is essentially using software to automate standard business practices the stock has been under pressure for a couple different reasons. the first the competitive environment around them, the noise from the bigger platform companies getting involved in the market secondly, just this is actually a company still an on premise software company and most have been focused on companies and

cloud-based companies. this because of the nature of what they do is much more on premise. that created some noise around the metrics and how investors should be looking at this company. we step back and do the fundamental analysis on this one, we feel like this market opportunity is huge. we feel like we have a very good handle on the competitive dynamic and ui path is well ahead of some of the big platform vendors and what they're doing. on the metrics, arr is the metric you should be looking at, based on how they are deploying the robots we feel positive about it. the final point is that investors out there are at all concerned about inflation or supply chain, what this software does at its core, it automates standard business process and frees up your employees to do more productive and thoughtful forward leaning stuff. it's a great opportunity in that company. wednesday and, you know, this is not a call on that quarter, quarters can be lumpy and we'll see what happens, but if your

horizon is longer than the short-term time horizon it's a great opportunity. >> china which is a big buying opportunity you see right now. obviously just overnight, we see maybe an easing in liquidity, that is helping global markets perform today. you're looking at this from the fundamentals of the chinese software company, semiconductor component producer i mean, are you concerned about the headwinds that could be coming as the u.s. and china fight over opportunities for listing here among a ton of other issues, diplomatic boycott of the olympics, you name it >> yeah. sure, i think we've talked about this in the past one of the big risks out there from a tech perspective is the china/u.s. tensions and a what's happening from a global trade standpoint i wouldn't want to minimize those at all we've had investors focused on companies that are much more on the front side of the localization effort that we're seeing in china. there's kind of four big things happening in china that make us

positive one is the digital transformation stuff we've seen in the u.s. and europe, but in china specifically, there's so much more room to grow and so much more -- you know, there's earlier in the digital trans formation and labor shortages. we're using technology to augment workforce as a huge benefit. digital transformation is a big area of effort second is the new monopoly laws they've passed benefit the small companies we've been focused on. as you limit the growth capabilities of the mega cap vendors in china that opens up room for others to grow. the third one is the localization thing we talked about where there's a strong heightened focus on making sure that china can be independent in its tech ecosystem and drive domestic innovation. both a software name we like and stellar, a semiconductor conduct, they benefit of trying to develop homegrown, localized products and businesses.

we're very positive on the outlook there and we would say in general investors need to think, you know, broadly about their global exposure and look wider in tech and find opportunities around the globe >> the names you're identifying. thanks for coming to talk about the names. we appreciate it. >> thanks for the time today. >> brook dean from goldman sachs. still ahead, state and local governments here in the u.s. are issuing hundreds of billions of dollars worth of debt this year and they're not showing signs of letting up is this the golden age for munis and how long can it last chip and cloud names are surging today while the media stocks trail we'll look at why and how to trade it as we head to break here's a look at dow heat map with amx among the gainers and intel leading the way. merck the biggest laggard. we're back in a moment.

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the golden age of public finance, issuance of muni bonds likely to hit half a trillion dollars this year and hilltop security said it could be a bigger year with the market seeing new records is the golden age for borrowers a golden age for investors or

are risks building i'm joined by tom, head of credit and municipal strategies at hilltop securities. welcome back >> thanks for having me. >> let's talk about all the issuance that we're seeing, which typically might mean, you know, they don't all get the best price and yields are a little bit high and that kind of thing. explain what the dynamics are if we take a snapshot of today in the muni market. >> so where we are to start december i would say that the municipal market hasn't been immune to the recent volatility. the municipal market has responded in its own unique way as it usually does, right. one of the things that we've seen over recent, not just last week, but recent weeks and months, fund flows while very strong, very, very strong, for -- in the first half of the year, they started to tail off at the end of the summer they were a little lower to begin november, and they fell to about 36 million last week that being said, i think that

there are probably technical or market specific reasons of why the number fell so low i'm expecting fund flow numbers are going to strengthen. they're going to be stronger, partially because i'm still seeing a very significant supply and demand imbalance as you were talking about, the amount of issuance really matters and the fact that even take this week for an example, there's 18 billion of primary market issuance coming and i still don't think that that's going to come close to satisfying investor demand. again, to start december, what we're seeing is a very strong amount of demand for municipals even though the fund flow numbers haven't been as strong in the second half. >> you think this year could do 450, in other words, we're seeing record supply in the space you think there's record high demand. how long should that situation last >> that's right. i think that we're going to see

450, 460 billion this year, close to our forecast this year. next year, i think that we're going to see about 495 bill. one of the things that could have increased issuance for next year and in coming years is some of the foreign policy ideas that had been floated around this year, but i'm expecting that going into next year that $495 billion number, that forecast, i still don't think that's going to meet the demand out there i still think that unless issuance rises, that demand is going to outstrip supply >> so let's say, you know, my financial adviser is walking through 2022 strategies saying you need to be in muni bonds what are some things that i want to be included, what are some things i would not want to be included if you were advising your friends and family what would you say, do the basic due diligence? >> yeah. the fact of the matter is we like the recovery story.

as you mentioned in the outset of the spot we believe there's a golden age and that's been sew lit fide with the $650 billion that came with the rescue plan act, send $350 billion to state and local, sending $130 drb billion to schools and higher ed and health care and as part of that recovery story, we think that municipals are more insulated than other sectors and we really like the airport sector, we think that the recovery is going to continue there and we especially like the larger airports and the major toll roads, higher grade health care, and especially the higher education with strong brand name recognition and also housing finance agencies we like that sect as well. >> always with a bunch of actionable ideas it's good to have you on today. >> thanks, kelly. >> with hilltop securities. still ahead the trends to watch for 2022, msci says here

are themes investors need to prepare for and not just all esg investors but anyone exposed to the supply chain shares of designer brands on pace for their best day since january after an earnings beat and strong guidance. the ceo will join us in just a moment stay with us. ♪

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mati'm ready for anything.ion. find out what's strong with you with fitbit charge 5 and daily readiness. . welcome back to "the exchange." we're about 100 points off session highs for the dow, still up 505, strong performance but pales in comparison with what's going on elsewhere dow up 1.4%, s&p up 2% and the

nasdaq is ripping today with more than 3% gain. we will have more. let's look at the sectors which have all 11 dwrups in the green but technology leading the way and energy having a nice session up 2.5%. consumer discretionary as well consumer staples, rick explaining the 10-year not super spiking today. here are some of the movers, the oil and gas stocks about to have the best day in three months with devon, continental, diamondback up 5%. the ibb is also on pace to sthap a two-day losing streak in over a year we were talking about its underperformance and hurt hedge fund novavax up 24% on pace for its best day since january after the head of the european medicine agency said it could soon approve their covid vaccine. there's some of the price action pfizer barely higher china etf internet the k-web up

8% back to the china discussion we were having earlier on people are hunting for opportunities there. pinduoduo a 14% gain still down 25% in the past two weeks. the rest of the space also moving slightly higher today let's get over to kristina partsinevelos for a cnbc news update hi. >> so here is what is happening at this hour u.s. covid vaccination rates are on the rise. the white house coordinator says 12.5 million shots have been given in the last week that's the fastest pace since may. meanwhile, reuters is reporting that in nigeria, up to 1 million doses of covid vaccines have expired in the last month without being used on the news the latest on omicron and the new push to get americans vaccinated in an interview with dr. scott gottlieb tonight at 7:00 p.m. eastern time at a paris airport a suspected killer of saudi

journalist jamal khashoggi, a former royal guard of saudi arabia was named in u.s. intelligence reports as part of the 15 man team that killed khashoggi. cnn says it will not pay severance to fired news anchor chris cuomo. president jeff zuckermaking that announcement to employees and wished cuomo had taken a leave of absence in may when allegations first surfaced that cuomo helped his brother address sexual misconduct allegations. that's the news this hour. back to you. >> thank you very much still ahead, apple service now and viacom, three picks from our trader in today's wild markets. the story and the trades are coming up next don't go anywhere. earn about co,

the more questions we have. the biggest question now, what's next? what will covid bring in six months, a year? if you're feeling anxious about the future, you're not alone. calhope offers free covid-19 emotional support. call 833-317-4673, or live chat at calhope.org today. welcome back, everybody. look at these markets. let's dive into the movers of the day, the names to buy and

maybe some of the names to ignore the cloud stocks, big cap tech and losers of the day, the media giants let's kick things off with software and the cloud the sector having a blowout day after the earnings helping in particular servicenow jumping up 7% on pace for its best day since last january. the cloud computing etf on pace for its best say since march let's bring in john and steve with some of his favorite trades welcome to both of you jon, is mongo db a catalyst or several things going on is it. >> i think there are several things going on. let's get perspective. i took a look at some of the tech stocks, software stocks i track that are up the most today. mongo db up 17%, down 10% for the month. asana down 40% affirm up 11, down 24% for the month. bill.com, still down 24% for the

month. servicenow up 7.5%, but down 4% for the month. all the stocks except affirm which hasn't been public for the entire year to date, are still up more than 24% year to date. so i think what we have happening here in part is people shifting from oh, valuations we're worried about those to maybe we overdid it. investors need to think about what are the fundamental stories in these companies, growth rates not just on a quarter to quarter basis but how important is their core technology to what's going to happen and place your bets based on that, not based on the momentum. >> quick follow before i turn to steve, you told yesterday to watch for these mongo db results, what are the jon fortt read through from those what we heard last night. >> with mongo db their atlas product has been going gang busters and continued to do so you can kind of line that up in parallel with what we saw from snowflake a few days ago

a name some thought couldn't continue but they did. kupa they had a good quarter but people are reassessing, right. they sort of beat, but not at the level that some people would have hoped i would line that up with gitlabs. the stock is down 10%. there are probably bar begins to be found if you believe in the importance of devops going forward. maybe you look at a get lab, for example, because you're not following what the crowd is doing. >> that's a name, the kelly still catching up to devops and understanding why that is so significant. let me turn to steve servicenow, is that one of your favorite names >> it is so let's start from the top down jon laid it out pretty well as far as what the macro story is people are looking for faster growing stocks they were nervous about growth with interest rates moving higher let's look at servicenow if you look at the chart in

servicenow in october the stock hit a near term bottom, ran again after that, and then stopped on a dime at the same level in november. that's great for a technical entry point. it's rallied from there. it's a fast, organic growing company. they did not have to buy growth. that's big in the growth sector, kelly. then look at the team. have you ever bet against bill mcdermott? i suggest you don't. if you have, i suggest you don't do it again. this is a man that's a great operator he knows where he's acting and the environment. this is one i would be a buyer of it's difficult to look at the price of the stock but look at the renewal rates. it's above 97% this is a name that you probably should take a second look at technically it sets up well and i love the management team. >> i love a banner it says it's on pace for its eighth positive year in the past nine. speaking to the rise of the technology and management team as well.

we appreciate it we'll let you go, jon fortt. steve sticks around. the big cap tech names, amazon, apple, alphabet, meta, microsoft, all rallying today. apple is seeing the biggest gain up 3.5%, adding 70 points to the nasdaq 100 mike santoli has more. i'm scratching my head trying to figure out if it's a knee-jerk reaction to rates but there seems to be not as clear of a connection as normal. >> no. the rates thing, that's loose tether at this point it's always been a little over played as a direct causal aspect of why tech goes up or down, especially when yields are in the zone they're low, come in, been here before n a range, they're not telling us a whole lot incrementally new. today is a fomo day, fear of missing out and staying in harm's way i think some of the big nasdaq names are familiar ways to grab on i think very importantly similar to what jon was saying, only apple among the biggest drivers

of this nasdaq 100 rally are at a new high if you look at nvidia, it's 7% off its high even microsoft still 4% off a high amazon, even more than that. essentially it seems smarter, maybe, to buy nvidia at 330 at this time around as opposed to when it was at an all-time high at 330 you've seen as if you've pulled the slingshot back a little bit. that's the mec knicks of what's going on and an all-in rally when we get those it does tend to benefit the nasdaq 100. yesterday was much more of a reopening flavor and this is we better get in because might run without us. >> if that's the case, it seems to be i think of everyone who invests on sectors and it's important to them whether the financials and energy are rallying, or tech. today feels like one of those days where that distinction is important to certain fund managers but not the broader market. >> that's right. this is not really an either or,

not let's read the tea leaves of the market to see what it's handicapping about the next move in growth or fed policy. we have volatility come crashing down from elevated levels that seemed like it cleared wait for catch up on the nasdaq, i think 60% of all nasdaq stocks are down 20%, a third down 50% from their highs. there's people sweeping up some of the wreckage here. >> thank you with apple already at new highs why is that the name that sticks out to you >> so, i think apple played this perfectly and i don't want to say they sand bagds it but got everyone ready for supply chain headwinds. they had everyone worried that maybe the iphone wasn't going to be selling as much as analysts expected it. so everyone underestimated it. what did you get with that apple lagged, the stock lagged now it's out performed i saw a breakout at the 150 level. you see analysts buying into it. i think apple could probably trade to 200 and i think that was the latest price target.

then some. everyone always likes to bet against apple but everyone always buys apple, right they think that apple's best days are behind them not even close it's a familiar name to people it checks the box for both value and growth along with every other stock that mike had on the screen with him. you don't have to choose whether you want a growth environment or a value environment. a lot of those names are both. apple is the pinnacle value and growth. >> all right it's got it all. that's what i'm hearing from mr. grasso thank you. we'll let you go, mike santoli. finally let's turn from the winners to losers in the market, comcast and charter, among the worst in the s&p today our parent company comcast near a 52-week low after comments from its cable ceo at the ubs investment conference. let's bring in julia boorstin with more on that story. >> well, kelly, the key thing here is that the company warned

comcast/cnbc's parent company did warn they will see fewer broadband net additions in the fourth quarter than analysts had been anticipating. for the full year they thought there would be 1.3 million new broadband addition, analysts expecting 1.4. the key thing it implies the addition of 185,000 new subscribers in the fourth quarter, down from as many as 461 in the first quarter, 354,000 in the second quarter and 300,000 in the third quarter. we're seeing a decline over the course of the year, but there are a couple other key things to note here. it does seem like there's been a real pull forward in broadband subscribers, broadband net additions into the past two years, going back to the beginning of the pandemic. three key factor, lockdowns really benefitted and drove broadband growth then you have the fact that people were moving more, particularly in the first half of this year, those moves are generally good for broadband subscriber additions

you had stimulus that is not so much of a factor anymore, but that was something that supported that broadband growth as well really does seem like a pull forward, though i do want to note when it came to the cable division's earnings growth ebitda growth they did project 7 to 8% growth that was higher than the 5% that analysts had been anticipating. even though they're seeing a slowdown in the numbers, they are seeing better than expected bottom line results. >> steve, i turn to you, you look across the names selling off today, what in the media space would you be scooping up right now? >> i am long viacom and feel if you go on a long dated chart you can see that stock went from $100 down to $40, cut in half immediately because there was a fund that had -- was forcing the liquidating. that is not a fund mental reason to be a seller of the stock. what have we learned from the streaming business, that content

is king and there's a bunch of different content creators i think ultimately, even though it's taking viacom longer than the rest of the space to find either a dance partner, or real lucrative venues to show their streaming library, i think ultimately they will and they will make up that ground i don't know if it's going back to 100, but it's going higher than where it is now. >> all right succinct, to the point. always a pleasure. thank you for dancing with us across all of these sectors. julia, thank you for explaining what's going on with the media names. >> still ahead the cnbc next gen index tracking stocks popular with investors the climate focus names coming up shares of designer brands popping on strong guidance and record margin expansion. the ceo is with us next to talk about the results and how they are handling rising costs. stay with us. i've spent centuries evolving with the world. that's the nature of being the economy. observing investors choose assets to balance risk and reward.

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welcome back shares of designer brands the parent company of dsw are surging with this move the stock has more than doubled this year. with us designer brands ceo rodney rawlins >> thank you, roger, for joining us you have had success in the direction of the shares after your results here today. for those that weren't able to follow along closely, what drove the quarter here particularly spurring those margins to much higher than what you had seen in past quarters and years? >> thanks, courtney. i think we made an investment a couple years ago in the kamudo group to design and source our own shoes and narrowing our assortment going from roughly 500 brands we would carry to the top 50 and filling in with brands that we design and source ourselves like vince ka mudo,

lucky, jennifer simpson, jennifer lopez, the consumer has responded in a big way and it's drove our top line and bottom line too >> and so having some control over some of those brands i imagine is particularly useful right now when we're talking about theseglobal supply chain disruptions generally. what is your inventory situation like are you able to get the amount of product that you need when you need it right now to serve the customer demand? >> you know, courtney, for us, that's been a big win because having the ability to get your own goods is a big deal for us we actually ended q2 with inventories down 19 to 2019 and we are now heading into fourth quarter, we entered with inventories flatt that's happened because we leverage our infrastructure with the goods we make and invested in the top 50 brands and making those investments we're more relevant to those brands and really proud

of the progress we've made with inventory. >> pricing is always important when we're talking about items that can be bought at other retailers, certainly you have some exclusives at your stores but it's always been sort of a hallmark for dsw, many of us probably recognize the pricing tags that give you the comparable pricing in general, how is pricing right now, particularly as you're dealing with all of these influx levers of inflation? >> you know, courtney, what we're seeing is pricing 3% to 5% is what we're seeing as price movement what we've been doing to really offset that is finding ways to be more efficient in how we operate our business that's really helped us leverage so while we might be seeing cost increases we're able to offset that with leverage across the entire expense structure of the business >> we spoke after shortly after you purchased the vince kamuto

brand, you brought it up earlier, does this look like a playbook you're going to repeat? are you looking at other brands to acquire >> great question. there are lots of opportunities out there that, you know, we're looking for unique and different ways to grow, as a retailer, a brand of brands, we have to have differentiated products. doing that through vince, lucky, jessica, j. lo, we've entered into a unique partnership with the wolverine team and hush puppies brand, that will be exclusive in dsw we're looking for partnerships like that. and again, finding partners in our industry that are looking for ways to grow and with our business, with 525 points of distribution in the u.s. and a billion dollar digital experience those two things combined are attractive to these top 50 brands in the country >> very quickly here, i have to let you go, are people buying heels again? are we going to wear slippers

and ugg boots for the rest of our time >> courtney, that was the biggest thing for us in this quarter was we've invested heavily in athletic and kids and we're seeing that continue to grow at 50% or more, but the fact that the dress category has come back for us as well as the seasonal category, that's our bread and butter and what has driven the performance you've seen today is being able to tell people we're seeing that come back to life that is a big win for us. >> oh, good. that makes me feel better too about the situation that we're in roger rawlins, ceo of designer brands, parent company of dsw among other banners. kelly, back to you. >> we really appreciate it still ahead the ev names are staging a really today lordstown up more than 9%, fis ker, tesla, chargepoint growing, charge-point reports after the bell. the ceo will join us tomorrow to

discuss those numbers. looking forward to that. don't miss it. we're back after a quick break .

welcome back, everybody. we have news out of washington

let's get down to eloylan mui fr the details. >> lawmakers are coalescing around a plan to raise the debt limit by $2 trillion according to a source and that would be long enough to last through the mid terms. both republicans and democrats would need to get on board with this plan, but it would create a fast track process that would allow democrats in the senate to raise the debt limit with just a simple majority vote 51 votes this would be a one-shot deal. the authority to do this would expire in january so that democrats would not be able to use this repeatedly, but again, lawmakers on both sides of the aisle are considering a plan to raise the debt limit by $2 trillion that would get them through the midterms and end some of the political brinksmanship we've seen over the past few months. >> all right stocks are not down on it. the their drifting higher. ylan mui washington.

>> this energy name has nearly doubled in the past year we will reveal it and get a check on the latest trends as companies work towards net zero righafr ist teth.

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welcome back the stocks in the cnbc next generation 50, an index tracking names popular with millennials and gen z, have been outperforming this year. pippa has a look at the outsized moves they've been making. >> while climate is top of mind for younger consumers, 81% of millennials and 76% of gen z say the u.s. should prioritize alternative energy development and the next generation 50 index includes names across the energy transition one area is nuclear power and cameco is in the index

the canadian-based company is one of the largest players in the space and while the stock has come under pressure, shares are still up 70% for the year amid optimism around nuclear enphase energy, another name in the index. they make specialized inverters often called the brains of the solar energy system. the company has also expanded into power storage the only name in the s&p 500 and shares are up nearly 30% this year despite a 16% decline for the invesco solar fund hydrogen is an area getting a lot of interest and plug power is in cnbc's new index the area has been speculative for years, but with new attention and new capitol, green hydrogen will play a role and you can't leave out electric vehicles kelly? >> was there any consideration

given to valuation here or was it simply sort of story stocks in the sense of these companies are building blocks that sort of younger generations and i'm flattered that millennials are even included here, think we should be watching so many of them have valuations that are difficult to justify, but this, it seems to be more an index of companies to watch as opposed to, i don't know, you know what i'm trying to say? >> the index is 50 companies amazon, apple, tesla, companies that have really stood out in their space and that are more growth proven names and there's newer names like enphase, plug power. plug power is hardly new so the index seeks to capture both areas of the growth spectrum and companies that are already established and the up and comers these newer solar and ev companies play into that there will be winners and losers

valuation is a concern, but these are the names that investors say are the top of the line within each space >> thank you very much it's a hot investing trend there are still questions about the efficacy of esg. what does the future look like our next guest has a look. joining me now is the managing director and global head of esg and climate research linda, welcome there's a lot of great stuff in here to watch. let's start with the amazon effect what do you guys mean by that? >> well, i think what has been in the news has been supply chains and a great dependence of company. that's true for carbon emissions as well because you know, as companies make net zero commitments, one of the things they're coming up against is that they have to know and account for the emissions coming from their suppliers a lot of industries, most are actually coming from their value chain. that means from the suppliers they buy from as well as the

products so when we say that the amazon effect is really about the fact that a lot of companies are realizing that they have some common suppliers so an amazon, for example, or a microsoft, you know, if they were to actually go net zero, it would have the effect on these companies in terms of their ability to decarbonize. >> one of the things to keep in mind is as people report more emissions, including scope three, the broadest way of looking at it, retailers could see massive divestment pressure. you're saying not only is their supply chain carbon intensive, but a lot of it is data centered then you get names like alphabet could those companies, which are in every esg on the planet, come under pressure because of their emissions? >> not necessarily divestment, but with an amazon or with an alphabet or any of these companies, they themselves have

to have goals and that means they're going to be looking at their suppliers and putting pressure on them because they can't actually meet their net zero goals without putting pressure on their supplier so you're getting this change of engagement so these, the customers of a lot of these companies are going to be wanting not just that their products are delivered with lower prices, faster turnaround time, but also with much lower emissions. >> so on the emissions point, let's talk about the scrutiny we're seeing for privately held companies. there's pressure on the publicly traded names what about in the private space? >> a lot of people are asking whether they're being privately

held and that they're being invested in by private equity firms and the truth is that we don't really know and that this is actually a huge black hole in a lot of portfolios because today with asset allocations being more than a quarter in private assets, you have to look at the private equity companies to see what are actually in their holdings they're from operations and not total companies. so the truth is, no one really knows how carbon intensive the companies are. whether it's from regulations from investors, there's going to be more of a level playing field because private and public companies when it comes to having to disclose emissions >> especially with the pressure coming like you said, from pensions that may be holding these private equity instruments. carlyle group, they started to monitor their emissions.

eq2 not only represents them, but the only one with a meaningful representation. linda, thank you so much a lot more to get to we recommend everyone take a look at this grows in importance thank you for joining me today >> thank you >> with msci that does it for the exchange today. with the market up strongly, especially the nasdaq, "power lunch" picks things up now >> we'll see you in a moment over here at "power lunch. welcome, back. we are in rally mode and that is no bull. stocks are having their best day since march. we'll dive into bonds, oil, tech, semis, travel stocks just about every category that might be important to you and your money and spin off investors cheer intel's decision to take its self-driving car unit public, but what about the long-term fortunes of the world's largest chip