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alongside kelly evans, i'm eamon javers in for tyler mathisen bill gates goes to china reportedly to meet with xi jinping from china tomorrow. they're showing a slowing, not a strong covid recovery. plus, todd's red hot ipo is cava the stock soaring in its debut we'll look at the investor appetite, appetite, get it, for restaurants right now. kelly, over to you. >> thank you first, let's get a check on the markets. the dow 418 points the s&p at 44.19 one-time gain. and the nasdaq tesla's winning streak was snapped after 13 days. take a look at delta airlines. this is our new winner, up 15 sessions in a row if it stays positive today it's up 1 1/3 percent. the company is bringing back the quarterly dividend at 10 cents a

share. shares of domino's pizza rising and actually leading the s&p up more than 6% today after steeples says investors are too focused on the competition in food and delivery. they're missing out on carry out. eamon. >> still you. >> the ai boost for big tech thanks to a nearly 200% gain so far, nvidia is a trillion dollar company. new all-time highs amd and microsoft still 92, 45% gains for the year so far. our next guest says ai isn't the only reason tech stocks are soaring. let's bring in michael cantore great to see you fed pivot? fed pause? what's really going on here? >> i think it's that that started getting priced in in october of last year. i think besides the banking crisis, the ai excitement, i think lower energy prices is

going underneath the radar as one of the biggest drivers of this multiple expansion in the market obviously it's accelerated the concern -- decelerated the concerns around inflation and it's been a major reason that i think you've seen some consumer resilience in the last six, eight months. >> explain that, michael, if you could. i think a lot of our viewers won't understand why you say you have gas prices coming down, it's good for tech stocks. it's not intuitive to make that leap explain why you say that >> sure. when we look at all the industries in the s&p 500, software, semiconductors, tech, cyclicals like financials, banks, material companies, at the tail end of industries most sensitive to energy prices, it's technology and software names that are -- tend to benefit the most when oil prices are falling or when rates are coming down, which typically kind of co-exist

together the flip side of that is obviously the energy sector, which has been the worst performer. software and semis are the two best and tech is the best and energy is the worst since october. so i don't think we're going to see another massive drop in oil prices without some further economic pain so i think it's an important acknowledgment that that has helped drive the story. >> i don't want to begoulish thousands of job cuts throughout tech what about the impact? did that lighten the load for some of these companies, able to capitalize on that and move forward in a more stream lined way? >> i think it's the way investors have looked at it so far as they had the ability to cut costs because they over hired during the pandemic. the view of the investor, that

didn't immediately spill over to broader areas of the economy which we're now starting to see. we've got two back-to-back weeks where unemployment claims are 260,000 and further signs of broader deterioration in the backdrop it's by far a concern among investors and that can sneak up on people real quick when you look back at history. >> mike, before you go, can we talk about jobless claims? you've been saying the downturn isn't coming until claims start rising yet even today's increase is obviously being completely shook off. >> yeah. yeah we thought the beginning of the year the market would be more range bound and while that's true for the average stock, it's certainly not true for the index as i think the banking crisis in ai, excitement and lower oil created this perfection environment for grooet wth stocs we're not going to see hopefully

another big banking issue. i think oil has come down and helped i would say that we're kind of -- again, this has been a pe expansion story. all of these things have led to that pe expansion. at some point we're going to need earnings to kick in since october the forward earnings s&p 500 are basically flat actually down a percent or so. so when seeing the jobs data, the leading indicator, the fed still going to keep rates where they are, it's really hard to see a cyclical up turn areas of the economy and market that are cyclical, whether it's small caps, financials, industrials, retail, once their earnings pick up it's hard to see some up side i think investors will continue to pile into bank stocks. >> bank of america, who had been more bearish and expected a recession in the back half, just pushed that out to 2024 and downgraded saying maybe we'll have a growth recession. what would your framework say

about that >> yeah. we were not, quote, bearish in the first half we think this is going to play out the second half as employment starts to become or move up the list of investor concerns and i think it is it's been on investor's radar for the last couple of months since those revisions and we've seen two back-to-back weeks of higher claims. our framework suggests it's the most likely scenario to get a hard landing and claims have begun an upward shift and will continue to trend higher when the market cares about that and sees it as a risk rather than great news that that must mean the inflation is going to get soft, bed's going to get soft i have no idea it is a very behavioral question and we'll find out. >> michael, thanks for your time today. we appreciate it. >> hard landing out there on the horizon. now to china where microsoft co-founder bill gates is expected to meet with chinese

president xi jinping tomorrow. it will be xi's first. it comes with new data out overnight showing the chinese economy is flowing could that be why the government is ramping up meetings with all these tech giants? for more on this let's bring in dennis uncovich. he advises companies doing business in china. dennis, we have seen this parade of technology and other executives in china throughout the past couple of months. we saw elon musk there we saw jpmorgan's jamie dimon over there and tim cook of apple and now bill gaetes. what is going on here? >> on a micro level xi jinping wants to meet with microsoft, not bill gates, they are reshoring their capacity out of china. although i know you're running the gates foundation, why don't you talk to your folks back at microsoft and tell them what a great place china is to do

business the other is xi jinping has been cracking down hard, eamon, on companies, not just chinese companies, but foreign companies doing business there at this point, with their economy going south or not doing as well as they want, i think this is a, let's open up and be friends. >> yeah. that's the tension xi jinping is the person driving the crackdown on the companies and at the same time he wants to do business, he wants the companies to stick around. if you are bill gates sitting in the chair across from him or side by side as they tend to do in the state meeting kind of rooms, what do you say to xi jinping about that >> i say to xi jinping, you have not been consistent in your approach to the united states. intellectual property is still a problem and you're trying to crack down on the operation of companies here you come to us and say, this is what we really want, we're going to do it, but otherwise i think

you've seen a lot of reshoring coming out of china over the last 18 to 24 months and i predict it's not only going to continue, but i think it's going to grow. >> dennis, we spoke with a senator yesterday who is concerned we are basically not going to release the fbi's report about the spy balloon based on chinese pressure and couple that with whether they're putting a spy base out there and is the choice a worthy choice for antony blinken >> kelly, that's a great question my concern about china is is that they're building up their military in a significant way across the world with the most recent spy center that they're talking about putting up in cuba, i thought it was significant that neither the cia nor the nsa had anything to say about that even existing this is sat the same time biden is publically trying to bring

the united states and china closer together. my concern in the long run is i think u.s./chinese relations because of these external factors are going to make trades low. >> the chinese have been putting a lot of pressure on cuba for years. i was back in havana in 2015 all the buildings are crumbling, they haven't had any maintenance and you see all of the buildings crumbling and i asked my guide, what are those those are the chinese building that's years ago they've been putting a ton of money into cuba you wonder what kind of impact does that put on the u.s./cuba relations? >> eamon, if clinton -- i'm sorry, if blinken called me, which he won't, i would say it's time for the united states to totally change its view towards cuba i think we should open up our

relationship with cuba and i any if -- think if we did that for china to put in the eavesdropping station, whatever you call it, would be less likely to happen part of that is the problem not facing down to what cuba is. >> is this just geo strategery you have an island off of your coast, too both of us can play that game. >> and they are playing the game you saw a couple of weeks ago when the spy balloon, we talked about that on an earlier show, but most recently the two ships that almost collided do you think that's an accident? no the chinese are ramping up their aggressive military view and i think cuba is the most recent example. >> thank you for your insights appreciate it. i will be diving even deeper into china in an fbi case where they tried to steal jet engine

technology here's a preview >> this is a spy story >> this is as big of a case as we've had in 20 years. >> there is a chinese spy trying to obtain secret technology. >> a story that shows how millions of american jobs now and in the future are on the job line. >> i think any american corporation needs to assume they are a target to either be replaced or gutted. >> what's at stake for the u.s. economy? >> american quality of life. american innovation. ultimately american national security our documentary "china's corporate spy war. premiers wednesday, june 21st. >> your reporting is great a kick in the app. j jack dorsey.

we'll talk mediterranean restaurant chain cava going public it opened at 22 verse he is the 43 we're back in a moment from hvacs to elevators to lights. what if we use ai-driven insights to pinpoint inefficiency? yep. and act on it. saving energy, money... ... and emissions. yup. that's a big one. now you've built something better for everyone. that's the sustainability solution ibm and a global real estate company created. what will you create? ibm. let's create.

welcome back the mediterranean restaurant chain cava soaring in its public debut climbing as much as 107% they sold 14.5 million shares

raising $320 million and valuing the restaurant chain just shy of 2.5 million. they're hoping it will be the next chipotle which has been a hugely strong performer for years and is up another 50% since jan 1 although it could disappoint like sweetgreen it's lost 80% of the value here to weigh in is wedbush's nick setien. cava, do you buy it, sell it, hold it, eat it? >> well, look, i think the valuation snd that crazy at these levels it's a chipotle growing at two to three times the rate of chipotle they're trading at a 25 times ebitda there's no reason why cava shouldn't be trading at 50 or even above 50 and that's pretty much i think where it's going to be headed. >> nick, where is cava's market

share coming from? i don't know thing one about the restaurant industry. they seem to be positioned between fast food on the low end and white tablecloth restaurants and cava in between those two things whose market share are they eating here? no pun intended. >> fast casual category is the fastest growing category a lot of shares coming from full service believe it or not despite the post covid recovery. we just haven't seen the kind of post covid recovery within full service that we thought we would see. it's because fast casual and qsr are taking a share that has a lot to do with the average checks you're seeing some trade downs but ultimately it's convenience and the story these can tell. >> i'm skeptical it's the next

chipotle it's too healthy i personally love it but it seems almost unfathomable that they could reach the scale -- you look at panera, before it went public, they're almost as ubiquitous as starbucks. i don't see cava being that. >> that's one be of the detrakting points of view. the argument is over the last decade, plus gen z is becoming a greater proportion of the clientele. they travel very well. the economics are very compelling the store with the chairs, they keep pricing attractive. last year they were seeing

pricing at double digit pricing. they were able to keep it at less than 5% and grow margins. as long as they can do that. it's a very power if the story. >> as father who like these, they will eat all of the stuff you mentioned pricing just a second ago are you seeing now that inflation is sort of moderating a little bit, we may be out of the woods on the inflation question, maybe not, how is that playing out in the restaurant sector >> well, you know, the other side of this inflation is that grocery costs are actually going to come down much faster than restaurant costs, right? >> that's property for the restaurants. isn't it >> new a company guy, you see

200 margin basis pressure. even with potentially incremental top line pressure from potentially a soft and consumer environment, you have the grocery competition now, i do think a lot of these resta restaurants, especially a company on models, are positioned very well what about the decline of shopping malls they lost a big downtown shopping malls malls are taking it on the chin. does that impact cava? do they have a different geographical approach in terms of the real estate >> they have a different geographical approach. there they are, 20 stores with drive throughs you have the pick up lines so i think that's going to be a greater focus going forward.

>> nick setyan, thank you very much thanks for putting the lunch in "power lunch." a rising tide lifts all boats. well, even tech rally can't hold down everything. we'll be right back. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back.

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welcome back to "power lunch. 10-year yield down sharply stocks are up. who can make sense of it we turn to rick santelli hi, rick >> we don't have rick's mic. >> if that man can run a truck on natural gas then he can figure out how to mic himself up. >> i love coming up here to englewood cliffs because you always know what's going on. in washington i talk to the treasury all the time. >> they don't have the answer? >> yeah. all right. the u.s. and european allies have been moving away from russian uranium. one area that's avoided multiple

rounds of sanctions is russia's nuclear industry pippa stevens is here. >> hey, eamon. more and more lawmakers are calling to limit our dependence on russian nuclear energy. at present there is no alternative. the country controls 38% of global conversion and be 46% of enrichment about 24% of the u.s.'s enriched uranium comes from russia. now some are self-sanctioning due to fears that russia could cut off exports. already this year more than 100 million pounds has been purchased. that's almost the entire volume from 2022. that's driving up spot prices which are hovering around 58 bucks. that is lifting uranium mining stocks with ura and urnm both up double digits this year. >> pippa, thank you. >> let's go to a huge part of that story a late move and then a significant one. let's get back to rick santelli now.

rick -- maybe now you can explain what's going on with bond yields. >> yeah. it's battery issues whether it's my mic or a tesla. if you look at import prices import and export prices were both down sharply, but at 8:30 eastern we were down 6% on year-over-year import prices a three-year low was that what moved import prices that and this. back-to-back 262,000 with revisions. you have to go back to october of '21 to find a higher level of initial jobless claims now how did the markets respond? you heard kelly. what's pushing yields down look what happened to two-year note yields. when you add in a two-day chart and compare it to esterday, we basically negated all of the pop we had on the fed meeting. if you go further down the curve to a two day of tens, not only have we matched levels pre-fed meeting, we're below those levels that's something to pay attention to

that's put 2s to 10s the most averted in three months with the equity markets going full tilt, it seems as though investors post fed meeting have a view that doesn't necessarily agree with the doc plots eamon, back to you. >> rick, thank you sounded great. meanwhile, the fight between jpmorgan and the u.s. virgin islands sex trafficker jeffrey epstein is heating up. the governor was complicit in epstein's sex trafficking crimes the most explosive claims, jpmorgan says when the virgin islands rewrote their sex offender laws in 2012, they got epstein's input. they looked the other way when he arrived at the airport with girls and young women and got visas so they could bring them to the island. the u.s.vi is fighting back

against this lawsuit we have a response from the u.s. virgin islands attorney general that says this j.p. morgan chase has cherry picked and mischaracterized epstein's interactions with u.s. virgin islands officials and residents in an attempt to distract and move plame away from the heinous crimes. i have a view of what's going on here let me see if it makes any sense to you we saw a filing from the u.s. virgin islands from emails from inside jpmorgan dropping embarrassing information i think both sides are firing at each other. >> why did jpm agree to settle for almost $300 million and come out with explosive claims, if this is true, they got his input

facilitating his sex trafficking? why facilitate >> right. >> you can look at the pool of victims and say that is a very sympathetic class of people and we might be much bleter settling with them. how are they accusing us of what he was doing. >> that settlement monday was with the victims. >> with the victims, right. >> the lawsuit with the u.s. vi, it would make sense, this is setting us up for a settlement of this as well. >> presumably. i don't have any reporting but they settled one of these. the second one, the fight with the u.s. virgin islands is going on dropping the implicit message is come to

the table and talk. >> right. new reports that blackrock is close to filing for a bitcoin etf. details on what we know. "power lunch" is back after this this is ge aerospace, advancing flight for future generations. ♪ welcome to a new era of flight.

welcome back around the crypto world mackenzie sigalos is traveling binance is laying off 50 tether losing its dollar peg and news about another potential crypto etf from a big name mackenzie has all of the details. she joins us from oslo what can you tell us >> reporter: hey, kelly. i'm here at the oslo area. activists from palestine, afghanistan and uighurs from china who are using

decentralized technologies like bitcoin, the lightning work as all teurn turn native. these are the use cases that industry enthusiasts give bitcoin its staying power. blackrock is close to filing and we're in the thick of the bear market binance is laying off 50 people following the sec lawsuit last week it came at the same time as the coinbase lawsuit the p -- bitcoin, around $25,000. >> we also, mack, have some

controversy between big tech and some of the decentralized players. apple going after a jack dorsey backed twitter foundation. what's going on on that front? >> reporter: right this week you had apple warn that it could remove from its app storm one similar, it's a function called zaps apple considers those in app performances they don't want a fee. apple later reneged on the threat but only if damus removed the payment area jack dorsey said apple building on and with bitcoin, it could

install one key plan and turn it into a more convenient trans mags nal currency. >> mackenzie, i have two questions. who do you know the building who gave you the assignment of going all over europe. the second one is a real one because i don't understand how a bitcoin spot etf would work. how would that work mechanically for investors. how would they begin to get into that >> reporter: yeah, no, it's a great question so far all those contracts have run through the cme and be the futures market this is where coin base comes in to be part of the custody around that because you are dealing with the spot prices so it's a more complicated mechanism in play.

the fact that blackrock is throwing its hat in the ring, it is compelling. it will be interesting to see what happens with their application. >> mackenzie, thank you so much. is that a cocktail party going on behind you? is it happy hour >> reporter: it is, yes. i'm headed there right after this it is happy hour. >> i knew it, mackenzie. >> have you ever been to oslo? >> i've never been. >> i've been. >> is it great >> how are the cocktails. >> coming up, lyft missed the line along with the broader tech rally. the shares are down 4% since january. could the 30% share of the north american market make it prime. june is pride month and cnbc is celebrating all month long sharing store disr yis >> my vice is to at thatap intoe

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lyft is down 4%. it's holing its shareholder meeting today. let's bring in deidre. i have to bet they're not happy with that comparison. >> can you imagine if you are one of those lyft drivers that was able to buy into the ipo before it went public it went public at $72 and is trading at 10 and change

the backdrop, the founders have stepped away from the day to day. the company has lost 5 pe85%. it's losing share and there's a lot at stake today for him and the company at large so much so some analysts are wondering if it might sell itself here's what richer told me in his first interview taking over as ceo if you cannot turn the business around or stay where it is, is merging with another company an option >> it's not on my mind right now to be honest let me step back i think there is a really strong position -- case to be made for really strong numbers here you look at any market that has a couple competitors you really want both of them to be strong and i think that's where we're going to go. >> so in a subsequent interview though he did soften that stance a little saying he's not focused

on a deal but he would be open to offers which raises the question, kelly and eamon, who wants it >> yeah. deidre, that's just what i was going to ask you who is the suitor who comes in here is it somebody in private equity is it an activist investor is it uber themselves? does meta want this? do they have people wearing apple headsets in there? what's the deal? >> i think you're touching on an important point. what lyft does have is data. it started before uber data of what customers want to do i don't think uber wants that. it has the clear number position it's only been growing that. a big tech company like a google that has a waymo, maybe it could use the network. the regulators, i don't see that going through. private equity, interesting. this is a company still losing that has cut a lot over the last year what else is there to cut?

what can they do with the company? automakers, that may be the most interesting category earlier on when it was still a startup lyft took an investment from cruz. maybe there's something there. guys, i don't know it's a big question, not necessarily likely. >> what about tesla, flight if you're in a position where you're creating automatic cars that can drive themselves, you might want some access to the data, at least that might be valuable for tesla, which is a data company >> i don't kneeow the exact numbers behind this, but i think tesla would say they were way more advanced in the autonomous vehicle race uber and lyft were going there but they've scaled it back. >> so nobody >> maybe lyft itself can go private. >> maybe >> how's that looking? we'll see. >> deidre? >> what?

>> thank you very much no, i'm just rambling. deidre bosa, we'll let you go for this version of "techcheck." the u.s. open teeing off today the first tournament since the pga/liv golf merger. the fallout and where lf gs gooe from here. the usga joins us shortly. "power lunch" will be right back ♪ ♪ every day, businesses everywhere are asking. is it possible? with comcast business...it is. is it possible to use predictive monitoring to address operations issues? we can help with that. can we provide health care virtually anywhere? we can help with that, too. is it possible to survey foot traffic across all of our locations? yeah! absolutely. with global secure networking from comcast business. it's not just possible. it's happening.

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welcome back to "power lunch. the 123rd u.s. open golf championship teeing off today in los angeles. it comes amid a contentious time for the sport, of course last week the pga shocked the sports world saying it planned to back with liv golf. now the justice department will review the planned merger due to antitrust concerns senator widen says he will try to revoke saudi investment firm tax treatment. with all of that said, joining us live from the u.s. open is mike juan. thanks for joining us here on cnbc welcome. >> thanks for having me. i appreciate it.

>> so many happy golf stories the past few years the pandemic boom, all of the young people getting into the sport and it was all great and then this. it must be such a disstraktion right now. >> well, maybe we came at just the right time, kelly. we've a championship for 123 playings, back to 1895 before there was professional tours or teaching associations we've been around a long time. we've seen a lot of change it's a very open championship. 10,200 people tried to get in here from 87 countries it's about our national championship it's been our national championship since 1895. maybe it's the right time to take our mind off some other issues in the game and get something that's been open, national and a championship that's a major on the schedule. >> mike, explain if you could,

the nature of the pga/liv deal it's looking to some people like it's an acquisition of pga by liv. is that your understanding >> i wish i could be more helpful on that. i'm learning for the first time. i was surprised by the announcement i haven't had a chance to have a detailed conversation with the tour i would be shocked based on what i know if at the end of this the pga tour doesn't have control over the tours they oversee. exactly how it plays out is still to be determined i think we're all trying to figure out the finish line we'll have to be patient, even though it's not my strong suit and see where it plays out over the next 100 days so we know what we're talking about when we talk about how and if these two

organizations come together. >> talk to us about the financials in terms of the pocket book or the purse when people win, what are they walking away with? when they're dangled lucrative contracts elsewhere would that increase the amount thatplayer are able to make just curious how that has evolved over the years >> well, i can only speak to this championship. three years ago we were paying for $12.5 million purse. today we're playing for a $20 million purse. that's our decision here we want to stay relevant and significant. we want this to be big in every way. not just golf courses, but television coverage, media coverage and big in terms of your financial opportunities the u.s. open is one of the only championships where professionals and amateurs play,

even those who miss the cut. yeah, money is part of the game. you know, investing in the game is an important part of it there's corporations from all over the world that invest in the game of golf and always will to think that money is not part of the future would be naive also, who controls the destination for these athletes will be an important question that will need to be answered. >> mike, tell us what to expect in terms of the golf the next couple days. there's been a lot of talk about new, young stars what should we be watching for over the next couple days? >> i would say it's been 75 years since we played a u.s. open in l.a. l.a. has responded in a huge way. los angeles country club is truly one of the cathedrals of the game in america. a lot of people who live in southern california have never been inside the gates of lacc.

we feel like it's a coming out party. we're going to show the world this incredible piece of property it's going to be a test. the u.s. open is famous for challenging every part of your game, every club in your bag every day, including the club between your ears. if you're going to raise the trophy here, we want to feel like we tested every part of your game and you beat the absolute best. what you should expect are some names you never heard of there's people that played their way in here. they may be regular amateurs, college kids some of the biggest names in the game too wouldn't shock me on sunday if the group coming down to the final group there could be an amateur in this group, there could be an uber driver in this group. that's what makes the u.s. open so special because it is open. >> i'm rooting for the uber

driver. >> maybe the lyft driver mike, thank you for your time. hope you have a great event. >> thanks for the coverage coverage of round one under way on usa and live on nbc and peacock starting at 8:00 p.m. eastern tonight and all weekend. my kids love watching it. >> it's a nice relaxing thing to do just tune out and watch the golf course. still ahead, bud light gets knocked off its perch and ticket prices for concerts and live events are becoming more transparent. all that and more when "power lunch" returns power e*trade's easy-to-use tools, like dynamic charting and risk-reward analysis help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley. with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting

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welcome back only three minutes left in the show and a bunch of more stories you need to know one more story "the wall street journal" reporting the fed and fcc are probing goldman sachs' role in the final days of silicon valley bank they're looking at the role as ad adviser. >> i don't want to say this is not surprising, but it makes sense they'll probe this this played a key role in silicon valley bank's demise silicon valley bank's problems were self-inflicted, but they made a key decision to put up securities for sale.

it caused a cascade of issues that led to its demise goldman was in the middle of all that talking about the sale and doing the portfolio itself it's an awkward look for gold plgoldma saks. ticketmaster are looking to get rid of all those fees after all the white house pressure here we go >> airbnb started to also include all these fees if you want a taylor swift ticket, it's going to cost. >> they know it's a lot. now you have more clarity about how high it's going to go. >> surprise fees are a killer. fallout for bud light is

continuing dethroned by modelo. >> you wonder what the net net impact is. beer is beer only a couple companies that make beer. >> there's sales decline has been huge. it's extraordinary >> thanks for watching "power lunch. >> "closing bell" starts now. welcome to "closing bell" i'm scott wapner live at the new york stock exchange. we begin with this post fed bounce for stocks. it's a big one not even jay powell's hawk talk was enough to stop the rally dow is up 500 points right now was up about 400 the most of the day. having a nice move in the final hour s&p 500 trading above 4,400. been up five weeks in a row. nasdaq u