frank holland reports on that just ahead a busy morning still ahead when "worldwide exchange" returns after this break ♪ when i was young ♪ no-no-no-no-no please please no. ♪ i never needed anyone. ♪ front desk. yes, hello... i'm so... please hold. ♪ those days are done. ♪ i got you. ♪ all by yourself. ♪ go with us and find millions of flexible options. all in our app. expedia. it matters who you travel with. >>> welcome back time for the big money movers. three stock stories of the morning. adobe. beating forecasts on continued strong demand for cloud software maker of photoshop is expecting third quarter results to come in above share estimates. next up is bristol myers striking a deal with eisai looking to develop a cancer drug in canada and america. it is in the early stages of development to treat ovarian, lung and breast cancer finally, smith & wesson says shares surged in the fourth quarter. the company is launching a $50 million stock buyback program. >>> still on deck for the show hot wheels nfts. a virtual pet comeback and restaurant spending boom top trending stories coming

the black dollars stay in the community and generate more wealth >> frank holland in tulsa, oklahoma we see the memorial behind you we look forward to the reporting all day. thank you. >> thank you, brian. >>> an important story there on deck, perhaps the biggest money reason to be bullish on stocks it's a statue have to hear and it is the morning rbi. jeff is here to react. >>> a friendly nudge subscribe to our podcast all that as futures surge 'rba .%. wee ck after this. wealth is your first big investment. worth is a partner to help share the load. wealth is saving a little extra. worth is knowing it's never too late to start - or too early. ♪ ♪ wealth helps you retire. worth is knowing why. ♪ ♪ principal. for all it's worth. it started with an idea... and became a new tradition. this is financial security. and lincoln financial solutions will help you get there as you plan, protect and retire. will help you get there as you plan, it's coming back to you now... real pants. find amex offers to save on the brands you love. one of the many things you can expect when you're with amex.

i'm frank holland in for brian sullivan investments right now halfway through the 5:00 a.m.r the dow is looked to pop 200 points at the open markets overall taking a big drop on friday on comments about jim bullard here on cnbc higher interest rates could come as soon as next year as opposed to the projection of 2023 by the fed. >>> to the early trading in europe we have julianna tatelbaum standing by in the london newsroom i would call you the lady in red earl earlier, but i am seeing green now. >> we had positive momentum we started on the back foot trading in the red now higher from when we spoke a half hour ago for the stoxx europe some digesting what the federal reserve shift in policy stance means moving ahead investors are taking relief this morning after the losses we saw last week. stoxx 600 ending 1.26% lower from last week we now have green across the board. at one point these regions were trading lower. we see split gains dax and german markets up 0.5% the majority of the regions now seeing an easing of revistrictio restrictions italian policy is mandating five-d

back to you. >> frank holland there with an important story in tulsa, oklahoma frank, glad you're there >>> on deck, your morning rbi and why one indicator you probably never heard of. maybe you got the flash a warning light. >>> plus, prestock picks just for you. duck point assets david nelson is here with three names he loves right now. >>> and june is pride month. all night long we're spotlighting members of the cnbc family and business community. here is cnbc's ray parise. the day i came out, my parents cut me off like that we didn't speak for ten years. the truth is having to conceal who you are is say giant disadvantage your biggest achievements in life and at work will come when you're true to yourself. today, i'm proud to see so many companies, including this one, making diversity and inclusion a big priority [ suspenseful music ] ♪♪ hey, you wanna get out of here? ah ha. we've got you. during expedia travel week, save 20% or more on thousands of hotels. just book between june 8th and 12th to plan your escape with expedia. expedia. it matters who you travel with. it's not some m

frank holland tonight reporting from tulsa frank? where we're standing, this was once black wall street, right at the heart of this thriving black-owned district greenwood descendents says they appreciate the president coming here to pay his respects but they believe there's another debt that must be paid first the tulsa massacre took lives and destroyed homes and businesses, but not the legacy of black wall street. >> the legacy is alive the tenacity is still here and we will always remember. >> regina goodwin was born and raised in greenwood. >> of course we're not going to forget we know what it takes to have a community that is vibrant. >> her great grandfather and grandfather, james goodwin, survived the massacre. the dreamland theater and other prominent black businesses. >> goodwin building right there. that's the building that was burned there's the dreamland theater at the bottom i just asked for some degree of decorum. >> reporter: representing greenwood as a state lawmaker and the fourth generation to publish the oklahoma

frank holland is live on a boat in piermont, new york. >> more and more americans are getting on boardeation people for life. >> they have visited 24 states since march. they decided to hit the open road when things were closed down >> we were at each other's throats, as many people are in apartments, and now we are like, we can just walk outside and you're either in forest or by the beach. >> reporter: rv sales are more than 80.higher motorcycle sales 37% higher. beau sales, 30% higher the ceo of brunswick, says there's a new wave of boat buyers >> they're younger, more diverse, more women came into the industry, so we're very excited about it. >> the gib economy for recreation also booming. they lower the price to access recreation. >> it's part of our lifestyle and what we do now. >> david anderson and his family joined the freedom boat club about a year ago. >> it can take an awful lot of time, invest, just in terms of the maintenance, the learning, as well as an awful lot of dollars investment to get involved, so the boat club was a neat start. >> i wake up every day excited for t

. >>> the "halftime report" i'm frank holland in for scott wapner front and center, the race to build america's infrastructure, the historic deal out of washington helping to lift the markets. and joining me for the hour brenda vingiello, c oichlt pete najarian, jim leiben that will and kevin o'leary chairman of o shares. ets. kevin having tech problems to him in a minute but first the major averages stocks higher with the s&p 500 hitting a record high and the dow up more than 200 following the announcement from washington and we're talking about it with the development committee right now. kicking it off with you, pete. let's talk about this. obviously seeing stocks like martin marietta and balkan up higher but not the big gains you might think. are all the gains priced in for the infrastructure deal, even though we only have a framework on the final deal hasn't been made yet >> i don't know it's priced in yet. but the reality is we've had a nice run looking at the start of the year to where a lot of the names are, whether u.s. steel, you mentioned a couple other names. free port mac

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"the exchange" begins right now. >>> thank you, frank holland hi, everybody. i'm kelly evans.ho will win out on the timeline over tightening and how markets are expected to react. >>> plus, we'll also talk about some drug deal making in the pharma sector that's expected to

. >>> summertime and the living is easy, if you have everything you need up next, frank holland and the people ready to get outside >>> greenpeace, apologizing for a parachuting mishap at a soccer match. officials say this stunt gone wrong could have been so much worse. >>> and while the housing market is red-hot, the supply is shrinking. and gaps between groups are starting to show as we approach the bottom hour and the top of the news on cnbc strip away what you don't want, like added sugars and preservatives, and what's left is the good stuff. the real fruit and vegetable juices of naked. strip down to naked. ♪ ♪ the real fruit and vegetable this bathroom is too cute! this one is too cool! this one is just right. visit kohler.com. ♪ ♪ ♪ ♪ ♪ ♪ hey google, turn up the heat. ♪ ♪ ♪ (computer beeps) (shaq) magenta? i hate cartridges. not magenta, not magenta. i'm not going back to the store. magenta! cartridges are so... (buzzer) (vo) the epson ecotank. no more cartridges! it comes with an incredible amount of ink that can save you a lot of frustration. ♪♪ the epson ecotank. just fill and

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frank holland is joining us. frank. >> good morning, andrew.eorge floyd created by a $150 million increase in equity capital generated by large financial institutions investing in them and higher deposits. the banks offer more than 85% of loans to black home and business owners according to the national black bank foundation really highlighting socioeconomic impact of black banks. mortgage lenders deny black applicants at a rate of 87% higher black business owners are two times as likely to be denied financing according to brand-new research from mckenzie they are emphasizing to large corporations that every dollar invested with a black bank turns into $10 of capitol that might otherwise not be available for black borrowers. >> every corporation, if their values are on paper and their press releases are saying they support equity, support opportunity for all, they need to think about the institutions in the black community that are fighting that fight and allow black banks to compete for the business. >> in december the national black bank foun

back over to you. >> frank holland, frank, thank you. >>> ursula burns among those hoping to spur more diversity in corporate leadership the first black woman ceo of a fortune 500 company, she leads a group focused on increasing black and other ethnic kael diverse directors on corporate boards she's also the author of a new memoir, "where you are is not who you are" which focuses on her own journey of becoming xerox's ceo as well as what's happening in the country with regard to racial and economic justice. ursula joins us now for a first on cnbc interview. >> it's really great to be here. specifically on day one of the book with you. >> well, congratulations on that it's a book for our time, certainly for corporate america right now. you heard some of the stats that frank just mentioned 30% almost of new board appointments have been for black people is that the kind of lasting progress you're looking for? >> that's the kind of progress i'm looking for. lasting is what we have to make sure happens that's the adjective in front of the progress word or the add verb you know, we know when

. >> frank holland, thank you very much we appreciate your reporting today. >>> ahead on "power luncha clash of the cryptos, bitcoin coming off one of is worst months while ether is thriving this year. is now the time to roll the dice on casinos we'll discuss when "power lunch" returns. as we head to break. june is pride month. we're highlighting all month here is rufus gifford. >> as someone whoa came out at 18, in the early a90s, now finds himself 30 years later married to the love of his life, i say this -- to the next generation, this progress is fragile the moment we start to take it for granted is the moment we start to slip backwards. right now, you're planning for your future. maybe it's for kid number two. or employee number two hundred. maybe it's understanding the real value of your business. or ensuring that what you've built, will be taken care of for a long time. whatever you're planning, you don't have to do it alone. we'll make that part of your plan. you have a team who's been preparing for all kinds of futures for nearly 170 years. learn more at massmutual.com see ev

. >> i will bring in frank holland. as you heard the vice president say, we have far to go.absolutely. thanks for having me on. first, the racial wealth gap in the united states. that could be as high as $13.5 trillion according to new research from duke university. we break that down to a person level. the median household wealth for black americans, $24,000. for white americans, it's $188,000. also, keep this in mind. 19% of black americans have a negative net worth. that's compared to 8% of white americans. really showing the disparity here in the united states. let's talk about parody. if we could reach it, parody would create 2 million black people in the middle class. 615,000 black businesses. according to them, that would increase the housing market, the stock market and in general us gdp. >> you can talk about the need for black banks. >> absolutely. one of the important things to talk about is the difference between a minority bank and a black bank. there are 18 black banks in the united states owned by black people or the board is predominantly black people. with a

frank holland is here literally taking a look at steps. >> thank you for having me the gap is $11 trillionon in the pandemic that's according to the latest research of duke university but recognizing the holiday onest bank is launching a one transaction campaign enlisting six financial decisions to help bridge that disparity including buying a home, owning a profitable business, investing, life insurance, improving credit and having a will. the ceo says these are the building blocks of generational wealth. >> it is like building anything else building a house if one knows how to assemble a house with raw materials and construct them in a specific way. >> and buying a home is often the biggest investment for anyone black ownership declined over the last 20 years and white ownership held steady at 74% according to a new report from mckenzie 60% of the racial wealth gap annually is created through inheritance. creating a will can be as inexpensive as $10 it is a valid legal document in most states that's no tarrized. >> i thought where you would go with that is about the need for taxation to

it's looking -- one program is the black accelerator program, to support a black-owned business frank hollandy there, shep amazon is going to teach the tricks and tactics to be a successful online seller remember, amazon gets 60% of the revenue from hird-party sellers, so there's a big opportunity here the black business accelerator is designed to dramatically increase on the global platform with 300 million customers this $150 million initiative provides grants, strategic business guidance and promotion. we have spoken with two owners in the pilot program >> it helped me pick up speed faster when i was moving in the pivot in the pandemic. >> we sold over 300,000 units of one particular baking mix. a lot of that started, so we got visibility to use that data to say, use that to drive retail success. >> and participants can apply for $10,000 grants as well as credits for services, such as product images the black business accelerator follows other initiatives to support black businesses, including walmart, target, and shopify. shep >> thanks, frank. >>> a major overhaul to the baseball record

our frank holland has a look at how business leaders in boardrooms are trying to even the playing fieldaccording to a report 425 vacant or created independent board seats were filled. 114 by black directors 35 to asian directors. 18 going to latino directors the report also finds 75% of the black director appointments were made after the killing of george floyd on may 25th. as many corporations increase their focus on social and economic inequality. women saw their appointments decrease from a record 44% in 2019 to 41% last year. the forecast is for women to make up 50% of new directors by 2023 >> we saw more women leaders join boards. we also over time saw more women leaders in the executive suite and i'm hopeful that as we have more diverse representation on boards, you will get more diverse representation in the executive suite. >> current and former ceos and cfos declined double digits as companies look beyond the c-suite for diversity. >> thank you, frank. >>> later this hour we'll speak with the ceo of the largest black-owned bank, kevin kohee. look at the dow jones industrial ave

. >>> the "halftime report" i'm frank holland in for scott wapner front and center, the race to build markets. and joining me for the hour brenda vingiello, c oichlt pete najarian, jim leiben that will and kevin o'leary chairman of o shares. ets. kevin having tech problems to him in a minute but first the major averages stocks higher with the s&p 500 hitting a record high and the dow up more than 200 following the announcement from washington and we're talking about it with the development committee right now. kicking it off with you, pete. let'

. >>> thank you, frank holland i'm kelly evans, and here's what's ahead this hour value growth, value growth, value growth, value growth, we've been debating this ad nauseum as to which is the better place to put your money but both are performing well as the s&p and nasdaq hit new highs. so, why even choose? we will debate that. >>> plus the biden administration extending the moratorium on evicting renters it's already having a major impact across the real estate industry >>> and plant based meat, plant based-milk and now plant-based tuna >>> we start with the markets. bob pisani is down at the new york stock exchange. >> we have new highs on the s&p500, not a lot of new highs on individual stocks only 20, 25 on the s&p 500 but they're big names. adobe, new high. target is on the list every day. amex there's a surprise, exxonmobil, energy stocks have been great outperformers. earnings, tale of two different companies. nike 80% above what the estimates were on the earnings report, just a knockout number that's a new line. but fedex in line. they didn't beat the numbers all these compa

i'm frank holland in for the judge scott wapner front and center this hour the catalyst for stocks companies record amount of cash to shareholders we debate that with the investment committee joining me for the hour are the lovely and talented carrie firestone, cr of asset management steve weiss, no nickname needed. downtown josh brown. financials are one of the best performing sectors today banks are all higher ahead of the stress test results where the focus is on how much capital they'll be able to return. the results coming out at 4:30 this afternoon josh, starting off with you. i know you're bullish on the

frank holland is joining us from tulsa with me. er: thi there black people only make up about 3% of the c-suite but when we're talking about big banks, they are working to become more diverse overall. jpmorgan, the biggest by market cap with 13% black employees overall and 5% in nior management roles wells fargo reporting the highest level of senior managers following a controversy over the ceo saying there's a limited pool of black talent we spoke with the chief human resource officer of morgan stanley. he said wall street is do more to retain black professionals. >> we've got to be a heck of a lot more deliberate in retaining the talent in my personal view, there's no more important lever in retaining talent than by ging them opportunities to grow and to stretch >> reporter: we're talk about opportunities to grow, we look at private equity black ople making up 1 to 2% of firms it can often be culture. >> i think there's this cultural piece in ensuring that when folks come to work at firms like mine, they feel like it is their firm

. >>> thank you, frank holland hi, everybody. i'm kelly evans. on top of that infrastructure news that's just breaking, we'll catch you up on all the fed speak today. the hawks seem to be taking on the doffves. we'll look at who will win out on the timeline over tightening and how markets are expected to react. >>> plus, we'll also talk about some drug deal making in the pharma sector that's expected to reach a record high total this year of over $300 billion in deals. we've got the names that could be ripe for a takeover >>> and bitcoin, should you respond? we'll explore the battle taking place in cities across the country between innovation and energy usage on the other. we start with today's markets. mr. chu has those numbers. >> high energy for the markets overall. we're green across the screen. bulls wing out dow industrials up 34,192 the s&p, 0.5%. 26 points there. the nasdaq, 14373. 100-point there. i get to draw the yellow golden stars next to these. the nasdaq and s&p because they both hit record intraday highs today. also looking at the

. >>> there is breaking news on micro strategies get to frank holland with the details. >> shares ofrostrategy down about a percent and a half as they file for a potential stock offering the company saying that stock offering would in part be used to purchase bitcoin. the proceeds of that will be used in part to purchase bitcoin. however, the company said that it's not clear how much of those proceeds would be used for any particular purchase, including the acquisition of bitcoin bitcoin up about 7% right now. still down about 20% over the last month and again the company says that management would have discretion over what percentage of the proceeds of the stock offering would be used to acquire bitcoin. shares down just about 1.5% down. >> thank you. >>> all right. so just to wrap this up, this is -- we were talking about this on the commercial break. you may have heard about microstrategy raising money this morning to buy bitcoin that was a bond sale 2028 notes due this is an equity offering so effectively michael sailor, your buddy, and microstrategy doing two raises one debt, on

it's amazing they are going for it this year in particular frank, thank you frank holland. amazon may be the biggest ecommerce player out there, but bigger doesn't always mean better in terms of stock performance. while amazon shares are sitting near all-time highs today, one strategist says it's time to buy some of the niche players like chewy and etsy, all well off their 52-week highs. stitch fix down 42% from here. simian, welcome. what is it about -- we can start with the stitch fix example -- that jumps out to you that has amazon-like potential. >> sure. if you kind of roll back the clock, think about who thrived alongside of walmart 30, 40, 50 years ago. there are opportunities for niche players to thrive alongside. take stitch fix as an example. their core competency and big advantage was they had a subscription business. that's the holy grail is to have subscription business. they rolled out an individual purchase option, which is likely to be a catalyst there so, you've got to look at opportunities for folks who can thrive alongside amazon. i thought your intro seg

. >> what a powerful look at a dark chapter and what we're learning from it that's our frank hollandpandemic, you're not alone more than 12 million households got a new pet last year. but as demand skyrocketed, so did the need for pet care. to keep up, many veterinarians say they've been overextending themselves, and some say it's not enough cnbc's contessa brewer now >> contessa and olive here during the pandemic families hunkered down with their fur babies letting their cats and dogs help soothe the anxiety and uncertainty. for veterinarians who take care of all these pets, the pandemic just increased the pressure. tracy and her new mobile clinic got a big boost during the pandemic when other veterinarians stopped accepting new patients >> and then suddenly, we really busy, you know just really having a hard time, you know, fitting in the sick patients and there were so many puppies that, you know, that needed to be seen for their vaccines so it was really difficult, kind of fitting everybody in. >> reporter: families adopting puppies or people moving from the city to the massachus

one program is the black business accelerator it's designed to support a black-owned business frank holland> hey there, shep amazon is going to teach the black business owners in this program the tricks and tactics to be a successful online seller 90% don't have the ability to sell online. remember, amazon gets 60% of the revenue from third-party sellers, so there's a big opportunity here the black business accelerator launched by amazon today is designed to dramatically increase the number of black third party sellers. this $150 million initiative provides grants, strategic business guidance and promotion. we have spoken with two owners who have been in the accelerators piled program since november the owner of aya foodsand chocolate say the programs speak for themselves and the ability to do business >> it helped me pick up speed faster when i was moving in the pivot in the pandemic. >> we sold over 300,000 units of one particular baking mix. a lot of that started on the visibility we got on amazon. so, we got visibility to use that data to say, hey, that was success and we used that to d

i look at this, you should follow frank holland on twitter because he posted a great picture of him. >> i saw him >> fire emojis anyway, if you look, express is half the revenue so they'll do 22 billion, half of which is an express and the margins were disappointing so the street is thinking maybe things are not as operating as well on that side of things. i say this is a valuation story. if you give it a market multiple or something close, it should be a $400 stock it is not going there tomorrow but think fed etch is cheap here. >> i think that this earnings season we're going to be faced with the question of how are the stocks priced in the relationship to where businesses compared to the peak, right. that is peak business for fedex and for ups a couple of quarters ago and it is not and probably won't be. >> and people remind about historical valuation, guy just made a case why this is a cheap stock toward the market. but why is it trading so far below a market multiple. very cyclical. they've had some head winds, some secular shifts that sort of thing. to me, i think value traps a

in q3, it showed a big year-over-year improvement back over to you >> frank holland, thank you so much your views on this one, steph >> i don't own it. i've owned it in the past. by the way, ups also had an analyst day a couple weeks ago and they were very conservative. it's about guidance for fedex. we know volumes will be double digits, but we want to see, in terms of the gheitance, they have to put up earningspower for next year for the street to be happy it's well liked, and the expectations are quite hive. eye also interested to hear about tnt, the acquisition they made in 2016 it hasn't been synergistic at all, problematic, so i want to see if they have some momentum i'm not involved in either they've had a nice run >> remember, there's that piece of it where it's global freight. it's moderating right now definitely it's had the best of its profit reevaluate in the pass. >> nike also set to report the earnings revenue of $11 billion some other key points to watch, any response to the backlash of the cotton controversy it missed on revenue it did say that was temporary, so we expe

>>> moving on here, your prime day purchases could be facing shipping and supply chain issues frank hollandon-time deliveredy numbers reflecting that shift industrial experts say they expect prime day to kickstart the holiday peak that usually begins on black friday wreak trucking demand has increased 160% year to day over 2020, while available trucks have fallen by 28%. really another sign of the tightening summer chain. back over to you >> thank, frank. why isn't that inflationary? >> it definitely is. >> that's transitory we're sure that's transitory >> it's how much it moves the needle on of measures. >> they say it's a bottleneck, temporary issue. >> in general it look like a sort of painful transition, and we're not sure how much is really able to be deployed in terms of labor and everything else. >> there's a lot of over-order if you are a vendor and you want some inventory, you may be ordering more, because you're not getting enough i don't know. >> i think that's why people have explained the ism index over 60 multiple times, that's what that was in large park. >> we're getting up

our frank holland in oklahoma. he stock is going public on the nasdaq this morning. that's at the top of the hour. we'll be right back. stay with us do you struggle with occasional nerve aches, weakness or discomfort in your hands or feet? introducing nervive nerve relief from the world's number 1 selling nerve care company. as we age, natural changes to our nerves occur which can lead to occasional discomfort. nervive contains b complex vitamins that nourish nerves, build nerve insulation and enhance nerve communication. and, alpha-lipoic acid, which relieves occasional nerve aches, weakness and discomfort. live your life with less nerve discomfort with nervive nerve relief. ah, she thought that squirrel on your brand-new flat screen tv was an actual squirrel... leave it. purchase protection for what you didn't see coming. one of the many things you can expect when you're with amex. i'm 53, but in my mind i'm still 35. that's why i take oste bi-flex to keep me moving the way i was made to, it nourishes and strength

frank holland with a preview fedex is watching nike frank, kick it off for us. >> hey there, whiffle.rating in an elevated global market that shows strong b to c sales margin numbers fedex expanded margins last quarter but has struggled with late residential discovery in late months. over 95% on time is considered good anything lower than that weighs on margins and capacity. surcharges for b to c have been a big part of the revenue growth just another test of de34mand ad pricing power. >> nike has under performed the market here's what to watch china, there's concern about the backlash and boycotts from chinese consumers at the s shinening issue. they were less likely to buy western brands in june 77% said so in april supply chain challenges, are they still hurting north american sales revenues falling 10% last quarter. a ship set on the west coast did that clean up? is nike able to move product that's why they missed the quarter last time around digital. the growth driver. the site, the sneakers app direct to consumer paid off in the pandemic with john donohoe now leading nike does t

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family now the nation's largest black bank is offering six money moves to help close that gap frank hollandording to new research from duke university. as we recognize juneteenth, one black bank in the u.s. is launching the one transaction campaign listing sixmoney decisions that can help bridge that gap they include buying a home, owning a profitable business, investing in the stock market, buying life stock market, buying life insurance, improving credit, and haves a will >> building wealth is like building anything else, like building a house one knows how to assemble a house, how to bring together a bunch of raw materials and then to construct them in a very specific way >> black homeownership has declined since 2001 fallen 45% and white homeownership held at 74%. and new reports show 60% of the racial wealth gap annually is through inheritance highlighting the need for stay planning, a handwritten will is valid and legal document in most states. >> this is very interesting and statistics are eye-opening if black americans take advantage of these tips how much can it add to the overall

without mentioning bitcoin or cryptocurrency we're going to move on to sales of motorcycles and rvs frank hollandue in the second half of the year hi, frank. >> recreation stocks rallying big time so far in 2021. the largest rv seller and maker as well as the largest boat and motorcycle maker doubling the market or better investors showing a lot of confidence that elevated sales will continue during the reopening. rv shipments 80% higher, motorcycles 37% higher, boats 30% higher the influx of new buyers are creating a recreation supercycle. >> they are younger, they are more iverse. more women came into the industry so we're very excited about it one of the exciting things is we have online communities that helps us understand what folks are feeling about their experiences. >> one headwind is supply chain issues and labor shortages are causing historically low inventory across that industry back over to you. >> i think labor shortages, supply chain kinks is really impacting everybody. jason, as you take a look at some of these recreation names or the sector in general, we know we had a huge boom

small business ownerships this came in oklahoma marking the anniversary of the tulsa massacre big frank hollandabout 3% of the c-suite in financial compans nationally that's according to the latest data we talabout the biggest banks often called wall street the bankare becoming more diverse overall. t's look at jpmorgan the biggest by market cap with 13% black employees overall and 5% in senior management roles. wells fargo with a controversy over the ceo saying the a limited pool of black talent we spoke with the chief human resource officer who says wall street can do more to retain the black professionals. >> you think about it as analogous to a funnel. we're able to bring talent one, but the industry suffered from the funnel being leaky we've got to be more deliberate in retaining the talent, and in my personal view, thers no more important lever in retaining talent than by giving them opportunities to grow and to stretch >>> speaking of opportunities to grow and private equity, black people making up 1% to 2%, 3% of partner roles. another obstacle can often be culture. >> i also think that

] >> president biden speaking to mark 100 years since the tulsa race massacre, let's bring in frank hollandurse the president bringing it back to the economy, the loss of life, the loss of living, including two new initiatives from his administration addressing expanding black wealth in this country on housing and small businesses what can you tell us. >> absolutely. president biden speaking about two blocks from where we are now, we're in the greenwood section of tulsa, oklahoma, this the corner was the epicenter of where once black wall street stood a hundred years ago where the bombs were dropped and buildings burns and people dragged out of their homes and businesses, what he called an act of hate and terrorism in the united states a century ago. as you mentioned, the president sent that message forward looking at the impact of systematic racism in oklahoma, on our nation, in our broader economy in the century since then he launch twod initiatives to increase black wealth and -- one dealing with housing discrimination the president referencing the valuation of houses that are comparable

frank holland has more. >> good morning to you, becky.de for the entrepreneurs as they try to grow their business. a black business accelerator is designed to dramatically increase the number of black third party sellers on that global platform. $150 million initiative provides grants, strategic business guidance and promotion we spoke to two owners who have been in the pilot program since november it's selling african baking mixes and spices and says the program increased sales and equally important to her, the ability to collect data about the business >> we sold over 300,000 units of one particular baking mix. a lot of that started on the visibility that we got on amazon so we got visibility, we were able to use that data to say let's use that to drive retail store success. >> and participants can apply for $10,000 grants and credits for amazon services such as product imaging and marketing. this follows initiatives by other publicly traded companies in 2021. earlier this month salesforce noted a program with p. diddy. walmart says 2%