steve grasso, pete najarian and grasso, congrats one wild week. do you remember monday's market meltdown the s&p dropping more than a percent and a half the dow down over 900 points, nearly every stock slower. you say you don't? neither do investors because apparently we not only ended the week higher, but check this out, the s&p 500 up 4% from the monday lows and is now sitting at another record high 23 stocks in the s&p hitting a new all-time high today. names like advanced auto parts, paypal, pepsi, the nasdaq, and roper. the company not the nosily landlord and oh, yeah, the dow finished above 35,000 another big -- thank you for getting that for the first time ever. all of this as we get ready for a huge week ahead. some names you might have heard of apple, microsoft, amazon, alphabet, tesla, wow so steve grasso, of grasso global, with markets at record highs and a slew of important results on deck, how are you setting up for next week's trade? >> well i have to tell you, brian, the market has been some jack tripper for the average investor her

bond market is operating like no other bond market before in terms of the fed's involvement, steve grasso, so do you discount these moves or how do you factor these in? >> i think a large portion of this is positioning. so the most telegraphed trade was that inflation was going to tick higher, so people got short treasuries they got short price, not yield. so if they're short price and start to have that trade work against them, they have to cover that trade so when they cover that trade, that kills yield so while everyone was on one side of the boat thinking that yields were going to spike higher above 2%, that didn't happen so i don't think it's the macro as much as the positioning trade. so when i look at the chart, we have to get to one spot for two of the ten-year to break out of this declining trend that we've seen for the last five months or is for me, i think that value trade is going to rip back from here, but i still think that there's going to be a lid put on yields around that 150, 160 mark. >> all right, let's get to the next ridiculous chart because it does sort of all, you

we ask you, steve grasso, what you think. >> financials will go higher tech will go lower those are the two knee-jerk reactions, but i think it's worth a caveat to say if rates go to where rick said, to 1%, all bets are off you sell the entire market >> broader markets go lower. is that 1% >> it's a nice, round number below that -- yeah, i think that's a reasonable number maybe a little higher so the charts get nervous steve, it will be very, very heavy. i wouldn't sell everything i never do that. i never do that. even though i should at various times, i never do. on the flip side, if chris is right and that's sort of the way i think it will go, i think that financials do better i think tech is bifurcated between the sort of faang, big tech, what i think of more of the value tech names like a facebook and google. i think they do fine and i think the super charged really high multiple ones don't do fine. so that's sort of the way i'm positioned. >> all right what is the world in which you live in, b.k., in terms of where you think rates go and how that impacts the other trades i think we

ed lee, kristina partsinevelos and steve grasso >>> the yield on the 10 year, 1.7% when yields soaredthe year, tech tumbled amazon helped by the jedi reversal at the pentagon, all of these hitting record highs before pulling back. we're talking tech wh rka itma m hany after the break keeps us mo. hey, kevin! hey, guys! they have customized solutions to help our family's special needs... giving us confidence in our future... ...and in kevin's. voya. well planned. well invested. well protected. ♪ ♪ ♪ digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that by taking on repetitive tasks for us. unleash your potential. uipath. reboot work. some say this is my greatest challenge ever. but i've seen centuries of this. with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;) this isn't just a walk up the stairs. when you have an irregular heartbeat, it's more. it's dignity. the freedom to go where you want, knowing your doctor can watch over your heart. ♪♪ that bu

steve grasso joins us, head at stewart frankel and a cnbc "fast money" trader. good to see you. >> good to see you and you look great, tyler no one can tell -- no one can tell you missed that workout >> good to see your entire face. always looking good. so is this a case where people are just moving impulsively to these stay-at-home stocks, the zoom video, clorox is higher, roku is higher, peloton and so forth. >> i think it's rates. i think it's more about rates, less about the delta variant, more about rates if you chart the ten-year yield over zoom or docusign or peloton, you get the same chart. they're all inversely correlated when the ten-year yield sold off, that simple i don't want to oversimplify it on a day where everyone is really having a tough time looking at their portfolio, tyler, but i think it revolves around rates not aroundthe delta virus. >> and so for those of us who might need a refresher course in why rates are so critical to these -- to this class of high-growth names, why is that >> so when rates are rising you want to be a buyer of value

you know, steve grasso mentioned in the last half hour that he was concerned about basically the supply you go to dealer lots there is not a lot of cars out there. he's been waiting for his ford bronco but here is the thing. the chip shortage and the other basically supply chain problems that the automakers have been facing in leaving the lots emmy hasn't hurt them as badly as we might think and the reason is that we're basically into the lowest discounting period for auto sales in a long time. they haven't had to offer big rebates and so the margins that they're getting even though they're selling fewer cars have improved ford is also doing a great job positioning themselves for the ev space now the mach e is a compelling offering but the important one is going to be what is going to happen in the light duty truck segment and the f-150 lightning demonstrates that this is a company that knows thousand enter into the ev space and knows their customers well and it is just a compelling valuation story. i mean this is a company that is probably trading around 10 times forward earnings so it

want to go to dick grasso, the former new york stock exchange chairman around ceo. dick, so glad to have you here, if the markets are are worried about any of this, the dow is barely budging, s&p and nasdaq are at records again, there might be problems abroad, problems with inflation, all of that stuff but the markets march on. what do you make of them? >> well i think the biden administration's advice to companies, not just u.s. companies but global companies doing business in hong kong is a very important message. beijing has a strategy to become the world's largest economy. some say by 2040. some say by 2050. they're not going to get even close to that objective if they continue to do what they have been doing in terms of human rights and in terms of restricting business practices. so i think that you know, the new president is being tested. he is being tested by beijing on this subject, by tehran on nuclear. by russia on cyber. i think he is right to push back and be tough on all three of those. look, the u.s. economy, neil, really on fire and you know, i think

steve grasso, mike santoli and ena fried. >>> a 67% increase in workload from last year that's the biggester according to recruiter.com a ceo joins us in just a moment dcuss digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that by taking on repetitive tasks for us. unleash your potential. uipath. reboot work. dr. arnold t petsworth had an influx of new patients. so he used his american express business card, which offers spending power built for his business needs, to furnish a new exam room. the doctor will see you now. get the card built for business. by american express. >>> welcome back we've had some breaking news out of the white house covid briefing this afternoon. let's bring in meg terrell with those details. >> the cdc director saying that though case levels overall are low and have come down more than 90% since their peak in january, we are starting to see a bit of an uptick in case numbers. she's warning about the hypertransmissible delta variant. a 10% increase in the seven-day average of

is joining the cast as jason cicadas. [ laughter ] fresh off his monster success starring in "ted grassoughter ] that's not a response, that's the theme song [ laughter ] between "cicada, cicada," and "my zipper," plus my new show, "chicago postal service police force," i will have enough money to afford an entire line from "you can't touch this. >> seth -- >> seth: wally "mc" stands for "master of ceremonies," not "master of cue cards." that's why there's only the one "c." [ laughter ] every word you say is one less lyric we can afford from this genius anyway, where was i? oh, politics all right. [ laughter ] so, that's the republican party we're dealing with, and democrats need to be clear-eyed about that fact. it's a party whose members believe the forest service has the power to alter the earth's orbit, that wildfires are caused by secret jewish space lasers, and that the election was hacked by italian satellites. what's their obsession with space? did they all watch the first episode of "loki" last night and think it was a documentary side note -- and did legal get back to us so we

steve grasso brings it up. maybe that is -- you can make a case for it, what i will tell you is and i will say it for the hundred dred time technology is the biggest deflationary force in history and we are at a point that we have never seen in our history in terms of technology, but you have inflation in all the wrong places and the fed is trying to fight this two-tiered battle and almost by definition they are not going to win. right now the market is baling them out my concern is how long does that last >> well, tim, is the market baling them out or is the market to guy's other point getting in line with the deflation story? companies can't find workers, they're developing robots to flip burgers torques cathie wood's point in "closing bell" once you do that you never go back to the people i mean, it appears the market is rewarding the apples, the amazons, the ones that have disrupted everything and have really made us deflationary in many ways. >> well, we've seen this analog multiple times, brian, where whe