at a record high for the first time since mid february we're going to talk to wharton professor jeremy siegel about whether the rally can last from here. >>> plus counting down to a pair of key earnings results after the bell, lyft and cisco gearing up to report we'll bring numbers and analysis as soon as they hit. let's focus on the stories we're watching with one hour left of trade. mark santoli with the action, colin rush from oppenheimer. let's start off with the broader market, familiar things taking us higher, tech, lower treasury yields and the like. >> that's right. a bit of a reform to norm. yesterday 3381 of about the late selloff. of course we're a couple points above that right now it's kind of tantalizing also seems a little bit silly this hesitation in front of an all-time high. but here we are all-time highs are more bullish than not. in other words strength begets strength even if we're getting stretched in the long-term i wanted to point out one-year basis, if you look to last august, august 15th, that anniversary is friday, was a pretty significant low, a summertime low last

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the biggest bull in all of financing, jeremy siegel, professor at wharton, whose book is in its fourthfth printing, his previous expectations for forward returns , the.s. equities was 7.2% last time i had him on the show, he suggested people ratchet that back to 5% or 6%. not this year or not next year, but for the next decade. he thinks the bond bull market is essentially over, and once bonds start to rise in price and , stocks becomer more challenging to say 7% 8% return. tom: i can see with my ted williams vision the pink stickers behind you. they all say by more amazon -- buy more amazon. are we finally seen the top of tech stocks? barry: i have watched people call the top for 30 years and they got it right once in march of 2000. the same people were screaming stocks are expensive for the previous five years. it is hard to take that seriously. here is the thing everybody forgets. their value is little point in space that exists as stocks careen by it wildly, either on the way to becoming cheap or on the way to becoming incredibly expensive. shiller tape has been overvalued for 92%

you sound like jeremy siegel. peter: let's not go crazy.k we can start and limiting policies to bring jobs to america, where we start rebuilding our manufacturing base. we are never going to go back to a full manufacturing economy, but i would love to see some of the jobs we lost return not a service jobs again, but as many factoring jobs. i think both parties are talking about that. think we are going to see a push towards more manufacturing in the u.s. the economy will recover from covid, and it is going to be a more interesting economy than we had pre-covid because there will be a manufacturing base, and more middle-class type of jobs. lisa: do you expect any asset class to see a significant decline in the near future? peter: no, i think we really have so much government money coming through not only from the fed, but ultimately d.c. is going to deliver. i wish d.c. had got as a stimulus bill before they went on august vacation, but we will see money coming from d.c. across the globe, you are seeing this money come into markets. i think

business because more people will know about it >> i actually think it might and that's because jeremy siegelry part guy, professor at penn said a lot of people don't know what it is it's a good identifier this is a quarter i would have expected maybe at the end of 2021, it was that far ahead and a lot of this is of course the pandemic and people don't know what to do so they turn to salesforce. >> jim, two other very quick questions. >> sure. >> spacs, you saw desktop metal this morning, do you think that investors should be buying in on spacs when deals happen immediately or wait to see how they play out first. >> i like the one for utz, it's so small but it's a great one. i think that it's case by case gary cohn, does gary know business absolutely i'd like to know a business plan the utz is dynamite, regional, going to national potato chip and smack company. we like the pretzels, like their cheese balls, you have to like the product and that's what makes me like a spac, it's not the person but the product. >> okay. jim, we will see you in just a couple minutes on "squawk on the street." >>