a and then there is a reaction. >> you're right about that no debate about that josh brown has a question for you provese >> yes, josh. >> hey, professor. great to see you i think there is enough misinformation floating around in the ether, 24/7 in the financial media base inflation we could fill the hold of a cruise ship that's stuck at port because nobody wants to take cruises. i want you to react to this concept because i think it's your important in your book stocks more the long run which any serious investor who hasn't read this shuvr their head examined. it's my view the bible for equity investing for people that haven't seen the clarity you have in there of the inflation protection offered by stocks versus any other asset under the sun, including gold, i think you go back hundreds of years. >> yes. >> 220. >> these things are not playing in the same arena. the idea that inflation is the them of stocks people have it backwards stocks are the cure for an investor worried about inflation, these businesses have pricing power. they're all able to raise what they're charging users in ex

my question is for josh brown.p it 100 and tell me if gm has a chance of getting to 100 >> josh, what do you think i'm known for keeping at 100 the kids are now saying keep it a buck let's get op the same page i think the stock can get to 100. think about the multiples that people are paying for electric vehicle companies. multiple times price at a sales ratio multiple times gm is $1202 in billion with a market cap of 80 billion -- but the -- electric and autonomous driving, et cetera, i think the more possibility there is por for margin multiple expansion and that's how you get there i don't think it happens overnight. but i'm a long-term shareholder here >> all right appreciate that. i saw a question on twitter yesterday that i just loved. i wanted to do it on the show. hey, judge, can you ask the committee, especially those taking the long view how they differentiate between dead money and a slowly unfolding investment story in it seems to me waiting for a stock turn around two years has a high opportunity cost

josh brown, last but not least >> all-time record high for uir, u.s.ector up 25% year to date if you were worried about inflation, this was the way to hedge itself >> new high for the s&p today. new high for the dow industrial average. throw up robinhood robinhood officially -- there it is it's down about 5% $36. that's a couple of bucks below the open price that does it for us. "the exchange" is now. >>> thank you, scott hi, everybody. welcome to "the exchange." we begin with robinhood's highly anticipate public debut on the nasdaq today the stock down 6% right now. it was down more than 10% just a couple of moments ago. also briefly positive by 3% or so so it's been swinging around. it priced at $38 for this ipo. a lot of those shares were going to retail investors who use the app. so at the open today, other than when it briefly turned positive they'd be under water on those trades right now

josh brown is mike wilds is he going to be right? i don't think people are prepared for another 10-plus percent downside of the s&p 500 >> i think when you go through the biggest stocks that really matter the most it's very hard to make the case that there is a correction imminent because the -- at the index level you're not going down 10% or 15%, which is a true correction with, unless you get the stocks to break down any all just broke out so i don't really get it when you look at charts of amazon, alphabet, apple, microsoft, they all spend a lot of sometime consolidating, which we call correction through time and now they've just broken out. in the case of -- let's just very quickly look at two of them, because i think this is important. if you look at microsoft for example, like, this is not a stock that's indicating anything even remotely close to a correction it's the opposite. it's at all-time highs today it added 440 billion in the market cap this year that's like buying j&j and jp morgan you have now market cap microsoft add

josh brown, you're up. then steve weiss >> so i just -- i wanted to just add a little bit of nuance to the conversation about the bond market not being good predictor. >> he feels bad now. >> rick this is josh brown's apology. >> no, i understand. >> a little bit of contrition. >> smart guy. >> the reason i'm saying that, the reason i'm saying that is not to say that like, oh bond traders are dumb bond traders aren't in control of the price that bonds sell at. rick, you made the point. >> that's true, yeah. >> you think about the ocean of bonds issued in 2020, just trillions of dollars who bought the bonds it's not prop shops. it's not goldman sachs asset management 64% of the debt went to government, insurance companies and banks. then you have the pension funds in there what are they doing? why are they -- they have to they're offsetting liabilities they're buying no matter what the inflation prediction is. they're buying treasurys it's part of their mandate in how they manage money. now i throw in sovere

gee, josh brown. jim lebenthal. jeffrey gundlach the dow has gone positive. the s&p and nasdaq are in negative territory right as we speak. there is the 10-year note yield. it is at 1.32, a little bit lower than that not too long ago, as the fed chair taking capitol hill for the second day. yields as i said falling, investors reacting to a lot today, including more bank earnings, josh brown to you. we go 1.31 was the low today on the 10-year. breadth hasn't been great of late ark stocks not doing well at all. what's your focus today? >> yeah, there is no bounce in those ark names, something i've been watching and talking about here on the network. i think markets overall are pretty calm today, very quietly health care is advancing one of the stronger sectors, may have something to do with that appropriations bill. banks seem pretty good today i'm looking at the discover financial, dfs and capital one two credit card names seem to be getting mojo back. morgan stanley and goldman sachs are the two best of the large banks. transports acting better too i think th

we'll sboo shannon skoshia josh brown pete najarian. great to see everybody beginning with tech, the nasdaq hitting a record high off the open today amazon microsoft, facebook, google new milestones, apple getting close as well. that stock has been on the move big time great to be back good to be with all of you josh brown aside from those, crowd strike which is yours, nvidia, which is yours and they are ripping. >> yeah, as of this moment, like two months ago where everyone was like, cyclicals, like, you have tos be in these companies that were founded in 1890 and pull copper out of the ground and turn it into pet rocks supercool. but in reality all that was really happening beneath the surface was the growth trade was biding time. you saw the epic setups forming, really long bases, amazon such a great example of that. we talked about the bigger the base the higher the space. amazon has been basing since july of last year. this breakout, which today is absolutely epic, is almost 12 full months in the making. there were a lot of charts

josh brown well to all of you let's check the markets this hour the s&p 500 coming off, get this, 34 record closes in the first half of the year, hitting record highs today there you see it up about add third of a percent the dow higher coming off the first negative month in five but five positive quarters in a row for dow. nasdaq lower after posting the seventh positive month out of the last eight off about a half percent right now. jenny, how do you handicap it? is it as good as the first half? pretty good. but good but not as good or what >> i don't think it's going to be as good -- >> this is for jenny i'm sorry, jim >> sorry >> i think it was at good that would imply we're up 26% this year or a little bit more. that seems unrealistic it wouldn't surprise me if we ric back six months from now and we're up around the 13, 15% range. but what we can see over the past weeks there can be a calm surface and massive churn under the surface. i can guarantee it's not a straight line between here and the ended of the year. always bumpy and choppy. when i think back that we're up as much as

josh brown, pete najarian, good to see everybody checking the markets backup a good day shaping up onout a lot. the nasdaq, new high s&p 500, new high as well. tech, health care, discretionary, all record intraday highs josh brown, apple trading near all-time high. alphabet all-time high starbucks whic

stephanie link josh brown and jon a najarian let's look at where stocks are trading right now. a snapback today the the dow up better than 600 points but not quite everything back but on the way to doing so. the s&p good for 1.5%. the 10-year note yield got as low at 1.12 a nice bounce off that level to currently set at 1.21% what a 24 hours it's been. one of the headlines i take from today is what this all means for where we may be going from here. jp morgan comes on the show raises the year end target not cuts raises to 4,600 from 44 said they remain constructive and equities see the latest round in growth and slowdown fears both premature and overblown. is he write? how do you see it. >> well, i don't know if he is right. i hope he is and i admire his timing. it's coming at a moment where a lot of people have flipped from bullish to bearish because of one rough day in the market. but i'm not surprised at all that's the environment we soo that all the time people spend way too much attention focused on what they see in a given day or week and extrapolate the worst-case scenar

everybody decided to look beyond the cyclical plays. >> when the 10-year yield started falling. >> josh brown us. >> maybe >> no, you're not. you spell it differently >> i tease >> thank you up next, investor dan niles on the two sectors that he thinks will outperform the broader market during the half of the year and the oversold stocks he recently bought. linkedin founder reid hoffman on the spac deal and we're back in two minutes here on "closing bell." zero-commission trades for online u.s. stocks and etfs. and a commitment to get you the best price on every trade, which saved investors over $1.5 billion last year. that's decision tech. only from fidelity. ah! my helicopter has better wifi than this. you thinking what i am? great time. don't worry i have the best internet people. hello xfinity. get me xfi pronto. that was fast. yep. now we just self-install. and we're back baby. do more of what you love when you upgrade to xfinity xfi. baby ninjas? i love it. >> the s&p and the nasdaq both closing at record highs and the ten-year yield fell below 130 earlier in the session and this as big

and ritholtz wealth management ceo josh brown back as well.dow, s&p and nasdaq have all recovered all of their losses from monday's sell-off how do you interpret the last few days monday we got this giant sell-off there were all sorts of concerns about key growth, stressed valuations, overheated sentiment, the delta variant and now it's the defy ers came in. it's back to value over growth and cyclical names what does it all tell you? >> well, at its low point on monday, the s&p 500 was only 3.6% off its all-time high and the median stock in the s&p 500 was down 8%. so as corrections or dips go, it was a very mild one. what made it feel different was that it accompanied news on the health front that seemed like a big shift in terms of how we're dealing with the pandemic. along with, i think, the speed the vix really doesn't typically move that quickly for no reason. and there really wasn't a great reason considering forward earnings are at record highs forward revenue estimates at record highs and actually multiples for the stock market in the

today we've also got ritholtz's josh brown back as well.rket major averages moving in different directions the s&p 500 and nasdaq higher today for the sixth time inthe last seven sessions while the dow is trading in the red. importantly, mike, the nasdaq is rebounding from yesterday's slide where it was the worst day for the nasdaq in a few months still seeing pain from apple microsoft is flat. google higher. >> it's a google, amd, facebook story. really small caps kind of stealing the show today. up close to 2% at least at one point. so, yeah, i think the message from powell to say, things are on track but not in any hurry to alter things is being absorbed okay doesn't give you a lot of incremental information at first. the treasury market seemed to say this might be tilted hawkish, but, no it wasn't. he's taking advantage of the fact there's no dot plot, no other committee member views to explain away or rationalize and create a confusion and he more or less said we're in no hurry that works the market is firmer than it might appear based

liz young, steve weiss, josh brown, let's check stocks first and foremost down sharply, cutting losses 250 right now liz young, the question is what's requesting on with rates?

josh brown is still with us and leah bennett from westford wealth management joins the conversation as and as you said, the key levels that we're working out if we want to break through or not >> holding up on the index level for sure it has a more defensive feel to it this stuff doesn't always necessarily extend day to day. could you say apple is responsible for a tremendous share of what happened in the s&p today. faang is defensive that's how it works in the market staples and utilities up mean stocks blasted, biotech down 2.7%. seems the risk of enthusiasm is waning it feels slightly lightweight last summer. everyone else knows mid-july is when often if you want to look at the historical tendencies things are less generous in the market >> josh, what are you noticing about the market and we continue to see bond yields -- >> i was going to say i'm noticing kenny going absolutely wild on the platform today smashing the closing bell. >> his stock ended up 16%, right? >> yes, u.p. is the ticker, wheels up. kenny comes from my hometown of maricone island. congrats on the ipo, we're all

we'll sboo shannon skoshia josh brown pete najarian.rd high off the open today amazon microsoft, facebook, google new milestones, apple getting close as well. that stock has been on the move big

gee, josh brown. jim lebenthal. jeffrey gundlach the dow has gone positive. we speak. there is the 10-year note yield. it is at 1.32, a little bit lower than that not too long ago, as the fed chair taking capitol hill for the second day. yields as i said falling

josh brown well to all of you let's check the markets this hour the s&p 500 coming off, get

continue >> i'm looking at nvidia right now wondering why you just hadn't bought it earlier i mean, josh brown comes on this show all the time and talks about it >> well, scott, let me share with you, we added to our position of nvidia, we've owned it since 2019. so we got in early >> but you are willing to add more even at these what some might say are elevated levels. >> when we look at the valuation and we're looking at the free cash flow yield, we're seeing that nvidia even at these levels has very good valuation metric that we use. so we're comfortable at these levels >> so let's go back to apple for a second because i noted it in passing with tom lee that the stock had hit a new all-time high 145.44 was the high in the stock today. jim, did you say earlier this week or maybe -- last week i wasn't around. you think apple is going to 175 by the end of this year? >> well, so integrity demands that i tell you that i thought it was going to 150 by the end of the year, but that is when what i was saying in march so now i'm looking at it and for everybody's public service announcement, when app

stephanie link josh brown and jon a najarian let's look at where stocks are trading right now.r than 600 points but not quite everything back but on the way to doing so. the s&p good for 1.5%. the 10-year note yield got as low at 1.12 a nice bounce off that level to currently set at

interesting in and of itself but also because in the big pullback in the market the last couple days josh brown all over the name from a get-go was a buyer on the dip. why are you a seller of the remainder of your shares either yesterday or today >> well, i had like, an odd lot left, because it just hadn't been working as delta virus news spread and the recovery was put in down. it was just a name i wasn't committed to i had done some work on it for sure because i don't buy anything i don't do any work in i saw other names i liked better and i'm not so sure about the reopening trades i'm not sure about the balance sheets and i think you're paying in advance for, you know, for the return and the full return josh bought more one of his high conviction ideas i bought eye my high conviction ideas. that's how i look at it. i'm not married to anything stepo except for what i truly truly believe in >> what you just mentioned sort of -- i think it's interesting you really think the recovery is in doubt >> no, that's not what i said. what i said was as the delta virus was spreading the recovery seemed t

carrie firestone jim lebenthal, josh brown np s&p now negative by a fraction the nasdaq holding its gain

with me for the hour today josh brown, steve weiss carrie firestone, jon najarian and good to see everybodythe dow, s&p today. investors dieting those earnings reports as i said. we're getting to those in a moment but first the big ipo robinhood going to public. let's bring in leslie with the latest as we wait for the first trade. we've seen a lot of activity where u

about the sells you sold air products >> yes >> and bristol myers which is interesting considering josh brownrday bought bristol myers. farm he were jim owns it why did you sell it? >> yes, we sold bristol myers because it has limited upside. and this is part of a portfolio construction trade we are moving from the low beta stocks up to higher beta stocks because of our positive view of the market bristol myers has limited upside from this point we gain a profit from it, sold it because we had better medical names in our portfolio. and bristol myers was a lower ranked name. we sold that one we also sold air products. air products benefitted from the pandemic when oxygen was in demand now that demand is declining, once again we took a profit for clients and sold the position. >> okay. let's talk about some of your buys you bought auto desk, and fortnite, talk to me >> this is increasing the beta we talked about. the auto desk -- auto desk has put together a digital platform for engineers, architects and city planners to do project design one of the things they developed is a design tool that i

. >> live nation initiated by at goldman sachs, steve weiss, you own this thanks i think to josh browno. i do by the way, i almost had a scheduling conflict today but i figured i'd let you hold my feet to the fire on this when i saw the -- you know, the roundup for the show today in terms of this i wish i weren't on air with josh the day he preached it but i'm still there. hopefully it's going to work out. the concert season is getting going into high gear, already has been attendance has been great. the delta variant, however, is pressuring this, i think more so than many others. >> what do you mean, it hurts you to give credit to another committee member is that what you are suggesting, you wish you weren't on air when he pitched it? is that what you are alluding to steve. >> what i'm alluding to is that -- >> is your ego that fragile? >> no happy to give him the credit as a matter of fact i give him the credit that i bought it at 90 when he pitched it. as one of the top three. >> i got you. >> take all the credit you want for it. >> okay. >> so scotty. >> sometimes you don't know. y

>> josh brown? >> amazon. the trade on the breakout is now over, but the investment for me continues. i think the stock's worth hanging on to. >> number of price target reductions after amazon earnings we are going to see what happens next week. take a look at the market here dow is down triple digits at this moment. that's a loss of 120 we'll see you on the other side of the weekend "the exchange" begins now. >>> thank you, scott hi everybody here's what's ahead as we close out the week howard marks of oak tree capital is with us, his take on the economy, markets and inflation oil giant chevron is having a stellar year as the energy sector outperforms we'll speak exclusively about today's earnings, the esg movement and the return of buy backs. >>> and should china be considered a separate asset class from the rest of the world? a look at what's at stake. >>> we begin with today's markets. kristina partsinevelos with those numbers. >> thank you we got equities across the board, but we are heading toward small

pamela brown, thanks. joshngton post" columnist and is the author of "chaos under heaven: trump, xi, and the battle for the 21st century." josh, you broke a story about two diplomatic cables from the state department that warned of safety issues within wuhan lab a couple of years ago. it's certainly not a smoking gun, the cables. but they did warn of risky coronavirus research and bad safety procedures. and that, if it's not a smoking gun, it's certainly, you know, a whiff of smoke. >> right. it's just to say there have been concerns for a long time about the risky bat coronavirus research that was going on in a series of chinese labs including the wuhan institute of virology. that doesn't tell us about the outbreak because the cables were written two years prior. but it tells us we can't rule out that the lab was involved somehow so we need to investigate it, which is all that dr. tedros ghebreyesus is saying. the issue of the lab leak theory became highly politicized last year for a number of reasons, because

fauci and nih stonewalling, senators mike brown and josh hawley?the funding and he won't do it? the pandemic caused the biggest drop in life expectancy of world war ii. hispanic and black americans are seeing three-year drops. this is about oversight. >> this is a human tragedy. 600,000 americans dead. millions dead worldwide. a full stop to our economy. people out of a job. think of the suicides happened that lost their jobs, lost their businesses, the drug overdoses that have happened. this has been a horrific experience, all could have been avoided if the truth had been told by china from the very beginning and we should never have been involved with the wuhan lab, period. elizabeth: yeah. we can't let it happen again. >> we can never let it happen. thanks liz. elizabeth: good to sue. thanks for joining us. come back soon. >>> up next representative brian babin, five states talking about either reinstating mask mandates, or threatening to do so. look at this. senate majority leader chuck senate minority americans leader mitch mcconnell warns, ge

but that's one of the things josh hawley has been big at pushing. peter: elizabeth nolan brown, can you talk a little bit about some of the antitrust cases that have been filed? amazon, apple, google, facebook? elizabeth: yeah, right now you've got the ftc doing facebook and you've got the department of justice doing google, and you've got a whole bunch of state attorney generals, republicans and democrats, joining in on those. they kind of center on different things, but a lot of it -- there's been a big house report that lumps in some of these things last year. one of the things they say is that google has a monopoly on search. they say google also has a monopoly on ad sales. they say facebook has a monopoly on social media. i think that a lot of these are not very well supported propositions, too, because if you look at facebook, millions of people are leaving facebook right now, like all the time. you can go to twitter. you can go to youtube. you can go to read it. you can go to new ones rising up, tiktok. you wouldn't have seen the rise of new things like tiktok. when you

brown, appreciate it. thanks perspective now from josh rogan, "washington post" columnist, who's written extensively on the battle for the 21st century." so, josh, you broke a story in "the washington post" in april of 2020 about two diplomatic cables from the state department that warned of safety issues within wuhan lab a couple years ago. it's certainly not a smoking gun. the cables. but -- but they did warn of risky coronavirus research and bad-safety procedures. and that -- i mean, if it's not a smoking gun, it's certainly, you know, a whiff of smoke. >> right. it's just to say that there have been concerns, for a long time, about the risky coronavirus research that was going on in a series of chinese labs, including the wuhan institute of virology. and again, that doesn't tell us about the outbreak because those cables were written two years prior but what it does tell us is that we can't rule out that the lab was involved, somehow. so we need to investigate it. which is all that dr. tedros is saying. admittedly, a year late. and that's all the biden administration is saying. and, anderson, you were

josh letterman, many thanks for the update. >>> joining me now is msnbc daily writer and editor hayes brown. hayes, a big welcome back to the broadcast. i'm curious your reaction, this overnight reaction here to president biden firing the head of the social security administration. what do you think this means for the future of the agency, at least during this administration? >> well, i mean honestly i am not too surprised that this is happening because the biden administration has been very clear that they don't want to just blanket fire trump appointees in positions like the social security administration. they want to wait usually, to have a reason behind it. that's why they explained this firing as mostly because he basically endangered the workers in the social security administration by cancelling telework and other actions that the employees of the social security administration felt were a problem during a pandemic. so as far as the administration, i don't know exactly what will happen in terms of what will happen monday morning. it is going to be a surprise for everyone. i really do

josh lederman. looking forward to hear the president speaking on all of this a little bit later this. week thank. you let's bring in the cofounder of the black matters fun, latosha brownhe voting restrictions bill. latosha, great to see you. there's something that just mentioned that leaves me in all. where he says that lawmakers have not looked into whether minorities would be disproportionately affected by these voting rights bills. you study this stuff. are they? u stud>> of course. the truth of the matter is, they are targeting because they know this disproportionately impacts people of color. particularly brown and black but voters who are the most electric in texas. this is a bill specifically designed to be able to marginalize black and brown voters. specifically designed, particularly around targeting houston area, where they have 24-hour voting. where they also had drive-through voting. so, this is a effort that is targeted to marginalize black and brown voters in texas. >> what can you all do? i know you all were out in force yesterday protesting and planned to be processing again. but there is just a very limited things that you can do as protesters. or eve