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tv   Power Lunch  CNBC  April 23, 2021 2:00pm-3:00pm EDT

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happy friday, everybody. i'm kelly evans. tyler matheson will join me in a moment stocks rebounding after yesterday's tax bombshell. tech stocks are leading the way. nasdaq up 1.5% bitcoin below 50,000 it was back and forth all day. look at ethereum light coin. intel is falling after the results and this industry going through turbulence but could
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there be an opportunity down the line "power lunch" starts right now we have our reporters all over this potential capital gains tax hike dom, let's start with you. >> the bounceback is sharp and big on a relative basis. if you look at the dow industrials, the s&p 500 and the nasdaq composite, this is a one week chart and almost flat but for the major indexes we are back to where we were before the headlines with regard to biden possible tax cuts and a one-week basis off a little bit but still a big bounceback from the lows we saw yesterday what's leading the charge higher, technology stocks, financial stocks and the cyclicals like materials
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these are among the best performers so economically sensitive are the ones leading the charge higher and some stocks to keep an eye on representing the story lines, semiconductor stocks. the reopening trade. american airlines up 5%. united rentals to focus on with infrastructure building things out. rental of heavy machine. charles schwab a possible beneficiary with regard to if there's capital gains action down the line because if there is a lot more trading involved perhaps some broker dealers make more money i'll send it back to you. >> all right dom, thank you very much while stocks rebounded the selling in crypto currencies continues. so let's go to kate rooney for
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some of the damage kate >> reporter: bitcoin getting slammed today as investors think about what a higher capital gains tax means for the recent crypto gains and one of the biggest winners in the pandemic and with today's pullback up five fold since last year. take a look at today dropped below $48,000 for the first time since early march and not just bitcoin the rest of the crypto market also selling off today as a result, more than $200 billion is wiped from the value of the crypto market in just about the past 24 hours. and with paypal and others bitcoin trading this year there's newer investors in the market and potentially the first time to think about capital gain and a fear of regulation in the selloff today.
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the crash pours cold water on the argument that bitcoin is not core lated to broader markets but the bulls saying it's expected after the big run-up this year looking at this as a buying opportunity back to you. >> all right thank you. now let's turn to washington where ylan muoy is looking at this. >> reporter: the white house is defending the position saying it shouldn't come as a surprise president biden's chief of staff klain tweeted this proposal which joe biden campaigned on changes the tax rate for less than 1% of americans the idea also has the backing of the top democrats in both the house and the senate a spokesperson for congressman neal told us that he wants to be sure the wealthy pay their fair
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share and views it as the beginning of a dialogue. in a statement senator wyden said that the current system is broken and said fixing it will raise revenue to invest in middle class families but others criticize the move as an economic blunder and goldman sachs says that the rate will somewhere around 28% instead there is still a lot of questions about how this tax on capital gains will be assessed, how it will interact, the fate of the surcharge put in place and what happens to your gains when you die so we are hoping to learn more once biden rolls out the plan next week and lawmakers on capitol hill put pen to paper. back over to you. >> we'll talk in a moment about the effect this might have on the markets but an awful lot of the market as a whole is represented by tax sheltered accounts, pence funds, 401(k)s,
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iras and so forth. and because it only affects if true 1% or half of 1% of the population the affect on the market might not be that great. >> reporter: one thing that i think the administration wants to make sure that people understand is that this impacts people who make more than a million dollars so that's why the net effect might be small. sort of unclear what that threshold is million dollars on gains on income? some combination of the two? but this is just on the very wealthy and playing with did details to make sure it affects as few people as possible and i talked to a democratic strategist saying the folks most impacted by this live in california and new york, for example, that do not have moderate democratic senators but progressive senators so it is not necessarily going to fall on
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the most accepting ears hearing about how high the taxes are. >> thank you very much for more on what the proposed capital gains tax hike would mean let's bring in solita marchelta and ron insona i apologize, clearly i don't have the same kind of muse cam last names that you both do so i feel out of place but we'll soldier on here and i made the point earlier that if you talk about how a proposed tax hike could affect the broad market don't forget that most of the broad market is in tax deferred accounts of one sort or another. right? >> yes that's a great point stocks don't like to hear about higher taxes and why you saw the reaction yesterday but i think
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that the overall market is going to get over it with that and already seeing evidence of it today. we don't expect much of an impact from higher capital gains on the market. we think we're going to end up with a much lower rate than is proposed, 28% is also our base case and also when we do an analysis historically we have found the little to no relationship between capital gains taxes and market valuations and market returns. in 2013, the tax rate was 9 percentage points higher that year market returned 30%. historically we had valuations as low as 10 times when the capital gains was 20% and when the capital gains was 35% valuations as high as 18 times
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and the point you made about investors is important because only 25% of the domestic market is owned by taxable accounts the rest is pension funds and retirement accounts, and foreign investors not impacted by this when there's a decline in the market this is an opportunity for them to come in and buy. >> right solita, i want to drill down on that because that's a very important point you're just making here. you are saying that if you look back at history, when capital gains rates have changed either up or down, it has not historically meant that much to the market at all. in other words, when people know a hike is coming they don't rush to sell. and when the capital gains hike goes into effect it doesn't depress the market and when capital gains lower comes in it doesn't force people to sell lower capital gains don't mean
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more selling am i hearing you right >> to some extents the market returns, if the market is really driven by earnings growth, monetary policy, fiscal policy so those are the things that business cycles drives market returns there's an immediate reaction like we saw yesterday and some people that might need the funds sooner than later and rush to sell so that they can capture the lower taxes. but like i said, the bigger driver of the market is not necessarily capital gains taxes and for investors impacted by this increase in tax we did the analysis and it really depends on your time horizon, whether you should sell or not. >> right. >> if you have gains and you have a longer time horizon and we did the analysis. it might make sense to keep the gains for six to ten years if
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you are invested anyway because at that point you outperform by staying in the market and then paying higher taxes later than selling now and just paying all the taxes. >> i see your point. in other words, if you hold on you gain more by holding on as the return in the market continues than to lose by selling and paying the tax now ro ron, do you agree largely with what solita said you said that the rising rates don't translate into bear markets. >> yeah. more typically as we both know it is rising interest rates from the federal reserve, tighter policy and conditions and the on set of war that have ushered in secular bear markets so i'd be little bit reluctant to suggest an increase as large of this one and i don't necessarily think is going to go through as stated either will affect the market that much it is one thing to --
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interesting sidebar if you will, we keep calling bitcoin and other alternative currencies currencies if they were currency they would not have the response to the increase in the capital gains tax. these are crypto assets at the moment, not currencies because you don't see the dollar sell off because somebody has several million dollars in gains from owning dollars. >> you bet your crypto assets on that one, ron. they're subject to tax >> absolutely. >> any time you want, man. >> i appreciate that. >> let me ask you this, ron. as we go forward, i mean, you never start with your best offer and i'm sure that mr. bide whon's been negotiator in the senate for a long time, this isn't his best and final on this >> no. it may not happen at all when you think that joe manchin put a cap on any increase in the
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corporate tax rate to 25% when which by the way i would rather see go up than capital gains tax. it's at the lowest ever and makes more sense to return some normality to corporate tax rates than capital gains rates again, everybody's talking about 28% which would still be below the top rate and when you take the money out of 401(k) or deferred account of any kind it's taxed at ordinary income rather than capital gains rates anyway and for most individual investors this means almost nothing. >> thank you to the law firm of marcheli and insona. >> tax law specialists at your service and welcome back, kelly. >> thank you
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that's an interesting point of corporate versus capital gains svb financial up more than 10% after results today getting a big boost from the ipo and deal making activity and talking to the company ceo greg becker about that also shares of harley-davidson cruising this week after earnings an analyst is downgrading the stock. we'll have more when "power so 's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business... you can pick the best plan for each employee and only pay for the features they need. at fidelity, you get personalized wealth planning and unmatched overall value. together with a dedicated advisor,
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report earnings and higher full year guidance by svb financial had the stock soaring today. had a big beat svb financial group president and ceo greg becker is here with more understandably this as you guys highlighted many times basically the best quarter ever. tell me how the pandemic and everything else going on contributed to that result. >> first off, great to be here with you and happy friday. it was a great quarter it was really driven by several things one is this wave of liquidity that's been all of last year and really followed through in the first quarter. wave of liquidity into the innovation economy and the big driver but then all four of the businesses, commercial bank, investment bank and v -- svb financial drove the heavy beat.
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>> this echos the results of goldman sachs and others and interesting that investors didn't price that in what do you think they're missing about your story >> i think what they're missing a little bit is that when you think about each of the components of our business they're all doing well we all benefit from each business, from the success, the innovation economy is having but what they miss is when the pieces are working together that's when something really special happens and what we continue to build on so the strategy is to put emphasis and resources and capabilities to be one-stop shopping for the innovation clients and they can work with the xhebl bank, with the private bank, the investment bank and the investment group. that's probably the biggest story line of the quarter and clearly what we work on for the balance of this year and beyond. >> we have seen a lot of discussion around the climate in particular can climate be as lucrative as
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other kinds of innovation? >> yeah. it is a pillar i think the u.s. has an incredible opportunity to really be the leader behind that. we have our own group within our commercial bank and energy and resource innovation group for many, many years so supporting all the solar companies out there and the clean energy companies is a core pillar of our business so we have seen that grow substantially and as we look at the next 12 months, 24 months we think that's going to boom and we are there to take advantage of it and capitalize on it and support that growth with our team and that is going to be true in our investment bank and other parts of our business, too. >> california keeps getting highlighted as a place to have over 50% marginal capital gains tax on the wealthy if the proposals come to pass that has a direct impact it
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would seem to me on your business is it a -- the kind where you benefit to generate activity maybe people sell now and look for -- how would that impact you? >> we've thought about that. we hear this is coming, higher taxes. while it may have an impact we think the impact is pretty minor at the end of the day. what really drives our business is investment in the broader innovation economy, technology, health care and to be honest where taxes are higher or a lot higher we still think that is the place investors want to be and so if on a private and public basis that's where money is flowing into we believe we'll benefit from that and if you think over the coming years if you were to invest or why would you want to be and put money from a growth perspective? these markets we serve that's the place where people want to continue to place money and
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whether the taxes are higher or a lot higher we think we're still going to be in good shape. >> hard to imagine people saying they don't want to invest in innovation thank you for your time today. >> absolutely. thank you. >> ty? shares of microvision soaring today and we'll tell you who's talking about this stock and sending it higher. intel moving the other direction after results says the chip industry evolves, which companies benefit? april is financial literacy month. here is bridgewater associate's co-chief investment officer. >> when i was a kid i did odd jobs you know i caddied. i mowed lawns and so on and took my money and i put it in the stock market because stocks were
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i know this is hard to take but it is time now for the last power movers until monday. microvision, another one of those lidar companies macking technology for self-driving cars but the stock is a wall street bets darling a firm that watches for stocks on social media tells us it's soaring on online mentions today overtaking gamestop which was a number one on the list. next up a stock brought you earlier this week, ocugen soaring again on the positive results for the covid-19 vaccine candidate. harley-davidson, finally a company i know, it is humming this week after reporting results up 17% but morgan
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stanley warning the trend could go in reverse and read that story on, kelly. >> my name was in there? that would be pretty cool. >> no. >> thanks. ahead on "power lunch," the chips are in focus intel reporting an earnings beat and the shares tanking on concerns of a deepening shortage around the globe. plus, creating credit. goldman with the thin tech start-up to improve credit by paying rent. we'll explain as "power lunch" continues.
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now you can see these shows. and their unforgettable moments, for free. so you can finally talk about them with your friends. get ready for watchathon week, free starting april 27th. download the xfinity stream app to get ready to watch. welcome back here's your cnbc covid update. with the results of a major study in the cdc is recommending pregnant women get a covid-19 vaccine. >> we were able to follow over 35,000 pregnant people vaccinated and experience the same side effects. we were also able to follow in detail more than 3,900 pregnant women and over 80 of whom completed the pregnancies no safety concerns were observed
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for people vaccinated in the trimester or safety concerns for their babies. canada's prime minister and wife received the first doses of the astrazeneca vaccine today at a pharmacy justin trudeau said he was very excited to get the shot. there's not as much excitement in central indiana where a clinic canceled when 97 people made an appointment out of 1,200 slots available. the disappointed official said the pause of jn 2 was the final nail in the distrust back to you, tyler. >> did i see that justin trudeau is tated on the left shoulder? >> do you know what, i didn't see the video so you see me. what was it? i love arsenal forever or something different? >> there it is look at this. >> there it is. >> some kind of -- >> wow. >> an eagle or -- no i don't know what that is. >> looks like some kind of bird
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of prey. okay all right. there we go. will have to fess up if he has one. >> you are heavied inked, tyler, right? >> no. inkless. inkless. >> there we go. >> all right thank you. >> see you in half an hour. markets take a look at the dow. it's up 230 points look at the s&p up by i believe more than was lost yesterday up 1.5% and the nasdaq climbing back and the russell 2000 up nearly 2% oil market closing for the day dom chu is on it. >> on a high note. check out west texas intermediate prices. up 1% on the day brent crude up 1%. this whole week is a near-term down trend and concerns that covid outbreaks in asia like india and latin america, brazil
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specifically, could weigh on demand and inventory data playing into that narrative. remember energy stocks have been some of the biggest hit parts of the market the worst performing sector in the s&p 500 so if you look at the majors like chevron, exxonmobil and we mention diamond back energy, two of the best performing stocks in the s&p so far in 2020 back over to you. let's talk intel reporting quarterly results after the bell last night earnings and revenue beat. intel still down almost 6% the new ceo last night addressing plans for billions in new chip plants. listen. >> i just announced a $20 billion factory expansion in arizona. also said we expect to announce the next major location later this year so we are investing.
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we are betting we said we're ready to go faster, bigger with further incentives by the government and seeing great response in biden's job plan includes r&d, broadband and semiconductor manufacturing. >> $50 billion is a big opportunity so is this turmoil going to blow over let's bring in cj moos this echos yesterday for a lot of -- it is so interesting that the bull case for intel is basically big government support. what would you say >> yeah. that's the hope trade. right? i think the reaction for sure today is that the honeymoon is over now and that there's some real questions as to what the future model under the idm strategy is and what gross margins are and the unfortunate thing is pushing off that
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conversation until the fall when they host their analyst day so now there's lots of questions that are not likely answered for sometime and that's driving the selloff today. >> why is the government support or funding here so attractive? intel will take the money and the support but other american chip manufacturers who have done well and strategically important and somewhat you could an argue a disadvantage should we expect funding for them and why isn't it funding to turn to the prooit markets and raise or perhaps again they just realize that they don't have to. >> right there's -- you got to segment the market so you got intel leading edge manufacturing and all of the very large other chipmakers that you know like qualcomm here in the states and so, they don't manufacture
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themselves they go to tscm or global founders or samsung so the goal for the united states is to have leading edge manufactures here in the country it is a strategic national imperative and so that's where the funding dollars are coming in the debate is how much intel versus global foundries which is a foundry here in the states as well as samsung and what the u.s. needs to decide and 100% we need to bring the manufacturing here because we don't want to rely on a factory that is 100 miles off mainland china i don't think that's the best alternative. >> let me ask a dumb question for which i'm famous and that is this if chips are in great demand which i think they are but in low support which they are isn't that good for the vast majority of chipmakers including intel?
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what's been wrong with intel take that argument apart for me if you wouldn't mind. >> yeah, sure. from a semiconductor performance perspective we have a great year in 2020 excludeing when the pandemic really hit and so now the question for the overall group is where are we in the cycle. i would argue that we have a long way to go but specific to intel there's real questions for the business model where they face real competition from arm users in the server market and amd. and starting to see other players start to become more aggress i in the pc market so the concerns around intel are structural. >> it's not the business it is their business right? >> yeah. exactly right. >> got it.
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cj, thank you very much. we appreciate your insights today. to the bond market and mr. santelli tracking the action. >> on the session treasuries are yields higher but on the week treasury yields down several basis points look at a two-day of 10s 158 high 153 low yield. if you zoom it back to a year to date you can see how important that level is. basically the market has turned for april. it is consol dating but it isn't really giving up ground and traders are quite nervous should it look to trade under a 152 yield. foreign exchange, big week and not in favor of the dollar all the charts the dollar's at the worst level since early march whether it's the yen or the euro they start at the end of february even the dollar index itself 57% euro sen trick looks to close at
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the lowest level since early march and considering where interest rates are the lack of volatility and the notion to stimulate even though bank of canada pulled back look for the dollar to be under pressure so say traders. back to you. >> thank you. huge week of earnings next week more than 150 s&p 500 companies report and out of that huge sea of stocks which should you buy now? you packed a record 1.1 trillion transistors into this chip i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you become an agent of innovation with invesco qqq
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welcome back to "power lunch. we have got a packed week of earnings ahead names like microsoft, a third of the s&p 500 reporting. including microsoft, boeing, m mcdonald's and apple let's ask two guests on which names to be buying right now danielle, you have your eye on
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caterpillar. but you have honeywell as a competitor talking about constraints. where do you stand on shares >> i like caterpillar and you know what i like about it is on earnings it doesn't move that much but everybody's looking at it so that means that the implied volatility is rather high and moves 1% to 3% on earnings and usually pulls back a little bit but noticing in the options market because of the implied volatility traders could come in and sell premium right at the money for a really good risk to reward exactly you're right about the industry with oil prices rebounding so overall i think that it is really strong you have to look at honeywell as well but i think that caterpillar will likely have a small move if they do pull bag within the 1% to 3% range and look for a great place to add
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shares if you don't want to trade options. >> craig, you have an eye on social media and heard from snap better than expected earnings. could we see something similar from facebook? >> absolutely that's the case. if you look at facebook, they've on missed three times going all the way back to 2012 you look up at the chart and stock consolidating sideways since last september retesting support. looks like a good entry point on the charts and if we kind of measure out the size of the breakout we could see 22% upside on a confirmation and a break higher from here and wound a buyer. >> the stock is higher at 300 a share. craig and danielle, thank you. for a look under tesla's hood ahead of the monday earnings report go to our website or twitter. back to you. >> love the fish in daniella's
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background. a fintech company with goldman sachs to help people improve their credit scores and help landlords collect rent. it's an interesting idea and will explain as "power lunch" returns. a strong rebound on the nasdaq up 213 point 1.5% >> and now the latest from trading and a word from our sponsor.
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welcome back, everybody. the cdc extended the rental eviction moratorium until june 30th but according to census data nearly 4 mm people are at risk of eviction right now a fintech startup is hoping to ease that crisis by reporting rental payment history to credit bureaus and that helps build credit scores. good for the renters hopefully
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and incentivizes on time payment to the landlords and now rep from goldman sachs with a partnership. for more on how they build credit i'm joined by two guests, co-founder and margaret who's global head of sustainability and impact investing at goldman sachs. abae,to be here clear renters -- excuse me landlords have collected credit scores on potential renters for a long time this is a product or a service that will enable landlords to report the payment performance of the tenet to the credit bureaus. do i understand correctly? >> correct the real impetus will focus on this is the 4 million to 5 million people in the united states without a credit score so landlords understand the
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importance of residents and that's why they partner with us to report on-time rental payments into the rating agencies when you pay mortgage today you get credit when you pay your rent you do not get credit and what we are doing is giving credit where credit is due. >> so you get credit for paying the rent on time just the same way a mortgage holder would get credit for paying their mortgage on time. you have an interesting personal story. margaret, just a second. you came with i think you said your mom from africa and you found you had no way, no credit rating here in the united states before -- you ended up having to borrow at an exorbitant rate from someone this would not have helped you at this point, would it? >> this product would have helped because my mother and i were renters we had brooklyn and moved to the united states and what happened was when we 'em graded to the
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united states we got the rent but walking into a big institution to borrow money we were turned away that's over 400% interest rate my mother pawned my father's ring and that's how we started in this country. inspired by that experience in . where you come from. the color of your skin your credit score shouldn't determine where you end up in the ulths. >> this is a classic american story obviously of someone identifying a problem and coming up with a potential solution margaret, where does goldman sachs fit into this? >> this partnership with esusu it's a key facet of sustainability goldman sachs is focused on climate transition and inclusive growth and i think if you hear the story he just told there are folks that are just not able to participate fully in our society of things outside of their control. so we step back and think about
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what a fico score is supposed to do it's supposed to judge someone's financial health and for renters, and this is a third of households in the country today, much higher numbers for people of color and people who are low income, those renters are seven times more likely to be credit invisible. so for those folks you can have experience like his family where you need to borrow at 400% and it really just doesn't make sense. think about is it from the risk management side, to leave out the largest payment that most americans are making every month, right doing it on time it's a large payment and not have that factor into your credit score. it just doesn't really make sense. so first and foremost we think this is the right thing to do. and as risk managers the more appropriate way to be looking at individuals and families who are renters. from a second standpoint, it's such a huge impact -- sorry. >> go ahead. finish your thought there, abby -- i mean excuse me, margaret go ahead >> when you increase someone's
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credit score, as happens 80% of the time when renters are able to report in the way that, you know, esusu is allowing them to do, that unlocks a lot of opportunity. that can be the difference for someone who has a credit score that then allows them to take out a loan and start a business or take out a loan and get a car, which is going to allow them transportation and more job opportunities. so what we're doing here, it starts with that increased credit score but the impact goes far beyond that. >> so let me ask you, margaret, where -- is goldman sachs then collecting data as a landlord from properties that you're an investor in to then furnish that on to esusu? how does -- where is goldman's play in this is sort of what i'm asking i guess >> the partnership actually started back in 2019 we worked with the credit builders alliance which is a not for profit focused on justice, how can we improve average
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everyday americans' credit scores and they really joined that partnership wechlt susu as a real solution to this problem. so currently already esusu is offering as an opt-in to tenants in thousands of our units across the country, this is in atlanta, philly, new york, salt lake and we hope to roll it out even further, to tenants in buildings where goldman sachs asset management has an investment >> margaret, i have to ask you this 37 i think we met at a teach for america event a couple years ago. did we >> we did. >> am i mistaking you -- we did. and it was the night you became partner at goldman, didn't we? >> it was. you have a great memory. >> well, congratulations once again. and abe, thank you very much for your time today. and it's good to see you again, margaret >> good to see you as well >> and thank you both. kelly. >> thank you, ty after a one-year pandemic hiatus, it's back.
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welcome back the cnbc annual stock draft is coming back. after a one-year hiatus due to the pandemic
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we're going virtual but we're still going to do it right here on "power lunch" next thursday at 2:00 p.m. eastern the same big stock names are up for grabs including some new spacs, ipos and reddit favorites and even bigger celebrities, athletes and investors are coming to us from all over the country. so the teams this year include miami heat's andre iguodala, draft veterans tim seymour and kevin o'leary, poker player maria ho, twitch streamer jason frank, tiktok star josh rifrpds, supermodel petra them koefra, olympic swim ellen murphy -- that's a lot >> that's a list >> dominic chu is here with me the hat, please. >> i'm going to shuffle these cards right now. we're going to start with the number 10 spot first okay even though i've argued the editorial value of starting with one first. everybody has a fair shot at the top pick the number 10 pick first of all -- i'm going to fire through these. derek fisher, l.a. sparks pb. >> what does it mean he has the number 10 -- >> team inclusion. he's going to pick 10th in the
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draft. >> how many names are in the draft? >> 10. >> 10 total. so -- >> 10 players total. >> so how many stocks? there must be like -- >> there's a whole bunch there's 60 stocks in there >> okay. >> so number 10 is derek fisher. team inclusion is his team name. right there. number 9, andre iguodala andre's aces the basketball players number 8, josh richards of tiktok fame, animal capital. number 7 is going to be petra nemcova. petra for the planet, model and philanthropist >> nice. >> next up is going to be oz pearlman oz knows >> all right >> then we have jason frank, the stock guy from twitch. and then our next person here is kevin o'leary, mr. wonderful himself. we know him pretty well. >> okay. >> and then we've gotline murphy going for gold, olympic swimmer. our penultimate pick here.
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maria ho, blue chip leaders. and our top pick in the draft goes to tim seymour of seymour asset management >> seymour gets it, ty >> that is wonderful tim seymour gets to go first i think we're doing it thursday, which is the same night if i'm right as the nfl draft so we'll see who the trevor lawrence of stocks is next thursday evening >> i don't know, the contenders, dom -- again, this is about which will perform the best over the next 52 weeks if i'm not mistaken >> absolutely. >> we don't give you a whole universe but we give you representative of the whole universe you can pick from spacs, big tech names, you can basically take your pick >> basically, these guys get two picks each they're going to go and get graded on performance between the draft day and the day before the super bowl, i want to say it is if you take a look at the world that we've picked out there, it's the hottest names you hear about all the time on cnbc it's the spac names. it's some of the cryptocurrency type names hot stocks out there so they've got a whole world to pick from. the real issue is draft order
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matters because it's the top pick and then everything else of course as well >> we didn't have a stock draft last year. so there's no winner to announce >> we're going to make up for it, though, this year. we're going to be doubly good this year. >> i am excited. i will say i've already been looking at some wardrobe options. the most important -- >> beautiful thing >> all right that does it for "power lunch" today. tyler, dom, thank you, everybody. we're look forward to it all next thursday. "closing bell" starts right now. >> love the stock draft. welcome back, everyone welcome to "closing bell." i'm sara eisen along with will fred frost stocks rebounding today from thursday's tax shot. the major averages in the green with the nasdaq leading the pack but all are still in jeopardy of closing lower for the week breaking a four-week win streak. let's look at what's driving the action investors digesting a possible ramifications of a reported capital gains tax hike for wealthy americans. we'll talk much more about that in a moment. those tax concerns are having a big impact on crypto today bitcoin fallin


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