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tv   Power Lunch  CNBC  June 29, 2021 2:00pm-3:00pm EDT

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uno, dos, tres, cuatro! [sfx]: typing [music starts] [sfx]: happy screaming [music ends] welcome to "power lunch," everybody. i'm kelly evans along with eamon
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javers the topping the hour the mega cap tech trade the focus is back on gold. facebook joins the gold club >> cyber cold war. u.s. and russia talk tough on cyber crime in geneva but was any progress made? david petraeus and the co-founder of crowdstrike will take us inside the battle a fight that's costing corporate america billions of dollars. >> post-pandemic flight plan united make its largest aircraft purchase ever pap big bet over surge in air travel. "power lunch" starts right now ♪ here's where the markets stand midday dow is up 32 points. s&p and nasdaq hitting florida day lives. bank stocks have been leading the way, losing a little steam this came afternoon.
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jpmorgan is negative all of this after releasing their capital plans yesterday. home builders are up after kay schiller said home prices rose more than 14% year-on-year the gains about 1% to 2% >> as the nasdaq don't hit those record highs nearly every day big tech once again leading the market with facebook topping a trillion dollar valuation. mark zuckerberg is speaking right now. let's start with the the return of growth and the queen of growth, katy wooded. >> reporter: growth is the name of the game for katy wood. those have been stage a come back over the past six weeks all her etfs are off those may loss now positive for the year. names like tesla and coinbase, two of her top holdings and biotech stocks in her portfolio leading the way.
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and therapeutics surging after a study of a gene uediting treatment. and another name, kratos that works with the u.s. military and fourth largest holding in a rkq. it has been a buyer for almost half of the days this month. and for our next big bit guys, bitcoin fef, etf, it's about mostly been through proxies and bitcoin trust. but there is a long line here. there are now eight companies total waiting for sec approval for a similar investment vehicle. guys, back to you. >> thank you very much
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speaking of growth stocks the trillion dollar club add agnew name facebook close above a trillion dollars in market cap for the first time yesterday joining microsoft, amazon and alphabet with that 12 figure valuation. can the market keep sustaining these valuations for much longer greg, what do you think, is it time to double down on big the tech >> yeah. look i think all the factors are work in big tech's favor there were three headwinds six week ago interest rate environment. a rising rate environment is significantly more harmful for tech and growth. second was what is the true earnings power of these companies? what was covid related bump versus what is the long term secular growth story for these companies. i think we're in the midst of proving that as we continue to see record earnings, we don't see record growth rates, digital advertising come in with 30%
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plus, cloud come in, many of those companies at 50% so we're in the midst of proving that the experience we had with them last year was not just covid related but we're in the mitsubishi of some stories >> what the pandemic did for these tech the stocks. what about the washington factor i'm a washington guy i look at the overhang of regulation and populace anger we see at these companies in washington. what do you factor that in >> yeah. i don't think that head wind has been resolved. i look at that as more postponed. you're right the public furor has contributed to what we'll see is the second round maybe thibd round of the states coming back and ftc coming back. the judicial branch put a line in the sand. elected officials are not enough
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to establish monopoly behavior which is difficult to establish when we talk about services free to consumers in many cases so i think big tech breathed a sigh of relief yesterday investors breathed a sigh of relief we postponed resolution of this head wind. >> what about the ftc and this is somebody who can change the rules of the game that are currently being applied? >> not if the judiciary doesn't cooperate. but, again, i think we need to examine what is the nature of that competitive and what will get the judicial branch to agree something is anti-competitive particularly when we're not charging consumers as long as we're staving off the answer to that, these companies are resoundingly good. whether that's the phone
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business at zoom, whether that's ecommerce at facebook and their tech rates and license fees which are not counted in, whether it's the cloud business, there are strong growth stories here >> we'll talk about this later in the broadcast cast. everything is opening up people are going back to work. you worry about screen fatigue overall. only so much time you can spend looking at your laptop and phone and devices and talking to alexa at home. where is the edge of the cliff in terms of zoom fatigue and screen fatigue overall as people get back into their real life and go back to the beach and july 4th and all the stuff we've been waiting so long to do >> is this a pertinent argument when we talk about the digital advertising cycle. there's no doubt we saw a pandemic induced engagement bump last year. what we're finding is that although user growth is
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plateauing, engagement is remaining persistent while i do think that the pendulum will swing back a bit, what we're finding people have incorporated into their new daily lives, that the engagement that they are incorporating in to every day tasks like shopping or checking things online that that may persist we haven't seen the actual engagement plateau in ways that i think consensus was expecting. >> i like that our new daily lives, new new normal. now a news alert we were talking about and julie boorstin is in l.a. with more on that >> reporter: facebook is announcing bulletin. is that new tool journalists to send out news letters and allow people to either pay or do it as a free version this is going to live outside of facebook, so you'll have to go bulletin.com to sign up and pay outside of facebook. this allows them to circumvent any potential fees if they go
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through the app store. these journalists will be eligible to share their articles through facebook news. so they are starting with a small grouch journalists including malcolm blackwell, jay wells as well as some other folks like janet yellen who is a information cnn journalist so they are starting with a select group and expanding from there. this really shows facebook making more moves into the create oreconomy this is an opportunity for individual journalists to monetize their fan barks have a way to go directly to the people who want to read their content this is something that mark zuckerberg has talked about a lot. they are creating a website for this that will live outside of facebook guys, back over to you >> this is very interesting. we were just talking about this the newsletter economy not like we can check on the trading price. anything you can do, we can do
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better why start with a select group of jou journalists. >> jane wells live shots are awesome. >> do you think it will support or kind of lean into because this is becoming a growing trend. these video news letters basically. do you think that would differentiate in the market from what are tons of different platforms? >> the reason you go to experience content creators is because they are experienced at creating content and they know how to do this jane in particular but all those other people as well the big question to me who gets to keep the money. if you're doing these side businesses as a journalistic brand, do you get to keep a piece of that action or go to the corporate bosses upstairs. >> phil griffith, shout out to the man he does it better than most coming up the rise in ransomware takes. we have the most knowledgeable
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person on the planet to talk about this issue along with david petraeus and co-founder of crowdstrike. we'll talk about what we know and what we don't when it comes to the biggest challenges facing corporate america. and also we'll talk about the crackdown on crypto. tom brady making crypto news there's a lot coming up on "power lunch". we are thrilled we finally found our dream home in the mountains. the views are great, the air is fresh. (sfx: branches rustle) it is bear country though. hey boo-boo! we hit the jackpot! bear! bear! bear! look, corn on the cob! oohh chicken! don't mind if i do! they're hungry. t-bone! that's what i call a smorgasbord!
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. welcome back a wave of cyber crime tied to russia dominating biden's meeting with russian president putin earlier this month the lives to watch it. first there was this solar winds hack back in december and more recently the fbi tied the ransom aware attacks to colonial pipeline and jbs cyber criminals likely based in russia has any progress been made with biden's meeting with putin joining us now is david petraeus and dmitri alperovitch general petraeus let me start with you as the former cia director you've seen these superpower sit downs before. what results do you see and how quickly do you see them? are we starting to see those russian backed cyber attacks tail off or what's the verdict from the field >> well, first of all greet be with you
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i think that the track record in the past of russia somewhat speaks for itself and, therefore, we should be very, very cautious in assessing that what seems to be a modest decrease in these kind of attacks is something that will be sustained but the rhetoric was heartening i guess you would put it the fsd has echoed the success of the kgb has said again indicates some reason for a mild degree of optimism but i think whenever we're dealing with russia it pays to be from missouri, show me and also recall trust but verify >> if you were at langley, what kind of intelligence does the u.s. have on understanding how the russians think about this, what orders they might be giving or connectimmunication they mig giving to the cyber criminals. does the u.s. have a good understanding of that or is that
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a black sfwhooks it's not a black box. i won't go into detail suffice to it say the u.s. has very good insights into what is going on in decision-making really around the world but especially when it comes to the most important countries around the world. >> and dmitri alperovitch we were texting about this question yesterday. you said you saw some things inside russia that you thought were maybe a little bit encouraging post-geneva. what did you >> he >> one thing we should appreciate these cybercriminal are not part of putin's inner circle, or oligarchs even those there's a close connection, mostly they want protection and exchange favor for they do for intelligence service. these are things that putin can take action on these cyber criminals without jeopardizing his power base. that's why i'm optimistic we can
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make some progress on this issue. there are some positive things from the post-summit the fsb director made very encouraging statements last week saying that he wants to see cooperation between u.s. law enforcement and russian law enforcement and cyber crime. there was an unprecedented meeting of the russian national security council led by putin on this issue they haven't done any of that before proof is in the police custodying >> why does vladimir putin have any interest in that maybe diplomatically he wants to show a hat tip toed by but vladimir putin gets enormous cyber capability from these criminals and he has a workforce trained to hit things in the united states if he needs it in the future they are getting hard currencies coming in to the country, a country that desperately needs
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this what if putin said i'm not going to do this any more >> the cash that's coming in is significant but nothing for russia the they are getting billions of dollars from oil and other types of revenue this is not significant. we don't know what happened in the summit between biden and putin but i hope biden made it very clear to putin unless actions are taken, unless these individuals are arrested will be severe repercussions for the russian economy. on the russian energy sector and sovereign debt that's why we're seeing these positive signs >> as i hear you both, general petraeus you especially a little skeptical that geneva made a dent but we spoke to a cyber expert yesterday about the various proposals banning crypto currency. now there's plenty of people swept cal and think that approach is overbroad but he
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thought it might make sense. take a quick listen. if we were to ban crypto currency tomorrow would that stop ransomware attacks? >> it would. and i say thatlight because what would happen you would have an influx of ransomware groups get off before that happened >> he's warning the attacks would pick up vigorously before such a ban i realize it might be impossible to implement basically it's against the law, the activity would drop sub standly. whether it's geneva or some other state by state negotiating basis is there a different way entirely to solve this problem >> i agree crypto is a huge part of the problem but i don't think we should ban it if we ban computers we would also solve the problem i do think that regulation on
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crypto currency, know your customer, make sure that large transfers are tracked and these criminals can't receive them anonymously would be very important in stopping this problem. >> thank you so much the crypto guys hate this, hate this when you talk about crypto being responsible for the ransomware attacks we'll get a lot of tweets from that about that comment in that segment but it's a fascinate conversation >> if corporate america has no other way of dealing with this, then either paying it. then you have to look at extreme solutions if there's not going any other proposed way from what you heard them describe does it sound like there's real progress being made >> it sounds incremental >> it's something. better than nothing. all right. still ahead commodity crush. copper on pace for its worst month. we'll look at what's causing
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declines tonight we'll take you inside one of the most successful business partnerships, warren buffett and charlie munger sat down with becky quick. as we head to break listen to why the duo chose to pave their own way. >> we made a lot of money opinion what we really wanted was independence and we've had the ability since pretty much a little after we met financially, we could associate with people we want to associate with and if we associate with others that was our problem we don't have to that being 25 houses and six cars -- what really is great you can do what you want to do in life and associate with people you want to associate with in
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here's your cnbc news update as biden was heading to wisconsin the white house announced he and first lady jill biden will be going surfside, florida. they will talk with families and officials to make sure they have the resources they need. administration officials will make sure the visit doesn't draw any resources from the search of possible survivors 150 people still unaccounted for. >> since our last briefing, no new fatalities have been confirmed but we have been able to notify each of the 11 families who have lost their loved ones this is very, very important that the notification has been able to occur. >> in sidney, australia, long lines of cars for covid testing and vaccinations the government is make all adults eligible to get a shot as it fights against delta variant
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outbreaks that prompted strict lockdowns in sidney, brisbane and two other cities such a different approach they've taken. very interesting one thank you very much. look at the market behind us all the major averages are higher not by much but enough to set record highs for the s&p 500 and the nasdaq dow happening on to a 35-point gain i'm now for today's power movers first up moderna trading at all time highs after saying its vaccine show promise against variants >> about a 6% gain shares of pool is trading. up another 20% this year big beneficiary the heat wave and people looking to enjoy the summer closer to home. >> morgan stanley is upgrading
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textron. it stands to be a market leader in the takeoff and landing industry read more about all of this at cnbc.com/pro >> wyoming senator laying out her vision for a new crypto business what would the regulation look like nationwide? we'll ask. >> goldman sachs seeing the light. meaning ge is a top pick >> plus ready for takeoff. united air lines has new planes and fresh interiors. with the spread of covid variants could the industry be getting ahead of it? we'll have all of this when "power lunch" returns.
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welcome back oil has been such a story this year closing for the day. we'll see if it's up >> reporter: it's been a volatile session for oil today with the contract swing between 1% moves in both directions, as the market awaits thursday's meeting between opec and its allies wti futures finishing the session up about a quarter percent. brent crude up a quarter of a
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percent. now the street is largely expecting opec plus to boost output the group is trying to maintain a goldilocks market. that's bouncing the demand for recovery that's bringing prices higher and a possible break through in the ongoing talks between u.s. and iran. to get some more clarity later this week. to the bond market now where the shorter end yields have been rising yes. let's set the table on this. you know this morning we just had another one of these areas where no there's no inflation there. the housing price index year-over-year at just under 14.6%. never been at a higher level going back to 1988 knowing that, look at intraday of five. at one point 92 basis points open that chart up towards the end of the first quarter, the end of march, you see that spike
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on the left? that was 94 basis points at the time that was a one year high yield we came close today. the point here is that five to seven years there's about where the mortgage paper last considering speed of pre-payments and the fact that interest rates and refis were coming at the end of the road. the more they talk about the taper the more it's focused on mortgage, the more pressure you'll see on the curve right around five to seven year. to prove that, let's look where we were on ten years towards the end of the first quarter what you'll see is 148 now we're at 174 at the end of last quarter. 26 basis points away 30 year bond is at 241 32 basis points away you want to watch that five through seven year especially as we get closer to the next meeting because they can say whatever they want the market wants to taper and the fed will have to deliver back to you. rick santelli thank you so
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much wyoming has become a key player in the crypto boom that many in the space moving their operation there's. no surprise one of the state senators is advocating for bitcoin and pushing for so-called smart regulation >> reporter: the senator from wyoming is the founder of the financial innovation caucus in congress been a major advocate for cryp currencies on capitol hill she sees it becomingan important component of retirement portfolios. she sees as a hedge against inflation. >> i encourage people to buy and hold i encourage them to get bitcoin for their retirement, their future that's because as congress spend trillions and trillions of the dollars and is flooding our economy and the world economy with u.s. dollars there's no way
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that we cannot debase the value of the u.s. dollar >> reporter: and she practices what she preaches. she's an investor in bitcoin as well >> i buy bitcoin and hold bitcoin. >> you have bitcoin? >> i loin have five bitcoin. >> reporter: only five bitcoin but she bought them in 2013 for about $300 each. she can add a couple of zeros to that number. wyoming is in the process of setting up its own crypto banking system that they hope becomes a model for other states my full interview will be available at cnbc.com/fa100. >> first of all five bitcoin is nothing to sneeze at that's five more this in a got these discussions about regulations focus on twhoing what kind and. how much regulation is too much, where is the limit where does she stand
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>> right now lawmakers are doing more listening than ledge late she talked about trying to meet industry players with lawmakers to explain crypto currency to her colleagues on capitol hill first and foremost but then understanding the line between can regulators handle this or is this something where congress needs to step in she doesn't want to see crypto currencies overregular late but privacy and antimony laundering efforts will be important to ensure bitcoin is around for a long time. >> thank you so much my next guest runs one of the largest crypto currency exchanges in the world let's welcome in sam bankman-fried. sam it's good to have you. your exchange is one that tom brady has an equity stake in what's going on there. >> yeah. super fun working with him and
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talking with them. they've been interested in crypto for a while and, obviously, extremely impressive people and working with them on the charity side >> tom brady was emblematic how laser eyes didn't work anyone have any ideas. i guess what i'm saying if he feels a little, you know, burned by the moves in crypto, why are they doubling down on the crypto exchange >> again, you have to ask him. we've been chatting with him for a while. i hope that he has confidence that we'll execute well. >> all right as we know the business of being a crypto exchange can be different from holding crypto itself tell bus the business side, sam. how much volume are you guys doing, what kind of crypto are you and aren't you exchanging and what kind of regulatory measures do you think are headed
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your way >> totally the core business model for us is we're a full stock exchange it's not if equivalent of a traditional exchange which is mostly the match engine. everything packaged into one except for the buyer and seller. we have about 10 to 15 billion dollars per day of volume that trades on ftx and split between a bufnch of crypto currencies >> ieamon javers we heard from a information director of cia, a former cyber expert and united states senator speak about crypto being involved in this ransomware that's playing america right now. how do you approach and money
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laundering and how can you do it at a level or can you do it at a level that the big banks and big exchanges can do it? >> we've had a program since day one. we conduct security checks on our customers in terms of who they are and identifying information about them and the block chain. we track their services to monitor for known suspicious addresses. in fact you saw with one of these ransomware takes there's some money recovered at the end from sort of bad actor and one of the powerful things about crypto is a published ledger you can track down it's a complicated story when you talk about privacy points which is very hard for law enforcement trook down most major krimto currencies gives law enforcement a lot of tools as long as the major players in the space are being good actors and doing their duty >> that brings up the key
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question what do you with these red flags once you find them who do you talk to where do you go once you find something that doesn't feel quite right. >> this is also an international kind of global phenomenon. we're regularly in contact with agencies all around the world. you know, we will reach out, talk about a specific case there's a transfer we saw can microrated to someone who involved not sort of the bad actor itself just related to a person involved in it then we'll talk about tracking that down and helping to the extent we can. we're talking about hundreds of agencies because this really is global >> you're talking about hundreds of agencies around the world how do you coordinate that it seems like a complicated subject. the technology is complicated. law enforcement is complicated
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as it's ever been. key thing i want to know have you stopped any crime? do you think any you reported so far to any government entity anywhere has stopped a crime in progress >> oh, certainly for one thing we've seen people withdraw, organizations themselves that are pretty bad actors and we block those every time we've also had a number of case where governments requested us to work with them. whether we've been able to stop the crime itself we've been able to recover funds after it happened >> sam, thanks so much fascinating conversation it's sam bankman-fried of ftx. goldman sachs naming this stock that's up 100% over the past 12 months and higher today following united air lines massive jet order which ge will build the engines for.
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so, should you buy in? our traders will discuss next.
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jpmorgan is about itting big on isg the san francisco based start up was found by former bridgewater associates now rather than just pour money into funds clients can use open invest to create customized based portfolios this is jpmorgan's third acquisition in the past year read more on cnbc.com, even though hugh has gone on vacation >> reporter: ge getting a big endorsement from goldman sachs analysts naming that stock one of their top large cap ideas and calling it the ultimate self-help, re-opening story in industrials. what does that mean? ge seeing a major come back, up 120% from last september's lows. this is an interesting name to discuss. todd, i spoke with ceo last
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quarter and he told me he would rule out more m and a, more deals and restructuring taking place at general electric. he played a pivotal in changing the narrative around the stock >> yeah. he's a hard worker i know the morale has improved if i can talk about industrials overall. that report is interesting it shows ism broke about 60 the highest level since 1997 compare that to customer inventories they are at record low frey 93. some restocking which is good for the industrials. i like ge. the stock was hanging below 12 and a half bucks the stock is very sensitive to interest rates overlay the ten year yield on ge you'll see it. i'm not expecting higher yields so that could be a head wind on a tail wind i really like this order 270 jets
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ge will make engines for both of them and they have this onshore wind technology they are geared up to get these massive wind turbines offshore in the ocean from provide serious power. i'm bullish on ge. i hold the stock and like it >> on and offshore wind renewables is a big focus. looking through this goldman sachs report on ge it does say it's the most rate sensitive stock in its coverage. ge, of course, has not just aviation, power, health care, renewable, very much tied to the health of the global economy >> yeah. 100% also the smaller segment of their business the capital leasing portion ties into that rate i'm not projecting for rates to be rising which would play into southeast headwinds that's possible for ge. you're looking at the business on an organic basis, top line
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trending down wards, m and a acquisitions that will circumvent that. it's very cyclical and we're seeing that rotation back into growth this stock has run up above 90% over the past year and if you're looking a lot of good news is priced in. a lot of head winds ahead of it. >> $13 a share thank you both for more trading nation head to our website or follow us on twitter. kelly, back to you united air lanes is betting big on the travel recovery with 200 new planes and noors and we're take to you the unveiling. >> reporter: new planes, new noors and a new approach to customer service i'm phil lebeau with a look at united's big investment coming up on "power lunch". >> announcer: and now the latest from trading nation.cnbc.com and a word from our sponsor.
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welcome back united alliance getting ready for what it hopes to be a return to normal, placing huge orders for new planes phil lebeau, take it away. >> reporter: eamon, this is a huge order let's spell out what is being ordered by united airlines it breaks down like this 270 new airplanes, 200 of those will be 737 maxes, 7 on airbus 81 neos, with the real acceleration coming in 2023. here is ceo scott kirby. >> by the time we get to 2023, a new airplane every three days,
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this really is about, as we come out of covid, confidence in the future, being able to rapidly change the airline for customers. >> reporter: one of the big changes, upgraded interiors for every single s.le-aisle plane which they fly more premium seats seatback entertainment, bigger bins, you this united finally saying enough with the regional jets, we'll put more of the bigger mainline jets on a number of routes. they do expect traffic to increase they see business travel rebounding heading into the fall it's not back to normal, but they do see acceleration that's taking place, and it's happy over the last couple months. they expect that to continue this fall. keep in mind that they are all banking not only on leisure
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travel, but international travel to that end, united expects a record year next summer when it comes to transatlantic travel. they believe next summer will be a blockbuster. people who are wanting to go to europe, eamon, will finally get on board and go next summer. >> i love this story i think it tells you everything you need to know about the economy. this is an industry that was absolutely clobbered last year. >> reporter: yeah. >> from trough to peak, i can't think of a time in economic history we've seen a turnaround that fast from being a total free fall last year, to this boom and optimism. >> reporter: you bet. >> that these guys are talking about when they talk to you. >> reporter: you see it in the fares. people are complaining my airfare is this month for august other september. that's a sign of how much demand is out there while nobody likes higher
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airfares, it is reflective of the demand and health of the airline industry. >> i've been traveling around the country and the world. i was in tampa, geneva, now here in new york. the airlines are full, the airports are full, people are traveling. a lot of it feels like tourist traveling, but a lot of business travelers are starting to get out there. i think it's starting to come back. >> reporter: absolutely. i think it will accelerate over the next couple months eamon, the only thing i would add is do we have this whole discussion, we talk about everything is back, everything is fine, the market is telling you it's concerned about the delta variant, and -- i mean, we were just reporting about australia. they have pursued more of the lockdown measures and now they're going the vaccination route. >> that's the x factor delta variant versus zoom fatigue. we are so desperate to get out
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it feels great to be here, first of all, but feels great to be in new york, traveling again. >> and i go, wait, he was in tampa, geneva, now i'm sitting three feet away from him. >> exactly i'm trying not to breathe in that direction maybe the delta variant will stay on this side of the set, but people are desperate to get back to life it's so encouraging that the ceos -- and what are we going to do have it all go bankrupt otherwise? >> that's an anti-zoom bret they're making. >> exactly is the inflation-fueled rally in commodity prices wearing off we'll discuss what's going on with copper, right after this. sometimes, you want speedy but reliable.
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welcome back there's been a hue surge in commodity prices, but much like lumber, copper, it's also seeing a huge pullback. krich kristina is back with more >> it's still on track for the worst month since march 2020, hitting correction territory, down 10% from its highs. so the drop does forling some efforts by china to stem the rally in commodities according to reports chinese
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state-owned were told to limit their exposure to overseas commodity markets. you're seeing several companies, free port, southern copper, all trading down for the month, double did you get southern conner down about 7%. think big picture, copper, though -- and i like this ending on a positive note, still up 20% year to date for the best first half >> it's right there. here's what i'm talking about. >> >> i'm doing my best kenny "the jet" here can we so the ark etfs from the low >> copper down, ark up with the anti it's the return of the -- >> that's the same story we are talking about with fig lebeau.
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>> it's sort of the reverse, just as the reopening is starting, whier we hitting a speed bump. >> the weaker dollar. >> true. >> and then if you're a bull on copper, what energy infrastructure -- it could help. >> it actually should. >> it's all adding up and the trade is not working. >> kristina, thank you, eamon, a pleasure "closing bell" starts right now. thank you, kelly welcome. i'm sara eisen s&p 500 sets another intraday high, and dipping negative, along with the dow, as with he head into the close. >> i'm wilfred frost following the release of their capital allocation plans they are in the red. we'll talk much more about financials in a moment case-shiller home prices saw a record spike in apri

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