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tv   Power Lunch  CNBC  March 1, 2021 2:00pm-3:00pm EST

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welcome, everybody, to "power lunch." a new month, a new week, and a big rally on weiall street contessa brewer will join us in a moment johnson & johnson out for delivery, and the house passing a stimulus package
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we'll see what happens this week in the senate. boeing leading the dow, and united orders more of the 737 max aircraft watching the vaccine stocks with j&j's single-shot vaccine. here's comes the march market in like a linens. s&p 500 on pace for its best day since june hi, bob. >> less worries, contessa about higher yields, at least today, is creating a powerful rally let as look at the sectors of the the old growth names that had a huff time of it in february, but now you also have the reflation stocks that did very well in february joining in here, so banks, industrials,
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energy, materials, all helping that reflation trait trade big industrial tames, cummins, deere, eaton also hitting 52-week highs. infrastructure stocks have been moves as well. martin marietta is obvious, will you bthematic etfs, people love buys the idea of solar stocks, clean energy stocks, again they are moving, social media stocks, lithium and battery stocks blok, the blockchain, believe it or
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not, that's moves nicely we're not far from a historic high again for the s&p 500 that was just about a week and a half ago, we're not star, 32 points or so away from that. that's literally, tyler just an afternoon's trading, the way we're going. back to you. >> it sure should be thank you very much, bob with the markets rallying back strong from last week's losses, and big tech up big, is it safe to buy stocks again? michael canter is chief investment strategist at cornerstone, and michael, i'll be gin with you. what does that tell you? yields on ten-year bonds down just a bit what say you >> in the last couple weeks we've seen some sharp moves in
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bond yields, and at that problem has alleviated itself a bit in the last few days, stocks are rebounding nicely, but we think the bigger picture of what is going on here is that it's becoming fairly obvious that earnings visibility is beginning to improve the economy is going to be pretty hot for the next several quarters we think that will ultimately lead to a restation from in the market from high flying, high beta smaller stocks, to companies with better earnings momentum versus their peers, for example, so a bit less beta in the market >> so a more fundamental markets, mark, that's what michael seems to be pointing to. do you see that is as well in other words, now that people are going to look at where the earnings are, whthey're headed,
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and therefore be able to price alternates more accurately, i suppose? >> i do see much of a stock picker's market. i think up to a year ago it was a macro bet on whether the economy would reopen an the stay-at-home trade was alive and well that's been proven on the. if you look at some of the biggest big cams, amazon, facebook, they've basically been sideways for six months. yet, as we heard from ob, the market is about to hit all-time highs. it tells you that people are doing the bottoms-up work and if you exclude the highest that's taken the market higher, the market is doing terrific i love that backdraft. it means that people are doing the work and buying individual stocks >> michael, you say stay away -- gid, contessa, please. >> well, it's just interesting if we're looking at fundamentals, tyler, we're
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looking for companies showing earnings here and really getting away from the -- i've been struck with the conversations i've had with friends and family who are the quote/unquote retail investors, every conversation they want to have is about spacs. >> i think that's really dangerous. the fact that you have a bunch of people and the conversation you are having i'm having as well, where i got, you know, family members who are in law school telling me about their day trading accounts i have friends whose kids should be starting or working, telling me about gamestop. not that i know everything and they don't know a thing, that's not it at all. that's not a good focus for the market at the i'm not a bottoms-up analysis guy on gamestop, but i don't think it was worth $200 or
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$300 a share as i see stores closing all over the country for them what it means is usually things over-correct on the up side and thus then on the down side so when this trade changes, i see the backdrop going on at the same time. you have enot onlious counsel assumption that's going to happen, and i'm still very bullish about the market i note you say avoid the high beta high short interest stocks, which sounds like stay away from the gamestops, and those kinds of day trading darlings, and look
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more at fundamental plays here. >> the backdrop of highly shorted, it doesn't start with gamestop you see that in every single market recovery. for about a year investors buy higher beta, lower quality names as uncertainty is quite large, and now we believe we're at this point where the better the economy becomes, the better fundamental analysts are going to be able to separate two companies in the same industry, whereas a year ago nobody really had earnings visibility. that's the time where you avoid these macro factors like high short sandal risk, high beta, negative earnings, a lot of this has worked because we've seen so much good news from every front. it's hard to say that a lot of that is not priced in. to protect yourselves, i think you want to focus on companies with positive to upside
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surprises, so it's going to be the cyclical sectors for sure. p 20% this year. we just don't have the fuel to create that background of massive pd expansion, which is why the market has been up this year is an earnings driven market that doesn't always translate into as fantastic returns, because we like where we see a bit of ce compression. but the point here is you want to not buy baskets and memes, but stocks individually. >> michael, thank you very much. your reference we're coming up on a year on the march 23rd low market, and thank you. what a strange trip it's been. inflation fears have been rattles the markets late last
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week are sort of on a back burner the ten-year treasury at 1.45. is inflation really happening? steve liesman, what do you got >> contessa, we have the inflation-istas, they've been wrong calling for that inflation for years. this time the concerns do look to be more substantial, but there's still a long way to go for actual inflation to take hold the feds prefer inflation -- never recovered at 2% on a sustained basis. now around 1.5% and rising this time not only is the fed wide open, it's forecast to stay that way for years you have a $1.9 trillion stimulus bill, and that will follow what we just did. so commodities have been on a tear, metals, energy prices,
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lumber all rising, but price increasing have to ingrain themselves in the psyche of consumers and workers to create sustained inflation. the fed thinking the surge listen temporary making the inflation set real this time, contessa, but not a forgone conclusion >> you know, steve, is the fed making -- i hate to say a mistake, but is the fed counting on that same low inflation scenario to play out this time, compared to what we saw post financi finance crisis >> some people think so. one of the hallmarks of the crisis was how long it took the job market to come back. that kept a lid on wage growth
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what could happen this time, let's say you get the herd immunity, the economy reopening, you get back to fuller employment very quickly, so perhaps the dynamic or inflation dynamic could be very different this time. the fed may beau banks on the wrong model this time to keep the inflation low. >> really interesting stuff. steve, appreciate that. >> a pleasure. the opening rally -- the opening stocks rallying into today's trade. they're higher as johnson & johnson's new vaccine rolls out. meg tirrell has more. >> almost 4 million doses of the j&j's vaccine this week after the cdc and fda gave their blessings. currently cdc advisers finishing up a two-day meeting
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this is the third veeck on the market it showed 72% efficacy, and 85% against severe disease worldwide. of course, this is a vaccine just one shot. it's fridge stable for three months, making it easier to store and distribute how much of this vaccine is actually going to be available we're hearing immediately, at least, it will be spotty j&j does expect 20 million to be shipped this month and 100 million by the end of june we show with j&j's ceo this morning. >> the nice part about our vaccine is when we're talking doses, that's actually the numbers of patients that will ultimately get a shot in their arm. we're absolutely committed and we won't stop until we make it
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happen >> now, guys, the messaging you are hearing from the government is get whatever shot you can when it becomes available. as people are making these comparisons among the vaccine, what's most important, they say is all three protect against severe disease and they are safe guys >> that's the terrific side. they protect against severe disease and hospitalization. what should we expect? what is the administration saying what is czar fauci saying? [ laughter ] >> czar fauci, that's a new one. it's dr. walensky sounded an alarm today. we are so excited to see the cases falling, and we've gotten down to about 70,000 cases, but we have plateaued the last few
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days dr. walenksy is saying that's not a comfortable position she says she's really worried, and we risk losing the hard-earned ground, particularly citing her concerns over the coronavirus variants we need to continue being cautious. >> keep up the good work, basically, is what she's saying. the best day that we have seen for the s&p, nasdaq and dow in months. high of the session, the dow up more than 700 points all major averages and nasdaq up nearly 3%. check out what is powering the dow higher -- boeing, disney, appearing, with boeing the big winner today we'll talk talk to a big analyst on what is driving that move
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. the dow up 708 points right now, driven largely higher in parts by boeing. its shares up sharply higher today. the reopening trade is gang
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steam. united announced it's buying more 737 maxes from boeing sheila kaillou is at jeffries. tell me why you think this is the stock to buy right now and why it's going so much higher, sheila >> thanks, contessa. we have a buy on boeing. united ordered more 737 maxes. this is the plane that was plagued by two accidents, so they're increasing their order book by about 15%. the pla planes are average year of 15 years, so they're upgrading fleet and pulling some deliveries into 2022, which is a fail letter bullish sign that it thinking a -- and primarily a
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domestic coverage. boeing we have a buy rating. they had some free cash flow sures in 2021, but in 2022 we feel they could earn about $15 a share, and at a 5.5 years, that drives or price target >> you know, if boeing were a bible story, it might be job it just got hit by all kinds of onabsolutes of b-- onslaught of bad news at the the accidents and then the pandemic hit what about the rising prices here for fuel? is that actually going to be a tailwind for boeing?
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>> we've seen some 787 issues, the 787 isn't as important as the max, but they haven't been able to deliver something for months and the pratt engines caused some issues, but the 777 is much more de minimis to boeing's value. prices are up about 3x is this the bottom last april. that's why you're sees the pull forward, because they are more fuel efficient on a cost base about 8% more efficient. on a gross basis when you factor in how much bigger the maxes are, they're about 20% more efficient. as you see fuel prices go up, that may instigate some of the airlines to pull forward their deliveries and take on more aircraft again. >> do you know, what can you tell us about whether consumers
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are still concerned about getting on the 737 max is there any stigma? do you see any rebookings that are taking place or if that exists, are those rebookings de minimis? >> thanks, tyler we get asked that over and over again, to be honest, one of the silver linings of covid has been that covid has taken all the headlines when it comes to flight safety issues the fact that the regulator ares improving the asset is a positive sign. you have the u.s., the european regulators, this morning saudi arabia approved the 737 max, so i think a lot of the fears 18, 24 months ago have now been calmed down. >> sheila, there were a lot of layoffs and furloughs amid the pandemic and the like. is boeing about to go on a
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hiring spree >> i don't think so. not yet, contessa. the reason is i quoted some bullish number on the cash flow. however, those numbers are based on revenues that are still 30% below 2018 levels, and margins essentially half of what they were in 2018 it's still a business that has a while to go, that's way below peak maybe that's really fueling the recovery trade here. you know, consensus estimates, we're probably one of the higher wuns ones are still well below peak numbers >> sheila, thank you so much for the inside thank you. check out the stocks hitting new highs today. they include starbucks, discovery, deere, micron, all higher starbucks just flattening out. bitcoin rallying back after last
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week's sell-off, but still below $50,000. ted more "power lunch" ahea afr this quick break, with a look at bitcoin.
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the dow soaring more than 700 points, near session highs right now, as you can see. warren buffett's berkshire hathaway releasing its annual letter the key takeaway -- don't bet against america. apple is the top holding followed by bank of america, coca coca-cola, american express and vis vising for more on buffer phet's annual letter, go to tyler? >> very interesting. bitcoin -- i have a feeling b bitcoin is not a part of the buffett portfolio. kate rooney has more on the volatile crypto trade, which is
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about an un-buffett as it gets. >> that's right, he's been one of the biggest critic. analysts pointed to a few different reasons for the dip, including jitters around what we heard from coinbase last week. it outlined risks to its business, coinbase laid out several scenarios which could destabilize prices, including regulation, hacks and the iification of the pseudonim for the person or potentially people who developed bitcoin, a transfer of his or her bitcoin thought to be about worth $30 billion could be a risk. and if identified, it could be the reputation as being decentralized could be damaged
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similar to what we saw with the high-growth tech names finally a word of warnings tag from new york's attorney general. in a tweet letitia james says these are extremely risky markets, calls it an unstable market that could cause devastating losses to those that are facilitating these trades, she warns if you don't play by the rules, we will not hesitate to shut down your operations >> what do you try prompted that >> i'm just curious -- kate, what do you think prompted that from letitia >> you know what, northern's attorney general have cases going bigger operations. they've been sort of on the forefront of making the guardrails of what they call acceptable
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new york is not known to be one of the stricter sort of random markets that you see it does seem very structured we haven't seen any particular event, but it's likely due to some of the volatility like we said, dipped by almost 25% in a week, so more of a word of warnings from investors and to those facilitating trades >> yeah. kate rooney, thank you very much contessa >> thanks, tyler. does it feel like we're doing some dancing where i'm going to lead now, you just follow >> yeah. i'm stepping on your toes a bit. >> i might be stepping on yours, which is what i do on the dance floor, too, tyler. you'll have to forgive me for that. >> me too. ahead we'll monitor the big day. and amazon workers at a warehouse in alabama, voting on whether to join the retail, ioolesale and department store unn.
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we'll speak to the union head, that's next. in boxing or any other business, one day, you're gonna take a hit you didn't see coming. do you stay down? or do you get up? [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪
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covid vaccine have been administered in the u.s. more than 1.6 million just in the last day alone the cdc says one in ten americans have now gotten both shots, and one in five have gotten one dose. the ideas urging americans to keep up the fight. >> the goal is not to to open up travel, open all things because we're scaling up vaccination the goal in the first 100 days has been to make sure we're in a making to out this pandemic. at 78,000 cases per day, we're not in that place. >> in chicago, thousands of puck school opportunities are returning to chat rooms. it's the first day back.
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most of those classes will be about half empty, but it should help kids socialize. i'll sent it back to you it's been a real strain. i know in my town it's still all distance learning. a lot of kids are feeling it >> i know. >> if they don't have a tight group of friends, it's very hard thanks. still up nearly 700 points that's how you like -- as contessa said, march is coming in like a lion the nasdaq up nearly 3%. contessa s i look at the big numbers,
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yeah, they're really cruising, but look at stretchly yields look at a two days of 10s. definitely way down from the intraday 161 and intraday high for 30s was close to 40. right now 30-year bonds are up seven. bund yields closed down some usually when we see stocks surging, especially after they cleared the zone, but nonetheless they have and it is considered a real big shot in the arm for the equities tens minus twos. at 132, banks are smiling over it, and finally the dollar indexer we'rally buries it way before its time. going back to february 1st, it could close today nearly at a one-month eye.
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now it's bag above 91. contessa back to you thank you for that, rick let's get to dominic chu, who is at the telestrator >> hello, contessa, earlier in the day prices were higher futures off by 1.5%. world eye drew off 1% as well. so we've see some slows momentum that is looks to move in the question marks they are still solidly higher. look at the performance of the energy sector. just over the last six months it's a 40% gamer it's almost a fortimes
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performance, so that's something to keep an eye on as well. look at one stock in particular, exxon mobil shares still up 5% we're at the highest levels since pre-pandemic on news that a noted actist investor, and the former cfo and chairman of comcast both joining the board of directors there it has a erbil towards environmental and social governance, so we'll see if it holds up check on the shares of each of these stocks, up 400% or th thereabouts. back over to you, tyler. let's look at amazon it's slightly higher amid the market rally, but the stock is
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now down about 12% from the record highs set back in december there you see it today, up about 1.4% one issue that the company is dealing with is a vote to unionize it's under way in alabama. president biden gives a shoutout to workers, saying that every worker should have a free and fair choice to join a union. amazon employees in bess mer, alabama or in a -- -- they're join -- stewart applebaum join us now mr. applebaum, welcome i assume that any support from the president is welcome did you read it as personally directed to what's going on in alabama or not >> good afternoon. it's good to see with you. we were delighted with what president biden had to say
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yesterday. when he ran for office, he said he would be the most pro-union president we've seen in history and he's delivering on that. i think it's clear, not just to me but more importantly to the workers, that his message was directed to them he spoke about organizing in alabama, this is what it is they are doing. he gave them hope and strength thigh facing an extraordinary andy-union campaign from the company. president biden called out tactics like that, and he reminded people that it's the policy of this country to encourage collective bargaining. so we were absolutely delighted. >> i want to move to the
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specifics of why bessemer. obviously it's a large installation for amazon, but what is it about amazon that energized the workers there to seek out representation to the extent they're doing so, and what is it that you saw there that brought you to bessemer as opposed to any other amazon locations? >> sure. of course, which campaign began when bessemer came to us the facility only opened last march, and people felt the conditions were unbearable and there needed to be change. amazon as one of the worst health and safety records around they felt betrayed by their employer during the pandemic, when they felt their own health and safety was not being taken care of properly
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people feel the pace they're required to maintain is unbearable we see it all the time amazon has an extraordinary turnover roecord. so amazon will talk about the pay it provides and the benefits it provides, but for the people working there, it's not good enough, because they are not respected, they are not treated with dignity they have to worry about whether or not they can go to the bathroom, and they leave there often injured an with stress they felt they needed a change, so they came to the union looking for change i think bessemer is really a fascinating place for the fight to be taking place it's taking place in a right-to-work state in alabama,
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but we see the history of unions in bessemer decades ago, and people hear from their family that yes, they should support the union. i think people were energized by the black lives matter movement, and about 80% to 85% of the workers in this facility are african-american. >> your quibble -- let me not call it that that diminishes it your fight with amazon does not have to do with wage they paid $15 an hour against a $7.25 state minimum, to it's really working conditions, yes quick answer, please. >> people feel they've been dehumanize no matter what they're paid,
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they want to be treated better. >> thank you we'll check in with you as this campaign continues cnbc reached out to amazon, but ref not heard back contessa we're watching a big rally unfold there you see the nasdaq up 3% as well. s&p is following suit as well. every single sector in the green, and up more than 1% financials leading the way today, as it has been recently best sectors over the past month. icishe better bet from here in traders break it down.
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welcome back to "power lunch," everybody. energy and financials the best performers last month, continuing the hot streak on the first day of march we asked our next guests to be the judges -- which is the better bet from here your trading nation team is
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here we're going to play a game of "would you rather? finances or in michael, you go first. >> i like them both. there is so many multiple tailwinters. they were smashed last year. they just got beaten up. granted there is a major roe station that's occurring right now. in this interest rate environment, as mr. buffett said that bonds are not the right trade, who wouldn't want to own a stock that pays a 3%, 4%, 5% different yield with a very strong balance sheet as we move into the intangibles the economy will begin rye opening. you're going to see consolidation in both industries, so i think right now i would own financials and energy if i had to pick one, i'm going with financials just for the
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reasons outlined, but also, if rates begin to rise, they will make even -- be even stronger companies with paying dividends and a rising interest rate environment. >> michael picks one, likes both how about you? >> tyler, this is a very easy answer the answer is the financial sector the capital market specifically, and the reason, along with a 13-year breakout in the trend dating back to the year 2007, why this is such an easy answer is how the industry held up when things weren't going its way, on the downswing. interest rates fell below the 1202012, and capital markets did not. they were making higher lows along the ways banks didn't do this energy didn't do this. i think this leads to a stronger
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recovery now that the market is on the upswing >> all right gentlemen, i call that financials 2, energy one half. for more, follow u twitter@tradingnation. i know you do that, contessa >> of course i do. all right, let's check the markets right now. this rally is just powering on through. the dow up more than 700 points right now. and some of those momentum stocks that have been selling off are rebounding today we're talking tesla, peloton and zoom video in fact, zoom reports results after the bell can this live up to the hype, or is it heading for the attic, so to speak, as we all head back to work, hopefully, as the year goes on? we'll be right back here on "power lunch."
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>> announcer: and now the latest from fundamental analysis and chca technical analysis which focuses on momentum.
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rally with the nasdaq up more than 3%, and the dow up 2-1/3. don't tell zoom, that, though, it's up more than 100 points after the final bell it's been up 2% the past few quarters with people going back to school, will it start to cool off? good to talk to you, daniel. i know the consensus is we'll see another 300% or more growth for revenue in this country. why? >> i think we're still not out of the woods yet, and it's going to take some time. schools haven't fully reopened businesses haven't all gone back to work, and we've seen a number of companies decide to continue providing either the option of working from home for the long term or planning to work from home on a continuous basis because they realized they were able to continue functioning
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that way all that faof that has led to a demand for zoom. the product is easy to use and people seem to have really glommed onto this technology and that trend has continued however, there are some signs of this slowing after the fourth quarter. >> so what do you think is the biggest obstacle is it the return to the workplace or is it competitors like cisco and google and microsoft? >> i think zoom has both, so the company enjoyed some exponential growth in the beginning because, one, the solution is very easy to use people enjoy it, the pricing is competitive, the model works very well. but we saw cisco, microsoft and google all really uplevel their offerings. microsoft saw its growth from 11 million to 15 million users over the course of the year, and it's continued to integrate a number of additions with hits broader
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microsoft 365 and 65 platform. google is, of course, formidable and so is cisco. so that's one side of it but you do have the hybrid work experience we're going to come back to after the pandemic starts to end. with the j&j news, we now have three vaccines in the market you have schools reopening and kids going back to class that means less use of zoom. as work does reopen, not every company has the lukxury continue to work from home nor the desire that's why we had a 3% growth this quarter all the way down to minimal growth being forecasted by some. if that happens, i think there will be some concern but we also have to look at that exponential growth and say some of it got accelerated and now zoom has to find its new legs and how to keep growing going forward. >> all right, earnings after the
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bell daniel, thank you very much, appreciate your insight. tyler, look at these markets. there is a lot of steam here going forward. the nasdaq now up more than 3% you've got the dow up more than 2-1/3, the s&p up more than 2.5% this is a big boom starting in march. >> and the russell is up 3.5% as well we've got a new month, we've got a stimulus package and rates backing off just a bit that will do it for today. contessa, good to be with you. "closing bell" starts right now. >> welcome to the "closing bell." stocks booming to start the week jumping at the open and climbing high ever since. the dow up more than 700 points. driving the action today, vaccine optimism from the j&j emergency approval, but it's not just the reopening place, apple and te


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