Transcripts For CNBC Power Lunch 20240712

Patients the billionaire Tilman Fertitta will talk about what a second waver could mean for his business power lunch starts rite now. Thanks the Broader Market is lower. The nasdaq isnt it crossed 10,000 just a few minutes ago. Lets get to bob pisani. We did hit the 10,000 level it was led by semiconductors we saw nvidia doing well dont kid yourself, theres your 10,000 off of that its still a nmegacap rally. Good day for amazon. Good day for facebook and alphabet good day for apple as well microsoft is the lone laggards and that is up about 1 overall here we sort of reversed. The banks, the retails and industrials have led the charge for the last week or so. Thats not the case today. Were back to the old meg cap rally and the banks down the retail down. Energy stocks down industrials down all this follows a rather predictable pattern in last month or so as these cyclical names for big for the last 6, 7, 8 trading sessions on the down side we keep mentions all of these. We call them retail interests. In the last three or four days they have been moving all over the place. Avis, american airline, carnival, justice of the peace penny all of them in various degs of trouble and issues of their eenown. This is a real interesting story. It was halted for news pending prior to the open. Its been halted several times for volatility the Company Comes ou and says we have something to say. Hold trading until we get the news out we have not seen any news from the company. Bloomberg report saying there may be bankruptcy issues no news at all that we have been able to see. Im asking for some clarification from the New York Stock Exchange about what happened there or what if anything is going on we dont know. Theres a lot of speculation around some of these stocks that have had a lot of retail interest why is the market been doing so well recently . I want to point out how important this rate of change story has been in midmay, we were talking about hopes for reopening going well in late may, that changed. The story the reopening might be going a little good and now were going to a recovery story. Maybe the recovery will happen now since the jobs report, its the recovery is looking stronger the rate of change, everything looking better is why the market keeps going up that explains an awful lot about this recent rally in last couple of weeks back to you. All right thank you very much. Lets discuss that a little more what kind of recovery the economy may see with steve liesman. Thank you very much the survey shoes its going to be a long, long, long recovery it will be a while according to our respondents who say it will be more than a year until we get back to normal tun employment rate will remain elevated look at the results. 3. 5 is where we were. 13. 3 was last month or the may Unemployment Rate. We dont hit peak according till the estimates until october 2020 at 16 watch how it comes down. 9. 5 at tend of this year and still 7. 5 at the end of next year thats four points over where we started in february. A long road to recovery to get back the Unemployment Rate how about growth overall 34 say well get fully restored in the second half of 2021 the quarter say i will the first half of 2022 until growth is fully restored its going to take a while to come back according to this group. One area of concern, although less concern is the second wave of virus 49 say its a concern of theirs down from 61 in april lets put it all together and talk about what this means for stocks we asked them. Relative to your forecast for earnings and growth, how do you think this where do you think the stock market is priced now 79 say its high. Some extremely high. Somewhat high. Just 16 say about right and 3 say low. Theres the forecast for the s p. You can see its minus 3 from where we are yes, bob is absolutely right on the market i guess its right by the rate of change but its going be a long, slow, slog back according to this forecast tyler. How close have our surveys tracked this actual results of the economy, steve do you have a perspective . Theyre good on growth. Theyre good on stocks theyre good on rates and good on the fed they are very bad at stocks. I would not take advice from this group when it comes to stocks they chase the market higher they react to incoming data but overall the Growth Numbers are pretty good in gdp fed numbers in terms of what the fed will do. They are expecting a lot more from the fed a Balance Sheet now at 7 they say going to 10 trillion that is. Holy cow. Thanks. That merits a low whistle 10 trillion how much does the time line of the economic recover really matter for the markets and are there still more gains ahead . Its great to have you both here david, ill start with you what are your thoughts on nasdaq 10,000 today pretty remarkable a few months after we hit a low in late march. I think the market is clearly pricing in a close to a normalization of activity and the logic here is the government is supporting the economy with such a tremendous amount of stimulus, probably close to 10 trillion if you look over the next cup of years and markets also know that the bottom is were probably at the end of the recession after the lockdowns have been lifted, Economic Activity is improving. The market price is pricing in a normalization of activity but probably not a full norm normalization yet. Even as steve was telling us it could be a full year till we recover. He told us the expectations the fedex pandss Balance Sheet from 7 to 10 trillion. Thats an enormously powerful move yeah. We have the biggest player maybe the the markets being the government and let alone the equity i venvestors i think if the fed is behind these assets, its probably more ahead. Were seeing disbelief and investors climbing the wall of worry and putting more money to work in the market i think thats powering the market higher and powering the ipo market and powering a scene that will continue through the summer which is the economy is Getting Better much higher prices and the fed is behind the market i think more is probably in the office were seeing that manifest pretty much everywhere we talked about the exemployees ifr trading in these almost bankrupt companies you have a great line of how were going to doom and gloom to zoom and vroom we were fortunate here at j and p and ill give credit to my colleague. Those stocks are taking off. I think i think venvestors are g more money to work be markets climb the wall of worry. Theres going to be more this summer that i think youll be talking about and well be talking about at j and p i think thats a sign of optimism i feel market is as leading i understand indicator by where the market is going. Youre seeing that power in the aftermarket as well. Interesting were speaking last hour about how the fed might consider yield curve if they want low rates to support the economy but dont want the measures to keep juicing the stock market thats a fine line femor them to try to walk. The fed wants to provide as much support as the economy needs. One element of that might be keeping rates lower than might be warranted based on fundamental Economic Growth but as growth picks up, i think the fed is going to be more relaxed about letting rates rise Going Forward. They do have to walk a bit of a line Going Forward the fed has done this in the past and i think theyre going to do it cautiously. Finally, mark, you have a couple of individual picks here outside of zoom and vroom. Facebook, alexandria homes any kind of unifying points you make there facebook is one that we talked about oen the show many, many times going into an Election Year and election cycle and given how many times the president will tweet, facebook where are they going to go if theyre not on twitter. Invitation homes will benefit from what is going on in housing. Upwork is play on where we are in work from home and work remotely and tech workers. Its been a bit of laggard as an ipo that came about 18 months ago. Theyre going to catch up and that will be a stock you want to talk about over the next year. Some of the Real Estate Companies i just mentioned real estate has been a laggard but alexandria is the best care of what we have in health care and housing the people making innovations in Life Sciences that we all need and want. Thanks, guys. We appreciate it tyler. All right. Still ahead, we will have more on the markets the sectors that have been leading us higher or for today taking the averages down energy and industrials and financials are among todays laggards as you see there. Plus, the general store which operates 2,000 Convenient Stores across the middle west, mostly seeing a drop in customer demand but the ceo will be here to tell us the one bullish sign he saw in his business just last week well tell you more about caseys enwh power lunch returns. That looks delicious ever since weve gone mobile on the now platform, somethings gotten into the office. I hear you. Feels like theres no barriers between departments now. Servicenow. The smarter way to workflow. A lot goes through your mind. With fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations. Thats the clarity you get with fidelity wealth management. And tailored recommendations. vo at whether on the track,that exhor the everyday drive. Ty, today, that philosophy extends to how we connect with you. We call it, audi at your door. Whether a remote test drive, shopping, tradein, or even service pickup, audi at your door can do this and more at participating dealers. The premium audi dealership experience, on your terms. Audi at your door. Sharps of Caseys General store did not make estimates but the stock is up about 40 . The company has a good pulse of the consumer as its the fourth largest Convenient Store retailer in the u. S. And the fifth largest pizza chain. They have more than 2,000 stores in 16 states mostly concentrated right there in the eartland of the country. Im alms perplexed when i see a Company Whose profit goes up year over year but it wasnt what was predicted thanks for having me. Good to talk do you again. We had a blow out fourth quarter. Earnings per share up 145 over prior year ebitda up. Wrapped up a fiscal year where earnings per share growth 29 . Ebitda up 15 . I think what you saw today with the analysts consensus was really nice example of how unpredictable things became in the height of the coronavirus pandemic and so theres a range of opinions there. I dont think investors put a lot of stock in the consensus number i think they are looking at what the actual numbers were and or path forward id be remiss if i didnt give a shout out to our tremendous team members. 38,000 team members who really stepped up over the entire course of this pandemic and delivered for us we threw a lot at them in a really rapid pace to try to adjust to situations on the ground and i couldnt be more proud of how they handled themselves and delivered for their communities and for their guests a shout out, im sure, acros your large system. Revenue was down mostly in the second half of that First Quarter has people drove less, consumed less fuel i imagine that maybe they were carrying out more pizzas but at the same time they probably werent staying in the store and picking up general merchandise and stuff like that. Have you started to see a comeback in your service area . Well, youre absolutely right. We did see a drop off in traffic as a lot of the shelter in place orders took effect and commuting was down we have seen an up tick and as shelter in place orders are lifted, were seeing sequential week over week traffic the pizza miss has performed well as consumers are eating more at home and not going out as much. I would think that would be a very sweet spot . The equation that you have lets talk a little bit about the expense side the spending side is one thing im wondering whether because of heightened cleaning cost related to covid and maybe extra cleaning supplies that your expenses would go up maybe because the stores arent open as long or you dont need as many people, maybe labor costs have come down talk to me about that. Well, you really hit it on the head we had some increase in cost and decrease in cost what we need to do pretty quickly was adjust the operating hours of our stores to meet the needs of our guests. A lot of people locked in, we just didnt need to be open 24 hours in a lot of cases or as long as wecated some of those hr and theres labor costs as a result of that we added some expense as well. We wanted to secure our team members and our guests to make sure they were safe. We also paid them extra. We were throwing a lot at them and they really stepped up we gave every team member a 2 an hour raise whether theyre in our stores supervie soars visors got bow f. I want to get a sense if i might, you operate down the spine of the United States was there a state far affected less by covid and which one has come back the fastest or in most surprising way to you . I lost you there for a minute could you repeat that question, please sure. I imagine theres a difference from state to state as to how business tracked in reaction to covid. Tell me the state business was least affected and where its come back at a faster pace than you might have anticipated we did see a variety of reactions throughout our foot print. I would say probably the state that was most impacted was illinois theyve been the last one in our foot print to start to open up again. Contrast that with oklahoma was probably one och the ones that came back first and responded the quickest were seeing Great Results out of that state. Thanks very much. Good to see you. Thanks. The small caps are under pressure check out the small caps that are down about 1. 5 today. They are still up 50 since the march lows the traders explain explain why that could be good news plus america is getting back to business but coronavirus cases are rising as protests continue around the country stay with us at leaf blowers. You should be mad your neighbor always wants to hang out. And you should be mad your smart fridge is unnecessarily complicated. Make ice. Making ice. But youre not mad because you have e trade which isnt complicated. Their tools make trading quicker and simpler so you can take on the markets with confidence. Dont get mad get e trade and start Trading Commission free today. And right now, is a time for action. So, for a second time were giving members a credit on their auto insurance. Because its the right thing to do. Were also giving Payment Relief options to eligible members so they can take care of things like groceries before they worry about their insurance or credit card bills. Right now is the time to take care of what matters most. Like weve done together, so many times before. Discover all the ways were helping members at usaa. Com coronavirus find a stock basedtech. On your interestsbers or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Welcome back to power lunch. Im seema mody small caps leading decline handedly beating the broader s p 500 since march bottom to break down the move, lets bring in the trading nation team gina, curious whether you think the outperformance in small stocks are justified yes they were definitely the group of stocks expected to have the most impact by covid19 and i think that is still the case as we have seen some positive news rolling, the idea were starting to reopen and turn the corner, i think theres a concern that some of the pessimism that was priced into those markets need to be taken off. The one thing we need to be cautious is of these are not good values. Right now the small cap segment is very highly over valued i think its a very cautious play at the moment todd, gina makes a good point. Small caps do trade at a premium to the s p 500 how does the chart look . It sure does. We old iwm at our portfolios they have been out performing since the march bottom but they have been under performing for six years. Its hard to call an end to this the recent push is a response to reduced expectation of covid u. S. Fed and treasury support of Small Businesses two sectors id like to take a look at quickly. The two Largest Holdings are financials relative to the small cap russell. Its been out performing the russell recently its broadly financials coming back here. The other one is health care etf tracks health care youve seen a pretty good move up on the upper panel but the lower panel shows the ratio of health care into small cap russell benchmark and that strength has been falling off. We think its kind of isolated to stories like teledoc. Interesting perspective thank you. Kelly and ty back to you. All right ill pick it up. Thank you. Ahead, it is tilman tuesday. The owner of landrys and the houston rockets. A new law that is hitting bi itg businesses like his a t this worth possible time. What do i need from a partner right now . An insightful outlook that comes from experience navigating multiple bear markets. Can i find a partner to help guide me through this uncertainty . With capital group, i can. Talk to your financial professional or consultant for investment risks and information. Welcome back here is your cnbc news update at this hour. In houston, family members of george floyd are now speaking after politicians and faith leaders paid their last respects they called for the nation to learn from his death in video played at the funeral, democratic candidate joe biden said now is the time for reform. We cannot leave this moment thinking we can once again turn away from racism that stings at our very soul. In jackson, florida, a confederate statue was quietly dismantled the city has debated such a move for years. In san francisco, mayor london breed says restaurants will be allowed to offer Outdoor Dining Service Starting on friday tables will be limited to six people and customers will have to wear face coverings unless seated you are up to date thats the news update this hour ty, back to you. All right. Thank you very much. Lets take a look at the markets right now. Its been a record setting day for nasdaq the dow off the lows of the day. City down about 250 points nasdaq hovering near the record highs there. Close to 10,000 which it crossed for First Time Ever before backing off those levels check out some of the stocks hitting new highs today. They include some familiar names. Apple, amazon, home depot, new records for all of them today. The oil market is closing for today. Lets go to dominic at the commodity desk oil prices have gone from red to green 41. 19 were at the highs of the day. Earlier on, the downside price action was being attributed in part to concerns about possible Oil Inventory builds its tuesday and that means prooifrt sect private sector weekly Inventory Data you have official data out tomorrow morning analysts did forecast what could be a 15 to 20 pull back in oil prices after the massive bullish run we have seen over the last couple of months oil price is a big focus thanks very much. Time for our weekly pulse check on the economy. As the nation reopens, tilman says customers are coming back but the first days, business is down 60. Hes herenow to take us inside the numbers. Welcome. He h hey, kelly. Its amazing but what the most people are coming back to are the expensive steak houses and your higher end concepts its great to see because they are your most profitable restaurants but at the same time your urban restaurants continue to be really slow where you need the business traveler, the group person, the convention person and leisure is slow. Were also fighting what you just said is a lot of your big cities, you name seven of them seven of the probably 15 largest cities in america are not open were not going to get food feel of whats happened yet would you say youre a little more cautious than maybe the stock market or the people who are now kind of excited by how well the reopening is going. To be down 60 still is a really tough and it makes me wonder how much companies in position like yours especially in a small restaurant, that sort of thing, a mom and pop. If this goes on for a couple months longer, what will happen then its funny you talk about that everybody is so thrilled that the country is reopening but where we were that being down 50, 60 feels pretty good when youre at 0. At the same time, when the ppp money runs out for a lot of these Small Businesses especially the Restaurant Business and your little mom and pop businesses, when they dont have that money to pay their employees and if they using that money to pay the rent today and not going to have it tomorrow, theyre same store sales dont start getting pe bether toward 20 , 30 , a lot of little businesses will be in trouble in this country i think out of your places in manhattan, those places are packed with Business People going for happy hour and maybe absent dinner after work it seems to me its going to take a while thats my big concern and worry about small companies. Everything is relative youre a big company you have big bills you have little bills but were all affected the same. Theyre not coming back to new york immediately we talk about value in a few minutes were get into that about how much if everybody will just watch and be patient but you better hold onto your dollar at the same time because its not coming back we have reopened we see some numbers last week. The labor numbers. Of course the labor numbers are better we opened up a lot of the country. I brought back 30,000 employees in the month of may. Im one Little Company of course the numbers will be better its a slow road back and where are we come november, december theres one area you think we could be at cross purposes here. The minimum wage still going up in a number of places. California in particular, maybe in berkeley. Its going up kwiets a bit is that something you think should be temporarily taken off the table . Theres all kind of things that local governments should do local governments and state think theyre federal now. Thats why we used to have a federal minimum wage that all stated followed. In california, not only does the state think they are kaun ta co, every city and municipality thinks theyre a country a waiter making a couple hundred dollars a night also is makinei 19. 30 an hour because they didnt give us the tip credit. Some of these people elected to office has got to take finance 101 and learn a Little Something about business before they are making business decisions. What do the people say right now is the time to raise the minimum wage or Different Things to help those folks. First off the federal minimum wage is too low. I agree with that. It needs to be raised. You dont take it from where the federal minimum wage is up to almost 20 an hour the worker is going back to work thats the best thing we can do is put everybody back to work. Or nobody will go eat in a restaurant if you start paying everybody, a busboy, a cook 20 an hour, remember this. If the dishwasher is making 19 an hour then the broiler man who is fixing your steak is going to want to make 25 an hour its not just bottom wage. Its the top wage thats hourly. I believe in a good minimum wage but also believe in training wage that a High School Student working in a restaurant shouldnt make the same amount as somebody who is 25 years old who has decided this is their career let me go back to las vegas you mentioned it a moment ago. What are you seeing there in terms of any spark and what are you expect to see because certainly as you point out, the convention and Tourism Business Group Gatherings are going to have a very different look and feel for the foreseeable future. We opened up on friday and saturday everybody bought in their best player and gamblers. If vegas is doing so well, only half the strip is open and yet you can get a room from the cosmopolitan to wynn to 99 to 110 tonight you can get one at the treasure isle, and New York New York and others for 30 is vegas the best deal in the world now . Yes. Vegas should be packed because how cheap the prices are, not because how strong it is now the regional casinos right now are doing much better than the vegas casinos. Were at all time highs in the nasdaq above 10,000 for the first time today do you think its the rest of the real economy has to catch up with that or do you think people these valuations are way ahead of the reality on the ground i think what has happened is its all psychological and emotional that we were a shutdown country we were a shutdown world and nobody was doing anything except a few companies that you can count on both hands. I think the world is just so excited that we opened up again and we all know from being around the stock market for so many years, you know, how up and down it is by somebody saying one thing and i think that were all excited. The reopening is going great and the stimulus that the administration did has been great to throw all the money at it because if they wouldnt have, everybody wouldnt be as busy as they are right now the company you owned a t a 15 pe for next year at 21, all of a sudden its going to be a 30 pe when you get to 21 what does that tell you . It could be 50 overvalued Pay Attention to the pe for the company you follow or you own and look at what their pe was three months ago for next year and look what their pe is now for next years earnings because they will have to Start Talking about next years earnings now youre not going to get pass on 21, when the stock market is this high. If it was low, they could get pass but not anymore well said theres still ppp money left is there a timing issue . People can still take the money now. They can use it for a longer period of time what else can be done to make sure we dont hit this cliff you have to let the rest of the country reopen i really think what mnuchin and everybody in the administration has said, lets slow this down im not panicking i wanted to be lets give it a couple of of momo months and we can evaluate the situation. I know that ppp money looks good to me. If theres a lot left, i might get some of my hands with some of it myself that all the little guys have it people would be out how can this billionaire take this money take this money. You know what they would say because everybody has gotten it that wants it my employees, i still have 15, 18,000 employees im probably not going to take it, kelly. Im having a little fun here it is interesting psyche to figure out what everybody is going to do. It was great to see you didnt even ask about the nba today. Its great at the nba well see you again soon tyler, tell your son that were playing basketball he is all in, man hes talking b about lebron, the rockets. Hes got a james harden jersey in his room up there hes all in. Does he have a signed james harden jersey . He does i bought it at an auction. I bought it at a charity auction. Its good. Big fan. Thanks see you soon markets are heading lower today and those groups that have soared recently are leading the way down airlines, energy, retail are all down big well be right back to talk about that incomparable design makes it beautiful. State of the Art Technology makes it brilliant. The lexus nx experience the crossover in its most visionary form. Experience amazing at your lexus dealer. Okay, give it a try. Between wisdom and curiosity, theres a bridge. Between ideas and inspiration, trauma and treatment. Gained a couple of more pounds. Thats good for the babies. Between the moments that make us who we are, and keeping them safe, private and secure, theres webex. Beautiful. Find a stock basedtech. On your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Welcome back here are todays power movers. We have to start with vroom. Priced at 22 its trading at 44 and change. Its getting the whole markets attention. A couple of other ipos doing well warner music and zoom doing higher Signet Jewelers lost money but sales were worse its expected to never reopen more than 200 of its stores. The shares are down 16 . We end with wayfair. Not a huge move today but look at that number off of the lows not a typo its up 700 eight fold its back at nearly 175 a share. Some of these stocks are just like rubberbands whoa. Whoa man, that is just insane lets go to the bond market. Rick is tracking the action at the cme. An auction that was a bit of a dud today. Yeah, it was definitely a dud. A dud with a d minus for sure. Remember, fridays big jobs report many believe that turning around the jobs scene was pretty much built into the cake and you can almost see it on the chart after spending weeks in the mid60s, all of a sudden wednesday before unemployment we popped over 70 and we popped over 75. Friday the big jobs number came out. We touched 95 intraday were starting to give it up a bit. We want to pay close attention to 75 and 70 basis points below the market about Foreign Exchange euro versus the dollar havent been closing at these levels since march 9th if you look at respect to the dx this is interesting. Today may be first day we close under where we settled 2019 except for one other day, you guessed it, the ninth. The big spike there as you open the treasury you can see it today could be the secretary day of 2020 we settle under where we settled 2019 for the green back. Kelly, back to you all right rick, busy day for you thank you, sir rick santelli. Still ahead, retail traders using robin hood to trade and using twitter to share the trades theyve been buying up the most beaten down names in the market. You see them there and after some big gains, one is claiming superiority over Warren Buffett. We have that story next. You should be mad they gave this guy a promotion. You should be mad at forced camaraderie. And you should be mad at tech that makes things worse. But youre not mad, because you have e trade, whos tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. Dont get mad. Get e trades simplified technical analysis. That was jim cramer talking about the trading frenzy created by robin hood. Kate rooney has more. Some retail traders are cashing in on this market rebound. Many of the top stocks on robin hood have seen triple digit returns in the past month. Some wall street veterans were left on the sidelines. Robin hood ceo saying at a Virtual Conference last week they were seeing a lot of buying of Industries Hit by the pandemic including airlines, hotels, and casinos. A lot of the names have come roaring back, take a look. The top names on robin hood in the past month, childrens Media Company genius brands. That up is more than 700 for the month of may airlines also a top trade with American Airlines jumping 100 robin hood and major Brokerage Firms have seen record new accounts open this year. In some cases the first time traders are beating wall street legends and Billionaire Hedge Fund managers. We thought the market would retest the lows. Some day traders are not afraid to take a victory lap on twitter. Take bar stool sports that picked up day trading calling out Warren Buffett for unleading Airline Stocks too soon. He said he made 300,000 in a day on the airlines. Guys its so interesting we were just talking about how at the lows it was a lot of main street that was buying the market while wall street was selling. And it feels like, you know, they were betting on america they had some more conviction that we were going to get through this when i look at the frenzy activity lately, i wonder is it too much of a good thing there are some that say its a fault of robin hood for cutting commissions to zero. But weve seen this before it just feels frothy, doesnt it it does and hertz, you have names that are going bankrupt that are actually soaring on platforms. You have to wonder if these are long term plays and criticizing buffet, he had losses he is public about he said that when sports come back, wont be as interested in day trading. A lot of folks that we spoke to have seen it as sort of a short term exciting debt and well see how how much the retail interest sticks around maybe it was buy when the nba shut down and sell when the season restarts. Anyway, kate, great stuff. Thank you so much. Kate rooney with the rundown for us tyler . All right kelly, as protests against racism and social injustice continue across you cant tri, what can leaders in the world of wall street and beyond do to help create lasting change our next guest is president of a firm with nearly a trillion dollars under management and he says that the solution begins with breaking the silence on sensitive issues like diversity and inclusion in the workplace. Welcome back to power lunch. Were delighted to you have here yesterday i read from a piece in the New York Times that pointed out on sunday that the nations Largest Health care company cvs has no black people on the Senior Leadership team or wells fargo, bank of america, facebook, google or amazon and four africanamerican ceos of fortune or s p 500 companies yet, you have a very diverse Leadership Team at Northern Trust Asset Management how have you done it how have you developed the pipeline there are a couple of things. It has to start somewhere. I give credit beginning with my predecessors for being top a diverse perspective. But heres the simple analogy that explains it, tyler. You welcomed us in the into your kitchen so if you and i were sitting across your Kitchen Table, were looking at it. We could both describe it. We can describe it accurately. But our descriptions by definition would be different. Right . It would be different based on our positions. It would be different based on our interpretation the only way that we can in a sense have the full benefit as opposed to having an incomplete view is to have that diverse exchange now assuming that same thought exercise, tyler, im not even at the tiKitchen Table or im at t Kitchen Table but you have all the decision rights and you have not invited me into that process. What weve done differently is weve been committed to inviting people into that process to creating opportunities we have more work to do. But thats how we have gone at it are companies broadly speaking being held accountable enough for making progress in the hiring, advancement, recruitment of any kind of minority but specifically of black americans . I note in that times storey. Only 40 of American Public companies publish numbers that report on the diversity and makeup of their workforce either by race or gender. We have seen an expansion of the information you provided the statistic you showed shows in part there is not much of a demand i can show you throw the practical experience that im actually surprised how often i engage with asset owners for those who are responsible for overseeing the investments and administration of wealth how we choose to engage people so certainly the organizations doing it, tyler. I would tell you its not as widespread as some might think its certainly not widespread enough to be sufficient to drive enough change. All right were up against the top of the hour we thank you for your time well have you back soon to talk a little bit more. Thomas of Northern Trust Asset Management kelly . Good stuff. Big day nasdaq 10,000. Tillman, so much more to talk about. Closing bell picks it up right now. Back to you welcome to closing bell. Stocks retreating from from the recent push higher the nasdaq still managing to hit another record high itself lets have a look at what is driving the action the rotation reversion with tech leading the market and apple and amazon setting new all thyime highs. The reopening trade slipping yesterdays frantic rally in retail, travel, energy all seeing sharp declines. And well hear more from the fed as it begins a two day policy meeting on what it sees for the economy and the unprecedented support it