it is 5:00 a.m. at cnbc global headquarters. the white house slapping new sanctions on iran following tanker attacks and the downing of a u.s. drone. iran firing back with fiery rhetoric of their own. a record within reach. the dow just 224 points away from a new intraday all-time high will today be the day? speaking of rallies, bitcoin topping 11,300 this morning. up more than 200% year-to-date tom lee is here to weigh in. fedex taking the trump

administration to court over the blacklisting of huawei and elon musk calling it the most difficult launch ever as the falcon heavy rocket blasted into space earlier this morning. of course we have the video. it's tuesday, june 25th as "worldwide exchange" begins right now. ♪ ♪ >> good morning, good afternoon, good evening and welcome from wherever in the world you may be watching i'm brian sullivan well, we are about 0.8% away on the dow from a new intraday high futures indicating it may be tough to get there yesterday the markets were up, just a couple fractions of a point here perhaps we're on g20 watch whatever it is, futures are flat right now. it's 224 points on the dow from a record the s&p 500, every time it makes

a new high, that is a new high money has come into stocks money has also come into bonds the ten-year yield is staying low again. look at that 2.01%. later on in the show we have the chief economist for the national association of realtors, we'll talk to him about what that might mean for the mortgage market or if you're looking to refinance. four days until that massive g20 meeting in japan where president trump and china's xi jinping are scheduled to meet. ahead of that we're seeing stocks in asia not getting a lift the nikkei down a half percent the hang seng down 1%. if europe f we didnshgeurope, ia better rbi, this would have been your random but interesting stat of the day, every single index in europe is higher this month a solid june for europe. the best performing market in

europe is the worst performing economy, that's italy. great country, bad economy, but a good stock market this month oil, bitcoin and gold. a couple days until that opec meeting which kicks off on monday gold is up again another 1% to 1,433. multi-year highs every day for gold and bitcoin, it's been a juggernaut this month and this year bitcoin up another 2.5%. that's 270 bucks to 11,300 by the way, your rbi at the end of the hour is on bitcoin. it's a cool one, i think stay tuned for that. as we noted we are nearing all-time highs for the dow, where do we go longer term joining us is bill stone from avalon advisers. we're in the media we're simple folk. we like big, round numbers, new records. it would be nice if we hit it on

the dow. i'm thinking about six months and a year out from now. everything across the board has been bought. are you getting at all nervous >> well, i guess i would feel a lot better if we weren't already at some highs. you know, typically when you start to see certainly a global easing cycle from the central banks, that has at least certainly recent history lifted asset prices. that's positive, but we're very close to highs so we're not in a position where we sold off or where we're in a sold-off position. in that sense i get a little worried that, you know, i always think of the market as expectations we're close to highs, so expectations are fairly good despite the things out there >> is the fed like ahero

superhero, or a mid level superhero. if everything in the world, stocks, bonds, bitcoin, gold, housing, if everything is up and everybody says it's the fed, are we overstating the real market power that it might have >> yeah. i think underneath the fact is the economy is -- i will call it satisfactory so when you have -- i will go back to it when you have central banks easing and essentially right now you have the fed moving towards insurance cuts, not that the actual data has deteriorated that much, i do think that's part of what is driving things whether that's a superpower, probably not really. if things are really falling apart, i think you would see assets falling off because the fact is earnings would really collapse >> so what are you telling clients longer term? new records are nice they'll capture the near-term

attention. if we look a year from now, do you see markets being able to be higher >> i do see it certainly the ability to be higher i think for us still a recession is not in the cards. there is an interesting side to this every time the central banks have gotten together here during this expansion and started to ease somewhat, you have seen the global economy pick up again i think that's what you pointed out earlier. you have seen european stock markets act better it's not their economy is doing well at all. you pointed out italy in particular but the fact is we look to be or they're likely to ease again over there as well so you're seeing asset inflation going on i he think in the longer run it makes sense to stay positive, particularly in stocks relative to bonds bonds are already pricing in -- you have 2% here in the u.s. on the ten-year talking negative rates in europe so what will you do there? you're guaranteed to lose money at least collecting the coupon

i guess you could make money if it goes more negative, which is something i never thought i would say. >> you and i both. is there any group of stocks that looks particularly attractive to you guys >> i think you still have to stick -- the safety stocks of the world are very expensive so if you believe this is going to give us reflation, i think you go in the industrials. consumer discretionary still looks good to us the u.s. consumer remains in good shape i think it will be interesting we get a take on nike this week. maybe we'll get a glimpse there. >> some retailers have done well bill stone, appreciate it. see you soon thank you very much. >> thank you when we come back, outrageous and idiotic that is what iran is calling president trump's new set of sanctions. a live report from the region. and a huge american company is suing america over huawei yeah it's true. that big story ahead

don't call it a -- well, call it a comeback, but don't call it a bubble seesisn bull tom lee mak h ca for the future of crypto. hey! i'm bill slowsky jr.,

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hiring back at the u.s. over new sanctions. hadley gamble is live in bahrain with more. >> that tough talk between tehran and washington, brian, showing no signs of toning down there. those comments from iran's president striking out at mr. trump's latest sanctions the latest sanctions targeting the ayatollah and his inner circle let's listen to the president yesterday. >> the supreme leader of iran is one who is ultimately responsible for the hostile conduct of the regime. he's respected within his country. his office oversees the regime's most brutal instruments including the islamic revolutionary guard corps. we will continue to inhe crease pressure on tehran until the regime aban dodons its latest st

aspirations. >> they are trying to target not just iran's economy but the iranian revolutionary guard and proxies in lebanon, yemen and syria. it's really interesting to note even while this tone and this rhetoric continues unabated, we heard from john bolton, he was in israel earlier today saying listen all we need is a phone call from tehran >> you know, hadley, you're in bahrain. is this the jared kushner summit if so, how is it going >> we're just hours away from this peace to prosperity workshop the trump administration and his son-in-law, this is his brainchild we know the secretary of the treasury, steven mnuchin will be on site for this we expect folks like steve schwarzman to be on the agenda

a lot of businessmen from this region but i have to tell you how far this will move the dial forward is anybody's guess we're talking about some $50 billion in investment they want to see playing out in the next ten years, but there's the bigger question over why the israelis and the palestinians, both of whom refuse to attend this conference, the palestinians saying we can't be bought this is a sellout for us the question is can you have economic stability without a political solution many sides on this question. but most people saying there's no way to get that done. >> we'll find out. hadley gamble, thank you very much still on deck, president trump preparing for an all-important face-to-face with chinese president xi jinping in japan. we will take you live to beijing next. and incredible video just moments ago in florida where elon musk's falcon heavy rocket is carrying some questionable cargo into space but a very successful launch tas d decongp.deilanvio mi u

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moments ago said that the current trade tensions are due mainly to unilateralism, protectionism and bullying behavior china is the victim of many of the current trade restrictions so what we're seeing now ahead of the g20 is a consistent message from beijing that china feels this whole process has not been fair and is not equal and they're not really willing to put up with it anymore. yesterday the officials, some of them involved directly in the negotiates said that for the trade talks there's a couple of principles they would like to see. a mutual respect, equality, mutual benefit and meeting halfway. so also privately i've been talking to one source of mine who is close to the chinese negotiating team and their way of thinking. i was surprised because he said there is still some wiggle room between the two -- between the chinese and u.s. teams he said what they're stuck on

now, is that they don't like the idea that china wouldn't be able to retaliate if the u.s. decided to impose tariffs. and also they still were g gobsmacked by the size of the purchases the u.s. team wanted to have the vice premiere had a phone conversation with his u.s. counterparts, lighthizer and steven mnuchin not a lot of detail as to what they discussed, the one thing the state media was quick to point out, it was at the u.s.'s invitation, the u.s. initiated this it shows how sensitive china is about making sure people know who is going to whom >> the u.s. coming to china, they made that very clear. eunice yoon, thank you very much. u.s./china trade tensions taking their toll on companies now an american giant is suing america over huawei.

frank holland has more on an incredible story around fedex. good morning >> good morning. this developed last night after the bell fedex filed a lawsuit against the commerce department claiming new export restrictions are nearly impossible to follow. the suit does not name huawei but fedex has been caught up in the broader dispute between the urgs an u.s. and china the company apologized for misrouting packages involving huawei huawei and other companies were placed on a banned list in may fedex says this is an impossible burden on shippers to know the origin and content of packages the commerce department says they plan to defend its role in national security. >> yeah. so this is a fedex story it's one that will stretch out in the courts here doesn't look like a negative reaction on fedex. >> not this morning. yesterday the stock took a dip a lot of people think that was due to reported price cuts for its express division

fedex said they kept their pricing strategy the same. a lot of other shippers have spoken out u.p.s. says it has not had problems, but fedex has been very vocal about this saying the commerce department is trying to deputyize it, and even if they could inspect all the packages, that would be a violation of privacy. >> the guy who founded fedex, fred smith, he's a marine so pro america. forget beyond meat mcdonald's figuring out there's money to be made beyond ice. we'll explain that ahead. and bitcoin has been red hot. but there's one investment that's been even better this year you can call it the anti-bitcoin it's your morning rbi and it's ahead. you're here to buy a used car, truck, suv. that's smart. truecar can help. it's great for finding a new car, but you already knew that. it's also great for finding the perfect used car. you'll see what a fair price is and you can connect with a truecar certified dealer.

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thank you for being with us here stock futures are not giving a lot of indication of which way the market wants to go we're down 10 points don't make too much of that. it's early if you're keeping track at home, the dow is 0.4% away from a record high, that's 224 dow points crude oil is flat at 57.90 ahead of that big and maybe contentious opec meeting which kicks off on monday. let's check the other big stories outside of the worlds of money and business including a long-awaited senate sitdown with

some 9/11 heroes >> good morning to you the battle over border security is raging on in capitol hill the trump administration is facing fierce new criticism for filthy chronic conditions at some federal detention facilities on monday hundreds of migrant children were relocated from a texas border patrol center that lawyers called appalling and dangerous. mitch mcconnell is expected to meet with 9/11 responders this afternoon after blistering criticism from jon stewart who accused the gop leader as using the 9/11 victim compensation fund the nba handed out their end of season awards with luka doncic taking home nba rookie of

the year award the biggest award, the mvp goes to milwaukee's greek freak who was drafted by the bucks in 2013 as a relative unknown, but now he's the third youngest mvp ever impressive just to have that title. even more impressive when all of us in the country will be able to know his name, say it, let it roll off of our tongues. >> yes we will. and maybe probably the coolest uniforms in the league, the milwaukee bucks become on the map. thank you very much. when we come back, trump hitting iran and its ayatollah with new sanctions will they work or potentially lead us to war the bitcoin breakout, tom lee is here for what he sees as the hottest investment in the world this year.

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it's the 25th day of the crazy month of june. 5:28 welcome back thanks for being with us on "worldwide exchange. all right. so will today be the day you may have heard about the record highs the s&p is there the dow, 224 points away that's 0.84% away from the all-time high. futures not giving us any help they're down 10, call it flat. bitcoin, banking coin up again right now. tom lee will join us in a moment look at that breakout. up 205% year-to-date and if you wonder why bitcoin has been so hot, because there's a lot ofbuyers, this is bitcoi versus the dollar index. the dollar index is in orange. the dollar has weakened a bit over the last couple of weeks,

as bitcoin has broken out. they track together for much of the year i get that lately here, we are seeing kind of a divergence there. guess what as the dollar index has moved down, you know what's moved up gold com comex gold trading with bitcoin. often seen as competitors, but they're tracking together. the gains are bigger, but sort of the relative movement of the two have been about the same let's talk more about this and the big bitcoin breakout joining us now on the cnbc news line from some far-flung place in the world is fundstrat's tom lee. they were giving you grief, tom, how good does it feel to have been right about bitcoin >> well, it feels good because, you know, bitcoin has proven

it's not broken. it's fallen 80%, it's been rezil he yent every timresilient evere it traded above 10,000 in history when you see bitcoin reaccelerate its move. do you think this is a lasting breakout maybe back to new highs? or as i tried to show on the telestrator, maybe a reflection of what has been a weakening dollar and a world awash in money? >> the macro you just described, you have a qe, low rates, there's an alternative that is a challenge for bitcoin. there's a lot of other good things happening the facebook libra libra is a mainstream development. 2 billion people that will discover crypto. if you look at transactions for

bitcoin, we're basically back to the 2017 highs there's a lot of activity on the blockchain interestingly people are not that bullish the sentiment is essentially muted right now. i think, you know, there's a lot of room for bitcoin to advance >> yeah. we've seen some of the other at alt currencies move higher, but not to the level of bitcoin. do you think bitcoin has established themselves -- there's other coin investments out there, but that bitcoin has finally really broken away from the pack and will be the digital or alt commodity/currency of the future >> yes i would say the prevailing thought of 2017/2018, the idea that people were betting on bitcoin dominance would shrink

from 32% where it was in 2017, but since it started 2018, bitcoin's dominance has done from 32% to 62%. it's clearly the dominant blockchain libra, the primary use will be speculation on financial assets, like the way the dollar is used to speculate on other assets the biggest thing is bitcoin is being bought >> i saved the best for last you have an incredible stat, even if you're out there as a cnbc viewer and you don't like bitcoin, you don't trust it, you don't understand it, whatever it is, if you had just put about 2% of your investment portfolio into bitcoin, how much greater would your returns have been in a diversified portfolio? >> that's the shocking thing

a tiny allocation would have added 400 basis points to your total return that's the difference between an okay year and a great year for everybody, including a fund manager. so the good news is 10,000 is not the level that bitcoin should peak at i think people should think about the all-time highs and moving past those. >> wow incredible just 2% after your portfolio into bitcoin would have added another 4% to your total return this year. incredible stats tom lee, we'll let you get back to whatever you were doing thanks for joining us on "worldwide exchange. >> thanks, brian new developments out of the middle east. iran's president lashing out calling trump's new sanctions outrageous and idiotic and even perhaps a sign of mental illness. let's bring in daniel tannenbaum from price waterswatershouse co.

the current sanctions may not have worked. will these >> the current sanctions have not worked these will add further fuel to the fire the sanctions that came out yesterday after the highly taunted announcement of larger sanctions inbound were largely symbolic while the supreme leader controls a large business empire, he doesn't travel to the u.s. he doesn't generally have assets in the u.s., so it's a symbolic effort that flies in the face of the rhetoric coming out of the trump administration that they want to negotiate with iran. this makes it that much harder >> i would say pushing become a bit, dan, you're the expert, maybe it's more than symbolic. i get what you're saying about the functional aspects of it he doesn't have the money here, why does it matter, but it does continue to tick off the administration in iran and potentially move that country in the direction we probably don't want it to which is harder to

the religious right. >> that's possible a number of folks believe this is just a further move towards potential regime change or attempt at regime change from the u.s. you're seeing different factions within the u.s. government with different views on this, from secretary pompeo's 12 demands to preconditions to talks, to president trump's no preconditions to talks we have a wide swing from trying to obliterate the country to having talks with them like president trump had with north korea. >> what's next what are we waiting for? what could iran do i guess say we're not enriching uranium and we won't try to sell oil elsewhere in the world, 40% of their government revenue, what else could they do to appease the white house? >> the white house has an interesting track record of

create crisis, solve crisis, pat themselves on the pack for solving that crisis. there is an attention span issue. if you look at all of the different sanctions related issues that have played out over the last two years this is similar to how my kids pick up toys in the morning. it starts off fast and trails off rapidly. venezuela, syria, russia all of these issues are unresolved i think iran may cool off and then we could see talks in the future if you see what comes out of iran today, they say there's no way we'll have discussions with the u.s. and this closes the door forever kind of mirroring the rhetoric coming out of the u.s. but i mean the whole intention of this or the whole rational for why this began for the viewers to remember is the u.s. pulled out of the iran deal. we had a relative detente, very moderate tensions between the u.s. and iran.

this all began last spring when the u.s. walked away from a multilateral deal. >> you think it's likely this will maybe accomplish the opposite of what we're trying to do, make it more of a hard line nation >> i think there's a differing view within the administration of what it is we're trying to do i think you legitimately do have a few different camps. some pushing for war some pushing for peace it depends on who is in the year of the president at the moment as these decisions are tweeted out. daniel tannenbaum, appreciate it thank you very much. all right. fantastic video straight ahead elon musk calling this the most difficult rocket launch ever for spacex and with a rather unusual cargo on board as well then how china's pain could become vietnam's gain. stick around i thought it was unfair.

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time for the top trending stories, which include rockets, mcdonald's and the world cup >> we have some good ones. starting off with space. another successful launch for spacex overnight the falcon heavy rocket blasting off from the kennedy space center in florida a few hours ago. on board several satellites, an atomic clock and the ashes of more than 150 people >> i guess that was some kind of a last wish? i would imagine they paid for that privilege to be dispersed into the ether >> interesting idea. would you want your ashes spread anywhere do you want to be buried >> i would rather not think about it the ocean? >> the ocean >> just -- >> space is cool a much lighter topic >> now i'm sad >> if you were hoping to catch friday's u.s. women's world cup

game in person, brace yourself for sticker shock. ticket prices for the match against france have gone through the roof one pair of tickets is going for $11,000 if your a bargain hunter, you can find them for $700 each. >> they're in france, it's france against maybe the best team in the world. >> this team is amazing. >> they are. >> beating teams by ten goals sometimes. outstanding. mcdonald's big bet on fresh is paying off. it's been a year since mcdonald's switched from frozen to fresh beef in its quarter pounder. in that time sales are up 30%. mcdonald's says it sold more than 40 million more quarter pounders in the first quarter of 2019 than the same time period a year ago >> i said earlier beyond meat?

no, beyond ice >> beyond ice? >> it's not frozen anymore it's fresh >> let's have one at 8:30 this morning. which is our lunch time. frank, thank you very much switching gears now to trade. one country perhaps emerging as a big winner in the trade fight with china you're looking at it live. that's whhanoi, vietnam vietnam has the manpower to produce goods. roughly 95 million people live there. 75% of them are under the age of 30 all day long cnbc is taking an in depth look at vietnam's manufacturing boom carl quintanilla is on the ground with more carl >> good morning. as you know, it's a big week in the world of global trade. g20 around the corner. the white house continues to insist that american companies are looking to realign supply chains out of china and into countries like vietnam that's not something most

companies are going to address directly so we've come to hanoi to talk to suppliers, government officials, logistics experts and they mostly agree in certain categories this is really happening. in q1 exports out of vietnam into the u.s. were up 40%. but it's part of a longer-term trend that's been going on for a long time as labor costs in china have been going up adam sitkoff is with the american chamber of commerce hanoi. >> we saw when 10% tariffs were placed on goods from china, companies scrambled around to see how they could split that, each take a hair cut, suck it up so they don't have to increase end prices on the consumer once you go from 10% to 25%, we find that companies can't do that and they actually have to put their supply shifts into action that's what we've seen happen here in vietnam. >> the problem now for vietnam will be about infrastructure can they handle all these new

orders can they add capacity? can they find workers? can they train them in time? all day today we'll explore that issue. talk about whether this is vietnam's moment, what do they need to capitalize on? how long will it take? what american brands are really counting on countries like this. it's happening all day we'll be live in hanoi we look forward to it >> that's a cool series. "made in vietnam." on deck, a big red flag for your money the next guest says something is happening now that's only happened three times in the past 25 years and all three times it didn't end well for the economy. what is it we'll explain. and your morning rbi the one investment that has done better than bitcoin and it may just be the anti-bitcoin there's your chart it's your rbi. we're back after this.

maybe a little too well done shares of beyond meat giving back some of its gains it looks set to open lower this morning. down 3.5% right now. by the way, a whoppering 7$700 million in market cap has been wiped out. the stock still even with that drop yesterday and the premarket drop today is up a cool five fold since its ipo at $25 per share. let's get you caught up to speed on the other top stories

iran firing back at trump. its president slamming the new sanctions calling them idiotic and suggesting the president may be suffering from mental illness. nissan shareholders making a bold move booting out much of the board. they also okayed new compensation and audit committees investors took aim at nissan's ceo, some calling for him to step down. and an american company suing america over china fedex filing a lawsuit against the commerce department over export laws. fedex says the rules make it nearly impossible to follow because of how many packages they handle every single day there's your executive recap now let's move on to another hot topic, that's housing. bond yields are staying low. the ten-year a hair above 2% right now. while you certainly may not care about bonds, that's your right you probably do care about mortgage rates, either to buy or to refinance how much will this big bond boom

boost housing if at all? joining us is lawrence yun how sensitive are home buyers, new buyers to mart damaortgage ? >> good morning. very sensitive, but it takes time home buying process is not a snap decision unless someone is on the fence ready to jump in and bite the low rates people have to do some searching. get the mortgage origination, home inspection. there's a variety of factors the mortgage rate being low in the first quarter means home sales will likely pick up possibly strongly in the third and fourth quarter >> the problem has not been rates. the problem has been that in many markets there's simply not a lot of houses for sale the ones that are for sale have been sitting for a while because they seem undesirable to buyers. any indication that lore ralowe

rates are enticing people to move and sell their own home >> you're right in terms of the lack of supply in our estimation we are short about 5 million to 6 million housing units based on the job growth and population growth that has occurred in the past decade homes on the market are still moving swiftly less than a month on average the days on the market are swift. but the homes at the mid price and affordable homes, homes that first-time buyers will be looking for as well as middle class families, just not up there. so we need to assure more supply comes to the market and the builders are implying there's high costs of regulation, high costs of construction workers, material costs some kind of tax incentive to juice the market in terms of supply because there are plenty of buyers, just not enough housing for sale >> at this hour here on the east

coast, lawrence, many of our viewers on "worldwide exchange" are in boston. they're in maryland. they're in new jersey. they're in the high tax states hit by that deduction cap on the state and local tax issue. there is a movement right now among some democrats in congress to try to excise that, to get that out of the tax bill if indeed they are successful in doing that, and that cap is removed, would you see an immediate move up you think in housing activity and prices in those high tax areas >> absolutely. because we hear from realtor members that the clients are constantly asking questions about what they can deduct or not. investors are coming back in and invest get full benefits, they get to deduct interest and property tax but for home owners they're limited. i visited connecticut, in connecticut the low-end market, mid-price market, they're strong on the upper end where the salt is beginning to bite, it's

extremely soft you're seeing large price reductions the reversal of what people can deduct will get buyers reinvigorated in the high-tax stakes lawrence yun, a timely topic appreciate it. thank you very much. >> thank you futures have turned in the green. you might have heard about this record high watch we're on when i say in the green, one point, but they're in the green. let's bring in chad morganlander from washington crossing advisers i won't ask you about a one-point move in the futures. more importantly, i want to talk about bonds from a different angle. this three-month ten-year yield curve inversion. most people think it's boring. it may be. it only happened three times in

the last 25 years. all three times it didn't work out well for the u.s. economy. my partners on my team did some research on the curve. what we found was that this indicator is a very good one when it comes to figuring out when there will be a recession but the recession could happen 15 months later. so that is one thing the other thing is that the stock market, it's very hard to predict when the stock market will go down we noticed the top of the stock market happens one month to 15 months out so we would at this point just look at this indicator as a carbon monoxide detector that doesn't necessarily -- >> is it screaming or just starting to beep >> it's starting to beep check the battery. we have to also be aware that it's not timely, so we know to

get out immediately. it's not a good trading indicator. overall it's telling you that the u.s. economy and a global economy is decelerating. and that stocks when compared to bonds may not be as attractive as investors think >> i love history, i will say this pushing back on these things this is an environment with a very easy fed. we have this trade war going on. we have all this other stuff happening. don't have a historical precedent. i wonder if those three times in the past do they matter as much? >> they may matter it could affect the real economy from capital investment to lending when it comes to banks to profitability of financial institutions you're correct never have we seen an environment within interest rates where you have german bonds on the two-year selling at a negative 70 basis points >> our number of the day, one day last week was 12.5 trillion because that's the total value of debt france, sweden,

switzerland, japan, germany, that is yielding negative. it's insane. >> it is insane. this is an indicator -- this is telling you the global economy will continue to be sluggish and slow inflation expectations will continue to be lowered but overall market optimists are looking at the earnings yield in relationship to this low interest rate environment. and saying to themselves i can get a better return within the stock market at this point within the cycle, though we are cautious when it comes to the yield curve, we're still modestly overweight equity risk in particular within the united states. >> when i look across the board -- we'll do more on this tomorrow morning, not only is everything up, but the weakest economies in europe, italy and greece, their stock markets are the best performing. bitcoin back above 11,000. the chinese market on fire everything is up >> this is the perfect

conversation to be had just because the monetary authorities across the globe could do what they've been doing doesn't mean they should have been doing what they're doing. what i mean by that, you're starting to see asset inflation in the most speculative fringes of the market -- this is something that overall if this continues over the next 18 months could be quite troubling. >> do you see the ability for the u.s. stock market to continue on? >> we do for the time being. we do expect perhaps a 4% to 6% annualized return over the course of the next three to five years. but you will have more volatility if there is an adjustment within interest rates, meaning a reverse where the curve goes higher, then that could be a major headwind right now we still continue to think there could an market melt up over the course of the next six months >> it has been the most hated bull market in american history, but it keeps going i wonder if some of it has to do

with the shrinking pool of assets >> you need aggregate demand across the globe to go negative, you have not seen that yesterday. >> chad, appreciate it see you soon thank you very much. time for your morning rbi. today let's play a game called better than bitcoin. because the digital commodity has been red hot, up 30% 200% this year it's up again right now. pretty incredible. get this, as good as it's been, it's not the best performer out there. it's close here's what's been better than bitcoin. this month both restoration hardware and boot barn are up as much or more than bitcoin. sofas and snake skin have been hot. here's what's really random and interesting. there's one stock, only one in any index that has been better than bitcoin this year it's the small cap stock that we've talked about before. ohio-based d ishdiebold, they me

atm machines bitcoin beaten by a company whose machines spit out hard cash random but interesting "squawk box" starts right now. good morning harsh rhetoric from iran overnight as the u.s. slapped new sanctions on the islamic republic some of the players themselves over there as well fedex taking the trump administration to court over the blacklisting of huawei, calling the new restrictions an impossible burden. and we'll hear from five fed policymakers today with the dow just over 200 points, just about 200 points from a new record. the price of gold and digital gold, bitcoin surging. it's tuesday, june 25, 2019. "squawk box" begins right now.

♪ live from new york where business never sleeps, this is "squawk box. good morning, everybody welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. let's check out the u.s. equity futures. you will see right now the dow is implied to open up by 1.5 points the s&p down by 2.5. the nasdaq off by 15.5 this comes after a modest day of advances or declines yesterday you saw that the dow was up by 8 points yesterday s&p was down by 5. the nasdaq was down by 26. all of this happening as we still await to see what happens at the g20 meeting that's the big one people are watching, those trade talks or potential talks between president trump and president xi overnight in asia, you'll see that at least right now you're talking about