it is 5:00 a.m. on cnbc. a tale of two markets and dow trying to avoid the fourth straight losing session while big tech continues to shine. the futures are higher speaking of tech, apple giving investors a new reason to love the stock this morning and the virtual worldwide development conference today around the world, new number of positive covid-19 cases rises as they see the second highest number on record other majors are holding steady. this as the white house says it is preparing for a possible

second wave in the fall. and trouble at tyson foods as china bans it's meat imports amid new outbreaks it is monday, june 22nd, you are watching cnbc. good evening, welcome i'm brian sullivan here's hour you money in the global markets are setting up their day. the dow might open up points a mixed session on friday with the dow closing down 208 third down day in a row but what is new, a different story for big tech the nasdaq trying for a 7th straight winning session it is already up nearly 5% this month. just 35 stoxx of the nasdaq 100

are lower this month and 12 names are up more than 10% the best performer that time, what else? zoom we're all doing the video calls up 35% investors, they continue and it's higher again this morning around the world, mostly red arrows in asia overnight europe of course just getting things started karen is in our london newsroom with some of the early action and the early top stories. karen, good morning. good morning to you. we have covered a fair amount of territory so far you may be used to that on wall street but very atypical here

take a look at the core markets and they have been on the back of this bounce back from coronavirus. market activity concentrated around the dax and the french market the u.k. stock market was in the red a moment ago and gains that you can see for the stocks and also across the italy and spain. and reinforcing the gains of just over 3% that we saw last week in terms of what we're seeing by individual sectors, every sector was trading in the red after a stock and you can see now that gains across an auto and that was trading negative and significant turn around to .15% on the board.

that's right to the bottom of the european markets this morning. this has 1.9 billion euros missing from its accounts. the latest is that the money may not have existed at all in the first place. so the plot thickens around this company. there's a money trail that ended in the philippines with the central bank saying that the money didn't go into that country. so question marks remain invested to this point taking money off of the table it's down 34% reinforcing it. a big story there. investors waking up once again

when it comes to covid-19 cases in the u.k. and around the world. a one day increase for the number of positive cases 183,000 on sunday alone. they continue to see their own numbers rise back at cnbc hq with more. leslie, good morning. >> good morning, brian, that's right. the u.s. reporting more than 30,000 new coronavirus cases on friday and saturday. that's the highest daily total since may first as outbreaks continue to spread in the south and the western parts of the country. seven states seeing a new one day record over the weekend including florida and south carolina which each had their third day.

>> we are filling the stock pile in anticipation of a possible problem in the fall. we are doing everything that we can beneath the surface, working as hard as we possibly can outside hoping imports from a tyson food chicken plant after hundreds of workers tested positive for coronavirus they ensure that all food is producing in compliance with safety standards watching shares of tyson this is the latest in a string of outbreaks at its plants. separately, yesterday chinese state media is reporting that a pepsico factory that manufactured lays potato chips is forced to close after 8 workers there are discovered to have contracted coronavirus, shares are slightly lower. >> all right lovely leslie, thank you.

see you soon well, back to the markets now. the markets coming off of their fourth positive week in the past five the dow gained 1% for the week although it's on a three day losing streak. the nasdaq, continues to be the outperformer up more than 3.5% last week. let's talk more about trends and what you need to watch joining us is the chief market strategists. matt, listen, you heard the headlines leslie just gave us. none of us of course, full disclosure are epidemiologists we want to make that clear but here's the thing, the markets realize that it's math if cases go up 2% a day then we're always going to have a record number of cases i think that's what people i talk to when i say why are the markets going up and cases are going up they say because, you know, percentages dictate the numbers getting bigger is that why we're seeing a disconnect between stocks and

sort of the headlines or is it more just about the fed and the amount of money that's coming into the equity markets? >> i'd say that it's about the fed more than anything else. that doesn't mean to say that they're, you know, major going on but we have the situation now where people are trying to figure out what's going to happen next. can we rally back and take out the june highs in the s&p up just above 3200? around 3232? or does it roll back over because of concerns over the coronavirus and the second wave. the head of it, centers for disease control talking about how every pandemic in history had a second wave so why would we have one now although he is saying that he is worried that it's going to be a forest fire and we'll have one gateway either way, my point is that i'm going to let the market decide or tell me what is going to

happen next because if it does move higher it's going to be because of the fed's liquidity and everything that i'm looking at in terms of economic data we are not going to get back how is the market able to ignore the medical headlines. and not whether or not they're severe enough to cause a relock down like the apple stores that

have been reshutdown on friday or saturday. >> it's going to depend on, again, investor confidence and on the issues that you talk about and we're not going the get another mandated lock down it's just too devastating to the economy. what is going to happen? are individual companies going to lock down are people going to lock themselves down and social distance even more or stay at home more. the chances of that i think are growing. again, here's my biggest concern right now. everybody is saying that rate of change is good that's fine. but the market is still expensive. if we're going to go higher it's going to be solely on fed liquidity and that can't last forever. >> 21 times forward earnings are the markets overvalued >> no question you look at gap earnings and it's over 34 times earnings. that doesn't mean that the

market can't go higher over the near term. valuations are a horrible timing tool and what is fuelling the market higher here is not the underlying economy so you can't just sit back and let your investment sit there like you did in 2019. >> momentum rally for sure kicking us off on a monday morning. we love it matt, thank you very much best to you. we'll talk to you soon thank you very much. >> thank you. >> all right when we come back, we'll head live to beijing where business there is still trying to get back to normal and then we'll talk tech. today a big worldwide developers conference provides another catalyst a major milestone for the nations biggest auto makers this week we'll tell you what that is. dow futures up 73. eawh wlddexcng busy hour still ahd enorwi ehae returns.

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welcome back and good morning. beijing health officials reporting nine new coronavirus cases last night good news is its down from 22 a day earlier from the outbreak they had it appears to be slowing down a bit. this as businesses big and small continue to try to get back to work eunice is joining us live from

beijing with more. eunice. >> thank you so much, well, i'm coming to you live from a factory here in beijing. that's live streaming about it's products to europe and the rest of the world there's been a lot of questions as to how business practices could change because of the pandemic and china is experimenting with a massive trade show but as one business man told me. >> it may not look like it but he is attending china's largest trade show. >> it's all there. >> every year for 17 years his beijing based business would head to the southern city to sell mugs at the fair. at the expo, china based suppliers would make hundreds of thousands of overseas buyers but because of the pandemic travel restrictions decided to put the entire show online so instead of manning a physical staff and

customers in created a makeshift studio to show off products at the 24 hour live streaming platform and the wifi and internet has to be there. >> one draw back is potential buyers can't do a pop in. >> at the fair you have people looking for a lot of different things and they stumble upon you but in the online version you can't really stumble upon you. you have to reach out to your customers. >> even then, customers can't look and feel. >> the customer isn't able to hold the product in their hand so only have to explain every single detail. >> this is the old fashioned face to face meeting. >> it seemed like everything is going to change. even though a lot of businesses feel that they have to because it's become clear that some business still had to be done in person such as trying to figure

out the quality of a product. >> listen, in the digital age, human relationships matter more and not less we know that i notice that you're wearing a mask and what's the rule can you go to dinner without a mask on or are you doing it for your safety or because you have to >> i'm doing it for my safety. partially because this was a new environment for me and we have still indoors. but also, the advice that the beijing officials just said just a couple of minutes ago is that now they're advising that people wear masks once again. they're not mandating it but they are much more strict. the measures have ramped up over

the weekend. and 2.3 million people they test 230,000 people a day and state media says that could potentially ramp up to 1 million a day. so it's a little bit confusing because you know we hear about how china has now clamped down on imports from tyson because they're worried about the coronavirus because the numbers are dropping >> by the nature of math numbers will always go up. by the way, what are they selling behind you is it a sparkley pillow. i'm trying to figure out exactly what is going on behind you. >> they sell all sorts of products that are coated and print a photo on it.

so the main product is mugs and then they have tumblrs and other products and they have a pillow case there and a picture of yourself. >> unless the entire worldwide exchange production did not get coffee mugs with your mug on it soon eunice, we are going to be very disappointed. we want our eunice mugs and we demand them now. smiling under that mask. >> i'll go operate a machine thank you, take care, all right. still on deck, everybody desperate for a hair cut in new york and good news as of today, you can get one. what will customers say to america's top stylist will join us next.

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there is a lot of news happening this monday morning. good morning. >> good morning. nascar said it has opened an investigation after a noose was found in the garage of nascar driver bubba wallace it happened yesterday at talladega super speedway in alabama. that news was first seen by a member of his team and reported to nascar that responded by saying that we are angry and outraged and cannot state strongly enough how seriously we take this heinous act. wallace said in part this will not break me i will not give in nor will i back down i will continue to proudly stand for what i believe in meanwhile, tiktok users and k-pop are claiming credit for the empty seats at president trump's rally in tulsa tens of thousands took part in a viral campaign to reserve

tickets for the event. according to sources close to the white house mr. trump is furious over the underwhelming crowd that his campaign blamed on the protestors outside of the event and not the viral campaign and finally the guitar kurt cobain played at the mtv unplugged session just sold for $6 million he purchased it at an auction for a little over 6 million bucks making it the world's most expensive guitar included with the guitar is an original case and package of guitar string and guitar picks an iconic gi fuitar from an icoc performance and that's the price tag to match. >> thank you very much. >> all right >> coming up, apple holding one of its most anticipated events of the year today virtually of course and worldwide exchange talks about the worldwide developers conference next

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futures are higher as investors continue to lump stock as big tech continues it's big games. in south carolina, florida, and states continue to show no signs of slowing as the white house is preparing for a bigger uptick in the fall are you ready for a hair cut in new york

yes you are and it can happen and as of today the big apple ready for phase two of its reopening. we'll tell you what you can do and what you still can't it's monday june 22nd and this is worldwide exchange right here on cnbc. >> all right welcome or welcome back and good monday morning everybody i'm brian sullivan thank you for starting your week with us on cnbc. stock futures are in the green right now. you can see dow futures are up 75 points. major averages coming off a mixed session on friday. a very different story for the nasdaq and big tech. nasdaq trying for a 7th straight winning session. it's already up 5% this month. now cases of covid may be on the

rise the good news, icu visits and hospitalizations seem to be trending down nationwide we'll see if that is over the next week or so. dare we say random but interesting stocks in the morning and 19% and 46 stocks in that index and around the world overnight, the european markets in the red. look at that, they turned around they were down by the way. maybe following our futures up as well. meantime, a developing story is at china a tyson foods chicken plant in springdale, arkansas after hundreds of workers tested positive for coronavirus

it's working with the food safety and inspection service to ensure that all foods it's producing is in compliance with safety standards this is just the latest in a string of outbreaks and from north carolina to nebraska to iowa and tyson shares are down 1.5% right now let's get back to the market what you might call a triple threat for investors today first off, apple kicking off it's virtual worldwide annual developers conference today. new developers are expected. that stock trains at an all time high amazon getting ready to kick off it's summer sale apparently nobody was shopping there during the pandemic and third the nasdaq going for a lucky seven. let's start things off with apple and joins us now live from

china. good morning. >> good morning, and what you expect is apple talks about software and all of it's products and the biggest segway and in it's line of computers open to expose custom design on base which it has and products like the iphone is not going to be a huge change. it's been using intel since 2006 and this is supposed to be a conference about apple wooing developers but it's one of the most tense relationships since the founding of the app store all of those years ago many developers come out publicly criticizing some of apple's policies around the revenue that it takes from developers around subscriptions and they say that these are unfair. they reduce and actually called

apple's revenue cut something that apple has denied. one of the interesting things is last week the european union opened the investigation into apple on the apple store and investors going forward, this is a key thing to watch will this backlash against apple stick? it's very crucial. it's the only way to get on an apple product. eventually taking the apple app store. that's $46 billion in services brian back to you. >> virtual of course to be safe. thank you very much. appreciate that. now all right joining us is joe the head of media and technology training and good morning and talk about things sticking on apple,

nothing seems to stick on apple and we know that by the way the stock is down $20 higher than the median price target of the 40 plus analyst that coffer tve equity what do you expect to hear today. the stock simply gotten ahead of it's skis? >> i mean today, obviously the focus is on apple making that move away from intel chips and into their arm base and this as has always been a rumor for the last two or three months this is just a matter of when and not if everyone knows they have been having a lot of issues on the supply side of things. so this shows that there's really worries behind the move apple can move forward and have

designs. so that's definitely the focus and this conference of course was always famous with one more thing. and all of these big events that he will have multiple times of the year is some going to be lost >> yeah, you would think so. it's online in some form and has the stock gone too far and it's obviously pretty much at all time highs a very tough set up probably nothing and the focus for the second half for me is on the iphone launch in the 5-g story. and hopefully we'll get more details over the next one to two

months that is really the focus for the stock and how it's going to continue to work in the year end and we'll continue to see apple have big moves in events and do you think the stock is moving higher. and it's simply as people put money into the markets and the biggest stocks like apple are going to get their share of the action. and one of those companies are

benefitting from this aggressive, i won't call it line but blind rotation in the tech and there's reasons behind that. whether it's growth out there. the green light. >> do you think that it should still be bought by that idea you had the m and the n so -- >> i think it's a song if it's early. >> do you think that big tech as a group should still be bought because it's being bought? or again, are there better opportunities elsewhere in your coverage universe? >> yeah. i think that you need to be selective. as you said, all of the large mega cap tech names have been on

an absolute terror there's going to be a pull back at some point. there always is. if you think any differently you're going to get burned so i think when it comes to large cap growth you want to sit toward the cloud you look at recent cio surveys 80% of respondents, they see that coming out of covid they're seeing the digital transformation and shift to the cloud accelerate much more aggressively than planned and currently ahead of -- before covid kicked off, 20% of i.t. budgets were geared toward the public cloud a lot of cios see that number rising up to 44% over the next four years so that's where the money should go. >> doubling. >> doubling. so microsoft and sales forces

large cash it's a cloud health care and medical and it helps automate the entire process. and it's much more reasonably evaluated. it's a very interesting story and then it's been a tale of two stories. i think that you have to look at this and a valuation point of view and trying to make sales go up 15%. car max had a good update on friday as well so the auto environment is improving. so look at it which is historically the red headed stepchild of the group but i think that the margin front and microchip had a great update a couple of weeks ago as well. so those are kind of names that i'm discussing more versus going

with the obvious one that everybody knows that have been le leaning. >> i like it have a great day good week. thank you for joining us appreciate it. >> take care new york city residents had a list of places they could go for the first time in months today the big apple launches phase two of its reopening a live report of what you can expect in the big apple today. in a w0 , dow futures are up 4 potsnde are back with more after this s sleep...feel...cool. because the tempur-breeze° transfers heat away from your body. so you feel cool... night after night. during the tempur-pedic summer of sleep, save $500 on all tempur-breeze mattresses.

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that's been through multiple market cycles for over 85 years? with capital group, i can. talk to your financial professional or consultant for investment risks and information. e signatures and something called battery day do you know what it's a busy monday american airlines plans to raise $3.5 billion in new financing. and travel restrictions caused by the global pandemic and delta said a modest recovery in demand helping to slow their daily rates. elon musk says a so-called battery day are tentatively scheduled for september 15th

and sources say tesla is developing batteries with the chinese company designed to last a million miles of use and the same price or less than a gas powered car, ford and fiat chrysler are expected to turn to prepandemic schedules and it's a major milestone and trying to make consumer demand and gm plans to production levels by the end of the month and docusign replaces united airlines in the nasdaq 100 today. the company joinsadobe, work day and zoom and reflecting the rise of cloud services shares are trading at or near all time highs >> will the battery day be free to attend or will there be a charge >> good one. good one you know, it's early but you know, you're bringing out the dad jokes in honor of father's day.

you know, not wasting any time. >> i was told that i get one dad joke a year now and because it's the monday after father's day, that was it. i'll be anxiously awaiting >> good news for new york but bad news for people who love their growing mull leets. new york city launching phase two of the reopening plan this morning. what can we do what can we still not do contessa brewer joining me live from manhattan happy phase two day. >> this is business in the front and a party in the back. do you see what i'm saying here? today you'll see the street in lower manhattan throw open the doors. they're going to open for business some of these businesses have been shuttered completely for three months and even without the go ahead from the governor to enter phase two today they have been crowding around the

doorways of bars and are eager for the take out fear or the company even if the only place to sit is the curb now they have formal permission to open up their outdoor patios or their parking spaces as the case may be. across the city they are going to have social distancing restrictions in place but in some places the mayor has closed down the streets and will allow the restaurants to set up tables right in the streets instore shopping, today will be allowed. offices can begin bringing them back goldman sachs starts it's return today. jp morgan chase are starting and look this is a big deal for a city that's had nearly 22,000 deaths and 16,000 cases. the urgent question is whether the most popular city in the nation can avoid what other statds are seeing with spiking krs coronavirus cases.

they all have record numbers of daily new cases last week. here in new york city, he's pretty common place. the governor has ordered it in public where you can't guarantee social distancing. even if you're not wearing it you're getting prepared. >> okay. now, contessa, i know that business owners there are getting creative because they have to be obviously i don't know what you call it, a plywood patio that one restaurant -- what else are you seeing yes, i'm ready for it. show it to us. >> this box behind me is sometimes where i like to park my car and will not be able to because they're going to use this as outdoor dining you see the police line here this he block off this street from 8 to 8 every day so that there's more room for people to get by this is a fairly narrow sidewalk for manhattan and just to

my --over here i'm seeing where it doesn't have plywood and this is a hair salon. i interviewed this owner when thingsshutdown it would appear she said whether my businesses are going to be able to survive. i don't know whether i can come back to reopen today she is back in business. >> good. so she samade it. i'm sure that she's going to have a line a mile long. everybody is desperate for a hair cut >> your hair looked good. >> it's slicked back you just can't see it. contessa, is that your volkswagen behind you? is that your vw bug? >> no, that's new hampshire, live free or die. >> thank you very much we'll see you all day long

phase 2. thank you very much. by the way speaking of hair cuts, barbershops and hair salons throughout new york and new jersey are opening their doors for the first time in nearly three months today. the states ramp up their reopening efforts. joining us is the owner and ceo of a third generation family owned business, hair salons, schools and barbershops throughout new jersey. frank, welcome glad to have you on. you just heard con tetessa talk about one shop next to her in new york i'm glad that everybody can reopen today what are you expecting is there going to be a giant backlog? what types of safety measures are you and your team putting into place i feel really confident in what they're going to come back so

because we really stepped it up on the safety measures from temperature checks to individual bags that have their cape, their towels, everyone wears a mask, new air scrubbing units, new duct work all clean so we have been going above and beyond to make sure that everyone feels safe >> okay. so when you talk about a backlog, you have the phones open up today. it's tough to get going. what are your biggest concerns about the reopening effort obviously the safety of your customers and staff are number one. we understand that from a business perspective, frank, what are the things that you're really worried about >> i'm really concerned about mainly our capacity. we're able to open, i mean, new jersey didn't specify but we were planning on 50% to my biggest concern is to make sure that is 50% going to be good enough to pay all of my fixed costs which we think it

will get by. are you able to get back or chosen to stay away? >> yeah. we were able to get a majority i would say 99% of all of our employees were coming back it felt not safe to come back and i was like fine when you feel better, come back >> where do you see it going then from here you reopen obviously a lot of desperate people out there for hair cuts do you have an idea as to when there might be a -- i hate to use this term, business as usual? because i'm not sure that anyone even remembers what that is? >> i don't brian, i don't know if there's going to be -- think this is the new new. if we can just get back up to close to 100% i think the safety measures are going to be in place for sometime

i actually welcome them. you have to look at the silver lining some things are going to be better because we'll be more prepared for things. >> we're showing the rules there. so by the way, don't come with anybody unless it's somebody that needs your care basically come alone you have the temperature checks there. you know, the one thing about this, you're a big business you have a national name and a list of clientele, a lot of our viewers might be harder to have access to capital and credit do you expect the big to get bigger in the next few years your industry and others >> i'm not sure. there could be a level of consolidation and acquisition. i'm taking ahold on everything right now. we have actually slimmed down.

we closed one location in florida and moved one location into our bigger location right now it's hunker down and see where the dust settles and see what opportunity there might be out there. >> i know that you have a big day, a big week ahead. the best to you and your team. all of your staff. thank you for joining us on cnbc we appreciate it let us know how you're doing, thank you. >> thank you, brian, appreciate it. >> take care and best to you dow futures off of their highs only up 22 right now still in the green we're back right after this. that's been through multiple market cycles for over 85 years? with capital group, i can. talk to your financial professional or consultant for investment risks and information. with spray mopping to lock away debris and absorb wet messes, all in one disposable pad. just vacuum, spray mop, and toss. the shark vacmop, a complete clean all in one pad.

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>> i do think that we're headed to volatility. you have a tug of war going on right now between better economic data and worse virus data both caused by the reopening so i think you'll get a little bit of volatility on that until we get some of that to come down. >> all right so what is the best investment idea that you and your team in the global allocation have right now steve. >> we remain and think that the medium and long-term are recovering and growth companies on the large gap side are among the safest places to be. these companies are creating their own growth they have a ton of cash flow and i'll tell you, small caps in the u.s., we think that one of the things emerging here coming back to the united states and transitioning from recession to recovery and those are really good environments in small caps that are taking it on the chin

during the pandemic. >> there's a lot of fierce about people retreating as coronavirus cases spike in some states. >> especially because they're exposed to the domestic economy. when you look at the long-term drivers via population growth or what is going on in our tech sector, and then the response to the coronavirus from a monetary and fiscal response has been strong in the united states and i think that we're set up for one of the better recoveries across the world it's a little bit more of a medium to long-term play >> quickly, any country besides america look attractive to you right now steve? >> longer run we like countries that have innovation and population growth. that includes canada, australia, india, parts of latin america but the u.s. is still the best house on the street in our view. >> all right u.s. the best house and you like small caps inside of that house.

steve a pleasure to have you on and we'll see you soon here on cnbc thank you very much. it goes quick doesn't it folks stock futures they have come off of their highs they are now flat to even high it could be another volatile day ahead. we'll see you tomorrow have a great day take care. i got an oriole here. eh. common bird. ooh look! over here! something much better. there it is. peacock, included with xfinity x1. remarkable. fascinating. -very. it streams tons of your favorite shows and movies,

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seven states and we'll take you live in beijing where an

outbreak tied to a food market seems to be slowing. monday june 22nd, days are going to start getting shorter now squawk box begins right now. >> good morning, everybody welcome to squawk box here on cnbc i'm becky quick along with joe kernen and andrew rosss sorkin. it's so deflating to think of that. >> well, it's actually still only 24 hours people are sick of that probably too. whenever you tell me it's the longest day of the yeai'