it is 5:00 a.m. at cnbc global headquarters, and here is your top five at five. stocks kicking off the new trading month on a very strong note as investors look to bounce back from last week's shor squeezed fueled selling. some of the assets at the center of that frenzy continuing to lose steam as shares of gamestop and silver prices start to pull back the online broker caught in the middle of all of it, robinhood, reportedly taking new steps to help shore up its financial responsibilities big technology, back in focus here as we await quarterly

results from two more sector giants, amazon and alphabet, and millions across the northeast, myself included, digging out this morning following that massive winter storm that hammered the region. it is tuesday, february 2nd, 2021, and you are watching "worldwide exchange" right here on cnbc. ♪ top of the morning to you, i am dominic chu in for brian sullivan today, and here is how your none and the global markets are setting their day up stock futures points to more gains. the dow implied higher by 250, the s&p by 32, and the adding to massive games we saw yesterday in the nasdaq index. all of this after stocks kicked off a new trading week and month on a very strong note, shaking off some of the concerns surrounding speculative retail oriented trading

the dow climbing more than 200 po points while the s&p and nasdaq were up more than 1 1/2 and 2 1/2% respectively, big moves for the nasdaq big tech in focus. today's investors will be watching several key reports from the likes of amazon, yes, and alphabet, the parent company of google, chipotle, ups and pfizer, to name a few. shares of gamestop, you can see in the premarket session, $171 per share. that's roughly a quarter of its value shaved off in the extended hour session highs now drifting lower stedadily ovr the last couple of days. we'll see if the trend continues for the heavily shorted stocks remember, the stock lost nearly a third of its value yesterday in a sign that traders may be starting to cover some of the losing bets they have on the stock. also want to take a look at the price of silver amid its price

surge yesterday. we did push just around $30 an ounce for comixed silver yesterday, and 26.79 off 5 1/2%. now, remember, the precious metal hit an eight-year high in trading yesterday. let's go worldwide wall street's rebound carrying over to asia as you can see there. markets across the region finishing higher with the hang seng and kospi in south korea jumping more than 1% apiece. take a look at the trades there, predominantly green, and an early look at the trade in europe right now where it is very much green except for portugal as you can see the sliver of red. the german dax up 1%, and a bullish move in the european trade and asia following what happened in the u.s. yesterday. to this morning's top stories. robinhood is apparently holding talks with banks about raising more debt in an effort to continue fulfilling orders for heavily shorted stocks

according to the reports, the online broker is looking to raise $1 billion that would be separate from the $3.4 billion that robinhood revealed it had secured from investors amid last week's reddit fueled buying spree in heavily shorted stocks speaking of those stocks, the securities and exchange commission could consider a wide range of new regulations to help prevent similar volatility and short squeezes according to bank of america, merrill lynch analyst michael carrier, the agency could roll out a wave of rules ranging from a cap on short interest of a specific security to aggressive taxes on short-term trading. a representative for the s.e.c. declined to comment to cnbc on the matter still, though, regulators taking note here of what's happened over the last couple of weeks. and spacex has announced it plans to send its first civilian crew into orbit around the earth later this year. the company says four private citizens, yes, private, will be

sent in a crew dragon cap sug z -- capsule as a mission to raise money for st. jude's children's research hospital ja jared isaacman with the three seats later. elon musk rejected claims the move is simply a joyride for the wealthy. >> well, i think it's much more substantiative i think first of all, i think people will really enjoy, you know, seeing things vicariously from the video and watching the mission. it's like when, you know, when america went to the moon in '6, it wasn't just a few people. humanity went to the moon. we all went there with them. >> all right in just over an hour ago, musk fired off a tweet simply stating off twitter for a while. it's unclear the context for that message we'll see if he tweets again

sometime soon. back to the markets now, what your next guest says are not functioning normally given the wild swings we have seen of late and we may be seeing a late stage bubble there's the bad word now i'm joined by dory wiley, ceo at commerce street capital. great to get your thoughts here. let's talk about whether or not you are worried as an investor over what you have seen in the heavily shorted type stocks. >> sure. good to be here this morning you know, when you get a late part of a bull market or a bubble, things get more and nor irrational, so what you have seen in gamestop, and amc, what you see in bitcoin, what you see in all of these spacs, all of these things are not fundamentally based and very difficult. in addition to the behavior of the markets itself, you're seeing institutional investing follow mob millennial investing. that's not normal. you're seeing markets react positive on bad news because it

thinks it's going to get more stimulus versus the other way around all of these things are not good signs. >> all right kwhabt the case being made, and i've heard it from a number of investors and traders out there, these are localized phenomenon, this is not symptomatic of a broader market in a bubble, these are specific areas of a market that are fairly well contained so we don't worry about a spillover effect of those types of, you know, behaviors, i guess, into the broader market overall >> well, how contained are they really i mean, we saw a lot of big hedge funds that were affected by this last week, and it spilled over into selling off other stocks and affecting the whole market on friday in order to, you know, meet margin costs or cover losses or whatever they're doing. so i would disagree with that spillover effect it may not be as big as say long-term capital management

was, but that's what the fear is that something like that happens. right now, the liquidity looks good a new stimulus plan comes out, could prop this up we have four years between the irrational exuberance between the pop of the bubble. the bubble can last a while. it's concerning where we are right now. >> the interesting part, as we were speaking just now, we flashed up market data we were seeing premarket, it's showing heavily shorted names coming back down to earth meanwhile showing the resumption of the up trend we have seen in the broader markets the s&p, the nasdaq, the dow jones industrial average, does that suggest, then, that this was a short-term blip on the radar, and things are kind of getting back to normal in this kind of a situation? >> one day is not a trend line, i guess you could say, but it's a great sign and we like to see that i would like to see the s.e.c. put in symptom better rules in the market, you know, these

companies don't need to be allowing a lot of shorts on stocks when they can't access the stock. you know, there needs to be some limits and access to the stock and some general rules that make some common sense. >> so dory, with all of that in mind, with the market that's still hovering near record highs right now, with everything that you're seeing in cryptocurrency, and these heavily shorted stocks, is there any part of the market that still looks attractive to you. where would you commit capital at this stage of the game? >> the good news is it's a stock picker na pick market and it was all go where it's not frothy, industrials, you can play in financials, in banks banks still look very very good. they sold off last year, rallied as of late banks still look really good, and you can get a lot of good dividends. if you're interested in commodities, maybe play

something like freeport, a 3% yield, it's got cash flow, a dividend, and you get exposure to copper. >> dory wiley with the latest thoughts on the market, thank you very much with commerce street capital we appreciate it. >> you bet thank you. now to washington, d.c., and the latest in the stimulus talks as republican lawmakers pitch president biden on a scaled back package. tracie potts joins us from washington with the latest, and how scaled back is it tracie. >> a third of what biden is proposing and of course there's a rush to get this done because extra unemployment and other benefits run out after this month, but the biden plan, the republican plan, they're billions of dollars apart. here's what's on the table, two plans to help struggling americans. the new republican proposal would cost $618 billion, a third

of president biden's plan, with no money for states, local governments, and much less for schools. it includes smaller stimulus checks, a thousand dollars targeting low income families. and less unemployment. >> it makes no sense to pinch pennies when so many americans are struggling. >> reporter: republicans called their white house meeting productive and promised to keep talking. >> it was a very good exchange of views i wouldn't say that we came together on a package tonight. no one expected that in a two-hour meeting. >> reporter: democrat hs have started an effort to push through biden's plan without republicans vote. >> republicans can vote for that there's precedent in the past. >> reporter: both included the same amount for vaccines. >> when the vaccine comes available to you, please get vaccinated. >> reporter: many americans are having trouble getting an appointment. >> it's like buying a lottery ticket and you hope your number

will come up. >> reporter: there's new evidence vaccines are working. nursing home patients were among the first to get shots and new cases there are down in the past month. and we just got information at the top of the hour on those new immigration orders that were delayed from last week, the president hoping to sign them today assuming his homeland security no, ma'minee is confird today. a task force to reunify families separated at the border, new rules for orderly migration at the border, new asylum system, and also review some of the policies on legal immigration. dom. >> the executive orders continue thank you very much, tracie potts with the latest in washington, d.c. when we come back on the show, the layestest on the mass winter storm, that left parts of the northeast buried under 2 feet of snow.

and boeing's ceo looking to get in the spac game details on his plans for a blank check company coming up. and exxon mobil announcing an investment aimed at sustainability amid activist pressures. wit 'vgoa very busy hour still ahead when "worldwide exchange" returns after this break you got to move the phone in front of you like..like it's a mirror, dad. you know? alright, okay. how's that? is that how you hold a mirror? [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most and $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today.

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welcome to "worldwide exchange." that's a live shot of the new york stcity right now where we r

trying to dig ourselves out of a lot of snow, in some cases, up to 2 feet in certain areas of the northeast. new york city looks like it's doing a fine job trying to clean that stuff up. let's look at the markets. we have seen a growing trend in the last few months. i'm going to show you with etfs, the white line is tracking the russell 2000, and the orange line is the russell 1000 value the value index over the last few months has outperformed, the orange line is on top. especially here, there's a large gap in performance between the value stocks which outperformed, think energy and financials, and now just if the last couple of weeks here to start the year, we have seen that gap narrow again as there becomes a focus on big technology type stocks it was what worked in 2020 we'll see if it works again this year the reason we bring it up is on a year to date basis, look at

technology versus financials, growth versus value. the financials outperforms but now look under performing just over the course of the last couple of weeks. technology reassuming some leadership there perhaps investors looking towards those big leadership type stocks in technology, especially with earnings coming up for a lot of the big ones this week, and then to finish off, check out what's happening right now with what's silver and gamestop, and some of those heavily shorted type issues that a lot of reddit traders have kind of gotten into it silver, $27.69, they're the last trade, come off a bit from the highs in the last couple of days gamestop shares lost a third of their value yesterday roughly, and down about 24% in early trading this morning we were above $400 per share at one point over the last couple of weeks currently trading gamestop at 172.20 in the last session amazon and alphabet, the latest tech giants to report results. we will preview what to expect and if we could get record figures from those two companies.

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welcome back now to the latest on the massive winter storm as it continues to dump more snow on parts of the region, with some areas as you can see there, getting upwards of 2 feet of snow. nbc news meteorologist janessa webb joins us from new york city it looks like things are a little bit better today than they were yesterday. >> yeah, exactly right, dominic. this historic storm system dumps over 30 inches of fresh new snow across northern new jersey and, you know, unfortunately it's just not going to stop. it's lingering across new york city it's definitely on the lighter side, but it will be intermittent throughout the day. here at madison square park, we have picked up over about 10 inches, and central park, about 16.8 inches of fresh new snow right now, we're going to continue to watch the clearing

of streets, things are definitely looking better. right now, we can see the roadways, the blacktop, so the plows in new york cityover a thousand of them have been deployed across the area, so doing a wonderful job and we haven't lost power, so winds have started to calm down, and things are looking a lot better. i wish i could say this storm system starts to push offshore for today. but dominic, unfortunately, that's just not going to happen. we still have another solid 18 hours of this system that's currently making it way across new york city, northern new england, boston getting hammered right now, and we could potentially pick up at least another two to 3 inches in some spots across the city. >> janessa, i'm curious, as we talk about the strength of this, should we expect the same kind of severity at some points i know when i was here in the office and at home at points yesterday, it felt like it was near blizzard conditions

are we expecting more of that or just the snowfall that goes along with it? >> you know, i think we're over the worst in new york city and interior new york could possibly see some of those blizzard like conditions we never hit that criteria yesterday, even though we had winds to about 35, 40 miles per hour but it has to be for a prolonged period of time i know some areas even dealing with that coastal flooding i think that's the main issue today as we're actually starting to see rain mixing in at times, so the flooding is going to be starting to be an issue and also some warmer temperatures yes, things are going to start to get better for today, but unfortunately, for some sections of the northeast, it will linger and then, dominic, all eyes are on our next storm system that potentially could impact new york and the northeast by sunday afternoon. >> we're not even done talking about this one, and we've

already got another one on deck. janessa, thank you very much be safe out there. we appreciate it. let's check on this morning's other top headlines outside of weather nbc's frances rivera have you dug out >> not yet i'm waiting for it to be done. my kids will pull me out there too. let's get to the headlines the kremlin on high alert with protesters vowing to rally outside a moscow court in support of navalny to see if he'll face jail time he faces up to 3 1/2 years in prison senate minority leader mitch mcconnell is condemning conspiracies supported by a member of his own party. while he didn't mention georgia congresswoman marjorie taylor greene by name, the kentucky senator released the statement after receiving questions about her. he said, looney lies and conspiracy theories are cancer for the republican party and our country. greene fired back on twitter saying the real cancer for the republican party is weak

republicans who only know how to lose gracefully. so the date, february 2nd, so that means groundhog day today, the eyes of the country will turn to a tiny hamlet in western pennsylvania to see if we can expect an early spring. this year's festivities are virtual. they will be live streamed on groundhog.org, at 6:30 a.m. eastern, dom, but i think phil might be upstaged by the snowstorm and the snow show that's still happening out there for a lot of us, too. >> and janessa webb just told us there's another storm coming by this weekend in the northeast, so punxsutawney phil, give us some good news, please. >> the kids aren't so happy about that one it's going to be a weekend they want the snow days, even though they're remote. >> i think my kids love them too. >> frances rivera, thank you very much for the headlines there. president biden and republican lawmakers coming together to talk about covid stimulus. ylan mui talking about the hurdles keeping both sides from

getting a deal done. watch or listen to us live on the cnbc app the application. "worldwide exchange" is back after this change is all around us. shaped by technology and human ingenuity, we can make it work for you and your business. ♪♪

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congressional democrats take the first steps toward passing a covid relief bill without republicans. and it's a winter wonderland, the east coast digging out from that morning snow and the worst snowstorm to hit the i-95 corridor in years it's february 2nd. that means it's groundhog day. you're watching "worldwide exchange" right here on cnbc ♪ ♪ it is february 2nd, after all, welcome back to the show, i'm dominic chu in for brian sullivan this morning. here's how your money and investments are looking as we're halfway through the 5:00 a.m. eastern time hour. stock futures point to go gains. the dow implied higher by roughly 230 points, the s&p by 30 points, and the nasdaq up by about 117. this after stocks kicked off the new trading week and month on a very very strong note. shaking off some of the concerns surrounding speculative retail

based trading. the dow climbing 200 points, the s&p and nasdaq are up 1 1/2 and 2 1/2% let's look at shares of gamestop those shares down about 24% in the after hours trade. $173, the last trade there this after the stock lost a third of its value yesterday in a sign that some traders may be starting to cover some of the be bets, taking profits in the big gain we have seen. and virgin galactic, up 13% premarket, $60.70, the last trade there. this on top of a 21% gain yesterday after the company announced it will redo its aborted december flight test as early as next weekend, so a lot of positivity around at least virgin galactic at this stage in the premarket. making headlines this morning as well, former boeing ceo dennis lunberg is looking to raise $200 million for a spac, a

special purchase acquisition company, a blank check firm. this according to the s.e.c. in a filing yesterday the spac plans to target companies in the industries of space, defense, and communications and advanced air mobility and logistics as well so a new spac possibly coming there. exxon is creating a low carbon solutions business it will invest $3 billion through 2025 on lower emission energy technologies. the news comes, of course, as the oil giant faces pressure from activists to improve its sustainability type investments. exxon mobil shares up 1 1/2% in the premarket trade. atlanta fed president raphael bostic says the u.s. economy could recover more quickly than expected and that could lead to interest rate hikes as soon as mid 2022 speaking on cnbc's closing bell just yesterday >> i'm not really that concerned about overheating. i think it's important to remember we've got -- we're at a large deficit in terms of jobs relative to where we were before

so if you think think about our mandate of full employment, and price stability, the full employment numbers, we got a long way to go and so if the economy runs a little hotter, eng i think thats useful to fill up that hole. >> bostic is a voting member of the fed's market community this year most don't expect to see rate hikes through 2023. to washington, d.c. and the debate over another covid relief bill ylan mui joins us with the latest there what exactly is the current state of play? the republicans meeting with president biden, did they get any progress on a deal done? >> dom, that's right president biden met with that group of moderate republican senators at the white house yesterday for about two hours. there were no major breakthroughs but both sides did describe the discussions as productive biden joked that he felt like he was back in the senate as he negotiated with his former colleagues like susan collins of

maine. >> it was an excellent meeting, and we're very appreciative that hisfirst official meeting in the oval office, the president chose to spend so much time with us in a frank and very useful discussion >> but today, lawmakers are turning their attention to the partisan process of reconciliation the house and the senate will vote today on a budget resolution that is the first step to getting a bill passed without republican support it would set the price tag for the new covid relief package at $1.9 trillion. this process is tricky, and the rules could prevent major portions of biden's plan from ever passing, especially that $15 an hour minimum wage technically democrats can only include spending and revenue items in a reconciliation bill but senator bernie sanders and other progressives plan to argue that raising wages can reduce

the deficit because fewer workers would rely on the federal social safety net. a new study found out today that a $15 minimum wage could lower government spending between 13 and $31 billion annually these kind of wonky debates are one of the draw backs to using that reconciliation process. that's why president biden's first choice is a bipartisan package, but even after what happened yesterday, it is not clear he's going to get one. back to you. >> now, there's obviously a time frame that you kind of alluded to, and whatnot. what exactly then is the likelihood that we could get that kind of a bipartisan deal done rather than going through the budget reconciliation or kind of that process overall is there something that can be done are there one or two sticking points that could maybe get this thing done on a bipartisan basis? >> so what biden has said, and he's no stranger obviously to the senate after serving there for 36 years is that with these

bipartisan packages, you often don't know a deal is going to get done until the final days of those negotiations so sort of everything comes together at once, and susan collins from maine did indicate that there is some wiggle room in their $618 billion plan as well, especially around those direct checks she signalled that she might be willing to accept a higher number for direct payments if the overall cap and eligibility thresholds were lowered. maybe that's one area where they can find some common ground and some compromise, but democrats are not waiting around, and that's why they'removing forward with the reconciliation process. they see a deadline of march 14th, as the real deadline to get something done, whether it's through reconciliation or on their own or along with republicans. >> ylan mui with the latest on that process for covid relief. thank you very much for that now back to our corporate news, amazon and alphabet, the parent companies of google, both

set to post quarterly results after the closing bell joining us with what to expect, cnbc contributor, and big technology founder, allen counterwits, and chief investment officer erin gibbs. thank you very much for being here erin, we'll start with you, how important are these earnings results to the overall market narrative? >> they're extremely important to the market. these are some of the two largest companies within the megacap world. they're also just bellwethers for megacap tech, and both cover somewhat different businesses, overlaps, and so we're really going to see how amazon, which is more focused on cloud service, and google which is more focused on ad searching revenues, how those are going to play out for both the 4th quarter and also of course very importantly looking ahead, how we're expected to recover in 2021 so we know they have both benefitted extremely well from

the pandemic and we know that they're going to be reporting record numbers, but it's all about how they're going to be able to continue this momentum going into 2020. >> both of these stocks are within the top five in terms of the s&p 500. we know how important they are as erin just pointed out are we expecting positivity in news coming out of them, and then are investors going to react positively to that positivity if it does happen >> yeah, i think you're right, the economy is definitely run by the tech giants, and these are two important ones, google and amazon i think we are going to see positive news, guidance has led us to believe amazon is going to post its first $100 billion quarter. that's massive that's a flag planting quarter in which amazon is going to tell us, we have changed consumer behavior typically people would go to the mall or stores during holiday

shopping, now they have decided they can use amazon as a serviceable alternative, and that's huge because that's not just this year that's going to carry over next year, even if we're back into normal times people are going to be like, i can go to amazon again, and that's going to stick with the company. i think we can see, we can expect positive news for both of niece companies in terms of how investors will react i mean, who knows these days, given the irrationality in the market right now we just saw what happened with gamestop last week, and you know, a little tick here or there might send them scrambling, the early signs are that the stocks are going to go up it looks like what's happening with the premarket and the futures so i expect a good reaction from investors. >> alex, if i could follow up here you follow some of these companies so closely what's the most important thing that each of these companies, alphabet, and amazon, can say in their reports that will get that positivity even more fuel? >> i think amazon can give us

clarity in terms of what it's spending on infrastructure you know, amazon is light years ahead of the rest of the competition when it comes to processing online orders and fulfilling them, and it's been spending on infrastructure, spending on people, spending on planes, and you know, investors typically don't like the fact that expenses are going up but this could put it even further ahead of the competition. i want to hear a little bit more about what's going on there. in terms of google, obviously the big question is where does it go with cloud revenue the search business has been predictable in moving forward over years, but google does have an opportunity to take a bite out of amazon and microsoft's leading cloud services, especially now during the pandemic, where we're all moving to cloud hosted software, and so, you know, google is way behind, but if it shows a bit of an uptick, that would be a really positive sign for its business. >> erin, i want you to kind of weave all of this together right

now because there's certainly a positivity in technology it was the trade that worked in 2020 amid the pandemic it's starting to show signs of life again people getting out of the value oriented trade back into big technology is that a theme that you see playing out in 2021 as well? will it just be a reduction in 2021 of what happened in big technology in 2020 we know how good of a year it was for a lot of those names. >> i see this as potentially a lot of investors continuing to take the risk on trade looking at smaller cap stocks. i really see a lot of the infatuation we had with megacaps in 2020, it's been waning for over five months, and january didn't see any turn around google's the exception, google has been outperforming the large cap indices. amazon has been trading sideways for five months, and i think they are very vulnerable to any type of disappointment in their report this evening. investors are really looking for any type of disappointment, top

line, bottom line, aws services, increasing expenses, anything could send that stock down, and any issues around these megacaps are starting to make investors lose that love that they have in 2020, and they're looking a little farther down the spectrum, and looking for higher risk trades. so i think these reports are important. i think certainly amazon needs to blow the numbers away more so than google. there's definitely google's been still one of the stocks that investors have been loving, despite wall street loving them. i mean, the consensus recommendations, they're some of the top buy recommendations out there. i think that we are going to see a change as we go into 2021. also, just because small caps are expected to massively outperform they're expected to benefit more from the economic recovery and investors could be looking outside of these mega caps we

have been focused on for the past two years. >> alex what's your favorite technology store, technology company going into the next few months >> for me, it has to be amazon i can't emphasize this enough. the behavior shift that we have seen from people moving from brick and mortar to moving online over the past year, and how much of that has been captured by amazon is extraordinary. and with each move, amazon enhances its automation systems. we don't see this on the outside, but inside a company like amazon, when overflow comes in, it makes its machine learning systems even stronger, and that helps it automate not only, you know, the robots that we see in the fulfillment centers but the way it orders products and negotiates with vendors. that's done through machine learning >> all right. >> and i think this is a behavior building year where people, where consumers will buybu amazon systems will get stronger on the back end. that's why i think it's the big story this year. >> alex kantorwitz, erin, thank

you very much for coming on. we appreciate it. more snow is still set to fall in some places. we've got a live report from nbc meteorologist bill cairns coming up next, but first as we head out to break some of your other top headlines this morning google, speaking of, will pay 2 1/2 million dollars to under paid female engineers and overlooked asian applicants as part of a settlement with the labor department. robinhood is reportedly talking with banks about raising a billion dollars in debt financing so it can keep fulfilling trades. this is separate from the $3.4 billion it financed in terms of securing that number. and neo delivering 7,200 vehicles in january, that's more than four times the number of cars it delived treathe same time last year stay tuned, "worldwide exchange" is back after this they have businesses to grow customers to care for lives to get home to

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welcome back to "worldwide exchange," a live shot of new york city in manhattan there you can see the streets are somewhat clear given the amount of snow we have seen over the last 36 hours. well, the northeast is set to begin that digout after the massive winter storm buried the region in upwards of 2 feet of snow in some parts nbc news meteorologist bill cairns joins us with the latest on the storm, and bill, is the end in sight >> it is

you know, maybe a couple of inches left in areas that got hit the hardest. northern new england has a little ways to go. these totals, we said yesterday, could be a big storm possibly a foot and a half to 2 feet in some areas, more than that in a few spots. ben mendham, new jersey, 30 inches of snow. southern new york, 22 inches dan bury, 19 that's where the snow was overnight. we'll get those reports in early today. as far as new york city went, 16.8 inches officially in central park that makes it the 16th largest snowstorm in new york city history. if we get another 2 inches, we can get into the top ten i'm not sure we're going to get there. hartford, a foot of snow too warm in boston, and a couple inches in albany, we'll get that total later today. temperatures are cold for the clean up a lot of spots in the 20s, big cities in the low 30s, and the

blue on the map shows where we have light snow, down around washington, d.c. a little bit. the heavy stuff, though, is really going to be focused in northern new england, and maine and vermont, everyone else just another inch or so the rest of the forecast for today, pretty cold day in the great lakes, through the southeast, kind of windy, middle of the country is fine, and dominic, here's the next story over the next seven days, we have more snow to come areas of purple could see additional heavy snow. great lakes, i'm watching you thursday into friday, and for the northeast, possibility of another coastal storm, maybe even a nor'easter type storm super bowl sunday evening into monday, so we have five, six days to, you know, get that forecast fine tuned for you, dominic. you know, keep that one on your radar. >> just out of curiosity, how big of a deal, i mean, i know it's early and the models are still kind of working their way through the numbers and everything else. how big of a storm could this be coming up on super bowl weekend. is it going to be something like what we just saw or something maybe a little less, hopefully a little less?

>> this one wouldn't be a coast-to-coast like the last kk one. if this one does happen, it would be a storm that mostly focuses on new england it forms late, late sunday into monday it wouldn't affect much of the weekend. could be big impacts as we start the next week. >> bill cairns with the latest on this storm and the next one coming up. thank you very much, we appreciate it. still on deck, stocks looking to build on yesterday's momentum with futures pointing toward a solidly higher open as you can see there. steve whiting is standing by with the moves you need to make in the trading day and weeks ahead. if you have not already subscribed to our new podcast, "worldwide exchange" every day in audio format if you miss us here on air. check us out on apple, spotify or other podcast as.pp we'll be right back after this break. 3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright?

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from a few stocks is spilling over to the broader market traditional investors may not have to be worried about the reposi repositioning based on this recent movement. steve whiting, the global investment strategist at city private bank thank you very much for always lending your thoughts this morning. are you worried at all about what's happening with these types of stocks? >> well, look, i would be considerably worried if you were going to use this as your core investment strategy, and you end up trading with a small group of investors after institutional investors have said enough and stayed away. that is a concern. you know, the main issue, though, i think if you take a look at what happened with hertz in 2020, you could take a look at what happened to volkswagen in 2008 or even the silver squeeze of 1980,you saw a surge, people thought they could buy it, they could jump in, and these prices crashed and you still can't say how high

is high. if you were to take a look at these asset prices during the thick of it, they went up and up they would double and they would crash. this is not fundamental investing. that's where people are going to get into problems, and we're looking for this as possibly a distortion to the markets. we saw it last year already in the case that i mentioned and there has been some liquidation of good liquid assets by those who have been distressed by all of this. naked short selling comes with the infinite risks and we talked about that theoretically in the end, let's look at the big picture. we have a pandemic that we believe will end we have easy monetary policy for years to come, and a huge share of the world economy is silent there have been 10 million job losses in the united states. there's no reason that we can't get those back over the next year or two. that's the opportunity. >> steve, there's been a lot made about the retail investor

versus wall street, the institutional investors, the establis establishment, the hedge fund managers out there it's about getting rich quickly, and getting rich slowly. you work for a private bank. many of your clients are wealthy, possibly from the establishment. is there anything that you can read about the changing dynamic or paradigm about investing? do you feel as though most people want to chase those types of stocks or is investing for the long-term still something that the wealthy in america aspire to do >> all i can say is that technological change, invention, creating new goods and services that we never had before is how we create real wealth. the things we have in our core portfolios are the factors of production that make the things we need, not money, not quick gains in asset prices, not these

things away by central banks, the units demanded by goods and services of our economy, and that's how our clients generated original wealth, and i think they mostly know they're going to be able to add to that wealth slowly by being an investor in the long-term. >> what parts of the market are attractive to you, by proxy, your clients out there we have heard about 5g wireless technology, artificial intelligence, sustainable investing, green technologies, what's caught the attention of your investors >> so these themes are multi-year trends. if you think about hyperconnectivity, what's happening in asia where 5g rollout is going to be much faster, and larger than it is immediately in the west. these are opportunities. think about greening the world, how solar power is generating a kilowatt of electricity at the cheapest rate, better than fossil fuels around the world. these are long-term

opportunities, but the other thing to think about here is that there have been some quick gains in cyclical assets you wanted to see what we're doing. we invested in small cap u.s. stocks as an overweight in april of last year up 80% these shares have gained 30% since the end of 2019. now, they can probably still have a very good year. these are recovery plays, really strong parts of the world that still have to catch up around emerging markets, and also, if you think about it, high quality opportunities have been left behind health care stocks trade at the lowest relative valuation. one of the lowest relative valuations in history, and can generate probably that same return with lower volatility and have a long-term demographic tail wind behind them. so we made some changes already, again, quite optimistic about the path of the economy. the markets in some places have already enjoyed that and played

out that forward looking view, so we're making adjustments to take advantage of the opportunities like you said. >> steve wieting, thank you very much, we appreciate it have a nice day. that does it for us on x"icxcng" quk e,"saw bo pks up the mark coverage coming up next want to save hundreds on your wireless bill? with xfinity mobile you can. how about saving hundreds on the new samsung galaxy s21 ultra 5g? you can do that too. all on the most reliable network. sure thing! and with fast nationwide 5g

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good morning, stocks set to soar at the opening bell as the feb february raglly picks up steam gamestop is plunging down 20%. and robinhood raising more from shareholders as one house xi plans a hearing on the reddit trading frenzy, and the platform's decision to limit trading. plus, some key earnings on

tap today. we'll hear from pfizer, u.p.s. exxon mobil, and alibaba, all before the opening bell. it's february 2, 2021, it's ground hog's day, and don't forget to put your booties on because it's cold out there as "squawk box" begins right now ♪ i got you babe i got you babe they say our love won't pay the rent ♪ ♪ before it's earned our money' all been spent ♪ >> good morning, everybody, welcome to "squawk box" on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. i love when you reprize the movie, but you better not call me a hairdo, that's all i'm thinking got to love this movie got to love this song. >> as you know, i've got other networks interested in me, qvc. >> the shopping channel.