it is 5:00 a.m. at cnbc global headquarters. here is your top five at 5:00. markets holding at or near record highs as february's rally looks to be taking a bit of a breather today futures are marginally lower this morning not losing steam, though, shares of walt disney and company on the rise this morning after its quarterly results smashing disney plus subscription expectations shares of bumble also on the rise this morning on move on some buzz over its trading debut, and the action at the center of the short squeeze mania as of late, apparently now

the focus of probes by federal prosecutors looking for potential criminal misconduct. and indoor dining, yes, it's returning to the big apple as restaurants get some reprieve during the tough winter dining season it's friday, february 12th, 2021, and you're watching "worldwide exchange" right here on cnbc. ♪ good morning, tgif, i'm dominic chu in for brian sullivan this morning. here's how your money and global markets are setting their day up stock futures pointing to marginal losses at the opening bell the dow is implied lower by roughly 50 points the s&p 500 by 8 to 9 and the nasdaq lower by 20 points as well, this after the dow dips slightly just yesterday pulling back from its record high while the s&p and nasdaq eked out some gains to hit new highs. the major indices are on pace to

notch a very positive week here though the strong rally at the start of the month seems to be losing steam green across the screen for that time frame we want to get a check on the price of oil, extending losses after opec cut its demand forecast and the international energy agency iea said that the market was still oversupplied. right now, wti u.s. cried prices, about 3/4 of 1% decline there. ice brent, 60.77 also want to get a check on the price of bitcoin, other cryptocurrencies, bitcoin hit record highs just intrading yesterday but above the 48,000 per token mark right now we're holding just about 2% lower at 47,425 for bitcoin on the coin based platform ethereum ecosystem, down about

2%, 1766.91, the last trade there. major indexes in china, hong kong, south korea, singapore all closed today for the beginning of the chinese lunar holiday the nikkei resuming trading with a slight loss, down about 1/10 of 1%. happy chinese new year to everybody who celebrates to the early trade in europe, you can see some of the moves in europe, the german dax off by 1/2 of 1%, the ftse relatively flat as well. the underperformer so far today has been the ibex 35 in spain. now to the quarterly results from disney getting a big boost from streaming services. frank holland has more on that and your morning's other top stories. good friday morning, frank. >> good morning to you, dom. disney shares are on the rise following those results. the company reporting surprise earnings of $0.32 a share, its first quarterly profit since early last year. revenue topping expectations

disney says it has 95 million paid subscribers to its disney plus streaming service, helping to offset losses in other segments affected by the pandemic, such as theme parks. speaking on the earnings call, ceo bob chapek >> we have no doubt when we reopen in parks that were closed or increase the capacity, we'll have some level of social distancing and mask wearing of, you know, for the remainder of this year. that's our expectation, but i believe that dr. fauci said earlier today that he hopes that there's vaccines for everyone who wants them by april this year if that happens, that is a game ch changer and that could accelerate our expectations and give people the confidence they need to come back to the parks. >> shares of bumble also on the rise following its trading debut yesterday. the stock climbing more than 63%

in its first day on the markets. the company closed trading with a market cap of about $7.7 $7.7 billion. and president biden has announced his administration secured 200 million doses of covid-19 vaccines from pfizer and moderna. that breaks down to 100 million from each company. the biden administration saying it will have enough supply to inoculate 300 million americans by the end of july and shares of pfizer and moderna both shading higher this morning. dom, back to you. thank you very much for that back to the markets, your next guest says analysts have underestimated the strength of earnings season. the percentage of beats in companies that have reported is about 17%. she says that coupled with improving jobs numbers in late january, reopening measures already underway, it's leading to positive market momentum. we're talking about sylvia, at defiance etf, and it seems as

though people underestimate earnings why does it stand out this time around given the time frame around the pandemic and everything else we've seen. >> good morning, dom, and happy friday yeah, i think, you know, it's particularly exciting and, you know, bodes optimistically for the market this time around because so many of these companies were changed and shut down during the pandemic when it hit in march i think what happened is a lot of companies cost cut, they digitalized and found ways to compete in this new sort of environment. while areas like the service sector certainly hit, you know, you have these bright spots like disney, and the top faang names, they absolutely crushed it i think that any company that was sort of like online, streaming, communications, consumer discretionary, and had a platform, a technology for consumers to consume their services did quite well. and i think that that recovery and this earnings boost is a bright sign for the rest of the year and for positive gdp to come.

>> you're saying for the rest of the year we're only in february right now, sylvia, so these themes, these trends that you're seeing, it seems to me a lot of pricing has already happened they have already been bit up quite substantially for many of the companies that you mentioned here how much more is needed for them to keep that kind of trajectory or do we level off a little bit? >> you know, i think that they've been bit up until they haven't, right, so we've seen a lot of these companies continue to grow. take the faangs, for example, in the beginning of the year, we were talking about at the highest valuations it's time to rotate out they continue to grow through earnings i think there's positive momentum in the market to come just in general because fiscal policy is so strong, monetary policy will remain strong. we'll have more liquidity in the market than ever consumers will be getting back to life in america, and i just think that the overall recovery of the market will be positive for the names that are continuing to do well now, and the names that have been sort of beat up. so i just do expect this to be a

positive year. you know, albeit with volatility in the near term, we have seen these days like the game stop phenomenon we saw a couple of weeks ago, and recently pull backs in growth names. those are great opportunities to buy on the dip too. >> so financial advisers will call that the barbell, right, it's go with the things that are doing really well, the trend is your friend, the big cap tooks and go for some of the ones that are beaten up right now. if that's the barbell approach you're taking, what exactly do you put on either side of those barbells, the heavy side between the handles or outside the handles. >> great question, so i think, you know, i think when you allocate to quality names, and you know, whether you keep your investments in the faang names like the apples, amazons, microsofts, or you pick them up on the dips, you know, we've seen a couple of pull back days. there are opportunities to get back in, if you're a financial adviser, you never get fired for having quality cash on your balance sheet. these are good company names that continue to grow and return, and then in terms of the

other side of it, you know, look at the air alonlines, the hotel, casino, the new york restaurants are opening back up. the whole industry has been impacted so highly, and i think once we get life back into america, and people are sort of out there consuming you might see some growth in those services, and thirdly don't forget about innovation and disruption you've got spacs, you've got the 5g theme, you've got machine learning, all of these really exciting technologies in the market now e vehicles, fuel cell, there's so many different places to look for returns now. >> sylvia jablonski with big themes for 2021. thank you very much, have a nice weekend. >> you too. to the impeachment trial of former president donald trump, his legal team will kick off its closing arguments later on today after house managers rested their case of the former president's role in the january 6th riots on capitol hill. nbc's susan mcginnis joins us from washington with more on that and susan, this is an

interesting development here, where do we now go >> well, good morning, dom, that's right the trump legal team gets its shot at the floor of the senate today laying out its case for an acquittal for donald trump this is after the house managers those are the prosecutors in their case took their final shot at trying to convince senators late yesterday that donald trump bears responsibility for unciting that attack on the capitol on january 6th, and they tried to drive home their main points that former president trump sent those rioters if it were not for donald trump, there would no have been that attack they encouraged the violence, evident throughout his presidency, not just january 6th and he never condemned violence after the fact they say if he's reelected, he could incite violence again. the defense is not expected it really refute too many of the arguments that have been made over the last couple of days they plan to continue calling the trial overall unconstitutional to defend former president trump's freedom

of speech. they're going to call the whole thing political, and they are so confident of an acquittal, and rightfully so. they plan to only take several hours today to make their arguments and dom, that could pave the way for a vote as early as tomorrow. the whole thing could be over by the end of the weekend. >> susan mcginnis, thank you very much for that we appreciate it have a nice weekend. >> when we come back on the show, paypal weighing in on the current crypto craze, what the company's leaders are saying about the potential plan for crypto and one fintech company under pressure following their report as a public company. there's a hint. and the stories you'll be talking about today, including taylor swift making moves to gain control of her music library. a busy hour ahead when "worldwide exchange" returns after this break labradoodles, cronuts, skorts. (it's a skirt... and shorts) the world loves a hybrid. so do businesses.

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welcome back to "worldwide exchange," time for a look at the stocks and sectors in parts of the market you need to keep an eye on. first of all, small cap stocks we've talked a lot about the out performance in the last two mons -- months ticker iwm, you can see they're up 15% on a year-to-date basis, versus the ticker spy, up 4% in a month and a half remember, that performance gap was the widest over the last

couple of weeks. it's narrowed slightly but still that big performance game is something a lot of people say is that optimism over the covid recovery trade playing out in 2021 as well next one, a leading indicator by some trader's standards with regard to the overall market, and perhaps even the global economy. that's the semiconductor index we know there are global chip shortages for many industries right now. still, though, semiconductor stocks we'll put a gold star up here the semiconductor etf is off fractionally, marginally in the premarket. it hit a record high in yesterday's trade, indicating that sentiment it's been a severe up trend for the better part of the last several months we'll watch if that trend plays out for semiconductors people say a possible leading indicator for markets as well. lastly, this is the etfmg alternative harvest etf, the ticker is mj because it's a marijuana cannabis based etf a lot of the companies, the biggest ones in the industry are part of the etf.

here's the interesting part of the story. it's up 2 1/2% pre-market, but that's after it dropped 27% yesterday. after 140% increase, you can see there, 140% increase, over the year-to-date period. a lot of interest in these can disst d cannabis stocks as of late a lot of internet board usage, and mentions, places like reddit, driving some of those stocks, especially tilray to those highs, but a lot of volatility returning to marijuana and the etfs that track them as well still on deck for the show, new york city restaurants are welcoming back customers for dining indoors today we talked to one restaurateur on what that will mean for his bottom line when "worldwide exchange" returns after this break. today's big number, 100%

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nbc's phillip mena has the latest. a deadly scene after cars and trucks collided on sheets of ice. more than 100 cars were involved in the collision at least six people were killed, and dozens more injured. broken glass and twisted metal stretched for nearly a mile. forecasters and police warn conditions will get even worse over the next several days. tokyo 2020 olympics chief resigned this morning leaving the post vacant with five months to go until the summer games maury's departure comes after a global outcry over sexist comments he made earlier this month, implying that women talk too much. and finally jazz legend chick corea has died he began his career in the 1960s and worked alongside miles davis and herbie hancock, no, accordio a statement on his facebook page, he died tuesday from a rare form of cancer. chick corea was 79 years old

dom, back to you phillip mena, thank you very much for those news headlines, have a nice weekend, sir. >> you too. indoor dining resumes in new york city today, while eateries will be allowed to have guests inside, they will only be allowed a 25% capacity for the time being as you look at a live shot of new york for more on what this means for the embattled business, joined by san jay this is a big step, how much more needs to be done, and how important is it for this type of opening to go successfully for the rest of the restaurant industry in new york city? >> first and foremost, thank you for having me, dom, and the hospitality industry is the heart of new york city that means at 25%, it's great that we're opening at that amount, but we need to be at 50% very soon. with the ever changing laws and the mandates that are currently imposed on us, restaurants won't

survive at 25% capacity. >> so 25% is, again, a starting point. i say this because i'm also a resident of the tristate area, and i'm not in new york city but i have been to restaurants where it's a little bit more seating capacity, it's just an evolution. how quickly do you need to get past that 25% in order for the restaurants to stay viable in this kind of environment >> i would hope that it's within the next couple of weeks to a month. the problem is that the infection rate is currently at 7.5%, and on long island, which is tristate as well, it's a 10% infection rate, but they're serving at 50% so i don't understand why new york city is the one is at the detriment of all the restaurant owners to open at 25%. we should be open at 50% as soon as possible. >> what steps are being taken right now, sanjay on your end,

in your restaurants, how diners go to a place like yours and say, hey, i feel safe. i can eat indoors, and not feel like it's going to be any kind of a real issue for me what's being done from a logistical and facilities standpoint to make things the safest and most enjoyable for the 25% capacity that you do have >> this is the second time we're opening indoor dining at 25% we're implementing all of these protocols. we serviced our hvac units so more air is circulating. we installed air curtains so that hot 90 degree air is blown down on people's clothes before entering these are things the state does not mandate. aside from that, we're doing the things the state mandates, employees have to wear masks at all times. people are socially distanced at 6 feet all chairs and tables are sanitized at all times before and after guests sit down. so the list goes on as the amount of things that we're doing to keep people safe, but the infection rate is caused by

home gatherings. 74% of the infection rate is caused by home gatherings, where as 1.4% of the infection rate was caused by restaurants that originally closed indoor dining in the first place. >> how important is government assistance for your business directly, for your employees, unemployment insurance, enhanced benefits with regard to making up for lost income, how much of that has been key to you staying in business, and how important is it for those types of programs to continue for your restaurant and the industry overall to stay viable, especially in places like new york city? >> for the restaurant industry and the hospitality industry, for us to be viable, it is extremely important. i mean, currently the only government aid we're receiving, yes, we are receiving the ppe, but that is a loan and it's a loan until it's forgiven, and one of the core

stipulations of the ppp is that 60% is used toward payroll how can we use 60% towards payroll when we're only allowed to open at 25% we're currently generating 10% of the revenue we were generating in 2019 the other thing that the state has allowed us to do, and they have given us a pandemic surcharge that we're allowed to charge our guests a 10% surcharge, i'm charging clients and this is leaving a bad taste in clients' mouths, i could raise my price, 10%, we don't have much help at this juncture. >> before we let you go, if you take a look at the way the restaurant business is playing out right now, if you look at the way things are moving trajectory wise, is it safe to say that takeout and delivery type orders will remain a big part of the restaurant business for the foreseeable future >> i would think so.

trajectory wise, i believe that it will be the majority of the profitability will be through takeout and delivery orders, unfortunately. but i believe new york city is ready to open. >> all right san jay laforest, thank you for joining us and please keep us posted on those developments on your end. >> thank you for having me. still ahead on the show, president biden set to meet with governors and mayors today on the need for virus aid ylan mui breaks down why many of the worst case financial projections for the states are not actually playing out that's probably a good sign. and of course february is black history month and we are honoring some of our cnbc contributors here is family and relationship therapist dr. george james with his advice for the next generation >> you know, if i had the opportunity to give advice to the next generation of black americans, this is what i would

say, i never believed in financial limits that people tried to put on me, whether it was because of my profession or because of my race or whether because my family didn't have money growing up don't limit yourself don't limit to what people say to you or what they believe in you, believe that you can accomplish and do whatever you need to do for yourself financially. stop struggling to clean tough messes with sprays. try clean freak! it has three times the cleaning power to dissolve kitchen grease on contact. it works great on bathtubs. and even stainless steel. try clean freak from mr. clean.

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stocks looking to notch another winning week as the

february rally appears to be losing just a little momentum. disney shares rising this morning following its quarterly results and more strong streaming numbers. we'll talk to one top analyst about whether the company can keep that trend in tact. and federal prosecutors looking for potential market manipulation tied to the trading involving short squeeze stocks like gamestop and amc. it's friday, february 12th, 2021, the start of the chinese new year you're watching "worldwide exchange" on cnbc ♪ the weekend it's so tough i'v had enough ♪ >> welcome back to "worldwide exchange." i'm dominic chu in for brian sullivan here's how your money and investments are looking halfway through the 5:00 a.m. eastern hour the dow is implied lower by 50 points, s&p would drop by 8 to 9 points at the opening bell and

the nasdaq down by 19 if futures moves hold into the opening bell for cash equities trading c this is after the dow dipped slightly yesterday pulling back from record highs, and the s&p 500 and nasdaq eked out gains to hit new highs of their own the major indices are on pace to notch a positive week. the strongly at the start of the month appears to be losing a little bit of steam as you can see there. bitcoin, other cryptocurrencies they have been a big focus for many traders out there of late on the coin base platform, bitcoin prices are off 1 3/4%, 47,629, the last trade there and ether, the ethereum ecosystem on coin base, 1771.80 the last trade there the cryptocurrency theme, as paypal leaders weigh in on that industry and sector. frank holland has that and your morning's other top stories. frank. >> good morning again, dom

paypal cfo telling jim cramer on "mad money" his company has no interest in buying cryptocurrency in october the company announced it would allow users to buy, hold and sell cryptocurrencies including bitcoin and ethereum paypal ceo dan schulman explained to jim last night how the company is now approaching crypto. >> if you look at the way we went into crypto, we tried to do that in a very responsible way we tried to make it simple and easy for people to understand what they're doing when they get in there we gave tutorials so people would have education and would understand what it means to buy, sell, and hold crypto, and then we put limits around some of it as well so that people could, you know, ease they way into it before we start to ease some of those limits even more and so we really approach everything from a customer centric perspective. >> federal prosecutors have

reportedly launched an investigation into potential market manipulation or other criminal misconduct tied to last month's short squeeze stock frenzy according to the "wall street journal," the department of justice and the san francisco u.s. attorneys office, they're both seeking info about activity from brokers and social media companies that were at the center of all of that action the journal says that includes issuing a subpoena to robinhood. and as president biden works to get a stimulus package approved he's already turning attention to his next legislative priority biden is working to court republican lawmakers shore up support for a massive infrastructure package the plan is expected to be a key component of the president's state of the union address next month. that's the very latest dom, back over to you. >> frank holland, thank you very much for those headlines let's stick with president biden, he's set to welcome a group of governors and mayors to the white house today to discuss the vital need for virus aid but the current state of state budgets could undermine some of those efforts but in a positive

way. ylan mui joins us with more on that ylan. >> that's right, dom, when the pandemic first hit, states were bracing for potentially double digit declines in revenue, as much as 10 or 20%. the good news is that that has not panned out in fact, 21 states actually saw tax revenues increase between march and december of last year, compared to the year before. that's according to an analysis by the urban institute 26 states did see a decline in revenue, but only six said that it fell more than 3%, and there are a couple of reasons why things weren't as bad as feared. first, personal income taxes were shored up by the run up in the stock market in addition, that federal boost to unemployment insurance, that ended up being taxable, and programs like the ppp helped keep people in their jobs and kept them paying taxes in addition, sales tax, that got a boost from the stimulus check. also, remember the wayfair supreme court decision, that allowed states to collect online sales tax which has helped make

up for the decline of spending at brick and mortar stores but all of that could complicate the politics of getting nomore help from washington president biden has proposed $350 billion in direct relief for state and local governments. today he'll be meeting with a bipartisan group of governors and mayors to build support for that, and the house today will also begin debating the details of additional federal relief so you're going to see state and local officials argue that even though tax revenue may have increased in some places, the demands on their spending have increased, too and dom, now states and cities are the ones who are responsible for making sure that shots can get into arms so that we can all get back to normal back to cyou. >> state budgets are a huge focus right now. can we talk about how much federal money have the states already spent that we have received >> yeah, so this is one of the big debates in washington right now because republicans say that there's still a lot of money that states can tap into, and in fact, they extended the deadline

for how long states have to spend that money through the end of this year and a lot of the help was also indirect, as we mentioned, taxing unemployment insurance, for example, or through the ppp. what states and cities say they need now, though, is direct aid, money that they can tap directly, and with fewer strings attached, they can get it to the places that need it the most. >> ylan mui staying on top of that situation in d.c. thank you very much. disney is reporting better than expected results for its fiscal quarter, the blow out number of that report was the subscriber growth for disney plus that is what we're showing you right now. that platform is seeing almost 95 million subscribers after launching in november of 2019. when the streaming service was first launched, disney subscriber goal was roughly 60 to 90 million by the year 2024 now, disney reforecasting that figure to 260 million by the

year 2024. for more now on the results, i'm joined by alexa, media analyst at j.p. morgan i don't know how to say it because i can't say it without thinking to myself i don't believe the numbers. how can you possibly have 260 million subscribers for your service by the year 2024 >> well, it's disney, i mean, disney's amazing, they have an incredible brand, they have an incredible product, and incredible execution, really i think they priced the product correctly and they have done a phenomenal job in the rollout. like you said, 95 million, 14 months after the launch is quite impressive. >> there's been some scrutiny with regard to just how much they can actually make with that given the price point that they are charging is this a situation where we can expect to see the price continue to go higher i know because i'm one of the subscribers. my daughter watches a lot of disney plus content.

but i'm just assuming that to keep producing wanda visions, to keep producing things like the mandalorian, and all the other original content, it's going to require that much more money how much of that is going to come from subscriber fees in the future. >> you raised a good point about the cost of content, that is really incredible. it's incredible across the industry disney has a huge benefit that they are a content machine think about their box office they have more hits than any other studio out there they really dominate the market share and the box office historically when the theaters were open. they do a phenomenal job with content, and so they already have their pipeline of content from their movie studios, which they will also filter on to the streaming service, right now more directly, but eventually after another window of theaters, and then they have the original content they make, and since their hit rate tends to be better than their peers, i'm not saying it takes less money to

really feel the streaming service. i think they have a lot more success. it's a little bit easier it is expense ich. it -- expensive a lot of money they're continuing to put into it, but to your original question, they are planning on raising the price on disney plus next month. we will see a price hike, and they are a traditional company in the way they care about profitability, and they will eventually hit profitability, the break even rate for the product is just projected for 2024, we actually think it will come sooner. yes, they will raise the price slightly i think it's still a very attractive price product, and they do put a lot of money into it. >> you bring up the idea of traditional. over the years i've read your research reports, many other analysts research reports on disney, and we always focused in large parts on the theme park operations and the other parts of the business at disney. it seems like these days the only thing people care about is the streaming numbers. how much of the idea of disney

being not just streaming but also a massive theme park operator is going to be part of the investment thesis as we emerge from covid. >> i think it's a great question it is a big company, and they ever a ton of other businesses that do quite well you know, i thought it was interesting last night on the conference call, the questions actually, you know, skewed a little bit more toward the traditional business than we have heard for the last, you know, 12 months, and i think that is indicative of the fact that the streaming business is becoming slightly more mature in the sense that it's up and running and up and running smoothly there's probably less gone, and then the second thing is as we get to more of a reopening in the economy, the traditional businesses become a bit of a focus. you're right, it's 100% focused, 90% focused on the streaming service, and that is the growth engine of the company, and will continue to be the focus, but i think the traditional business will become more topical going forward over the next six to 12

months. >> alexia quadrani, thank you very much for your take on business >> thank you >>. it's providing for the company's founder, she's reached billionaire status that and more coming up in the top trending stories of the day. first as we head to break, some of your other top stories, president biden planning to sign an executive order addressing the ongoing shortage of computer chips. the white house announcing the order will be signed in the coming weeks. roblox saying its revenue is higher than reported coming in at $614 million instead of $588 million as previously reported the company says it expects direct listings to take place in march, rather than this month. and shares are rallying after icon capitol reported an 8% stake in the company. discussing ways to enhance

shareholder value, including potentially seeking board seats. those shares up in the premarket trade 4 1/2% "worldwide exchange" is back after this the lexus es, now available with all-wheel drive. this rain is bananas. lease the 2021 es 250 all-wheel drive for $349 a month for thirty six months. experience amazing at your lexus dealer. woo! you are busy... working, parenting, problem solving. for $349 a month for thirty six months. at new chapter vitamins we've been busy too... innovating, sourcing organic ingredients, testing them and fermenting. fermenting? yeah like kombucha or yogurt. and we formulate everything so your body can really truly absorb the natural goodness. that's what we do, so you can do you. new chapter wellness, well done.

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ceo peter kern said the quarter brought signs of hope in the form of vaccines but rising covid cases across the world and the rolling shut downs of travel markets made a huge impact he says the environment remains unpredictable. shares off 1 1/4% in the trade kern will have more on those results in a first on cnbc interview at 10:00 a.m. eastern time a must watch interview on "squawk on the street." shares of affirm holdings are lower despite topping revenue forecast and issuing an upbeat outlook the company lets people pay for purchases in installments. analysts say the stock move may project a muted performance from the fees business, pay affirm, when people use those services those off 6 1/2% in the premarket trade. and verisign is on the move today. reporting better than expected fourth quarter profits and revenues verisign expanding its share buyback program bringing it up

to an even $1 billion. those shares up 5% in the premarket trade. well, an ipo makes its founder a billionaire. taylor swift is releasing new old music and some very presidential shoes will go on sale today frank holland is here with those trending stories, and frank, sneakers, i can't believe they're going to cost that much money. back over to you yeah, dom, you know i'm a sneaker head, we're going to get to that in a moment. we're going to something i don't know much about, online dating whitney herd became a billionaire after the trading debut. she ended the day with a net worth of 1 1/2 billion dollars, owning about 11.6% of the company's shares, in addition to the billionaire milestone, she's the youngest female ceo to take a company public in the u.s. her dating app is supposed to be female focus a lot of talk about that yesterday during its public

debut. taylor swift has released a new version of her 2008 song love story, the release is part of swift's broader process of rerecording her music so she can own the rights to her songs after music executive scooter braun purchased the rights in 2015 the album will be released in april and will have 26 new versions of her songs. today at 4:44 p.m., this unique pair of nikes made in honor of president obama will go on sale. they will be sold on the soite. the sneakers are one of only two pairs in existence, dom, but sotheby's notes president obama never actually wore the shoes, but still. dom, we talk about sneakers every once in a while, i'm a big sneaker head these are my favorite. i have owned about four pairs of these. >> you seem like a jordan man to

me. >> jordan 3s, i own so many pairs. i would trade all my jordan 3s for those right there. there's one of two, that's crazy. >> i'm not a sneaker head. i do like sneakers these are interesting only because of the story that goes along with it, right that's what makes a consumer product sometimes more desirable, especially on the after market and the auction market, this idea that they are president obama's sneakers, there's only two out there what i'm more curious about, frank, is i'm not a sneaker fan but i still call them nikes, why do you call them nikes >> i don't know, sometimes i vacillate to nike. >> i'm curious, because i've been saying it wrong the entire time, i'm not a sneaker head, maybe i've just been saying it wrong the entire time. nike if you're out there, please tell me. >> whatever you call it, as long as you're buying them, they're happy. >> i'm pretty sure

nike, let me know. frank holland, thank you very much for those trending stories. we appreciate it >> thanks, dom. still on deck, stocks looking to close out with a win as momentum in the markets appears to be fading just a little bit bank of america's joseph quinlan lays out what it will take to keep the rally going. >> and if you have not already done so, please subscribe to our new podcast "worldwide exchange" in audio format every day, if you miss us here live on air, check us out on apple, spotify, whatever podcast app you choose. "worldwide exchange," podcasts, every day, we'll be right back is skincare from around the world better than olay? olay regenerist faced 131 premium products, from 12 countries, over 10 years. olay's hydration was unbeaten every time.

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spray on hard surfaces to kill 99.9% of viruses and bacteria initially including the covid-19 virus. once dry microban forms a shield that keeps killing bacteria for 24 hours. touch after touch. don't just sanitize. keep killing bacteria for 24 hours with microban 24 exchange," back to the markets, futures indicating a slight pull back from the record highs we have seen of late. your next guest says we remain in the early stages of a cyclical recovery. i'm joined on the cnbc news line right now by joseph quinlan, bank of america's global wealth

and investment management, head of market and thematics strategy, joe, it's been so long since i have been able to talk to you i wish we could do it in person, hopefully soon how could this be the early stages we're at record highs, and it's been going for like ten years now? >> dom, in a cyclical sense, if you look at what's coming down the pipeline, the fiscal stimulus, the economy is going to come rolling back in the second half of the year. europe has laggered but that's coming as well when you look across the board, it makes sense to keep money in the cyclicals, financials, energy, materials, and industrials. we have a ways to go with the rally. >> if we have a ways to go, i'm not trying to be skeptical because i don't know i'm one of those people who have mutual funds in a 401(k), and i look and they say they're going up in value. what exactly is going to be the driver you mentioned the fiscal side of things we're in earnings season right now. this is like the earnings season over the last couple of months

and quarters where i feel like we don't even focus on earnings anymore because everything is covid, and stimulus, and monetary policy. when do corporate fundamentals matter again, and will they carry us into the next leg of the bull market? >> dom, they always matter in corporate fundamentals, you look at the operating leverage the corporations are doing right now, and all of that is falling to the bottom line what's unappreciated in the markets and comes out in earnings, how well corporate america, even small companies have managed their way through the last 12 months, working from home, increasing their digital capabilities, more automation, now there's some bottlenecking, you know that, ships, aluminum cans, they're going to pass as well so we get to the bottlenecks, we continue to increase operating leverage, that's going to be a key driver, kind of on a micro bottoms up sense that keeps this rally going. >> what are the most important parts of the market right now. we have always mentioned that it's, you know, mega cap technology, communication services, faang type stocks, facebooks, and alphabets and

apple, that sort of thing. mathematically i know why, they're the biggest waiting in the s&p 500 and nasdaq, what's going to be the most important part of the market that will drive the next leg of this bull market >> dom, there's a lot of optimism around the green economy. if you look at the battery metals, copper, nickels cobalt, electrical vehicles, solar, wind, that's got to be backed up by the infrastructure bill that's going to be out there later this year. if we don't get that or if it gets tied up in congress, that could be a head wind for later on there's a lot of optimism. we're looking at the optimism and looking at the risk at the same time and saying when do we want to be participants in this rally, so i think that's number one, and number two, got to get the labor market up and running and, as i said earlier, the bottlenecks, the chips, the aluminum cans, that's what we need to work through that. i think we will work through those bottlenecks and then we're going to see much more up side for earnings. >> the infrastructure plan, you brought it up, i'm going to follow that. the infrastructure plan, i mean,

the biggest one that we saw in recent memory was the american recovery and reinvestment act in the wake of the great financial crisis people said that wasn't the most efficient way to get money out there. i can think back to the massive one, the eisenhower interstate highway system, what kind of infrastructure plan will it take to kind of get that conversation going again. we talk about infrastructure with every presidency, but it rarely ever happens. >> yeah, rarely. you're right, dom, and we're still going to build that third tunnel between new jersey and new york, that conversation. >> right >> yes >> in one is going to be different, i hope. when you talk about the green revolution, the green infrastructure, it's really about how to compete with china. it's really about global competitiveness, whether it's using the technologies to drive a cleaner environment, to drive growth, and really good paying jobs, so it's going to be more, i think, like the interstate highway. that's the conversation we should be having that's the conversation when we have, talked about developing infrastructure and issue some long-term bonds like 50, 100 years. that's the conversation we want

to see, and if that happens, then we're really in place to see more up side in this space that's maybe over bought right now, but it will be undervalued if we get the big projects. >> let's talk about a balanced amount of pes simsm, and. >> we've got a whole generation of investors, they don't know what inflation is, they don't know what the fed fund rate can be they think of home mortgages, if it's above 3%, that's costly to me, the biggest issues is a back up in inflation that surprises the market, and you've got the fed back in there talking about tapering that would be a significant head wind, it's something we have to watch. as you mentioned, the fiscal,

monetary stimulus coming down the pipeline, it's unprecedented. >> joseph quinlan, thank you very much, have a great holiday weekend. >> that does it for us on "worldwide exchange. markets are indicating l aower open "squawk box" picks up the coverage, have a great holiday weekend. when you switch to xfinity mobile, you're choosing to get connected to the most reliable network nationwide, now with 5g included. discover how to save up to $300 a year with shared data starting at $15 a month, or get the lowest price for one line of unlimited. come into your local xfinity store to make the most of your mobile experience.

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pointing to a pull back from all time highs we'll talk about the strong start to february on this friday i think we're off monday disney shares are higher, but the -- off of the premarket session highs at this point, streaming subscribers jumped but the parks business continues to suffer in the pandemic. and pot stocks, pot stocks, who would have thought, seeing a bit of a rebound after yesterday's plunge

we're going to ask the ceo of aurora cannabis about the reddit fuel friday, february 12th, 2021. big day coming up on sunday. "squawk box" begins right now ♪ if you could see that i'm the one who understands you ♪ ♪ been here all along so why can't you see ♪ ♪ you belong with me ♪ >> good morning, everybody welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and andrew ross sorkin. we're seeing a pull back this morning for the futures but not by a heck of a lot yesterday the s&p 500 and nasdaq closed at record highs the dow was off of a record high but only by 7points. they're all three sitting right near these all time highs even with these pullbacks that you see this morning dow futures indicated down by about 41 points. s&p futures down by 8. the nasdaq off by about 22, and right now we are on track for a positive week for this week.

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