it's 5:00 a.m. at cnbc, and here is your top five at 5:00. a tuesday comeback for tech? the sector trying to bounce back after getting hammered the s&p 500 down five sessions in a row the focus, all on bonds, as rising yields hit investor appetite for growth. why comments from fed chairman powell might mean the rotation is here to stay. bitcoin's wild ride in the fight for 50,000 the latest trade and the insane moves the crypto has been making metal fatigue. federal investigators dig into

what exactly caused engine fire in a united boeing 777 jet friends, once again, facebook and oz making peace after a week long standoff over news. it is tuesday, february 23rd, and this is "worldwide exchange." ♪ let's stick together loving you whether ♪ >> good morning, good afternoon or good evening, and welcome from wherever in the world that you may be watching. i am brian sullivan. thank you for joining us here on cnbc let's get right to it, get a check on your money to see if we're going to be down six sessions in a row on the s&p 500. that's right we're in the middle of a five-day losing streak we have not seen that in a number of months, and futures indicating it could happen s&p futures off 16 dow futures off about 50 points. now, growth stocks, and in more particular, tech coming off a very rough day and really very rough week

the nasdaq falling more than 2%. apple, if you're not paying attention, is down 5% so far this month that's a big move for the world's biggest stock. among the biggest movers, though, to the downside, tesla closing down more than 8% on monday its largest one-day drop since september of last year when it fell 10%, and tesla down another 5% in the premarket. growth stocks one big concern on this market, and they are a huge part of the equity market over value. a much larger percentage so when they move, they tend to take the market down it's that donkey we've talked about for so long pulling that market cart, if you will now, bond moves are a big part of what has been going on. higher real yields on government debt spooking stock investors just a bit, concerned about inflation one big reason, along of course, with a little more competition for your dollars the benchmark-year-old at 1.37%.

we'll talk about that more in a couple of minutes. the markets in japan have been closed for the holiday. it's one of the hottest markets in the world as we have been talking about. more green on the screen china and the european trade, let's see how they're doing as well as we spin the globe, there we go germany down over 1%, but france and the u.k. down just fractionally the spanish market is in the green. you go spain new this morning, facebook and australia calling a truce in their week-long standoff over news posted to the ad platform the company today says that it will restore australian news pages after negotiating changes with the government between a proposed law that forces tech companies to pay for media content displayed on their platforms like, of course, facebook's news feed the truce comes after facebook

last week blocked australian users from sharing and viewing any news content, drawing criticism from publishers and the government facebook stock right now down very fractionally. meantime, new developments in the investigation into what caused the engine fire on a united airlines boeing 777 the national transportation safety board says damage to a fan blade on the engine is consistent with metal fatigue based on a preliminary assessment that's according to the early investigation by the ntsb. the pratt and whitney engine failed on saturday with a loud bang, according to people on the plane, four minutes after takeoff from denver, but it remains unclear whether the incident is consistent with an engine failure on a different hawaii bound united flight, same jet, back in february of 2018. and after nearly a year of closures, new york city movie theaters will be permitted to open once again on march 5th that's according to the

governor locations in the city will be allowed to operate at just 25% capacity consistent with rules currently in place for locations in the rest of new york state. hopefully it's not too late for many movie theaters. let's get back now to the markets. the s&p 500 today, five-day slide, its first in months bond yields on the rise as congress debates a nearly $2 trillion spending package maybe the markets are saying something else is going on let's be joined now by bill stone, chief investment officer at the glen view trust company bill, good morning, thanks for joining us here. you've got your rooster making coffee i saw your little gif there. is the bond market telling us something that maybe congress and the fed are not? are we seeing a disconnect between wall street and washington >> yeah, i think the bond market's really telling you that it's expecting better real economic growth.

you know, we've seen inflation expectations move up off the bottom that's obviously not unexpected given, you know, the covid shut down, but lately, the expectations for inflation haven't moved up a lot it's really been expectations for real growth that's moved up, and frankly, that's good news for the market because when you look at it that way, that likely translates into better earnings growth >> yeah, i mean, listen, there are tens or ten plus million people that are out of work. there are -- we don't have a recession. we have a hospitality depression restaurants, travel, leisure, and many small businesses absolutely obliterated, but goldman sachs noting there's over a trillion in forced savings. the "wall street journal" had a story over the weekend that a lot of manufacturing and other companies cannot find enough workers. do you believe the underlying economy may be ex-hospitality,

may be stronger than congress or others may be saying or thinking about? >> i do. i mean, all you have to do is look certainly at the earnings of the s&p 500 which are actually up year over year in the fourth quarter, and think about that, with all of those people unemployed like you're talking about, large swaths -- and we know earnings aren't the economy, but at the end of the day, there is just a lot of, i'll say, pent up demand out there, and if we get this thing opened, and i think we're seeing it, you saw it in the retail sales numbers strong, industrial production numbers you mentioned japan earlier. ja japan's you know, industrial production is likely to show picking up in january. again, it's a function of covid, and reopening. so you're seeing it, i think, around the globe i think we're set up and, again, i think the markets are starting to reflect that, that you are going to see a, i mean, a real

boom in economic activity once we get open. >> yeah, and i think the atlanta fed's first quarter gdp forecast at 9 1/2%. the new york fed is over 8%. let me ask it more bluntly, bill, is this a market that needs 1.9 trillion in additional cash infusion. a lot of families need it, but what's it going to do to inflation. what's it going to do to the overall? is it just a net positive for equity holders >> it's hard there are pockets, as you mentioned, and it's a pretty big pocket of people that are suffering so it's, you know, the have and have notes, so i don't know what the exact amount of size is. we probably, i would argue, you need some sort of help, and as you know, whenever the government's involved in anything, doesn't matter what part you're talking about, money gets spread to places like we probably disagree that it probably doesn't belong, that's part of cutting the deal

i think we'll get there and get something. i'm not sure it's 1.9 with the may numbers are working out. i think the market on the whole will like it, andyou're seeing that shift underneath the surface where the market is certainly starting to like the more earnings exposed or the companies with the earnings leverage. >> bill, how do we invest around this, where do we invest right now. >> i think i would by ifurcate, some of the rails, some of the defense. i like the defense with a little bit of aerospace exposure so you get the earnings juice when the aerospace comes back, but then also maybe offset it with some pharmaceuticals where i think they're cheap but obviously not as much exposure in terms of economic side. >> bill stone, glenview trust,

bill, pleasure to have you on this nice and early morning. bill, thank you very much. take care. now to washington news, president biden will hold his first bilateral meeting as commander in chief today, set to speak virtually with canadian prime minister justin trudeau. nbc's tracie potts here live from the nation's capital with more on this tracie. >> brian, good morning, the two countries have traditionally had a strong relationship, although not always in lock step on every issue, but both leaders have said they look forward to this meeting. they look forward to strengthening that relationship. vice president harris will also be part of that meeting. trade, climate change and the covid pandemic are expected to dominate today's conversation between president biden and canadian prime minister justin trudeau. >> we're ready to work shoulder to shoulder to defeat covid-19 and rebuild economies that work for everyone >> reporter: rebuilding america

means helping small businesses survive. the government says 400,000 have closed their doors president biden announced a two-week window for businesses with fewer than 20 workers to apply for loans. >> a lot of these mom and pop businesses got muscled out of the way by bigger companies who jumped in front of the line. >> reporter: he's pushing congress to approve his relief plan, which includes billions more for small business loans. today, congress turns its attention to last month's riot at the capitol a congressional panel will hear from washington's police chief and three who resigned after the attack the former sergeant at arms for the house and senate speaking publicly for the first time and former capitol police chief steven sund. lawmakers want to know why they weren't prepared and why it took so long to secure the building. >> i think this was the most heinous attack on the democratic processes that i have ever seen, and one that i never expected to

see in my lifetime >> reporter: merrick garland, president biden's attorney general nominee says the siege will be his top priority if confirmed. now, federal investigators are already looking into whether trump allies helped organize that attack, but brian, and sources telling nbc news that charges are not likely >> well, tracie, can we expect more congressional hearings about it it sounds like we're going to be. >> reporter: yeah, probably. this is supposed to be the first of several hearings that are going to be held on this they want to bring in the people who replaced those who are testifying today, and they also want to bring in federal intelligence agencies to question them about what they knew or what they should have known before this happened >> nbc's tracie potts, thank you, have a great day. on deck, we'll go back to

where tracie is, back to d.c., and are we going to see a massive vaccination jump very soon executive from covid vaccine makers set to testify on the hill about just that watch out tesla, a new electric car maker going public today to the tune of $11 billion. and later on, the s&p 500 may be in the middle of a five-day losing streak but it's not all bad news we're going to show you the top three stocks in the last five days and that video is kind of more than a hint we're kind of hitting you over the head with the hammer but we're going to show you the top three stocks over the last five days. we've got a very busy hour when "worldwide exchange" returns ♪♪ in boxing or any other business, one day, you're gonna take a hit you didn't see coming. do you stay down? or do you get up? [announcer] and this fight is a long way from over,

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let's take a look at the markets here dow futures, they are down once again. look at that green right? i'll take the center square for 200. dow futures are slightly in the green on that fair value basis we have seen this the last couple of days big industrial companies have actually quietly crept higher while growth, technology, which is the biggest part of the nasdaq and the s&p 500, it has fallen dow laggards include salesforce, apple and microsoft, but names like united health, some of the cyclicals, they have done well as of late we'll see if that rotation continues. all right, it is time now

for your daily vaccine update, where we lay out exactly where we stand as a nation on our vaccination rollout. the numbers continue on or above pace remember, the u.s., the most vaccinated large nation in the world second by large nations as a percentage of population here are the facts as of yesterday, 75 million doses have been delivered. 64 million have been administered more than 44 million people have received one or more doses 19 plus million have received both that means about 17% of the u.s. adult population has now been vaccinated with at least one dose covid cases, down 81% from their highs just over a month ago, and new cases yesterday dropping below 50,000 for the first time since early october and thankfully, hospitalizations, they are tumbling along with it. let's hope this trend is one

that continues coming up, it was one of the government mandated winners of the lock down. but how will surging lumber and commodity prices impact home depot's bottom line. the earnings out today, a top analyst is here. today's big number $1.5 trillion. that's how much excess savings american households have accumulated since the beginning of the pandemic according to research by goldman sachs. the firm expects savings to rise to 11% of gdp by the time normal life is restored later this year no one likes to choose between safe or sporty. modern or reliable.

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welcome back, and good morning. here are a couple of big money stock stories to talk about on this tuesday number one, carnival announcing plans to sell 1 billion more in stock. the cruise line has cancelled all u.s. departures through the end of april stock two, the real real, really, shares of the luxury marketplace falling this morning after earnings and revenue did fall short of wall street expectations stock number three, you're looking to update your deck? well, you are not alone. everybody is doing these home improvement projects, and winchester, virginia, reported treks, go winchester, better than expected earnings and revenues, the composite decking manufacturer says it expects

growth to expand as back fill inventory. and a bonus name for you, number four, hsbc, the european financial giant announcing it will resume its dividend, not helping the stock though still down 1 1/2% this morning. let's get a check on some of this morning's other top headlines outside of money and business, including the latest on the crisis in texas with the clean up and much of the pain is just beginning nbc's frances rivera in new york with that and more >> reporter: good morning, the massive effort is underway to get texas up and running more than 8 million texans don't have access to clean drinking water, and just over 16,000 residents don't have power the white house press secretary said president biden is expected to visit texas sometime this week governor greg abbott has restricted companies from cutting off power if a customer can't pay. energy company nrg announced it is donating $10 million in relief for the lone star state. the perseverance rover is

sending greetings from mars. nasa revealed new video of the mission that landed the machine on the red planet. the rover captured the first sound ever recorded from the surface of mars. listen here closely. you can barely hear it perseverance captured that familiar sound, a wind gust on a planet millions of miles away. and former president barack obama and rock star bruce springsteen are launching their own podcast called renegades, born in the usa. the eight episode show will cover fatherhood to the state of america. it's set to air on monday. this needs to be more than just eight episodes, brian, it needs to be a whole season, a whole series with all kinds of pairings just great insight, i'm sure >> it's the boss and the commander in chief i saw like a clip of it that was posted last night. it looked pretty good. look forward to checking it it out. frances. thank you very much. >> sure thing. all right. have a great day straight ahead from jerome

powell and vaccine makers to stimulus talks, oh, everything's happening in d.c., what investors should be watching for in washington. ylan mui up with that, and of course we're not bruce springsteen and barack obama, we have our own podcast, i'm told it's pretty good it's called "worldwide exchange," check it out, subscribe, download, whatever, apple, spotify i predict we'll be in the top 500,000 of globally ranked podcasts if you download it today. we're back, dow futures off 61 wel e u t mut 'lseyoinwoines [typing sounds] i had this hundred thousand dollar student debt. two hundred and twenty-five thousand dollars in debt. ah, sofi literally changed my life. it was the easiest application process. sofi made it so there's no tradeoff between my dreams and paying student loans. student loans don't have to take over for the rest of your life. thank you for allowing me to get my money right.

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will it be six in a row? the s&p 500 trying to snap a six-day losing or five-day losing streak as rising rates and inflation concerns hang over the markets. a big boost could be on the way for stocks the nearly $2 trillion spending plan moving one step closer to passage. here's a live look at capitol hill ylan mui standing buy in d.c. with what's next. and home depot's quarterly results set for release in minutes. potential new hurdles for the retailers stay-at-home spike it is tuesday, february 23rd and this is "worldwide exchange" right here on cnbc

well, good morning and welcome back i'm brian sullivan thank you very much for joining us here on "worldwide exchange." and let's get right to it, and get a check on your money to see if we're going to be down six sessions in a row on the s&p 500, and it looked like we could be although, again, futures, they're not down much. they are down, but not a lot and at this hour, futures, are they the best tell we'll see what happens either way, watch equity markets. big rotation, growth to value that's been going on talk more about it in minutes. bond market moves, a big part of what's going on at a macro level. bond prices down, yields up, and the higher yields up 130% of the ten-year in six months, stoking a little about inflation one big reason, stocks have having a tough time the last couple of days, of course. rising yields, maybe not at 1.37%, but rising yields are an incremental competition to your

investment dollars especially with markets as hot as they have been the last year the yield on the ten-year, look at that big spike from friday alone. huge jump, and by the way, that is a -- i know you look at it, and you say that's not that much, for the bond market, that is actually a very big move. it is a super tanker it is not a speedboat. now, we also want to get a look at the so-called reopen trade or as we call it, kind of the tongue and cheek, the g.o.a.t. trade, get out and travel. it's our own little index here on "worldwide exchange." it has been booming even during this five-day slump. i know it's early. maybe you haven't had that second cup of coffee,but i believe in you, folks. i want you to see if you can spot a trend on the top. it's hard. the top three stocks in the s&p 500, the last five sessions, royal caribbean cruise lines, carnival cruise lines, norwegian cruise lines

did you solve the quiz look at those stocks in the last five days. they have been on fire a lot of optimism around what we talked about, vaccine cases down 80% from their highs fingers crossed that we have seen the peak. still a lot of concern, but those reopen, the g.o.a.t. stocks really have been the g.o.a.t. now to the latest chapter in the ongoing we work soft bank saga bertha coombs is back with details on that and this morning's top other headlines, bertha good morning. >> good morning, brian wework cofounder adam newman and softbank are nearing a deal over the former ceo's payout. under the settlement softbank would buy stock for $480 million, half as much as it originally intended to buy now, the move would be a part of softbank's plan to buy roughly

1 1/2 billion dollars of shares from early wework investors including newman who would remain a major shareholder in the company. luxury electric vehicle maker, lucid motors is going public after reaching a deal with churchhill capital in one of the highest profile spac agreements to date. the two sides saying they will combine at equity value of $12 billion with private investments bumping up that figure to 24 billion shares of churchill capital have plummeted in extended trading on the news after rallying on reports that the deal was near and moderna says it's received positive feedback from the fda over its proposed boost to the numbers of covid vaccine doses in each of its viles one vile of the companies two-shot vaccine contains ten doses, enough to inoculate five people the company is looking to add

five more doses to those viles to ease manufacturing backups. moderna's president will discuss the matter during a house hearing today. that is something people will be watching closely, brian. >> you know, it was funny, bertha, i went on to a mass vaccination web site to see about the q, they open tuesdays, thursday, and saturdays at 9:00 a.m., and i logged in, and this is the real number, something like 24,700 in line. and i'm not even in a group that's eligible. i just wanted to poke around i'm not even close >> it's basically the rhythm of supply that we've gotten, so they put it up as soon as they get supply but they don't know that they're going to get a dedicated supply i was just talking with a federally qualified health center they're going to be getting some dedicated supplies, so they're now going to be getting, you know, they know they're going to get 5,000 doses a week, so it's

much easier to schedule. much easier to know what is going to happen. >> yeah, and i had an idea most of my ideas are terrible. we talk about opening schools, teachers getting vaccinated but they're like back on the list, why not make two days like next week, educator vaccination day, just like dedicate them to educators and school administrators seriously, say that's your day come get it. get the shot anyway, bertha coombs, thank you very much. >> you need the supply >> you need the supply that's true. all right. let's stay now on that vaccine hearing, and what is shaping up to be a big day in d.c. as bertha said, moderna's president will appear along with representatives from pfizer, j&j, astrazeneca, and innnovavao supply updates on candidates more inoculations for more

americans. for its part, j&j say it may deliver enough of its single dose vaccine by the way, still in review by the fda, to inoculate more than 20 million americans by the end of march we'll also be watching fed chair jerome powell kicking off two days of federal testimony, appearing before the central banking committee today. expected to highlight improving economic data and virus trends the democrats push the rush to get that nearly $2 trillion spending package out to americans moving forward, which will provide a lot of nmoney to struggling states and school districts over the years to come the house panel approving the plan yesterday setting the stage for a full house to improve it later on this week there's a lot to get to. let's bring it to somebody that can knock it down and clarify more than i did. ylan mui joining us with more. 7, 7,400 choices of where to start on this story. where are you going to begin >> i'm going to start with the easy stuff, brian, because it's been pretty smooth sailing for

the relief package so far. it did pass the house budget committee after seven hours of debate it will go to the house floor later on this week, and there's little doubt that it's going to pass so all the drama is really going to happen in the senate instead. republicans and democrats will square off on wednesday over increasing the minimum wage, and whether that will even be allowed under the special rules that they're using to pass this bill and despite initial overtures from both sides, gop leadership is signaling that support for this relief package is going to break down along party line. >> the partisan legislation democrats are preparing to ram through looks like something you would pass to blunt another year of shut down, not to help guide a smart and proactive recovery it looks more like another big bandage for a mostly shut down country. >> gop opposition means that democrats are going to have to

stick together in order to pass this bill. there is not room for even one defection, but senator joe manchin of west virginia has been flexing his muscle lately he came out against the white house nominee neera tanden he does not believe the minimum wage should be increased to $15 an hour, and he does think the stimulus checks need to be targeted democrats still have a lot of internal work to do before this relief package becomes reality back to you. >> joe manchin may be the most powerful person in washington, d.c. ylan stay with us because we want to bring you into this next conversation because with covid cases crashing, down 80% for their highs of a month ago, large parts of the economy humming, and the bond market seem to be screaming about inflation, with millions out of work, should we care about inflation, either way there's a large economic discussion here, and lindsay, chief economist at,

still with us as well. this is a tough one. intellectually it's hard to have this discussion because there are two americas right now, not red or blue. let's forget that, it's according to goldman sachs, 1.5 trillion in forced savings huge percentages of the u.s. economy are actually doing fantastic, household savings, manufacturing, trucking, you name it, but hospitality, travel, leisure and small business is getting crushed. so different in your mind, is this economy one that needs 1.9 trillion more dollars? >> i think you can make the argument that early on at the on set of the crisis, stimulus was desperately needed, 20 million americans out of work, and businesses forced to close their doors, but at this point, ten months into the pandemic, with already trillions upon trillions spent, not to mention billions of dollars still waiting to be allocated from the december stimulus package, i think we need to focus on a longer term

reopening plan as opposed to further growing the government's balance sheet, and potentially creating insurmountable debt as the economy does struggle to regain organic legs. but at the very least, if 6th round stimulus package is a given, i would like to see it much smaller, much more targeted in nature. >> yeah, i saw, i think it was a blue poll and one of many, take it for what it's worth, lindsey, that 70 plus percent of those checks are either going to go to savings or paying down credit card or other debt that only maybe a quarter of it would actually be put into the market. would you respond better to a plan that would say, as opposed to 1,400 a person, give 10 grand, maybe, to people in hospitality. the sectors that have been destroyed, give them more and dial it back on the other side i'm not even sure if that's

logistically workable, but would that be a better strategy for helping them and helping the economy? >> i think the direct checks need to be removed from this stimulus package i also think that unemployment benefits need to be extended to help those sectors as you mentioned that have been disproportionately impacted by the pandemic i do think they need to be scaled back from these enhanced benefit levels i also think we should remove some of these non-covid variables such as raising the minimum wage to $15 an hour. really bringing the package back to a more targeted approach to help those businesses, help those individuals that are struggling as opposed to this broad sense, this broad reaching all encompassing package that i fear the $1.9 trillion proposal really is. >> that ain't going to happen, is it? >> no, i mean, brian, the reality here is that there's the economics but there's also the

politics democrats are committed politically to those $1,400 stimulus checks and they are already committed to the $1.9 trillion figure they can do this without republicans and do it by march 14th before the unemployment benefits run out where investors need to start looking is the next relief package or stimulus package looks like we're questioning whether or not the economy needs $1.9 trillion now, is it going to need another 2 or $3 trillion of additional stimulus and investment after this package and what exactly is that going to be structured like there's going to be a lot of money sloshing around the system >> yeah, lindsey, i mean, it's probably not going to happen there's politics of course involved and large swaths of the economy that are absolutely devastated what's your take, lindsey? i have been to 15 states i know it's a weird opinion, but when i look around, i think there's large parts of the economy which are doing better than we think.

there was an article in the journal that companies can't get workers. it's just hospitality and small business that have gotten leveled. if we can do something to help the families that need it the most, benefit the economy, and not raise national debt in such a way, what would the pieza plan be if you could design it. >> you say just small businesses, but remember, small businesses are the engine of the economy, the labor market accounting for around 70% of job creation so this still is a significant portion of the economy that has been hard hit but to your point, we have seen improvement, we have seen improvement in manufacturing, moving back into expansion territory. housing are robust, auto sales, even retail sales, although after three months of dismal spending, we did see that december stimulus checks reach the hands of americans and result in very strong spending at the start of the year but at the same time, we're still talking about some 10

million americans out of work, and as you mentioned, small businesses bearing the brunt of that right now, what can we do to help the economy if it's not reopening the economy, which would be me first choice, we have to extend those unemployment benefits. we do have to extend probably a ppp like program, but again, raising benefits above 100% of one's income is only going to exacerbate that disconnect between businesses trying to reconnect with workers that have left the labor market. >> lindsey piegza, ylan mui, and kids in ylan y's school district as we learned yesterday going back to school for the first time since march 12th. congratulations to all the parents in your district, ylan glad to hear it. that is probably the key to the economy, getting the kids back in school. ylan, lizzie thank you very much on deck, home depot set to roll out their results stores are packed. everybody going diy, but does

that make the stock a good buy for your money a top analyst is here with that. and more, dow futures down bitcoin down 7,000 we'll get you a crypto update right after this break stk ou icarnd build hair's immunity to damage, with pantene's nutrient-rich formulas. it's like superfood for your hair, preventing up to 90% of future damage. for hair that can take it all. these folks, they don't have time to go to the post office

they have businesses to grow customers to care for lives to get home to they use stamps.com print discounted postage for any letter any package any time right from your computer all the services of the post office plus ups only cheaper get our special tv offer a 4-week trial plus postage and a digital scale go to stamps.com/tv and never go to the post office again.

welcome back home depot set to release its fourth quarter results at the top of the hour. the stock's been a stay-at-home success kind of, up more than

40% since the pandemic lows, which is great for investors, but maybe not as good as a lot of other stocks. joining us now is top ranked industry ever core analyst, greg melich great to have you on i loved your last note, and i don't want to take away from our coverage, the earnings print means almost nothing the guidance means almost everything what are relowe looking for froh guide, if not the eps. >> we're looking for the guide that home depot can, despite the very strong results last year on the diy side, this year that they can grow again both a little bit of sales growth and some sort of earnings growth i think that's enough for the market >> and what would be a guidance that you would be happy with what do you want to hear them say about the next coming quarters, months, years? >> well, we want to hear them say is that the share gain that they had in 2020 not only is held but can continue to grow,

and specifically they have done a great job building their omni channel or multichannel business, and continuing to grow that, 30% plus and continuing to gain share on that side and do it as profitably as they are now if not more. the ebita margin is 14%, we would like to see that go a little higher or at least not go down it has gone down due to all the ecommerce investments. >> and you've got a term called nesting stickiness i love that. basically the idea that people are home, they're doing home projects, either out of boredom, they have a lot of other savings to spend, but greg, i guess the question, and this is probably the hardest part of your job right now is when the economy reopens, and it will hopefully sooner than later, fully, you know, we're already seeing it, by the way, there's hotels in vegas that are nearly sold out now. when we start to go out in full again, is that going to draw and siphon that money away from home

depot? >> we believe we will go out in full again maybe we're just inherent optimists. i think it will take longer th a lot of people think. we need to get the virus under control so people feel like they can go out much more like it was in 2019 and before covid once you have that, you'll have a full normalization i don't think that's this year that's probably still several years away we use the analogy of 9/11, which also had a post -- had a nesting period, again, more centralized around new york, and major urban areas. and you saw home improvement grab shares of wallet of the consumer really for five, six, seven years after 9/11 so we look at home improvement spend per household, and we're still 20% below each of the prior four peaks and our home improvement lead indicator is the strongest it's been since the 1970s with the growth in existing home sales

and home prices. we think there is some stickiness here. >> nesting stickiness, you might have coined the term of the day, greg melich, thank you very much, recommending home depot, one of his top favorite stocks, along with best buy and a few others greg, appreciate it. have a good day. on deck, your morning rbi, and some of the more optimistic signals that the markets are sending. plus, gina sanchez is here laying out whether stocks can look past worries of rising bond yields we'll talk cryptos as well bitcoin is down $7,000 right now. and of course if you have not already, subscribe to our podcast, if you missed "worldwide exchange" on tv, download the podcast today we're back right after this

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it's what the markets are telling us, and i'll give you three nonhuman things to point to all right, number one, the bond market, yields in the ten-year government bond, they have doubled in just six months the pace of that gain is not only incredibly rare but big jumps like this is sharp economic growth. two, the so called copper to gold ratio, yeah, there is such a thing. it's also popular. and signaling maybe growth ahead, and third, look at the commodity markets, the dbc commodity atf, one i wrote about in my predictions is up 15% just this year. hey, if that's not enough, and you want a human opinion, and not just some charts, here you go j.p. morgan's economic team recently outwith a note saying u.s. economic growth will be sharper than even china's rebound coming out of the pandemic keep in mind, china is basically fully back to normal right now,

and they don't have nearly 2 trillion in stimulus likely on the way. on top of that, and also maybe more than 1 trillion in savings sitting around families bank accounts according to goldman sachs. all of this random but interesting, i hope, or at least hopeful. and by the way, if all of that is right, book that december vacation now because these signals are correct, rooms are going to go quick over the holidays if they're not gone already. now to the broader markets and your none. stocks are going to try to shake off the hangover effect of these rising bond yields, took the wind out of the tech sector sales. the nasdaq losing 2 1/2% just yesterday. but your next guest says tech is not as overvalued as other parts of the market may be gina sanchez, cnbc contributor, long time friend, good to have you back on. good to chat with you. before we get to stocks, we've

got to throw up the cryptos. i know you're not a bitcoin expert maybe that's an oxymoron they have been around not that long bitcoin is down $7,000 right now. ether down 17% ripple, down 24% i mean, this is a huge, maybe the biggest sell of all time in the cryptos happening realtime right now. do you have an opinion on this what do you make of it >> well, when we look at crypto, we look at crypto as a, you know, as a, you know, pointer to excess money we had so much excess money. in fact, if you look at the growth of m 2, money supply in 2020 as a result of the massive stimulus that has already been given, never mind the stimulus we're talking about, and yet, that didn't make it way into inflation, cpi actually fell over that same period, all of that excess money, instead of

going into wages and goods and services pricing actually ended up going into the stock market we saw an expansion of the stock market it went into others as well. and bitcoin is a perfect symptom of this excess money if you just look at cryptocurrency in its mediocre rise, you look the at wb tranche of the cll market. we're talking about the riskiest sectors of the market, and bitcoin, because its rise was meteoric, it's also super sensitive to any concern that we may see a contraction in that excess money. >> bitcoin had an $8,000 round trip, gina, yesterday from the highs to the lows and back up near the highs i mean, simply, i don't know if it's incredible or insane, but it's nothing i have seen in 25 years of doing this. nasdaq, technology, the rotation out of growth names. we're starting to see that

value stocks are only about a quarter of the economy growth. the other 3/4 here where are you seeing value right now? >> so it's a real challenge because we saw, actually, the growth actually reasserted itself after about three months of a value rally at the end of the year last year, and january seemed to be a return to growth. but right now, we're looking at a situation where you have -- you commented on so many protected elements of a post pandemic boom. we see so many pieces of evidence that a post-pandemic boom is on the way you see the yield curve steepening and concerns that suddenly the equity risk premium isn't going to stack up very well but the reality to that concern is that even though we may see a rise in bond yields and we already are seeing it, the front of the yield curve because of the way that the fed actually

designed their framework is going to stay low for at least 12 months because in order to move short-term interest rates, you have to see 12 months of inflation, and so it's actually designed to making inflation. >> hate to cut you off my friend, got to leave it there. up against a hard break. apologies, hope to see you in person again sooner than later gina sanchez, thank you. that does it for us. i'm off to texas to tell the energy grid story. i'll see you there live. "squawk box" is next one day, you're gonna take a hit you didn't see coming. do you stay down? or do you get up? [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪

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good morning, tesla getting hammered again this morning after a drop of more than 8% yesterday. the investment in bitcoin not

helping. the cryptocurrency plunging again today. rising interest rates are in focus. that will be a key topic for fed chair jay powell when he begins two days of testimony on capitol hill. and facebook and australia making peace overnight we'll show you how they're resolving a fight that shut down new services on facebook's platform there it's tuesday, february 23rd already, 2021, and "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 ross sorkin, and let's take a look at what's been happening with u.s. equity futures. if you've watched recently, what we have been seeing, there has been some pressure especially on the s&p 500 and nasdaq