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maker is growing. attention at moment. wall street off a record-breaking session. teches in the dust, but that might be coming to an end. cryptocurrency and billi billionaires it is monday, march 15th, 2020 you are watching "worldwide exchange" here on cnbc good morning i'm frank holland in for brian sullivan kicking off monday morning with the stock futures. you have to look at it after the week we had. we see the futures are higher across the board looking at a cautious open to wall street on monday morning. the averages off a mostly higher session on friday. the dow hitting the 13th record close of the year. the s&p off the 12th record

close of the year. nasdaq slipping on friday, but ending the week higher by 3% treasuries discontinuing their climb higher the ten-year-year-old this morning is sitting at 1.62 that is about 20 basis points below the high on friday and pre-pandemic highs in february of 2020. watching cryptocurrency as b bitcoin hits lower now sitting at 57,890. the shanghai composite closing down 1.5%. europe is getting the trading day started. we are seeing green across the board. you see the cac up a half per percent. now to the global rollout.

the immunization milestone the u.s. surpassed 107 million doses on friday and saturday and sunday reportedly between 2.7 and 3.2 million shots given in a single day. overseas, that rollout is less than smooth. especially when it comes to the growing backlash against one vaccine makers in ireland and denmark and norway and iceland and netherlands. steve segewick has more. >> you have to remember this is a european union struggling with the vaccine program. there have been all arguments over the last few months with the produced astrazeneca about the rollout or slow rollout of the vaccines to europe we have another layer where you say there are concerns from

norway and denmark on reports of blood clotting caused by astrazeneca. there is the w.h.o., world health organization say it does not appear to be the case that the concerns are valid the european medicine agency which is carrying out the review of the incidence say the benefits continue to outweigh the risks. the mhra which is the regulation agency says people should go get the covid vaccine when asked to do so. you mentioned the netherlands, the latest country to pull back from vaccinations just for the short-term, as well. netherlands have ordered 12 million astrazeneca doses and 300,000 of those scheduled to be delivered in the next couple of weeks as well. real concerns that the individual country level, but in terms of the w.h.o. and ema, the

body in the european union, saying go and get your shots frank. >> steve, what we are seeing in these countries affecting the broader rollout in europe? >> i think it is, actually you look at the numbers you were giving to the viewers at the wall it is really impressive how the biden administration has people vaccinated the british have been in some quarters saying the success of the rollout is because we are independent and no longer part of the eu. that might be a bit of a stretch for some people. the british have vaccinated about 36.5 people per 100. u.s. slightly behind at 30 in europe as well, this is staggering 10.5 people per 100 have been vaccinated you can see the european union is behind the united states and the uk as well frank, we have another row

between nations. the group of six nations is unhappy about the vaccine r rollout. it was the commission who took charge of the purchases and rollouts and now some countries are saying we are not getting our fair share >> steve sedgewick, thank you. and the covid stimulus checks started appearing in the banks over the weekend expert dr. fauci is wary of the road ahead we have tracie potts now from washington with the latest good morning, tracie >> reporter: hi, frank good morning, everybody o people are starting to see the $422 billion of stimulus payments that have already started rolling out. hitting bank accounts over the weekend. the rest of america, 85% of households

the treasury secretary says should receive the money by the end of the month the top infectious disease expert dr. fauci has concerns about people who don't want to take the vaccine a recent npr poll found that 47% of trump sumpporters say they don't want to take the shot. he is calling on former president trump saying this is not about politics, but health there is a big effort by the biden team, the president and first lady and vice president and second gentleman to get people on board with the american rescue plan they are going a tour to convince people that this plan will work and lift the economy and help families. that starts in las vegas today with the vice president.

seven spots tops in five days. >> thank you, tracie good morning it is monday, daylight saving time, tracie thank you. we will move on. another headline to get to on monday morning. short sellers upping bets on spacs. that is according to the data. the bet of spacs has tripled to $2.7 billion among the largest targets of short sellers. the spac merging with the start up ec motors gene sperling is named to lead implementation of the $1.9 trillion covid relief plan he was an adviser to former

president obama and president clinton. and arnold dalton is bracing for two more tough years for the cruise industry which is un unlikely to return to pre-pandemic levels until 2023 donald says the fleet might be sailing by the end of the year, but it will take longer to recover pre-crisis revenue carnival shares are up 30% year to date. turning attention back to the markets. the dow off the best week since november tech shares continue to search for direction. there may be hope for growth ahead. declines over the weekend reads based on the conversations, many believe the equity markets with rising rates have gone too far we believe equity valuatation should not go too far. joining me now is paul meeks paul, agree or disagree with the

goldman note >> i hope they're right. right now, we're at a 10-year yield of 1.5 or 1.6% i think there is some upside as long as there is up side to the rate and not capped, we will be in further trouble for the tech stocks. they are the long duration asset. >> we have to look at how tech has done over the last month down 6%. over the last week, it is up 2%. we keep talking about the interest rate pressure why haven't we seen it in the last week? >> i think we had a move already. the gibeginning of august last,e are at the beginning of the 10 year rate. that is on an absolute level, but rather low it has been a big shot in a very

short period of time so, maybe we're starting to see stabilization. maybe we will get relief i'm not betting on that. >> one thing you are betting on is chips that has not seen the same valuation as other areas of tech can you give us names you are bullish on and why >> i like the semiconductor industry in the tech sector. the valuations are more defensible less damage by the spike in rates. also the fundamentals are strong supply constrain in most of the industry within the sector, but that is not good for shipping units, but very good for pricing. pricing trumps everything else i like the top pick of micron and semiconductor company sofa klic then last, but not least, nxp

and symbol nxpi. >> i know you have been wary about the valuation of areas of tech look at zoom with a forward earnings of 150 times. are there times you are thinking that after the pandemic might not show the same valuations or strength >> excellent question, frank what we have to do with tech investors is reopen the economy. we have to think about what should the tech companies that came to the dance the last year just because of the theme of work at home or all of these covid pushes what is the growth rate like afterwards when you see things like doordash and etsy and zoom, you have to say, okay. they are good companies, but the growth has to slow after covid i just don't know he where the growth will stabilize and you can't really buy those until you solve that riddle.

>> paul meeks, thank you we will watch that on tech the yield on the 10-year at 1.6% paul, i appreciate it. when we come back, breaking down ecommerce with adobe and the outlook for this year and beyond. with stimulus checks on the way, we head back to washington for a look at president biden's next move and the appetite for a wealth tax we have libby weighing in. and robert frank may have insight to the moves higher. a busy hour ilahd enstl eawh "worldwide exchange" returns

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welcome back more than one year into the pandemic and one area of the economy is a clear winner. ecommerce. in 20$2021, 121billion has been spent online that is up more than 30% from the same time last year. at current growth rates, next year could be the first trillion dollar year for commerce all that according to adobe with the year in review report. joining me now with more findings is john copeland. john, good morning thank you for being here >> good morning, frank great to be with you. >> looking at the report, according to the report, covid generated over $1 billion in spending during the pandemic that is a 20% increase over the

same period. what does that mean for consumer spending and ecommerce going forward? >> covid basically was a catalyst to the ecommerce channel last year. when you look at the full calendar year, $813 billion. 42% growth over 2019 that is like combining two years of growth into a single year consumers have really embraced online channel to meet needs in the challenging times. >> these times have been challenging. we see light at the end of the tunnel with the vaccine rollout. what does it look like when we have a full vaccine rollout in may, june, july and more vaccinations do you see the trends continuing >> we're all wondering what it will do with ecommerce we are forecasting somewhere between $850 billion, if everybody is vaccinated and rushes out and with we see a

slowdown that would be a 5% increase over last year. up to $930 billion a 14% increase over last year. that is more typical of what we see year over year in ecommerce. >> ecommerce is growing. it is growing beyond delivering packages to our steps. another trend is buy now and pay later. is this good for retailers >> very much good for retailers. what we have seen in february of this year, last month, relative to february of 2020, which is the cusp of the pandemic, 215% increase year over year in buy now, pay later orders. in retailers, it comes with larger values on orders. 18% larger orders with that service. >> interesting you know, they used to call it layaway. everything old is new again.

>> with buy now you, pay later, you get the goods up front >> another growing trend is buy online and pick up in store otherwise known as bopis or ecommerce locker. do you see that trend continuing >> absolutely. you know, in february of this year, we are already seeing it growing 67% year on year it is always huge and growing during the holiday season. now people are working it in as part of the fulfillment option picking up in store gives consumers ability to schedule according to their available time >> a lot of people are looking for contactless pick up. john, thank you. >> thank you still on electric. another turn of events in the bio-tech start up elizabeth holmes we're back right after this break. stay with us

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billion. the price is a premium of 43% of the closing price on wednesday that was before speculation of the deal hit trading desks california's genmark is a geneome company. let's get to the latest from phillip mena >> good morning, frank the fourth largest snow storm in history. the record was shattered in cheyenne, wyoming with three feet. in new york, governor cuomo is wayieighing in on a resignat.

multiple women, say cuomo sexually harassed them cuomo says he will not resign and has denied touching anyone inappropriately. he apologized if he made anyone feel uncomfortable. this year's grammys looked different. it did not stop the stars from hitting the red carpet taylor swift took home album of the year award and one of the generations best players in the nfl is stepping away. drew brees is retiring after 20 seasons in the league. 15 with the saints the 42-year-old announced the retirement on sunday saying this is not good-bye, but a new beginning. frank, this guy was often overshadowed in his career by tom brady and aaron rodgers.

he was a winner. holds all sorts of awardis. no doubt he is a sure fire first ballot hall of famer >> i'm trying to think of the parable for international viewers. neymar he is one of the greats of all time it didn't look good when the mayor put out a video asking for another quarterback come to town >> he was losing it a little bit in the last couple years you know what? he put in the time and he meant a lot to the city. especially after katrina. >> a legend. phillip, thank you. skiltill ahead, the nft boom and the recent healthy behind it all. if you have not sub sdscrib to our podcast, check us out on spotify or apple and march is women's history month. we are spotlighting our contributors here is ceo karen firestone on

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stocks look to keep momentum moving in the trading week dow at record highs. stimulus checks hitting bank accounts this weekend as the biden administration is turning attention to the next policy pr priorities we layout what investors need to know. and bitcoin hitting a level after the rally. it is monday, march 15th, 2021 this is "worldwide exchange" here on cnbc ♪ ♪ groove is in the heart ♪ >> i'm frank holland in for brian sullivan here is how stocks are looking for the 5:00 hour. green across the board

up .25%. the dow seeing the best week since november treasuries continuing the slow climb higher ahead of the fmoc meeting and policy decision. the ten-year at 1.613. forecasters expecting the central bank to acknowledge improving u.s. economy and tweaking the outlook no rate hikes through 2023 and stocks ahead of the open penn national and caesars higher in the pre-market. you see nxp up almost 7% all joining the s&p in the reshuffle ahead of trading on march 22nd now to the other top stories. bitcoin pulling back a bit after the new record high over the weekend. the cryptocurrency climbing to $62,000. it is now at $56,000 that pull back after a report

that india would pursue a ban on digital assets bitcoin price has doubled this year air travel is showing signs of improvement tsa screenings in a year improvement. more than 1.35 million people at airports on friday the highest figure since march 15th of last year. still that figure was down about 20% from the same day last year. texas power provider griddy energy is planning to file for bankrupt accordingly to "the wall street journal. this is after the operator cut off customers for unpaid bills following the crippling winter storm last month high bills have forced two other power companies to seek bankruptcy. turning to washington now as the biden administration begins the rollout of the $1.9 trillion stimulus plan. those $1,400 checks started

hitting bank accounts over the weekend. we have more from alon >> reporter: the checks will roll out the rest of the week. 85% of households will receive a payment. the first payments will be direct deposit into accounts paper checks will go out by the end of the month irs has been testing prepaid debit cards. according to the analysis by the brookings institution, it took four months to deliver the first stimulus checks a year ago it took three weeks for the second round of $600 checks in december officials would not project the payments that would go out this week or how long it would take to finish the job. janet yellen is committed to

getting the money out as quickly as possible. in the letter obtained by cnbc, she called the effort a huge responsibility if we do our jobs right, we accelerate the recovery. this is not about the checks treasury is dealing with the expanded child tax credit and tax-free unemployment insurance and student loan relief is not taxed. frank, we are in the middle of the tax filing season. treasury is urging people to get returns in early and do it online >> please stay with us we are just getting started. the rollout of the $1.9 trillion stimulus packages hiking the deficit further and raising questions on how to pay for it all and the financial feasibility of the biden agenda. speaking yesterday, janet yellen was pressed if the biden administration is weighing a health tax to address the ballooning debt.

>> president biden has put forward a number of proposals. he hasn't proposed a wealth tax, but he has proposed the corporations and wealthy individuals should pay more in order to meet the needs of the economy and the spending we need to do. over time, i expect that we will be putting forth proposals to get deficits under control >> no wealth tax >> well, that is something we haven't decided yet. >> a long pause from janet yellen for more on this, let's bring in li libby. good morning, libby. >> good morning. >> before we get to the hewealth tax, let's talk about the economy. we have not seen issues with the employment situation

are you seeing any signs of breakout inflation >> thanks, frank very understandably, this is the top question for our clients at pimco. something we're discussing internally the answer is no we could see inflation drift at 2% fed target. temporarily. we don't necessarily expect a breakout in inflation for a few reasons. most importantly, the structural factors that have been dampening infl inflation. globalization, automation, organized labor not as powerful as it used to be those remain in tact in the post-pandemic. frank, the other thing that is important here and although everyone is focused on the stimulus payments and the

ass assumption is if 70% of the previous stimulus have gone down to pay down debt we don't necessarily expect a massive pick up in consumption we could see it gradually. we don't see the factors as that would lead to a 1970s hyper inflation cycle. >> yes, that's right, libby. what is interesting there is that democrats were aware of this problem of the money from the previous stimulus checks saved rather than spent. that is one reason they brought down what the top threshold that could receive a check could be

that could be more consumers spending than previous rounds. certainly, we're seeing different mind set among consumers. people book travel six months or a year down the road that may be an example of the ways people have a chance to spend money in the ways from the previous checks. >> that is right again, we are calling for above 7% gdp growth in 2021. on the growth side, we expect a pick up in consumption there is a sign of pent-up demand we think that we could see inflation drift higher drift higher we don't necessarily see this sort of spike in inflation and inflation remain very high like some economists have intimated the past few weeks with the

stimulus bill. >> let's switch back to the biden policy agenda. two questions. two words people are hearing from d.c the filibuster what do you see is the near term with the filibuster and also reconciliation the policy used to pass the covid bill is that used for more in the biden administration >> the process actually does matter as we saw that underscored as it relates to the stimulus bill in terms of liquidity. frank, to answer your question briefly, no. i don't necessarily see a change to the filibuster. most importantly, we don't see 50 senate democrats voting to eliminate the filibuster that would have the biggest consequences from the markets and economic policy perspective. we require 50 votes, not 60 votes to pass legislation.

we just don't see that happening. i think there are more rhetoric rules. we don't think the votes are there. senator manchin has come out over the past few weeks again and again saying he doesn't support the elimination of the filibuster although he may support some marginal changes i think also importantly there are many other centrist democrats in the senate who also align up with senator manchin. a lot more private about it. reconciliation is a great point. this is a turning point for the biden administration here. do they present working with the other side with republicans and trying to use reconciliation again? you remember the reconciliation is the tool that allows for certainly types of legislation pass with 50 votes that is what the covid relief bill passed with we saw the trump tax cuts passed

with reconciliation. it is a way to pass against certain legislation with 50 votes, but prevents working with the other side biden is about unity and bringing folks together. this is an inflection point. the view is he probably will try to do this by regular order and 60 votes for the next few weeks if not two months or so. then he may have to resort to reconciliation the most important thing from investment and market perspective is covid relief passed quickly we should not expect infrastructure to pass this quickly. infrastructure is the unicorn on capitol hill everybody likes to romanticize it, but have never seen it the bottom line is that we should not expect infrastructure to pass quickly. it will be a long slog

there is a chance that president biden like other presidents before him, is not successful on this one >> frank, if i could jump in with the final thought business community has been pushing the administration to pass an infrastructure bill by july 4th certainly in terms of process, they have until the end of next fiscal year to use that reconciliation tool to get this done they do have some breathing room there as well. >> all right we end the conversation. libby cantrill and ylan mui, thank you. and robert frank explains how the boom in billionaires is helping fuel sale of digital art. and as we head to break, stripe has raised $600 million in capital ahead of the debut. the digital value company valued at $95 billion

it will invest more in europe. and elizabeth holmes is pregnant according to court documents. expected to give birth in july and requesting her trial for defrauding investors to be delayed. and shares of xiaomi is jumping. "worldwide exchange" is back in just a moment. ay collagen pepti4 with derm recommended peptides. hydrates better than the $400 cream. for visibly firmer skin. olay. face anything. 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

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welcome back a week after the nft boom, we may be getting a bit of insight into the moves in the art world. frank joins us now with the latest >> frank, just a mystery in an enigma last week, we saw two things happen first, the records smashed with the nft with $69 million we saw record market cap for cryptocurrency bitcoin topping $1 trillion and etherian value is not only linked, but fueling growth nft sales $340 million in february up $12 million from december with the prices of bitcoin more

than doubled the cryptocurrency rich who have seen initial investment soar in value don't have many outlets to spend or invest in the gains without triggering reporting or tax requirements nft appeared in time for the new large liquid market driven by cryptocurrency the buyer of the $69 million beeple described himself as an early investor in 2013 of b bitcoin. another is tim keng. he bought etheiron in 2016 the under bidder for the beeple was the son of the founder of the platform tron. frank, a lot of links with all of this trapped healtwealth loog

for an outlet. nft came just in time to spend it >> you know what i have to ask you, robert, a lot of people have been asking what does this is a if the nft craze is here to stay or is it a one-off? the boom cannot last forever >> you tell me where bitcoin is going and i'll tell you where the nft craze is going it does appear that because the two are linked and we have seen bitcoin down today basically, as long as cryptocurrency continues to rise on the long-term basis, or even stabilize, you have all of the gains looking for a home i don't see the nft craze saying soon what may end is $69 million. even beeple said sustainable. he said that nft as a whole is a strong market and more

applications for the chain going forward even if we see cryptocurrency start to subside or fall. >> robert, if i had $69 million, i'm sustained with the $69 million. on a serious note, where do you see this going are we going to see more sport nft creating popularity taking the place of trading cards or more in the beeple direction with unique pieces of nft >> i think it will be two ends to the barbell on the one side, the very high end. art become more accepted more mainstream popular artists create their own nft to sustain value. that is the highest prices that will be paid in the 6 or 7 figures. on the low end, top shot is selling for six figures. most of those top shots which i think have kind of replaced or

supplemented the trading card market which was active before nft. i think that is the broad based market if it not for the cryptocurrency billionaires, but the sports trading population will continue to support that market that has a lot of legs you are seeing not just the top shots, but other sports. nfl guys are getting into it that will be a lot of trading. i see that along with cryptocurrency punks it sold for $7 million on the same day that the beeple sold. we didn't know that with the beeple price these are cartoon emojis selling for millions this could go anywhere >> robert frank, excellent as always this is fascinating part of the art world and part of the digital economy.

great stuff. still ahead on "worldwide exchange." stocks fighting to build on new record highs seema mody says this could increase the global market. and if you missed us out, you can check us out on apple podcasts. and shares of rakuten jumping on the tech giant planning to raise more than $2 billion with a push to compete with u.s. rivals "worldwide exchange" is back in two minutes.

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welcome back the markets continue to march higher in the first quarter despite the bumps in the road. the best performer this year up 19%. the next guest says there are lingering issues to affect

markets. uneven access to vaccine and bond yields. seema is here with global investors. thanks for being here. >> thanks for having me on >> consensus is rising yields is a big issue. 1.6 is historically low. how big of an impact is rising yields and inflation on the markets and how does a perceived lack of clarity from the fed impact this? >> frank, these are really key issues for markets at the moment we expect a rise in the market in the next couple years this is not a concern in a way because it is likely to be temporary inflation which is driven by supply site you have inflation running out

to 2%. as you see inflation rise, bond yields rise. for the fed, that might be a concern if it tightens financial conditions for us, financial conditions are easy if you look at real yield, they are in negative territory. this is a good environment at the moment these potential challenges along the way that all investors need to be cognizant of >> let's talk about the global rollout of the vaccine in the eu we have talked about problems with one vaccine in the u.s., things are going well not in the world how does this impact the global m markets and emerging markets >> the vaccine is doing well in the u.s. and in the uk and chile. if you look at europe, they had a slow start and have not managed to catch up. they are far behind where we would have expected them to be at this stage.

for the emerging markets, some places have just received the vaccines for them, rollout could extend well into 2022 from a global market per perspective, we are seeing the governments concerned about the mutations. we are seeing discussions from governments about introducing border controls to countries which are behind with the rollout. for countries who are dependent on tourism, this means they will be held back through the global growth recovery. it is an area where you see a de desell ration. >> are you expecting to get thee looking for? is 2% the right target >> i think the market will grapple with for the remainder of the year. what is the fed considering?

how long does it need to be above the 2% target? these are questions that as the months go on, the fed will come to point where they answer it. i don't expect it to be this wednesday. >> seema, we have to wrap this up one more quick question. how do the markets respond for the rest of q s2 as you see the vaccine rollout in the u.s. and an uneven globally one >> it is a strong environment at the moment that should be positive for risk equity the rising bond yield creates volatility >> seema shah, we appreciate you being here with us we will continue to watch the markets ahead of the fomc meeting. that does it for us on "wor "worldwide exchange. "squawk box" is coming up next thanks for watching.

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good morning stock futures pointing to a higher open. we will show you where bitcoin is trading surged $61,000 over the weekend. we'll give you a hint that normal terms like correction might not apply or we may need big ones it's in one today since hitting $62,000. vaccine rollout in europe. two more countries suspending the astrazeneca jab over reports

of blood clots and the air travel hitting the highest level since the pandemic began it is monday, march 15th don't beware the ides of march embrace them "squawk box" begins now. >> good morning. welcome to cnbc. i'm becky quick along with joe kernen and andrew sorkin the dow is up by 142 points. this is after an impressive week last week for the dow. the dow up 4% last week. the best weekly performance since november of last year. the dow and s&p 500 closing at record highs and the russell