so you want to make the best burger ever? then make it! that means cooking day and night until you get... (ding)... you got paid! that means... best burger ever. intuit quickbooks helps small businesses be more successful with payments, payroll, banking and live bookkeeping. it's 5:00 a.m. on cnbc the market taking a nosedive a bit of a delay, return to normal, rearing their ugly heads once again falling short, new concerns that johnson & johnson may not meet its goal of 20 million covid vaccines by the end of the month, this as the eu introduces new export curves on its own vaccine stores game stock

shares gamestop sinking after the most talked about stock on the street cash, credit or crypto elon musk making the bitcoin buying experience a reality with his cars and perhaps the world's biggest traffic jam. literally, a massive ship swinning sideways and blocking the entire suez canal. we'll show you, it's wednesday, march 24th, this is "worldwide exchange." ♪ well, good morning, good afternoon, good evening, welcome from wherever in the world that you may be watching. i am brian sullivan. hoping you're having a good wednesday wherever you may be. we'll get to that suez story in a bit it could create huge headaches when shipping is facing massive headaches and disruptions. for more on that, let's get a check on money, futures slightly

higher, 77 technology looking decidedly better nasdaq futures up 130 points and everything was down. with the recent strain, some things can't continue. markets technically overbought yesterday, pretty much all of the major averages declined including the small caps now, they have been red hot. running a little too hot in the last few months. they cooled off in a big way the russell 3,000 dropping 3.5%. that was its worst day since all the way back in june of 2020 we're watching small caps. the ishares russell etf, iwm, making that move watch the small caps they've been hot see if they bounce back because of overbought selloff.

you've also got to watch oil, speaking of hot. it has been tanking in the last few days after starting the year off with a boom. all of this as europe, most of it locks down once again dropping 6% from oil since early february oil is still high on the year as most energy and gas stocks certainly something to watch there. wti crude, a tickup, 1.59, and we'll get to that with a guest in just a moment around the world a mostly lower session overnight in asia. they followed us lower, hang seng and nikkei both closing down more than 2%. you can see red on the screen there. europe, they're just getting started there. a similar trend. more red, declines not as big. we are seeing declines, 2%, 3%, across the main. look the aswitzerland -- is that switzerland or as you tree gentleman? either way, look at switzerland,

a lone green spot in a sea of red in the most overused tv segment ever all right. now from that story in egypt a massive container ship has run aground in the suez canal and it is blocking ships both ways in one of the world's busiest and most important waterways look at that at least five tugboats are working to free the 1300-foot 20,000-container rotter damn bound ship the "evergiven" owned by taiwan's "evergreen." this after the wind allegedly blew it off course rather than to wait to drop anchor for that traffic jam to be cleared dozens of ships en route. about 30 ships pass through the suez every day that doesn't sound like a lot, but it counts for about 12% of the world's daily container and oil and gas trade.

now egypt's suez canal short says it will divert traffic to one of the canal's older branches until that ship has been freed this is likely to cause even more delays in the already log jam container market we'll bring you more certainly as we have it. and hopefully, they'll get that ship free soon saw that i mean, literally it was sideways blocking literally the entire canal nothing like that has occurred in decades in the suez well, that is not the only big thing happening this wednesday morning. let's get to some of this morning's other top stories. bertha coombs is here with those. good morning, bertha >> good morning, brian the european union is looking to curb its covid-19 vaccine exports for at least six weeks, according to draft legislation made public this morning. officials say vaccines from astrazeneca, pfizer and moderna could all be affected. and while the uk is likely to be the biggest loser if

implemented, canada and israel could also suffer. >> meantime, amazon is naming adam selipsky to replace jasky the move marks amazon's return and with the software acquired by salesforce for more than $15 billion. originally one of the first vice presidents hired in 2005 to work at amazon web services known as aws, will selipsky worked closely with jasky and intel will spent $20 billion to build two newchip factories. it comes after the first public remarks taking the job in

february shares of intel rising on the news rivals, taiwan semiconductor falling in overnight trade brian, certainly, pretty good news for the chip equipment makers that intel is investing so much. >> yeah. by the way, bertha, all my little brain could think about is energy. you're out there in arizona how much air conditioner and power to run these things. it goes back to everybody is building in warm climates. i myself volunteer to spearhead the cnbc phoenix bureau if needed >> certainly this time of year i don't think you want to be there in august. >> no, that's their winter, you're right, bertha coombs. thank you. see you in a few minutes good news for phoenix. now, it's back to your money, stocks fell despite calming words by fed chair jay powell and treasury secretary other janet yellen powell himself conceding while some parts of the market may

look a little rich, the flush of banks may look otherwise healthy. >> some asset prices are a bit high but the banking system is highly capitalized and funding risk is relatively modest. the remainder is, the remaining category is really leverage between households and businesses which is somewhat elevated, but nothing like it was before the financial crisis. >> all right joining us now is global xtf head of research jay jacobs. jay, we'll get more on your thoughts in a second but on a macrolevel is jay powell or janet yellen really in charge of this market like they used to be in financial crisis? i have argued this is not a financial crisis 70% of the u.s. economy according to goldman sachs is humming along. americans are doing just fine. this is a health crisis that caused a financial crisis in certain parts of the industry. is this something the federal

reserve and/or the treasury can really move the needle on? >> i think the federal reserve and the treasury are willfully taking themselves out of the markets right now. i think they see their job as being done, having gotten the economy to the point that it we've obviously seen massive amounts of monetary stimulus that has raised asset prices and brought liquidity to the markets when needed. and i think jay powell is basically saying, for the most part barring other major issues it's up to areas of the economy. it's up to fiscal stimulus the booiden administration is looking to pass an infrastructure bill and it's up to societies going forward >> okay. where do you think the private sector opportunities are going to be, jay >> well, i think the major opportunities are related to reflation. we saw $1.9 trillion passed in

stimulus and another $3 trillion on deck for infrastructure this is probably going to system lit more activity but also increase inflation areas that have historically done well in this type of environment are metals like copper, tend to be generally leverage to the inflation. energy stocks, mick term midstream like oil and gas that moves those energy supplies around the country and other areas related to financials like preferred stocks could do very well, as well as rising interests could increase profitability to banks in the states as well. >> i just talked to bertha we talked about the need for energy not just oil and gas but energy of all kinds we've got the president talking about a $3 trillion sort of infrastructure/energy/social type spend be program as well. all of that brings you back to your mxlpe this is more than just the

pipeline sign but you believe there are tax advantages in an industry that while it gets its knocks is not going away anytime soon >> the united states has been one of the most powerful oil producers in the world you know, up there with russia and saudi arabia in production that oil and natural gas has to get moved around the country it has to go from west texas to corpus christi to be exported. it has to go from pennsylvania in shell drilling regions out to the northeast where a lot of that is consumed that requires a massive amount of energy complex to be bit around that pipeline and massive facilities and those companies that are doing that, they've historically traded extremely low valuation information the last five years or so that are especially very critical parts the u.s.' energy strategies so, we believe in this area where we're seeing oil prices recover significantly, we're seeing a bit of rotation from growth to value. but energy energy-related stocks

and mass limited part 93ships are very well positioned in this department >> the mxlp, we're watching that as well, jay jacobs, have a great day. thank you. all right. when we come back, this morning's big money movers, including shares of gamestop getting hammered a bit in the premarket. we'll show you and tell you why. plus, a lot of vaccine could or may have to be your ticket to ride we'll talk about the controversial idea of vaccine passports ahead. and why not everybody is getting on board and later, where are the shots? why j&j could be falling short on its covid-19 pledge dow futures up 19. week back ahead of this.

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♪ all right. welcome back it is 5:14 here. nice and early on a wednesday morning. seems like a good time to hit three of your big money movers today. ready? i am, sort of. stock one a dobbie reporting higher first quarter profit and revenue and raising its projections for the year the company is announcing that cfo john murphy will retire, apparently wants to spend more time with his family and focus on philanthropy, imagine that. flat after hours stock number two, maybe the stock of 2021 so far, that is

gamestop, what else. a retailer reporting lower than expected fourth quarter earnings and projected sales. check this out, maybe that's helping. same stores rising 7%. online sales up 175% gamestop says it is laying the groundwork for transformation of just a brick and mortar seller of video games to a more laser-focused, tech-focused business acid light. and they wanted more shares down 11% on the premarket, probably on the idea more stock would be sold speaking of that stock number three, viacom/cbs shares are lower today they fell 9% yesterday that he was after the media company said it would raise, you guessed it, $3 billion of additional stock offering to bulk up content. stock down about 9%. still, though, look at that, it has been a red hot year for

viacom/cbs stock is up 124% still on deck, cash, credit or bitcoin kind of a dealer's choice at your local tesla dealer starting today. we'll get you caught up on that and your trending stories coming up today's big number $39 billion. that's how big goldman sachs expects the u.s. sports gambling market to reach by 2023. driven by favorable legislation and consumer adoption. dalln up from $900 miio toy. ♪ at edward jones, our 19,000 financial advisors create personalized investment strategies to help you get back to your future. edward jones.

everyone wakes up every morning to a world that must keep turning. the world can't stop, so neither can we. because the things we make, help make the world go round. they make it cleaner, healthier, and more connected. it's what we build that keeps things moving forward. so with every turn, we'll keep building a world that works.

all right. time for your daily vaccine update and where we really stand in the rollout. overall, the united states, nearly 84 million people have received at least one dose looking at adults specifically, more than 32% have gotten at least their initial shot 18% are fully vaccinated overall, more than 128 million doses of vaccine have been given out. still a long way to go, but a positive sign, certainly, overall. and many states, you've got 70% or 80% of the population which has already been vaccinated or have been likely exposed to the virus as well. something certainly to watch all right. as more around the world, not just here get vaccinated, there is a new growing debate around

the idea of so-called vaccine passport a document, a card or app that would show that you've been given the shot and pose no threat to anybody. example, just yesterday, the miami heat basketball team said it will have a section in the stands at games for those who show they have been vax'd. could happen on planes and restaurants as well. but it also raises a lot of privacy and inequality concerns. many people can't or simply won't get vaccinated and can't be forced to do so we'll talk about this with the ceo of iprove. his company invented a vaccine technology to develop trials in the uk in january. andrew, welcome, thanks for joining us how would the idea of a vaccine passport to iprove, anyway, look >> it's a vaccine certificate rather than a vaccine passport,

brian. the idea is the fact that you've been vaccinated associated with your face. and anytime you wanted to gain access, let's say, to a ball game or premises, you would authenticate your face and that would show that you're the rightful owner of the certificate. there's no pia involved. you don't need to hand over your name or date of birth or i.d the idea is to reassure the guys who need to be sure that you're safe without breaching your privacy. >> how would it link the face to the proof of vaccination without identification >> so, either when the vaccination first takes place, literally the vaccination center or later on if there's digital information available from a public health shauthority, you would enroll yourself to this

scheme many health authorities are going to provide a vaccine which are typically in the form of a bar code, a form of bar code that would enable the reader to assure that a genuine vaccine certificate has been created in the records of the public health short and then it will be associated with your name and date of birth. what then can happen, that's transferred to a much more privacy system to which you enroll your face get rid of the name, the data, birth and now on it's just your face it's going to be different in different countries because different countries have different electronic records at the moment, the world health organization is actually standardizing this so not only would we do this domestically, but travel >> you mentioned, a number of times, you're in the uk, we're in the u.s i'm sure you hear the uproar -- first up, 30%, 40% of the

population at least here aren't going to get vaccinated. hard stop, they aren't going to do it. is that going to prevent them from going anywhere they want to go because doctors tell you if you have had covid and the antigens, you're probably as safe as anybody vaccinated, why shouldn't they be given, quote, a pass mport as well >> well, i think this is a really sensitive, delicate, legal and cultural ground for all of us. frankly, i'm not going to opine about this i'm an engineer, technologist. our job is to make the technology easy, safe and private to use how it's used and social limits on its uses i think is a matter of public debate for politicians for civil society to decide. in some cases, it's a matter of law. in europe we're, we're driven by one of the stricter privacy-respecting regimes in the world.

there are various things that actually you simply can't do in many context, it would actually be illegal to prevent access to a service, if someone didn't reveal their sensitive medical history. and the vaccination is effectively a peeliece of medic history. >> i kind of picture, andrew, i'm sure you are, or at least were, a frequent traveler like so many of our cnbc viewers are. i use the clear program as well. you put the fingerprints down. you stare into the thing i've actually heard about businesses using that platform as kind of the vaccine platform as well. but that's a different product you know, there are people who opt in and there are people who say i'm not even going to do tsa precheck here in the united states is that kind of how you view it? you're going to build the system for people that want to use it and feel comfortable, but there will be ways around it for those who simply don't want to do it and by the way, their access to

things may be limited, at least in the near term >> i think that's absolutely essential. look, the whole basis for the way of the things at iproov is social inclusion i think it's a matter of choice. i think this is about facilitating people who want to use it to have an easier or simpler life i would be very concerned if it became an instrument of social inclusion. i don't think society would accept that and that would be unfair >> building it out and by the way, you're not the only one, it is goingto be certainly a hot topic. but you're making the technology possible andrew bud of iproov, andrew, we thank you coming on. >> thank you, brian. what do you think, hit us up on twitter would you do a vaccine passport? give all of your data to get us

get into stadiums, and planes and restaurants? that's a poll straight ahead straight ahead, call this the aaa trade. no, it's got nothing to do with bonds. why the best three stocks to own in the world right now, that video, those iphones is just one hint a reminder if you missed the show any day, maybe you're on the road, don't worry. subscribe to our podcast apple podcasts by the way, got a pretty high ranking. thank you. but feel free to leave a nice five-star review if you're so inclined and march is women's history month. we're spotlighting our friends here's leslie josephs on the best advice these received >> one of the best pieces of advice i ever got was to be persistent, if somebody doesn't call you back, call them again if you're applying for a job,

email that person. be proactive if you're interested in a job, network before there's even a position open. just kind of taking an initiative, being persistent and don't take this personally if somebody doesn't call you back why do nearly one million businesses choose stamps.com to mail and ship? no more trips to the post office no more paying full price for postage and great rates from usps and ups mail letters ship packages anytime anywhere for less a lot less get our special tv offer a 4-week trial plus postage and a digital scale go to stamps.com/save and never go to the post office again

so jeff, you need all those screens streaming over your xfinity xfi... for your meeting? a 4-week trial plus postage and a digital scale uhh yes. and your lucky jersey? oh, yeah. lauren, a cooler? it's hot. it's march. and jay, what's with all your screens? just checking in with my team... of colleagues.

so you're all streaming on every device in the house, what?!! that was a foul. it's march... ...and you're definitely not watching basketball. no, no. i'm definitely not watching basketball. right... ( horn blaring ) the market strength coming into question, as a growing chorus voices wonder if the rally of the last year can really keep going. and don't tell that to jay

powell or janet yellen they say sky high stock prices are nothing to worry about tech has investors worried lately it's been a weak start to the year for many big names. but saying don't worry, stay with the as and you'll make green. we'll tell you why and name some names. and it's roofficial, robinho readying to go public. as it puts bad press behind it you're right it's wednesday, march 24th, this is "worldwide exchange" on cnbc. ♪ well, welcome. or welcome back. and good morning, i'm brian sullivan thanks for joining us here on "worldwide exchange. all right. we're coming off a pretty big tuesday slide for most of the major averages, yesterday, of course, dow is down 300 or more driven by caterpillar and its

big drop but things looking better this morning. we are seeing dow futures up 1 00 a look at the nasdaq, technology which had been shaky to start the year, looking strong right now. nasdaq futures up even more than dow futures on an absolute basis. up 111 points. now, yesterday, pretty much all of the major averages, you pick it and it was down many saying listen, hey, the recent strength that we have seen, simply cannot continue many of these markets, small caps, whatever, are likely overbought a look at small caps because they would and are something to watch. they are, of course, the hottest indexes in the last couple of months, cooled off yesterday and a little bit here. just watch it, the russell 2,000 dropping 3.5 yesterday alone we're watching you russell. and markets determined by the vaccine rollout.

and the vaccine rollout has been strong in the united states. we are the most vaccinated large nation in the world. but the hope that we can ramp it up even another notch with the j&j vaccine coming out was strong, but lately, there have been more questions about where exactly are all of the j&j shots. bertha coombs is back with other top stories. yeah, bertha, a lot of hope once j&j came in we might go to 3.5 million shots a day. but we're just not hearing a lot about the j&j vaccine lately >> yeah. yeah it's one of those things it's harder to do this than it looks. johnson & johnson reportedly behind in its goal of delivering 20 million of its single-shot vaccines by the end of this month. according to politico, the biden administration says it has received only 4 million doses of vaccine to deliver next week the report cites logistical complications and regulatory delays for that lag.

politico adds that j&j is pushing back on comments that it won't hit its target meantime, bloomberg reporting that the fda has granted emergency use authorization to j&j contract manufacturer to make the vaccine's active ingredient to ship and fill the finished product likely helping within -- with the delays. the founder of tencent meantime as reportedly met with chinese antitrust officials amid scrutiny on the social media game company owners saying that the official met with other officials to discuss compliance at his group. reports suggest that the meeting is the latest indication that the antitrust crackdown which began with alibaba last year could expand to other companies. and robinhood making it official, filing controversial paperwork to pursue it's long-expected initial public offering

cnbc previously reported the company has chosen the nasdaq for that offering. the move is the latest chapter in a windchill wind 2021 for robinhood which saw a surge in users amit the reddit trading in the country which got them in hot mess with congress and that leaves us with the ipo and what it means for goldman sachs, one of its investors. one of its partners. a lot of folks are watching this >> it's got to be the fastest turn from congressional hearings to a potential ipo in global markets. a month ago, it was is robinhood going to survive now, today, oh, the ipo is coming amazing, bertha. >> certainly, brand name recognition. >> that's it there's no bad press bertha, thank you. all right. well, a developing story this morning, this is bad press at least for one ship that could already shake up an already

shaky situation in global trade. look at that that is a massive container ship that has run aground in the suez canal. show that again. it's gone completely sideways. literally, imagine a car blocking an entire lane or the only lane of a road. that is blocking traffic both ways in one of the world's most important waterways. according to the latest data from vessel finder, at least five tugboats are trying desperately to free the 13,000 foot container apparently strong winds blew that ship off course. at least 15 northbound and southbound ships are stuck at anchor waiting to pass and of course many more ships currently on way to the suez the suez massively important to global trade about 50 ships go through it daily. and that may not sound like a whole lot, but it's actually about 12% of the world's global

trade volume every day for the suez now, the egyptian canal authority said it will divert traffic until that ship has been freed. that's not the kind of problem you want to have in the suez all right. back to the markets now and a continued focus on technology stocks once the rally leaders are now falling behind amid rising ratings and rotation by some if you're counting at home, who's not if you're watching cnbc, since the february 12th peek, the nasdaq is down 5.5%. some of the big names in the sector apple. one of the biggest laggards in the nasdaq random but interesting apple is down 7.5% to date making it the worst performing dow stock in 2021. but, of course, context is key and to be fair, apple investors have done just fine, thank you very much. doubling their investment dollar

over the past year so, let's talk more about apple and to other big tech names. we're joined by daniel flak, senior research analyst. i feel like "sesame street" daniel that this part of the show could be brought to you by the letter "a. all three of your names begin with "a"s. apple a little shaky lately why is it weak and are you buying into that weak ness >> thank you, brian. apple is driven by the broadening of its growth-drivers it remains healthy, with ipad and mac to live from home and work from home and really services which are healthy. and the wearables category, the watch, the air pods just getting going. there are of course risks which i think the company is executing well on its product cycles which

sets it up nicely as we look out into the rest of this year and into next year >> all right the next one, as we move up the letter chain is alphabet i still have trouble with that, i still like to call it google, daniel, because that's google, basically their business they got a couple other things but alphabet is google there's changing of algorithms there's changing of privacy. there's changing the way advertisers can get their metric it doesn't sound like any of that is worrying you around google >> well, brian, i think it's a continued evolution of the google platform or alphabet, however we want to the term it really, it's about delivering value to its users delivering value to its atsurs i think the core such business is healthy youtube is strong. there's always going to be an element of changing algorithms relative to the platform i think that's critical to maintaining the vibrancy of the

platform the other thing that we're focused on is the google cloud platform and those enterprise users who can use google's cloud platform to run their own i.t from all of the research we do when we talk to customers that business is in indiana its infay a lot to like with google or alphabet >> and while many of us were terrified to go outside for a couple months last year. things have changed. amazon has gotten bigger and bigger it sounds like a lot of the things we did because we had to now we do because we want to and that the amazonfication of america is here to stay. >> brian, amazon is a continued story focusing on its customers. and clearly throughout the pandemic, and really as we think about the world post pandemic, amazon is becoming more and more critical to consumers to businesses so, if we look at the prime member, it's continuing to

deliver a lot of value in terms of both the delivery, the free delivery, as well as content the amazon web services. we've seen throughout the pandemic, that customers, enterprise customers, as well as consumers are relying increasingly on the cloud. and we see that only accelerating in the years ahead. and lastly, they have other businesses like advertising which we think could become a more important part of the story over the next couple of years. a lot to like here there's, of course, risk with amazon, alphabet and apple these companies continue to bring value. >> amazon, alphabet, apple, we'll have you on tomorrow, we'll go through the "b"s. daniel flax, appreciate it the huge health risk brought on by the pandemic that has nothing to do with covid you got to here this rbi

plus, elon musk officially giving the green light to the snag at tesla with bitcoin we'll get an update on that and some other top trending stories. we're back after this. no one likes to choose between safe or sporty. modern or reliable.

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each febreze car vent clip gives you up to 30 days of fresh air. so, you can have open window freshness... even with all the windows up. enjoy fresh, any time, with febreze. all right, time for your morning rvi. this random but interesting thing is not one i want to bring to you but it's important so, we will if you're one of the millions

who have gained some weight during the lockdowns, you aren't alone. in fact, a large number of americans are reporting weight gain, some of it significant in the past year. in some cases they've gained a great deal of weight a new survey from the american psychological association to highlight depression and mental health struggles also found out something else that 42% of american adults that they surveyed anyway reported gaining weight incredibly the average weight gain is 29 pounds. nearly 30 pounds per person. and the weight was gained across all age groups it was the millennials, those 25 to 42 who felt the impact of the pandemic and the lockdown the hardest. again, of those surveyed by the apa, 48% of millennials said they gained weight they did not want to. of those millennials who did gain weight, they gained an average of 41 pounds gen-xers and boomers not nearly

as much. depression, lack of activity, lack of social comfort, a 23% in drinking alcohol all largely playing a role most restaurants were closed only things open were fast foods. another article i read said steps taken, walking dropped 30% last year as compared to previous years based on cell phone data and we also like to have fun on this rbi segment who wants to be all serious at 5:45 at times. this is not one of those times, obesity is serious suffering consequences because of it costing hundreds of thousands of deaths every year it's random but important, if you're curious about the survey, i posted to my twitter as well and out of crypto, privacy concerns at parks and a special seating at nba games if, of course, you've been given the

job. bertha coombs is here with more on that with today's top trending tories. would you buy a tesla with a bitcoin, bertha? >> well, it's kind of interesting, right, because of fluctuation in the price elon musk just tweeting that you can now buy a tesla with bitcoin. tesla had indicated a month ago in his 10 k filing it would be adding the option while disclosing the company had invested $1.5 billion in the crypto cryptocurrency musk adding that would only be adding to what is it is currently. maybe you get it a bit cheaper. disney has meantime begun testing facial recognition agency part of entry into its parks. the tech will scan visitor faces and convert the picture to an unique i.d. that can be used

throughout the park. guests will have to keep their masks on for the scan and disney said the data will be discarded within 30 days after the visit and the miami heat announcing they will have vaccinated only sections for fans. two sections for fans fully vaccinated for 14 days where masks will be required and social distancing will be relaxed. the heat is the first nba team to reveal such a plan. you know, brian, the first half hour, you talked about the vaccine passports as part of one of these vaccine passport initiatives. they do the biometric screening with the eyes. and a lot of stadiums do have that we're likely to see a biometric vaccine passport because for one thing, you don't want to lose that little card >> no, take pictures of it, by the way, laminate it, right?

you can save it. i spoke with a big restaurateur. it's not my friend in houston. it's a new york-based restaurant talked about using clear to get into their restaurants where you would update your vaccine information. if you and i wanted to go out and meet for a drink after work when people do that again -- by the way, i've got my first work dinner next week in person in new york i can't wait i've got to find pants i guess bertha, would you use a clear system to get into the restaurant there's going to be a lot of dystopian privacy george orwell-type stuff going on here, you know that. >> yeah, yeah. but if you're already enrolled, obviously, it's one of those things that you already use. i'm not traveling, but for those already enrolled, it is a natural thing to try to use it for this >> by the way, i'm not promoting it i use it it's great i'll probably get yelled at --

i've flown like 12 times in the last six months, gone to 17 states or whatever during the pandemic bertha coombs, thank you don't @me folks. doing my job on deck, just how strong will the economy really be as we put the pandic binemehd us because we will. morgan stanley's ellen acczentei here you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business.

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a 4-week trial plus postage and a digital scale each febreze car vent clip gives you up to 30 days of fresh air. so, you can have open window freshness... even with all the windows up. enjoy fresh, any time, with febreze. all right, welcome back here let's talk now about the u.s. economy and our recovery from that as well dow futures up 102 points. nasdaq futures up 122. we've got jay powell and janet yellen completing the second day of their testimony here. where does u.s. company go from here, let's bring in ellen zentner. chief economist. ellen, glad to have you back here with jay powell and janet yellen with the immunity of some

time with the best stimulus we could very much. i put out a prediction, 5% unemployment by the end of the year, i'm bullish. what do you think? do you think the job market will heat up that much? >> yeah, i think your spot-on with the unemployment rate i think if it goes even lower than that we shouldn't be surprised. and we shouldn't be surprised where growth goes. think about where we are at this time last year we kept revising forecasts across the street, rapidly trying to understand how deep the drop in economic activity would be how much job loss we would have. fast forward to the end of last year, and growth wasn't nearly as negative as we thought it would be and here we are, i think, entering the spring, and we're going to be in opposite situation, i think, where we're going to be in upward forecasts trying to catch up to the vaccine rollout and people reacting to that we really do want to try to get back to some semblance of

normalcy and i think it's going to be very difficult to try to keep up with just what that could mean for growth >> well, i appreciate -- i appreciate you saying i'm right. i'm kind of shocked by that. it's more fun if we disagree, ellen. every place i see in new jersey, if it's not shut down permanently has a help wanted sign >> yeah. >> according to jolt, there's 6.9 million jobs open in the united states. i'm beginning to wonder is the biggest hindrance to economic recovery and job growth simply having enough workers, because of a lot of people have simply moved from where they used to live i'm not suggesting anybody is lazy i would extend it if i didn't want to get sick at work as well but i have had business owners say i can't find anybody i can't find workers >> yeah. so, i think that that can be something that hinders full recovery and the thing is, brian, we were

going into the downturn. and already it had float back to the top of the list of number one complaints for small businesses lack of skilled labor. and so here we are, coming into a time when we're going to need to draw back hundreds of thousands of workers a month and still that complaint is there. lack of workers. what have businesses had to do they've had to get out ahead of this and we're seeing labor costs, pressures rise. and that's one reason why we do believe that inflation will be more sustained it's not just transitory this year it's going to take into 2022 to really look back and say, aha, some of these inflationary pressures not just transient as the fed hopes that they are more sustained and they're coming from tighter labor markets and those wage pressures that are going to hamper recovery of some small business >> yeah. and in no way, ellen, am i sort of mocking powell or yellen

whatsoever i respect both individuals very much and what they do very much. but we -- you know, everything i've read from you and other smart people say this is not a run-of-the-mill financial crisis this is 20%, 30% of the population got obliterated small business, travel, leisure, hospitality, literally wiped out across much of the country while the rest of america, about 70%, sat home and saved more money because they weren't traveling or commuting or buying new clothes. how hard has this period been for you in your decades of experience, to get a handle on because we're kind of treating it like it's a -- are low rates going to matter when it comes to this making sure people aren't afraid to go back to school? >> yes i think we are in a very unique environment. i mean, this is one reason why it's been such a tough time for economists to get a handle on the economy. the reason why we were surprised that growth wasn't more deeply negative last year was fiscal

stimulus no one would have thought, going into this crisis, even with the economy shut down, that we would have some $5 trillion in fiscal stimulus and counting possibly so that's a big lift but it's been a necessary lift in something that is a game-changer for how we think about cyclical downturns >> yeah. on top of $1 trillion in excess household savings according to goldman sachs. that's before stimulus ellen zentner, morgan stanley, always great to talk to you. see you soon that does it for us on "worldwide exchange. i'm going to put that twitter poll up, vaccine passports maybe we'll do something on it thanks for watching, tee you tomorrow k "squawk box" is up next. nasdaq is up more than 100 points have a great day

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♪ good morning stocks look for a modest recovery gain today after some fears of a delayed reopening, delayed pandemic recovering of the dow yesterday. oil helping out today, recovering from some low levels that we haven't seen, below 60 quite a bit below 60 still is the eu planning to halt exports on vaccines produced there as politicians face a backlash over that slow rollout. plus, cash, credit or crypto elon musk making the bitcoin buying experience a reality. we'll show what you he tweeted at 3:00 a.m. it's only midnight in california, so don't get too concerned. wednesday, march 24th, 2021. "squawk box" begins right now. ♪