it is 5:00 a.m. at cnbc. 11:00 a.m. in the sue z canal. here is the top five stuck no more. finally breaking free hours ago. many problems still remain with more than 350 ships waiting to get through. massive shorts gone wrong. how relatively little known hedge fund calling a once in a decade margin call rocked the markets could bleed through you today. and in d.c

president biden spending up to $3 trillion on infrastructure and health care. higher taxes for companies and the wealthy likely on the way. on wall street stocks off another record-breaking session. dow trying for the 17th record close of the year. what do soda, discount retail, and computer networking have in common the answer is coming up in the rbi. on this monday, march 28th this is "worldwide exchange. ♪ ♪ ♪ i'm free ♪ good morning good afternoon good evening welcome from wherever in the world you are watching i'm brian sullivan thank you very much for joining us it is a very busy day. let's get right to it. the futures. after friday's wild ride and

that developing situation in the suez we will get to that in a moment. friday was one of the more unusual days in a long time because of what we know how you was the four selling of archego crushing the chinese and internet trading stocks. more on that in a moment futures are down dow down 182 nasdaq down 83. we need to look at oil the situation in the suez. oil is ticking down a bit. still remaining over $60 a share. and engineers have partially freed the "ever given" container ship blocking the suez canal since last tuesday tugboats and support vessels are on the scene to straighten the ship's course. efforts will resume at 5:30 a.m. our time when the tide is

expected to rise to the maximum height again, the ship is not free, but it is partially floated. important to note that experts are saying even once the ship is back on route, it will take time to ease traffic that has been building on both sides of the canal for the past six days. when tankers arrive at destination, ports will face further congestion from the ships all arriving at once will which take more time to clear. with we will have more on the story and more on oil coming up. the good news is the ship partially floated. partially free now to another developing story. this one being felt on trading floors and maybe in your investment accounts across the world. what happened on friday could continue to bleed through to today. it has to do with a relatively known hedge fund called archego management it is multibillion family office

of trader bill wong announced huge positions in media stocks and baidu and others now on friday, some positions moved against him. likely caused by concern over new s.e.c. rules over chinese internet companies with that came huge margin calls. that forced him to dump massive blocks of stock to raise cash. he may have been forced to sell as much as $20 billion worth of stock. here is how it broke down according to reports and sources. morgan stanley traded $13 billion in archegos stock. goldman? $6.5 billion 3$3.9 billion in viacom dumped y other firms in fire sale trade

that forced selling led to the biggest one-day drop for viacom and discovery. down 27% it hit bigger parts of the market like the k-web etf it is not known if this forced selling is over. if all of the margin calls have been met or if archegos is forced to shutdown calls to the firm were not returned if more cash needs to be raised, we could see more selling. this is a big story and it is getting a lot of attention this could be one of, if not the biggest single hedge fund margin call, of all time. or at least in many years. the ripple impact from friday felt in early trading this morning. according to reports, nomura is warning of a late significant potential loss from an unnamed u.s. client is indeed related to

archegos the claim against the client was $2 billion they owe much of the credit risk on the trade those shares are down 16% in japanese trading credit suisse also says first quarter results could suffer a material impact after the banks started exiting positions after archegos defaulted on margin calls. nomura and credit suisse is not mentions archegos by name. we can confirm that is thefirm they are referring to as well. credit suisse down 13.5% as well more to come on this story let's talk about that and the broader markets in general joining us now is capital management ceo howard vance. howard, good morning it is a narrow pocket of the market with broad implications kind of like the "ever given"

container ship in a certain way. are you taking advantage of the weakness that it may have caused >> well, first off, good morning, brian how are you? what a wake-up call? i'm glad i'm sitting here in texas today and not worrying about a margin call. our proprietary indication is any pull back is a buying opportunity. we'll pick up shirares if they have to liquidate at pennies on the dollar >> these things come out of left field and you wonder why we're down and you find it is one thing. listen, if it is archegos, then it is a narrow situation take a couple of days to cycle through. on the macro level, howard, what are your bingger, or long lastin concerns, about the market which slowly, but surely, hits new

highs? >> like i said, our buy line is positive any pull back say buying opportunity. our concern is taxation over regulation that could hinder the economy and hinder the market. that is what we watching closely. we have seen tech pull back 10%. energy pull back 10% small caps pull back 10% you are seeing a rotation of corrections. everybody did so well last year other than value taxes which is having its day that is interesting to watch also >> yeah. so, in this market environment, where you have the rotation we have seen from growth to so-called value. you have interest rates that have ticked up rapidly, although off record lows. concerns about inflation hopefully coming out of the pandemic, howard what types of investments and opportunities are you and your team seeing right now? where should we put your money >> it is the obvious trade

tesla has been off the high. you know down to $670. when you look at tesla, if you have to ask yourself where is it 12 months out, that's a great trade. if you look at the value stocks, they are nice. visa and mastercard. you can look at one or the other. you know, my wife and i have been out to eat thursday i'm in texas, brian. we go to a mid level mexican restaurant and it was packed it was a 40-minute wait. the obvious trade was everybody there is plaaying with a visa or mastercard this is a nice trade out of the pandemic everybody from carnival cruise lines to theaters. texas is wide open new york and california, they are a big economy. they start to open up, a big ben effi

bene beneficiary of that is mastercard or visa >> my wife and i went out to dinner on saturday night it took a while because everything was booked up we are still at 35% capacity not like you in texas. visa and mastercard and tesla. howard vance, thank you. we appreciate it have a great day >> thank you, brian. all right. you're welcome to the other top business stories and headlines. bertha coombs has all that good morning, bertha good to see you. >> reporter: good morning, brian. we have new u.s. trade representative kathr thai says washington may be open to negotiations with bbeijing visa announced they will

accept cryptocurrency in the same way they accept dollars now. this is pegged to the u.s. dollar and does not include bitcoin yet. in covid news, the eu will block exports of astrazeneca vaccine if the drug giant doesn't deliver doses the region has bought on time it's been a tough haul for astrazeneca, brian >> it has. certainly a lot of questions around the vaccine it is looking like the stock chart we showed you. it is trending up. bertha coombs, see you in a bit. thank you. up next, some head way in the suez the "ever given" partially floated. not free yet we will bring you the very latest look at that backhoe you go, backhoe. later on big news in the fight against the pandemic as cases rise in some states,

the facts on the big milestone on vaccines you have got to hear and get excited, new yorkers. united airlines is about to do something it has not done in years in the new york area we'll tell you what that is when we return. 'rw futures off 170. wee back right after this. i hope the vaccine can get me one step closer to my fiancé. dance on stage. spin class! i can't wait for my patients to see my smile again. to hug my students. to give my parents a proper send off.

to go salsa dancing. no. i can't wait for you to meet my mom. play my piano for my friends. to give high fives to our patients. i think we are one step closer to being...better people. with every vaccine, cvs is working to bring you one step closer to a better tomorrow.

good news from the suez to

report right now suez canal authority says the massive container ship "ever given" blocking the canal for nearly a week has been partially refloated. it has been pulled ashore. chairman the suez canal authority says at least 369 vessels are now stuck waiting to get through the canal, including dozens of container ships and bulk carriers of oil and gas trans ports. let's talk about how this impacts the markets with clay segal. nobody better to talk to about the situation. clay, all of our guests today are from texas we would not drag you out of bed so early if it wasn't a big deal ship partially moved off the shore. it is headed in the right direction. what headaches are still to come

even once that ship gets freed >> good morning, brian thanks for having me actually the count is still going up we are counting 96 oil and gas tankers stuck waiting. that is up from five overnight it is a combination of 40 crude and fuel oil tankers. 34 clean tankers and 23 gas carriers in the mix. although the news is good on a preliminary basis, it is still accumulating this morning. >> while a viewer that is not familiar with that, it doesn't sound like that much we are talking about tens of millions of barrels of oil that are not getting to where they need to go that means refiners having to buy on the spot market there is a ripple impact >> for sure. and every day this blockage continues, that ripple effect is libel to proliferate around the

world and affect oil flows not in the area of the suez canal. right now, we think the immediate effect is for oil than crude. you have products that are important for eastern markets. you have diesel fuels. you have special which is natural gas liquid from shale and oil and gas. that goes through india which has an impact on the suez canal. it will start to proliferate to sellers and buyers around the world. >> clay, you and i have talked offline the last couple days and i have spoken to others. i'm actually a little surprised that it hasn't moved prices more and i think that is a reflection of the oil market is changing. if this is occurred eight years ago, impact would have been much

broader. u.s. oil situation sort of semi independent. shift from west to east. this altered the oil markets that is muted the impact, has it not? >> i think that's right. structure reasons and tactical reasons why oil prices and crude prices have not moved more on the disruption on a pure basis, less than 2% of crude moves through the suez canal. the biggest from the persian gulf is in asia. that is not involved the crude oil from the persian gulf and west with, they go the long way around africa on a good day with no blockage the crude oil is middle east to europe european demand is still low with the pandemic. you have supply offsets like russia that is a substitute that is

running slow libya is back with light crude oil that can supply europe temporarily. >> clay, we have to go we also have an opec plus meeting on thursday which adds a little drama to the always interesting global oil and gas mix. clay siegle, thank you very much >> thanks, brian all right. still on deck. the path forward the ceo of the philadelphia art museum will join us with the firsthand account of coming out of this. how they managed through two lockdowns and getting you back in and how the museum model has changed.

the world around you may seem like an immovable, implacable place. it is not. it can be bright. quiet. and safe. it's a change that will be felt from this street. to this street. to no street. and everywhere in between. all it takes is the slightest push in just the right place and that will be the tipping point that changes everything. gohealth has blossomed from an idea in a chicago apartment

nearly 20 years ago to a listing on nasdaq today. we help seniors compare and shop for medicare options in their areas using licensed, trusted advisors and an online platform. gohealth has compounded at 52% a year for 20 years. we believe we're just beginning to realize the opportunity to improve access to healthcare for consumers.

welcome back good morning as we move forward out of the pandemic, it is not just big companies that are having to adjust to a so-called new normal it is also the arts. case in point, the philadelphia art museum shutdown twice since last year and changed how it operates the arts will go on. the museum is open and seeing an uptick in visitors joining me now is the art museum ceo and director timothy rub timothy, it is a pleasure to have you back on you are open at limited capacity making sure all attendees come in safely.

as the vaccines have rolled out, anec anecdotally, have you seen an uptick in older guests and visitors that are sort of reemerging and coming back out >> we have good morning just recently. what we saw early on was a lot of young people coming out restless and ready to get back to their lives we were ready to open in september and then after the short holiday in january we have seen a steady rise during that period of time >> it is probably been a wonderful thing to see i know you are still operating at limited capacity. how is demand? pretty much every day are you welcoming in as many people as you are allowed to do right now, timothy? >> we changed our days as well, brian. we realized that most people

could come out on and around the weekends we limited our days to friday through monday that change has been successful. it is a short-term change obviously. we altered hours to meet the demands of the public and when they can come to see us. we have seen great attendance over the weekend at this point, capacity is still limited by order of the mayor and the governor we are following the guidelines. so far, so good. as i said before, the numbers are increasing >> you are not going to like this, timothy, you are a member of the arts. it is true, you are a business you have expenses and you have many employees you are the arts, but you also have a balance sheet how are the financials how has the pandemic rocked and made you reevaluate how you operate? >> no surprise it has been one of the most challenging years in the history

of the museum with the finances. your listeners need to understand our budget is composed of many revenue ext streams. one-third is ticket sales and members shopping in the stores when the pandemic began, all those revenue streams went to zero we had to cut our budget we had to mind expenses carefully. we had to go into hibernation. we will not be there always. >> you do a fantastic job. one of the world's leading museums of any kind. timothy, before we let you go, are you buying nfts? what is your take on the latest trend or craze or maybe the future

i don't want to call it a craze. that implies it will end what is your take on the art world right now? >> you are seeing vast changes we don't have any nfts yet we don't have a cryptocurrency account. i can't say we're in that business i will say we follow obviously the artist and what they hemake we have been collecting digital video for many years now when we present exhibitions, we are working in the digital realm and the like it is inevitable just as print making did in the 15th century and photography in the 19th century we will look at those and follow their lead if we collect them, we will esse even eventually it is the way of the future. >> there's been big dollars and big numbers certainly around it. look forward to getting back to

the art museum and seeing works of beeple up on the wall timothy rub, we appreciate your time look forward to seeing you in philadelphia soon. take care. >> thank you, brian. you take care. >> thank you very much the arts, of course, will go on so will we, by the way coming up, margin calls, media giants and major banks the market story that rocked the world. futures are down this morning. and a reminder, a soft nudge if you have not subscribed to our podcast, don't worry check out the podcast. listen in the car or on the plane. we're back right after this.

does your vitamin c last twenty-four hours? only nature's bounty does. new immune twenty-four hour plus has longer lasting vitamin c. plus, herbal and other immune superstars. only from nature's bounty.

so you're a small business, plus, herbal and other immune superstars. or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? 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.

a once in a decade margin call now the center of big selling that sent stocks tumbling on friday the very latest on the hedge fund story captivating wall street free and floating. sort of. why the "ever given" may finally start goat on the way home as more than 400 ships sit and wait all this as futures fall the impact from the hedge fund has concerns about the rates it is monday, march 29th

this is "worldwide exchange. ♪ welcome. welcome back good morning i'm brian sullivan thank you for joining us here on cnbc let's get right now to the futures after friday's wild ride the developing story in the suez now friday one of the more unusual days of the markets in a long time. it is because of forced selling by the archegos capital management that crushed media names like discovery and viacom and etfs and internet companies like baidu and tencent after the fund was on the wrong side of massive bets and got called out by proposed s.e.c. rule changes on china-based companies. are you following that

don't worry. it is early. here's what you need to know at the center of that fire sale were two huge companies here discovery networks and viacom cbs. they were huge winners since the start of the year. on friday, they saw some of the worst single day sessions ever because they were dumped en masse by archegos and the proprietary trading partner like goldman, morgan stanley and others good news for those shareholders stocks have seemed to stabilize a bit. both of the names fell 27% on friday we will get more on archegos and the margin call and the ripple effect with leslie picker in a few minutes. and then futures are down. it plays into this with upwards

of $20 billion being shopped around by goldman and morgan and others forced selling on friday will impact the macro markets you obviously have rate concerns as well as we have been hitting new highs a lot. markets will tick down naturally. dow futures off 170 right now. we will have more on the markets and your money in a bit. let's pivot to the story that matters more. the daily update on the vaccine rollout and the facts and where we stand right now here is good news. it was a huge weekend on the vaccination front. in fact, it was our biggest weekend yet as a nation. in all, more than 6.5 million doses were given out on saturday and sunday with that boom, almost half of all american adults over the age of 65 are fully vaccinated with both shots wow! that is not all.

36% of americans over the ages of 18 have had at least one shot as well. it is likely why as cases have ticked up in some states and get all of the headlines, but the number of people hospitalized in america is still down in last two weeks and down 70% from the highs of january remember, cases get the attention. hospitalizations and outcomes matter a lot more. let's continue this conversation about this as well as the lingering concerns about vaccination and the evolved strains and wealcome back the president and ceo of the hospital in new jersey which fully vaccinated 11,000 individuals in just 100 days doctor, great to have you back on we are pleased to hear those stats. please help us clear up some

things i'll not knock my industry, the media. cases get all of the attention cases are surging in michigan and parts of new jersey. i want to ask you, have you had anybody, any patient, even one, who after full vaccination has been re-hospitalized for covid >> we have not these vaccines are very effective. they are 100% effective in preventing hospitalization and death. we were on the call with the state on friday communicating two concerns number one, in new jersey, we are starting to see an increase in hospitalizations. in fact, we had a significant 20% to 30% increase over the last week or so. my hospital in the new york metro area the second is we are seeing a younger demographic admitted that could make expesense from e

standpoint of those not being vacc vaccinated 50 to 59-year-olds or 40 to 49-year-olds that could lead to more variants there are some things to be concerned about. >> college students have come back in person we are seeing and you would agree, doctor, this is not a political statement. kind of a burnout. a slight reopening and people are getting back out there we are seeing a bit of a spread. answer us this do you believe as the data seems to indicate that the vaccines are, if not as effective, almost as effective against not only the new strains, but new strain to come? that is what all viruses throughout wrhistory have done? >> all vaccines are likely effective against the known variants we have a lower effectiveness

noted in some studies. all this does is re ally does is accelerate the vaccination you are right to say that all of this does is make us accelerate the vaccination. as you mentioned, we did so this weekend. we will continue to do so. >> and how do we still counter vaccine hesitancy? we are seeing this in parts of rural america and in parts of your base of people, doctor. more urban obviously we understand the african-american community, rightfully ly so, given histor reluctance how do we encounter the hesi hesitancy? are you seeing any give? people on the fence saying i wasn't sure, but all right go ahead and give me the shot, doctor >> you are right to call that out. so we only have about 5% of

people in the city of newark fully vaccinated compare that to 15% to 20% nationally for the general population we serve a majority of minority community here you are right to call out hesitancy in communities of color and urban communities. the good news is the kaiser family foundation shows low rates of hesitancy i will never take this vaccine from communities of color. it is more i want to wait and see. there is a lot of opportunity. >> i think that's it, doctor by the way, i'm sure you and i, we know people like this you go first let me see how you do. oh, you're not growing a third arm? you are not in bed with fever. once they see friends and family take the shot, be fine, it is opening it up, is it not >> absolutely. it is all about the approaching

of the community with the facts. we have seen people come in in a significant way. >> doctor and your team they're doing great work getting everybody safe and healthy doctor, we appreciate it thank you as always for your insight. take care. >> thank you so much you're welcome coming up, here is a little riddle for you what do soda, discount retail and computer networking all have in common? probably nothing, except your morning rbi and we'll tell you why. the answer is ahead. as we head to break, other top stories. sko supreme court set to hear goldman sachs case with major implications of shareholders seeking with security lawsuits the hearing is scheduled for

10:00 a.m. today shares fell of bilibili in hong kong. a number of u.s. listed china companies have done secondary listings in china recently the tension between washington and beijing and the financial markets ramp up. and united airlines doing something yesterday it has not done in more than five years it flew into new york's jfk airport. first time it's happened in many years as united takes advantage of the slowdown in air travel to try to snag gates at the ones c once congested airport you can go to jfk if you are going to san francisco or a couple of other places good news. flyers look to get back out. dow futures down 160

we're back right after this. sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh]

[ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today. i really hope that this vaccine can get me one step closer to him. to a huge wedding. to give high fives to our patients. to hug my students. with every vaccine, cvs is working to bring you one step closer to a better tomorrow. in the romo household we take things to the max oh yeah! honey, you still in bed? yep! bye! that's why we love skechers max cushioning footwear. they've maxed out the cushion for extreme comfort. it's like walking on clouds! big, comfy ones! oh yeah!

no one likes to choose between safe or sporty. modern or reliable. we want both - we want a hybrid. so do banks. that's why they're going hybrid with ibm. a hybrid cloud approach helps them personalize experiences with watson ai while helping keep data secure. ♪ ♪ ♪ from banking to manufacturing, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm. ♪ ♪ ♪ it's time for the monday rbi. random, but interesting right now. at least to us we're market geeks we asked a simple riddle what do sodas, discount retail and computer networking all have in common? on the surface

absolutely zero. the answer is actually they are all leading a big part of the market lately. case in point, those companies are the three top performing stocks in the nasdaq in the month of march, they are not high flying tesla. number three is keurig and dr. pepper the second is dollar tree. money doesn't grow on trees? apparently there it does the single best performing in the nasdaq 100 this month is cisco systems. we don't talk about them very much they were once the biggest company in the world by market cap. cisco shares have been on fire up 17% in march. you go, cisco. cisco gets little attention these days, but people in the markets do care. there is always a but. before you go out and buy up cisco, the run may be done

according to analysts. here is what is random, but interesting. it is on the average price target of analysts the 24 analysts who cover cisco have a price target of 5$52.55 they are down a bit right now. if that is not random, but interesting, i don't know what is we think it is soda, networking i. tit. all profitable this month. now to the top story the margin call that hit archegos on friday it is not just the markets getting hit. japanese bank nomura and credit suisse warning investors of potential losses from that trade. look at that in japan. nomura down 16.5%.

credit suisse in europe down 14%. huge moves for some of the world's biggest banks. those two firms had sizable exposure to the archegos trades. particularly nomura. leslie picker is here with more on what we know and what we don't. good morning, leslie >> reporter: good morning, brian. this story gets bigger nomura is facing $2 billion in losses credit suisse said a default on margin calls could be significant and material archegos faced a forced liquidation of several positions. wong managed tiger asia which was spun off from tiger management he pled guilty to wire fraud in 2021 with insider trading. archegos did not answer the

question for our comment shares of viacom and discovery on friday. gsx and baidu and tencent plummeted as well. one source described the size of the scale of a once in a decade event. brian, archegos holds positions through swaps. the nature of the derivatives is causing investors to assess exposure wong may have had and brace for the volatility in those names and others today as for what triggered this thing? it is not clear. many industry watchers believe the news of the s.e.c. is looking to step up reviews of audits of overseas companies with the risk of kicked off u.s. exchanges for any non compliance that affected the chinese adrs

vi viacom cbs was met with luke warm reception from investors. the sharp declines dented returns in another tiger club. we reported that firm did not respond to a request seeking comment. brian. >> so much to unpack here. you mentioned the "s" word swap this is important for newbies. it is not just of the firms buying single equity and holding or selling or shorting them. they are using the stocks as credit positions on swaps to create other either synthetic or derivative positions that's part of the problem here. it is nomura and others have credit risk on their books related to some of the bigger positions which have been created. by the way, talk more about

goldman sachs, leslie. they stopped doing business with bill wong a few years ago because of the s.e.c. censure. they changed their mind. >> reporter: right they were behind the brlock sals from friday. we still don't know and putting in the bucket of things we don't know we don't know what the exposure to goldman looks like as a result of the block sales. we know they were offered very steep discounts with chat rooms across wall street talking about this i received messages people were sending about how remarkable it was to receive the blocks of shares at tremendous discounts we don't know the exposure for goldman. we know morgan stanley was behind the sales on friday and deutsche bank had exposure here as well. one thing to look for today is

any comment out of the banks and risk exposure as we have seen comments from nomura and credit suisse this morning. >> you have nomura and credit suisse down 16% and 14%. the biggest banks and trading firms in the world that are getting rocked by this it goes to show there are things under the hood of the market you don't know kmexist. when it pops up, it does that. leslie picker, we will see you -- what time 5:40 >> reporter: 5:50. >> when is your last hit? 7:30 >> we'll see >> leslie picker all day long on cnbc see you in a bit on deck, good news from the suez sort of. the "ever given" pushed partially off the shore.

the problem is still remaining, but they are headed in the right direction. the live report from the ground next ♪♪ forget what your smoking-hot moms and teachers say, just remember my motto. if you ain't first... you're last! woo-hoo! ♪ i wish that i knew what i know now ♪ ♪ when i was younger ♪ you need a financial plan that fits the way you want to live in retirement.

a plan that can help grow and protect your money. now or in the future. with an annuity in your plan to help cover essential expenses, you can live the retirement you want. the right financial professional can show you how. this is what an annuity can do. ♪ ♪ this is what an annuity can do. dana-farber cancer institute discovered the pd-l1 pathway. pd-l1. they changed how the world fights cancer. blocking the pd-l1 protein, lets the immune system attack, attack, attack cancer. pd-l1 transformed, revolutionized, immunotherapy. pd-l1 saved my life. saved my life. saved my life. what we do here at dana-faber, changes lives everywhere. everywhere. everywhere. everywhere. everywhere.

welcome back let's get to washington, d.c president biden is getting set to layout the next phase of the agenda at the event on wednesday, he is ready to roll out the spending plan after what the president calls reforms for social infrastructure health care and child care the next guest says the odds of accomplishing the goals are growing by the day t tina fordham is the global ana analyst. tina, good morning if you hear the $3 trillion of instr infrastructure and social capital. what do we know? >> we will hear about it wednesday. we know this is big.

we know joe biden has kind of come into office like a lamb as they say and is coming out with pretty massive policy proposals like a lion to use the spring-time analogy. he has massive public support for a democratic president and especially at such difficult times. it is kind of now or never >> and, okay we hear there may be some centrist democrats that may push back on certain things let's not forget some of this is supposed to be paid for higher taxes on those making over $200,000 as an individual and over $400,000 as a family. many of those people live in blue states. is there democratic support for that especially if we don't get a rollback of the cap on the deduction for state and local tax which was a punch in the gut to many people in those blue

states >> americans are never supportive of tax increases, right? we want public services -- >> what? >> on other people tax increases on other people are fine tax increases on ourselves are never fine, right? that is where the definition matters here a lot what i mean to say about public support is more about for his presidency and in the wake of the big fiscal stimulus package. the numbers in his apprpproval ratings are impressive as a time when there is no such thing as a political honeymoon. he has a window to do something big and push forward on the build back bergen general and wrrectify the infrastructure and in the social safety net in the united states going back decades. >> so what do you think this

might after all the wheeling and dealing is done -- let's assume this gets passed -- first off, will it get passed, tina will it get passed in some form, what will it look like and where will the money go? we are a financial news network. concrete companies bridge builders? what are we looking at >> those details are not available yet. we can only speculate. we know the u.s. has suffered from poor infrastructure for many decades shovel ready projects. we had the last two u.s. presidents talking about infrastructure the fact that this is a combination of social safety net and infrastructure helps it. you heard jen psaki talking about two separate bills they can do this without

republican support if they need to when you look at the support for the first fiscal stimulus package, it is bipartisan among the public >> tina fordham, we appreciate your insight this morning on the big spending fplan that will be rolled out in pittsburgh tina, have a terrific day. thank you very much. by the way, we showed you credit suisse. down 14% from the archegos news. now a downgrade after first quarter results suffering a material impact after exiting the positions. probably got caught in swap positions on the archegos margin calls. bank of america referencing more with the lender which adds up to make him think the capital cushion has been reduced to where the buy back is impacted

that is that "squawk" pki uicngp the coverage see you tomorrow take care. so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? 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.

good morning stock futures pointing to a lower open after friday's rally pushed the dow to a new high the nasdaq, in fact, posted the fifth losing week out of the last six margin call shock waves. some names getting crushed after a family office was forced to liquidate a position of $30 billion. and the cargo ship partially freed from the suez canal. operations are under way to clear the backlo