it is 5:00 at cnbc global headquarters here is the top five at five what happened in baltimore j&j firing back after one lab ruined 15 million vaccine doses. and georgia fighting back on the voting laws. and president biden revealing the $2 trillion spending plan and corporate tax proposal questions regain if your taxes

will move up and quarter two looks to kickoff for the markets. they are higher. and elon musk is adding another title to his resume. this time to the entertainment industry it is no april fool. this is april 1st, 2021. this is "worldwide exchange. ♪ ♪ good morning good afternoon good evening welcome from wherever in the world you are watching i'm brian sullivan thank you for joining us let's get to it. hit your markets and money kicking off the 1st day of april and the first day of the second quarter. dow futures up 101 nasdaq and big tech looking better april is one of if not the historically top months for the market

a lot of talk of rotation. first day of the fiscal year for many mutual funds as well. stock futures respond. major averages coming off their fourth positive quarter in a row. a lot of volatility. overall, we have been up now for a fiscal year. four quarters in a row for stocks the standout we have been highlighting since last july remains small cap. the russell 2000 index surging in the last nine must and up 12.5%. going back to where we first started talking about it last summer despite the hiring in technology, one theme over the last couple months has been the rotation out of growth and tech and into so-called value plays the ishares russell growth etf gaining less than .50%

the value etf showing more value. it is up more than 10% by the way, a lot of potentially market moving data on the last day of the month the markets are closed for good friday tomorrow. we have the jobless numbers out and "squawk box" will be live. manufacturing at 9:45 and ism manufacturing at 10:00 a lot of data. bonds and stocks closed tomorrow could be bottle today. watch out. asia starting off on a high note all major averages ending in the green overnight. hang seng up 2%. europe is just getting started similar day as well with more green on the screen in europe. in fact, green all around the

world today. even after france rolling out a fresh four-week covid lockdown due to the slow vaccination rollout and rising cases speaking of that, now to the top story. millions of ruined doses j&j responding to reports of million doses of the covid vaccine have been spoiled by error at the maryland lab. bertha coombs is here with that story and top headlines. bertha, good morning >> reporter: good morning, brian. that's right new york times is reporting human error at the manufacturing plant in baltimore led to the destruction of approximately 15 million doses of johnson & johnson covid vaccine. the times says the mix up delayed future shipments of the doses in the u.s. while the fda investigates in a statement, j&j says the

quality control standards identified the batch that did not meet standards and that batch was never advanced to the finishing stages of the manufacturing process. that error does not affect any of the doses currently delivered and used nationwide. including shipments that states are counting on next week. georgia governor brian kemp responding to the corporate backlash of the controversy voting legislation he signed into law one that hurts voters of color speaking on closing bell yesterday, kemp says the law takes nothing away from residents and he is ready for debate >> folks like mr. frazier and mr. chenault, they don't live here and don't know the laws in georgia. our laws are not as restrictive as their states where they reside perhaps they should focus in other places if they want to have a debate

about the merits and facts of the bill, we should do that. i haven't seen any point that they are making now that would cause me any reservation that we're taking away something here >> reporter: kemp referring to ken chenault and 72 black leaders and executives, including merck's ken frazier and robert smith two of the georgia large employers speaking out against the bill delta says it does not match the company values coke adds it opposes the measures as it seeks to diminish voter access a and frontier airlines is expected to ipo at $19 shares sold at $19 given it a

valuation of $4 billion. it begins trading on the new york stock exchange today. brian. >> thank you, bertha. now to washington and the white house. president biden is set to have the first full cabinet meeting as commander in chief. this is after the $2 trillion spending bill released focused on infrastructure. we have tracie potts with more from d.c. as we see a beautiful shot of the capitol and white house behind you tracie, good morning >> reporter: let's hope it stays beautiful. let's hope the relationship can connect when they talk about the infrastructure bill, brian the president is saying it is big and bold and it needs to happen now we see lawmakers on capitol hill worry that it could plunge the country much further into debt the biden cabinet meets for the

first time today 25 people in person and socially distant to hear how they can support the president's new infrastructure plan. >> the largest american jobs investment since world war ii. >> reporter: $2.2 trillion transportation, brandband, power grid, manufacturing, senior care, green energy and clean water. >> it is less about infrastructure and tax increases and green new deal >> reporter: biden is promising new jobs paid for by raising corporate taxes to 28% >> members can say they don't want to invest in the infrastructure or come up with their own way to pay for it. we're open to that >> reporter: the sales pitch will be tough. republicans think it is too expensive. progressives say it is not enough so, we'll continue to watch what happens with that meeting today. afterwards, brian, the new

cabinet members will fan across the country trying to sell this plan to the public >> nbc's tracie potts in d.c tracie, thank you. see you soon take care. all right. let's get back to the markets and your money investors are grappling with the swing we have seen last couple weeks. work from home stocks have been mostly fired from portfolios and big, boring industrials start to take off your next guest says this is likely to continue and don't think plastics, mrs. robinson. think pipeline managing director of macro strategy is ben evans. good morning, ben. you think this move in industrials and companies that make stuff they have been red hot that's going to continue >> good morning, brian

i think it will continue look at the manufacturing day-to-day we are coming in major bounds. a year ago we were at a significant collapse the economy pick ps up this quarter. industrial will get hot. ca i cannot see that cool off too much we are entering the quarter with the reopening news it is happening. i think this is leading to a new rotation as the second quarter starts maybe a challenge for a number of months. we can expect some infrastructure i think you want to look at the industrial side and infrastructure side. and the broad exposure there and if the etf is an idea. >> and you also may want to take a look at, according to your

daily note, which is very good, by the way companies returning to work. some say it is hybrid. in five years or three years, things will be very different. all of this work from home stuff will change. we have to look at the markets and the stocks that we can't comprehend right now europe going into new lockdowns that is when you want to buy, is it not >> absolutely. i think actually, you know, you could think of the europe strategy with locking down and value restrictive policy on the economy, but europe is going to get a significant flood of vaccine, too they will get the rollout. it may become a really interesting timing here to look at european leisure hospitality that has seen a decline as people worried with the delay of the reopening. i think that is where the value is you want to get exposure in that sector europe with all of the political

challenges, it has a lot of recovery ahead of it too it lags other parts of the world and has a big rollout coming with the vaccine >> are there parts of the market, ben, you want to sell? i should say what do we sell to raise the money to buy the stuff we want to buy what is over and done with >> that's a challenging question, brian. you want to stay optimistic. there is a lot of value out there. you know, one sector that hasn't done well in the past quarter is in bonds economy gets stronger. interest rates are rising. i don't expect yields to start declining yet. you don't want to be really too focused on bonds in the start of the quarter. i also think that for example on the technology side, this value is there microsoft and ibm have

significant amount of profit i think that is good exposure. maybe the high flying technology continues to run its course. reopening is happening and continue rotation out of the technology and into reopening. >> certainly closer to reopening than closing at least here. maybe not in parts of europe yet. they will get there with the b vaccines ben, thank you have a great weekend >> thank you all right. we are just getting started. when we come back. wings, batteries and jeans a rundown of the top movers. and will the saudis keep showing love to the american oil companies? we have helima croft here to talk about it. and why miley cyrus says nothing is more important than investing in yourself.

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welcome back by the way, welcome to the second quarter you saw the names. walgreens or intel or a few others, congrats apple? maybe not the first quarter you hoped for. the dogs of the dow. roaring back in the first 90 days of 2021 right now, time for the quick hit to the big three stock stories of the day are you ready? i am stock one. wing stop. same-store sales jumping 20% digital sales soaring 60% as more of us sat home and ate hordes of chicken wings. stock two. quantumscape who? it makes batteries

vw u.s. business invested $100 million in the company stock up 13% stock three is guess the company questions. the fashion brand is reporting better than expected fourth quarter earning. not providing guidance for the year you don't have to guess. the stock is up 7% year to date up 11%. on deck, a story you have to hear us what us white house talking about raising taxes and now maybe raising $100 billion in unemployment fraud that story next. >> announcer: today's big number $140 trillion. that's how much ubs estimates

will be spent on de-carbonizing the energy supply by 2050. are up from 15% today.

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♪ go shuffling downtown ♪ ♪ longer ♪ ♪ and then ♪ ♪ i'm turning around ♪ ♪ the clock on the wall ♪ ♪ moving slower ♪ if you missed that chart, you would not be a fool in the rain if you bought the semiconductor stocks they have done well in the first quarter while the stay at home stocks like peloton. everybody wants to get out again. like me and my next guest like vienna and the weinerwurst inside joke. all amid lockdowns in europe and rising demand in the u.s it is a delicate balance let's talk about all of this with our friend helima croft helima, the first round of the bad stuff of the takeout shop from opec hq

that weinerwurs. it is -- weinerwurst is on me. will they keep their cuts? >> my first instinct is they keep their cuts. the concern is the demand outlook and restrictions in europe the concern of the issue with the vaccine rollout in europe. with that said, you mentioned u.s. producers we have reports that the u.s. energy secretary made a call to his royal highness asking for stable and reliable and affordable energy. we know that several other producers are pushing for a production increase. russia again calling for an increase iran ramping up. iraq, you know, overproducing. is there a potential that aziz will give you what you want and

we return to the schedule and put more barrels on the market not the base case, but not off the table either >> something unusual happened yesterday. yesterday, it is called the jmrc huh? it is the technical meeting ahead of the real meeting today. the iraq representative and aziz from saudi were next to each other. appeared together. is this a sign that the iraqis are the serial cheating iraqis are coming in line >> we call it the contrition chair. they may find themselves sitting to his royal highness and promising to get the act together iraqi prime minister was also in

saudi arabia a larger visit from iraq to saudi arabia with that said, the oil minister had to say i'll do better going forward. again, the case is they roll this over. we are cognizant there are a number of producers who are looking to benefit from price and volume we think all options are on the table going into the meeting we have to see is there an up side to the meetings where abdulaziz is moving forward or surprise us the other way? he likes to keep us guessing until the final moment until we are all sitting in the hollywood squares press conference. >> hollywood squares with 90 in the boxes later on today helima, overall, it is weird you have more gasoline sales in america yesterday. out stripped that of a year ago in terms of a price, not necessarily a quantity france is going into a new three

or four week lockdown. how do you see the balance of global demand right now? >> i mean, the u.s., if you are looking at the u.s. market, you will think it is going to be positive for oil gasoline oil is a big component of oil demand. that is looking like it will be very healthy if you are an oil optimist, point to the united states you point to asia and say we had some refinery maintenance which cost softness in china we can be optimistic about the market if you are alexander novak, the russian prime minister, he points to those metrics. if you are cautious, you look at what is happening in europe with the new lockdown you might pay attention to the cdc director and warning of another surge in the united states it is a balance. how do you balance the risk? i think they will rollover

there is part of me that has to think that abdulaziz is thinking about when you bring the opec barrels back on the market >> he surprised us at the last meeting. helima, we will find out later today. i will see you in the hollywood square virtual box later today >> thank you >> i'll see you later. literally. helima croft always the best. thank you very much. you never know abdulaziz, maybe he throwing more oil on the market coming up, a political reality or political unicorn breaking down the $2 trillion spending proposal from president biden. what's in it and are corporate taxes going up if you have not subscribed to our podcast, do so.

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the president rolling out his new road and bridging plan the cost more than $2 trillion company taxes set to rise. will your taxes be going up as well a new hurdle in the vaccine race j&j says 15 million doses of the vaccine destroyed due to human er error. and the party at the nyc the $1 million move miley cyrus is making to get you into investing.

it is thursday, april 1st. this is "worldwide exchange" here on cnbc ♪ ♪ ♪ i hopped on the plane ♪ welcome back the markets are closed tomorrow for good friday. happy thursday here is how your money looks we are halfway through the 5:00 a.m. hour. stock futures are higher in fact, technology futures. look at the nasdaq tech futures up 136% it's been a week what's changed besides the calendar maybe nothing but the calendar that might matter. if you are with friends tonight and someone says what is the

best men oonth of the year for stocks april. april is the best month to buy stocks over the last couple decades, averages tend to gain 2% in the month of april a fresh start. new buying by fiscal year mutual funds, et cetera we're up 15 of the last 20 apes. if history is any guide, and it tends to be, this could be a very good month for stocks we're not fooling around speaking of stocks, it is time now for a special holiday shortened week edition of the insider buying exclusive we look at companies with the most buying of their own stock by corporate insiders. all of the data coming the insiderscore.com because the week is short, we

shorten this as well we bring you the top three stocks with the most insider buying these names that we brought you the last six months have been generally out performing the overall overall markets. the third is the green brick partners $1.5 billion market cap. dallas-based home builder. focused on georgia and colorado and texas. another insider had a big buy last week as well. vizio holdings the tv maker in california a board member there buying $735,000 of vzio and the biggest insider buy this week by far

a huge $12.6 million buy designer brands chairman jay schottenstein. a big bet on real etail by trich chairman of designer brands. the top three. focused on housing and throw in a tv and buy yourself new shoes in your new house watching tv. all big bets on the consumer by the way, i'm off next week. insider buy will return on friday the 9th we will see you before that on "worldwide exchange. you get the idea now to the latest on that huge vaccine mix up involving johnson & johnson. mix up may be a very nice term bertha coombs has more

a sad story out of the lab, bertha, on the vaccine >> reporter: brian, mistakes happen the new york times reporting the human error at the lab in baltimore led to the destruction of 15 million doses of j&j vaccine. that is the full dose. one shot the times says the mix up delayed future shipments of the doses in the u.s. while the fda investigates in a statement, j&j says its quality control standards helped identify the batch that did not meet standards and the batch was never advanced to the finishing stages of the manufacturing process. the error will affect future doses. it doesn't affect current doses used and delivered nation wide google is planning to ramp up efforts to reopen its

offices. cnbc confirmed employees will come back to offices in a limited capacity starting this month. adding it will put limits on remote work starting in september. compass raising $450 million in the downsized initial public offering the real estate tech firm sold shares at $18 a piece down from the target of $23 to $26 shares will begin trading on the new york stock exchange today under the symbol comp. i believe it is the nyc. brian. >> either way, we have an actual ipo and not a spac amazing, bertha. >> reporter: exactly exactly. didn't price the way they thought, but, you know, some of these have looked frothy to start out with >> yeah. at least it priced

bertha coombs, thank you see you in a bit. speaking of buying things. president biden hopes you and wavering democrats buy into the $2 trillion spending and infrastructure plan. there is a lot in the proposal you probably don't want to read it we made it simple. here is how the spending plan would breakdown. road, bridges and other transportation related items getting $621 billion the americamake america tax cre. home and community services gets $4 $400 billion water and broadband and education would get $211 billion. to pay for it? a host of tax increases on u.s. businesses raising the corporate tax rate back to 28% from 21%

raising taxes on overseas profit a new minimum tax on so-called book income for corporations ending most, if not all fossil fuel tax subsidy and cutting down on offshore deductions. it includes the protecting the right to organization act to make it easier for workers to start and join unions. it was quiet and any plan jump in individual tax and family rates was not mentioned in the president rollout. we just got corporate taxes. nothing on the individual side yet. let's dive into what we know with andy blocker at invesco andy, thank you for joining us you have a couple of democrats saying, let's be careful on the tax side they come from mostly blue states joe manchin of west virginia may hold a lot of cards along with

kri kristen cinema >> unlike the covid package, brian, which passed as biden proposed it, this is a proposal. this is just that. even biden's spokespersons have said we want congress to work this through they will work closely with them they understand while 80% of the american people favor infrastructure, when you get into the details, it gets tricky especially how you pay for it. >> yeah. corporate taxes. andy, the corporate tax rate propos proposal, 21% to 28% it was brought down by trump it won't be 28%? if it does pass, you have tax

credits. it suggests it would be more like 25% or 26% effective once certain tax credits are thrown back in. how do you see if this passes the ultimate tax rate playing out? >> i think there are two things here some republicans haven't wanted to increase the corporate tax rate democrats say i don't want to go higher than 25% as the actual rate from 25%, you can go down to the mid teens as far as what companies actually pay it is early days really don't know how it plays out. there are so many moving parts, brian, as how you get it passed. you have to navigate the house with a tight majority for the democrats. you have the 50/50 senate. you are right. the actual tax rate that corporations will pay is much less than 28% or 25% or whatever the rate ends up being

>> you are at invesco. you say i don't like it, but i want to make money off it. how do you do that >> the covid package was a huge infusion into the market this is a longer-term job creation spend you have to think about where that money will go and all of the construction that will be done you have to be a long-term player with the infrastructure build. it is not a big boom at the beginning when this passes the money will not spend that fast we are looking at a longer-term value play on that as well as growth >> andy blocker. always a pleasure to get your insight and time have a great long weekend. a busy one for you, i suspect. take care. >> thanks. all right. the white house wants to raise taxes on companies to pay for

infrastructure an unbelievable new report from the federal government on unemployment insurance fraud the numbers are massive. eamon javers joins us now. i posted a story to my twitter that shows 10.5 million americans are unemployed according to the government. 18 million americans are receiving unemployment checks. how? >> that's a great question, brian. the answer, in part, fraud part of what they call improper payments over the department of labor. you get the sense that the u.s. government is getting its arms around the scale and enormous scale of the problem with fraud and massive spending that the government engaged in over the past year to boost the economy a lot of money moving fast and low and gives opportunity for fraud. look at the numbers from the department of labor inspector

general. an updated report was issued yesterday in which they said as they calculate the potential for fraud. historically over the past several years, the rate for unemployment insurance has been higher than 10%. if you apply that to the $896 billion in the insurance funds as part of the cares act, you get a number of $89 billion paid they are saying the initial pandemic audit here suggests that the improper payments will be higher than 10% because of the yunique situations. they also say, brian, they have 15,000 investigative items open.

that compares to a normal situation of 100 a massive new influx of investigative concern as they try to get to the bottom of where the money is going and who is getting it and how the government can get its arms around it. >> we can all agree that an apologist will say the 10.5 million unemployed number is low. we get it. it is probably low people jumping out of the work force and don't file the paper work they are not looking for a job they need to stay home we get that. there's no way, eamon, according to anything i read or talked to you about that says the gap is 8 million. the issue is millions of people are ripping off the government and fellow taxpayers right now you. is that accurate >> yeah. probably right you are talking $89 billion.

it is going to somebody. when you talk to the department of labor this falls into a couple of bu buckets. one issue is people not reporting when they get the job. they go out and find work and don't report it back and double dip. that is common with the fraud they are seeing. other types of fraud are people who are not actually looking for work when they are supposed to be or people ultimately who have gotten a solution somehow and are still collecting that money. this is a problem that the government sees on a regular basis. it is much bigger now because the enormous and vast scale of the numbers we're seeing >> this is -- think about that $89 billion. we're talking about raising money through various tax hikes. cut down on the fraud. it would help pay for the stuff we want. eamon, the good news is most of that money probably goes right

into the economy it is probably spent right away. >> if all you are worried about is stimulus and the macroeconomics picture, that money is getting spent it is doing something in the economy. if you are concerned from a social justice perspective, you don't want people sending money to the wrong people as a general benchmark. >> throw in another $25 billion a year in medicare fraud, you get $100 billion a year in fraud. i remember when that was real money, eamon i guess i'm old. eamon javers, thank you. >> see you, brian. >> $100 billion a year in unemployment and medicare fraud combined as we head to break, some of the other top stories. elon musk tapped to join the board of endeavor and the miss universe contest scrapping plans in 2019.

also happening, the verge reporting apple used batteries at the report in california. it did not mention tesla in the unveiling. miley cyrus teaming up with square cash app giving away $1 million. cyrus said she made the move to promote investing among her fans there you go we're back after this. nasdaq futures up 113. could be a great start to april. we're not olg.foin we're back after this. dana-farber cancer institute discovered the pd-l1 pathway. pd-l1. they changed how the world fights cancer. blocking the pd-l1 protein,

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has longer lasting vitamin c. plus, herbal and other immune superstars. only from nature's bounty. all right. time for the daily vaccination update here we go over 150 million doses administered 55 million fully vaccinated. 21% of the population over 18 have been fully vaccinated there is a lot of talk and i attention of michigan and new jersey here is the stat that matters most hospitalizations are down 70% in just three months. almost no young people in the hospital anywhere in america just 0.6% for 100,000 people fatalities at nursing homes down

96% from their highs there's good news on the fight against covid. on deck, joe will layout his market bets for the rest of the year nasdaq futures up 137. these days, we want sophisticated but simple. cutting edge made user friendly. in other words, we want a hybrid. and so do retailers. which is why they're going hybrid, with ibm. a hybrid cloud approach with watson ai helps manage supply chains while predicting demands with ease.

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let's turn to the markets and your money on the 1st day of the second quarter happy april. we have joe with us now. joe, april has been the best month for stocks do you think this april will mirror that? >> yes, i think it will be a strong month over the past six weeks, we have seen two different markets where technology has been in a correction as seen by the nasdaq, but others like value and opening up the economy stocks have been in strong uptrends with the s&p 500 and

dow. from here, technology will firm up and start to pass adrticipat the up side. also, the semiconductor sector tends to be a leading sector that is improving. third, the earnings season is coming up. we can focus more on the fundamentals and less on the interest rate picture. >> on semiconductors and i mean on semiconductors, pun intended, joe. that is one of your favorite picks. what's going on? >> i love the sector this is a great company that is starting to shift from low margin businesses to more profitable businesses such as auto and ev. they are technically very strong they are expected to increase their earnings 90% this year it was some unusual option

activity yesterday where there are over 4,000 call spots. i like this picture and i like this sector as chips are going into more than just pcs and smartphones. the leading economic indicator >> who is veracell and why do you like them? >> i love the medical product sector it is a reopening play a lot of electrictelective surgr postponed. they have cell products involved in repairing patient tissue. in sports medicine, take the cartilage and regrow it and implant it back into the patient. also with skin for burn victims for repairing skin technically, it is a strong stock. they recently upped their gui guidance they have no debt. they are running at strong

profit margins this could be up 30% to 50% in the next year or so. >> big call there. vericel. joe fahmy. joe, thank you for coming on thank you for getting up early take care. that does it for us here on "worldwide exchange. tomorrow's good friday markets are closed i'm off the next week. i'll see you back on april 12th. thank you very much for joining us have a good holiday and good friday and good easter "squawk box" is next i'll see you in two mondays. take care.

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major indices posted positives in the first quarter. president biden making his pitch to pay for a $2 trillion infrastructure plan by raising taxes on corporations and a lot of other things. details and reactions straight ahead. johnson & johnson vaccine shipment on hold after a mix up at the production plant contaminated 15 million doses. wait a minute. thursday, april 1st? is that an april fool's day joke "squawk box" begins right now. ♪ ♪ welcome to "squawk box" here on cnbc. i'm rebecca quick along with