plant. and showdown in georgia. governor blasting major league baseball for pulling the all-star game out of atlanta over the controversy new voting rights bill. it is monday, april 5th, 2021. "squawk box" begins right now. ♪ ♪ just another manic monday ♪ ♪ wish it were sunday ♪ ♪ that's my fun day ♪ good morning welcome to "squawk box." becky and joe are off today. u.s. equity futures at this hour higher right now across the board. s&p poised to open up 21points remember, friday was a holiday the markets were closed. we got the blowout jobs report again, you are seeing the futures higher this morning.

taking a look at treasury yields the ten-year yields last i checked was hovering above 1.7%. let's pull that up 1.71% right now. of course, you have seen in recent days tech stocks begin to rebound as we have seen treasuries hold at these levels. andrew we've got our "stack. i'm curious. we get to mix up the "stack" depending what is in the news. tesla reporting better than expected delivery numbers. we talked about that on friday you see the bitcoin has come off after crossing 60,000. now back to 57,5 steve and morgan, do you have something? if major league baseball was a public company, you might put it

on this list >> you can also put facebook in the stack there and the two-year note is what i'm watching. at 19. one of the highest since june. that is one thing that i've been following. look, it looks like you can have -- when i look at the "stack" and get the deeper meaning of the stack, andrew, higher yields and better job numbers. >> i'll throw crude oil in the "stack." crude oil after the opec plus meeting last week. i think a little bit unexpected is the fact that the members of opec plus russia suggested that they will ease output curves in place. i know, steve, you have watched this closely signals economic recovery not only here in the u.s., but globally the fact that is starting to

take shape if the u.s. is leading the world given we are ramping up the vaccinations where other places are further behind with the restrictions >> morgan, do we say what is in the stack and they change it like that? >> that's the magic of the game. >> that's amazing. i can say -- um, i don't know -- >> it's television it's exciting. >> it's great. >> i see the viacom is down again 1% you can throw that in the "stack." we have the archegos story we have ncaa basketball. espn or i guess that was viacom cbs over the weekend >> i can't take my eyes off the "stack." it's amazing i wish i had pancakes. that's my personal feeling.

>> "stack" talk. >> that's nice pancakes could be good >> there they are. pancakes right there >> wow that's a lot of pancakes who came up with the pancakes? who came up with that, andrew? >> smarter people than myself. great producers who got on it within a day we had pancakes. >> you can have the pancakes i'll take the coffee breakfast of champions right here caffeine >> you want to keep talking about pancakes >> this is it. what you have is important news. go for it. >> it is we don't have anything that is not important here, andrew. johnson & johnson taking charge of the plant that ruined 15 million doses of the covid vaccine. this was facilitated by the federal government who asked astrazeneca to stop using the plant. they mixed up ingredients for

the two vaccines produced there. astrazeneca vaccine has not been approved in the united states. the biden administration asked j&j to find an alternative site. carl icahn named a new ceo of the investment firm aris kekedjian served with general electric until 2019. he takes over icahn than enterprises today. the firm relocation from new york to florida today. he is expected to turn leadership of the company to his son brett. i am going to kill it this morning. stepping down of waymo john krafcik led the company for five years waymo has been consistently

bleeding money two of the company top executives will now take co-ceo roles. this speaks to how hard and long and arduous the road to fully autonomous cars has been and continues to be. >> you look at elon musk back in 2014 and 2015 and 2016 and all saying we have autonomous cars in 2019 and 2020 i think we could be talking about this we might still be talking about this in 2028, 2029, 2030 to really nail it? >> i that iink that could be a possibility. we see so-called flying taxis before we see fully autonomous

driving vehicles in mainstream ways across most of america. >> i happen to think you are right. in the meantime, we have other news. update on the backlash to georgia's voting rights law. on friday, major league baseball announcing it will pull the 2021 all-star game from atlanta denounced by business executives across the united states some of that began on "squawk box" with other executives calling out that law voter i.d. requirements for absentee ballots and limits on drop boxes and given the states more authority all of that happened on saturday the governor, brian kemp, criticized the decision of major league baseball. >> georgia ns and all americans

knows what this means. cancel culture is coming for your business. they are coming for your game or event in your hometown they are coming to cancel everything from sports to how you make a living. they will stop at nothing to silence all of us. >> the mlb is expected to announce a new site for the all-star game in coming days we will have a conversation about this with tom cotton senator tom cotton he tweeted at us right after ed bastian and several other leaders in georgia spoke out against the law saying let's go have the debate on "squawk." we will see him at the 8:00 hour a contentious issue a lot of business leaders grappling with it.

business and politics mix sdplchmix. >> a key interview to watch. no-win situation for the companies wading into the political debate at this point right or wrong we will continue to talk about it that's is out with new delivery numbers dan ives will join us after this break. shares of tesla up 7% in pre-market and later, senator tom cotton is here to talk about the $2 trillion infrastructure plan. amid the voting bills and dozens of states. "squawk box" will be right back. ♪ the hurting's on me ♪ ♪ i will never been free ♪ >> announcer: this cnbc program is sponsored by baird. visit bairddifference.com.

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welcome back to "squawk. this is big news i don't know if you saw this gamestop announcing it plans to sell up to 3.5 million shares. we have been waiting for this moment in many ways. at a lot of investors have been waiting a long time given the run-up in stock which is at $170 a share. the company is planning to sell

as many as 3.5 million shares. before was at $190 we can do it at $170 a share you will look at a sale close to $600 million it is not the $3 billion that some people expected what they do with this cash becomes the million or billion dollar question for the company. can they make that digital transition they did not sell when the shares were in the true strat stratosphere i think some think it is in the stratosphere now does this pop the bubble if you believe there was a bubble here or does this give investors more confidence they can take the cash and move to a new world from the blockbuster, if you will, to the netflix that is the question we will watch to see how investors react when viacom sold

shares at $85 and we will talk about that story later the shares, of course, plummeted because there wasn't investor demand we will see if there is enough for this offering. guys, fascinating. >> andrew, doesn't this just compound the misallocation of capital that created by this hole topsy turvy gamestop? the share price rose because of the large short position that created the flood of capital to gamestop. here they are with an ability because of the high share price credit created by the short position. it strikes me of the misallocation that is happening because of the crazy sort of trading that's going on that makes no sense if you are thinking about efficient market theory >> i'll agree and disagree in the following way if i could

i think the initial run-up in the stock that we saw in january and february was a function of very clever, smart retail investors and hedge funds seeing the short interest and using that to create a flywheel by creating the short squeeze that pushed the stock up. then, of course, it came down. >> yeah. >> i don't know if the stock at $170 today is a function, per se, of the short interest of creating the flywheel. i don't want to claim the fundamentals the fundamentals are complicated and difficult. it may be a different place with, perhaps, a group of believers or speculators there is still a lot of short interest in the company. i don't know i agree with you in terms of the issue of trying to have efficient money.

>> andrew, what is the great idea that needs $600 million that gamestop is pursupursue -- pursuing what is the great idea >> i don't think it is a great idea or a great person we started about the short interest what started to generate buzz on the retail side and among the hedge funds that went long on the name was ryan cohen. chewy founder. someone able to crack the ecommerce puzzle where pet foods was concerned and thwarted amazon the belief with him inn p inv involved in the company and the shake up, the shift to digital, which you argue is long overdue. this is separate from fundamentals it is more personality driven story at this point.

above and beyond all of the reddit mania i would argue, andrew, for gamestop looking where the shares are trading it is about time they had been tied up with the earnings and the fact they were in a quiet period. if you look at amc with a similar share un-up, they were able to make the situation and make the cap that to make investments. the same is happening in gamestop whether it works or not, how this looks and shakes out is a different discussion >> steve, i don't think you're wrong. i think a lot of people are very, very, very skeptical this is going to work i think morgan is right insofar as they believe in ryan. they saw him do this with the pet food industry which was not supposed to make the transition.

the view pet food was too heavy. expensive to ship. people weren't going to do that online he somehow you made it work. there's a view he will do it again. whether he does or not we have to see >> all right go ahead >> the best idea i heard is gamestop becomes a spac. that's another conversation. we will shift gears. auto sector news tesla delivery topping expectation. gm with the electric hummer. we have phil with more >> morgan, take a look at shares of tesla up more than 7% pre-market after the company on friday, while the market was closed, reported better than expected deliveries for the first quarter. as you look at the full year delivery over the last five years.

we have not gotten full guidance the first quarter, the company reported 148,000 vehicles delivered. almost all were model 3 and model y. dan ives will be on shortly. he says the deliveries now puts musk and company to exceed 850,000 vehicles delivered for the year which is well ahead of whisper expectations close to 8:30 this morning it moves around a bit. that is what most on the street are expecting right now. by the way, as i said earlier, look at tesla shares the delivery guidance has been vague. they expect a 50% increase in deliveries annually. give or take some years will be more and some years a little less we have not had a definitive number so far. did you see this i want to talk about general

motors and the gmc hummer suv. wait a second. didn't they show that already? the electric sut it was a truck it is a truck. it has a flatbed in the back this is an suv it will come out in 2023 the first edition will start at $110,000 the head of gmc believes the market is heating up for evs >> you can just see really all of the big manufacturers are racing forward i think that will mean the adoption rates for evs among the general buying public will probably pick up speed and progress quickly than maybe people were thinking one or two years ago. >> as i mentioned, hummer suvs will rollout in 2023 look at this chart for gm. a nice move higher this is the beginning of the can

deca cadence of vehicles. progresses and including the hummer suts and suvs and other electric vehicles. the start of gm rolling out more suvs and trying to make a true play with electric vehicles the next couple of years >> phil lebeau, i can't wait to see you test drive it. i want your review >> it will be fun. dan ives joins us now. he upgraded tesla overnight. dan, good morning. >> thanks. great to be here >> what did you think of the deliver y numbers? they topped your expectation s>> they were going to run into any blockade that was 1q these were ahead of whisper.

especially on model 3 and model y. right now, we are looking close to 850 and potentially 900 k for the year this is a green tidal wave it is a reflection of what we are seeing in the stock and sector it is one of our top ideas now this is a stock that could be at 50% or 60% the next year. >> the semiconductor shortage we have been talking about. you look at the production numbers for the quarter. was there an impact there or the shift to the next generation of vehicles >> a great question. it was about a 7% to 10% headwind in terms of the quarter. especially on that it is a green tidal wave right now. what we are continuing to see although it has been a brutal

pain for ev and tesla, that is in the rear-view mirror. this is not judgst a paradigm change this is hitting the next stride of growth. especially with model y and cyber truck in china that is the lynchpin we think china is up $150 a share. >> i'm glad you mentioned china. you talk about the green tidal wave i'm here in the u.s. and i think the green tidal wave is a u.s. story. for tesla, this is a china story and perhaps more than that a sign as we see the recovery which isbasically further alon there. how does it speak to the strength we could see here >> last week, biden kicked off the green tidal wave in the u.s. lagging behind u.s. and china. china is the lynchpin to the

pull bull story it is not just tesla benefits. that's why right now you take a step back and look at the ev global market. we are in the first and second inning of this playing out that's why tesla is leading the charge here. i look at friday as a game changer not just for tesla, but the ev sector. >> dan ives, thank you an andrew. we have more coming up, morgan we will talk about that in the 8:00 hour. we will have gene munster and gordon johnson on. we will have debate on that. first, the fallout from archegos how bill wong amassed few positions in new stocks. new news on that from over the weekend that we will discuss right after the break. ee smartee delivering cleaner power.

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welcome back to "squawk. details emerging from archegos capital. we are learning more about bill wong's capital and how he built the positions in few stocks and viacom's single largest institutional shareholder. kate kelly and i worked on this sto story. kate, reports that credit suisse considering firing their chief risk officer over this news.

jpmorgan chase is estimating $10 billion in losses that the banks across wall street may take for credit suisse. do we think there will be big heads rolling? one thing to fire the chief risk officer. that is a big head, but ceos losing jobs? >> that's a great question, april andrew credit suisse is about a year into the new ten-year of the new ceo after the prior ceo was ousted amid a surveillance scandal. that prior ceo made risk management a huge priority now, the current ceo, thomas godstein is under a fair amount of pressure. that said, sacking the chief risk officer is a major move that person is on the executive committee. i saw the same reports you did i believe one of the reports also said that the head of the

investment bank brian chin is under pressure there are issues with the resignations in the brokerage unit is managed. >> credit suisse was involved with the green sill which made headlines. let's talk about the viacom piece of this. that part of the story over the weekend seemed to generate a lot of buzz. this idea that bill wong became the largest institutional investor in viacom frankly, without viacom knowing it how did that happen? >> i know. it's amazing, andrew when you and i were reporting last week and talking among ourselves, we are astonished as well at the size of the economic exposure and viacom, it seemed, had not really known about it until some time mid to late march. yeah, through the use of the

swaps which are the complex derivatives that allow a party like bill wong and archegos to have the economic exposure to hold a stock and benefit from its rise, for example, without actually owning it being the owner of record. that means he was able to an m amass a stake to have a value of $20 billion. that makes him far and away the largest effective shareholder in the company. larger than vanguard which is the institutional holder and larger than sherrie redstone that is amazing. the only reason this came to light is that viacom had done this share offering the week of march 22nd through morgan stanley in which they wanted to raise $3 billion in new shares as they were marketing this

deal, they were counting on an anchor investor for about $300 million of that offering and that was bill wong at some point in the company where this was marketing and the bill parsed out, he fell out i guess we can guess on what happened next. it wasn't until after that when viacom executives and the board were briefed on what happened with the deal and the deal fell short and came in at $2.65 billion. the anchor investor bill hwang dropped out. he was a large shareholder in the company. >> kate, i want to spin the story. the other headline is gamestop is now going to be selling shares directly to investors about 3.5 million shares raising about $600 million i raise this because viacom and in certain ways, like discovery and others, had become the

reddit stocks. a lot of interest in it and management tried to take advantage of the moments by selling shares to the public and in the case of viacom, not enough investor interest on the other side and people thought they were taking advantage the question with gamestop, of course, will they also sell for the same fate? it seems when companies go out and try to sell shares to the public, often times the stock comes down afterwards. is that -- >> is there a lock up on the new share sale to the public, andrew >> a lock? i don't believe so it literally just crossed. i haven't looked through the entire per sspectus. leesman is looking at it we saw it with amc they took advantage of it to pa

down debt. that can be a very good thing for the long-term viability of the business it raises questions of what you will do with the cash and if there is enough investor interest >> part of me thinks they will do well on something like that especially if there is a retail component. if you are playing the stock on robinhood, why not especially if you are a gamestop user my family and i were in line to do something outdoors on the sidewalk over weekend. we were right next to the gamestop there was a lot of foot traffic. it made me wonder. has this whole thing done something for the brick and mortar sales you have the very high momentum traders getting in and out of the positions even though there seems to be a fundamental ground swell of support

the ground swell of chewy.com executives involved with the company or what have you it is something where people want the ease of moving in and out of the name and buying it when it suits them. >> kate kelly. a great story over the weekend >> with your help. thank you, andrew. >> i was just riding your coat tails. thanks >> nice to see you. >> steve all right. coming up, the battle over government spending. former senators join us on the president's $2 trillion infrastructure proposal. right now as we head to break, this is the look at the biggest pre-market movers. ♪ i know ♪ ♪ i got a bad ♪ ♪ reputation ♪ >> announcer: executive edge is sponsored by at&t business our people and network will help

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welcome back last week, president biden outlined the $2.3 trillion plan to transform the country's infrastructure the president says the plan would create plenty of new, well

paying jobs. here to break it down is former u.s. senator heidi heitkamp. founder of the one company founder. and also with us is former judge and now governor of new hampshire. heidi, what is your estimate of the chance of this bill in this amount to actually pass and become law >> i think it is going to be very difficult for the president to deliver exactly what he has in this proposal the good thing about this president is he used to be a senator. he understands that's not everything that -- when you propose something as president, you should expect it will change there's a lot of opinions on that finance committee in the senate on how we should tax international income you will see a lot of those

finding their way into this bill remember this, the progressive community is really disappointed they would have liked something twice as big he is getting pressure from both sides. >> senator greg, you're okay double that amount is what the progressive side wants i take it you have trouble with both sides the amount of spending and how it is paid for why don't you take those one by one? >> the infrastructure part of the bill, legitimate infrastructure spending, is less than 25% it is about $500 billion that's a huge amount of money. it should be done. you don't need the extra $1.5 trillion or more that's on top of that for walking around money for democratic con t constituen.

you take money out of the productive side of the ledger and spending it through the federal government on things that obviously may be nice and feel good, but which probably are not efficient. we have a good history of the federal government being a really lousy manager of the marketplace under the obama administration, which cost american taxpayers $500 million. this will cost taxpayers $1.5 trillion it is a little hard to justify you wonder what they're thinking i understand they won the election they have the right to do what they want to do. in the end, this is going to dampen economic recovery it will not create jobs. it is creating sugar highs as a practical matter, when you hit the production side with the tax obligation and they call it savings now. it's not even a tax increase it is savings. then you spend the money on

things which are highly ineff inefficient. 1,000 windmills in the middle of the ocean? what about the poor birds? how inefficient is that? it's really a problem. >> you want to respond it sounds like senator gregg could get into or somehow have some support for the infrastructure part of the bill, but there's so much in it that you could argue is not infrastructure >> i think there's going to be a ton of debate of what constitution infrastructure in the country and what doesn't you have to look to the future you cannot simply say that if it is a road and bridge, it is okay if it is broadband or making sure that our power grid works correctly or if it is building green infrastructure -- you just had a whole section about the

green wave remember this, when you talk to the american public, they desperately want corporations to pay more especially those corporations that have foreign income this is going to be a political bill as much as it is a spending bill when you look at public polling and you look at the last four years where debt and deficit didn't seem to matter at all by the republican party i think it is going to be awfully hard to justify a concern or complaint at this point. i think these are truly investments in america it's an attempt to equalize and make the tax structure fair. you know, we'll see who wins the political debate we have to be concerned about debt and deficit i do not discount that at all. we also have to be concerned about the kind of debt and deficit that you pass on when you don't maintain your infrastructure or build for the future >> senator gregg, i was hoping that the end of the segment and we could come to agreement

these are two, you know, senators from the older times when you guys used to do compromises. >> older times >> that was a quick sonic of me. >> very accurate >> can you respond to senator heitkamp here about broadband that is infrastructure just because it's green doesn't make it infrastructure >> i agree with heidi. the item she pointed out wireless and you have to get your variety of things with the energy grid which is critical. there are $500 billion of legitimate infrastructure here this green issue is a straw dog, to be kind what you have in your prior segment is people talking about how the market was working on the green issue. you have gm and volkswagen and

tesla fighting for green cars. they will do it more efficiently than the federal government can. heidi is right this is a political bill this is not a bill to improve the infrastructure of america. this is to buy off certain c constituencies that supported president biden and the democratic majority in the senate they want to make sure they keep the majorities they will give them more money that's what it is all about. >> senators, we have to leave it there. we could not come to agreement we'll have you back. we have an opening bid of 500. we have an opening bid of 275. thank you, senators heitkamp and gregg. morgan. amazon apologizing for the snarky tweet

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coming up when we return, amazon apologizing for a snarky tweet. we have details coming up next and equity futures are sharply higher after the jobs rertpo we are back with so much more in just a moment.

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welcome back to "squawk box. this morning, amazon apologizing to congress man after mocking hi claim that drivers are sometimes forced to y ed to urinate in bo. adding we know that drivers can and do have trouble finding restrooms, this is especially since many public restrooms have been closed. joining us, cnbc contributor, emily glazer is here"the wall ." great to see you both here to see this unfolding on amazon

news on twitter which has come out swinging oftentimes over the past two weeks and government leaders and others what do you think is really going on here? is this a bit of a -- this a head fake? or this other labor battle going on down in joanne >> yeah, thanks, andrew, this could be backlash against jeff bezos himself saying he's because been aggressive with the twitter feeds, saying that the company needs to be more aggressive but i also think, you know, it's such an issue because the union -- i mean, the workers are really looking for better working conditions and the fact that amazon would get out there and actually put the focus and make a sort of snarky twitter feeds about, you know, people don't pee in

bottles which obviously was incorrect has been a real, real issue for them because it seems like they're being very dismissive of worker concerns because you know if the issue were racism, if it were sexism, they would have some sensitivity. they'd say, oh, we're looking at this issue they'd be dismissive it makes them look hard-hearted. >> emily, the stock has not moved on this. it's not moved down on this. you'd think if snark was going to create more regulations, downward or even upward pressure on wages and the like shathat te shareholders would speak why not? >> i agree with joanne this is more about the union than the shareholders and we'll find out if in bessemer, this will have a domino effect, not just for amazon but other industries as

well but this is a wait and see moment to see what workers think and that will impact that and see how it is the market right now. >> and, emily, weigh in on this, waymo ceo john krafcik stepping down elon musk, with the huge selling point of the tesla, he charges $10,000 extra to get a computer on board that is supposed to give you autonomous driving. >> in general, an announcement on the holiday weekend is not a good sign. with waymo, i think they have had key partnerships with other companies but we're seeing so much competition in this space right now. you're getting more from

volkswagen and ford right now. there's a huge competition they did name two co-ceos, it's interesting that they went with two persons. so they did have an announcement and not an interim right away. and as you say, it is an industry under pressure. >> we are up against a hard break we've got to keep it short this morning i want to thank you both, joanne and emily, thank you for your perspective. we will see you, i'm sure, very, very soon. morgan, over to you. or steve -- >> andrew, thanks, i'll take it. senator tom cotton will be with you. it's an interview you don't want to miss. he had some harsh words for companies speaking out against the new voting law in georgia. he and tackle four things at once.

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infrastructure package, we'll debate that and the president's plan and how he can get republicans on board plus, the latest on the vaccine and covid trial, dr. scott gottlieb will join us as the second hour of "squawk box" begins right now. ♪ good morning, welcome to "squawk box" right here on cnbc. i'm andrew ross sorkin along not with becky quick and joe kernen but with morgan and steve this morning. it's great to have them along for hopefully -- well, so far, it's been a fabulous ride. i'm sure the ride will get even better we've got a lot of news this morning. let's show you u.s. equity futures at this hour show you where things stand. right now, the dow looks like it open 240 points higher nasdaq, 47 points high, s&p, up 21 points higher, all of this a

bit on the back of that good jobs report on friday. the market wasn't open, so we didn't get to see the move, but that's where the move was headed let's tell you the headlines this hour. johnson & johnson plans to take over manufacturing of a covid-19 plant that was run by emergent biosolutions it comes after a quality control we talked about last week that ruined j&j vaccine, about 17 million of the vials had been ruined it also produced astrazeneca's vaccine but that production will reportedly be moved elsewhere. shares of tesla are higher, take a look. friday's news, tesla delivered 185,000 vehicles in the first quarter. a record for tesla more than 10,000 above analysts' forecasts and the news will be high on that delta air lines cancelled up 100

flights in opened up middle seats in order to accommodate increased travel demand. the move comes abu to staff shortages. debt that said its policies keeping the middle seat blocked is still in place. maybe just demonstrates how strong things are and yet, this issue with employees steve. >> yeah, andrew, i think that's an issue, by the way, bringing back people relative to the demand >> right >> and there's going to be some mis -- you know, not everything is going to line up immediately. the strong march jobs report, though, echoing through the weekend. impacting equity markets this morning. you can see add fixed income marketed today, with a two-year, hitting highest since june 18 basis point on 8:30 we learned there were more jobs

the march jobs number, 916,000 upward revisions in february of 89,000, it's likely a beginning of a series of reports that could put americans back to work relatively quickly michelle meyer from bank of america writes, at this pace, we will return to the prepandemic level of jobs by year end. 8.4 million fewer jobs before the pandemic down from 9.3 and 3.8 million fewer people in the workforce, that's down from 4.2 million. so those numbers are coming down the questions are can the fed stay at zero and assets $120 billion a month. oren klatchkin said, we stick to our view that the fed won't raise interest rates until 2023 as it seeks to achieve a broad based and inclusive employment recovery but a sustained increase in inflation could force an early

move that may be true for interest rates. but rsm thinks that asset purchases may not be around all that very long he said the clock is now ticking on the beginning of the fed's asset purchase taper tapering my view, i have a hard line that the fed can keep that for the rest of the year if seven-figure job numbers aren't what the fed are looking for, quote, substantial further improvement, morgan, i'm not sure what is >> it's such a key question. the other thing i honed in on last week, steve, was the national federation of independent business, the survey there, a record share of respondents with job openings, one-year high in businesses raising wages to attract workers. i realize we're still talking about millions and millions of americans unemployed right now but then you see something like 7 million job openings in the most recent data as well i wonder, you look at that, you

hear folks coming on the air, i think of tillman last week saying he's starting to raise wages for some businesses reopening right now. i wonder if there's as much slack in the coming months, in the flabor force, labor market, as expected? >> well, i mean, all you can do is go with the numbers that the market has >> yeah. >> i also think it's good to take a look at the technical look out your window method. >> right >> and right, by the way, not every person is suitable for every job that's available there's been change in the economy that would have been change normally and then you have a big pandemic come along so there's going to be misalignment you see that, delta, by the way, needs to bring the workers back that aren't back yet

is the situation safe for them to come back is the company ready to bring them back? all of that is resolved over time and my issue is monetary policy in place for that. >> right hey, steve, how much does jay powell sit around when he's contemplating what to do and think about what's happening politically in washington on the fiscal side? meaning, is there any indication, do you think, maybe not mathematical, but in his head about the potential for infrastructure but at the same time, the potential for higher corporate and potentially individual taxes and what that does to the economy over the next year >> i think all of that factors in, andrew i can't say how much i think he's moved monetary policy to missouri which is show me when it comes to the economy. he is not going to preemptively raise rates or even preemptively

reduce asset purchases until the numbers start to show, that 8.4 million i showed you before, that comes down or the people who have left the workforce, that they come back. yeah, he sees it coming, he's not going to be proactive. he's going to be reactive to it. purply, behind the curve >> it's going to be a fluid situation, we know, steve that you'll be all over it. later this week, we got the fed minutes as well see if there's any nuggets there. coming up, meantime, though, dr. scott gottlieb on the possibility of treating coronavirus with a pill. could it be a game-changer in the battle against covid that's next. before we head to break, let's get a check of the markets, as you can see, we're poised to open markedly higher, the dow up 22 points, nasdaq 55 points "squawk box" will be right back.

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welcome back, johnson & johnson is taking charge of a plant that ruined 15 million doses of its covid vaccine the move was required by the federal government requiring them to use the vaccine, workers at the biosolutions plant mixed up the ingredients there. astrazeneca's vaccine has not been approved in the united states that company says it will work with the biden administration to find an alternative site to

produce its vaccine. andrew, really an extraordinary move by the u.s. government. but at a time when supplies are ramping. and obviously, there is this push from the white house to see this distribution continue to climb even as we're seeing the numbers at record highs over the weekend in terms of how many people got shots in their arms it's really quite notable. i do realize that our next guest is probably, has been for weeks now talking about what could be a very fast switch in terms of supply versus demand >> absolutely. dr. scott gottlieb, we're going to have him on in just a moment. but it's fascinating to see what happened with this plant and fascinating to see how fast the government has moved to deal with this that, frankly, the government wasn't willing to move or appeared to be willing to move on so many other issues over the past year when it comes to this kind of stuff. steve. >> yeah. well, good intro there and the latest op-ed in "the

wall street journal" dr. scott gottlieb, the aforementioned discusses the idea of treating the virus with a pill. dr. gottlieb is a cnbc contributor and serves on the board of lumina. dr. gottlieb, i got my second shot this week you feel like the time after you vote and when you leave the doctor's office with a clean bill of health we're really doing this at a pretty rapid rate, aren't we >> we are, we're going to see big numbers put up this week, in terms of people being vaccinated on a daily basis that's the combination of the fact of a lot more supply coming in on the market the states are opening it up to younger people over the age of 16, you're going to see the surge of demand. those appointments are going to get filled

we'll have worked off that intense demand there's a lot of supply comes into the markets i wouldn't be surprised if we hit days where we vaccinate 5 million people a day. >> wow i just want to bring you into another conversation we're having which is -- this is -- the j&j messup, notwithstanding, it's a good example of how to bring the private settinger in with the federal government, i know automatic never state is perfect. but the business combination is doing what it should in terms of rog the vaccine out. >> this is a mistake made by emergent, not by johnson & johnson. and lots do get lost in manufacturing. so it's not unusual to see a lot get lost there's a lot of scrutiny in the vaccine, so each time it's a mistake, it's getting notice by the general public i think what this demonstrates we don't have a lot of reserve

manufacturing here in the united states the fact that j&j had to use that facility to manufacture this vaccine means there wasn't a lot of other facilities in the united states. this emergent plan was intended to be a warm base of preparedness for something like this the facility was invested in as part of preparations for a pandemic flu but what it showed is we weren't as ready as we feeded to be because we don't have this kind of excess manufacturing around the country. >> right dr. gottlieb, let me just get to, again, it's a personal question here, but i think it's on the minds of a lot of people. i had the vaccine but there are all of these variants out there. and i think people want to know, are they protected from the variants through the vaccine >> yeah, look, we don't have a definitive answer to that question yet so far, the clinical evidence that we've seen is that the vaccines are protected against the new variants we do have clinical data you do see a slight decline in the

protective value of the vaccines against the variants because the vaccines we have on the market are so protected against coronavirus, even the small decrease in efficacy you still have protection in the vaccine in a laboratory, when you look at whether or not the antibody generated by the vaccine will neutralize the variants, you do see a decline but that's in the laboratory in the real world, we don't see that that said, i don't think we're doing a very good job looking at this in real world data. i think this is something that the cdc should be focused on trying to sequence with people who are vax natured or prior infections that get reeneffected to figure out whether or not people get reinfected with the variants so far, we're not seeing this on the wholesale basis so wee don't know if it's happening like the british. final point in the clinical trials because we continue to follow these patients, as you noted i'm on the board of pfizer pfizer recently put out

six-month data from their original clinical trial. again, you're not seeing real evidence that people are getting infected after getting vaccinated in a proportion you that wouldn't expect i mean, some people will get infected, a small number you're not seeing it out of proportion to what we would have expected >> dr. gottlieb, it's morgan, you just touched on something key that i was going to hone in on, with folks that have had covid before and now catching a new variant. we're starting to see that in the midst of this talk, but for some at least we could be poised for a fourth wave even as we see millions and millions of americans get this doses, get their vaccines right now i wonder how you see the uptick depending on the data and the location in the country? how you see that uptick materializing right now and whether it really is cause for concern? >> yeah, look, i think that question about reinfection is a critical question. if we look at a place where

there's a surge of infection, michigan, minnesota, massachusetts, you want to explain it, you say well, b b.1.1.7 got into those climates early. a lot of the infections are in the younger people the biggest component in massachusetts are 10 to 19 so it's probably that they reopened schools and centers that were sheltered for a longer time and now mobility is way up people are clearly moving around they're not adhering to the public health guidance that can explain why you're seeing an upsurge in those parts of the country the question that we don't have an answer to that could also explain it, that a lot of people who had the infection are not getting reinfected now, we're not seeing that in places like new york city where they're doing a lot of sequencing and looking at who are getting the new variant infections we're not seeing

people getting reinfected with the variants but the bottom line we're not doing a good job looking for this there is a possibility that the cdc could be missing this and people could be getting infected and we just don't know it. i don't think that's the case. based on the data, you can't be certain now. i would explain the upsurge this is a combination of the factors, variants, seasonal factors, schools reopening, people moving around more. and i don't think it's the start of a true fourth wave. i think it's regionalized outbreaks. >> doctor, help us with this, it's a question that maybe some families were grappling with yesterday, parents who are vaccinated or getting vaccinated who invariably should feel comfortable as we've discussed with other adults who have been vaccinated and yet, so many of us have kids and when you bring kids together who are not vaccinated what you

do this is clearly an issue that i imagine we're going to be grappling with through the summer and perhaps through the fall, it sounds like, depending on when children get vaccinated. i'm talking about kids under the age of 16. i think israel is now doing it for 12 and up. what are you thinking about kids and how that should play, especially when you have adults on one side vaccinated, kids not? >> well, if the kids are clearly less vulnerable to the infection, but less vulnerable doesn't mean that they're not vulnerable and we do see some kids getting sick from coronavirus. that's the key question. people who are vaccinated feel like they're far less likely to get seriously ill. they're less likely to get the infection. that's what we see in the real world evidence right now but if you're around vulnerable people there's still a possibility if you're vaccinated that you can be asymptomatic and shed the virus and transmit the infection to that vulnerable person this is really the top reason

why someone who is vaccinated should be cautious if you're going to be around someone who is vulnerable to the infection who isn't vaccinated, you should wear a mask and be prudent. obviously, you're not going to do that with your family and kids in the household. but it is the reason why if you're vaccinated going out in i prevalence environment where there's infection still be careful. i think people who are circulating in a high prevalence environment should be wearing a mask as infections come down this summer -- and they will come down -- i think we've delayed the moment when this infection is going to start to disappear but we haven't foreseen that opportunity. but as they come down, people can take less precautions out in public >> scott, to make it more complicated. i think were you against indoor play dates for kids back in the day. if the parents are vaccinated, how do you feel about indoor play dates >> look, the parents being

vaccinated reduces the risk that the children have the infection, that they're asymptomatic or symptomatic for that matter. a lot of the infections that we've seen on contact tracing are actually kids getting infected from their parents and not kids getting infected at schools. that's what we've seen in outbreaks in schools north carolina, they have very good data. when you're interacting, it's less likely that the kids are going to have the infection. look, i'm reintroducing activities with my children but i'm doing it i hope in a prudent way where i'm keeping the social network somewhat defined i'm being mindful of how many people and who they interact with a lot of play dates are with kids in their class. why? because that's their social pod. they're already exposed to the social pod >> the evolution of therapeutics to treatment covid i know you wrote over the

weekend about the fact that we need pills ridgeback and merck are developing a pill right now. how should we think about this >> i think this is a game-changer for the fall that no one is talking about. if it's not dependent upon targeting the protein, it should be changing like the tamiflu for the coronavirus, that's a potential game-changer, especially if it's largely safe. i think we will get such a drug. i don't know if it's in time for the fall there's another for that, including merck so this isn't a virus that could be hard to drug event we will have that viral application in this setting. >> dr. gottlieb, three journalists asked you quos three journalists asked you personal questions thanks for fielding them off i'm sure you're going to get off tv and have ten calls from your

friends every day on this issue. you do it so well. >> thanks a lot. >> thank you so much >> thank you okay coming up on the other side of this break, we're going to talk markets, bitcoin and the news this morning that gamestop is going to be selling shares we're going to talk to anthony scaramucci from skybridge capital. check out the winners and losers tesla up 7.5% on the good news we got on friday we'll talk about that in just a moment actually it's for both new and existing customers. i feel silly. but i do want nationwide 5g. i want nationwide 5g. are we actually doing this again? it's not complicated. only at&t gives new & existing customers the same great deals.

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- [crowd] hooray! - [diana] learn more, at grammarly.com/business. still to come on "squawk box," anthony scaramucci joins us to talk markets, bitcoin and so much more and later senator tom cotton gives us his take on georgia's voting laws and response from corporate america. >> as you head to break, though, get a quick check on futures after friday's blowout jobs numbers. everything is poised to open higher the s&p is poised to open up 24 points now higher. more "squawk box" after this

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welcome back to "squawk box. cnbc has learned a call from janet yellen will call for a global minimum corporate tax she'll say the u.s. is going to

work with g 20 nations to establish this global minimum. corporate tax said it's necessary to ensure stable finances and have money to invest in skrielgts infrastructures and to address crises this was first reported by axios. we have yet to confirm this, andrew as you know, this administration is not a big fan of tax competition either between states or countries. andrew >> so, steve, real quick, help us understand this, do you think she will succeed in getting all g20 to agree to -- to agree effectively to a minimum tax across the board that would end the idea of inversions and all of the issues that we've talked about over the years. but it would also end competition. and i assume there's going to be countries that are going to say i want that competition because i want to be able to bring companies to my country, based on my tax rate >> i think it may depend -- i

think it's going to be difficult at any number, but if the number is sufficiently low and there's some innocentive for countries o agree to it. yeah, you could have a global minimum back to 3%, 4%, 5%, the question is whether or not the u.s. can create a global tax that's advantageous to the u.s that's up near 20%. >> a place advantageous to the u.s. as we look to raise the corporate tax rate here to fund things like infrastructure spending, keeping in mind the tax reforms and the lower corporate tax that was imfimpos in 2017 also led quite a number of other developed countries to lower their tax rate as well which essentially, steve, is maybe a big ask when that would mean a higher tax rate for those countries and all the politics that involves there as well? >> yeah, it's a fluid situation.

>> yeah. >>e ehere's the problem, morgan if you think -- what's your favorite hotel, is it a "w"? whatever it is "w" can never bring down its rate low enough if you're the "w" to under motel 6, right? >> yeah. >> right >> motel 6 will always -- if you go to 100 bucks a room at the " "w," motel 6 -- by the way, nothing wrong with model 6, clean sheets, whatever, they're going to 50, if "w" goes to 50, motel 6 is going to 25 andrew asked that question, can it happen? it's going to be difficult because a lot of countries have plenty of incentive to try to put up a vacancy for companies around the world >> i like this metaphor. makes me want to book my next

vacation >> i'm ready >> aren't we all >> we know you're ready. i guess i got the tease here marcus, bitcoin, voting rights and much more. anthony scaramucci joins us after the break. and later, roy blunt urging the biden administration to cut his $2 trillion to about $615 billion. that's still real money. we'll arhe from both sides of the aisle what the real price can be we will be right back. just over a year ago, i was drowning in credit card debt. sofi helped me pay off twenty-three thousand dollars of credit card debt. they helped me consolidate all of that into one low monthly payment. they make you feel like

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welcome back to "squawk box" this morning we've got news crossing just about an hour ago now. gamestop, the company saying it plans to sell up to 3.5 million shares stock sales through jeffries and the company says it's going to use the sales to further accelerate its transformation as well as general corporate purposes i want to bring in anthony scaramucci founder and co-managing partner of skybridge capital and cnbc contributor and somebody who i know -- i know you'll hold your tongue on most issues so i have been careful how i ask you the questions -- >> of course >> yeah, right >> i still have the visual of

steve in the motel 6 bed it's going to distort the analysis, but go ahead, andrew >> let's get the gamestop news i think there's a lot of investors waiting for this to take place a lot of people, frankly, thought gamestop should have gun t done this a long time ago. >> right >> and obviously deflate what has been a bubble in the stock >> right, that's the amc playbook issue stock, try to find a way to deploy a strategy different from the ones that's got them in the crosshairs of the short-sellers. this is the reason why i caution the investors on these names, i appreciate the reddit strategy and the isolation to squeeze short-sellers out of their positions. some people say it's patriotic, andrew, because these companies are getting put of position by these short-sellers.

it doesn't matter to me. i just think it's dangerous for the retail investors to playing these games. another warning light for them you don't have all of the information that i think you need to know in doing these trades but you've got to be careful in these situations but that's a clear example -- >> anthony what do you make of the idea there are a lot of professional investors in the stock. we all look at this and we think it's a reddit stock. but invariably when you look at the pros, it's clear the pros are playing here >> well, they're momentum traders. of course, the pros are playing. they're making a bet based on momentum they're looking at option pricing and options volatility, and they're in there for the short trade, andrew that's a whole different game that what the reddit people are doing. remember, some of the largest hedge funds in the world, they can get out of their positions

instantaneously. you can take a $16 billion book with all of its leverage and be at it in 96 hours. it's a totally different game. it's one of those other things you're never going to be at parity with a professional trader i want to play basketball in the nba. i wanted to be in "space jams" instead of lebron james, but that didn't happen, okay but at the end of the day, you have to look at it clinically, life is unfair the pros have an advantage over you and you're going to get annihilated. you may make money in the short term >> if that's the case, are we to say the markets are not a level playing field to begin with? is this whole thing a farce? is this whole thing -- have we created -- is this theater the idea that anybody can win in this game? >> well, when you say the markets are not a level playing field. they're uneven they're level in the long term if you and i sit down and we build a portfolio and we pick

stocks that have long-term fundamentals and we're patient and can sit on them, yes, it's a level playing field. if you're saying we're going to go minute-to-minute with professional traders in a situation like gamestop or any of those reddit stocks, then, no, the market is not in the short term an even playing field. people know that again, it's the same thing as the pros if i come at something with massive amounts of technology-high speed switches, high speed trading you're on your smartphone with your robinhood account, how could you possibly even think that's even in the short term? but, no, the markets are efficient mechanisms, andrew you just have to look at -- there's vaguerries in the market but by and large, yes, they're fair, as long as you're looking at it over the long haul >> anthony, one place by the way where retail joe in many ways has gotten there first before the pros is crypto i know you're in the bitcoin

business i'm curious what you actually think of ethereum? the reason i keep thinking about this, ile know some people who think the true value proposition over the long term between bitcoin which i know has been the winner thus far, is actually ethereum, given all of those that may require etehereum and not bitcoin, what do you think >> i think it's a good market for ethereum and it will grow and has funndamentals. i've got to get my clients thinking about cryptocurrency in a digital aspect in the short term, i'm focused on bitcoin could we have an ethereum fund in the future? yes, we certainly could. everything you say is true with the nonfungible token and the technology around ethereum is

going to make it a sticky cryptocurrency and a store of value and something that people will transact with so i do like ethereum, but, andrew, i've got to tell you, i have 26,000 clients, i got to convince them to move from zero to one, that's why we're focused on bid coyne right now yes, i do agree with you on ethereum if you don't have an opinion, i'm positive on ethereum >> anthony >> hi, morgan. >> just to dig in more, what is the pitch you do make? is it that bitcoin is a store value? is it that bitcoin is an asset class? is it bitcoin as a hedge against inflation? or something else? >> what money basically is a technology it is a tool of transfer to have us avoid bartering i don't walk into the bar with a

cab and say here's your veal parmesan for the night, give me a gin and tonic. bitcoin has all of those things, it's scarce, it's fungible the crypto craft send over the blockchain makes it impregnable. bitcoin has been at this for years. 8400 competitors, morgan, it's got between 50% and 60% of the market capitalization, depending on where things are trading for the day. for us, it's the apex predator in the space i tell my clients whether you like it or not, the world is moves into digitization. when you think about our children, what they're thinking about, they're very comfortable transacting in ethereum or bitcoin. i've got to get my clients ready for that, if they have a 1%, 2%,

or 3% position i think they're going to look at us as fiduciaries and say they were well served. i am telling them, you got to open your eyes to this, we started this profit about a year ago. six months we started deploying capital at skybridge, we have $600 million in bitcoin across our platform of course, we started our but coyne fund in december and we're doing very well with the bitcoin fund as well to me, at some point, and i believe this, the s.e.c. will opine, as you know, applications are in, i'm not allowed to talk about them, but the etf applications are in. if we're successful, we'll convert that bitcoin fund into the etf. and for me, this is a 1 to 3% play and evolutionary process for people if you're right, bitcoin trade

for the capital goal, people are going to be very happy >> real quick, reporting this mosh that treasury secretary janet yellen will call for a global minimum corporate tax your thoughts on that idea >> i love the idea for secretary yellen because she's in a high tax country, but i don't see how that's going to be possible to deploy, steven you know, at the end of the day, these companies are competing for flows of capital i don't see a tax treaty coming into place right now i don't see what the give mes are for the united states to these other countries to entice them to do that. so, it's a great idea. i understand why she wants to propose that idea. she wants to keep the tax side of most of these companies in the united states. i don't see that happening >> anthony, i just want to

follow up quickly, the democratic party got a lot of business support, especially following the general election are the democrats and their policies driving business back to the republican party here >> not -- i think the democrats basically -- look, trying to avoid politics as much as possible i think the democrats have acted more sanely. if you just look at where republicans are right now. they've got these antiquated ideas. they're losing the majority. they are the lowest percentage of registrations the independents are the h highest, followed by the democrats. rather than come up with new ideas and expand their tent and make the republican party look like the beautiful mosaic of the american people, they're coming up voter suppression laws as a way to stay in power when you have corporations that have blended their boards of directorships to look like america. and when a ceo sits down with

the board members and say, okay, we can't accept this sort of behavior we have to speak out against this, and it's in the long-term interest of the company to signal that to the country, steven so, to me, i think, by and large, the diversity on corporate boards is working. and in a weird way, american corporations are ahead of the republican party, in terms whereof the country is going so i want that party to reform itself and open the tent >> anthony, we're going to have senate tom cotton on in just a moment but speak to this issue then of major league baseball, the all-star game and what you're seeing happen in georgia and across the country has the republican party lost the business community are they going to be able to push them back in? what happens here because, you know, for so long, the republican party has long loved free markets and capitalism. and now free markets and capitalism are working against in some cases the republican party. meanwhile, in fairness, the democrats have long hated big

business, but love big business when it comes to support them on these local issues >> well, look, certainly, republicans have, quote/unquote lost the business community. center/right policies are good for business but i do think center/left policies have to be incorporated as we lead towards more social progress i'm a wall street pragmatist, andrew, as you know. i see the world that way i tell senator cotton, you guys want a smaller government everywhere but in my bedroom you want a larger government in my bedroom stop getting into people's personal lives focus on what is right or wrong as relates to good business and economic growth as opposed to left or right. if you're going to restrict people from voting and now you're going to get that brainstorming and clouding of what they actually did in georgia. go look and read the law senator cotton likely has read

it he's a harvard graduate. read the law it's very restrictive and unfair and enough is enough i think you have to come up with fresher ideas and of course, you won't lose the business community. >> anthony scaramucci always holding back we wish you would tell us what you really think but good to see you. >> you didn't say retail andrew, you said retail joe. i just want to point that out to everybody. >> thanks, man >> i noticed that, too >> morgan. coming up, republican senator roy blunt calling on the president's infrastructure plan. we'll debate the issue of tax hikes and homu tw chhat plan really should cost after the break. "squawk box" is right back

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welcome back republicans are hinting they might support president biden's infrastructure plan if he sticks with roads, bridges, broadband and gets rid of the rest over the weekend, senator roy blunt urged infrastructure of $615 million >> if we back and look at roads, bridges, ports, airports, maybe underwater systems and broadband, you'd still be talking about less than 30% of this entire package. >> now, former congresswoman donna edwards served on the transportation and infrastructure committee while in congress, and under president

trump, russell vokes good morning to you both congresswoman, i'll start with you, your reaction to those comments, especially given the fact that this bill is so broad and does have such a broad definition implied and what actually infrastructure is. >> well, i don't know if i agree with that. i do think that, you know, you have your hard infrastructure, the roads, the bridges, et cetera but you also have to have the other pieces that really support doing infrastructure so, for example, i look at 3 million people who have lost their jobs over the course of the pandemic how do we get them back into the workforce at wages they can take care of their families we do that by training them up for these jobs in the future the energy grid, for example, and all of the green energy components that are in the infrastructure package are really important to where we're going in the 21st century.

and so, i actually applaud the biden administration for thinking broadly about how we need to fix what we need to do now. but look into the future >> yeah. russell, i mean, the comments that we just played just now would speak to, i guess, that there would be some, and we've certainly been talking about it for years, but there could be some willingness to come up with a bipartisan legislation but how like lily do you think t actually is that happens given you have democrats on one side, particularly that have moved past it with more spending and of course, you have republicans and gop that want to cut it down? how likely is it that we actually see something that gets broad bipartisan support relative to legislation? >> i don't think at all.

it's not an infrastructure plan to the extent you're replacing yellow school buses and have 45 million in home health care. and in the last administration hiking the court tax rate from 21% to 28% if this is going to go, it's a straight democrat party line vote they're always having issues in the house. my guess is, they have issues in the senate >> donna, i'll put the same question to you, given the fact this is the first part of a two-part plan, and the second part involving, quote/unquote infrastructure, how much does it pass bipartisan means? >> first, president biden actually opened the door last week when he said he put a plan forward and now it's time to negotiate. so, i think republicans do need to come to the table with some ideas. but the reality is in the house, there are some rules changes, for example, around

congressionally directed projects, we know them as earmarks where members will be able to identify projects in their districts. they know their districts as well as others as a way to bring them to the bargaining table i think all of those strategies need to be used. really, when you repair the schools and the water systems and, you know, replace the school buses, all of that stuff actually does count as infrastructure, because it adds to the way that we think about how we need to improve our transportation systems and delivery systems for the next century. this century >> all right unfortunately, we have to leave the conversation there but thank you both for joining us this morning. i have a feeling we're go to be talking about this in the days and weeks to come. andrew >> thanks, morgan. big hour ahead, senator tom cotton is going to join us abou

voter laws and we'll have that debate next when "squawk" returns.

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indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo good morning, welcome to "squawk box. record highs ahead for stocks at the open as investors cheer friday's consensus beating jobs

report meanwhile, multiple stock news gamestop finally heading the post-reddit fray, announcing selling millions of shares and tesla surging after blowout delivery numbers and more business backlash to georgia's controversial voting law, baseball pulling all-star game from atlanta also the backlash to the backlash senator tom cotton, not happy with what he called ill-informed ceos we'll get his take the final hour of "squawk box" beginning right now. ♪ good morning and welcome to "squawk box" right here on cnbc i'm andrew ross sorkin along with morgan brennan and steve liesman. joe and becky are off today. taking a quick look at u.s. equity futures this hour a lot going on

and a lot of green on the screen in large part, on the back of those great jobs numbers we saw on friday. of course, the market was not open then, it is today the dow looks 220 points higher. nasdaq looking to open about 70 points higher. and the s&p 500 looking to open about 22 points higher we'll also flip the board around and show you where the ten-year yield lies right now you're looking at 1.736. we've got a lot of news as well, morgan >> we sure do. we're going to start the hour with that news a chart of gamestop, the company plans to announce 3.5 million stocks at the off the market announcing plans for the corporate transformation, as you can see, shares falling 3.4% on that news but gamestop said sales for the first current quarter up over

the same a year ago. and treasury secretary janet yellen will call for a global minimum corporate tax. she'll say she plans to work with the g20 nations to stop some corporate taxes it's clun here what the rate will be. the biden administration is planning to raise the u.s. corporate tax from 21% to 28%. and to pay for public means and address crises the treasury secretary said in congressional testimony the world was in the middle of what she called a race to the bottom when it comes to corporate taxes. andrew major league baseball moving this year's all-star game and draft out of atlanta it's the latest in a most impactful move in response to georgia's controversial new voting law which many claim disenfranchises black voters

joining us to talk about georgia's voting laws and the business and intersection of all three is arkansas senator tom cotton on wednesday, senator cotton tweeted out now that all of the ill-informed ceos are smearing georgia with left-wing election laws i welcome any of them to debate me i'll do it on cnbc so they have a homefield advantage. how about it, ed bastian or larry fink blackrock. you're stuck with me >> i see none of the ill-informed ceos are willing to come on your prestigious show as most are speaking in vague generalities pressured by the far left and without reasonable basis. >> senator, let's talk about that, though because, clearly, there are now dozens of companies that have

spoken out against this law. and i think the big question -- you heard it from anthony scaramucci in the last hour is whether the republican party is effectively pushing business which is clearly an ally for so very long into the hands of democrats. >> well, it's not a question for me i mean, the people we represent are the workers and the families in our communities across the country. sometimes businesses are right sometimes, they're wrong but ceos that run airlines or pharmaceutical companies or sports leagues aren't really experts when it comes to voting laws and that's been made perfectly clear over the last week their attacks on georgia's voting laws are ill-informed delta praised the law before they flip-flopped and then started attacking it under pressure from the left >> senator, let's talk about the details. just to educate the audience i accept that there are elements of the law which on the face

look helpful to expanding access but at the same time, when you get into the details, in fact, there are lots of issues, and i think that business is looking and seeing those issues. and that's why they're speaking out. let me give you an example for example, 94 drop boxes across the four counties that make up the core of metropolitan atlanta which represent -- which i should say is where the majority of black voters in the state live, and in fact is considered a democrat-weighted area they had 94 drop boxes and it goes down to 23. i think that's a very clear example, one example that the problem that this law creates, no >> no, not at all, andrew. drop boxes were a recent and emergency addition last year at the height of the pandemic many states added them by executive caveat or court order.

they're not long-standing of american election law. this bill expands mandating that the county use it no fewer than 1 to 1,000 persons voters can go into the local courts or registrar's office and drop off the ballot. of course, they can put their vote in the mailbox outside of their home and joe biden's state delaware has five drop boxes for the entire state is joe biden going to declare delaware as passing a jim crow 2 law. are they going to move drop boxes out of downtown manhattan? somehow, i doubt it, andrew. >> senator, the larger issues -- we can debate which state does it better. clearly in the state of georgia, frankly, across the country, we now have states that are introducing bills that almost by default, if you look at them really closely do limit voting

and especially for people of color. and i raise the issue, we had ken chenault and ken frazier on this program 72 black executives coming out historically for the first time calling out a law and calling out their peers. why would they feel this way otherwise? >> i read their letter, i saw the interview. again, it's ill-informed it doesn't cite provisions of the law to suppress voting one cited that you're not to use information or driver's license or personal identification card on your absentee ballot. that's an improvement over it. i also note you that have to show an i.d. every time you get on an airplane at delta. you have to show an i.d. to get a ticket at will call office at baseball it's just a smear without a basis in fact.

>> in terms of the smear let me ask you this, i think it's the biggest issue and ed bastian called it a lie that it to say, what is the evidence that now triggered 330 ballot initiatives in 43 states, that's the ultimate question. and i don't believe there was a court case that ruled in favor or even suggested that there was ultimately a problem >> well, andrew, what will governor kemp in georgia has explained, their elections had a lot of problems last year, in terms of inefficiencies and delays and so forth. and it wasn't just on november 3rd. look at their primaries in the summer as well they had lines in which voters were waiting for hours governor kemp has said that's not acceptable what this law is designed to do is make sure the elections are streamlined and efficient. that voters have convenient, accessible voting options and that the options are safe and secure for ed bastian and james quincy at coca-cola to get up on their

moral high horse, when, for instance, coca-cola is lobbying behind the scenes in congress against a slave labor bill for china minorities or delta partners with a chinese airline really at the height of hypocrisy. >> senator, you talked about there being long lines in georgia yet one of the most criticized parts of the georgia is one that makes it a misdemeanor if you serve water to people standing in line what do you find the justification for that is? >> literally, every state in the union, steve, has laws that prevent people from approaching voters in line the idea is to prevent campaigns and parties from trying to campaign right next to a polling place to even coerce or intimidate new york state, for instance, prohibits the provision of food or drink to voters in line now, the law does say explicitly that campaign workers, poll officials can provide water to

people who are in line it's a very common practice across the country more with the entire point of the law as i explained was to streamline the elections in georgia make them more efficient so you don't have the kind of long lines that you saw last year, not just on november 3rd, but in the summer. that's exactly what it's going to do. seizing on the practice that's common across states all around the country about approaching voters who are in line is just another example of how the left is smearing georgia and the ill-filmed ceos are buying it hook, line and sinker because they don't want to be protested or boycotted and rising up in the corporate headquarters >> i think you just touched on this a little bit, senator cotton, whether it's the voting laws discussion we're having now, looking at georgia and some of the other states, whether it's the protests we saw last summer, in general, we have seen basically this paradigm shift in the way that corporate america is going from neutral to being

very outspoken about social and socioeconomic issues, for better or for worse why do you think ceos of these companies that are taking a stand believe this is good business >> i think they're afraid of left-wing attacks. they're afraid of being attacked on cable news or in the newspapers that they read. they're worried about, again, the very activist, young social justice warriors they have working their corporate headquarters i can tell you, these ceos do not speak for their entire workforce. i've literally encountered hundreds, hundreds of gate agents, bag handlers for delta, for instance, during my time in public life who thank me for the work they do in congress and say they support donald trump. i'd encourage all of the conservative and republican employees who work in delta's workforce or coca-cola's workforce to be more active themselves you should send emails to your ceos, and encourage them to stick to running an airline or

selling sugary beverages to americans. >> you have -- you have been a recipient of money over the years from many of the same companies that are now speaking out publicly against these laws. how do you square that i'm thinking of bank of america, i'm thinking of walmart. i'm thinking of paul weis, a law firm which has now made a big effort to actually fight these laws across the country. >> it's very simple, andrew, i don't endorse my donors' agenda. they endorse my agenda they know if they contribute to me, whether $5 or $5,000 i'm going to do what's right for arkansas and what's right for america. and what's right for america is to have safe convenient election laws that's what georgia has done what's not right is have moral

hypocrites weighing in when they don't have specific knowledge or expertise and haven't taken the time to inform themselves about the facts. >> senator, while i have you here, i want to get your thoughts on other big headlines this morning, including one that steve liesman just broke within the last hour around janet yellen proposing a global, if you will, amt for corporations do you think that's going to happen >> well, we'll see what she says later today. but i would just note to some of these corporate ceos who run to capitol hill and lobby republicans privately to protect them from joe biden's tax policy if you want joe biden's election laws you might wind up with joe biden's tax laws as well >> senator cotton, i'm sorry, just a second here after what you said, i went up and looked up the georgia law. it says nothing about providing only political -- it says no

person shall provide food and water to a person standing in line so, i just want to make sure that my understanding is correct here, that it's not banning political groups it's no person at all. >> yes, steve, no person can approach a voter in line within a certain proximity of the polling place. it's very common in places around the country but poll workers, officials at the polling site it provide water, whether a water fountain or, say, a gatorade jug. no one is going to be standing in line without access to water. the whole point of the law is making sure no one is standing in line to need water in the first place. >> senator, i want to go bax to the corporate tax rate that's proposed for the infrastructure spending bill. in terms of the infrastructure bill itself, what would it take for you to get on board? are you on board >> no, i'm not on board. this bill is a trojan horse for major tax hike for american workers and families it spends more money on things

like electric vehicles than roads and bridges. >> would you do a skinnier bill? >> yeah, there is a way to pass an infrastructure bill i would remind everyone the reason why we're working on an infrastructure bill this year, the last one was passed in 2015. it doesn't have tax increases and it focused on some of the real problems with the infrastructure system which is too much red tape in the permitting and regulatory approvals we need. so, as of my republican colleagues have said, we'd be happy to sit down and work with democrats to find a bipartisan compromise but if they want to smuggle in their long-standing liberal wishes and tax increases i don't think you'll get much republican support >> senator, is there an increase in tax that you would support, would you go to 25 >> so, andrew, i think coming out of an economic crisis in

which we're still trying to get the economy back on its feet is not the right time to be raising taxes at all as you all know, when you raise taxes on businesses, those businesses end up passing along a lot of those costs to consumers in the form of higher prices or depresses wages for their workers. and when we still have millions of americans out of work, i don't think that's the right step to take at a time >> okay. senator cotton, we appreciate you comen on next time, peoplwe'll bring a cn to increase the level of debate. appreciate your time this morning. see you soon >> thank you, all. >> thank you coming up, tesla's electric first quarter. 'll delve into the two surges. "squawk box" coming right back

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tesla shares surging in the premarket this morning after the company reported blowout first quarter delivery numbers phil lebeau joins us now with the latest phil, electric number, aye >> they were electric numbers, steve. they reported them friday morning. far better than the street was expecting if you take a look at

f tesla shares, the company reports just under 185,000 vehicles delivered in the first quarter. that was well above the street estimate, now the focus is going to be what happens with full-year delivery jpmorgan out this morning, raising the full year delivery lap year, tesla easily led the world in terms of ev sales, saic out of china, vw, they were second and third but a distant second and third expect tesla to keep that market, by the way, general motors further down this list. we're not not showing you the list but speaking of gm, over the weekend, the company revealed the suv. hummer they had revealed hummer pickup

truck. this is the first edition of $110,000 they're going to walk the price down as you take a look at general motors, it's indicating it's opening up higher, ev suv and set, both a ways out they're trying to generate that buzz, that interest in electric vehicles they did that by showing the hummer everybody v ev suv >> there's got to be a joke, phil, about an electric hummer, right? what does it go down the block and then need to be recharged? >> no, it's going to have great range. that's the expectation >> really? >> the lithium battery pack -- yeah, you're thinking of the hummer in the days of old. i saw a hummer gasoline powered over the weekend those things are massively

heavy. >> yeah. >> this is going to be a big vehicle, but a bit different in terms of what the battery pack is able to provide in terms of range, et cetera >> real quick, though, is gm going to cut into tesla and these other competitors? >> yes, they will. they certainly will be because they're going to have more products going on sale starting later this year and up over the next several years simply by virtue of having more products competitive products, not what they have right now, they're certainly going to cut into tesla's lead here in the united states and around the world. whether or not they overtake tesla, far different question. >> thanks, phil. morgan, i see you behind an electric hummer. >> ah, yeah, except if i had to back up i might be paralyzed all right. phil, thank you. we're going to continue the conversation about tesla we're going to bring in two

voices, gene munster, and gordon johnson at glj research. good morning to you both, gene, i'll start with you, what did you think of the delivery numbers and how does it now put tesla in the new year? >> so, morgan, i noted the tesla story is a morsel trying to stick right down the middle here that this is defining a growth story. a growth story is when you have accelerating beats the accelerating beat on this quarter was 11% better than what analysts were expecting. keep in mind, they produced zero xs if you factor in that, that would have been beat by 20%. that compares to the december quarter, exceeded by 5%. so when you just think about accelerating tech growth, this is the definition. and the reason i start there is these stories are rare to find

and usually, the reason why these happen is that something bigger is going on and i think that that is exactly what tesla is tapping into it. what we're seeing in the march quarter i think is just the beginning of multiple years. and just to finish the thought and i'll turn it over to gordon for his problems just to finish the thought, is that there is this number also faced what is an anticipated tax credit for tesla as you recall, a year ago, that tesla's tax credit, and a rational tesla buyer in the u.s. would be holding off, instead, they get these numbers >> and gordon, with what gene just said, defining the growth number, i feel you're skeptical of it. >> i think the fourth quarter is what matters, what happened in

the fourth quarter last year, with china and shanghai fully ramped when they pick the low-hanging fruit out of u.s., china and europe, and their sales boomed just 2% quarter over quarter, despite 15 price hikes over the last year. 52,000 more capacity sold. they produced more cars in this quarter than last quarter. one other thing, keep in mind, they sold significantly less higher margin, with more cars in the quarter and significantly lower 30 y cars. and documented a $300 million hit to the bottom line so you're looking at a high-growth company that's barely growing that's moving more money doing so. and is going to see all of its credit stream disappear. look, these guys are valued at

$100 billion vw sales about 2.5 million cars a quarter. and tesla with sales just 2% essentially. you don't know what people are talking about when they say this is transformational growth 2% is not transformational when you have 52,000 more cars >> gene, just to dig into that a little bit more. you do have that sunsetting tax credit at least for now. we'll see what this proposed infrastructure plan actually -- you know, brings to the table and manifests as reality but the production numbers, do you expect those to ramp up? and when you do look at other emerging competitors like gm, are they going to cut into market share >> morgan, if it's okay, i'd like to talk about the 2% comment. >> okay. >> let me back up one step there. it's true, it grew 2%.

the challenge with that, my challenge with that logic is it's a seasonally light quarter, typically, auto sales in first quarter are down from december so, i think that that is a curley positive. and then i want to jump to the substance of your question around competition is that this is ultimately the biggest risk to tesla is that the traditional cast of characters, traditional oems get their act together we're talking about the electric hummer i'm a little skeptical that's going to get any mainstream traction but that is the risk and you will see tesla's market share decline. 80% in the u.s much, much lower -- losing share in europe. i think it will reverse when they get that factory share there. that is the piece around competition as investors contemplate the impact of competition. tesla started out as a high-end brand. a wealthy person's brand and they're successfully

navigating that brand globally to an everyday person's ev brand. and the reason is that the value of the car exceeds the competition. if they can maintain that edge, i think that competition, yes, they'll lose share, but don't have a measurable piece of a massive addressable market >> very quickly, gene, stock trading around 708 where does it go from here >> the next three to five years this could be a much bigger company. 4x the size what it is impossible to predict tesla in the near term. long term, this goes higher. >> all right gene and gordon, thanks for joining us >> thank you >> thanks, morgan. the monster on the ticket sales, "godzilla vs. kong" over the weekend. check out shares of gamestop they're down this morning only after the company's announcement

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welcome back to "squawk. we're looked at a lot of data points to try to find out how the country is recovering from the pandemic one of the most successful might be movie tickets we've got monster sales for a monster movie. julia boorstin joins us. >> well, andrew, the box office seems to be waking up since the pandemic began a year ago. marvel's legendary "godzilla vs. kong" grossed more than $48 million wednesday. it's far more than the 20 million or 30 million that analysts were projecting this is particularly notable because it means the size of the release on hbo max did not damage ticket sales as those feared the ticket has grossed $285 million worldwide in two

weekends in theaters nearly half of that totally is from china now, this isn't just good news for at&t and legendary but also, of course, for the theater chains amc shares are up more than 4% on upgrade and imax benefitting as well nearly a tenth of the domestic box office and tells me that this weekend was the best weekend for movies. and if those had stayed home and were streaming that would have meant that consumers were done with movies so, andrew, this is meaningful going into the movie summer season. >> before you go, what does the success of this movie mean for the future of releasing films simultaneously, though, in theaters and in streaming

services? is that window ever going to go back to being the size it used to be? >> well it will be very interesting, andrew, because of course, warner brothers doing the simultaneous streaming on hbo max and theaters, they said it's only a one-year thing they said they're committed in a couple years putting it back to where it was with a shorter window but there is conflict between theaters and the use particularly disney over a big marvel movie coming up this summer "black widow. and it's interesting to see how they negotiate that. and whether they can convince disney to push back the at-home release on disney plus or whether they decide to share revenue on disney or whether disney wins this one i think it's going to be interesting it see how it evolves and the numbers hold up. >> okay, julia boorstin, thank you, appreciate it steve. i wonder who gets paid more,

godzilla or kong coming up, what to watch in the jobs report since last austgu allianz's mohamed el-erian joins us stay tuned you're watching "squawk box" on cnbc ♪ and found solutions that kept them going. ♪ at u.s. bank, we can help you adapt and evolve your business, no matter what you're facing. because when you close the gap, a world of possibility opens. ♪ u.s. bank. we'll get there together. ♪ don't like surprises? [ watch vibrates ] proactive notifications from fidelity keep you tuned in all day long. so when something happens that could affect your portfolio, you can act quickly. that's decision tech, only from fidelity.

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pharmaceutical companies to accelerate their production of critical vaccinations for the world. emerson. consider it solved. welcome back, stocks set to make new record highs at the open in under an hour. that's based on where the futures market is trading right now. cnbc's senior markets commentator mike santoli joins us on whether the clock work

rally we've seen can keep going. can it >> morgan, i guess you have to say, it can. but will it? unclear. the market is on gear. it's been uptrend, actually, observed 4%, 5% shakeout over the last three months. take a look at the s&p 500, it shows the angle of a ascent since then, the annualized rate of return from ten months leading into the high of february not to say that we're in any kind of a peak there but to say we had this really beneficial rotation going on. a very strong credit market. and a lot of things are supporting things. the good news in front of us, it hasn't paid to overthink it, at least at this point. take a look at risk appetite in the character of the maeshgt the s&p completion index is everything not in ts&p 500. you see massive performance over

the last year. it's still off 3% off of its highs. it's not just large caps it's largely small caps. it's kind of the cult growth stocks that are not in there, paypal, snap, zoom we'll see if we have recertification to those types of stocks not indicated just yet. the volatility index getting a lot of attention because it did collapse well below 20 on thursday you now, below 18. as you see on the two-year chart, the range used to be from 12 to low 20s. this is an indicator as to whether we'll be in this kind of market that does keep kind of chugging higher as opposed to being a little more boom okay >> thanks, mike. joining us now for more on the markets is allianz's mohamed

el-erian he's also a president of the college. mohamed, as you have markets higher and interest rates higher, coming at us at the moment that are not incompatible ideas? >> that's right. i would say, steve, markets are higherer and rates are somewhat behaved. that is completely consistent with the employment report, because the bottom line on the employment report, it's strong noninflationary growth and that adds music to the ears of markets >> mohamed, the 916, you want to add the 89,000, it's a seven-figure number. and there are predictionswe'll keep doing seven figures how is that not the kind of

substantial progress that the fed is looking for which is set as the criteria for reducing its asset purchases? >> so, the important thing is if we can continue at this pace, and this is a big if, but if we can continue, you bring back into the labor force people who have exited. so, remember, we start running at 8 million below where we were in terms of overall levels before the pandemic hit. and that's what the fed is focused on that's what chair powell has told us. the questions of chair powell is can you really bring the 8 million into the marketplace without causing cost-pushed inflation. and that's what we'll find out over the next few months >> mohamed, i said this morning at 7:00, please feel free to respond to this. i think the fed has a heart time maintaining $120 billion of monthly purchases of assets if we do a million jobs from here

through june i think that argues to me that the fed ought to -- i don't know if it will, but ought to be tapering those purchases down by the summer >> so, steve, you made a distinction between what should happen and what's likely to happen and what should happen, i totally agree with you they should start to indicate that they will be slowly taking their foot off the monetary accelerator. at the time when the fiscal accelerator is pedal to tmetal, and that's what they should do but this fed has indicated to the marketplace and the marketplace indicated that the fed is not going to do that. that the fed is going to wait until there is actual inflation existing in the economy before doing this the marketplace has taken the fed's word to heart. and it's behaving as if you can have the economy improved and

the liquidity paradigm supported by the fund exists, whether it should or not, you and i say be careful, but that the marketplace believes the fed >> momohamed, i get that we basically saw these goldilocks marketplace on friday. but when you look at where the jobs are added back the most quickly. they're in sectors that maybe at times historically tended to skew lower in terms of wages and salaries so, how much is that mix, as you see more folks within these services focused industries being added back to the labor force -- how much of is that skewing that top-line number when it comes to inflation >> it certainly is but, remember, you also had an increase in hours worked so, if you put anything together, you would have expected some increase in hourly wages.

>> yes >> so, i completely agree with you, morgan. the composition speaks to lower than average hourly wages. but hourly work went up. when you look at it, it's not inflation. the big question is this is a one-off thing or not economists will tell you these are incredibly noisy data and we tend to get excited month to month but you really have to look at three to six-month moving averages to get a better picture of what's going on >> mohamed, we're all a little scarred by the paper tantrum back in 2019, i think it was but it doesn't have to cause -- and maybe this is naive thinking on my part, please tell me if that is true, it doesn't have to cause a major market selloff when the fed reverses course you would think if the economy improves, rates should come up, the fed should back down, profits should be good the economy should grow. so you don't have to have, i

don't think, some major tantrum here when the fed reverses course >> and that's the goldilocks handoff. that's exactly the goldilocks handoff. the market goes from being powered by liquidity to being powered by fundamentals. that is what everybody wants the trouble is the starting position there's a massive disconnect that has already occurred. so could it happen yes. is it a high probability event i don't think so i think we're going to get quite a bit of volatility during this handoff, when it occurs, and it's likely to occur late. which is why we're going to get more volatility than we should but that volatility is also going to come with opportunities, because we know when you get those sort of paradigm transitions, you get overcontamination of memes one way or the other active investors will be looking into that. passive investors will be less

reluctant to see that ham. >> mohamed, always a pleasure, thanks for joining us this morning. >> thank you, steve. >> andrew. >> in the meantime, thanks, steve, we want to get over to cnbc's headquarters where our good friend jim cramer joins us now. there's a lot of this is the mo, ryan cohen, this is it, he's going to sell some share, he's going to raise some money. what's hegoing to do with the money? >> a billion in the war chest and this is what people are waiting for and those who are selling the stock are not realizing this is the ability for ryan, who we don't know that much, but a little bit of mystery, and we got that ice cream cone, to be able to do something, and they've got a super-charged group, but whenever you do these offerings, there are people who say this busts the short, that this basically makes it so that there's no tightness i don't think there's been a big short position in gamestop for a long time so i applaud this. i think it is what was needed.

i know i called for it endlessly and those who are selling off, this i challenge, i challenge whether they realize that this is the whole war chest that ryan may need to be able to make this company a different company so i'm very encouraged by it. >> so then answer my question, how much do you think he real ily needs to transform the business "the first trade"ly because you think about trying to get into a digital, really get into the digital business and compete against the big guys, that's billions of dollars, no? maybe even more. >> maybe they've got a plan to do something involving crypto, maybe they've got a great plan, in order to be able to sponsor e-sports where they give scholarships to ncaa schools, for people who do e-sports, i have a lot of different plan force these guys, so far they've really kind of been mum, but there are lots of things they can do, andrew, that can reinvent the company, including putting gigantic video game parlors in those malls where the end cap of the mall is empty

so they need the money, but if things work out, it could be huge they have really incredible, an incredible group of people >> $174 a share, fair value to you? >> well, no, i think that it's still on a market cap basis perhaps, i have felt that you can get there, if you dream, i mean look at the prices of a lot of stocks that just, you know, if this were to be issued right now, with a crypto kicker, i think you could very easily get to where it is >> with a crypto kicker. >> crypto kicker. >> okay, jim, i actually love your ideas, i just love to see whether ryan is, i imagine he's watching, whether he's listening and picks you up on it. >> i don't know, i did a million dollar mass contest and we had some winners and now it is a $500,000 contest, so maybe people steal your ideas. >> we'll see you in just a

minute, jim. when we come back, what went wrong at east coast plant that botched millions of johnson & johnson vaccine dose, we will bring you that story and the details when squawk returns right after this you don't nto sst.wa tmi i (upbeat music) ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪

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we're learning more about what went wrong at a baltimore plant that ruined millions of johnson & johnson coronavirus vaccine. meg joins us with more. >> good morning, morgan. after what seemed like a mix-up of the two vaccines that were being manufactured there, at the plant, the j&j vaccine, and the astrazeneca vaccine, although that's being denied by emergent, now the plant is only going to make johnson & johnson vaccine and in fact j&j is going to assume full responsibility of the manufacturing of the vaccine at that facility now, astrazeneca is going to relocate production of its vaccine from that facility this facility had not yet been authorized by the fda to release any doses, so this is not affecting any of the doses from johnson & johnson that are currently out there. there this would be for future supply of this vaccine and we asked emergent bio solutions ceo bob camer last week if this will

affect the timing of the fda giving the green light to plants here's what he said. >> i don't expect a significant delay. we are working very collaboratively with fda and with j&j to make sure that the fda has all of the information they need to make that determination. >> now, johnson & johnson is saying it delivered the 20 million doses that it had planned to, to the u.s. government in march, and you can see there, the stocks of both of these companies not moving too much right now, j&j says it still plans to deliver up to 100 million doses by the end of may, so they're planning on straightening these problems out, and of course, guy, they're also partnering with merck here to work on this vaccine. back to you. >> 100 million dose, we're very quickly seeing a marketplace, the supply in the marketplace expand, and expand very dramatically i'm just curious, i realize with

astrazeneca, it's relocating but given the fact that we don't even have emergency use authorization for that vaccine, given the fact that we do have the supply ramp that's so dramatic for the vaccines that are currently on the market, is the implication here that maybe you don't see astrazeneca enter the u.s. market at all in general? >> yeah, dr. fauci gave an interview to reuters about that last week and he said it might turn out because of the supply and the timing of astrazeneca getting to the fda that we may not need the dose and one may have to wonder, where does that vaccine manufacturer for astrazeneca go and it's not like we have tons of extra manufacturing capacity lying around, that's what led to this problem in the first place and very interested to see what happens to that and then astrazeneca said it will file for fda authorization and we will have to see that process play out over the next month or so. >> we will be watching it and i know you will bring us the headlines. steve? check out the shares of major cruise line operators, the

cdc has issued updated guidance regarding protocols for resuming cruises including full vaccination of crew members and in response to that norwegian asked permission to begin selling out of u.s. ports on july 4th all aboard, andrew. >> wow, wow. remember just a year ago when we were looking at these stocks and people said, will anyone ever go on a cruise again? people thought would anyone ever go on an airplane again? here we are. a fabulous google ad out over the weekend, if you get a chance to see it, it will cry about the future about getting back to life i don't want to encourage people to go off of our channel right now to go watch it but if you have a second, do it in the meantime, a final check of the markets this morning, we've had a lot of news this morning, including steve helping break that news, and confirming it, about a potential atm, a

minimum tax if you will, globally, we'll see what janet yellen has to say about that later today. right now the dow looking like we will open up about 254 points higher and the nasdaq 106 points higher and the s&p 500 up about 27 points higher morgan and steve, thanks for hanging out today. >> a lot of fun. >> appreciate it >> make sure you join us tomorrow "squawk on the street" begins right now. good monday morning, welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber who is back we are set for some record highs at the open on the back of that strong jobs number from friday 916,000 broad-based gain, couple that with the higher pace of vaccines, some more reopening news from movies, to vegas, to restaurants, our road map will begin with the economic boost to stocks, futures are pointing to a sharply higher open, following that job