it is 5:00 a.m. at cnbc global headquarters. here are the top five at 5:00. damage control at credit suisse over a stock trade link to the hedge fund archegos capital. stay out of politics mcconnell's message to ceo over the sweeping laws across the country. and wall street back after records. can investors make it a 2 for tuesday. what one ceo told jim cramer

about bookings this year and beyond. bay youlor making history l night. it is tuesday, april 6th, 2021 you are watching" worldwide exchange." ♪ ♪ you're the best around ♪ good morning wherever in the world you are. i'm frank holland. kicking off tuesday morning with the look at the stock futures. it appears we're set for a muted open on wall street. everything lower basically flat the major averaging coming off a record-breaking session yesterday. dow surging 350 points hitting a new record high. the s&p with another record close. 3.5% nasdaq climbed more than 1% yesterday. now turning to the economies

around the world stocks in asia back open for trading after the holiday weekend with the exception of hong kong. europe just getting started. dax in germany hitting a record high we will continue to look at the global economy breaking news this morning in the wake of the archegos capital trading scandal. one major bank, credit suisse is taking a massive loss in the role two executives stepping down effective immediately. juliana tatelbaum is in london with more. good morning, juliana. >> reporter: frank, good morning. credit suisse shares have had a volatile start to trade opening higher before sinking in the red. now they are bouncing above the flat line. this as losses related to archegos could amount to $4.7

billion. in a major overhaul, they axed the ceo and brian chin in the wake of the scandal. credit suisse has suspended its share buyback program and cut dividends and scrapped executive bonuses. the question for investors if this is enough to draw the line in the sand after the issues that credit suisse suffered. frank. >> juliana, this is a string of woes for the bank. can you put this in perspective? >> reporter: absolutely, frank credit suisse hit by a string of issues back in 2016, the bank agreed to pay $5.3 billion to the department of justice to resolve a case in mis-selling of mortgage securities. the scandals is the hiring of the private investigation team to monitor a former executive

who moved to ubs the fallout of that episode would cost the then ceo his job. now credit suisse acted as adviser to soft bank with the 900 million euro investment before the collapse. the bank took a $450 million impairment charge on the holding of york capital management frank, this is the latest in the string of issues for credit suisse right now, the question is what they have announced today is enough to set the bank on a better course moving forward and address the concerns that investors have. >> it is enough to fill up the wall behind you. not a good sign. question to you. how are investors looking in a broadway at european banks any spillover to other banks >> reporter: frank, there was concern when we were waiting for details around the fallout from

archegos this morning, european banking sector rallying. we are seeing credit suisse under perform which suggests that investors view this as fairly idosyncratic. we are seeing the banking sector march higher on the back of the strong moves you saw on wall street yesterday so far, it seems to be considered more of a credit suisse issue rather than the broader sector >> juliana tatelbaum, thank you. turning attention to washington and president biden gets a bird's eye view of what it is like to get a covid shot and will update the nation with vaccinations we have tracie potts live in washington good morning, tracie >> reporter: frank, we are tracking this by the numbers the latest from the cdc is 167 million shots have been given out. nearly one-third of the country

has some degree of vaccination more for seniors there are concerns about where the numbers are growing. >> we know that long before dawn is almost here >> reporter: president biden offering help the pandemic will soon be over today, he tours a vaccine site in virginia and provides an update on vaccinating america. cdc is concerned of outbreaks in youth sports >> 18 to 24-year-olds where some peaks in cases >> reporter: nearly one quarter of american adults are fully vaccinated and 4 in 10 have had at least one shot. new cases are up the government opens three mass vaccination sites this week. we are now averaging 3 million shots a day. >> i saw on some program last week that republican men, curiously enough, might be reluctant to take the vaccine.

i'm a republican man i want to say to everyone we need to take this vaccine. >> reporter: the concern not just here in the u.s >> this pandemic won't end at home until it ends worldwide >> reporter: the state department just named a global coordinator for covid response concern of new versions of the virus. the double mutant trstrain appearing in india and now in california in the meantime, schools and broadway have been reopening >> i have been waiting >> reporter: and stadiums comin back to life and with the concern about the possibling foue fourth wave, frr fauci says we probably will not see another lockdown

thank you. the dow and s&p on the highs from the jobs report and the rebound of the economic sector for more on this, i'm joined by rob morgan rob, thanks for being here. >> good morning, frank >> rob, you are of the mind that the rise of the yield from 1.68 to 1.71 after the march jobs report has investors spooked of the fed tightening monetary policy i have a question for you. is it the speed of the moves heightening the fears? how is the market reacting and responding to the fact when you look at the ten-year, the yield has moved 100 points since march 24th pretty volatile. >> franks, to answer the first part of the question, yeah the market is spooked by the possibility of the speed of what the fed may have to do

you know, it wasn't that long ago that fed chair powell was saying rates weren't going to go up for three years the end of when he made that announcement at the end of '20 he recently dropped some hints not necessarily the fed is raising rates anytime soon, but certainly going to have to, at some point, ease back on the bond purchasing program they had in place for some time to support the markets. that's making the markets nervous. >> rob, is there a number for the ten-year yield or the range where inn vvestors will feel god about? >> right now, we're at 1.71%

i think that area is a tipping point if we slipped a little bit below that that would make the investment community feel better. if we go higher than that, then the jitters might continue. >> rob, where are investors in q2 do you have stock names people can look at? >> absolutely, frank from a macro standpoint with the fed keeping rates low. dollar continuing to weigh down. large cap growth stocks in general with multinationals that do well with the sagging dollar would be a broad area. to get a little more micro as far as certain sectors go that i like basically, the sectors that i like have visible earnings growth and reasonable valuation.

right now, those are the financials and materials and telecomm to answer the second part of the question, stock picks. this low rate environment, dividend paying stocks should continue to look attractive. some names that look a tttracti include ibm, chevron and dow ibm and chevron have close to 4.9% yield dow is lower at 4.3% >> rob, i see you are in philly. my hometown. your pick on the cheesesteak place? >> got to go with geno's. >> you and jim we'll talk about it later. rob morgan from sethi company. thank you. when we come back, your morning stocks to match and the sky rocketing shares of one

drugmaker. plus the road to reopening one philadelphia restauranteur and the steps she is taking to keep her business afloat. and later, mastercard chief economist is here on the spending and where it is going a the post-pandemic world busy day ahead when "worldwide exchange" returns. stay with us modern or reliable. we want both - we want a hybrid. so do banks. that's why they're going hybrid with ibm. a hybrid cloud approach helps them personalize experiences with watson ai while helping keep data secure. ♪ ♪ ♪ from banking to manufacturing, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm. ♪ ♪ ♪

welcome back.

we begin with gamestop it continues the incredible roller coaster ride. shares fell 10% as the retailer announced a $1 billion stock offering pushing shares into the green before they ended the day down about 2% you see it is down 2% this morning. alphabet will stop using the oracle software. alphabet will move to s.a.p. in may. there is no indication they are moving other systems from oracle it does not appear to be be tied to the lawsuit with google and oracle over the use of java. and illumina expects first quarter revenue to top $1 billion thanks to record orders.

still on deck on "worldwide exchange." major league looking for a new home after bailing on georgia over the controversial new voting laws. >> announcer: today's big number $1.3 trillion. that's the total value of pending and completed deals during the first quarter that's an increase of 93% over the prior year and second biggest quarter on record.

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all right. welcome back more restaurants across the country continue to expand operations, one philadelphia eatery owner is managing her chain and working to help the restaurant industry as a whole i'm joined by nicole mckey thanks for being here. >> thanks, frank >> your coalition held a vaccination clinic how many people showed up and why are you putting an effort on vaccinating workers wes when the is a government movement for that >> we are helping workers get vaccinated we have been able to offer

unlimited vaccine appointments to teens at hundreds of restaurants and make it easy for them to get vaccinated right now, so many restaurant workers are still hesitant or confused about the process it takes time to figure out where you will get vaccinated. we're just making it super easy for them because it is important right now. >> i would imagine your business is not the same as it was before the pandemic can you give us a sense of how deeply impacted your business was at the height of the pandemic >> absolutely. you know, the last year has been the hardest of my professional life we learned so much when the shutdown hit, it was really difficult for employees when sales dropped overnight by 75%, we had to furlough over 250 employees and try to hire them

back and do layoffs again when cases surged. we had to hire again it is difficult on the company, but we are grateful the core has been able to stay on we are grateful for the ppp loan that got us through and other programs that allowed us to pay our rent and our payroll you know, right now, we have to define success in the restaurant business these days as surviving. fortunately, we have already invested in digital marketing and platforms. we were able to continue relationships with customers although they were no longer going into the office. we had to meet them in their homes. >> you think vaccinating workers is key aspect of keeping

restaurants open any thoughts of mandating vaccinations and people in your restaurants with vaccine passports? >> widespread vaccination of restaurant workers is one of our top priorities in the save philly restaurant coalition. it is a key to getting the restaurants fully open and make sure staff and guests feel and stay safe. it has been our priority since vaccines were approved it has been challenging for most industry workers to get vaccinated many of them are still confused in part because appointments is time consuming the clinics make it easy for staff to get vaccinated more quickly and easily which is really good for everybody. >> circling back to business i got data from the food association. they say plant based food sales

increased 29% last year. your restaurant had difficulties did you expect to see that translate into higher sales when we get to mass vaccination will people continue to eat v aevegan food >> more and more people are looking for healthier options. we need the continued takeout. plant-based foods is a trend that is here to stay now more people are getting vaccinated and covid rates are going down, when we see the trend in the months, barring some disaster, we all need to figure out how to bring people in from the suburbs and tourists and office workers back to center city to fill our shops and fill our restaurants and streets again which is essential for the city's economy and for

plant-based restaurants. >> nicole, you are our second guest from philly. pick a cheesesteak place. >> hip city veg. you have pat & geno. >> nicole, thanks for your time. let's get a check on the headlines. phillip mena is in new york with the latest phi phillip, you are from texas. >> barbecue and burritos a remarkable day of testimony in the trial of derek chauvin the star witness monday was the chief of the police department who says chauvin's use of force violated policy. also on the witness stand is a doctor who revealed the death was due to lack of oxygen. and now to the emergency situation still unfolding near tampa, florida hundreds of homes still in

danger of flooded by toxic water after the containment wall breached at the wastewater reservoir. it was supposed to be a match up for the ages. undefeated gonzaga and baylor for the national championship and perfect season on the line baylor came out of the gates on fire running up a double digit lead to start the game 40% shot from beyond the arc gonzaga trying to will their way in the bears were too much on monday night baylor takes the title 86-70 bears capture the first men's ncaa championship in school's history. frank, it would have been memo memorable, but it was not in the cards. baylor was the better team >> the highlights were fantastic. you are a texas guy.

>> i was hoping baylor they were the only texas team ever to win a men's championship team before monday night now there are two. >> "glory road." >> yes good movie. >> phillip, thank you. and archegos fallout the latest is still ahead. if you missed our "worldwide exchange" you can always check us out on our podcast or other apps we'll be right back.

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welcome back to "worldwide exchange." fresh fallout for credit suisse as two executives head for the exit and the banks take a multibillion dollar hit. and the corporate america taking the backlash of the voting laws. and mastercard chief economy lays out where billions of dollars is spent it is tuesday, april 6th you are watching "worldwide exchange." welcome back i'm frank holland.

kicking off the with breaking news one bank at the center of the archegos trade scandal credit suisse now saying it expects a first quarter pre-tax loss of $960 million after taking a charge of $4.7 billion as a result of the scandal also this morning, brian chin and compliance officer laura warner will step down immediately. the bank proposing a dividend cut. joining me now is owen with more. >> thank you, frank. >> the big question is what are the departures and what does this charge mean for credit suisse today and going forward >> this is just the latest scandal for credit suisse going back several years this is something that the bank can't shake off. it is announced the executive

departures today a slew of mid-level managers departing. as you mentioned, a huge dividend cut and buyback program and the shares are down 25% in the last month it is hoping the moves will end this period for the bank history tells us it could be another scandal waiting around the corner >> it seems like there are multiple corners and scandals for credit suisse in recent years. one of our colleagues had a wall showing the timeline the wall was full, owen. >> yeah. >> we look at the departures and these people were told last year to overhaul the group and change things after the other scandals. if you just overhaul, how do you o overhaul again and fix the problem? >> the ceo who came in place over a year ago and i'm sure your viewers may remember, the

ugly corporate spying scandal with his predecessor left. he came in and was supposed to be a safe pair of hands and life of credit suisse that summer, he overhauled and gave lara warner and brian chin bigger roles more responsibility. combining risk and compliance and overall head of the investment bank. we are seeing six months later, they are two of the four people for the scandal. how do you keep restructuring? there are inherent problems with the bank and the last revamp hasn't worked or hasn't worked yet. a lot of pressure on thomas gottstein. >> a lot of shares here up .50%. going forward, how does this

impact credit suisse and how does this impact other european banks? >> it is fascinating as you say, up slightly today. i think a lot of expectation that it could have been a bigger hit. it shows the actual investment bank has done well this year you know, maybe i'm hearing from people that the bank who are seeing this as something they can shake off. it is a big deal they are embarrassed and upset they are looking to shake it off and look to the rest of the year on the back of the stronger results. in terms of the prime brokerage business we have several people there who have left and replaced i think it sets a lot of question marks about the business within the investment bank it is a niche industry serving hedge funds and doing equity business for them and credit suisse weren't the only bank to

get stung by archegos. several wall street banks and big asian and japanese and hong kong banks really hit by this. i think a lot of them will look at the prime brokerage business and think is this the business we want to be in or is there more risk control to be around that to safeguard? >> owen, we showed shares down 17% since the scandal broke out. how do you see the business impacted for nomura? >> this is a funny one this is a big deal for nomura. this is not the story you associate them being involved in the high status scandal. for them, in japan, this has gone down badly. our colleagues over there have been close to the action there it just seems, i think, they have been scorched for credit suisse, it is a big deal some wall street banks have been

down this path before. for nomura, this will take a big recovery from because this is not the day-to-day activity for them s them >> one quick question. do you see the ceo thomas gottstein surviving? >> in one word, yes. the next one who knows? >> thank you, owen. back to the markets. stocks searching for direction after the record-breaking day on wall street yesterday. dow and s&p with highs futures now muted. looking for a quiet open to wall street after the record-breaking day yesterday. the other top stories. automakers want some of the aid approved by congress to address the global semi conductor shortage to be set aside for

vehicles bloomberg reporting that ford, gm and toyota is floating this idea to automakers they are projecting the shortage will result in 1.3 million fewer vehicles produced this year as plants halt production. the cruise line industry is setting sail again summertime is pegged for the launch dell was more hopeful about next year >> we are booked for 2022. including the record year of 2019 pent up demand is real in the cruise space it will have been nearly 17 months -- 17 months since we

operated and major league baseball has picked a new site for the all-star game. sources say it will be coors field in denver. they moved out of atlanta due to the voting laws passed last month. sat sat sticking with that national debate mitch mcconnell weighing in with strong words for ceos who decide to speak out on this issue >> i found it discouraging to find the corporate ceos getting in the middle of politics. my advice to the ceos is stay out of politics. don't pick sides in the big fights >> mcconnell adding corporations will invite consequences if they become a vehicle for far-left mobs to hijack our country from

outside the constitutional order. joining me now is a consulting firm focusing on diversity shae she's worked with salesforce and airbnb >> thank you for having me. >> delta and coca-cola and jpmorgan chase coming out against the georgia voting law certainly a hot button issue is there an impact positively or negatively for the companies speaking out >> i think they have to speak out. more and more companies are increase empower whether it is economic or culture. people inside the companies and outside the companies are looking for them to lead on the issues and leverage that power for good there is some benefit.

i think there is a right way and a wrong way to make some of the statements it is really important that companies are not just pushing out some marketing statement, but making strong statements and following up with action >> interesting point in recent months, the business round table come out with a statement on the purchase of a corporation. part of it was they should support the communities they are in this is divisive some people for it some people against it how do you support the community with this divisiveness what is the right way? >> i think organizations need to first remember values. i think voting rights are a hot button issue we live in a democracy you know, democratic ideals are at the bedrock of that that is important. i think organizations are starting to realize when they sit in communities where they are not additive or having harm,

those communities become less stable people become less likely to buy their products people are less likely to want to work for them we are starting to see higher expectation from business. we want them to lead morally as they do financially. we want to make sure that businesses are not harming communities along the way sdplchlt i'll put you on the spot you worked with big name companies. if you were speaking to the ceo of one of the companies involved in the controversy and you had to give them a playbook, what would be step one? >> step one is be honest with yourself if you are an organization that had controversy, you know, own that people will be critical when they see your statement. we leave in the age of social media. whatever you say will be dissected and pulled apart when you make a statement, however, and i think most companies should, particularly

if they are prepared to follow by action. make sure you are saying something that is clear. you are either for it or against it come out decisively around your support for a voting rights access your opposition to the bill. you have to say words like rights words like civil rights. you have to say the names of the states enacting the legislation. we have seen bills across 47 states like i said, you can't stop there. i think organizations need to commit to action again, consumers are savvy they will see the statements posted on twitter. if they don't see action, they will see it as marketing more and more, there is an increase you will get pushbac look at companies that did not follow-up with action or had a

history of anti-blackness in the organization they were held to account. the same holds true here again, i would say be honest where you are and take a strong stance and be prepared to follow-up with action and be specific about the action. >> we appreciate the insight i'm sure it is a busy couple of weeks. coming up on "worldwide exchange." the mastercard chief economist is standing by with the data from his team on the spending trends taking shape post-pandemic. "worldwide exchange" is back in a moment

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we know ecommerce is booming during the pandemic. the question is how much of the dollars is spent online after covid? the report from the mastercard economics institute estimates in 2020, the pandemic generated additional $900 billion globally in online sales. in the u.s., from 11% of shopping to 22% of all shopping. mastercard forecast that number shifts to 17% of all sales after the recovery we believe the digital economy is here to stay, but some people will return to retailers online electronics surged, but

ma mastercard says a small percentage increase. no change for hardware sales despite record sales in recent quarters impo for more, the chief economist for mastercard is with us. >> good morning, brian >> first question, the 9$900 billion spending in ecommerce through 2021 and the recovery and beyond >> $900 billion is a staggering number $900 billion of additional spending that mastercard econo economists says will stick around for 2021 and beyond in 202, we saw 1 in 5 retail dollars spent online that really is a big number. that talks to the significant

shift from consumer spending online, but businesses shifting online it was universal early adopters benefitting early on it varied by sector. that is the big picture. >> we talk about digital picture here on cnbc during the peak pandemic, online sales doubling you look at sectors and many go back to normal after we get to the recovery or post pandemic or new normal where are people going >> depends on the sector we saw the shift that really was an acceleration of pre-crisis trends early on. hardware, electronics, things people were shopping a lot online that is expected to continue we're seeing close to 50% of

total sales spent online in those sectors. we look at other sectors places like grocery. new to the online atmosphere with online spending we see 10% of spending spent in grocery online we think about that and that is the big hurdle one is you have to have trust. you have to trust someone else to pick your peaches and deliver your goods and still have them good when they arrive. that really is some of the barriers that we're crossing it didn't just stop there. expansion in sectors we saw that expansion in marketplaces and number of places people were buying online and in the number of countries people were buying retail goods from abroad. that expansion speaks to how much ecommerce grew around the world. >> let's talk about the

expansion. americans shopped at 13% more stores during the pandemic is that money now going to smaller businesses or is this people diversifying? what is creating the shift >> we saw greater awareness of where people were shopping that drove the spending. people trying to support small business communities small businesses had to have a bit of a survival instinct they needed to digitize to survive. our test and learn analysis which looked at small businesses that were 500 k and lower in the united states saw a 6% increase for sales that went online during the pandemic versus those that did not it is benefitting not just the big players, but small players that shifted online and trying to take advantage of the marketplace. >> bricklin, thank you on deck here on "worldwide

exchange." markets look to make it two in a row with the dow and s&p fighting for the fresh records we layout the stocks.scribed t the podcast, check it out on spotify and other apps. and april is financial l literacy month here is chairman and ceo saul truhea >> math is at the center of financial literally. in baseball, you keep track of the stats because i did the math if i had to learn it, i did it manually that was important for my business career. i learned how to do things and process things more quickly in

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welcome back futures pulling back a bit after the dow and s&p hit highs as strong economic data boosts hopes of recovery. i'm joined by the president of potomac wealth advisers. >> good to be here >> i like how bold you are there is no alternative. equities are just it the question is growth or value. do you see it being a one sided issue? growth or value? is there a middle ground >> in a way, it is unfortunate there is no alternative to stocks investors would not want to remain in the bond market. with pressure on rates and rates at low level, we are left with

investing at stock with allocation. the growth versus value discuss has run its course it has been a little off base. they are lumping all tech companies as the growth stocks cannot do well in a rising rate environment. we don't think that is true with the rates at the low levels. a lot of tech companies are flush with cash. strong cash flows. very traditional businesses by 2021terms. we don't think they should get lumped in with emerging technology companies that don't have visibility for earnings that's where we're focusing right now. with the recent flat lining of the qqq or widening of the gap with big tech and traditional value, we think there is large value in large cap >> mark, you are batting clean up i have to ask for stock names. can you give us stocks to fit

that profile >> we have seen recent positive moves in microsoft and oracle and alphabet at the all-time high facebook on the great run. facebook and alphabet are advertising companies. the travel ads that disappeared from google will come back they will come back strong facebook, despite the regulatory problems, it seems to know how and where to connect with small businesses that are bursting to reconnect with customers those are two names we like. we also think that apple is well positioned with younger generation for generations to come interim drops in apple stock price is a mistake ecosystems and lifestyles are intertwined as younger people adopt apple technology.

>> a lot of people on their iphones. the ten-year yield is down to 1.7. you are mwatching the yield curve. what is the signal to the investors and the fed? >> the yield curve is raising up rates, but also widening the gap with the longer dated matur maturities that helps bank profits. the immediate hit to profit imagine margins. this is free money now the profit margin is growing. we also think the improvement in credit quality gives bankers more visibility. that will lead to more bank mergers. people want to reduce the cost of overhead and the cost of branches they call them stores. they want to reduce the cost of

technology by doing that, they marry up and merge. that brings a premium to the market and bring us multiple expansion. >> mark, thanks for the insight. we have to play you off. we appreciate you being here that does it for us on "worldwide exchange. "squawk box" is up next. see every delivery... every yikes... and even every awwwwwwww... wait, where was i? introducing self protection from xfinity.

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good morning futures point to a pull back after the dow and s&p surge to new highs yesterday. fresh new highs. i'll show you what's moving right now. fallout from the archegos saga credit suisse taking a $4.7 billion hit. now two executives are stepping

down. the all-star game reportedly moving to denver after major league baseball pulled it from atlanta after the voting law it's tuesday, april 6th, 2021. "squawk box" begins right now. ♪ colorado ♪ ♪ rocky mountain high ♪ ♪ i'll seen it ♪ ♪ raining fire in the sky ♪ ♪ shadows ♪ welcome to "squawk box" here on cnbc. i'm andrew sorkin along with joe kernen becky is off today it's just the boys this morning. >> just the two of us. >> nice to see you, joe. >> we'll have songs probably duet-type things. >> lots of duets we'll try to keep the tune i'll try to keep the tune. i'm not very he good