techs. melissa back the to you. >> interesting one, dom. thanks so much and also watching bitcoin which set a new record in today's session. lots to watch also we head onto the opening bell here. >> if i beg will you come back tomorrow melissa >> i will come back tomorrow how's that >> we're begging andrew. i'm speaking for both of us. >> see you tomorrow. >> -- tomorrow on "squawk box. in the meantime "squawk on the street" is up next ♪ good tuesday morning welcome to "squawk on the street." carl quintanilla with jim cramer and david faber. the morning trade hits a speed bump the u.s. calling for a pause in the j&j vaccine. regulators hold a press conference if an hour. in the meantime inflation hawks dodge a bullet cpi hot by 1/10 and -- j&j pause. federal health agencies making the recommendation following rare blood clot cases after the

single dose vaccine. >> plus we'll look into the potential pause fall out just what the impact of vaccine of this will be on vaccine hesitancy. reopening time lines and of course that trade involving stay-at-home stocks. and the world's largest spac merger grab agrees to go public in a deal that is worth nearly $40 blld billion >> straight to the news out of the fda. as well as a statement from j&j which they say we continue to work closely with experts and regulators to assess the data but at present no clear causal relationship has been established between these rare events and the vaccine >> i think there are two themes here one is that this is going to pause the reopening. and second, is really what happens when you take this i want to point out that when

you just go get the flu vaccine. forget this. the flu vaccine. there are people who die from the flu vaccine every year and it is taken by far fewer than here j&j only had about 4 million doses it was able to give to the country. they were coming from the netherlands and that is because the j&j vaccine was being made by emergent bio. emergent bio has had its systems literally taken over by j&j in the baltimore factory. i want to emphasize that moderna and pfizer have going to fill in i want to hear from j&j and it's terrible for the people with the blood clot situation but david, what i see this as it is a speed bump. not more than that and j&j had pretty much been relegated to almost an asterisk. >> moderna and pfizer's vaccine have been by far the most prevalent, first on and market and continue to be given at thankfully rapid rates jim listen

we'll defer to the experts mega coming up in a moment as well to fill us in give me your take. 6.8 million doses of the vaccine have been administered in the us and there are six cases of the blood clot called cerebral veinous sinus thrombosis it is one in a million. >> that is the one in a million according to the w.h.o. for the flu vaccine. we don't want anyone to have a blood clot and obviously just expect everybody to do well but you know what, if you look at what vaccine i have taken every single year, i expect there is an -- there is a possibility that i could get sick from the regular vaccine. this is kind of the same ratio so carl, before we really just

panic, there are people who take the flu vaccine every year and that is the number disti-- wellt is the number people die from. that is lil' rally still the number and i just want to emphasize people still take the flu vaccine. l lil'. >> we should remind viewers covid-19 itself creates plookts in severe says 11% of severe cases have deep vain thrombosis. to your point jim how fortunate we are the supply is so healthy. all the appointments today in new york state will simply be filled with the pfizer vaccine >> right look, j&j screwed up they outsourced to emergent bio.

emergent bio has had many, many problems it's been a bad move to make it so emergent bio was making their vaccine. they had what they could from the netherlands which is about 4 million doses. i think j&j was on pause so now they are really on pause and it is a shame. there are a lot of people who've taken the j&j. i think the ratio is not wad but anybody of course who dies is terrible can we just say j&j was not going to be a factor to begin with and pfizer and moderna are full speed ahead mode terrible for anyone who got hurt from j&j one person died. but pfizer and moderna are ready. and i don't think this hats anything once again people want to take the vaccine. >> well that becomes the question does this in some way play into those who are hesitant to begin with even though it is one in a million. and as you said, one death out of 6.8 million doses administered here in the u.s nonetheless does that play into

fears that perhaps some in the population have about getting the vaccine? we know there is hesitancy to begin with, jim and we do need a o large percentage of people to get vaccinated as quick as possible i'm somewhat stunned sometimes when you see some of the numbers of certain cohorts i think even the military. did you stee the numbers marines and something of that nature 40%. a shockingly high number of people who said no thank you at least now it is unclear to me that this doesn't hurt the ability to change their minds >> well we're still at 3.2 million, yesterday i think that there are a lot of people who just accepted the fact that they were going and getting some vaccine i now think that people will say listen, i want the pfizer, i want the moderna i don't want anything else but they will continue to ask because i think that you are going to get it. we have no natural defense against this illness let's, you know, if you decide that you don't want a vaccine

you are going to get it. that's pretty much what's going to happen. especially with this new rapid fire illness, the one that's been imported. carl if you know you are going to get something, your choice is this you are going to either take the vaccine which is moderna and pfizer which we have no real instance of anyone doing anything but being sick at the second moderna or you are going to get sick with covid-19. there is your options. there is no other option this thing has no natural defense. can we just accept that and say some are asymptomatic. i'm not buying this. i do not want this illness i don't think anyone want this is illness >> we're going to find out what the regulators say we think at 10:00 a.m. eastern and in the meantime we'll check with meg terrell this morning. i guess the degree to which you

are surprise there had been some on the street at least. goldman is a good example from last november that did spell out a downside scenario on j&j because of the issues and others as well. >> certainly an evolving situation. we've within coling the fact with astrazeneca and europe closely. and it was only on friday european regulators signaled they recall looking into the four cases of blood clots with the j&j vaccine. three of which were reported from the united states including one death. we checked with the fda on friday and they said they were working into these themselves. ads of today the statement from the fda and cdc a joint statement snow notes there have been six of these cases of extremely rare blood clots among 6.8 million vaccinations with the j&j vaccine in the united states rare and severe blood clots. it is a combination of a plookt with a low platelet level so it has a very specific profile in terms of what to look for. it is not just a normal blood clot.profile in terms of what to

for. it is not just a normal blood clot in terms of the symptoms, they see them within three weeks -- sorry. we should also noteall six of these cases occurred in women aged 18-48 the symptoms occurred within 6-13 days after vaccination. and you don't treat this with heparin. alternative treatment is required here because heparin might be something you don't want to give and even though this is exceedingly rare within three weeks of vaccination if anyone feels severe haake, abdominal pain, leg pain or shortness of breath they should let doctors know no causal relationship has been established between the rare events and the j&j covid-19 vaccine. they say they are working with regulators and looking at this themselves and again we'll hear at 10:00 a.m. from the fda more about their investigations here and how they are looking at this and then form the cdc's advisory

committee will meet and have a discussion about all of the data and try to figure out the best way forward. but six events out of more than six million vaccinations it is very rare. they want to make sure they understand the risk/benefit. >> meg, -- die each die of clotting covid causes clotting. the there is one person who got covid after they got the j&j vaccine and that was news worthy can we just accept that it may not be the panic cause that a lot of people are making this, meg? >> certainly it is really difficult to evaluate risk. you know we hear about something like this, and it sounds really

scary. the risk from getting covid is really bad too we've been sort of -- we've become used to that, risk of covid. and so a lot of folks will say the way we think about risk benefit for ourselves is not always the way we actually should in reality think about what poses the biggest risk to us but what i'm seeing that the fda is taking this really seriously. and in some ways we should be reassured by how careful the regulators are are being about six cases of these rare blood clots. ensuring they understand the risk benefit for different populations. what we saw europe do for the astrazeneca vaccine too so that people could really feel confident in the system that what the fda puts its stamp on really means it is safe and effective. david? >> yeah, of course, as we said it may have the opposite effect given the numbers or so meg, thank you. we'll pay close attention to your continued attention on this

developing story this morning. meg tirrell. the largest factor we've seen to date, back to the market overall this morning is the asian, southeast asian online food delivery, ride hailing financial services company grab it is growing very quick as you might anticipate it is an enormous deal valuing the company at just under $40 billion. it is going public via spac with altimeter growth corps this has been reported previously as a likely deal for that spac so we'll keep an eye on the shares this morning they are up a bit you can but see it already may have reflected the expectations for this being the deal. as the 4 million dollar pipe with another 750 million coming from altimeter they are also competing to a three year lockup on their spac shares self that they are getting. other investors, blackrock, fidelity, the usual group you often see in these pipes

interesting here, jim, there wasn't more than i think just months ago this was valued at half the level it is going public at. to give some sense of the excitement that some in the spac world are viewing some of these opportunities. they are willing to say okay yeah we'll double that and take you public and we'll be keeping a close on eye on shares. >> why don't they just completely screw up the market with this? this is coming to completely become -- i do like the coinbase deal real company why don't we just arbitrarily make up ridiculous prices. i think grab could be interesting. it is an asian uber. but i just hear it is like -- david i -- you can't just double the valuation -- based on what what happened at the company that it got double tell me, david what >> i don't have an answer for you. and i think that is the

appropriate question to be asking at this point brad gursner a frequent guest with halftime >> 75 billion on the phone, david. i got 75 billion on the phone. check to you >> i hear archegos -- >> doing once, going twice. >> -- who knows where it could go. >> do they actually what sponge bob too they got sponge bob? nfl? >> they don't. but they like it

yeah you never know. >> but is it -- how about -- is it non token is it for the -- never mind. >> non fungible token delivered to your house. >> nft, okay whatever you say. >> we'll see -- later on today in the meantime quick break. we'll get to mark cpi, see what inflation numbers told us this morning. and reaction to nvidia yesterday. this new war with intel. and the coinbase call. as they go to buy on this with a target of 600. back in a moment kplp ♪♪ ♪♪

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new record high for bitcoin this morning surpassing 63 k. the surge a day before coinbase is set to cdirect list on the nasdaq they go to buy 600 and say proven profitability but not for the faint of heart >> well, look, i think she was one of the first people to get wise to -- square more than just a cash app. got the way you can buy bit coin in slices i think her piece on coinbase is excellent and focussed on the scarcity issue going to be people all day who say i'd rather own bitcoin than i would a stock.

no that's just not true what. you would really rather own is a stock that is scarce, that people want, that is really the king of the area and that's what -- i just think this thing could explode here is one i think the 92 billion private value is too low. i think it goes much higher. >> much higher, jim? >> yeah. >> why >> i do. >> listen, i'm reading through the report that carl mentioned 90% roughly of their core business is by retail trading and crypto currencies. primarily in the u.s and they do believe that this is going to be a peak year for that for some time. >> right that is the issue. and by the way even when you read the documents on coinbase they talk about the possibility it is a peak issue i just -- fred wilson old friend of mine involved, very very smart guy. i look at this thing and i say

give me something that is encompassing all of these different currencies, all of these different cryptos. not just bitcoin because i got a feeling that ethereum is going to be -- way you buy these non fungible tokens, david. and if they do take off, you are going to want to have something that has all of these. i think therefore it will become the de facto way to trade them in the stock market. right now we only have square. i think it is one of those notions where people can say okay i need something in any portfolio that is crypto give me some of. this this is a good company. and it is by the way totally legitimate so it is going to become the de facto way for stock people pull it in their portfolio including portfolio managers who feel like they can't put crypto in their actual portfolios carl i think -- look, here is what's going to happen as the direct list i don't know if there is going

to be enough stock this time to say what i think will be individuals who buy it do i think it should be as high as it is going to be no it is going to be overenthusiastic at the same time the scarcity in value makes it seem like there is a huge bull case and lisa ellis makes it she's a believer in crypto we all felt square was far less and look what they did i just think it is going to be a natural for a lot of portfolio manager. >> they do point out, moffitt that they would be looking for dramatic potentially protracted swings doesn't sound like you disagree with that. >> no i don't. and when i look at bitcoin right now. is that a possibility i think goes down after this deal is priced i think is pretty big. and the direct listings. talk about another gimmick hard to game. roblox

could it be google which came public at 88 all i know is going to be very confused and confusion leads to overvaluation, not undervaluation >> tomorrow is going to be big guys a quick break as we get set for a tuesday morning open in about nine minutes nine minutes don't go away. we made usaa insurance for members like kate. a former army medic, made of the flexibility to handle whatever monday has in store and tackle four things at once. so when her car got hit, she didn't worry. she simply filed a claim on her usaa app and said... i got this. usaa insurance is made the way kate needs it - easy. she can even pick her payment plan so it's easy on her budget and her life. usaa. what you're made of, we're made for. usaa.

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headlines still the hottest since 2018 year overea yr but yields did tick lower on the news back in a minute

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amazon shares trailing the broader market by a good amount so far this year in their performance, jim. >> david a lot of people feel it is going to lapse some very difficult comparisons. not unlikely costco which of course returned to blow away the numbers with 11% comp very big pantry stock the past year it is a path to -- -- some of it sotp, sum of the parts. amazon web services and they are talking about that thing could be worth $1.25 trillion in three years. talk about an undervalued asset buried within this company and also this is the advertising should explode

i want add also that the unionization failed in alabama david, i think that amazon is about to make up its performance. going really start igniting people talking about it again. >> we talk often about of course the profitability of amazon web services and the advertising business which the numbers are getting to be very very large and the margins are very very strong as opposed to we all know amazon for the retail business where costs are very significant. >> yeah, look, advertising is big. don't forget, they are going very well in prime video one of the things i think is pretty amazing here is the core retail they say is the long term beneficiary. but what they didn't talk about is adam salinsky salinsky is mr. king of this kind of data and he moved over from salesforce back to amazon which to me means those are --

andy jasonsy when he goes up to the ceo somehow amazon web services might skip a beat no i think you own this for consumer package goods advertising and you woen it because -- own amazon don't trade it >> yeah, as the reopening trade you might think there be money flowing back into amz. and there is the opening bell. by the way, morgan stanley has a list of 12 names this morning they think there is a catalyst that will drive shares materially higher in the next 15-60 days amazon is one. caesars, schwabb, halliburton, real real and a few others >> eclectic group. i think we're going to have to

watch coinbase if coinbase goes bad, it could be like uber what is go bad means there really isn't any depth to what it opens at and it goes down from there that is what i'm waiting to see. otherwise look, i see inflation number that didn't disturb the bond market you have the bond market not a lot of trepidation but i'm more worried about things like taiwan i'm more worried about the exotic event, what are the chinese going to do? are they going to disrupt the supply of chips even further that's what i'm watching and i know david when you say you watch taiwan people say oh what are you going to do base your thinking on north korea, iran i don't know i'm a o little concerned how can you not be they just flew 25 planes over it twab is integral to our supply chain. it is what the administration is focused on i think it would be a mistake not to focus on. >> obviously you talk about it a great deal in terms of chip supply but you are also talking

in terms of geopolitical tumalityi guess. nvidia unveiling a chip used in data centers that is going to be many times faster than the case. calling it grace and shares suffering as a result of that announcement what's your take >> jensen wong ouz on fire yesterday. he did his presentation with his tell tail leather jacket but it was from his kitchen he was unstoppable because he basically said we're going to up end everything really going to upend driverless cars the data center. going to upend gaming. he's talking about everyone being a gamer. his gaming comments are just incredible how big it is going to be. but in the end, yes. he's saying look out intel

intel owns 90% of the cpu market and i think he's coming in with a chip that could be ten times what anybody has in terms of power. and they have a deal with amazon web services i think this is a remarkable performance. i want everyone to kind of -- you can go over. it is not a long analyst day but the numbers that they are talking about, 436 million people gaming? the fact they have much less, their lowest latency sounds like if you game you must use nvidia and they have an ethereum chip they have something for everybody. i think nvidia goes up higher today. it is not up enough even though it was up strongly yesterday i don't think people have spent enough time going through what jensen had to say. buy the stock and pay even more given the fact huge upside surprise even though the numbers were extraordinarily strong. the estimates were high.

it is not cone. >> at the same time you continue to have a cautious view towards intel tempering expectations about a big comeback any time soon >> well been adamant that intel is doing much better than people think. that it is not an expensive stock. but look, if nvidia is coming after -- if you stay bullish about your own prospects, that's tough. jensen's been known to destroy a market when he comes in. and you will see all the gaming stocks fly because he was so bullish on gaming that you just have to believe. and carl, people are gaming like mad even if the economy opens. vidia gonvidia goes higher >> wells to 715. gaming, obviously data center is a huge story and jensen did talk about the car industry too take a will be . >> the car industry has become a technology industry.

future cars are going to be completely programmable computers and business models are going to be software driven. car company wills offer software services if for life of the car. the new tech mind set see it is car not just as a product to sell but as an install base of 10s of hundreds of millions to build upon creating billions in services opportunities >> and at intel talking about helping out the out industry within six to nine months. >> i think that meeting with the president, president came in at the end of the meeting was only there for just a few minutes. i think the take away was these companies really in trouble. they are not going to get any -- they are just going to get the scraps chinese chips, attempt to be

able to make more chips in this country is talk about two to three years. i love the fact intel said it can help out but carl, you can help i can help david can help out it is little idle. we don't have the capacity so we should just accept the fact gm and ford the numbers are not going to come in the layoffs are going to continue lot of industries hurt the out industry in particular just doesn't have chips. chips really an afterthought for the big makers and the chinese didn't regard us in the afterthought. it is not enough talk about how the chinese took everything they need and by the way, this is the same process they took all of the ppe. they are just very forward thinking this was not designed to thwart the u.s., carl but the fact the they were worried about running out of chips and we weren't. we are not in touch with the industry i blame our car companies. i think they weren't visionaries as all they were focussed on other things they have to start folksing on

chips. they may have to build their own fundries wouldn't shock me. >> if you listen to huawei yesterday. they started hording can you blame'em >> not at all. and we do just in time they do just in case they were very smart it is almost like they were regarding this as strategic. but the fact is they sell a lot of car there is. and they did what i think we used to do which is hey, business is really good let's stockpile. gm and ford thought the business was going to be really bad may that he had a strategic mistake. now they are playing for it by the way the used car market is going insane. used car trucks maybe trade through what you can pay for a

new truck because you can't get a new truck. so i think this was the fall of the out companies being just a terrible read of their own situation. and not knowing their own supply chamber. i think they literally did not know what this market was like the people at the top. and it is a shame. because i think they pretty much regret their situation right now. david, there was not a lot of fore sight and the chinese has the forsight and we didn't. >> i'll tyke theother side of the bet that all the makers are going to start their own foundries. that seems unlikely. but interesting thought. >> it was the thought that was talked about. >> yeah. but really is that a core competency? we're going to start making chips for -- really come on. >> well what are you saying that i made it up >> no, of course not i don't think you made it up -- >> --

>> >> -- as an outcome. >> oh, okay. yes. i think that the idea that -- i mean they are not the defense department which has to be able to do its own thing. i -- i do think it was discussed what do we as part of national foundry initiative the foundries all begin with kla. land research. applied materials. applied materials does not have a shortage they can make the machines they need but land research, they are so overordered i think we should stop thinking about buildings and start thinking about what's in the buildings and land research product and conditioned make enough. can we own that and move on? >> i own it and i'm moving on. i'm going to move on to nuance, the deal from yesterday guys just want to mention it because, you know, we got the background of the transaction and it is always interesting to see. one of the larger deals of the year microsoft started at 5350.

and only went up to 56 and that is where they got the deal done. and i mention it because listen these things typically amount to much and that most likely will be the case here only need a majority to vote in favor. but jim there are a number of shareholders who are somewhat disappointed with the price. and yesterday when asked the ceo of nuance about it take a listen. >> saw an opportunity to create hyperscaling opportunities on a global basis >> we believe we can create more access to care and we believe that is a great calling for the two companies to come together for. >> that means nothing to a current nuance shareholders who is getting 56 in cash. they are not really caring about what it is going to mean for the company after this for shareholders who are looking at 56 and saying well, maybe we could have just hung in there

and done better over time. it is an interesting question. particularly because of course it is all cash so we'll keep an eye on it, jim. >> awe, david. they own this market they had both epic and serner. it is really incredible how little they got for this one. >> you question -- >> oh my god you can't get this information they had a deal with these two companies. one of them is private and it was never going sell this was the back door to get into the information >> icahn was in the stock many

years ago. but interesting to note. we never got the answer from the ceo as to why 56 was the appropriate number to take in terms of an all-cash transaction. >> there is always next time guys for the meantime, you have j&j about a one month low and we'll keep our eye on what obviously banks are trailing today bob pisani >> good morning guys lot of news today but is any of it market moving and the market is saying no. may be a surprise to a lot of people looking at the sectors and what's moving. tech is video game a good die. mega cap names and semis on the upside consumer discretionary up. amazon is having a good day. modest weakness in industrials and banks. not unusual into earnings season banks are the first reporters. nothing terribly surprising. kind of flattish on the open yes the reopening plays are down a little so you have 1-2%

declines cruise lines, for example, 1-2% declines in the airlines not much these are high beta numbers and not surprising that decline. in fact it is modest yes you have a small up tick in the stay at hoem, work from home names. the pelotons of the world. the zooms, electronic arts, for example. 1%, 2% is not unusual. i call that fairly flat. so what is moving the markets? important thing is this is a bit of a wild card on johnson and johnson but maybe not as much as people think maybe a modest impact on confidence, maybe on the timing of the reopening a little bit b the inflation number is very interesting today on the cpi very modestly higher cpi but not far from inline. higher but manageable is what i keep hearing about it and price

sboo ed into the market there earnings is what i follow and boy the expectations are high folks. really high. and maybe too high its been difficult to get stocks to rally on good numbers in the last few months in the prior earnings season. i'll have a lot nor say about that but that is my primary concern what everyone is talking about the trading desk, it is still about the crypto and i cannot believe the impact people think coinbase is going to have. let me show you this valuation estimates. i've been trying to get my hands around the valuation nobody seems to get it 50 billion, hundred billion, 200 billion dollar valuation a pre price of --. nasdaq's valued at 25 billion. the nyse and ice the whole eco system that the ice has is 68 billion. is the market saying that the coinbase valuation is worth as much as ice kb the nyse? it seems to be

that's kind of remarkable. what you are going to see is enormous amounts of buying because this is going to create a whole new group of people that want to get into the whole crypto asset base. you are going to see big etf buyers out there there is also the bitcoin etf out there. and i think with a new sec commissioner this is going to be a new impetus behind that as well guys back to you >> bob, thanks for that. yeah everybody is on the lookout for that let's get to rick santelli on an important day for consumer inflation. hey rick. >> hello carl. and indeed we could all just pass off inflation yes the year over year numbers which is what many were expecting to be hotter really weren't. if you look at headline up 6/10. you have to go back to june of

'09 to find a larger one right there at 7:00 a.m. eastern, what was the headline j&j. j&j was the headline now, we could all say it didn't make a huge difference but i did. interest rates saw the headline and immediately went lower and after the data was out were back down. we're at 165 not huge we're down a couple of basis points but we seem to be following the dow and nasdaq nasdaq is doing the opposite of interest rates rates gone down, nasdaq a little peppier this morning open up the chart to early march. you can see until we start to settle under 160, 16 1 this is going stay somewhat solid and most are going to continue to think that interest rates on a knee jerk move are more apt to be higher rather than lower. on foreign exchange the europe currency is really starting to

do better against many other currencies if you look at chinese currency t euro versus the yuan, its turned up. had a nice march and april and versus the yen it's up we're not far from the highs and finally all of that has taken out some of the steam on the dollar index here is a chart that goes back two weeks to early april and you can clearly see if we start to spend any more time under 92 even and we have briefly today that is going take the technical wind out of the sails of the upside of the dollar index rick santelli. so to start this tuesday morning you got some apple, faang stocks doing well tesla, semis in there. lagging this morning definitely

the airlines some retail. sew credit cards some cruise lines. back in a minute sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today.

we've got the cdc, fda press conference in a few moments. for you, a comment from the cdc coordinator who says the j&j pause will not have a significant impact on our vaccination plan in fact, he says so far j&j makes up less than 5% of the recorded shots in arms in the united states to date. >> yeah. i mean, it's very discouraging, j&j. first i thought they were going to make a lot themselves but they sent it somewhere else. they have the technology that's not so great but more importantly, there's an advisory charge. j&j is an -- let's recognize they were only going to be able

to send 4 million vaccines from the netherlands. a drop in the bucket i feel badly what's happening. i think it's no worse than a flu shot, but j&j was not the factor they haven't been able to deliver. extremely disappointing. extremely. >> shares are off the lows as you can see. but as we said earlier, about a one month low on j&j we'll get to stop trading with jim after a short break. some say this is my greatest challenge ever. but i've seen centuries of this. with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;)

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let's get stop trading with jim. >> all right there's a company that's 171 billion. nobody knows it's. it's called danaher. they bought the high growth health care part of ge a few years ago. ge, larry culp knew the value. he wanted the money. this is not going to stop at 141 -- 241 this is going substantially higher from where it is right now. d danaher. >> wow look at that chart which we paid a lot of attention to when culp went to ge >> yep >> danaher is a winner

and i low larry had to sell it, but you're talking about 57% growth for this $170 billion company? will you give me a break how can this stock only be up 7 points tomorrow it will be up another 15 as the analysts jump on it. they all have to raise numbers they do. >> a lot of bullish calls on industrials. there was a buy signal at deutsche on honeywell this morning. what's on "mad" tonight? >> well, we have the only analysis that you need from coin bit. we're going to give you what it's worth and we have our old friend ron shaich talking about technology. if you want to know what to do with coin base, watch us we have someone who has been working on the valuation we've been incorporated excellent work from moffit

nathanson. i cannot wait to talk about coin base and what it means. >> it's going to be fas vating to sort of get into what they're all about, especially tomorrow we'll see you tonight, 6:00 p.m. eastern. "mad money" with jim cramer. overall, s&p, up 2 points. dow suffering from underperfoan ithrmcen e banks and j&j. we're back in a moment 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. ♪ ♪ ♪

good tuesday morning i'm i'm carl quintanilla with david faber and morgan brennan u.s. regulators recommend a pause in the j&j vaccine we'll take you to the briefing in a few minutes the banks and travel names get dinged >> that's right. we're 30 minutes into the trading session. here are the three big movers we've watching closely j&j under pressure as regulators ask states to temporarily halt the drug maker's vaccine

a joint press performance on the news we'll monitor that and take you there live shares down 2% right now shares of other vaccine makers following the developments, even novavax, all those names are up right now. lastly, shifting gears, southeast asia's grab is going public via spac. altimeter growth brad gerstner will be on later on the halftime report >> let's get to meg with the latest on where things stand with the j&j vaccine >> well, good morning. we are waiting for the fda briefing to begin any minute now. what we know is that there have been six of the rare instances of blood clots among more than 6

million vaccinations with the j&j vaccine. these are rare severe blood clots that are a combination of a blood clot with low platelet levels it's a unique profile they've seen it is similar to what we've seen with the astrazeneca vaccine in europe that's a similar technology. and now they have seen this only among women between the ages of 18 and 48. they say the symptoms occurred 4 to 13 days after vaccination and they really want to make sure even though those are exceedingly rare that doctors are aware of them. they require alternative treatment to what you use which is heparin they say in these situations heparin can be contra indicated. we got a new statement from j&j this morning noting they've been reviewing the cases with european health authorities as well and they say they've made the decision to proactively delay the rollout in europe. it has not rolled out there yet. they say they've been working

closely with medical experts and melt authorities in the united states and they strongly support the open communication of this information to health care professionals and the public now, we've been hearing from the white house this morning from the white house covid response coordinator about supply saying they do not expect any pause in the j&j vaccinations to have an impact on american's ability to get vaccinated you can see the supply expectations this includes all three authorized vaccines. but from moderna and pfizer alone, expecting them each to have delivered 200 million doses total by the end of may and an additional 100 million from each of the companies by the end of july that's enough for 30 0 million americans by the end of july this is the number of vaccines that have already been administered in the u.s. you can see a huge number for pfizer and moderna and about 7 million for johnson & johnson. these are exceedingly rare cases and the regulators are working around the data to see if they

need to adjust the recommendations for the vaccine and to better understand the situation. we'll bring you more from the fda briefing expected to start shortly. >> meg, i guess some of the curiosity is when you have a one-shot vaccine that's just been -- or urged to be halted right now, given the reviews that are now underway versus two-dose regimen, whether that causes a lag effect in terms of broader potential immunity but that graph really kind of puts it in perspective in general there. i'm curious, is there any -- i realize there's a lot we don't know, but is there any possibility that there could potentially be more people affected by clots but not as serious and it's not -- sort of flying under the radar in terms of the data being collected right now or not likely? >> it's certainly possible so that will be part of this investigation. that the fda and cdc are undertaking to make sure they understand how many of these could have happened and that they have a really good picture

of the risk profile for people who might have the clots if they are found to be related to the vaccine. and then to see if they need to adjust recommendations for who should get the vaccine that's what we've seen uk regulators do with the astrazeneca vaccine. it was determined people under the age of 30 perhaps should be offered a different kind of vaccine because the risk/benefit for them is different for older people because of the risk of who gets covid and severe covid and who is affected by the extremely rare blood clots >> roughly one in a million. is there any correlation in terms of the fda or cdc acting in a similar fashion when something caused an adverse reaction in one in a million >> that's a great question this was asked of the european regulators when they made their recommendations for the astrazeneca vaccine last week. i was thinking are they going to know in the moment a drug with a

similar profile. they didn't, and i don't either. that's not to say it hasn't happened the regulator's job is to be extremely careful so we can trust when they tell us something is trust to consider using. >> we're going to the fda director take a listen. >> we're recommending this pause while we work together to fully understand these events and also so we can get information out to health care providers and vaccine recipients right now i'd like to stress these events appear to be extremely rare, however, covid-19 vaccine safety is a top priority for the federal government, and we take all reports of adverse events following vaccination very seriously. i'd like to turn it over to dr. peter marks, director of fda center for biologics evaluation and research for more information about these reports. peter? >> thank you, doctor together the cdc and the fda are

reviewing data involving six reports of a require type of blood clot called cvst in combination with low levels of platelets in the blood in women ages 18 to 48 who presented with symptoms between 6 and 13 days after receiving the johnson & johnson covid-19 vaccine treatment of this specific type of blood clot is different from typical treatments for other types of blood clots which usually involve an anti-coagulant called heparin. with this, hep ran may be dangerous and alternative treatments need to be given, preferably under the guidance of physicians experienced in the treatment of blood clots in the united states one case was fatal and one patient is in critical condition while we reviewed the available

data out of abundance of caution, the fda and cdc are recommending a pause in the use of this vaccine in the united states the fda will revise the fact sheet for health care providers administering vaccine and the fact sheet for recipient and care givers for the vaccine to include this adverse event information to ensure health care providers are able to make appropriate benefit/risk determine naxs for their patients right now these events appear to be extremely rare. that said, covid-19 vaccine safety is a top priority for federal government and we take all reports of adverse events following vaccination very seriously. health care providers who see people presenting to them with either a low blood platelet count or blood clots should establish whether or not the individual has recently been vaccinated in order to inform

the appropriate diagnostic evaluation and management. now i'd like to turn to the cdc's principal deputy director to speak to further explain our decision and next steps. thanks so much, doctor i know that the information we're providing today is going to be very concerning to americans who have already received the j&j vaccine and i want to let you know what we're doing to learn more and to protect people in the meantime, and what you can do to be on the alert. as it was mentioned, there have been six reports of the severe stroke-like illness linked to low platelet counts. and more than 6 million doses of the j&j vaccine have been administered so far. while these events are very rare, we are recommending a pause in the use of the j&j

covid-19 vaccine in order to prepare the health care system to recognize and treat patients appropriately and to report severe events they may be seeing in people who received the j&j vaccine. this pause will also allow the cdc's expert committee to review the situation. the safety of vaccines and the safety of the american people is of the upmost importance to us the acit, or our advisory committee on immunization practices is the cdc's independent scientific expert committee on immunization matters. we are scheduling for them to convene tomorrow to review the data we have on these initial cases. this will allow careful deliberation about what we know so far about these events, and consider next steps given the current context of the covid-19

pandemic in the united states and our broader immunization efforts. as a reminder, acip meetings are open to public viewing today we're also alerting state health officials and other leaders in states and cities, pharmacies, and other health care providers who are administering the vaccine to make sure that they know about the pause and so physicians know how to evaluate and report severe events after vaccination. lastly, i know there are people who have gotten the vaccine who are probably very concerned. for people who got the vaccine more than a month ago, the risk of them is very low at this time for people who recently got the vaccine within the last couple weeks, they should be aware to look for any symptoms. if you received the vaccine and develop severe headache, abdominal pain, leg pain, or

shortness of breath, you should contact your health care provider and seek medical treatment. know, these are different from the mild flu-like symptoms that many people experience in the couple days after receiving the vaccine. importantly, there are three vaccines available and we are not seeing these clotting events with low platelet counts with the other two vaccines people who have vaccine appointments with the other two vaccines should continue with their appointments our partners are -- will be working to reschedule people who have the j&j vaccine appointments in the days ahead this may be a bit bumpy. we want to make sure that we're getting the word out to the public and to our providers, but we do want to make sure that people who are scheduled to have

vaccination will be able to get that when vaccine is available we're committed to following the science and ensuring transparency, and to providing regular updates. we'll tell you what we know, when we know it and what you can do to protect yourself and our intention is to update you in the days ahead i know this has been a long and difficult pandemic and a very long year and a half, and that people are tired of the steps they need to take and are keen to be able to be vaccinated. the steps we're taking today are meant to make sure that the health care system is ready to diagnose, treat, and report and that you, the american public, has the information you need to stay safe. thank you. >> thank you, doctor at this time we will begin the question and answer portion of the briefing when asking a question, please

turn and affiliation the operator will take the first question >> thank you once again, that is star one, if you would like to ask a question our first question comes from -- >> all right that's the media call going on at the fda obviously the big piece of news they will convene a meeting of their immunization practice committee for wednesday. meg, you can sort of tell, read between the lines the color, the tone, that they are aware of the degree to which their policy moves affect overall acceptance. j&j or not >> absolutely, carl. i mean, they're making the very clear statement that none of these very rare events have been observed with the mrna vaccines from pfizer and moderna. those have been administered in larger quantities here in the united states. and so what we are hearing from a lot of states is they're taking the recommendations from the cdc and fda and rescheduling folks for scheduled for the j&j for the pfizer or moderna

vaccines hearing from this, they're acknowledging people might be worried if they got the vaccine within the last few weeks. saying if you got it a month ago, there is absolutely no reason or very little reason to be concerned about this. and noting what people should look out for even though this is extremely rare if they've been vaccinated with j&j vaccine in the last three weeks or so. i'll continue to listen to this and hear what the questions yield and we're certain to hear more from the government throughout the course of the day. we'll bring all that to you. >> and we look forward to hearing more from you, meg thanks joining us to talk about it this morning, former sharing plow ceo and board member at amgen. >> good to be here >> did they make the right call? >> absolutely. absolutely our country is the leading system in the world in terms of transparency and doing it the

right way. our country was the leader in the world two decades ago in gmos, and now we're happy with our food supply. there is no problem. they are doing the right thing it's these processes that hopefully will turn people who are vaccine hesitant to vaccine confident. i think they are doing a great job. >> streets trying to make sense of it obviously. there's a couple notes out from morgan stanley, for example, and from jpmorgan. not only saying that the adverse event rate appears extremely rare, but in the words of jpm, we would not be surprised to see j&j vaccinations resumed once the risk associated has been adequately communicated. do you think that's possible >> well, it's only -- well, we certainly feel for those who have been affected and we do of the effect but we do feel for those

but it's one in a million. and what often -- one often wonders had it not been for the issues around the astrazeneca vaccine in europe, which is also a similar vaccine j would there be this kind of scrutiny on the j&j vaccine. if you look at the benefit of the avoidance of the disease versus a one in a million, you can see why this vaccine is a very good vaccine. >> yeah. fred, i get this is very rare. and i get we need to put the context around it. absolutely but the fact that we've seen these vaccinations in general roll out as quickly as they have faster by a magnitude of years versus previous vaccines treating other types of illness and diseases over the decades, i think there's this concern out there about how much the data longer-term is going to yield. just the fact that we haven't

within able to give time, given how quickly they've rolled out how would you respond to folks that are maybe perhaps already on the sidelines or concerned and want to see more information, more time go by now that this is happening >> i'm not surprised that this happened given the massive pressure that people are under and that's why the emergency use authorizations were necessary, but the good news is that the signaling systems that we have now versus ten years ago or 20 years ago are fantastic. news travels very, very quickly. so we can go forward with a confidence that the authorities are looking at this very carefully. it's going across the atlantic, which is great i think we should feel very safe, and the good news is that we're getting pretty close to getting our lives back because we will get to herd immunity within the next three months >> fred, i wonder, stopping a usage for one in a million

adverse cases, you seem to think it will actually help build confidence, but there are others who believe it actually will help build he issitancy, people will point to this fact and say see, we told you so? >> this is the sad part. that's one reason only half the population gets the flu vaccine every year when the data is overwhelming it's these kinds of news that seem to feed the -- a confirmation bias people have. and then we just have to find more around the messaging element here because i think that's our biggest challenge as we go forward. >> right but what about the right balance, then? because you kind of -- listening to you just now, you've been on both sides you still think the fda and the cdc have done the right thing here in pausing this >> i really do believe that they are doing the right thing. because open dialogue and open science really trumps the allegations that things are being held in secret

it feeds conspiracy theories i think the fda is approaching this in the right way. janet will -- >> the doctor is speak right now even as we're having this discussion, acting fda chief and says on the call they only expect the pause to last a matter of days so assuming that's true, what would you expect the communication to sound like when they resume? >> i think what they should say is that we have taken the data we are watching these events that the amount of data as a part of the total population is very, very tiny. so it's hard to separate it from the overallevents in the population but we're going to keep monitoring this closely. but the overall benefit is overwhelming the ability to avoid going to a hospital and possibly dying? it's incredible. and the fact that our lives can

come back and our economy which is losing hundreds of millions of dollars worth of value every day will also come back. so tremendous benefit here >> yeah. i mean, key points there, fred i am curious, though, obviously j&j is a much smaller piece of the supply pie here in the u.s. versus the mrna vaccines but when you look around the world, j&j and then you see what's going on with astrazeneca as well, obviously in general the u.s. health care regulatory system is seen as the precedent that's sent. i wonder if you see this having ripple effects to other countries and vaccination efforts globally that are lagging behind ours? >> i am very confident that if people get their hands on the j&j or astrazeneca vaccine, they will really welcome it in all these countries. and i think it would be for the benefit of us.

we're fortunate enough to get the vaccine early, because the more it circulates out there, the more we can get the bad variants which could be more deadly and more contagious so let's see if we can share these with the world as fast as possible, and fortunately, in the u.s., we do have a very healthy supply of the mrna vaccine. i hope these things get out there. the benefit is huge here compared to what the world has gone through in the last one year >> yeah. well, certainly moderna up 7% today indicates there might be come marginal demand shifting. fred, fascinating. we are grateful to have you on this news. good to see you again. >> thank you as we head to a quick break, here's a look at the road map for the rest of the hour we've got you covered on everything j&j and the potential risks to the reopening trade plus more on the chip shortage impact. we'll talk to one ceo who

attended yesterday's white house summit and tales from the crypto. a closer look at bitcoin's climb to another record high today more "squawk on the street" continues in a moment.

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no reason why americans should wait we're investing aggressively in areas like semi conductors and batteries. that's what they're doing and others so must we >> our next guest was one of the executives who attended that meeting and says the accelerating semi conductor manufacturing capacity in the u.s. is clearly a top priority for the current administration joining us now is the ceo of global foundries, the largest chip foundry in the u.s. thank you for being with us today. >> thank you for having me, morgan >> did you find the meeting to be productive and how optimistic are you that we see this money allocated to this very initiative >> first, it's a privilege to be in that meeting. i think it was productive. we were able to get together, the ceos from automotive industries, semi conductor manufacturers, software companies and the important thing is i think we came out of there all aligned on what needs to happen. >> is $50 billion going to be

enough >> it's a great start. you know, for me, let's go back to what we're trying to do here. that meeting was about let's all make sure we're aligned. that semi conductors, the heart of the world economy the heart of the u.s. economy and we need to make sure that from this crisis of shortage we take prak pro active steps to stop that issue. we agree it's critical we agreed the imbalance of manufacturing in the u.s. where 50% of the demand is here but only 12% manufactured needs to be corrected we all agreed we needed a wholistic plan to make sure that we invest in semi conductors from memory to analog to digital to the full gamut of the semi conductor portfolio. we all agreed this needed to be ambitious, we needed to double that 12% or more over the next decade and that the $50 billion is a great place to start. let's think about this as a continuing journey over the next decade to improve that dynamic shore up our national security

with u.s. supply chains. shore up our supply chain in general and create the economic activity, that semi conductor manufacturing brings to the region >> one of which is going to deal with the current supply shortage, is it, tom are things going to get worse before they get better obviously the plan you're discussing will take years to implement. >> no, i think that's an excellent point. we're doing everything we can. there's a high sense of urgency throughout the eco system and supply chain from equipment manufacturers to manufacturers to create capacity we're all with a high sense of urgency to get the most out of the existing capacity with have now, accelerating investments to create new capacity. and i think you're right i don't think this is something that's easily remedied in the short-term because of the lead time it takes to buy equipment, install equipment, and create new capacity but the real answer here is let's be strategic and learn from the crisis and be better as

an industry going forward. >> right you can try to do both was anything discussed to try to deal with the short-term issued or was it focussed on trying to prepare the country over the longer term? >> i think everybody is doing everything we can short-term this policy like this, industrial policy isn't going to fix short-term stuff it's to be strategic that's why getting the dchips funded is the right answer all of us in industry will accelerate what we need to do and the best we can to move as fast to correct this and get a better alignment between supply and demand >> global foundries has an actual global footprint with manufacturing in a number of countries and areas of the world. i'm curious how you think this will benefit your company and how it speaks to possible ipo plans. >> well, first of all, the benefit for the industry first

and foremost is to accelerate cap capacity the semi conductor foundries have to invest every year to create more capacity to build our business we have an investment plan government partnership investments around the world including the u.s. allows us to accelerate that capacity expansion. and so you're correct. we have a great facility in singapore. we plan an adding capacity there. the same thing in the european union and in the u.s so the key here is let's use partnership investments, public, private, to accelerate adding capacity and gf will participate in all the regions leveraging our global footprint >> all right tom, thank you for joining us. >> thanks for having me. it is now time for our etf spotlight. ticker iyt at more than 8 0 % over the last year of trading. it's lower today, down more than 1% as that broader reopening trade is under pressure among

the j&j halt news. one name in the group to watch, fedex with key bank capital markets to overweight with a price target on the shipping giant. shares of fedex, though, trading relatively flat right now. we'll be right back. stay with us you packed a record 1.1 trillion transistors into this chip i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you become an agent of innovation with invesco qqq

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count behind the u.s it's reporting 900 deaths a day. brazil, number three on the list of total infections has seen its cases surge due to the p-1 variant and now france is suspending all flights between the two countries. two new british studies are casting doubt on the belief that the uk variant increases the severity of covid infections they do confirm it's more easily transmitted. that variant is now the dominant strain in the u.s. you are now up to date >> thank you we continue to follow the fda and cdc decision to halt j&j vaccinations our next guest says it's normal and the safety checks are working. doctor, thank you for being with us today >> thank you for having me >> i get that you say it's normal i am curious, though, we've been having this discussion so far this hour about whether this actually increases the public's confidence in the vaccines that

are available versus adds to hesitancy among those potentially on the sidelines how do you see it? >> i'm sure it's causing some fear and panic, but i just want to reiterate for everybody watching, this is good news. it's showing that our safety checks and balances are working. and as of now, we don't have a direct cause, and it's still extremely rare it's six out of 6.8 million vaccinations >> yeah. it's extremely rare. we don't have a direct cause but it is specifically women and i realize it's only six women out of 6 .8 million vaccines that have been administered in the u.s. but it's women specifically. we also know that it's younger women, 18 to 48. birth control pills, regnancy, obesity are things that are lead to higher preexisting risk of blood clots already. you're seeing the links in discussions, debates, particularly on social media being made around the vaccines is this something that

regulators are now going to look at or investigate or should cold water be thrown on the theories in general >> yeah. you know, i think we need to take a deeper dive and see the mechanism that's causing these clots. is it similar to what was going on with the astrazeneca vaccine where it's more of an immune mediated condition but we don't know. once we get more information, once the acip meets and convenes, i think we'll have better guidance. but for now, i would be careful with any of these conspiracy theories and with the panic. you're much more likely to clot from the reacovid-19 virus which is about 1 in 20 people hospitalized or even one in 100 recovering from home that's far more likely >> right doctor, there are some on wall street, at least, who were looking at the relationship morguen stanley this morning says we believe there is a potential ame-- where a rare

antibody to the viral vector could cause the clots. do you believe that's the direction in which the fda or cdc will go? >> that's what it looks to be. that's the mechanism proposed with the astrazeneca vaccine, and that uses the same platform as the j&j where that vector brings in the information to your immune system that's the working theory, but we don't have a confirmation no underscore, it's rare >> given the rarely, did we need to take a pause in the vaccine administration couldn't have been investigated while it was being administered? >> i think the pause is the right move they're not saying it's a bad vaccine. pauses are completely normal, and as we vaccinate more people, millions versus tens of thousands in the clinical trials, these pauses will a kour and i think they are the right move that way we know for sure it's safe to move forward >> right and what do you think about vaccine hesitancy?

does this deal with people's hesitancy in some way by giving them more confidence or does it add to those who are already hesitant >> i think it will add to those who are already hesitant i've already gotten panicked messages from my own patients. if anything, again, i want to reiterate, this only gives me more faith in my system because the safety checks and balances are working. hopefully it gives some people peace of mind. and again, to look at the big picture, the benefits outweigh the risks of this vaccination. >> doctor, i realize it's still a small piece at least right now of the broader vaccine supply pie, but to see a pause, temporary as it may be in j&j right now, could this actually add incentive to the debate around spacing out doses of the mrna vaccines? >> right that topic has come up

i would still caution against it and the reason being is you really need both doses to reach that full vaccination. we already know people falling ill between the two doses. so there's pros and cons to both approaches unfortunately, there will delay the vaccine rollout. i don't know if the right move is delaying the second dose. that leaves people unprotected, and delays the overall rollout >> doctor, thank you so much >> thank you staying with vaccines, although a completely different part of the story, we are looking at how signing up for the covid-19 might cost you your personal data. >> yeah. that's right the critics are saying the drugstore chains are gathering too much information on customers with too few rules about what they can do with all that data. but even some of the critics are deciding they'd rather get the shot than keep their privacy >> i got out of the pharmacy and signed up for an online account. i mean, i felt a little

uncomfortable, because i -- to me getting the vaccine was important enough that i went ahead and did it >> now, a group of lawmakers on capitol hill wants to change that tradeoff and they've introduced a bill that would block companies are using the data they're collecting for anything other than public health and mandate they have strong data protections to protect people from the threat of hackers. >> it's important that there is a strong public health response, but someone shouldn't be taking advantage of that. >> now, for their part the big drug chains say they're taking all the appropriate precautions. in a statement cvs said it asks patients for demographic information including race, age, ethnicity and location as part of reporting requirements to the cdc. and the company said all information collected during the vaccination registration process is considered protected health information under the appropriate law here in this

case hippa cvs says they don't require patients to create an account in order to get a vaccine, but walgreens told us in part that helps in reducing lines and in-store wait times that can be a byproduct of collecting information at the pharmacy counter. this is a tradeoff millions of us are making every day. cvs said as of last week it's administered more than 10 million covid vaccine doses. back over to you guys. >> all right fascinating story. anyone who has gotten one at a drugstore knows what you're talking about. i appreciate that. we did get an s&p record high this morning. t got some names moving higher a long way to go before they get back to their old highs. zoom is more than 40% off of the high from october. a lot more still ahead don't go anywhere.

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top investor suggests the market is in a danger zone find out what she means by that on trading nation. more "squawk on the street" ahead. did you know that petco, is now a health and wellness company? their groomers work wonders for my confidence. i trust their vets, and i'm known to have trust issues. they deliver high quality food the same day. i was outside digging, what'd i miss? just everything regarding our physical, social, and mental health. exciting. i'm gonna take a spin around the room.

great idea. ♪ ♪ petco. the health and wellness company. what impact could the j&j pause have for other industries? restaurants are coming up short finding workers already. our kate rogers explains hi, kate >> good morning. well, as consumers begin to dine out again, restaurants are running into a new problem there aren't enough workers to meet current demand. they are looking to staff tgi fridays restaurants and finding it challenging >> we're constantly trying to staff. it's the number one issue on all our calls with all our general managers, director of operations, coo, myself, how do we get people to come back

and really, within reason, offering money isn't doing it, because people are incentivize to stay home and collect money from stimulus. >> now, to incentivize his workers he says he's looking beyond just benefits offering things like same-day tip access. the nfib said in the optimism report the challenge of trying to find qualified employees are weighing on small business owners 42% reported job openings they couldn't fill. parent companies are announcing events to help find workers. today mcdonald's kicks off a three-day hiring event to fulfill hiring taco bell will have events to bring on 5,000 workers and ihop is looking to hire 10,000 workers. the summer typically brings about hiring, but this is now

pent up demand from consumers and additional stimulus. consumers have more money to spend, but some feel enhanced unemployment has incentivize workers to stay home on today's news from j&j, some of the covid winners in the space, papa john's, wing stop moving higher. >> all right kate, huge issue for the industry and something the street is watching i appreciate that. kate rogers watching the restaurant industry. coming up, don't miss the firm's founder and ceo max levchin. "squawk on the street" is coming right back

hey, it's good to see you. the company we've trusted to keep us working remotely, is the same company we'll trust to bring us back together. cisco. the bridge to possible. did you know that petco, is now a health and wellness company? their groomers work wonders for my confidence. i trust their vets, and i'm known to have trust issues. they deliver high quality food the same day. i was outside digging, what'd i miss? just everything regarding our physical, social, and mental health. exciting. i'm gonna take a spin around the room. great idea. ♪ ♪ petco. the health and wellness company.

welcome back to "squawk on the street." i'm dominic chu. stocks mixed s&did not refresh the record at opening bell. sector perspective, industrials the relative underformer down. stocks dragging in that group. airlines american, alaska also airlines, delta among the worst performers while the johnson & johnson vaccine news this morning had a relatively muted impact on markets overall. the travel stocks like these investors trying to digest what might happen as more concerns

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see yourself. welcome back to the mirror. and know you're not alone. because this is not just a mirror, it's an unstoppable community. come on jesse, one

more! it's every workout. come on you two, let's go! for everyone. so join in now. and see your best self. in the mirror. under way tomorrow, goldman jpm and wells farg oo before the bell tom, good to see you bullish on the banks ooh, music played, too. >> yeah, yes appreciate that. >> tell me about reserves. start there.

given reserves taken a year or so preparing for the worst may start to see them in significant numbers. is that true >> one reasons why banks may exceed expectations for earnings for this quarter. it's the primary reason ahead of the street in estimates full year underlying story in the industry that credit quality exceeded everybody's expectations in terms how good it's really been. >> i can remember jamie dimon on calls when they've done reserve calms, listen, we don't expect you to respond in a positive manner do you think the market cares or will those kinds of numbers that are increasing as a result of reserve relief be discounted >> i think what's going to happen, two major things that happen in the earnings that kick off starting tomorrow. nine of the nation's top ten

banks report this week number one, credit quality, as you said, better we'll have record investment banking results at least since the global financial crisis. big banks, loans, largest investment banks, they have the best quarter since 2009. that's going to be a little bit of momentum, too i think the other point i think you're hitting the nail on the head with is that there's not a lot of revenue growth right now. the way we look at it is, i think investors in the quarter will see good earnings, probably because reserve in good investment banks, see capital ratios continuing to build, and the other part of the story is we think there's $800 billion of excess liquidity sitting on bank balance sheets today the question's going to be, not a lot of revenue growth without investment banking when are we going to see the growth where the banks can leverage some of this fuel from this excess capital as well as excess liquidity that's when it starts.

when does the leverage of the economy recovery start to drive revenue growth for the banks i think that's the big question. >> yes and just talked about investment banking. spacs a big part of that more spacs public first quarter of this year than all of 2020 combined since then we've seen the s.e.c. starting to throw cold water. cold water on this -- entity, or i guess on this trend, and investors cooling, too how key is that piece of the puzzle going to be to investment banking moving forward and guidance we get? >> i could easily see spac revenues ebbing and flowing some at a record pace now really, the spacs are a result of the fact we had a record amount of investment in the private companies by individuals and primarily private equity the question, how does that get released into the public market. if not spacs, back to traditional ipos i think investment banks will be

in the middle of that. it's a method of raising capital for private companies. it's not the sole pact i would not be surprised to see adjustment how it's executed, but the process of the private companies coming into market has to happen in some manner. >> seen a rise in rates. i realize we're still at near his historical lows. what does that do to mortgage lending? >> mortgage lending is still going to continue to be strong last year the mba added $4 trillion this year we think $3 trillion it's still the third best year ever this quarter's going to be really good for mortgage we don't think we see it tailing off until last half of the year. another positive part of the story. the ten year has moved a lot but the short end hasn't the net interest margin story hasn't kicked in what i talked about earlier. we think the revenue growth story re-emerges ends of the

year as some of this excess liquidity is burned off. our view. >> and tom, finally, loan demand itself somewhat soft. many expect we're moving into a booming company. one expects, therefore, loan demand increases agree? >> exactly part of the bull case. fewer loans in the industry than 2018 because of all the stimulus and basically the deleveraging during the pandemic and the recession. so that is the, the bank balance sheets have probably almost never been better to fuel growth either happened organically, could happen via m & a but the banks, great balance sheets and part of the story. when that loan growth and leverage of the economy comes back, part of the bull case in stocks and why we continue to rate them outperforming large cap ones we rate them outperform. >> tom, appreciate your blueprint getting ready for as you say a slew of those bank earnings >> thank you. >> you're welcome. morgan, we look at a market

up ever so slightly in the s&p sort of digesting that news that appeared at least initially from j&j to be in the bad bucket, tempering that as we move along. >> dow lower in part because of johnson & johnson and the drag on that. opening trades under pressure. everything else higher or flat lining that does it for "squawk on the street." "techcheck" starts right now. ♪ happy tuesday. welcome to day two of "techcheck." new home on cnbc i'm jon fortt alongside carl quintanilla and deirdre bosa another must-see, biggest spac deal ever. grab grabs new valuation and a different model fo