it is 5:00 a.m. in boston. here is the top five at 5:00 get ready. major companies are seeking for earnings. and bitcoin bouncing back. up a couple thousand as the bulls use the pullback to buy more some say another crypto that should be on your radar. vaccines keep booming. now j&j is getting approval as cases fall by half in america.

president biden is pushing his tax and spend plan we'll speak with the top tax advisers in the world and what she is telling corporate clients ahead of the big speech on wednesday. you have seen him dance. unfortunately. you have seen him drive and seen him smoke. now get ready to see elon musk in a new light live on saturday night it is monday, april 26th this is "worldwide exchange" here on cnbc ♪ ♪ good morning, good afternoon, good evening. welcome from wherever in the world you may be watching. i'm brian sullivan hope you had a great weekend thanks for joining us on this monday let's kickoff monday morning with stock futures they are mixed dow futures are higher nasdaq futures are a little

lower. nasdaq futures down 44 they are down. either way, we see if the april momentum can keep going. s&p 500 hitting another intraday high on friday the 30th record high of the year another big winner the dow transports we'll have more on that in the morning rbi at the end of the show all this ahead of the busiest week of first quarter earnings and guidance one-third of the dow and s&p are set to release numbers this week thursday likely the busiest day in the season. in all, 169 s&p 500 companies and 10 dow components are on deck to release guidance including apple, microsoft, amazon, google, boeing, caterpillar and mcdonald's 40% of the s&p reported numbers.

check this out earnings up a stunning 34% from a year ago sales up 10% some of you are saying, of course, it is because of covid and lockdowns. not really remember, covid really hit around mid march some states took a while to shutdown or if they ever shutdown at all. most of the first quarter of last year was not quite business as usual probably not that far off. those are gigantic numbers as the u.s. economy continues to surge as more and more states reopen by the day. it is not just earnings for the week investors also need to keep an eye on a couple of things. the fed two-day policy meeting that decision out on wednesday no change in the interest rate is expected. on wednesday, president biden will address the house and

senate and on friday, the inflation number is out with the old core pce. remember that? joining us now is howard capital ceo. thanks for joining us. those earnings numbers i laid out are huge again, it will be a lot of covid lockdown as i pointed out, covid began to hit the country in the last week or two of march last year. it took other countries longer to do that those are absolutely stunning numbers, but the markets are not reacting that much why not? >> i wouldn't be concerned about it erpgs earnings are coming in by the way, good morning, brian. good to see you. the economy is reopening at a terrific pace. this is exciting stuff everywhere i go, it is packed.

my wife and i go to buy a bike the other day and it is a four-month wait. i think we are setting up for a happy summer with the economy reopening and the stock market healthy right now. >> yeah. i was in virginia this weekend i drove back the interstate was packed. 45 miles an hour traffic jams in the middle of nowhere. that said, has the market run? the big run we had the last six-to-nine mustonths, is that reflected? the smart money reopened nine months ago >> for a stock or etf or index, it has to make new highs to double i think that is what you are seeing now just because the market has taken a spanish pause for a couple of weeks, doesn't mean the bull market is slowing down

there is a lot of interest in the market one thing, brian, last year was tech, tech, tech this year, the dividend stocks coming back strong this is a great market you know, one thing we are watching is the small caps they dipped back they are rallying. convertible bonds dipped and rallying back up we see opportunity all over the place. >> the russell 2000, your small caps, had the big one. they came back down. tom lee and others talked about is this related to the price of oil or the concerns of how fast states reopen. it sounds like you are a believer in the small caps any pull back is in buying opportunity. >> that is a whole buying opportunity. faang is coming back facebook and amazon are building up steam like a pressure cooker.

they are about ready to breakout when it does, it will push nasdaq higher and faang higher look at oil. it is starting to rally based upon the economy reopening i think this economy will reope at a fast, fast, fast pace >> quickly, i know you like dividend and etf give us names. 20 seconds, vance. >> i would play it by an etf you get just as much bang for the buck you spread your money around and you will capture profitable trades i think there is a lot of opportunity there. >> capture dividend income as well vance howard also a pleasure. thanks for kicking off the show. >> thank you all right. you're welcome here is what else is happening around the world in business

top headlines with the stock down some 20% this year and some of credit suisse's largest shareholders are getting angry and looking to oust the ceo. combined, the executive in charge of risk, has lost shareholders $8 billion. the bank now forced to raise $2 billion for shore up capital david herrall owns 10.25% of credit suisse stock says he should be voted down and he is surprised that he hasn't resigned vw warning to prepare for bigger production hits in the quarter according to the semiconductor shortage executives are told by suppliers that backlogs could be worse

than in the first three months of the year. one executive says the shortage is the biggest challenge that vw faces at the moment. stock down a bit a new note from goldman sachs saying the uk is due to grow over the u.s. this year a striking 7.8% this year. above their expectations for the u.s. a lot of other firms have a higher number for america. of course, all this comes back to how the country is vaccinated and how much the cases decline naturally. what will happen now we will go to break and come back and when we do, when it comes to a crowded trade, maybe forget tech. why it's crypto you might have to think about what does the founder of litecoin think about this?

we'll ask him. the new stock that cathie wood is buying up. and it was streaming night at the oscars. the oscars were last night we will show you the big winners coming up. ♪ just over a year ago, i was drowning in credit card debt. sofi helped me pay off twenty-three thousand dollars of credit card debt. they helped me consolidate all of that into one low monthly payment. they make you feel like it's an honor for them to help you out. i went from sleepless nights to getting my money right. so thank you. ♪ ♪

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welcome back good morning it is time for the daily vaccination covid update another big weekend. over 290 million doses of the vaccine have been delivered in america. 229 million administered almost 95 million of us fully vaccinated that is 37% of the adult population and almost all of the at-risk population over 53% of us received at least one dose that number is important data out of the cdc says americans, 8% of americans, received one dose of pfizer or moderna missed their shots the cdc says the use of the j&j

sack vaccine, single dose shot, will resume in the united states. good news of the case front. new cases have fallen by half in the last two weeks in america. thankfully some hot spots like michigan and parts of minnesota are cooling off in the new case count in a big way very good news on both vaccinations and cases across america. on deck, he has danced we think you call it that. he smashed windows he fired up weed on camera now elon musk plans to be live saturday night the story you will have to hear and i guess see to believe coming up. ♪ ♪ >> announcer: today's big number 13.6%. that was the portion of disposable income in the u.s.

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welcome back let's check on the other top headlines on this monday including a sticker shock at the gas pump and shock as a nascar star goes upside down at 200 miles an hour.

frances rivera has more. >> good morning, brian president biden is getting the first report card. his approval rating at 53% that places president biden ahead of president trump, but behind obama biden earned 69% support for the plan on the pandemic gasoline prices are on the rise according to aaa. national average is at $2.89 a gallon a year ago, it was $1.78 a gallon ohio and michigan has seen the highest prices in the last week. tense moments at the unpredictable race track in sport. talladega speedway

joey logano went out of control and airborne he is happy to bealive brad keslowski took the checkered flag it is amazing they come out unscathed after that wreck unbelievable >> logano's head is where the roll bar is, frances he was doubly lucky nobody hit him. he scraped off bubba wallace's car. they are going 205 miles an hour and bumping and bumping. a lot of people don't like that kind of racing thank goodness joey walked away. frances, thank you >> sure thing. it is not only that. oscars were last night the overall night was still majorly scaled back. it was still a night of historic wins no surprise.

netflix reigned king taking home the most awards of any studio this year jennifer bjorkland join us now good evening, i should say, to you. we appreciate it for us who missed it, tell us the winners and surprises last night. >> reporter: oh, there was so much that was so different about this ceremony. it was a different kind of oscars minus the bits and musical performances the stars were out and we saw a glimpse of hollywood that was determined to shine. >> "nomadland. >> reporter: low budget film of life on the road scored big sunday night at the academy awards including best picture >> we give this one to our wolf. >> reporter: frances mcdormand made her way back on stage just minutes later.

claiming her third career win as best actress >> i have no words >> reporter: "nomadland's" driving force did. chloe zhao the second woman to win best director >> this is for anyone who has a faith and courage to hold on to the goodness >> reporter: there was a slight upset for best actor >> anthony hopkins >> reporter: he was not on hand and won his second career oscar for "the father. many expected to go to chad bozeman. supporting actor went to daniel kaluuya. >> celebrate life. we're breathing and walking. >> reporter: and 72-year-old

yuh-jung youn won for "marin"mi. >> i might have traded in my heels for marching boots >> reporter: words echoed by the winners of "perfect strangers. >> ask you are not inn different. >> reporter: a call to action for hollywood's best frances mcdormand had a plea to get everybody watching the ceremony to get out and see the movies on the big screens sitting shoulder to shoulder as soon as possible >> listen, we just went through the vaccination numbers. cases are down you know, 80% from the highs we are watching the video and there was a sign of normalcy we saw it. it wasn't packed wall-to-wall.

we are showing videos of people inside no masks blowing kisses it feels like there is a sense of getting back to normal with that the oscars kind of showed us the way. with we we don't see indoor people without masks. i like it. i love seeing it >> reporter: yeah. regina king said we are masked and vaxxed and sitting six-feet part they don't have the seat fillers. that was a huge departure. the place wasn't packed. they rotated people through. nominees were sitting in the theater. they rotated people through so it was never too crowded they treated it as a movie set hollywood has been back to work with the protocols in place.

>> it felt like normal you watched it and saw the stars. it felt normal and that's a wonderful thing. especially right now you as we head into summer jennifer, wonderful to have you on the show. especially at 2:15 your time thank you. we appreciate it >> reporter: thanks. have a great day cool on deck,confused about the likely coming tax hikes? don't worry. you are not alone. there's a lot out there. the wise tax guru kate barton is here to break it down. if you have not already, subscribe to the podcast on spotify, apple podcast and stitcher and others. it is called "worldwide exchange." we appreciate it bitcoin up $3,000 right now. i'll talk about that and more on the other side of the break.

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get ready. hundreds of company set to bust out the crystal ball what they see happening in the months ahead with so many new tax proposals moving around, what companies and hiring needs to do what the tax guru is here to tell you about it.

and what hasn't happened since "star wars" and "saturday night fever" was on the big screen it is the win streak that's "staying alive." it's monday, april 26th. this is "worldwide exchange. ♪ ♪ you may not appreciate it in full right now with that song and "staying alive. you will appreciate it with the rbi. it is an andy gibb thing sullivan has finally lost it wait until you hear it good morning, good afternoon, good evening here is how your money and investment looks right now halfway through the 5:00 a.m. hour

stock futures are mixed. ag again, we are seeing the rotation trade dow futures up 30. nasdaq up 40 it is the guidance season. not earnings earnings, honestly, don't tell anybody, don't matter that much because of the covid relationship it is the guidance it is what companies see and what they say in the months, quarters and maybe longer ahead that is going to determine a lot. by the way, if you are concerned about earnings they soared from the same quarter from last year covid only hit the last week or two of march some states didn't have it hit until longer or countries until longer do not discount these numbers related to covid it wasn't. march 11th was the day that everything got real for us

there was a lag across the country. a lot of the numbers may not be perfectly analogous. they are not far off huge parts of the economy in america are not only bouncing back, but never, ever slowed down now to the morning top headlines. republicans may be willing to hike their price tag on a potential infrastructure spending package that is according to senator lindsey graham gop could back $900 billion in spending compared to the counteroffer of $568 billion the biden administration says it will make raw materials needed for the india vaccine production available immediately as they work to fight off the surge of covid. the announcement comes as india hits another record of daily cases this weekend in addition to the u.s. support, britain, france and germany

pledged help to india. and losses tied to the fading frenzy around spac. according to the wall street journal, individuals suffered losses, but insiders have benefitted to the tune of millions s of dollars thanks to the discounted stakes in the companies the growing gap between returns for insiders and late investors, like you, is challenging the blank check companies democratized advance look at that the cnbc spac index is down 14.5% year to date and the markets are higher on the year back now to washington the white house hitting back at criticism from wall street over its proposed plan to hike capital gains taxes for high earning individuals and companies. the biden administration telling the financial times, that the new rate would effect the income

of a sliver of the u.s. population this ahead of what is expected to be the big push for tax reform when pricewaterpresident biden add addresses the congress joining us is kate barton. kate, it is important to have you on if you can make sense of the tax proposals, you are a lot smarter than we are. tell us the key headlines that we need to know and what the clients are worried about right now. >> thank you, brian. good morning so there is a lot going on in terms of all of the tax proposals. i think the operative word is it is a proposal and there will be artful negotiation needed to get it done. the talk of the town is the corporate tax ratemoving from 21% to 28% really, the big action is on the

international sections of the tax code and what will happen to multinational and coordinating that with the oecd that is one. certainly, the later talk of the town is capital gain increases which impacts mostly individual investors. it is important to corporate america as well as where you should locate employees. there are aspects to that as well, brian. >> 23.8% to 39.6%. do you think it ends up at 39.6%, kate? there is compromise. the gop doesn't have a lot of bargaining room. you don't control either house of congress. does it end at 39.6% >> brian, it really is to 43.4% because of the investment unearned income credit for medicare that is almost a 20% increase.

i think that there will be a lot of negotiation we have not seen party in the cap rate since 1986. at that time, the tax rates were in the high 20s. this is a huge difference. this will have a lot of impact most economists will say what will happen is investors will sell off before the rates change and they will end uph holding fr a longer period of time. you have to wonder if it raises more taxes if the holding period is longer to wait out tax rates changing again a lot of negotiation has to happen a lot of ways to get at this that is where the artful negotiation is needed. >> you know, this is where it gets wonky i read a study over the weekend. don't ask me reqwhy. i was with friends golfing

i guess i'm a dork, kate one-fourth of equity is held by american investors huge global ownership of u.s. equity how if you are in a pension fund in japan or a big investor in europe, how do they get impacted by higher capital gains rates here in other words, would it not maybe have the punch in the gut effect of the u.s. markets as many of the pundits are saying or more of an impact how does it line up? >> brian, that is the zillion dollar question. brian, a lot of the investors, foreign investors will not be involved in the cap rate the owner entrepreneur is out selling at that level. that person is in the state of new york or new york city, it is

worse. in california as well. you are looking at tax rates in the high 50s again, the biggest impact would be on the owner evntrepreneur which needs to be thought through if that is the right thing to do. >> yeah, that's a big one, kate. we don't often think of the foreign ownership of u.s. equity which is so important and meaningful if you are at home and have a 401(k) with a couple grand in it, what happens in japan? when this all plays out, when all of the sausage is made, kate, where do we end up on the corporate tax rate and capital gains tax rate >> so, i think, you know, the summary is still early to tell the corporate rate is in the middle between 221% and 28%

it is really important we line up with the global countries around the world we he don't want to have the highest rate again this is all the headline rate. brian, it is what you pay. not the headline rate. countries compete with each other on this. if it goes to 28%, the united states would be the highest among all countries with the oecd at 28%. we can't have that when you add in the state and local taxes, it is a lot it is in the low 30s a lot of discussion to try to get to a more coordinated headline rate around the world through the oecd efforts janet yellen has come out to participate in that more heavily. we have to see how it shakes up. the corporate rate somewhere in the middle 21% to 28% probably around 25%. >> you know they will roll out the story.

150 companies did not pay taxes. the cares act allowed them to push it off for a year don't mention that because facts. kate barton. we appreciate it we will see where this ends up thank you. >> thank you, brian. you're very welcome. coming up -- thank you i you like that. the wave it's like jeeps. more of the morning's big money movers and including what cathie wood's favorite stock. as we head to break on this monday, do you want to go to rome this summer paris? maybe. the eu will allow vaccinated americans to begin traveling there this summer. this move is one year after the eu halted all non-essential travel tiktok's boss bytedance

postponing the ipo plans it will grapple with regulatory demands in u.s. and china. and he mastered electric cars and rockets and -- not dancing, but you get our point now elon musk will try to master comedy he is set to host "saturday night live" on may 8th alongside mileycyrus musk to "snl." may 8th. set your dvrs or hulu or whatever it is now dow futures up 14. bitcoin up a couple thousand we're back after this. ♪ ♪ i will always ♪ i had the nightmare again maxine. the world was out of wonka bars... relax. you just need digital workflows. they help keep everyone supplied and happy, proactively.

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welcome back time for the big money movers. three stock stories you need to know about number one kansas city southern the board will review the $33.7 billion after from canadian railway. it has entered into the yield to be bought by canadian pacific which offered $28.9 billion. they bilwill see if it comes ba to trump canadian national stock number two cathie wood's ark invest buying

6 million shares earlier in the year that stock surging 33% last week in a note to clients, ark takes on the controversy of skillz the allegations of the company of the revenue recognition practice to the nfl partnership. after reviewing the reports, the claims are exaggerated or wrong. wood continues we believe the short-term reports stem from a misunderstanding of the company and its position in the gaming ecosystem and future ambitions the skillz ceo is on closing bell today and stock number three tesla expected to post record profits due to the growth in china. the question for analysts is guidance tesla moves to finish factories in china and texas by the way, i think that is

appropriate. if you think texlas is a new word, we should get that trending 5:3 5:43 in the morning. we're all go to texlas all right. let's move on. calm down, crypto bulls. bitcoin is bouncing back chewing your fingernails bitcoin is back up 3.5% after a five-day losing streak is it suffering burnout as the price goes up? investors are looking to other crypto including litecoin crypto has jumped 2.5% in the last year and a half what is litecoin why it may be a better bet than bit bitcoin. let's welcome in charleie lee

the managing director. thank you for joining us you are a deep expert. m.i.t. and google created litecoin for the audience that is just learning and intimidated by the crypto world, how would you describe the difference between ltc and btc? >> the simple way to think about it is i always see bitcoin as digital gold litecoin is silver it is silver to bitcoin's gold if you understand how bitcoin works, similar to gold in terms of mining. litecoin works similar to silver it is a layman's bitcoin >> so, from a block chain perspective and maybe not from a fractional perspective which is a key difference with the bitcoin bound to eight levels. are there any fundamental differences on the back end of

how they operate, charlie? >> the main difference is it using a different mining algorithm. it has a different set of miners it is faster it has more coins than bitcoins. it has four times as many coins and four times faster. litecoin transactions every two and a half minutes it is easier to use. the bitcoin block right now is congested. it is cheap and fast to use. >> what do you mean by that? it is congested? >> so the bitcoin block chain is full every time a block comes, the whole block is used by transactions because of that, everyone is competing to get transaction into the next block. the way to do that is compete by

paying more fees miners will choose to pay for more fees to get into the next block. that is why they are paying $10 per transaction these days litecoin transactions are still in the pennies >> okay, the analogy here. i'm a simple guy i like shipping. we have been to ports. if it sounds like what you are talking about is all of those ships are waiting to get into the suez canal on the block chain and the ship, not that first in line, but is willing to pay more, gets to jump the line and get into the canal first is that happening with bitcoin not a race to the bottom, but race to the top? >> that's exactly what is happening. people are paying more fees to get into the next block. if you don't pay as much in

fees, it might take time to get into the block for bitcoin you see litecoin as the analogy like another canal right next to it that was a larger bandwidth more ships go through the litecoin canal than the bitcoin canal. >> and when you launched litecoin, by the way, i was joking a year and a half ago sell the house buy litecoin i meant it tongue and cheek in november of 2019 i guess it is playing out. not investment advice. there it is. by the way, my line was a knockoff on the marlon brando movie. it was late november of 2019 not investment advice. what do you think of the call, charlie? what do you think? >> it was a great call it is a great call for buying any crypto at that time, right i think 2019, we were at the

low. great call >> i'm trying to appear smart here, charlie. don't say that crypto. i happen to say yours. why not? national television. i'll take credit for it. it was the one i picked. it was yours charlie lee of litecoin. thank you for breaking it down in a way that guys like me and everybody else can understand. best to you you. hope to see you again soon. >> thanks for having me. you're welcome on deck. get ready. a huge week not just for the cryptos, but corporate earnings and guidance our friend jenny is here with the three stocks that are high on her radar right now april is financial literacy month. cnbc is committed to sharing messages from businesses and leaders about the financial

education. especially early education here is president and ceo of the council for economic education nan morris >> currently 21 states have a requirement for personal finance. less than half of states in the country. we know that when you get financial education, in particular for kids in low and moderate-income communities, it makes a different. savings behavior changes not having a requirementak mes a difference for the students in our country. help your businessnal thinking o realize new possibilities. only one 5g partner offers unmatched network, support, and value-without any trade offs.

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rbi. not because we missed the soft rock sound of the '70s it play into the story last week, the dow transportation index reported it's 26th straight record close of the year and 12th straight weekly gain which is the longest streak of gains since going back to 1977 which is actually all the records of the index we have remember, the transports is a leading economic indicator and kept on trucking every stock in the index is higher in the past 990 days. you care because the transports are maybe not the way they used to be, but still considered one of the best leading economic indicators because they often signify economic activity in the future all of the stuff we buy or order

or whatever has to be shipped by truck, by train or plane watch the dow transports lately, they have just been about your everything. random, but interesting. or not for more on this, and a very busy week, for guidance, we are joined by the ceo of gillman asset management we're not going to get into that jenny, i know you don't like the transports to own them do you like the index to watch it or is it out lived its usefulness >> i think it is interesting to watch. i think it is representative of something broader in the market. we saw a huge rotation of leadership in september of last year and march this year the first two weeks of april, it seemed like the super mega cap tech stocks were getting their

legs back and assuming leadership position. transport rbi reminds us that will be short lived. if we look at the super mega cap stocks and faang faang has a multiple of 30 times. we complaining the market of 22 times and faang is 39 times. there is a wide gap of the last year's have and the rest of the market and the have-nots the transportation is really cool it reminds us how far there is to go and how much other leadership momentum in other sectors of the market. i don't own them, but it is very meaningful >> okay. we talk also meaningful. covid cases coming down by half in america what i don't understand, pfizer creates the vaccine, whatever your political view, who cares the vaccine is working

thank you to pfizer. the stock gets no respect. none >> none. they are reporting earnings next week i talk about the valuation and the story and the valuation and story to make a great investment work in concert. this a great opportunity pfizer trading at 14 times a 4% of yield. they basically saved humanity. you cannot say it is a sleepy old school come on. not only did they show they are agile, but innovative. if you want to put a stock in your portfolio and forget about it, this may be a terrific one cheap valuation. it is not like you are on the edge of a cliff. a huge march fgin of safety. earnings of maybe 7% to 11% on average over the next five or ten years?

that's terrific. it is not a two bagger or cocktail party fodder. it is not hey, mom and dad, i'm giving you $20,000 you will own something terrific. it is a consistent and normal way return to your portfolio. >> i love what you said, jenny they are helping us save humanity if the stock gets no love. we will drag you out of bed early again. come back soon. >> i love it >> thank you have a spectacular week. thank you for tuning in to "worldwide exchange. we're up and we're back up again tomorrow morning at 5:00 a.m see you then "squawk" and the gang are up next has longer lasting vitamin c. plus, herbal and other immune superstars. only from nature's bounty.

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good morning bitcoin is bouncing back after a major slide. you probably noticed that last week we'll show you where crypto and bitcoin and others are trading right now. soon vaccinated americans may be able to travel to europe. the cdc warning that alarming number of people missed their second dose. details straight ahead plus, a very big week for earnings on wall street. we get you ready for the tech sector and fed he meeting and t president's tax proposals. it is monday, april 26th "squawk box" begins right now. ♪ good morning