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

welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and andrew ross sorkin. the numbers have shown a number of new highs s&p set a intraday high on friday dow futures are flat s&p down by seven. nasdaq down 48 guys, it is worth taking note at this point of the year and so far the s&p hit 23 records the dow hit 21records. there has only been 77 trading days this year that means 30% of the time the s&p is setting a record close throughout all of this track how far we have come with the issues is worth taking note of that. futures are flat to down this morning. if you look at the "squawk stack. there was a story of the

everything rally big highs all over the place normally you don't see this many markets moving at the same time in the same direct cac in france and australia index has been setting new highs frequently as the u.s. has check out lumber prices. trading at all-time highs and it is worth checking out the 10-year note 1.57%. home prices are at the highest level since 2006 in the pre-bubble bitcoin has come down a little bit. bitcoin this morning is up by 7.7% you have to remember the highs they are coming off of i know you guys are watching that closely, too. >> i think 47 at one point was the low. $47,000. you know, when it comes down quickly from $64,000 to $47,000, you go whoa.

$47,000 versus at christmas when it was $20,000 it moved a lot a lot of people are have saved and they have not gone out we are leading the world in vaccinations as long as people get the second one and everything else, i think we're on track there are very concerning things happening in the rest of the world and india that show what can happen if you do take your eye off the ball they don't have the vaccination rates we have. it could be a blockbuster year overall in this country. hopefully in the rest of the world as well. the variants are disturbing. the other thing that is disturbing when everyone gets vaccinated, you are selecting for a virus that is trying to get around the evacvaccinations you are selecting. normally there is natural selection. t

that's where you wonder. i want to ask dr. scott gottlieb about variants i have no problems about getting this shot every year >> me, either. >> the fringe group that says pfizer wants to make money and i am not having one every year if there are certain mutations, do you need to go through full testing again to make sure there is not some horrible side effect they change the mrna because the spike protein has changed to make a different spike protein do you ever make some horrible thing that turns into a horrible side effect? i worry about it >> taking us down the path of zombies? >> there have been scary side effects. do you go through full testing or say the first one was fine. we know that

we did all of the testing. millions of people have gotten it can we say the variant vaccine is fully fine? >> you have to compare to the right variant. >> how do we do it with the flu? >> yeah. with the flu, the bigger problem is they are not good at picking the right varivariants make sure they see what is traveling the globe in time to manufacture it and get it out to everybody. >> this is a long article. i read it on the way in on what is happening in india. it went on and on and on it never got any better. the article. i hope there's -- i'm not sure what the answer is necessarily that is after taking a big victory lap, modi had to concede to shut it down and do a lot of things little over 1% is vaccinated

what's the answer? no oxygen. no hospital beds. >> how do we share the vaccines is the question. there are states that are not using all of the vaccinations that they have been shipped. there are huge questions of what we do with some of the excess vaccines i know the united states has already agreed to loan some of the astrazeneca vaccine that hasn't been approved here yet. >> what do you think of that that,ger issue. do you loan the astrazeneca? if you are not prepared to approve it, are you prepared to give it to others? >> that's what we have done. >> one of the most unique questions at the moment. what did you say >> it is a good idea we've done it. it is a good idea. we have three vaccines that have been approved here again, a lot of people who still need to be vaccinated here we hit that wall in some states quickly that dr. scott gottlieb

had been warning about with a glut of things it is appropriate. >> i see what andrew is saying do we give the one to rest of the world? that's not a good place to go. i would say any is better than nothing. compared for someone over 65 and the risks associated with astrazeneca is very small compared to the risk associated with covid right? >> andrew, what is the counter point? we shouldn't do anything with the vaccines >> give the crummy one >> i think it is a terrible, almost ethical dilemma we decided this is not good enough for us or it is safe enough -- i'm saying that is the position. >> we have three approved. >> i'm not the fda >> you donate some of the j&j

vaccine because it is easier with one shot. it doesn't need to be refrigerated you could say the same complaint about that the complaint would be the same thing. they will continually give us the ones they don't have faith in the reality for j&j and astrazeneca, it was designed for other countries in mind because they cannot keep things cold it is easier because it is one shot >> there is simmering resentment in the rest of the world because we have a lot of vaccine 80% of people over 65 have been vaccinated gotten both or at least gotten one. think about that that's where the real problems are, in india. >> a lot of death there. i would say it is just that. let's start sharing more it not a problem we gave the astrazeneca that we haven't approved, but let's start to share more because we are

hitting this point in lots of states with vaccines going unused this was laid out over the weekend in the long article. >> dr. scott gottlieb said we would get there. people begging for it to begging people to take it. >> we're getting there >> that's good meanwhile, we can go to europe american tourists who have been fully vaccinated against covid will soon be able to visit the european union the president of the european commission said yesterday that the resumption of travel would depend on the spread of the virus. you noted that the u.s. was on track to hit a 70% vaccination rate by mid-june this was the first signal that the eu was planning to open up travel on the basis of vaccination certificates now back to the sticky problem does my cardboard thing that says i got two of them, even if i put it in a plastic thing,

good enough? can you buy those and forge those? do we need something more official we have to decide that i don't know are we in the process of deciding that? how you do you approve you were vaccinated how do you prove it? >> this is the great problem. >> with that little thing? i got one. it has the person who gave it to me they wrote it in ink it is not official it is not official it is, but -- >> it speaks volumes of how sad the state of the entire rollout effort it's great we're rolling out better than many countries given the technology and the fact we all have iphones and all of these things in the country that we have not figured out a way to create some central i know people don't want a centralized database people don't want it i think it is fortunate in this situation. a combination of those things. the question is whether the health care system and so many

of the different places where this took place do have any kind of database. even themselves. that is up in the air as well. let's get to other news about the cdc. >> the electronic medical records are not what have been promised a decade ago where we should be at this point. that's for sure. >> that's absolutely rue the cdc saying more than 5 million people who got the first shot of pfizer or moderna vaccines missed the second vaccine. some people feared the side effects which include flu-like symptoms others said they were sufficiently protected with the sip single shot. some canceled second dose because they ran out of ply or d supply or ran out of stock on friday, the single shot j&j vaccine has been approved and back on the market there is a note of a risk of

rare blood clots dr. scott gottlieb will join us at 7:45 a.m. eastern time. hope hopefully he will answer questions that were brought up becky. >> what does that mean if you get your first shot and not your second? i guess we don't really know what that means overall? >> probably hopefully you don't get hospitalized hope nfully you don't die. i don't want to get it i hop i don't want to know anything about it i you would get the second one i have i already did. nothing. nothing. i explained it before. i was trying to find something the next day do i feel like i'm going to take a nap? yeah i feel hungover. wait i had a couple of drinks nothing happened nothing happened nothing happened to me

i hear it. matt got it. nothing. i told you that. we're both old and we think our immune systems are horrible. what's that? that might be it young people maybe their immune system goes crazy. is that it sorkin >> the fact is we don't know how it's working >> right anything after one, sorkin no >> anything after one for what >> for your vaccine -- follow me play along after your first shot, anything? >> i'm a young man yes. i felt a little bit groggy it wasn't the end of the world of the and it wasn't a great day. >> did you follow your friends >> are you suggesting i got my second vaccine yesterday >> i have given you the benefit of the doubt

no, i had -- that's it our immune systems are yawning my arm hurt. this arm this arm becky. >> the arm you got the shot in >> yes the arm i got the shot in when we come back, we dig into the big tech companies reporting earnings tesla, alphabet, microsoft, opi pinterest and facebook and qualcomm dow futures up 20 points s&p is off by 4. "squawk box" will be right back. >> announcer: this cnbc program is sponsored by baird. visit bairddifference.com.

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another busy week of earnings ahead you have big names to report the quarter results. tesla kicks off today. tomorrow is alphabet and microsoft. that is followed by facebook, amazon and twitter we have courtney gibson with us. she is a cnbc contributor. welcome. let's talk about the tech

stocks you are looking at facebook and at $300 is a price you like. >> facebook is one of the stocks same with google and apple that under performed from the beginning of september for the next six months while the reopening stocks had the big run in cyclical. facebook sells for 22 times next year's earnings. it is slightly above market multiple it is starting to monetize the large user bases like instagram. it is the big beneficiary as consumers spend more money 6% gdp will be positive for facebook it has been ignored because the stocks had big years with covid. as we moved out of the pandemic,

people moved to other secretors that were moved by reopening people are back to facebook saying this is going to out perform again when the economy moves as tech generally has been under performing it began to out perform around the middle of march. tech is up 8%. the market is up 5.5%. we are starting to see them come back >> courtney. you have been cautious about this you have been trimming positions with the new highs set not only target and bank of america stocks, but with apple what is your concern >> well, nice to see you today, becky and kari we have seen eincredibly smart investors talking about pullback i'm bullish on the market. i'm heavily invested in names like facebook and apple and all of the names i have been in.

however, i am cautious and trimmed some because of the gains i have had over time if we get a pullback, i want to get in the names at lower multiples where some may get paired back after earnings we will see what happens as we move into earnings you know, it is less about earnings right now yo, in my opinion, becky and more about the guidance, whether formal or informal as we look to the third quarter of the year. >> courtney, let's follow-up with you what would a pullback be to entice you back in 5% or is it more than that to convince you and it is worth jumping in for >> i'll be honest when coin dipped to 284, i dipped in that

name to jump on the crypto train. i'm not an investor in bitcoin, by i like the exchanges and ability to participate in the coin growth. when that dropped down to 284, i did get it when you think about the pullback and some of the names i'm talking about with netflix i evaluated going back into netflix. the long-term business proposition for the companies is real i think when you see a netflix pullback 10%, you have to take a second look. i did not get into that ganame if anyone did t, they will see returns. >> kari, you mentioned facebook. is the same true for the other big stocks >> so google had a nice move up 30% this year it has been a fantastic

performer. i think there is more to go. it is the name if it doesn't raise guidance, it will pause. because the stock goes down 1% or 2% after the quarter doesn't mean you give up it could be we anticipated a lot of good news from google over the past few weeks that the investors may need to absorb the new numbers and then it can start to move again if you look at technology and communication services and amazon, 42% of the market. it is very hard for the market to move higher without those participants it did so for six months on the back of reopening cyclical with energy stocks up those can only go so far without their earnings really starting to accelerate. it can't just be multiple expansion. we are looking at a lot of names. caterpillar and deere sells higher than facebook they don't have the same

long-term growth rate. we like google we also like apple we are not overweight apple. we're underweight. that has been the name for years. interest rates are so low that people with use apple as a checking account if they have other ideas or a reddit hot name or something shows up on robinhood. you can move out of apple and into those names and back and forth. they have the operating system you have the 12 phones coming out. that is going to be a 5g accessible iphone. we like it we don't overweigh apple here. >> you talked about jumping in stocks over the past years would this cool down if the tax

rates on capital gains would go into effect. can you answer that? kari first >> sure. we don't jump in and out of stocks we were talking about day trading. we are long-term investors that is something you have to be concerned about for sure. >> the same thing on my side capital markets, we cover large investors and hedge funds. when we think about what may happen with that, you know, i'm holding for the long term. so that capital gains tax differential will be less an impact i do believe it will impact more retail traders that have recently entered the market and are looking to buy stocks daily. that is going to be a challenge for them the larger and more wealthy and sophisticated investors will figure out a way around it they always have and always will >> all right

ko kourtney and kari, thank you. >> thank you coming up, netflix is one of the big winners at the oscars. we have the highlights after the break. later, get ready for tesla's results. we have that at the bottom of the hour we're coming right back. >> announcer: "squawk picks" is sponsored by wisdom tree the modern alpha pioneer 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.

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with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. welcome back to "squawk. netflix doubling the oscars wins in one night they had eight wins.

it took home additional seven. hair style and makeup and costume design among the other winners, "nomadland" taking in best picture and actress and director and anthony hopkins winning for "the father" beating out chadwick boseman i don't know if you watched any of it last night i think it is a little bit what would happen on friday in that segment with sara and ed you know me. i love the oscars normally i watched a little bit and clicked it off we will see what the ratings turn out to be we do, of course, congratulate all of the winners it did not seem to have that pop and excitement of previous evenings >> reading reviews this morning.

i think that's kind of the feeling and maybe as far as ratings, it may not be great either >> i think it will be tough. it was a valiant effort. they put on quite a production given all of the requirements around covid and trying to keep a safe set and all that. my hat's off to them for what they were trying to do this was a tough year all around we all can't wait for 2022 when we come back, president biden will address congress this week to pitch his infrastructure plan and tax increase to pay for it a lot more on that and quite a debate heidi heitkamp and judd gregg will be with us. look at airline stocks delta airlines and united and southwest all up this morning. alaska air slightly down we're back after this.

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welcome back to "squawk

box. president biden will address congress this week to try to convince lawmakers to raise taxes on the rich to pay for infrastructure and education joining us to talk about the president's tax plan is former senator heidi heitkamp also with us is former senator judd gregg the former governor of new hampshire. good morning to both of you. i'm going to go to the person who i know doesn't like this plan first and we can go back and forth. >> don't go to heidi first >> i usually go to heidi first judd, i'll go to you first to try to understand. we will create compromise on the show see if we can do that in seven minutes. is there a tax plan around capital gains, a higher capital gains rate, maybe not the rate the administration is pushing, but one that is fair and equitable and one to encourage

economic growth and pay for everything in the country? >> no. >> no? flat out no? there is nowhere we can go here? >> let's talk about what this is really occurring what you are seeing is a significant shift in the way we govern this nation we are going into what i call the era of gigantic government you can run $4 trillion deficit and nobody blinks an eye social infrastructure spending which is a new term which used to be called walking around money for democrats in states which poorly operated. you top this off with a tax proposal which essentially will make us less competitive internationally and reduce the forces of productivity in

society and is inheritently inn t tagonistic we are moving to the european model from the american model of entre entrepreneurship >> heidi, we may not get to kumbaya here we started with no let's see if we can try. >> first off, i don't think what the announcement of what joe biden is proposing is the final proposal i said this many times you can take joe manchin's word to the bank. he wants compromise. i think a lot of senators want compromise they are not willing to go as high as this president will go on capital gains the one thing i want to say is

we delayed investment and infrastructure for far too long. you can argue about what is st infrastructure and what isn't st infrastructure on the things we need to make congress run roads or sports or broadband we need to make an investment. that is about debt and deficit, too. the one thing i ask people is why is it in america if you make money on your money, you are taxed on a lower rate than if you go to work every day and put in 60 to 70 hours a week to earn a living that is the equity involved in capital gains dialogue there will be compromise you won't find it among people who automatically knee jerk. captital gains are where they need to be and they benefit in a huge way the richest people in the country who are getting richer every day in america.

>> j dudd, speak to that >> there is a compromise the compromise is you don't layer on the government $3 trillion of new spending if you pay for infrastructure bill, a genuine bill which was proposed by senate republican ares and joe manchin, i guess, likes it that is still a huge amount of money, by the way. that's good. let's do it. let's use the taxes on that part of the infrastructure bill which involves road activity and you will have to find revenue somewhere else this is not about that issue this is about a massive, massive expansion in the size of our government largest expansion in the spending of our government in the last 70 years. that takes into account the great society. this fundamental shift is going to cause massive debt and passed

on to our kids at some point, it will be paid which will be a currency crisis due to inflation >> judd, look, you know me i don't love debt either we had the conversation with president trump and this conversation under president bush and this conversation under president obama. >> not under president bush. you had an aggressive effort to get spending under control the average deficit under president bush was $250 billion. we are talking average deficits over $3 trillion that's a big difference. >> can i mention that george w. bush inherited a balanced budget almost a balanced budget >> from bill clinton >> decreased taxes that did not need to happen given the state of the economy you know, let's be careful and actually at the end of george w. bush -- >> let's stick with president

biden. >> the pullback was so deep, you could not climb out of it without investment in infrastructure and without tarp. you know, let's not rewrite history on the george w. bush term >> let's not relitigate the history. the point i was making is the person in office and we had the conversation you have been supportive of taking on debt versus the prior administration the point i would ask you, we have to get more revenue unless you can cut your way there. we can have that conversation then, too. how do you create revenue and do it in a way that creates economic growth? >> you do it under the bill i helped write you balance the effort by slowig

the rate of growth in this case, you are not talking about any spending you are talking about the era of giant government it is incredible the amount of money we're spending a lot of it is going to what i would call causes which are very hard to justify if you come from a conservative state or state which is fiscally responsible ra rather than illinois or new york or those funded by massive funding coming through covid >> heidi, i always ask you this because you are from a lot of fossil fuel jobs up in your part of the country which i think was beautifully shown in "nomadland." i don't know if you have seen that that was the star of the film

with frances mcdormand and amazon you say you wouldn't do $2.3 trillion you know how much of that is pie in the sky climate initiatives almost new green deal type stuff disguised as infrastructure. do you think that is an effective use of where we spend all this money that we can't pay for in the first place >> you know, i've been thinking about this, joe. when you look at the money, they are talking about investing money in plugging old wells and making this transition you know, it is ironic in north dakota with the covid money, we used the money to plug abandoned wells. you know, it just depends on where your perspective is on what is appropriate use. as we are looking at this transition, helping those energy workers figure out a way forward in their lives to make the same amount of money and put food on the table is

is that infrastructure or isn't it when we look at the energy grid i think there will be a scalpel taken to the bill and a lot of discussion of what should and should not be in there the margins are narrow i think anyone who thinks this bill is going to -- a big repurubber stamp and that's going to be it, you are misguided. >> people will yell at me because some of it was in north. i get confused i think we should maybe put them together and then -- washington, d.c. and we still have 50. north and south dakota together and add d.c. and then we will have 50 states and we don't have to change the flag. >> joe, that fails to show how much more superior north dakota is to south dakota you don't want to diminish the

value of my state. >> did you see the camera shots? that was the directing it was ifphenomenal >> i haven't. >> it is moving and beautiful. >> we gave the first word to judd final word to heidi. thank you both becky. joe missed his opportunity to talk about how much better he likes syrup. we'll have more on the topic of infrastructure later this morning. we will talk to maryland governor larry hogan for his take on president biden's infrastructure plan. our podcast has been nominated for a webby. go to webbyawards.com and vote for the squawk pod we'll be right back. so abe and art can grow more plants.

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special programming note for you. on saturday, berkshire hathaway will hold the shareholder meeting. it is virtual this year, but warren buffett will be on stage. shareholders can't be in person for the meeting, but it is not too late to get your questions in i'll be reading through them and i have been reading through them lots are coming in we will ask as many as we can get throughout that is berkshirequestions@cnbc.com. we get you ready for tesla's quarterly report dan weighs in on the eye-popping run up of the stock. up 1,000% over the last 18 months. and elon musk is hosting

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tesla is going to release, after the bell today, its quarterly results. analysts will be listening for an update on a lot of things autopilot, safety issues, increasing competition and delivery forecasts but what about the stock? it's gained over 400% in the past 12 months what do we need to see to justify that dan ives is managing director the redbush securities it's an interesting discussion to have, dan because, what do have you as the multiple, what do you got, 85

times or something depends if you're looking ahead or behind. let's say it is 85 times so, you have to assume that the company is a lot more than just a car company. that's mine. apple didn't make just a change from a computer company to what they are today, so that's possible but what is the most important thing to hear tonight is, is it projected deliveries, do you think that could blow that out, forecast 900k or something what do you think is likely? >> yeah, i think ultimately that is the key before it was 800,000, and now all of the skeptics, competition and ship shortage issues, i believe we're going to 900,000 if that ultimately comes out in terms of some sort of goalpost, i ultimately think this is the next step in the stock going

towards 1 ,000 it's a green tidal wave. with china, that's the success, that's the 230ek focus for the . >> and you think the ev tax credit, and instead of weening us of that, we continue to feed it and you think it do go to 10,000 -- n they need it, right, couldn't do it from the 7500, right? >> with the biden plan and the green initiatives it comes down to evs 30% comes from transportation. 7500 the ev credit today we believe that gets up to about 10,000, which is key in in incentivizing consumers. the big one with tesla tesla and gm have a ceiling. they pay it so you don't get the tax credits. we believe that gets removed,

tax credit gets restored talking about the green tidal wave, the u.s. has relaxed significantly. that comes in along with europe and china. you start to see the success not just tesla, but we do the 5 trillion mark in the next decade >> and i want to talk quickly about plaid, because the s-plaid, under 2 seconds, zero to 60 that gets my attention but i don't know if i want to -- when would you do that when and where and why and how how do you do that cisafely why would you go zero to 60 in less than two seconds and why would you want to? >> in tesla, the success continues to be not just relining model line and whatever, you see the technology that comes out of freemont and gigathat is changing the industry but they have to make sure

they're courting all of their customers even though the mass is focus on models 3y. >> yeah, i think about that, i'm attracted to it, but then i'm thinking, i don't know if i want to be able to do that. i just don't know -- with great power comes great responsibility that's a famous philosopher once said that. what about -- when we worry about in terms of self-driving, you know, that's what gets the red headlines. >> yeah, that will come up, i mean, clearly in terms of q and a but with musk they'll begin with what talk about with investigation but i think they can talk about the safety records. if you look at auto pilot and ssb that's something that is going to get pushed out as a regulatory perspective

i think musk has talked about it from a safety perspective, they don't have to focus on obviously bright spotlights or right now, even with the tragic issues. >> dan, we've got to run there's crypto risk on balance sheet, too i don't know whether that comes up tonight we'll see how quickly things can turn that's a tough thing to have to worry about, but we don't have time to talk about it now, dan but andrew is going to talk about it now but we've got a break. >> we will talk bitcoin. i want to figure out what you think the value of elon musk hosting s & l. coming up, bitcoin, coinbase, up big this morning. we're digging into the recent selloff and what investors need to know. plus, don't miss the fiery debate over the potential impact of capital gains we've t atgoth coming up two big

hours of "squawk" ahead just after this this is hannah - she's a posh virtual receptionist.

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investors are due for a busy week with the federal reserve meeting on a schedule, as well as a slew of quarterly earnings results including apple,

microsoft, amazon and alphabet we've got what you need to watch straight ahead plus, the latest on the vaccine front. we'll talk to dr. scott gottlieb where the country stands in terms of covid the possibility of traveling to europe and what dr. anthony fauci says about wearing masks outdoor. and morning half say they support the president's infrastructure plan. what it would cost and who would pay for it the second hour of "squawk box" begins right now ♪ good monday morning. welcome back to "squawk box" right here on cnbc i'm andrew ross sorkin along with becky quick and joe kernen. take a look at u.s. equity futures ahead of the open. still about 2 1/2 hours before it the dow would open 24 points higher s&p higher off 4 points, nasdaq

off 47 points. a couple of headlines, states have resumed administering the johnson & johnson vaccine. it comes after federal regulators lifted a pause with addition of a warning of extremely rare occurrences the blood clots. meanwhile, the price of gasoline is edging higher. a latest bloomberg survey shows gas $2.96. more than a dollar than a year ago when the pandemic tightened its grip on the u.s. economy a huge week ahead. more than a third of the s&p 500 set to report huge names among them, we'll hear from apple, amazon, facebook and twitter all on that list and of course, tesla later today. >> amazing that is a list that is quite a list meanwhile, we've got great news from sanofi meg tirrell joins us now good morning, meg. >> good morning, joe the french drugmaker said it's

entered into an agreement with moderna, to help make its covid-19 vaccine to fill and finish, essentially bottling the vaccine, starting in september it says it will perform that for up to 200 million doses from the moderna covid-19 vaccine from its new jersey site starting later this year. sanofi is actually helping multicompanies with manufacturing and filling and finishing of their vaccines. 125 million doses of biontech and 12 million for j&j in france it also has two candidates, one partnered with j and k to warp speed and another with translate bio. we've seen a ton of partnership happening to try to find manufacturing space for covid-19 vaccines across the industry merck helping with johnson & johnson, novartis with pfizer

coming together to try to find the space to make and bottle the vaccines at a scope, we, of course, have never seen before joe. >> and time flies, meg and it's amazing that -- well, you know it's a short month, only 30 days this month. i just checked on that and by may, we are getting where we hoped we would be not the rest of the world, necessarily in terms of vaccine levels, but we're making great p progress and we should start, hopefully, being able to see that in terms of numbers and opening up, you know, dr. gottlieb, i don't know if you saw we're going to have him on, meg. but he says at this point it's kind of -- you don't think of it this way, but when you go outside, you're less likely to get -- to transmit the virus or catch the virus, and we know about that it's mostly indoors. and he's thinking if you say you don't need to wear a mask outside, more people will go

outside. he's actually arguing that we should lose the mask mandate in some of the outdoors i didn't think of it that way before, meg. you know, maybe you don't go outside as much if you're required to wear the masks so, you don't have to wear the masks, if you go outside, most people will be transmitting. it's rare, transmission, i guess, outside >> yeah that is sort of the question of the day, do we need to be wearing masks outdoor anymore. it's less than 10% of transmission over what people have studied over a long period happens with outside you're 19 times more likely to be infected inside than outside. a lot of folks have been talking about this also with the idea we're all getting vaccinated not enough of us are getting vaccinated it has to be some incentive for people getting back to normalcy with vaccination you even hear people like mayor

bill de blasio talking about getting vaccinated a lot of that coming together. >> hey, meg, just what you were talking about with sanofi and finishing and filling. i thought that was a big bottleneck at one point the reason why we couldn't get more vaccines out sooner. if that's the case, with sanofi picking that up, has that eased the bottlement >> it certainly has been with the fda saying to but 15 doses in its vials instead of 10 that was essentially because they had the vaccine, they just couldn't find the very clear sterile space to bottle it into the vials. so being able to lift that pressure on that process will help speed up this process but, of course, there's raw materials that you need access to so the entire thing, just the scope that we're doing the vaccines, i think there are bottlenecks along the way. but that has been a big one.

>> yeah, it's one of the questions. we want to roll this out and get more vaccines to more countries. but part of the thing is if we were to drop the patent protections on this, you're still going to have the bottlenecks that are creating a slowdown i think that's one of the big problems we've talked to gottlieb in the past about that. i think it's a big issue that people tend to overlook. >> yeah, and of course, the industry doesn't want to waive patent protection on the vaccines so, there's a huge debate about that but i think it is clear that building up this manufacturing capacity is not a simple thing to do. and it's not a short sort of time frame to do these things take a long time to get done, just look at merck with johnson & johnson, in terms of getting it and making and not just bottle it, that's not going to happen probably until the end of this year >> wow meg, thank you great to see you this morning. >> thank you when we come back, bitcoin bouncing back after falling

below $50,000 over the weekend we're going to speak to the chief strategy officer of digital assets coin shares after this break before we head to the break, let's get a look at the markets dow futures have picked up they're in positive territories. only 23 points but again, we hit the records of the dow and s&p so far with 21 trading days under our belt, the dow has hit a record 21 times, the&p, s23 times. that's about 30% of the time we'll be right back.

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special programming note, on saturday, berkshire hathaway is going to be holding its annual shareholder meeting. and while this will be a virtual meeting once again, warren buffett and charlie munger will be together. and taking questions for four hours along with others. they'll be asking questions. berkshire questions@cnbc.com joe. coming up, we're talking about the president's tax plan, the positives and minuses. the debate, how that's going to be paid for, that's coming up. as we head to break, big week of earning, big tech week

market reaction and more a third of the dow and s&p set to report. a lot of faang stocks. things like that thursday will be the busiest, in al00l, 1 s&p and dow ten components, all on "squawk box" coming right back. [ humming ]

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welcome back to "squawk box. okay, folks, "saturday night live" has just announced a surprise host for may 8th. their may 8th episode and it's somebody that is very familiar to our network, elon musk is going to be the host along with musical guest miley cyrus musk tweeted out the announcement saying, let's find out how live "saturday night live" really is. other nonactors hosts have drawn on the show's best ratings, including donald trump in 2019 and nancy kerrigan in 1994, after the tonya harding incident if you don't stay up normally on saturday nights, mark your calendar for may 8th and maybe get your twitter on. because there's going to be a lot of conversation possibly about crypto we'll see how many jokes are

made about bitcoin and dogecoin, with our next segment, bitcoin hitting a low of $47,000 over the weekend. still welcomes the all-time high that just hit before the debut of coinbase two weeks ago. joining us to discuss all of this is meltem demirors, chief strategy officer you can explain, is there an exch explanation for what is happening over the last 24 hours, even? >> sure, there is an explanation, with bitcoin, there is an expectation. what you just alluded to that we talked about last monday, a lot of what we see, the coinbase listing was for all intents and purposes, crypto's big coming out party. a lot about leverage is still working its way through the system there was a lot of momentum from last wednesday the when that

happened and now we see the volatility, and the return,ed by coyne trading sideways the strength of ethereum, bitcoin sits below 50,000 for the first three years. and what is helping with ethereum outperformance, well the portfolios we're seeing in other currencies. >> stick with me with bitcoin for a second because then i want to get to ethereum who do you think is selling bitcoin? >> people with paper hands as they say no, really who is trading bitcoin, there are popular trades in the bitcoin space called bases space which allows traders to take advantage using an unique product call the perpetual stock which is a

product unique to the crypto space. a lot of the leverage you see coming off is traders trying to make that basis trade to capture some of the premiums or some of the discounts in that forward curve. a lot of it -- it's not repel. it's really traders. >> and just to put a point on it, how levered do you think the bitcoin trade is right now meaning, how much debt are people taking on debt? are people getting effectively loans, buying on margin? >> yeah. >> because if the price -- you see where i'm going with this? >> 100%. here's what's unique and i love that you asked this question, so thank you for that. there actually is no margin in crypto unlike traditional securities where you can get up to 50% margins using your red t accounts, the public ledge tore move them from wallet to wallet

to move easily -- i can't move my tesla shares in one click in bitcoin i can move very quickly. so there isn't much leverage, in fact, borrowing crypto is extremely sensitive. that's why exactly the deleveraging happened. because it's so expensive and the funds to leverage the spots is so high what we're seeing without volatility, traders aren't making money so it doesn't make sense to keep these levered positions open especially when cash is being price at 10 to 12%. >> tell us what you said which the hot top right now, as you say, ethereum. how much of a rotation out of the do itbitcoin, because peopl believe there's a better

opportunity out of ethereum? >> yeah, one of the things that's important to look at is the data this is what we look at with coinshares we look at the data. what we're seeing on the ethereum side three things happening number one, investor sent m and inflows are changing, tracking bitcoin to ethereum products our own ether ebt has over 1 million in asset management. and there's over 8 billion in ether, in products traded. just last week, ethereum edt trading in canada as well. we have a lot of product the supply schedule of ether is about to change. there's a big event happening in july that will cut the supply of ether issued on a daily basis dramatically, and it will actually demand the shifting

there are a lot of investors looking at ethereum, looking at their portfolios, they're up and there's no new cash coming into the systems because banks aren't open over the weekend what we see is crypto rotating one asset to another >> speak to this last week, practically every day we had a conversation about dogecoin and dogecoin started as a joke and to some people there's a view it's made a mocker rir -- we're all talking about this right now, ethereum and bitcoin. this is a serious issue and these are serious businesses and serious things and yet, there is a view among some, the skeptics in particular that would say dogecoin proves the point, what we're talking about is a joke. we shouldn't each be talking about it at all. >> look, that view is certainly a view, it's not my view look at the end of the day, i

don't think doge invalidates anything else that is happened look, does gamestop invalidate the rest of the tech sector? no does it invalidate the stock market no so, again, i think what's interesting about doge, it illustrates, the broader ice of this moment in finance which is investing is entertainment, right? whether we like it or not, that trend is here, here to stay. what's interesting about crypto, unlike robinhood or unlike these platforms where access can be turned on and off, we can't turn dogecoin on or off that's the beauty with permission with financial intervention dogecoin, whether we like it or don't like it it's here. >> are you not concerned about that, though i have to be honest, the idea of investing as entertainment -- look, gambling is entertainment. i know people thago to the tabls

in vegas and say i'm going to spend a certain amount of money, if they lose, that's fine. because that's the cost of my entertainment. maybe that's what you're arguing with dogecoin? >> no, at the end of the day, we have these manias right. i think what's happening with dogecoin is a mania. we saw last week, 4/20 last week, they were going to send dogecoin to a dollar this is like an online movement. it's a mania it's a classic sort of bubble, in my view i'm not saying it's good or bad. i'm not here to judge is it, dogecoin is not for me my company doesn't trade dogecoin i think, again, is it bubbly yes. i think all markets are bubbly i don't think it is just crypto. >> and then finally, i'm worried -- the question i'm asking you is actually going to become a serious question.

is there a trading strategy ahead of elon musk's guest hosting on "snl" i'm sure there's some speculation, he's going to drop a bomb if you will, or drop a name of some currency. it's going to fly to the moon and it's going to become a meme, and some people are going to try to bet that saturday night if not before on it >> i don't know if gary is an "snl" guy, but at the end of the day, we've seen a lot of interest in crypto generally what we saw the last week is a broader rotation this happened the last time coin dominance dipped below 50% was january 2015 and it lasted six months we had this massive ipo boom because people who made money on ether money in 2017 took those gains and rotated them it's like when the house givens you money, some people like to

take those chips and spread them among the table, right that's what we see happening here, there's a specter rotation under way. that's the opportunity >> meltem, it was great to see you, thank you for your perspective on all of this it's an education for all of us, we're learning as we go. becky. >> thanks for having me. >> thank you still to come on "squawk box" operation hope, john hope bryant and former white house chief of staff mick mulvaney debate the biden proposal. and governor larry hogan talks the infrastructure plan. as we head to a break, a quick check on futures the dow has continued to improve. up 36 points f p down 4 points, the nasdaq ofby 48. "squawk box" will be right back.

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coming up, when we return, we're going to debate the president's tax plan and then dr. scott gottlieb is going to join us with the latest on possible changes to outdoor mask guidance by the cdc and so much more. before we head to break, rama on the rails, kansas is talking to

it even though it remains down on the takeover agreement canadian national rail is worth $3 -- i said $300, compared to 27wh5 ich which canadian pacific aired. we'll be right back after this

♪ welcome back to "squawk box. i'm josh lipton. we got big news out of apple, just now announcing that it is committing $430 billion in u.s. investments over the next five years. that 430 billion includes direct spend with more than 9,000 american suppliers and companies in all 50 states tens of billions of dollars for next generation silicone development and 5g innovation. one big winner we call out here, the state of north carolina. apple will invest over $1 billion and open a campus in engineering hub. apple will add 20,000 jobs over the next five years in cutting edge fields in ai to silicone engineering. in a statement here, ceo tim cook saying at this moment of

recovery and rebuilding, apple is doubling down its commitment to u.s. innovation and manufacturing with a generational investment reaching communities in all 50 states i know back in 2018, apple originally said it was going to contribute $350 billion over five years so, apple is now officially raising that level of commitment by 20% one last point here, apple does emphasize it's the largest taxpayer in the country as well. paying over $45 billion, it says, in domestic corporate income taxes over the past five years alone. of the andrew, over to you >> and, josh, just so i understand, and the audience understands, how unexpected or not is this? and where do you see the biggest investments that would have surprised you, if this is a surprise >> so, listen, originally, like i said a few years ago, it announced andrew made a big splash they want to do 350 billion contribution to u.s. economy, right? it is a surprise they're now saying we're ahead of the curve

and doubling down on commitment. now they're giving this new that they're 20ing 400 million in the next five years and 20 million jobs cook is right, coming at a time of recovery and jobs top of mind also coming at a time when big tech, we know, is facing a lot of increasing political heat on capitol hill i think apple coming out here and saying it's going to spend this money in a lot of states, red and blue alike adding a lot of jobs, high-end jobs politicians like to see in their districts. these are high-income engineering jobs that would be, perhaps, a quick way to make a lot of friends on both sides of the aisle. >> josh, great to see you, thank you for that news. dom chu has got the market news. we want to call your attention to action happening across the market specifically in one part.

travel and leisure ahead of the "the new york times" that europe could possibly let u.s. travelers in this summer, if they're vaccinated that's what the entire travel and leisure. american airlines, especially international travelers, american airlines, love 2% united up a point there. carnival up and expedia up 0.5%. this particular etf, the dow joens had a record high to get to transports the a record high trading just on friday i would also note that for now, we have the longest ever winning streak for this particular etf, it's been 12 weeks of 12 straight gains of positive etf so transport getting help from travel and leisure, specifically the airlines one other place to watch, what's happened with coinbase shares, the recently are minted

coinbase, up 3.5% premarket. it's riding a five-day losing streak at one point on an intraday basis someone paid $429 and change for this particular stock. it got down pretty low towards the 282 level at an intraday basis. just a huge move lower over the course of, let's call it, a week and a half since it's been public it lost about a third of its value on the intraday highs. but andrew the snap has bitcoin prices climbing. back to you. and the capital gains for the country's highest earners, the possibility exists that the tax could be retroactive and that wouldn't be the first time. cnbc's robert frank joins us robert >> good morning, we don't know whether this tax hike will be

retroactive, but legally it is allowed and has been done before back in 1969 and 1993 with the clinton tax hike the gop challenged that 1993 hike as unconstitutional but the supreme court upheld the increases basically saying backdating or retroactive was legal as long as it was supported by a legitimate legislative process and going back the capital gains tax could be problematic for sales of companies. capital gains tax for next year would create a huge wave of selling and revenue and then a big drop after but if the tax hike is retroactive, january 1st of this year a family company or founder that sold a business in february, based on a tax hike, at that point, 20% would owe more taxes under the

higher rate which then could propose a problem for the deal, the contracts and, of course, the liquidity. mark mazer a biden appointee said at a recent conference retroactive tax increases tend not to be the first choice, but could be pursued if taxpayers are close if given notice. given that biden has talked about this since his campaign over a year, we are all given notice again, unlikely they will make this retroactive, but it is possible >> okay. i guess we've been put on notice, you make the point, robert, thank you. joining us is operation open john hope bryant and mick mulvaney who served in 9 trump administration as omb director and chief of staff he's also the founder of exoges capital. john, i'll start with you, this

could be a big gain on the capital gains tax, it's the levels particular in some of the blue states where it will be high percentages for people of capital gains. is that the right move, do you think? >> well, i think we need to do something, becky we're at a moment in history, we're at war with reinvestment we're number one in gdp. 13th in infrastructure according to the world economic forum. so the country is in some ways falling apart from the things we need the most to compete when i was coming up in compton, i remember i got in an energy course that was government inspired, the cra. that taught me to be an entrepreneur i got on public transportation to ride a bus to hollywood and my first job in malibu that was public transportation on public roads. because of private investment and public investment, i'm probably one of the people, the

founders that are going to be hit by the increase in capital gains. but i think this as r & d day, i see it as reinvesting in the economy that invested in me to grow i think something has to be done, probably more negotiation, but something has to be done yet. >> but, gjohn, this isn't going to go for infrastructure, i think this is more for things for paying for free college for people is that okay, is that infrastructure in your mind? >> that is infrastructure. the biggest investment, becky, in this country is human capital. that's what i'm talking about earlier happened to me it's human capital and other sources of infrastructure from this country that allow us to grow 70% of this economy, i'll remind you is consumer spending i want to say that, 70% of gdp is consumer spending and middle class have really taken it at the wallet really in

the last fr40 years bill clinton i think had it right. a lot of centrists had it right. i think we have to come back to a more balanced approach and, yes, i do think there has to be a huge reinvestment, at 2 or 3%. >> hey, mick, we had a democratic senator, former senator heidi heitkamp who said this morning we shouldn't be too concerned with the trial balloons at this point that the real number is not going to be that high. what is your concern on the trial balloons and what do you think of a lesser number that might come forward >> a couple of things, first of all, the trial balloons will have real impact on the markets. i don't know if all of the democratic talking heads recognize that that will frighten the markets, detablize the markets. comments like the retro activity will frighten the markets. there's a lot of small business

people going, oh, my goodness, do we have enough liquidity to pay the taxes. the real issue is the theory, not just the number that they want to tax in investment. i'm curious what john thinks about this, if you tax something would you want less of it? you tax cigarettes if you want people to smoke less, if you tax carbon because you want people to produce less. if you tax investment because you want less of it. that's what i don't get here i recognize john's argument for reinvesting in infrastructure. again, that was the corporate tax argument, not the one we're talking about with capital gains tax. i get all of that. but why are the liberals so intent on taxing, i don't understand which problems they're trying to fix by raising the taxes. >> first of all, we need to stup with the red jersey, blue jersey thing here and i think we need to realize today we're really a green jersey this is america.

and even republicans realize, they've been talking in the last few days about this, that we need to do something even republican governors and senators say we need some infrastructure bill. we're trying to figure out where it's coming from apple just announced it, has to reinvestment in its business model. we've got to reinvest in business models to get gdp to be competitive otherwise, we're going to be a second-rate nation china wants to be it everybody wants to be an american we got to double-down on the most important capital in this country which is us and what we drive on and operate on. 18% of the economy this is a deficit. 70% is gdp and consumer spending i hear what you're saying, i don't really think it's a partisan issue >> i'm not trying to make a partisan argument. arguments are valid when it comes to spend the money i get that, we might disagree on that again, you're right. that's the revenue side.

i'm talking about how they're raising the money. why they're doing it by taxing investment that makes no sense to me. i think we're talking across each other in terms of what the issue is the issue today is not whether or not we need more spending on infrastructure, we probably both agree that we do the issue is where's the money going to come from it's not going to come from the corporate tax. we talked about that, the proposal doesn't raise nearly enough to pay for the actual infrastructure here again, raising the taxes on capital gains won't raise nearly enough money to do what john just talked about. the argument is where you should spend it it's a political argument that democrats have won that election this argument is the discussion about where is the money coming from if it's not coming from corporate taxes, it's not coming from capital gains, it looks like the liberals are looking to punish the people they don't like to follow through on a political promise. i get that i just wish they would be

honest it's not a political argument in terms of raising taxes >> becky, when we want to go across the world, what do we send in, special forces? we're talking 100 million people that do 100 million in taxes, again that might be mee from henry ford to the gentleman he used to work for, we're sending a message that we're going to double-down in the greatest economy in the world so we can compete for the next 100 years i do think the messaging is important. all of us must be into this. and at the tip of the spear, to be those who benefited the most, which are the entrepreneurs and the capitalists who have got a trillion dollars worth of real estate growth during an epidemic, by the way we'll be okay. >> gentlemen, we are out of

time, but this debate is not going away so, we'll have both of you back to talk about it once again, mick, john, i want to thank you both for your time today all right. coming up we got the former fda commissioner dr. scott gottlieb. and we're on tesla watch today the company is going to report results after the bell expected to report record profits mostly due to growth in china. we're going to preview the numbers. we did it already at 6:00. we'll do it again, in just a bit. we'll be right back.

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but i think it's pretty common sense now that outdoor risk is really, really quite low. particularly, i mean if you are a vaccinated person, wearing a mask outdoor, i mean, obviously, the risk is miniscule. >> dr. anthony fauci yesterday on the prospect of the cdc revising guidelines on wearing masks outdoor. joining us now, dr. scott gottlieb, former fda commissioner and also serves on board of pfizer and an article in "the wall street journal" saying the cdc is moving too control. dr. fauci says maybe we can take off one mask, outside. and leave -- maybe that's where we're going. here's what i don't understand,

doctor, you seem to be actually saying what's the -- it doesn't hurt anyone to wear a mask outside. you're actually saying we need to make it easier for people to feel comfortable with that because that will induce more people to go outside what's the harm in wearing a mask outside, if you're going to do no harm, if you don't actually know what the details are. why do you actually urge the cdc to relax them. i assume, so that people -- the stigma of being, you know, out, goes away. because it's better if people go outside. >> well, look, people could choose a wear a mask if they want to. i think there are should be requirements that they have to wear masks outdoor i think we should also be thinking about how to rapidly lift requirements and mandates in gatherings outside to allow more gatherings outside, to allow more large groups, sporting events, things of that nature the weather is warming up. we know activities outside and

lower risk outdoor it's one thing it's a one-way street, if you lift requirements you're not going to be able to impose them. you want to make sure the trends are down but the trends are down, the gains we're seeing through the virus are being slod sli solidified some vaccination. now, it's the result of immunity we can be assured for the gains now and not reversed just as a point of close, we're doing everything wrong right now, people are congregating, and b.1.1.7 is there and some are requiring vaccination. >> and that is in sharp contrast to what is happening in india right now. i'm wondering, they went wrong with opening up too quickly with

the opposite of what you just said, with a very low percentage of the population vaccinated just over 1% there were a lot of weddings a lot of things were allowed to reopen, was that a mistake i guess in hindsight, you can't call it anything else. >> well, look, they didn't have a lot of public health rie requirements in place. they were allowing mass gathering. the cirroprevalence was higher than it was thought to be. they said it was 40% but now it's significantly higher, they may be reaching a point that this is going to turn they vaccinated about 10% of the population 120 million people but it's not enough to have an appreciable effect they do still need to get more vaccination to the people there. there's probably a lot of infection already.

i would expect in the next couple of weeks, perhaps, things to start to turn in india just because they have so much immunity in the population >> other thing that's concerning is that even in, whether it's india, or even in places where there's a lot of vaccinations, you're selecting for variant, if everybody is vaccinated. the virus is going to try to get around vaccinations. or, you know, if we don't -- if there are hot spots around the world. that's where you'll see variants my question i brought up earlier, can we assume that if we design a new messenger rnr vaccine that we won't have to go through the long extended testing process? can we assume it's going to be safe and wouldn't have any bad side effects if it was earmarked and had to be earmarked for a dangerous variant? >> that's the regulatory process that the fda is designing. when we put new vaccines into development into each season, we don't bring them through clinical trials.

we don't do outcome studies to see if they're effective against the variants we allow them basically on laboratory tests on the basis that people will generate antibodies on the new design when the fda is designing the new coronavirus vaccines, they're presuming that the platform is safe and effective they have a good understanding of the platform at this point and allowing new variant vaccines to be approved more expeditiously. one thing we don't know, target 1351 which is on the development in the company i'm on the board of pfizer it might work 1351 we won't know how it works against everything else. we do need to be prudent in putting the new vaccines in development and making the assumption they're going to be effective against a full range of strain. that's why in the fall, if we're boosting people, that's an open question as to whether or not the existing vaccine is

comparable to a new vaccine 1351 >> i got the one -- in the journal it says 1.5% of the people are fully vaccinated. where are you getting 10%? >> my understanding were 120 million people in india have been vaccinated. my information could be wrong. that was my understanding. >> fully vaccinated -- i knew i had seen it. i just found it. >> i'll check it on twitter. i'll mput it up on twitter >> dr. gottlieb, two very quick questions. one is, we're seeing a lot of folks who have taken the first vaccine, haven't taken the second how protected are they, or not >> yeah, i don't think it's a lot of folks you know, when you have those vaccines, you do see a falloff, people don't come back for the second dose. people who are coming back are generally younger people we're starting to seat phenomenon grow as we vaccinate the younger cohort the younger cohort does get more

protection from the first dose the older population did come back for the second dose, some of the young folks are i would encourage everyone to come back for the second dose. especially make sure you come back before the fall younger people, there is some evidence they get an immune response in the first dose but we don't know how durable it is you want to make sure you get a durable response especially into the fall you want to stick to the regiment and come back >> to finally help us, in this debate, we were discussing sending the astrazeneca stockpile we have to other companies that have approved it. we obviously have and eyes are raised, here we are as a country decided we're not approving it, it's not good enough for us. we're worried about certain amount elements of it, we're saying, no, no, we won't take it, but have at it, you guys can have it. how should we feel about that? >> look, i think the benefit is the risk benefit has changed

because we've vaccinated a good part of our population if his were five or six months ago, we'd make a different different. we've deployed the rna vaccine that's how the regulatory process evolved. >> thank you dr. scott gottlieb. thank you. >> thanks a lot. coming up, maryland governor larry hogan is going to join us to talk infrastructure, taxes and other issues straight ahead. and later, mohamed el-erian for this take in the mkearts straight ahead as it's onl monday -- oh, stay tuned "squawk box" will be right back. s to help you break down boxes? arrrggh! what am i gonna do to you box? let me “break it down” for you... arrgggh! you're going down! down to the recycling center! >>hey, thanks martins! yeah, you're welcome.

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good morning earnings avalanche a huge week of reports kicking off with tesla after the bell today. we're going to tell you exactly what the street is watching for. it's also a big week in d.c. president biden expected to unveil the next phase of his recovery plan. but wait a second, we're still haggling over infrastructure maryland governor larry hogan is going to join us as to what he sees as realistically possible and the oscar goes to hollywood, celebrating a different type of awards show.

netflix snagging the most statues but not the biggest prizes we'll wrap up the final hour of "squawk box" that begins right now. ♪ good morning good morning and welcome to "squawk box." here on cnbc 15 total hours, we've got so so 13 hours left. 13 hours of "squawk box" left. that's early early in the week. >> this week this week. >> we love it. we love it i wish it was -- i wish it was 13 1/2 hours -- no, we do love it becky quick and andrew ross sorkin >> we could do that. >> we're so lucky, i'm only kidding. >> we are. >> but mondays are -- we know about mondays. we know about mondays. i mean -- >> ah, mondays aren't so bad i'm not tired yet. >> right when the alarm goes off it's

like, there well go again. but 3:00 -- starting with the 3:00 sew. >>. >> time to make the doughnuts. >> s&p down, and the dow up. treasury yields still well behaved for the positive reopening stuff that we're hearing about. but they're up a little bit, close to 1.6 as we, you know, micro-analyze ten basis points between 1.55, the world looks like we're slowing down. and 1.65, while we're reopening -- we're reopening it's amazing, isn't it, like it matters. >> that's what life has gotten to here. but it does make a difference. it impacts what you see with the yields not only mortgage prices it goes through the stocks at this point so many things teeing off that ten-year yield allen greenspan is right

this is at that important number when he used to watch closely and got away from it but i think it's back. back in vogue, in a big way. >> it is it is. and gives us something to talk about. >> it does >> since we have 15 hours to kill a week. many things. >> here are other stories that investors are talking about. we got breaking news from apple this morning the tech giant announcing its increasing its total investment in the united states to a total of $350 billion over the next five years. in 2018, apple said it was committed $355 billion over five years. apple says it will be adding 20,000 jobs in cutting edge fields and plans to open a new engineering hub in north carolina probably worth pointing out that duke in north carolina is where tim cook went to business school and the company's announcement, apple also emphasized it's the country's largest taxpayer,

paying over $45 million in corporate income tax in the last five years and french drugmaker sanofi is reaching a deal with moderna to have file the company's two vaccines it was in an area where there will be a bottleneck trying to get the filling and finishing done that should speed it along and americans once again receiving the johnson & johnson, the fda and the cdc lifted the recommendations to pause the injections for those cause blood clots with those who had gotten the vaccine. a big weekend for elon musk, early saturday morning, the dragon space capsule docked after reaching the international space station. and then elon musk announced

he'll be hosting "saturday night live." on may 8th he said, let's find out how live "saturday night live" really is. there's an interesting tease for you, something to tune in for. >> well, wait a minute, wait a minute, he built a rocket that took two people up to the space station. but then the even bigger thing that happened -- >> it's the news >> -- he gets to host "saturday night live." >> the space station and rocket thing he will do multiple times, but "saturday night live" is a onetime thing, right >> i was thinking about him doing it whether he'll be any good at it. actors -- dramatic actors -- remember, bill murray said if you can two comedy, you can do anything he became a very good serious actor. a lot of actors on "saturday night live," you see them reading cue cards and the timing isn't great. he'll do as good as any of them. >> he probably knows how to ad-lib

>> yeah, he probably does. i'm is not worried about that, and then the writing is so amazing. but elon, look at aaari. >> by the way that rocket that took off is called "endeavour" guess what is going public next week endeavour >> that's a coincidence, isn't it >> irony of ironies, we at all it president biden is going to unveil an infrastructure plan, and democrats and republicans are arguing how much the plan should cost. joe manchin ed he said programs centering on child care facilities and in-home care for the elderly should be dealt with apart from more traditional

infrastructure >> i think they should be separated. >> you do? >> i do think they should be separated. because when you start putting so much into one bill when we all an onmnibus bill makes it very difficult for the public to understand >> late last week, the next guest convened a bipartisan meeting of senators to talk infrastructure i want to welcome governor larry hogan of maryland. are you willing to think these issues should be broken apart? >> yeah, absolutely. this is what unpraeecedented. we had governors and senators republicans and democrats gathered to talk about two days for agreeing on abipartisan plan for infrastructure. i think everyone who attended the summit agrees with senator manchin. look, we all want -- rebuilding america's infrastructure is a critical issue that we all agree on

and we all think it should be a bipartisan effort that has the support of republicans and democrats and that it should be focused on infrastructure. not just roads and bridges and tunnels that are crumbling and airports and ports but also digital infrastructure and, you know, green energy and the grid, we can agree on finding that middle ground the second set of things that the president is apparently going to unveil for the first time on wednesday is really not -- has nothing to do with infrastructure and most of us think it should be handled separately. >> how do you think we should pay for all of this? we've been having big debates for last week since it was unveiled there's going to be an additional higher tax on gains making over $1 million is that the right way to do it >> so, first of all, we've got to agree on the scope of what's going to be included in the bill and sfigure out the costs it's $1.6 trillion difference

between what the republicans and democrats have proposed we need to figure out what that cost is and come up with a pay for us that's really the sticking point. we've reached a tremendous amount of agreement between democrats and republicans on the first several parts of the issue. how we're going to pay for is still the one that requires quite a bit back and forth in the house and senate over the next weeks and potentially month. >> let me throw another morningky wrench into the pay source the sales tax. we've heard from senators schumer and others who essentially say when it comes to all of these things that they want to desperately fix the s.a.l.t. tax and reverse it to what it used to be do you think that's in the cards or not really? >> you know, i think it's hard to tell what exactly is going to come out of this congress. first of all, we have to figure out how much we're going to

spend and where the money is coming from. we can't figure out what taxes are going to be raised before we actually figure out what we need to spend to build infrastructure which i think most people agree we've got to try to address. yeah you're going to find great differences between democrats and republicans, first of all, on how big it should be. but even more disagreement, probably, on how we're going to come up with the money >> in terms of the total number, if you're a betting man on infrastructure, to the extent we get there, what do you think the number actually lands at what does it look like >> well, it would be just a guess, and just my -- not speaking for the whole group but i think the republicans are at $600 billion and the democrats are at $2.3 trillion i think if you broadly define infrastructure, you get somewhere between, you know, 900 billion to maybe 1.1 trillion. so somewhere in there, maybe about half the size of the

package. some people are saying only 200 million of it is actually roads and bridges. but anything that we talked about building, repairing. you know, either physically or digitally. you could stretch it to about half of what the package is. but the other stuff really has nothing to do with infrastructure >> and let me ask you, because we keep going back to the pay fors do you believe that the biden administration plan is simply about pay fors meaning paying for the new infrastructure plan? or is it more with trying to deal with the priest debts and other things are we happy this costs this, this costs that, therefore, we need to make up that money or do you think it's a very different discussion that concludes -- frankly, i think there are some part of the people out there who think that part of the tax policy is to actually literally bring down the top? >> well, i think that's an

excellent point and i think that's what the biden administration and the democratic leadership is talking about. it's not what the republicans and/or these bipartisan kind of centrist democrats joe manchin was with us thursday and friday last week there are about ten democrats and ten republican senators who work together, they call themselves the g20, the i'm the chairman of no labels. 50 house members, 29 democrats none of them are talking about that what they're talking about is just focused on actual structure and how we find the common ground to pay for it but there's no question that chuck schumer and pelosinancy pi and the biden administration has a different perspective -- go ahead -- >> no, i was just going to say, governor, i don't know whether it's going to pay down the debt. there's a whole contingent of

people that says it's not going to do any of that. it's actually punitive >> yeah, no. >> and it's not retribution to take it away from one person to do good stuff -- i'm talking about a piece by lawrence lindsey, an opinion piece in the journal today, he wants to raise the capital gains rate so high and it punishes people and do well and lose revenue overall. do you agree with that >> i do agree with that. i think that's one of the main reasons we should separate out all of this other family infrastructure they're talking about. and massive tax hikes on the rich and corporation is and set that asite for a later date. while we focus on infrastructure which is something that republicans and democrats do agree on and can find common ground and get it done the other thing is there's trillions of dollars of

investing in infrastructure. until our state, we're building the largest p-3 transit system in north america and the largest p-3 highway system in the world with public dollars. it's not just about raising the capital gains tax and taxing the rich our state of maryland made that mistake before i became governor, we taxed everybody at a higher rate and they all stopped paying taxes in maryland some of them moved out of state. >> governor, we appreciate you being with us this morning hope to see you very soon as we follow the progress of this infrastructure plan. >> thank you >> as you can see, the tax debate will continue becky. thanks, andrew when we come back, we will get you ready for this week's monster slate of earnings, technical signals coming up. and allianz adviser mohamed

el-erian will get you ready for what's ahead this week and he that's not much and we'll dive into the problem why. straight ahead and this is cnbc. . it's understated, yet over-delivers. it is truly the mercedes-benz of sports sedans. lease the 2021 c 300 sedan for just $449 a month at your local mercedes-benz dealer. dave doesn't need a posh virtual receptionist, because he cloned himself. while his clone watches the phones, dave can work on his code. and lead his team. dave trusts his clone like he trusts himself. so, in summary, we're going to sell the company. who's in favor?... perfect. but if cloning isn't an option for you, just get posh. virtual receptionists who can answer and transfer your calls,

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with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. two buyoff deals announced in the last few minutes.

first up cyber security company proofpoint has agreed to be bought by a private equity firm. the deal is worth $176 a share provepoint shares are currently halted but you can see that it halted at 131.78 and chemical company w.r. grace is going to be acquired by standard industries. it's worth about $70 a share that stock is up 6.5% to $68.40. joe. >> bec, thank you. the dow and s&p set to reveal quarterly results this week. the next guest says big tech companies are coming in hot. take a look at marquee names have performed since january here to talk technical, katie stockton managing partner and founder of strategies.

katie, i don't think we're going to say the letters or word s&p let's talk about asset, these things do have technical pictures and with alphabet, you make the point it's very similar to microsoft. we can talk about both >> sure. well, those stocks have been scarce, have been higher and really bullish long-term takeaway but the riser that they've sort of risen up on is, however, very steep. and not suggest perhaps they're coming into earnings a little y overextended you did see the momentum broadly behind the mega tech stocks. you can see the breakout point with alphabet and also microsoft, those of which had nice breakouts good breakouts do have bullish ente intermediate breakouts the short term, five to

eight-day moving averages that to me is uncomfortable >> okay, 7, 8% perhaps how about facebook >> for facebook, that's already pulled back from its highs, 5%, 6%, a little closer to initial support than microsoft and what we've been seeing while this season has been characterized by a lot of earnings geeks, the reactions have been pretty muted we've seen the earnings reaction are flat in response to the earnings beats so, these stocks need to prove themselves, right? they're very overbought here based on short end and intermediate-term metrics and they do have that move to support. so it challenges them as they come into earnings >> all right we're going to do it, we're going to look technically at bitcoin. a long time coming it's interesting what you're

saying, so, a lot of people got their attention when it broke through 50,000 going down. hit about 47 or so you actually predicted it could probably bounce off of there, at the beginning of this week but at this point, you see additional weakness down to 42 -- that would be at 42,000. that would be the first stop and then it needs to resolve there? or do you expect it to eventually to even pull back farther from there >> the support levels are conflicted so, this week, we're looking for the short term to bounce and we say that because there has been a loss of intermediate term momentum behind that it's really a laggard when you put that space and compare it to evening ether, we're looking for that bounce to fail and that level based on a previous high. it would be a very natural pace

for it to recovery support of course, it's about 20% below trend level so that would be meaningful and my guess is it would be associated with risk more broadly speaking even for that market because really bitcoin has become a gauge of retailer investor sentiment >> yeah, the opposite of noncorrelated. and what a lot of people hope that it eventually becomes, not a measure of the easy fed. but an antidote to the easy fed. and i don't know if we're there yet. also people talk about the stof val store value. if it were to stay at 42,000, and a long-term base that would go a long way to delaying fears in the past it got down to 3 or 4,000. do you foresee is that a potential for bitcoin

in your view >> the potential is for volatility, right? we can't be predicted in that sense what we're seeing a lot of short-term momentum. but long-term momentum is very much behind most cryptocurrencies late last year, we saw massive face breakouts so those face breakouts left very strong support in their weight with the upside that we saw. i think we'll see higher lows established, broadly speaking. and there's probably a lot of institutions out there looking to add exposure into this kind of crypto space. they want to get that uncorrelated exposure and hopefully that it plays out that way. >> uncorrelated is correlated. all right. i'm not giving out your twitter handle or even talking about the probability of 42,000 or below that people can find it, but i wouldn't look at your twitter right away, katie, unless you

got scthick skin >> got you >> all right, katie stockton, thank you. andrew >> okay, thanks, joe coming up, a solid night for netflix at the oscars, the streaming giant was shut out of the major awards a live from l.a. coming up in the forecast plus, our podcast has been nominated for a webby award. you can toe to webbyawards.com and find the link. for squawk pod we're back after this. ♪ ♪ i had the nightmare again, maxine. the one with the lollipop— no, the other one.

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you don't do this. we do this, together. bounce forward, with comcast business. an unusual academy awards ceremony last night after an unusual year for movie releases. and unusual year for just about everything else, too juliaboorstin joins us with a look at big winners last night good morning, julia. >> no man's land was the biggest picture of the night that film winning three awards more than any other in film. it was the first time a woman of color and the second time a woman has won both best picture and director these were winners for disney's hulu who streamed the rights to the film and disney and disney plus won the first for pixars "soul.

brought home more than any other studios, seven in total, and for film and dominance in streaming a year when most theaters were closed it was also a big year for the streamers in general amazon won two awards, a record number for all of the streamers put together with 15 of the 23 awards given to films that at least simultaneously premiered on streamer that was going on that normal format. after many years of the awards being too white, this year's winners included more women and people of color. generally more diversity the question is now whether the subdued show without a big host or performances saw a drop in ratings from last year's numbers. those numbers were down 20% from the private year in terms of total viewers. we will get those ratings later today. becky. >> a lot of surprises last night, including the last award which didn't go as expected for chadwick boseman

it was actually anthony hopkins who surprised himself. he wasn't even in attendance i think he woke up this morning and posted a thank you on instagram. >> yes it was a very weird ending to the show so, traditionally, the last award of the show is best picture. but this time, they did best picture, and then they did best actress and them best actor. chadwick boseman was widely expected to win the best actor award. of course, he passed away tragically earlier this year i think the people who planned the show must have thought it would end with images of him or a sort of memorial to him. instead, it was a very weird abrupt ending where anthony hopkins won and he wasn't even there to receive a speech digitally. a little awkward but they tried to real mind people that hollywood can be respectful yet glamorous at the same time. >> the hollywood reporters, got to give them credit for their

acknowledgements that at least we know now pwc, the accountants for the awards are not sharing the awards ahead of time with the producers. >> yes >> thank you it's good to see you andrew let's take a quick look at futures, i want to get to rich santelli at the moment, he's got economic breaking data for us coming to us in just a couple seconds here the dow looks like sk60 points p high nasdaq up 31 points, the s&p slightly hire. rick, the numbers please >> yes, these are march preliminary good orders. february was weak mostly due to weather. up 0.5 is the head line number and that literally is about one quarter of what we were expecting and it does follow a minus 1.2. we all had a very good idea it was going to rebound some of those weak numbers in february but a lot better than this was

expected and if we look at transportation pulled out, so durable goods ex-transportation, it holds up it's up 1.6. so, we can see transportation has a big effect, capital good orders, a proxy for business spending is up half of what we expected it's up 0.9, that does follow minus 0.9, so obviously an improvement there. and shipments, don't see shipments out yet. but we do know that shipments are very important because they were definitely impacted for february and the response to the marketplace, not a big response. we're still up a couple of basis points on long dated treasury yields at 158. we're up a couple. and obviously, we're watching the preopening equities as more of the economy starts to reopen. and we try to pay attention to many of these inventory numbers we're going to be getting this week oh, here we go, shipments are out, up 1.3. so like the capital goods

orders, they're positive, but not positively not as shy as we w high as we were expecting. revisions are knocking the numbers out. with the entire economy that's open and now down 9 andrew, these numbers are important to look to i walk away with the notion we have various shortages that are going to affect all of these numbers. the biggest issue is going to be how demand affects all of the various shortages that we have back to you. >> fair enough, rick thank you for that as you mentioned markets muted, dow coming off just a little bit there. steve liesman, though, joins us with some more analysis on all of this. steve, what's your reaction. >> all right andrew there was a suspicion that maybe this number was going to underperform on the top line level in part because it's picking up a bunch of boeing

order cancellations. and sometimes, i think that the best person to analyze the durable goods number is phil lebeau, because so much of this in transportation. that explains the top line doesn't explain the bottom line. rick could be right, maybe some of the residual weakness in february is coming up. you want to see this number high you want to see businesses getting back into the investment game they've been doing a bit of it we've seen a lot of confidence at the ceo level and i want to share with you a really interesting report from goldman sachs that came out in the early morning hours about them expecting a productivity boom because of the changes made to the economy from the pandemic they've offered three reasons. first, a shift to e-commerce they say that's more efficient, more productive for the economy. digitization of the workplace. a percentage of that is going to remain that it's more productive and plus, creative destruction

we have lost inefficient businesses, they've gone out of business and that will help overall productivity goldman sachs saying in this report, quote, the cleansing aspect of recession. so-called creative destruction from closure of money losing a low return businesses is a final reason to expect above-trend productivity growth. andrew, that's pretty good news. that would add to potential growth they see it adding through 2022. so it's something really worth watching here. important the changes we made to the economy from the pandemic remain and adds to productivity for the u.s. economy andrew >> steve i was also going to say, if you look at that goldman report, i think we're talking about the same long, there was a sense that we may have, you know, sort of huge growth period -- we might have a quarter or two that looks amazing. but then as it slows, then the question is how does the stock market really react to that idea >> well, look, the stock market

has this idea it's processing the sugar aisle, the money coming from the federal government it's processing very severe tax changes coming from the biden administration but ultimately what the stock market is going to trade on is long-term and long-term potential growth and earning and if anything happens raises potential growth that creates a long-run upward shift in the ability of companies to make money and that's what we're going to want to talk about. and taxation can change potential growth as can infrastructure a lot of moving parts right now, andrew that's why we need three hours every day to talk about them and three hours tomorrow every day after that >> yes, we do, steve yes, we do great to see you, great to the see rick thank you both for helping with those numbers this morning coming up when we return on the other side of this break, allianz mohamed el-erian is going to be back with the updates for the week we're back with mohamed after this

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hotly anticipated appearance of phil lebeau -- no, wait a minute, hotly -- quarterly results of tesla due out after the bell phil lebeau joins us with that i just assumed that's what it was going to say, phil, but you're here. you're hotly -- i anticipate seeing you, i do, hotly. >> let's look at the tesla numbers. >> all right >> let's talk about what is expected today from tesla. this is goingto be a profitabl quarter. at least that's the expectation from analysts expected to earn 78 cents a share that's the estimates by analysts in terms of the metrics that people will be focused on a couple of key one us first of all, what's the

progress on the two gigafactories being built. as far as the kx expenditure they're expected to open in austin as well as germany later this year. and do they give any color in the conference call between the two factories. in addition, the auto gross market remember, tesla essentially met expectations for deliveries last year with 500,000 vehicles the guidance has been vague in terms of how many vehicles it expects to deliver this year what they have said, it would be at least a 50% increase annually year over year does that mean 750,000, 800,000? most believe it's going to be about 850,000 in terms of deliveries but that estimate is moving around. but look at the numbers of the s&p 500, we're showing this since december 21st. that's when tesla joined the s&p 500. it easily outperformed the

benchmarks now outperforming the couple things focused on, gigafactory progress and the gross margins it will be a hotly contested afternoon, guys. >> dan ives said 900,000, maybe. >> yep >> so it has been moving up. all i wanted to talk about was the second quarter delivery of plaid, because of that number, zero to 60 number, phil. when do you -- wouldn't you be afraid of that wouldn't you be afraid of going zero to 60 in less than two seconds? i mean, you got to have a brit clear -- things coming up on you pretty fast. >> joe, there's no doubt it's super cool when you've ever been in a car and you hit, it goes zero to 60, however fast it is when you're actually doing it, it's fantastic. but a friend of mine who has ordered a tesla said something interesting. wonderful that they can make

cars that so superfast it's wonderful that they blow our minds but can they make a car that's reliable? i thought that was interesting this is a person who has ordered a tesla. and all of these new things they put in their vehicles no doubt very cool. and they have pushed the envelope and it gets people excited. the question is, you can deliver reliability? >> so you're more excited about elon or miliary cyrus, the musical guest on "saturday night live"? >> oh, elon. we've seen miley we want to the see elon. >> just checking all right. thank you, phil lebeau i'm excited for both, becky. miley is great >> you're hotly anticipating me, too? where's my hotly anticipated intro? >> i'm sorry i've introd -- we've been back and forth all day long it's not wearing off but it's

not the same >> i'm disappointed. absence makes the heart grow fonder >> becky quick, becky quick, what's up! >> thank you, joe. actually less than an hour to go before we get to the opening bell on wall street. our c cnbc senior commentator said it's a round that he thinks is indecisive? >> obviously, you have to squint to see it. it looks like an assertive move, as a matter of fact, since march 5th, the s&p up. however, below the surface you see a slight turn towards the cautious, the less progressive side a lot of the sell side coming out with cautionary comments for the outlook saying we have peak earnings growth and peak gdp take a look at subsectors here march 14th seems to be the time that we had maximum enthusiasm about some of the aggressive parts of the market.

low volatility stocks way outperforming more volatile, aggressive cyclical stocks is this is long-term bonds obviously a business surprise some bonds and the vanguard extended market, everything except for the s&p 500 it's underperformed by six percentage points since march 15th now, does this mean a wobbly market here? or did the offense in the market build up a lead and the defense is now protecting it it's happened in the rotational markets. there's two eye was to interpret this one is that the market is losing energy the other is that the market is doing a good job even with overheated sectors having cooled off a bit, becky >> mike, thank you as always, excited to see you. thank you for your time. >> likewise, thank you joining us now is another hotly anticipated guest allianz and gramercy adviser mohamed

el-erian and happens to be the president of queens college cambridge. mohamed, let's talk about what mike was talking about, he's right, you have to squint to see it it's the everything rally everything from lumber prices, stock prices around the globe. the bitcoin. all sorts of asset classes that have been skyrocketing what do you take away from that, what do you think? >> so, i think it is the everything rally i think it reflects the impact of continued massive liquidity and a significant pickup in economic recovery. so, you have both things coming together and as long as we don't get either a policy mistake or some sort of market dislocation, these two things should keep the markets going. but i want to stress, that we have a lot of tests coming up in the next few months. >> you mentioned this week, you have an op-ed out this morning in which you say the fed is

probably not going to do anything this week but you think that's bad news. i mean, usually we look at it when the fed doesn't do anything, and the markets say fantastic, great news. what concerns you hear, about them not doing anything? >> so, remember, we start with the paradigm that the fed is thinking about thinking abou tapering it will once again having economic growth of major revision of months ago to up again. it's going to ignore the pressure building up it's going to ignore the pockets of market excessives, and simply try to keep things as is they want an uneventful, they want a smooth test, a no drama meeting, and i suspect, becky, they will get it then we all turn our attention to june and start asking the question, what if the fed falls behind and one of the problems with the outcome-based approach that the fed is taking is that the risk

of falling behind is high. then you have to slam on the brakes and that's the one thing that can really disturb the market, if we get them slamming the brakes so, i would rather see them slowly tap the brakes now than have a very high rick of them slamming the brakes down the road >> i almost wonder how they could possibly pull that off, mohamed. because even if they were to say something, or indicate something, let's just say they point to inflation and how it's been growing, we get inflation numbers on friday again, right after the fed meeting. but if they were to start saying we're thinking about thinking about tapering what would the market's reaction be i don't know how the market ever is able to take hints of something, instead of getting smacked over the head. >> so, becky, the question is what's the alternative and we saw last week, the bank of canada start tapering and we also saw the market shrug off correctly -- shrug off

correctly the news of the capital gains tax. yes, there was -- you know, a momentary selloff, but they shrugged off i would rather that this reaction come sooner than later. i'm really worried that what they hope is transitory inflation is going to end up being persistent inflation and if we end up in a persistent inflation world, they're going to have to slam on the brakes and the market reaction then will be much worse than it would be if taken a little bit now. >> what would your definition be of persistent inflation? how long would you have to see things kind of spiking higher? and by how much? >> it comes on by the source of inflation. so basics, i dismiss, the supply, i dismiss, but we're seeing the supply side starting to inflate more and we're seeing it in the agriculture product

and industrial product and in bit of the labor market. we're seeing it in the semiconductor. the list is getting longer and longer so the concern is the inflation comes from the supply side, that then leads to not once and then back but an inflationary process and if you're not careful, that will be much harder to control down the road and that means in terms of numbers, inflation is anywhere between 2.5 to 3.5 for a while >> mohamed, to your point, we already saw last week coca-cola and procter & gamble talking about raising prices for consumers and grains and lumber and pointing out all kinds of places where we've seen higher supply cost that's coming into this are you already considered at this point or are you looking at getting our arms around it already and keep an eye on it? >> it's the latter we need to keep our eyes on it, and understand that when you have an outcome-based monetary policy, the chance of a policy

mistake is high. so you've got to keep it on it, your eyes on it. i say that because the last thing we want is inflation and a tightening of monetary policy, not just upsetting markets, but derailing what should be a long and inclusive recovery so it's really important in terms of the bigger prize, which is a sustained and inclusive recovery that's my concern. that's why we need to keep an eye on this. >> mohamed, always good to see you. >> thank you >> thank you let's get straight over to cnbc headquarter, jim cramer joins us here, lot to talk about. elon musk will not only be hosting "saturday night live" in a couple of weeks but providing earnings for tesla this afternoon. do you want to own it into the earnings news? >> look, i think the world of him and i think the answer is

yes. i do want to own it i would buy some before and some after, just because i think china's going to work, listen to what phil said about the liability, but i also think this is the only one that you will need to advertise for, this is the one people look, i believe in e.v.s, and therefore, tesla is one to lead it. >> what do you make of the cryptocurrency volatility that we've seen over the past weekend, both going down and coming up, and i saw you tweeting out about an interview we did a little bit earlier with a guest who mentioned that there are a lot of people that are playing this as a game not an development >> well, look, i'm against that. okay look, david portnoy runs a books, okay, barstool, if you want to do doge coin, i think it should be on that. i think he should offer, you get

points each day, predict whether it's up or down, and it shouldn't be trading as it did and why not talk to dave i think dave is terrific and let's get a two-way market i think draftkings should offer a two-way market, too. and i listened to your guest, and i said what am i doing listening to that guest, i would rather know portnoy says and making a two-way market. i don't want to hear that it is just some kind of support. andrew, you remember what you said at the beginning, i don't know if we should be covering it, there's, let's have a family channel, we should have a channel, where cnbc family channel, and just put it out there and we get points, you give out puts and calls, it's kind of you take the over and i'll take the under. >> right. >> but i think we're, i feel like we're dignifying it i don't mind with bitcoin but i think we're dignifying doge

coin >> jim, you brought me in this nets or knicks >> nets. >> how exciting. this is unbelievable i mean this is, have you been watching >> look, three or four points. >> look at milwaukee. >> and durant comes back this is a wealth of riches suddenly in new york >> the games are good. >> really good >> and that's why, doge coin and the nets, i will take the nets. >> hey, by the way - >> on a gambling channel and joe, joe, you want to add more time on tv, you could host one of these shows >> i don't want any more time on tv >> i want to do more streaming i hear streaming is the future and i'm ready to do it any time. when they ask me. >> look, if we want to talk -- >> joe is, a royal reader of

"the wall street journal." someonwod e ulget that joke. we'll see you in a couple of minutes. "squawk box" continues after this 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. ♪ ♪ ♪

a little more than a half hour until the opening belgl, ad

a hotly-anticipated appearance by an anchor, i keep messing that up, dom chu, who joins us now with a look at some of today's movers hotly-anticipated anchor there you go. >> hotly-anticipated i'm very flattered by the whole process here >> you're easy to flatter. >> i'm very easily amused as well let's get to the morning movers quick. only a short amount of time here first check out what is happening with albertson's, the grocery store company. down right now in the early trading roughly 3.5% they reported earnings better than expected, still hit a post-ipo high just last week and profit taking. there and check out what is happening right now, with the big deal in the news today, that's proof point those shares up 32%. it will get bought out by private equity firm, $176 a share, and a huge deal, 12.3 billion, for cyber security, a big deal there and then end on

one here, for an analyst move, shares of etsy, keybanc capital market downgrading, but they still like the long term story two red, one green i'll send things back to you. >>dom, you got to be careful, you never know thank you. anyway, it's 9:00 a.m. see you later. >> see you tomorrow. >> see you later "squawk on the street" is next ♪ money, money ♪ good monday morning. welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber final week of april and busiest week of earnings so far. a first look at q1 gdp a biden address to congress. plus a fed meeting futures pretty steady. our road map begins with a massive week for earnings. more than a thir