it is 5:00 a.m. in washington here is the top five at 5:00 ready for takeoff higher taxes are coming and president biden takes a big shot at china. the possible pandemic game ch changer. why moderna's changes could be good for fighting covid in india. the blowout quarter for wall street

apple puts 9$90 billion to work. and facebook surges. what the road this year means? and the morning rbi with the most random thing about football it is thursday, april 29th this is "worldwide exchange. ♪ ♪ good morning good afternoon good evening welcome from wherever in the world you are watching i'm brian sullivan thanks for joining us on thursday let's see how your money is looking today. pretty good. futures are higher across the board. dow futures may regain what the market lost yesterday. we were up 135 look at the nasdaq futures up 142 more than the dow futures.

this could be a welcome reversal from the recent slowdown in the markets. if you haven't noticed, we have taken a breather check this out s&p 500 is at exactly the same level it was on april 16th eight trading days ago in other words, it went up and down a little bit, but it is exactly where it was two weeks ago. that could all change today. now the federal reserve and president biden's speech are behind us, it all goes back to earnings and sentiment today is the busiest day one in ten s&p companies report. that includes amazon, twitter, caterpillar, o'donnell, bristol myers, comcast, kraft-heinz and more many of the s&p 500 reporting

and corporate earnings have been booming. earns growth at 43%. sales growth under 11% go google, facebook, apple and others are bringing in the growth average higher for everyone companies are beating earnings by a whopping 23% over expectations versus the average 14% this earnings beat so far is the highest on record since facts began tracking the data in 2008. we go back 13 years. this is overall arguably the best earnings season we have ever seen particularly against expectations one reason perhaps the market rose so much the last six six-to-nine must w months. wall street saw it coming and bought stocks.

first up apple. first quarter sales and revenue above estimate apple hiked dividend and authorizing a, get this, $90 billion share buyback. 90 that stock is up 3% in the pre-market facebook results coming in better than expected sales of facebook despite people criticizing the company, sales rose 48% driven by ads stock soaring 76%. we talked about apple. apple buyback and google buyback, $140 billion in stock buybacks were announced by apple and google two companies, $140 billion. more companies likely to do the same as the supply of stock shrinks

and the case for bull stocks well have more on the markets coming up. now to the morning top story. president biden addressing congress and the american people last night laying out his sweeping vision to overhaul the united states. the korcornerstone? the $2 trillion family plan. spending on child care and community college and paid leave. the president calling it a once in a generation investment in families and children. the president is looking to raise taxes on top earnings individuals and boosting taxes on companies and expanding irs audits to catch tax cheats which aims at lost revenue of $300 billion or more. the president laying out that

issue in his speech. >> $1 trillion during the pandemic they are now worth more than $4 trillion my fellow americans, trickle down trickle down economics has never worked it is time to grow the economy from the bottom and the middle out. i'm not looking to punish anybody. i will not add a tax burden, additional tax burden to the middle class in the country. they are already paying enough i believe what i propose is fair fiscally responsible it raises revenue to pay for the plans i propose and create millions of jobs that will grow the economy and enhance our financial standing in the country. >> now the american families

plan passes, the president will move to sell the american people on his new more than $2 trillion spending bill that is focused on infrastructure and other programs remember, that is a separate program. $2.3 trillion. this is $1.8 trillion in addition to the covid relief bill total of $6 trillion we are joined by stephanie k kelly. thank you for joining us, stephanie. your take on the president's speech last night vis-a-vis the markets and what he said about the taxes and corporate investment >> whethat we he saw last nighta expected with the family plan with the overall fiscal and infrastructure approach. that was par for the course. i think he did make the point. the trickle down economics hasn't worked is his argument. that points to the redistribution that so far c

characterized his presidency what it means for the investor debate, what does it mean for capital gains or high income tax and corporate tax? is it bipartisan or single-party led? >> in the president's words, the taxes have to go up. the president said middle class taxes, ironically, middle class income taxes are near the lowest they have ever been on a post-deduction basis we have a lot of big numbers, but you have to pay for it somehow. middle class taxes coming down and i have jokingly tweeted last night that democrats are now the party of tax cuts. middle class taxes keep coming down they will go down further on a federal level. you have to pay for it somehow will we get higher corporate taxes and higher taxes on higher income families? >> i think that is what will happen the question is not do they go

up, but how far do they go we take corporate taxes first. joe manchin has come out strongly this is all within the democratic party it doesn't seem republicans will be on board with anything in any of the infrastructure packages really we can put that to the side. joe manchin said he is not key on the corporate rate. that is higher than 25%. we have something between 25% and 28% corporate tax depending on how it plays out. capital gains is very high right now. i think we will get a raise, but not as high as what biden is proposing. you will see the pressure in terms of the stepped up basis. that is all coming through the question is how far can they push it to fund what they are trying to do as opposed to doing it all i think the taxes are coming, the question is how high that will depend on the debate

and negotiations that go on in washington the next few months >> and if we get some form of higher taxes, which seems likely, stephanie, will it hurt stocks we have shown all kinds of data that our viewers may not like it not a lot of correlation between higher capital gains taxes and how the market does unless the numbers are so big like they were in the 1970s. >> exactly this is where i think thresholds matter also, you said at the beginning how much spending is passed through to the economy on the biden administration it is not necessarily about headline level or good or bad for stocks it is who are the winners and who are the losers for the companies that are exposed and able to take advantage of the renewable tax credits and engage with the building and construction and

refurbishment involved, those are the companies that can win if you are a company exposed to narrow margins and you can't absorb or figure out a way corporate tax raises, that is more challenging that is how we need to think about it winners or losers. >> does aberdeen standard change recommendations to clients based on anything you heard last night? >> no. the way we tend to do it is every quarter review this will be a bigger conversation to take on the environment. this is one part of the bigger biden administration policy plan the big question mark for me in particular is do they try to do this as two separate bills it is presented as a family plan and infrastructure plan. it looks like democrats will have to put it in one big bill the bigger the bill gets, the harder it is to pass

that affects the timing and size and composition. >> stephanie kelly of aberdeen standard thank you for coming on. have a great day >> thank you all right. more on the president's speech throughout the day here on cnbc. right now, here is what else is making headlines at this hour. moderna says new data shows the covid vaccine can remain stable at standard refrigerator temperatures for up to three months if this is authorized by the fda, storage guidelines could make it easier to get medicine to smaller offices without ultra cold freezers. moderna plans to increase the global supply on the vaccine for up to 3 billion next year. by the way, the ceo on cnbc in two hours. also, endeavor group is

raising $511 million in the ipo yesterday. the evntertainment company sold at the top of the range. the company is scheduled to begin trading under the ticker edr. and amazon will give 500,000 u.s. pworkers a raise. the raises go into effect in may through june of this year. we have a lot to go on this thursday and on deck, ford shares taking a hit right now despite posting a huge quarter we'll tell you why. plus, much more on apple's big bet on it self later, get ready to sail new guidelines out yesterday from the cdc that could be good news for one of our favorite g.o.a.t. stocks.

that's right a very busy hour still ahead we return right after this

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welcome back it is time to hit the three big money movers stock number one qualcomm second quarter profit beating forecast guiding the third quarter results above estimates. qualcomm sees supply constraints easing as more buyers upgrade to 5g stock two. ford

good times in dearborn stock is recording the best quarterly profits since 2011 the global chip shortage could ease this summer, but however, ford may cut vehicle production in the second half of the year as a result of the factory fire suffer ed by a japanese technology company shares are down 2.5% right now stock number three verizon is giving up on aol and yahoo! verizon is ex-flploring the salo the media giants that business could fetch $5 billion. the problem is that verizon paid more than $9 billion to buy them still to come on "worldwide exchange." you heard of telemedicine with doctors, how about a tele

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welcome back do you have a kid with braces? if you do, you know it is hard to see a dentist or orthodontist during covid, right? we simply shutdown a lot of things at the rise of telemedicine comes teledentistry. joining us now is dr. shulhoff many of us have done doctor on demand or teledoc. how does teledentistry work? >> thank you for having me good morning you are sticking part of the grin scope in your mouth

not the mobile device. we realize that in an effort to try to give a doctor the right kind of view inside the mouth versus the normal selfies or teledoc or over zoom, you can't get a good view in the mouth we created a device that attaches to the mobile device to retract the cheeks and get the right kind of lighting and coloration my goal is if i'm going to have a patient send me information from home, that information has to be as good if i were in front of the patient reaching into their mouth. the grin scope is a very thoughtful, but simple attachment to the mobile device that works with the grin app on the patient side so the patient can send their orthodontist or dentist a scan a video of everything that is

happening in their mouth >> we are watching video of it that attachment that you bite down on. you raise money and you closed in $14 million funding round you have p&g and 3m on board that is interesting. i thought, what does p&g they make toothpaste what do 3m and p&g want from you? >> great question. p&g leader in oral care solutions. smart toothbrushes, but nobody knows the consumer at home as well as p&g. that is what we are bringing to the table. consumers and the trend is really that home care or care from home or a hybrid is what consumers are looking for. you talk about moms bringing children to the on thrthrthodont

i have patients and before if i asked my moms in practice, what is the number one friction point. car pool and soccer and this and that i don't have time to come to appointments if there are appointments we can take care of from the comfort of their home regardless of covid, that's something that is extremely powerful so, consumer at home antd tie a bow around it and products and smart toothbrushes there are so many areas and synergy we have with p&g they have a lot of different clear liner line so, this works beautifully together with clear liners a patient goes to the orthodontist and chooses clear liners and those are delivered to the patient

now the patient can be treated, i would say, 80% remotely and go in when it is important to go in. >> you may have discovered the most important commodity of all. time dr. schulhoff. love a start-up based in new jersey new jersey is back or never went away doctor, thank you very much. good luck to you and your team >> thank you thank you so much. all right. new jersey that's the capital of start-ups. straight ahead breaking down the big tech movers and why your next guest is bullish on big cap growth good news for all you tech bulls. if you have not done so already, what are you waiting for? subscribe to the podcast check it out w tus 1not included dofureup37 nasdaq futures up 140. we're back after this.

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go big or go home. >> my perspective, doing nothing is not an option >> president bidendrawing a line inthe sand. calling for higher taxes to remake the american social safety net will he have any bipartisan support? big tech blowout apple and facebook making

massive amounts of money as the lockdowns drove everyone online we have joe here to break it down. and your morning rbi is a history lesson on the player to make the nfl draft sport's biggest night. it is thursday, april 29th this is "worldwide exchange. welcome or welcome back. i'm brian sullivan thank you for joining us let's get to it. the markets and your money they look pretty good right now. stock futures are up 130 on the dow and 140 on the s&p the fed really a non-event

the s&p 500 is at the same level or was this morning as it was two weeks ago. two weeks, no movement that could change today. futures are higher across the board on the back of big tech earnings not oil, however while stocks have been stuck, oil has been powering higher it is back to nearly $64 a barrel $64.50 oil up 9% in the month of april. that move has helped big oil stocks get bigger. hess, marathon, occidental all powered higher yesterday 7% 10%. you name it. oil stocks up big on wednesday we will see if that continues today. we get a check on the crypto maybe it is not all about bitcoin.

ethereum hitting another record high yesterday. it is higher again right now bitcoin is down 1.5% now to the top headlines here is what is happening now you. president biden making the sales pitch for the grand plan for the overhaul of the american economy and social safety net last night. the president revealing the plan for spending on child care and education and community college and paid leave the president is calling for taxes to be raised on wealthy families and companies among other moves. he is callingfor bipartisanshi on the matter. >> i wanted to layout before the congress my plan before we got into the deep discussions. i like to meet with those who have ideas that are different or

think are better i welcome those ideas. but the rest of the world is not waiting for us i want to be clear from my perspective, doing nothing is not an option >> the president also calling out china in a big way last night. we'll get more on the speech all day here on cnbc also happening now is good news for all you cruisers out there. cruises could be back. cdc telling industry leaders that ships could begin sailing out of the u.s. by mid-july. ships could proceed without carry out test cruises if the companies can confirm 98% of crew and 95% of passengers are fully vaccinated and gary gensler has resigned unexpectedly. alex oh was tapped for the role

last week. progressives criticized her as a corporate defense lawyer a federal judge on monday reprimanded her and others defending exxonmobil in the class action lawsuit to earnings. apple reporting another blowout quarter. shares are on the rise this morning. apple sales were up 54% compared to the same quarter last year. right before the pandemic hit. stock up 3% right now. apple reporting double digit growth in every single one of its product categories and most important product, of course, the iphone up 65% from last year as everybody had to buy new gadgets to work from home. the company will increase dividend and authorizing $90 billion in share backuyback

joining us now is joe colina head of media trading at webb-bush. good morning >> good morning. >> all of our viewers know why apple had a huge quarter when the lockdown hit, everybody scrambled for ipads or a new phone or computer. is there any way that momentum stays? >> that's a little bit of a $1 million question there are other parts of the apple story where they don't rely on the continued momentum going forward. services continue to grow at a healthy clip that came above expectation. for wedbush, you mentioned iphone revenue they beat that number 17% ahead of business. china growth was 87% year over year there was a real fear of a don't

buy america campaign in mainland china because of the ongoing battle with trump and president xi that has never materialized. they are firing on all cylinders across the world on every product they have. the magnitude of the quarter versus the street is incredible. they smashed it. >> what do you make of a $90 billion buyback? you add google to that and that number from two companies. >> right now, amazon is reporting tonight. this could be the best earnings season we have seen from mega tech in recent memory. google on tuesday, apple and facebook last night. amazon tonight if you don't want to buy stock or a little concerned about this is the best it will be, well, they are happy to buy the stock

instead. i think the trend is higher. facebook is breaking out on volume today and apple is testing the highs as well. >> you know, let's talk facebook facebook gets a lot of heat. maybe it is zuckerberg or not. you see the #deletefacebook on social media not only is nobody doing that, facebook is now effectively become the internet. sales were up 48%, joel. they said things may slow down in the second half of the year, but slowdown from what shares are up 7% these were monster numbers >> again, facebook is one of the cheapest of the group. clearly you are seeing the rating up 700 basis points advertises and advertisers rose

30% year over year you are seeing larger advertisers continue to shift budgets to social media sites. on the smaller side, they continue to ramp up digital outreach to consumers. this quarter showed us this transition which accelerated by covid, is still in the early innings of kicking off especially when you go to the smaller chains the top line was staggering. the top line guide for q2 is astonishing. this is a iteration what have we heard three months ago they are not worried with decel in the second half they are doing the right thing again, the platform is toxic

i hope my kids don't have that around when my kids are of age >> good luck with that, joel facebook, despite the cries, continues to get bigger and bigger as everybody is locked down in the northeast and chicago and california, especially is pushed online those numbers are out. let's get numbers coming out that is a company you might have heard about during the pandemic. amazon you buy stuff. they deliver it to you they have a cloud business and phone business that's not so much amazon numbers are out tonight expectations were high, joel given what we have seen from apple and facebook and google, does amazon need to destroy estimates for the stock to move? >> i don't think destroy it is funny. you look at large cap growth other than alphabet, these stocks were stuck in a range. it is bumping up against the top

end today into the print what i look for is aws clearly azure is putting up good numbers for microsoft. aws put up 28% growth last quarter. consensus is 22.5% buy side is ahead of that. if we could see high 20s to 30% aws growth, that could be the catalyst to get the stock higher with covid restrictions -- sorry, covid fades and vaccinations rise and we return to normalcy, the larger profile for amazon is with investors do don't. t tonight. that could punch above the

$3,500 number tonight. >> joel kolina, thank you. i know you have a busy one. >> thank you you're welcome coming up, more of the big money movers including why investors are saying sell on e-bay this morning. that stock is down big right now. almost 6%. as we head to break. here are the other headlines euronext is buying borsa italiana in a $5 billion deal. and the senate votes to reverse trump-era methane emission gasses rules. and baidu is launching driverless cars across beijing

"worldwide exchange" is back in a moment. the first survivor of alzheimer's disease is out there. and the alzheimer's association is going to make it happen. but we won't get there without you. join the fight with the alzheimer's association. ♪ “you were always on my mind” by willie nelson ♪ ♪ ♪ we're delivering for the earth. by investing in more electric vehicles, reusable packaging, and carbon capture research. making earth our priority. thought i'd seen it all. ♪

i hope the vaccine can get me one step closer to my fiancé.

dance on stage. spin class! i can't wait for my patients to see my smile again. to hug my students. to give my parents a proper send off. to go salsa dancing. no. i can't wait for you to meet my mom. play my piano for my friends. to give high fives to our patients. i think we are one step closer to being...better people. with every vaccine, cvs is working to bring you one step closer to a better tomorrow. welcome back time now for the daily vaccination update nearly 234 million doses have now you bbeen administered. we are closing in on 100 million americans fully vaccinated that is about 40% of all

citizens a bigger chunk of adults dr. scott gottlieb said many times on this air that the herd immunity level could begin to hit when about 40% of us are vaxxed you combine that with the 100 million or so exposed to covid and received immunity through anti antibodies, that immunity and the overlap in the middle could get us to 75% threshold which is where many believe herd immunity begins a huge shoutout to all of the men and women working hard on the frontlines to get us shots in our arms 24/7 you and the scientists have made this happen and given us a lot of hope. we give you a lot of love. thank you. time for the check on more big money moevers first up, royal dutch shell.

first quarter profit beating forecast and sell of assets. shell raising the dividend the outlook remains uncertain because of the pandemic. stock up 1.5%. stock number two e-b e-bay. revenue jumping 40% in the first quarter because everyone was shopping online. the stock is now down 5.5% the outlook came in below estimates. finally, mgm resorts casino operator reporting a first quarter loss revenue dropping 27% primarily due to lockdowns no surprise there. some mid week closures and at a few properties mgm believes it will be operating at pre-pandemic levels in the first half of next year if not sooner. that stock up 2%. up next, the fed keeping the

money easing policy in place leaving your money more room to run. and a programming note do not miss the cnbc small business playbook on may 4th some of the most trusted business voices with advice and opportunities for you. stick around huge fan of clubhouse and tiktok and linkedin. for all of the b2b businesses, these are three places you don't need to spend media. if you put out good content, you will attract an audience the algorithms is there for you r ee

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nothing to do with baseball. it has to do with football the jags have the first pick all but guaranteed they will pick trevor lawrence all picks coming from alabama, ohio state and clemson here is a stat that is random, but interesting. the first draft held in 1936 the first pick in the first draft was a guy named jay berwanger. he was the first winner of the heisman trophy total stud running back. he came from the football powerhouse the university of chicago. the maroons. a titan on the gridiron. the first player picked in the nfl was from a school that disbanded its football team a couple years later berwanger never played in the

nfl. he got in a contract dispute with george halas. and then one player who do in 1939 threw the ball three times for 58 yards for the bears he did throw a touchdown pass. university of chicago's nfl dreams went bust stand tall, maroons. no one can take away from you that your team and school produced the first nfl draft pick and first heisman trophy winner university of chicago powerhouse football program random, but interesting. go chargers. let's get back now to the markets. that's why you're here one day after jay powell lulled us to sleep, the busiest day of earnings season. one in ten s&p companies reporting today. our parent comcast o'do

mcdonald's, amazon and gilead and others joining our panel is alicia miller at by mellon. we have patrick frezetti patrick, we begin with you the numbers have been absolutely monstrous from apple and facebook $140 billion in buyback between them and google alone. is it all systems go, foot on the gas pedal for you and your advice to clients? >> brian, thanks for having me look, we clearly entered earnings season. we heard from tech companies and banks and instrudustrial compans and consumer products. putting the large cap tech aside, is how do they deal with higher input costs they will raise prices this year and i think that is very

important. in fact, i think the eventuality of higher labor costs will deal with that. that is what we are focusing on. >> alicia, futures on soaring. dow futures up 148 that is the battle of two headlines. one headline you have the bigger earnings numbers 43%. that is insane i don't think i have ever seen a number that big. last night, the president saying the companies need to do their fair share he wants to raise corporate taxes. it appears that optimism over earnings is out stripping or trumping concern over higher taxes. why is that? >> so because we're getting all the good news first and we're getting all of the spending first and markets are anticipating the rebound we are seeing in the real economy and we hear from gdp at 8:30 today.

earnings has been anticipated by markets months ago we are spending $1.2 trillion in 2021 through september alone that is an enormous amount of money with the extra trillions in savings in u.s. households personal accounts. we have all engines go for the consumer and reopening what comes next and what comes next is going to be a little bit of indigestion for the markets we know that 40% of s&p earnings come from overseas and the intricacy of the corporate tax plan is not the headline number of 21% to 28%. even if it falls at 25%. it is what is happening with the overseas revenue and the taxes that is punitive to the multinational companies. that is supposed to clip earnings there's not been an a lot of fo

on what that tax would do. there is more than 25% to 28%. i am not so sure the market will take it so easily. >> i'll stay with you, alicia. you are making a very important point. a lot of the tax proposal, as we know it, by the way, and still things they have to work out it is aimed at profits overseas. multinational corporations also foreign ownership of u.s. stocks have never been higher. does that push you to recommend small caps or big investment companies or can the multinationals take the hits doing businesses around the world? that is where the tax hit is targeted >> it is the sectors that are most hit are tech and health care precisely the two sectors that got us out the pandemic. you know, go figure. the truth of the matter is that

i don't believe the market believes the full tax will go through. it is going to be difficult with the $4 trillion of earnings which they are trying to get through congress there is some probability overth if this goes through you if this goes through, you have to focus on the small caps in the u.s. because the overseas tax is punitive. it is so punitive, we have to have other countries bind with us in some minimum tax plan to get it through otherwise, companies will revert to finding operations overseas >> yeah. it is interesting. patrick, we forget and it has been easy to forget due to covid. we have a lot of health issues cancer is still around obesity. multitrillion dollars around the

world. the point is we have all been focused on covid health care not going anywhere highlighted some other problems that we need to fix as well. is that one of the reasons you are bullish on health care >> yeah, that's right. there may be some indigestion as it comes in front of the potential multinational tax they may need to absorb health care is not going away, brian. diagnostic testing will not go away you can see things like elective surgeries open up and provide tailwinds to the sector. the sector is full of them and companies generate cash flow and good balance sheets. there are plenty of things in the sector to look at and be excited about for the future >> yeah.

unfortunate a lot of problems exacerbated. huge amounts of weight gain an m among millions of people patrick and alicia, thank you. big day still ahead. take care. we leave you with a lot of green on the screen. that does it for us. we are handing the torch over to "squawk box" with dow futures up 140. nasdaq futures soaring apple and facebook stock soaring. one in ten companies in the s&p releasing numbers today. i'm tired just talking about it. "squawk" a tndhe gang pick up coverage next. have a great day see you tomorrow

so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, 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.

good morning

president biden pitching trillions of dollars of spending on infrastructure, families and education. also a proposal on tax hike on corporations and the wealthy to pay for it we will show you what he said about wall street as well. apple and facebook shares jumping. we will bring you results from five more big companies in the next hour. plus, news breaking late last night cdc could allow cruise sailing to begin again in the u.s. by mid-july details straight ahead it's thursday, april 29th, 2021. "squawk box" begins right now. ♪ ♪ good morning welcome to "squawk box" here on cnbc