it is 5:00 a.m. at cnbc. here is the top five at 5:00 sell in may? not today. futures kick off the month soaring. warren buffett and out swinging what he said and the health crisis in india glrows worse as the white house considers sending vaccines there. the biden administration kicking off the $2 trillion

spending plan, but will some democrats balk at the price tag as the american economy surges we stick with the roads for the morning rbi as the uptick in the number of you getting behind the wheel surges to go, well, anywhere it is monday, may 3rd. this is "worldwide exchange. ♪ ♪ good morning, good afternoon or good evening. welcome from wherever in the world you may be watching. i'm brian sullivan welcome to may here is how your money is setting up your day. futures in the green dow futures up 195 nasdaq up 27 now april, remember april? proving to be a strong month for stocks the s&p 500 notching its third

straight month of gains. adding more than 5%. nasdaq climbing about the same dow up about 3%. all this as new data from jpmorgan chase and the fed shows that you, mr. and mrs. individual, are holding more stocks than ever before. climbing now you to 41% of your total financial assets last month. that is the highest ever we also have to look at, of course, the cryptos. ethereum breaking past 3,000 a new record high. 3,175. bitcoin soaring. bitcoin up 1,826 by the way, ethereum is up 300% this year. bitcoin has, quote, only doubled. everybody likes ethereum

let's focus on europe. one market to watch in europe is greece that's right the etf is up 57% over the past year money continues to pour into the stock funds for that country according to epfr, inflows into the greece stock market were the most last week since the fall of 2016 ethereum and greece are the two hottest things in the world right now. we will have more on the markets and your money all morning long. right now, to a serious story. that is the surge in covid cases in india the situation there is getting dire frank holland is here with that and the other top headlines. good morning, frank. >> reporter: good morning, brian. the continued surge has pushed case numbers to a fresh record level. india reporting more than 400,000 new daily cases over the

weekend. meanwhile, the white house says it is looking to distribute vaccines to india and other countries now millions of americans have received doses. that coming after narendra modi's conversation with president biden on lifting patent protections on vaccines to increase access to the treatment. janet yellen proposed the spending to boost the american economy. speaking yesterday, she tout spending for the u.s. if the plans for infrastructure and education are approved >> the plans are extremely important and necessary to invest in our economy so that we can be competitive and have families and children succeed and invest in infrastructure and

r&d and the things that shore up middle class prosperity. there will be a big return i expect productivity to rise. there will be great returns from investing in research and development and enabling families to participate with leave and child care support in the work force and warren buffett is warning of inflation risk. speaking at the annual meeting for berkshire, he said his portfolio is receiving inflation in a range of sectors amid shortages of raw materials he warned that the consequences of near zero interest rates is an unanswered question buffett taking on robinhood. it is catering to the gambling perspective of investors we will have more later in the hour brian. >> frank, thank you very much.

we will see you in a few minutes. now let's get back down to the markets and your money your first guest this morning was on a while ago and brought all kinds of stock picks for us. as it happens in the morning, the time gets ahead of you we had to say good-bye before we get to them. we will have you back. we mean it joining us again is cate faddis. great to start the week with you as well. you were getting into all of the names and we said sorry, time's up let's jump in. we have new tvs sold at best buy. a lot of those are visio we don't talk about the stock much what makes it attractive >> hi, brian visio is great it is turning the industry on its head forget cable now with roku and visio, the tv is back in power tv manufacturing

it provides streaming. hulu and netflix they are giving you 100 other ad supported channels you don't need cable any longer. as a result, they are making a lot of money roku went public at $18. it is now a $300 stock vizio went public at $21 i expect big things from vizio >> cate, cable, still, we like cable here let's move on to edwards life sci sciences there will be a day when covid will be in the rearv-view mirror we have a lot of problems in the country to focus on. is that one of the reasons you like edwards life science? >> it is you have an aging population you cannot get up the stairs you think it is old age.

it is not. heart valves are not opening or closing properly that used to require open heart surgery. now edwards has a catheter and they string it through your veins into the heart they make a lot of money for it. the first heart half is to help you open your valve. the second one, coming up, to help you close that will allow them to double revenue in the next five years edwards is one you have to hold. have it in your portfolio. >> the catheter is a product because of covid, maybe not getting attention that it deserves for a very common problem. okay this third stock, cate, is one you do not own, i don't think, yet. you also say if you don't really understand bitcoin or ethereum, don't worry. own coinbase as a proxy for

those. you like it is not bragging about zero trading fees. >> coinbase is making money like the brokers used to make it is a custodian. buy bitcoin or ethereum. they will open an account for you except, they are charging fees $15 a trade. $20 a trade. they are making so much money. a lot of people think that they are expensive. they are pricing them on a price-to-sales basis these guys make money. if you price it on a price to free cash flow, it is pricing 20 times. it is risky. there will be compecompetitors. it is not the only one others will go public. we are betting on coinbase they went from $0 to $50 billion market cap >> isn't that amazing? actually charging for the

product you provide in a way that the consumer, they may not like, cate, but they can understand charging for your product. it is so 2019. cate faddis, great to start the week with you and the day. thank you. have a great day i appreciate it. >> thank you, brian. all right. you're welcome vizio and edwards life science and coinbase we are just getting started here on "wex. the big movers the one u.s. bank that barren says is an underrated buy. that is the chart. we'll show you the name. and verizon reportedly find age buyer for the beaten internet assets. anybody remember aol it is still around apparently being sold. later on, what is in the president's latest spending plans? it is confusing.

don't worry. edward mills from raymond james is here to tell you about. we're back right after this. the dow futures are up 186

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no matter what time it is. say "watchathon" into your voice remote and watch for free welcome back it is time for the check on the big money movers barrens is looking at a obstacle for a rail merger. stock number one is dell it struck a deal to sell cloud

business to private equity firms for $4 million boomi which dell bought in 2010 helps make software and communicating by transferring data stock number two bank of america. that stock is a buy. the boa is in best position of the banks to navigate the climate in the post-pandemic recovery boa is up 35% this year. and stock number three is canadian pacific it filed a formal objection with the u.s. regulators over rival canadian national $30 billion bid to buy kansas city southern. the offer does not qualify to be exempt from tougher merge arer rules. the companies are in a race to take over kansas city southern and create the first direct rail linking canada, u.s. and mexico.

still on deck, apple and creator of "fortnite" set to take off in the courtroom and it made be a billion dollar battle. we'll tell you why >> announcer: today's big number 1$1.98 trillion that is the total assets invested in esg funds at the end of march according to morning star sustainability focused funds sa arr. billion in the first qute ok, at at&t everyone gets our best deals on all smartphones. let me break it down. you got your new customers — they get our best deals. you got your existing customers — they also get our best deals.

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get to value...first (♪ ♪) let there be change accenture welcome back it is time now for some good news and your daily covid vaccination update as of sunday morning, 245 million doses have gone into american arms. 147 million of us have received one dose 109 105 million are fully vaccinated 83% of the high risk group, those over 65, getting at least one shot some huge news on sunday new american cases fell below 30,000 that is the lowest in eight months down a stunning 90% from the january highs. more importantly, hospitalizations have also

crashed. they are down 81% from the same period in the states that are tracked by the cdc wonderful news on covid. as covid hopefully fades here and in the uk, the impact will last long past when it is over one result is rather oddly stocks soaring the fed and governments throw trillions of dollars around the world at economies and the biggest stocks have only gotten bigger many companies forced by the government to shutdown last year look at that 64% jump in apple. amazon up 55%. google and microsoft and facebook getting big and bigger. for more on the long-term financial and implications of the pandemic, let's bring in paul sheer center for business and government at the harvard kennedy school paul, you put out a research note last week trying to

extrapolate out the way the world may change in the years or even decades to come it is pretty incredible. one of the things we have seen is that even as we move toward global globalization, the last number of years, covid may be a huge reversal from that tell us why. >> thanks, brian great to be with you and see you again. it is per acceceptive. the gdp is less than 1% of the pre-covid level. it is going past that soon there is a lot of underlying changes in the economy one is the disparty between people who have done relatively well in the episode. people like us, professional manager class and people who

work from home in front of the computer manipulating data and exchange for information versus people who have been working in manual sectors and sectors impacted by the covid shock and will not be able to ride the recovery in the same way. unemployment among those groups is still quite high. labor force participation rate is down. there is a lot of residual damage in the labor mark the s&p 500 is 25% above the pre-covid level. you look at that and say what covid. and i.t. stocks as well. if you are not in the markets and you lost your job, these are tough times. >> they certainly are. you know, without casting any blame, because i'm sure people

want to throw blame around we like to show solutions. paul, we showed you how big the biggest companies have gotten. there was a lot of confusion about covid and now through the science and data cleared up. we shutdown a lot of businesses here and in the uk as well forced everybody to go online. fortunately some of the decisions may be looked at over the next few years the damage is there. the big have gotten bigger do you think that will continue? do you think the age of the small or mid-size business is tougher because we all learned to shop online and do everything digitally? exacerbated a trend that was already well under way >> indeed. that is the broader theme, brian. the longer-term implications which are a number of issues with the inequality or the interest or the pendulum

swinging back against globalization and digitalization i think getting back to the globalization. one of the things that is surprising to me is somebody who used to spend a lot of time on airplanes flying around the world is global travel has been shutdown, but nation states have come back in a way that perhaps we did not expect before you know, in terms of the longer-term impact there, it is not clear exactly to what extent to go back to the hey-day of international travel the feeling of one planet with global solutions it has been surprising with the extent the nation states are

coming back. they are looking to their backyard rather than globalization. >> i hate to say this. inequality will surge. i was speaking to a high school teacher yesterday. his high school has about 300 seniors in it. he said about 30 are attending class in-person on line full-time. about 10% of the seniors in his high school are actually involved and engaged in person or virtual learning. the inequality damage that will be done here could last decades. that is going to be the lasting story in the u.s. and uk and globally of covid. >> i think you put your finger on a key point none of us here or epidemiologists. what happened in the crisis is the microphone or the authority

pass from economists to the medical scientists and experts that's fine. we have been a little bit at the mercy of technocrats saying we are locking down schools the economic damage to human capital formation for students who are out of college and out of school for a year, not to mention the psychological damage is very worrying you asked about the big winners take all there is an element with the tech stocks. this is an environment which there is lots of small businesses in a position we are living through a period of technology and innovation and dig

digitalization still a lot of room. we want to lift the little boys and little girls up here and not get zero-sum game mentality about things >> yeah. kids, let's be optimistic. kids are resilient let's hope the learning loss will be able to be made up there will be many things, paul, that have changed for the short-term or long-term regarding covid. paul, thank you very much. have a great day >> great pleasure. same to you, brian also, you're welcome still ahead, tesla, apparently forced to hit the brakes on the highly anticipated german gigafactory. if you have not done so already, subscribe to our podcast. dow futures are up 70. we're back on this monday morning. see you inwoines t mut

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it's a good morning. green shoots everywhere as covid cases crash and stocks could surge for the trading month. the oracle speaks and investors listen warren buffett and crew slamming bitcoin and spacs and robinhood. follow the gas money what driving trends are telling us about the state of the american economy it is your morning rbi and it's coming up on this monday, may 3rd.

this is "worldwide exchange. ♪ ♪ welcome or welcome back. good morning i'm brian sullivan kicking off your may for trading. it's may 3rd welcome to may here is how the monday money looks right now. looks good stock futures up triple digits dow up 142 right now not quite as high as a few minutes ago, but it is up. nasdaq is higher as well reminder, this month could mark another record for the nasdaq. the nasdaq coming into may is up six months in a row. that is its longest winning streak since the seven-month winning streak in january of 2017 may gets a bad rap may is a pretty good month for

the he can equity market we will tie the record on the nasdaq going three years it is another busy week of quarterly earnings pfizer, gm, paypal, square, viacom, cvs and draft kings. i don't have time to read. there's the wall we have focused on small stocks on the russell 2000 if you haven't noticed is in the middle of the seven-month winning streak it is higher in the last 12 of 13 months. flattened out a bit. the chart has been very good up 80% in a year we will watch the small caps will they break out or have they topped out and turned back down? time will tell small caps have been on fire something to watch something else to watch. some of the big corporate headlines and news

frank is back with those frank, good morning. >> reporter: good morning, brian. we start with the little monday morning deal news. apolo is near agreement to buy verizon's media assets the deal could come today and be valued at close to $5 billion. apple and ""fortnite" maker is heading to court the issue is if the tech giant should be allowed to take a 30% of revenue from in-app purchases. and tesla's german trade magazine said there is an issue with the battery power output. brian, back to you >> thank you, frank. the president and congress set to kickoff talks on the latest $2 trillion spending plan it includes $400 billion for

things we think of as traditional infrastructure another $600 billion for transportation projects and additional $1 trillion for programs like in-home health care and child care and pro union bills. despite this, the president is hopeful he can get some bipartisan support and the chief of staff revealing the white house has invited senator of west virginia and others to meet at the white house this week we are joined by ed mills. washington policy analyst at raymond james. your team is putting out spectacular work your team is laying out what is in the bills many of the bills, by the way, have been on the books for years in d.c now coming all together. i don't think it is a surprise that representatives from west virginia are going to be at the white house, hopefully, it seems west virginia holds all the

cards right now. >> it is a smart decision by senate republicans to put her at the front of this leading the republican negotiations. if she is rebuffed and there is a problem for what is the other west virginia senator looking for and it is harder for joe manchin to get on board and push aside the offer as illegitimate. the more that senator capito is in the negotiations, the longer we have the bipartisan negotiations not sure we will get there, but we have to see if washington can try to do it >> and, by the way, west virginia, love it. almost heaven, right has some of the worst roads and bridges in the united states it has faced population decline over last few decades. is there anything you think in this bill that will get capito

and manchin on board for the whole $2 trillion? >> i don't know if it is the full $2 trillion you know, what i would focus on is there is a lot of spending we can get on board there is $1 trillion of spending you probably could see on a bipartisan basis one of the things that we looked at is the surface transportation bill, the roads and bridges traditional bill, is set to expire on october 1st anyway there is already a push to have $500 million reauthorized there over the next five years that is the basis for those discussions. where things breakdown is how to pay for things republicans are not on board for increase in the corporate tax rate they are not on board for the other tax increases that the biden administration is pushing for. really comes to conversation as to how much does the gas tax

allow you to pay for this and is there something you can get for a revenue raise with bipartisanship >> you said it the gas tax, ed. that was supposed to be what paid for infrastructure. gas tax. it is a political mine field hasn't been raised in 20 years it is 40% lower adjusted for inflation than it was meant to be 20 or 30 years ago. any chance of usage tax like a gas tax get passed here or will it be let's raise taxes on them? them being millionaires and billionaires not doing their quote fair share >> brian, you raise an important point. what you are getting at here is democrats look at the gas tax as regressive it is more impactful for lower

income households. it is not very interested in increasing that. it is a political third rail for years. gas is one of the few things you watch tick up as you sit at the pump politically, very difficult to do if there is anything that is close to a usage tax, i do think it is probably more on businesses and you could see maybe a carbon tax at the border that's something that paul ryan had discussed having that border adjustment tax there is some interest in d.c. to say is there a way of capturing a tax on carbon as it comes into the united states about leveling the playing field on the manufacturing differences and higher use of other high carbon products outside of the united states. that is what i would look for with increase of taxes. >> bottom line the $4 trillion. the infrastructure bill or whatever you call it and the family bill. i'm trying to break it down.

do you think either one, ultimately, ed, does pass in some form or is forced through >> i think what is difficult here is i talked to a lot of people in d.c. there is no master plan. there is a lot of political decisions to be made there's a really strong desire to get things done by the august recess the way people here in d.c. look at that, that is only eight weeks that the house of representatives and senate is scheduled to be in session between now and then can we get something done in eight working weeks that fundamentally changes the economy? people are skeptical that it is possible they say it could happen i think when we take a forest from the trees approach, there is going to be a lot more spending that gets approved in d.c. this year i put the over/under at $2 trillion not at the $4 trillion mark. taxes will go up it will not go up to the same

amount the over/under is 50% paid for and 50% deficit spending at the end of the day >> there we go let's hope that interest rates stay low for a long time otherwise that interest on that debt may be harder to pay. ed mills of raymond james. good to see you. thanks >> have a great day, brian you, too on deck, why warren buffett is slamming robinhood saying it is turning investors into gamblers. as we head to break, three other top headlines this monday morning. ether. rising crypto hitting another all-time high busting out to nearly $3,200 it is up 300% for this year. story two. credit suisse only made $17.5 million in fees from archegos last year. it sounds like a lot

the collapse of archegos ended up costing credit suisse more than $5 billion in losses. we call that not a good investment finally, mission omplete four astronauts above the dragon capsule safely returned to earth yesterday splashing down in the gulf of mexico very cool to see we'll take a short break dow futures up more than 100 we're back right after ts.hi big investment. worth is a partner to help share the load. wealth is saving a little extra. worth is knowing it's never too late to start - or too early. ♪ ♪ wealth helps you retire. worth is knowing why. ♪ ♪ principal. for all it's worth. need better sleep?

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welcome back the oracle of omaha addressing investors over the weekend becky quick was there. becky, where do we start warren and his deputy charlie munger, were coming out swinging it was like ali. >> a lot of things probably ticked people off. let's start with the markets in general. buffett advocated investing for the masses that is what has happened. u.s. households had 40% of tota assets in stock. that is more than before the way the individuals are putting their money in the markets is concerning. he thinks many are playing the markets invest of investing. he thinks robinhood app is to blame. he is closely reading the

registration form when it files to be public >> i'm wondering how they handle the source of income when they don't charge the customer anything it will be interesting to watch it they, they have attracted maybe set out to attract, but attracted -- i think i read where 12% or 13% of their casino participants were dealing in -- i looked up on apple the number of 7-day calls and 14-day calls are outstanding. i'm sure a lot of that is coming through robinhood. they are gambling on apple there is nothing illegal about

it or immoral. i don't think you build a society around people doing it >> his point has been it is impossible for the professionals to accurately time the markets and you need to be invested for the long haul to make money and money that lasts you can't trade in and out of stocks that's his opinion this market is different and as a result, berkshire is holding more cash than buffett would like more than $145 billion at the end of the quarter the amount of money in spac, special purpose acquisition companies, is driving up prices and it is making it difficult to buy things at the prices he is willing to pay >> it is where the money is now. wall street goes where the money is it does anything that works. spacs have been working for a

while. you secure a famous name on it and you can sell almost anything it is an exaggerated version of what we have seen in kind of -- well gambling-type market. >> that is not like to say buffett doesn't like sitting in cash the prices of lumber and raw materials as well is temporary he says this is a movie we don't know the ending to, brian. >> warren buffett, of course, getting all of the attention i thought the munger comments. i think he is 97 years old he is the honey badger he doesn't give a you know what. >> charlie doesn't care what people think of him. >> he has been the honey badger

for a while. they are coming out swinging in spacs in particular. they are hammering them. >> they talked about the idea and forgive me, it mushes together both were outspoken about the idea when it comes to spacs. they have a requirement they have to spend the money within two years or give the money back to the investors that was buffett who said if i had a gun at my head, i could buy a company in two years, but it would not be a very good company. the motivation behind these things and idea that the person who has their name on the spac makes money and even if the investors don't and they can trade back those are all of those things that don't sit well with him >> they have a very different model. that's the point berkshire buys companies to put in the portfolio let's say it is like -- bad example. it's a sofa. you are buying a sofa.

two ways to buy a sofa keep it for 20 or 30 years, you will buy a sofa you really love and looks great. if you are pebuying a sofa becas you are selling to somebody else a year or two, that's how private equities do it, the difference is they view assets very differently than spac investors on private equity, do they not >> that's a very fair point. i agree with that. >> have you ever bought a sofa for two years, becky i think that was his point >> it is like i need this for a year in college and then move on >> it seemed like from the comments and all of this was on cnbc over the weekend. that was their view. do they have a fundamental view

on the overall equity markets? s&p at 31 times the earnings are they nervous >> it is tricky. i think that they have a hard time valuing some stocks some stocks are well priced. they like apple. that is the crown jewel of the company. they own 5.4% of it. i think the question is where do you put your money otherwise if you are worried about inflation, stocks look like a good place when you look at zero interest rates, those are the things that are grabbing on stock. i think they're not sure it is hard to say where this plays out sdpl. >> i had no idea until now they own 5% of apple >> 5.4%. it is berkshire's largest stock holding. >> wow like sofas it makes all the difference. rebecca quick will have more on this on "squawk box" at the top

of the hour. becky, thank you very much >> thanks, brian see ya'. you're welcome that's in a few minutes. all three hours on "squawk." valerie is up right after this ♪ when i was young ♪ no-no-no-no-no please please no. ♪ i never needed anyone. ♪ front desk. yes, hello... i'm so... please hold. ♪ those days are done. ♪ i got you. ♪ all by yourself. ♪ go with us and find millions of flexible options. all in our app. expedia. it matters who you travel with. do you have a life insurance policy you no longer need? now you can sell your policy, even a

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today's rbi has to do with you. specifically your driving because you, all of you out there, are doing a lot of it lately you cannot kid us. you are not hanging out at home. according to gas buddy, demand soared to 9% on saturday from a week ago. gasoline demand jumping nearly 10% in seven days. gas buddy says weekly gas demand rose 3%. that is the second highest week since the pandemic began you have to go back -- there's no holiday it still surnged. a lot of you are on the road apple mobility data.

driving is up from a few months ago. that is the top line it is coming at the expense of mass transit the pink line below. that is still way down below where it was more of you are simply getting out there as vaccines rollout and covid cases crash. summer is coming since apparently all of you bought a car during the pandemic because you did not want to get on a subway or train, one thing is clear if the current trends continue, 2021is going to be known as the year of the traffic jam. we'll see on i-95 at some point in the summer. i mean wave to each other as we're sitting stopped. random, but interesting. all right. futures are higher on the first trading day of may up over triple digits. joining us is senior v.p a lot there. valerie grant. it is good to have you back on i would like to read you a

comment from citigroup over the weekend and see if you agree tobias writes, our stance of the market could be too cautious with a variety of upside risks and including significant fund flows and additional monetary stimulus citigroup saying they may not be bullish enough val valerie, at 31 times earnings on the s&p 500, how should we feel about the stock market right now? >> i'm feeling pretty constructive about the market. you are right. the market is trading at 31 times earning on the trailing basis which is comparing it that to the past two years the multiple of 23 times what we're seeing is the earning results are really, really strong so i do tend to agree that earnings could be stronger than investors expect as we move through this earnings season and future earnings seasons. with respect to monetary stimulus, i'm less focused on that

i think the real catalyst here is fiscal stimulus that is spurring demand among consumers. i think leading, really, to the recovery in top line revenue as well as profits. particularly for consumer facing companies. i would say i tend to agree. >> is there any part of the market, because you focus on esg, and we have seen the flows into esg continue. is there any part, valerie, that has gotten a little too hot? you know what i'm talking about. companies are saying we're esg i know we're making deadly chemicals, but we are environmental sound because we buy carbon credits is there any part of the market that has gotten too juicy? >> i don't think there is any part of the market that has gotten too juicy as they have focused on

governance issues, we are rigorous in evaluating companies on those dimensions as they are evaluates on the financials. many companies are speaking about becoming carbon neutral by a certain date understand how you get there scope one or scope two or scope three emissions? how does this effect your products and services? what is the capital requirement to reach the goals those are the conversations we are having with the companies as the announcements and headlines grab your attention. we are doing a lot of in-depth research as we meet with companies and understand what it means in terms of their operating strategy and their equity valuation as well >> are they doing it or are they saying it? >> i think a lot of it is real it is not just to, you know,

sway the interests of newspapers it is economically driven. companies are looking at businesses differently and figuring out there are ways to actually improve energy efficiency and improving cost structure. there are also products and services that have compelling as you look at issues with climate change and other factors it is real >> valerie, we have to leave it. good to hear it is occurring and not just words thanks for joining us. have a great day and great week. speak to you soon. that does it on "worldwide exchange." dow futures up triple digits see you tomorrow "squawk" is next

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good morning if you are planning to sell in

may and go away, it may be time to rethink the major averages have fallen one time in the last eight mays. get ready for the opening bell berkshire's annual meeting what warren buffett did not disappoint in his comments on apple and banks and airlines and so much more we'll show you the best moments from the virtual woodstock for capitalists. robinhood is responding, not the guy, the company, after buffett and charlie munger took a hit at robinhood investors calling them casino participants it is monday, may 3rd. "squawk box" begins right now. ♪ ♪