it is 5:00 a.m. in new york. here is the top five at 5:00 keep the records coming. dow looking to keep rising as the big tech rotation takes a breather for now expanding access to vaccines the white house says pfizer and moderna and ju&j and others should let anyone make the vaccines. peloton finally giving in. recalling the treadmills for safety reason and the stock tanks as the ceo says sorry.

and china is getting more aggressive around taiwan a former cia official is here. and get ready for the summer of travel. another executive out with an optimistic take and what he is seeing right now you oon this thursday, may 6th on this "worldwide exchange" here on cnbc ♪ ♪ good morning, good afternoon or good evening. welcome from wherever in the world you may be watching. i'm brian sullivan happy thursday let's get right to it. here is how your markets and money and global markets are setting up futures are higher once again. not by a lot, but the dow up 26. nasdaq up more futures up 36 right now. all this after janet yellen quickly did a u-turn talking up

higher rates on tuesday and changed her mind on tuesday night and that changed for wedn wednesday. the blue chips were up again nasdaq, by the way, in the big tech rotation, seeing the fourth straight losing session. now its longest down session still four days. in this market, that's something to watch the real story that seems to be brewing or continues to brew, depending on how you look at it is two things. oil and crypto first up, the oil stocks the xle and other etfs up 6% this week. a lot of money has been rotating in the energy. it got dumped and sold off it is under own. any move in oil means new buyers could come in in a market with

not a lot of buyers. that could result in out sized moves. and how about crypto in the forefront of the conversation ethereum continues to move higher it is still at $3,430. we will see what happens this is a fast moving market i know you are talking about it. if you have not been or living under a rock or whatever, dogecoin hitting a new high of 69 cents yesterday it was half a penny just over a month ago. let's put in a different way if you took a flier on january 1st and put $1,000 in dogecoin on a lark, why not you had it to burn forget about it. that $1,000 would be $120,000

today. dogecoin started as a fake cryp crypto it is up 1,200% since the beginning of the year. if you did that, congratulations. let's go around the world. positive session across asia overnight. nikkei is surging 2% after the markets opened for the first time in a week they were off for the golden week holiday and checking the early trade in the european market. the bank of england latest interest rate decision is out in a couple of hours. 7:30 a.m we are seeing slight gains green on the screen and across the board. let's step out of the markets and get to the top stories. including developments on the vaccine front. big ones and big ones at big

pharma bertha coombs has that good morning >> reporter: good morning, brian. the biden administration is announced it is throwing support behind waiving intellectual property protections for covid-19 vaccines. that could ramp up protection in other country. the extraordinary circumstances of the pandemic call for extraordinary measures now the move comes as coronavirus infections surge in countries which have struggled to procure or distribute shares of vaccine producers plunged on that news you don't see the difference they fell. sticking with the makers moderna says the booster shot generated a promising response against the variations the company has been testing a

50 microgram dose. it says the shot increased the antibody responses against the original virus and the south african and brazil variants. and shares of peloton fell as the recall of the treadmills over the deadly accident of the device losses come after the stock fell nearly 15% yesterday wiping more than $4 billion in market value the bank of america slashed the rating from neutral to buy amid the fallout. not a pretty picture brian, back to you. >> recalls on these treadmills, not just peloton, are spectacularly heaven hard to m move the safety challenge is a big one for peloton and the stock

reflecting that. bertha coombs, thank you very much now you let's get back to the markets and your money your first guest today says yes. inflation does remain a threat maybe to the markets and maybe to stocks and the economy. however, right now, it looks like companies can deal with the higher prices, but passing on higher prices to you or customers. let's talk about that and maybe technology with linda bakhshian. senior vice president and senior portfolio manager and head of the value income team at federated hermes linda, thanks for kicking off the show for us. inflation, we did two weeks ago a wall of inflation. everything up in price we ran out of room on your giant wall at xcnbc it sounds like you are not that concerned about it right now how come >> i think inflation at the

moment is going to be running a little bit hotter than expected. just because the demand is so high we have been in our homes for so long and we haven't been spending a lot the demand is hot and manufacturing has been less. you know, supply is lower. in the short-term, inflation could run hotter however, the forces in place before, this inflationary forces in place before the pandemic have accelerated through the pandemic as you look through to 2022, i think you will see that inflation will actually start to, you know, moderate somewhat from where it is here. let's face it. you covered lumber prices for multiple weeks now lumber prices not continue at the same pace. at some point, demand will give or so much more supply that comes in and it moderates those

prices >> we talked to a home builder about that as well of taylor morrison they can nasapass that along fo now. other customers can eat that cost it won't be a problem. do you and your team see any sign where it is simply not passed along because that is when margins get hit and profits get hit and eps and earnings multiples get hit? >> you are correct are what you want to do is tilt toward higher quality companies where they can raise prices. they can pass on the inflation commodity costs. those companies are characterized by strong management team and strong companies that have goods that consumers actually want.

those companies, you can find across a number of sectors, not just commodities take, you know, honeywell for example. it has strong management team and it can pass on the higher costs. where, i think, companies get into trouble are what i call middle man that is where it will take the higher inflation costs from commodities and cannot pass on the costs. those are companies with goods or services that feed into our goods. >> it sounds like you are a remember viewer of the show. >> i am. >> i'm not just a viewer, i'm also a guest we talked about semiconductors shortages. a lot of investors are nervous you remain long and strong >> semiconductors corrected 10%

or so. if you think through the demand that is coming in from the amount of savings that the consumer has which hit all-time highs this week,es essentially you will get another stimulus. you will have european growth coming through asian growth coming through. demand will continue for semiconductors with this industry, it is not so much flicking a light and you can produce more it takes quarters or a long time to do manufacturing and do the appropriate licensing to bring the chips into the goods it is a really, really long process to bring supply online and you already are in a situation where lead times are extending and inventory is 30% to 40% below average i think semiconductors, at some point, supply will catch on.

however, for the next few you quarters, i think you want to see the lead times start to come in >> comforting words. we're looking at the chart a nervous time the last few months linda bakhshian says stay ylong and strong thanks for coming on and tuning in see you soon take care. >> absolutely. always we are just getting started here on the busy thursday. when we come back, your morning's big money movers including shares of one beermaker bubbling up amid a shakeup. there is the mystery chart who is that? we'll show you. plus, solar stocks losing shine despite the talk of renewables why some of the sectors biggest names have been crushed lately that's good news on this thursday morning in the fight against covid. why now even the cdc says this summer could be a brand new

beginning. vaccine update with very optimistic projections that may make you smile on this thursday morning on what has been a tough 15 months or so. busy hour. "worldwide exchange" will return dow futures up 33. we're back after this. high protein. low sugar. so good. high protein. low sugar. mmm, birthday cake. try pure protein shakes. with vitamins and minerals for immune support. just over a year ago, i was drowning in credit card debt. sofi helped me pay off twenty-three thousand dollars of credit card debt. they helped me consolidate all of that into one low monthly payment. they make you feel like it's an honor for them to help you out. i went from sleepless nights to getting my money right. so thank you. ♪ ♪

welcome back time now for the big money movers today, instead of three, we will give you a bonus fourth stock to

worry about. that's how we roll tomorrow is friday why not? first up paypal beating forecast pandemic driven shift to online shopping boosting payment volumes paypal processing $285 billion in payments last quarter stock up 4.5%. stock number two, etsy revenue doubled in the first quarter. shares of etsy are down 10% because the company projecting sales growth to slow sharply this quarter and it is not providing guidance for the year. market doesn't like it etsy down 10%. stock number three uber a smaller first quarter loss it was helped by food deliveries made money selling off the automated car unit $600 million writeoff taken in the uk business. demand for the core business hailing a ride and getting in

the car is still flat. uber stock down 3.5% ceo of uber is on this morning and the beermaker inbev. the first quarter results topping forecasts. everyone is drinking at home maker of budweiser and stella announcing the ceo will step down in july after 15 years on the job. really taking that company and building it into what it is today. inbev up 4.5% this morning call this the solar flare out. shares of solar companies like sunrun have investors on the run. running for the exit sunrun losing half value in 90 days all despite tons of talk at the white house and spending on

renewables boom. our colleague and friend pippa stevens is here to breakdown what is behind the drop. pippa, great to have you on. love reading your writing. everyone is like renewables are going to boom. maybe they will, but stocks aren't >> brian, good morning that is right. a little bit of a mixed message here we hear about record growth and transplanting into the broader market with the chip shortage and rising cost of raw materials is hitting solar stocks. semis are key for storage systems and solar inverters. first quarter earnings calls means this is an issue going forward. supply cannot keep pace with demanded they expect to show up in second quarter shipment volumes they expect the market to remain tight throughout the rest of

2021 solar edge stockpile in anticipation of the shortage they have seen ship costs rise 100% over the last few months. that is expected to hit the margins going forward. more optimistic tone from sunpower and sunrun. both are reported earnings sunpower saying it is a challenging environment, but expect to meet the growth targets this year. sunrun expects to grow battery installations by 100%. that growth would be higher for the tight market shares are up 5% here in pre-market trading after the company beat revenue guidance and raised full year outlook, brian. >> we talk about ships sitting off the coast of los angeles and problems at the ports and trucking costs that's why you care. the stuff you talked about costs are soaring.

it is not just semiconductors. it is profits hitting your stocks pippa, solar is a big part of environmental social governance. even as money flows out of some of the solar stocks, it does not appear from anything i have been seeing and your reporting to be hurting overall esg money inflows. what is going on in the sector >> not seeing any impact on esg. solar, of course, one part of esg. as you said, esg can encompass a c host of strategy after record inflow in the first quarter, assets reached nearly $2 trillion. this is notable, brian, the 1 trillion mark was topped in the second quarter of 2020

explosive growth the united states is catching up two of the top three most popular funds are focused on clean energy there is the interest in the space despite the weakness in solar stocks specifically. >> cnbc.com's stepippa stevens. we'll get you back on and talk about the carbon credits that's a different story thank you very much. pippa stevens, we appreciate it. all right. up next, some new rules may be coming from the new sheriff in town what wall street's top regulator is thinking about taking in the wake of the archegos meltdown. you want to hear this coming up. doputuw fures are up a bit

bitcoin is down a bit. we're back after this. everyone wakes up every morning to a world that must keep turning. the world can't stop, so neither can we. because the things we make, help make the world go round. they make it cleaner, healthier, and more connected. it's what we build that keeps things moving forward. so with every turn, we'll keep building a world that works.

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vaccinated that is 41% of the population. this is a milestone. cases and outcomes and that is what you care about, continue to improve. according to "the new york times" tuesday saw 40,000 new cases in america it sounds like a lot it is. it is down a stunning 86% from the winter peak. with that, hospitalizations crashing and down 12% from just two weeks ago. all that as vaccinations grow. the good news, 83% of the highest risk group, those over 65 years, have now gotten at least one shot the best news of all, now the cdc is growing optimistic in a new report we will have that in the morning rbi coming up in a bit

you want to hear that. optimistic projections of the summer from the cdc. all right. let's move on. coming up here later on in the show, we will talk more about the china threat a former cia official is here to talk about and taiwan and the risk. and comments from hilton's ceo on the growing trends he is seeing and reminder if you haven't already, subscribe to our podcast on spotify and other platforms. may is asian-american and island pacificer heritage month. here is our good friend dom chu. >> my advice to the next generation is to be prepared and to be bold two old sayings have resonated

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new records. futures are higher. a new wall street sheriff. what big steps the s.e.c. head may be ready to take after the archegos meltdown. what may be the biggest threat of all right now. china growing more aggressive over taiwan. literally as spy planes flying nearly weekly. we'll talk about it on this thursday, may 6th. this is "worldwide exchange. ♪ ♪ welcome or welcome back. good thursday morning. 5:30 on the nose here is how your money and investments look as we are exactly halfway through the 5:00 a.m. hour. stock futures are not doing a lot right now. dow futures were higher. they ticked down at this hour, volume is not

exactly robust, shall we say fair value is slightly higher. dow futures are up 20. what we talked about is the real thing. two things to watch. couldn't be more different i guess they could be. you've got oil and gas on one hand and crypto. it takes a lot of natural gas to fire the energy to mine all of the crypto i combined the two stories watch oil and gas and watch the stocks energy perhaps the hottest sector of the market the last couple days and weeks. xle etf. look at the monday moves they have done very well a lot of wall street firms continue to raise price target for the price of oil some now have oil hitting potentially $80 a barrel later

on in the year something to watch outside of that, what else crypto on the forefront of every conversation everybody is talking about it. bitcoin, we're not seeing much ethereum down a tick overall, ethereum has continued to sky rocket. the hottest of the cryptos in the past month i say that because none of that compares to the ultimate crypto move that is dogecoin we'll call it the sinead o'connor, nothing compares to you, crypto. it spiked to nearly 70 cents it pulled back a bit as of last night, if you had just done a flyer. you had $1,000ing lying around.

you rolled the dice on january 1st. $1,000 of dogecoin on january 1st, is $120,000 as of last night. a 12,000% return fake crypto. real money let's get to the top stories. including some big new rules that may come to wall street kcourtesy of the s.e.c. head. bertha coombs is back with those. bertha >> reporter: brian, the s.e.c. is looking at new rules in the wake of the market meltdowns tied to the reddit trading and collapse of archegos the chief is expected to say trading rules should be ev evaluated in light of technology with the house and financial services committee meeting

today. he is expected to tell applications to reward users decision to trade may encourage frequent trading that results in worse outcomes gensler will talk about the archegos blow up and tencent is in talks to keep ownership stakes in the u.s. video game developers the company is negotiating agreement with a u.s. national security panel surrounding riot games and epic games the u.s. has been looking at if those companies handling of the personal data constitution a risk because of the chinese ownership. hilton's ceo offering an optimistic outlook on travel speaking to cnbc yesterday, business travel is back to 50%

of pre-covid levels. some markets showing more strength >> i talked to our big customers and friends who run businesses and the like is there is a huge amount of pent-up demand to travel for business and group meetings and events. just because it has been so long since they have done it and they can't accomplish from a venture point of view doing it virtually forever. they are straining under this environment. it will take time. >> brian, leisure travel is propelling the industry's recovery he said he expects to see record numbers in that category this summer i can tell you, we are having our cnbc summit next week. i hope you signed up it is a wonderful lineup virtual. i have invitations for c conferences this fall in person.

that is so exciting. >> i'm supposed to be at a conference next week in person i cannot make it with scheduling conflicting. 500 people in person next week in investor day on monday in virginia as well in june, a conference in texas with about 1,000 people. all in person. i have an idea, bertha let's have a fire where we just burn all of our web cams you know what i mean >> i don't know. i'm fond of mine, i have to say. >> i know. even jamie dimon is zoomed out burn them all. bertha coombs, thank you you very very much. back on the road we have breaking news from washington big blue, ibm, out with a

message for congress just out with aplea of sorts t lawmakers. asking for billions in investment from taxpayers in the process. ylan mui has the breaking news what does it say >> reporter: brian, ibm's ceo is stepping into the political fray today calling on congress to go big on domestic chip production and making america more c compe competitive. we got the science forward option this includes backing the endless frontier act to back the $100 billion in r & d. creating a technology center and focused on the next generation of chips supporting quantum technology in research and the science reserve. the core of academics to respond to crises of the future. he writes, only by making

science a priority will we be prepared to tackle the next crisis and accelerate discovery for prosperity ibm operating a research facility in new york in partnership with intel that could reap benefits putting the federal semiconductor center in new york would draw on the resources his company has put in place there is bipartisan support for the ideas from top lawmakers chuck schumer is sponsoring the act along with todd young. there has been a good faith effort to work across the aisle on this issue. brian, he appears to be the first ceo to get behind the effort back to you. >> wow bit of bipartisan action always involving taxpayer dollars. still good to see the

bipartisanship ylan, look into the crystal ball and the odds of proposals and this actually becoming reality >> reporter: brian, i think this is one of the sleeper issues on capitol hill there has been so much focus on the infrastructure plan on what might happen with taxes. this is a bill that is going through regular order. they are doing it the old fashion way. marking up the bills in committees and holding hearings and trying to negotiate on either side of the aisle this is not just for chuck schumer, but john cornwyn. if it does happen, this could mean really big dollars for the semiconductor industry and technology overall >> maybe some big dollars for the great state of new york and

albany, the capital. we'll see. ylan mui always a pleasure. what ylan, thank you. too much snark so early in the morning. to what may be the biggest geopolitical threat in the world right now. china's recent moves around taiwan and over taiwan flying spy planes every week. foreign ministers meeting in london, including antony blinken. they oppose unilateral action or military force this marks the first time the g has referenced issues surrounding taiwan in 15 years

sounds serious the next dpguest says chainaaim with taiwan has more to do with finance. we have martijn rasser here with us martijn, thank you for joining us we have seen amphibious exercises and war planes flying over taiwan. it is clearly china agitating for something. what do you think that something is >> great to be with you. that something is most likely taiwan semiconductor industry. china has been clear that it seeks to be a world class contender in the semiconductor industry right now, taiwan is the juggernaut they have all of the advanced abilities and fabs it is a juicy target >> yeah.

what is the likelihood of straight up conflict a military incursion i don't want to use the other word inv invasion i guess i just did is there any chance there is real military force by china used against taiwan or is this more as you said, a gray zone? in other words, spook them and maybe spook customers of taiwanese companies so they don't do business there because they are nervous about the economic future. >> i think a hot war action is a low probability. high impact scenario something we have to think about just because of the implications it is unlikely to happen much more likely is what you said gray zone tactics. this is that area between peace and war. there's a variety of ways to go about this

information warfare, cyber attack you mentioned the types of intimidation through military shows of force we have seen. a lot pbeijing can do to domestc politics it can influence western perceptions of what china is doing in taiwan. that is the focus area >> is there anything in the u.s. or in the european countries where the leaders can do something? >> we have seen strong support from the administration for taiwan the united states has come out very strongly with statements and phone calls and visits there was the quad summit which had strong language about taiwan now the g7 statement that is very significant that these technology leading democracies are coming out saying that we stand with

taiwan the support is there of course, there's a lot more that needs to be done. we have to have a military show of force to make sure that beijing understands that the type of intimidation they're pursuing will not get them the results they're looking for. >> how long does this go on? what exactly is the end game for china? their semiconductor industry takes a share from taiwan semi and they let up? what would be the goal here? >> well, we're in a long-term exstrategic competition. i mentioned how china is focused on semiconductor fabrication they made a lot of progress, but they have major headwinds. they are dependent on foreign companies for semiconductor

manufacturing equipment. if you combine that with the long-term strategy of the united states to keep china at least two generations behind on the state of the art, that makes it difficult for china to catch up. they have to spend a lot of money. they have to make up for human capital shortfalls when you consider they have a lot of that capability sitting 100 miles off their shore, you have to worry will beijing take actions to short cut indigenous development and go for the shorter route and look to taiwan to fill that gap >> yeah. certainly is an incredibly important strategic geopolitical story and the supply chains and global economies it is a new world order. not new cold war, but new order. martijn rasser, thank you you very much.

see you soon you're welcome your morning rbi has good news on the path forward from the pandemic trust me if you want some optimism, you want that hear this. first, a quick hit on other key headlineses on this thursday energy secretary heading to the hill for a meeting with lawmakers today. she is expected to touch on the strategic importance of rare early minerals after the iea report of the shortage from many of the minerals for electric cars and other renewable technology most of which, by the way, are sourced from china and have to be ramped in the next decades. waiting for a new ford bronco you have to wait longer. ford confirming the semiconductor shortage will impact the bronco suv and ranger pickup truck ford did note the delay will not

impact plans to deliver the vehicles to dealers this summer. it has the right stuff the spacex prototype successfully landed after its test flight. this was the first test to end without obliterating the rocket after four previous high altitude tests you go, spacex we'll go for a custommercial br and we're back in two minutes. want to make a name for yourself in gaming? then make a name for yourself. even if your office, and bank balance are... far from glamorous.

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welcome back time for the morning rbi let's focus on covid like earlier in the vaccine update and again with very positive news that is not getting a lot of attention elsewhere the cdc puts out a report on data and trends. it is wonky and hard to read it doesn't usually make headlines. this one should. the cdc estimates should vaccines and what they call npi based treatments keep improving, new covid cases could be nearly wiped out by july. blue line at the bottom. that is high vaccination and treatment. it gets worse. even the most bearish estimate shows a september collapse look at that there's another reason to be optimistic the cdc estimates have, with all due respect, have been wrong to the up side. the actual numbers have tended to be a lot better than the

estimate so if that is also the case here, it could mean we could really, finally see most of the pandemic burnout by early summer that's according to the cdc's own estimate not gone, but wiped out and nearly completely according to the cdc. let's hope let's call that random, but optimistic. we'll take a short break up next, matrix adviser david katz is here to tell us why stocks have room to run, but not for the reason you might think.

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welcome back good morning dow futures up 11. let's welcome in david katz. chief investment officeofficer. you probably heard my tease. you went back to 1938.

wow. you looked at earnings growth against stock returns. we know earnings growth is booming. you are saying the data says maybe that's not the main driver of stock returns >> the key to that look is investors don't want to rely on earnings significantly higher this year. that means stock prices are higher that is not the case there is a low correlation of the earnings growth and stock market returns in a given year in a hyper growth, stocks have done 9% or 10% we think stocks can go higher, but not driven by the fact that earnings are robust. >> david, you know you are wiping out 50% of the coverage here on cnbc talk about earning every quarter. i'm semi kidding what drives stocks returns if it is not earnings? what is it

>> you think it is things like inflation rate where interest rates are and the direction of the economy and valuation. we think a number of those things are positive. the biggest driver of stocks is the fact you have improving economy and tremendous l liquidity. you don't want to get hit in a lot of stock we think that is going to continue growth is slowed down. value has come back. higher dividend stocks have started to do better there is more on the table for them to do well. certain groups which have not done well. health care, drug stocks, some consumer staples, telecomm they are poised to do better the hot stocks tech and stay at home are cooling down

we are weary about those >> you like qualcomm >> we do you had the selloff in technology it is an across the board selloff. if you look specifically, there are certain stocks which have come back down qualcomm which has great prospects and is a 5g play business is doing well and in the u.s. as well as internationally. those are the technology companies we would put money into during the selloff. if you can get a good business under 20 times earnings, we're for it if you have a business selling at 50 times, we are weary. >> pfizer and other favorites, david? >> pfizer has good prospects with technologies and financials they are one of the cheapest companies. great management and focused on shareholder value. you are getting it at a good

price. the stock has sold off as a result it is a great entry point. >> all right we love great stock picks. qualcomm and fiserv. historical study on the markets. that's why we have you on, david. david katz, take care. >> thank you thank you for watching or listening on the radio check out our podcast. see you tomorrow on "worldwide exchange." it's friday tomorrow "squawk box" and the gang are picking up the coverage. have a spectacular day

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 yesterday, the dow hit a new high the nasdaq did not bounce back at all from the previous day it extended its losing streak.

what is moving right now and what we are expecting today in the early hours. the path forward we have an update on the reopening of broadway. sporting events in new york and restaurants nationwide plus, big news in the space race update on the spacex test flight and the auction on a seat on a july rocket launch by blue origin it is thursday, may 6th. "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. this was something to keep an eye on the nasdaq has been down fou