good morning it's jobs friday we will talk expectations and market implications. speaking of stocks and the markets. futures pointing to a higher open after the dow notched another record close finally with a pretty big gain a twitter tip jar. how the social media giant is

helping people pay for the favorite content creators. we'll all be rich. it is friday, may 7th. "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. you will see right now we are looking at green arrows across the board. joe mentioned the dow closed at a new high yesterday this morning, indicated up 48 points and worth.in pointing out is up a decent amount. on pace for 2% for the week to date goldman was the biggest gainer the dow added another 55 points. s&p was up yesterday

indices grew through the course of the day highs of the day for the s&p s&p is up by .50% for the week to date. the nasdaq is not indicated higher by 30 points, but the nasdaq is having a rough week. it was down four sessions in a row. down 2.3%. we will see how things go today. we are watching the treasury markets. right now, it looks like the 10-year is yields 1.579% very stubbornly below 1.6% we have the jobs report today. that will give us guidance of what to expect i want to look at the "squawk stack" this morning. it is not just the dow industrials are setting records. yesterday, the financials and materials and staples all had record closes. you did hear from the fed about talking about the potential for

significant declines in asset prices as valuations climb the higher you climb, the farther you can fall we will see what happens with that inflation is the other point we have been watching copper up another 2.1% copper yesterday closed at the highest level in over a decade you you hhave to go back to feb of 2011. yesterday, gold closed at the highest level since february it is jobs friday. let's talk expectations for the number that hits at 8:30 a.m. economists polled by dow jones industrial average expect 1 million payrolls to be added the unemployment rate is moving lower to 5.8%. that plays into what we saw yesterday with the jobs numbers better than expected falling below 5,000 for the first time andrew a caution from the fed

today. central bank warning asset rising prices are a threat to the financial system this threat coming in the central bank semiannual report it reads in part, asset prices may be vulnerable to significant declines should risk appetite fall brannard said we have to make sure the system has proper safeguards news there to chew on. joe. thanks, andrew jpmorgan chase ceo jamie dimon speaking out on the washington plan could we have quotes for infrastructure built and likelihood of higher taxes he wants lawmakers to be specific on spending good luck. saying just throwing money, doesn't work as for raising taxes, here's what he said >> i think the notion it could have uncompetitive corporate

taxes in a competitive nation is crazy. the details -- the devil is in the detail it is not the 25%. it is the other stuff. territory, guilty chart things, deductions overseas and gap taxes. that is the stuff what they have currently, they would not take away the trump corporate tax cut, but tripling it literally that would hurt in the united states capital formation drives all pro pro pro produ productivity >> that is so last century we don't need that stuff we got the fed who needs capital? we got the fed

dimon made the comments in the general membership meeting that didn't surprise me that jamie said that. even on the cnbc board, that got through here that shows the new rates if they go back and add the guilty and territory in. we are far and away 28% the top paying country in the world. somehow, that slipped through the cracks becky. cigna out with the quarterly results. cigna reported adjusted property of 4$4.73 a share. re revenue came above forecast. all of this despite the increase of medical care reimbursements

the stock is up with a gain of $1.32. we have some other stocks to watch this morning peloton shares recovering this morning after dropping sharply this week on the recall of the treadmills peloton told investors it expected the recall to cut fourth quarter sales by $165 million. last quarter, results topped expectations the company said that supply chain investments helped improve the issues with the delivery which it had been dealing with the stock is up 6.5% a bigger drop than that with th recall notice. check out shake shack shares earnings beat the street revenue fell short check it out down by 8% there's roku shares rising after

results topped expectations. revenue jumped 79% for the quarter as at-home streaming is a trend. andrew thanks, becks. still to come, a big show ahead. exclusive interview coming up with gary gensler. this is interview since taking the job if you have questions, tweet us. as we head to break, check out the big pre-market movers. stay tuned you are watching "squawk" right here on cnbc >> announcer: this cnbc program is sponsored by baird. visit bairddifference.com.

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oh when june-- hit that guy!

yes! wait i don't remember that! it's in season 4 - don't tell me you haven't seen it! i watched season 3. you won't stay caught up for long unless you keep watching the best shows from hulu, peacock, starz, showtime, and hbo max, all year long. just say "watchathon" into your voice remote to add a channel or streaming service and stay caught up. welcome back we have a blockbuster jobs report expected today. according to dow jones, economists are looking for a gain of 1 million jobs in april. one of the next guests forecasting double that amount 2.1 million jobs chief financial economist with jeffries is here with us

also with us is michelle girard with net west markets. she is looking for an increase of 1.25 million jobs that is above consensus. ladies, welcome. good to see you. anetta, you are looking for an optimistic number. 2.1 million jobs what leads you to that conclusion >> i think the report really will capture a lot of the reopening dynamic. when you look at march payrolls, growth accelerated, but driven by goods and government. surface hiring slowed a touch in april. you had the bottom half of the country actually reopening in early march. none of that got picked up in march payroll. that is partly because the march payroll was early in the month it was too quick to capture. a lot of the reopening a lot of that will be captured by the april employment report when we look at consumer foot

traffic and open table bookings. there is a sharp acceleration in march and april. i think sectors like leisure and hospitality will pick up i expect over 1 million jobs there. retail as well the consumer is back in person retailers obviously are under pressure to hire so all about reopening this month. >> michelle, you are more optimistic than the consensus at 1.25 million what do you think about aneta's forecast will we see a gain of more than 2 million jobs >> i do think it is possible we are still about 7 million jobs below where we were pre-covid. there is clearly a lot of ground to make up aneta is right the economy is picking up momentum as we head into the spring and as a result of reopening. the one potential limiting factor which kept us a bit more conservative and we hear this all the time is the difficulty

that companies are having actually hiring workers. you still have individuals who are hesitant to reenter the work force because they are not vaccinated or they don't have child care or benefits that may limit and contribute to a sharper fall in the unemployment rate because you had fewer enter the labor force and the jobs you get will have a bigger impact in pushing the unemployment rate down we have an unemployment rate falling as low as 5.2% >> aneta, that is my next point to you what michelle said every ceo we talked to in recent weeks from restaurants to hotels and all kinds of places told us they are having trouble finding workers. uber or lyft ceos say they have trouble.

a big part is the schools and day care centers are not back full-time. that means people have to stay home with them that's a valid point how much of that plays into your thesis as well >> it is a valid point what i struggle with is that reflection of a true lack of supply in the labor market or is that a reflection of strong demand either one is causing the shortage when i look at the supply side and the issues retraining people from coming back with school or day care, nothing changed in april on that point. there was a clear increase on that narrative what changed in april is a lot of employers looking for people all at the same time to me, it is a reflection of the labor market strength, not weakness obviously, not every employer looking to fill a spot got to fill a spot. i still think we will see a very good number of job increases in

april. that is consistent with some of the big data signals and even consumer surveys >> michelle, i know you are an economist and not a market person calling where the markets are headed from here i want to ask about the fed comments there is the potential for significant declines with asset prices it is probably obvious we have seen how high the markets have been running at this point it took me back a little bit to irrational exuberance. the phrase alan greenspan uttered in 1996. he was right the market did not crash until 2001 it had years to play out before that crash what might you factor in the economy and from the fed watcher perspective? what do you think about the comments >> i think the fed is acknowledging the concern that many have with such excessive

monetary policy and on top of the tremendous amount of fiscal policy the risk of asset with the stock market or housing or generally commodity prices the rise of rising asset prices exist. the fed is trying to show they are watchful more overwhelming has been the comments from fed officials continuing to under score and they will be patient they are in no hurry to reverse course or begin thinking about taking away an accommodation i think comments like this give the markets cause. i think strong data will be the most unsettling for markets. even with the fed saying they will be patient. if we get the numbers that aneta was looking at or what we are looking at over the course of the year, you will see markets continuing to price in expectations the fed won't wait as long to adjust policy even

though they are saying now. >> michelle, it is exciting that things are reopening any businesses that are going to have a lot of demand want to satisfy it they will have to pay up for workers in the summer and promise all these things to get people back in then if it doesn't stay quite that strong when the fall comes, are the higher wages they are paying, do they say we cannot afford to pay you? is this permanently higher wages? does that mean we are in for more than a transitory period of inflation? >> that is my expectation. certainly near term we will see inflation jump up. it will ease back into the summer i do think there is an initial thrust that may cool a bit i think there is a level of

sustained strength here. at as we look ahead to 2021 and into 2022, i expect you see a more sustained rise in inflation. right now, bottlenecks and excess of demand and supply may exacerbate the move and the fed will look through that i think there is more fundamental strength that will show itself. i think that will at some point led the fed to reverse course. they are not going to take action until that forecast becomes an actual outcome. >> aneta, i see a microcosm of the discussion now in the journal piece, they classify and economists are talking. one is a liberalist. one said we are seeing the benefits at the beginning made sense and now are not making sense. if a person is going back to a

tough job, labor, warehouse and they would rather stay home. the other economist identifies as a progressive says it is total ly overstated. we could not get the bigger job numbers. is it just like everything else? is there something to that it is hard to induce people to go back if it pays to stay home and they don't have killechild e in. >> i think there is something to that i don't think it is a massive restraint on the market. people are getting 100% wage replacement from unemployment. it is an incremental headwind on hiring those pbenefits go away at the end of september i don't expect them to be extended beyond that if i'm wrong and that is a restraint on the labor market

right now, i expect that will start to fade as we get into the summer months and closer to that september expiration for a lot of the programs. >> aneta, michelle, thank you for being with us. both of you above the consensus. we will have you back and see where you came in versus the actual numbers thanks >> thank you joe, is this a challenge >> i want you to say it. >> in the last break -- >> i don't think you can >> viewers at home i said shake shack shares in the last hour. joe doesn't think i can say this she sells shake shack shares by the seashore >> when you stick in the single "s" with she sells shake shack shares at the seashore

>> she sells shake shack shares by the seashore. >> wow >> not that hard. >> well done, guys >> andrew. okay okay now you said it, i don't care what the name looks like when it comes up on you now. i want you to say it and nail it every time if things are so easy i thought it was hard. give me another one. >> names pronunciation of names i'll never get that one right. >> you can do the word things? >> i apologize. >> how much wood could a wood chuck chuck if a wood chuck could chuck wood >> peter piper picked a pepper >> the curse word that makes you say the sch --

>> we would make more money on a curse jar than a tip jar >> yeah. who else we had good ones sam zell >> we could nft one of those best of curse words. coming up, a tip jar on twitter. i don't know which currency i would want there are new ones that have not moved up yet that are totally worthless, but going to $1,000 as we head to break. check out the popular reddit bet names down big this week andrew, you may ask enzo about this micro vision amc. uwm. stay tuned you're wchating "squawk box" on cnbc >> announcer: this cnbc program is sponsored by truist

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welcome back to "squawk. time for executive edge. twitter is introducing a tip jar. a way to send money. it can be connected to accounts on venmo or paypal joe, i was playing with this last night to see how it worked. it is more of a pass through you have to merge your venmo or paypal account and it is giving you a one click to send through

that i had an idea for you. i know you have a lot of users out there that you don't feel comfortable with you block them sometimes my thought was rather than block them, you could charge not to block them they tipped you and you wouldn't block them that would be a pay for no blocking >> have the haters pay for access >> that was my thought that was my thought for you. >> a good idea. >> i did play with this last night. you can set it up in about two seconds. youcould have people send mone right now >> that is the digital equal of sitting on one things to come up to throw balls to try to knock you in the water. >> exactly the money's not worth it you can put it on the one setting where you only see people with check marks. >> that's what i do. i do the mute.

instead of blocking people, i mute them. >> andrew, you have a million followers. not for nothing, but a lot of them have sent me things that say andrew ross sorkin blocked me you need to look in the total blocking i have at least 5,000. >> i need to look inward >> i admit it. i blocked at least 5,000 people. >> oh, no. >> does that show up >> yeah. you can find it. >> i might have blocked a dozen people maybe two dozen people in my career for eal. >> people don't say your hair looks fake you can tell it's real mine looks so good -- >> thank you >> thin skin >> people say it is fake and dyed i have to block those people it is just money now you can't do crypto yet? >> i thought of that, joe. actually, if you have paypal and

transfer money using paypal -- i haven't tried it i set it up to see how it works. i didn't try to move money to somebody else or have people move money to me i guess they could >> just bitcoin? >> i guess they could. >> i want to try the new ones. >> i think you can send crypto >> send one. dig digibite safemoon is that any good >> during the commercial break, set up the venmo account and i will tip you do you believe that? >> he thinks i have a venmo account. i'm still on myspace i have my walkman on i can't hear what people are telling me to do no, andrew >> if the audience can tip me. i can printout the money and bring it to joe. how about that >> that's an idea.

i want it in safemoon. >> can people tell if there is no money in your tip jar >> i don't know. we'll see. maybe i'll get a tip who knows? i don't know how this works. >> i don't believe you. >> here's a tip. don't hold your breath all right. >> look it up. >> when we come back -- >> i got 5,000 >> i'm going to look it up when we come back, jamie dimon sounding off on bitcoin. as we head to break, look at yesterday's s&p 500 winners and losers >> announcer: executive edge is sponsored by at&t business our people and network will help keep you connected let's take care of business. .

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welcome back to "squawk box. vinmeo continues demand during the pandemic vinmeo expected to spin off from the company this month iac working on the new ground of

growth companies joining us is joe levin. ceo of iac joe, great to see you. congrats on a great quarter and what maybe an interesting moment and inflection point for the company given the spinoff and the cash you will be sitting on. i want to spend a little bit of time of what you will do with the cash >> that's all we think about another new beginning for us we have done this before we spin off the biggest asset. we spun off match in the summer. we are spinning off vinmeo now hope that will be done in two weeks with the shareholder approval with we have done vinmeo as the 11th this time we have more cash. just under $3 billion. more earnings and more tools to work with to rebuild the cash is certainly the biggest question in there.

>> joe, how should investors think about the company now? you have the unique mix of assets all in different spaces. care.com in one space. you made investment in mgm which is a bet on vegas and traveling and china and all sorts of things now you have the cash. how should they think from the multiples perspective or comp perspective? what should they think >> the only way we look at it and everyone looks at it -- i think putting it all together in one vial is a hard way to do it. we look at it as some of the parts and we look at it in the pieces and managing pieces we look at mgm separately than care.com the business is also and this is a little hypothetical. we don't believe they have anything to do with each other we see common threads and common

learning among them and shared intelligence that is what led us to do pretty well with the businesses in the portfolio. >> the parlor game now is what you do with the cash can you give us hints? what are you thinking about? >> there are a lot of things we're looking at i don't know the answer. in times like these in our past, w there was a time for repurchases and we bought back the company there was a period where we bought all new companies and companies that were big growers in the recent growth i think both are on the table for us both could be great uses of cash generally, you know, we want to be involved in new businesses and things that are growing. there's a lot of exciting things happening right now.

companies are rich right now there are always opportunities just one example is care.com which we bought recently there are tremendous things happening in that category in terms of senior care and child care and the enter ven enterprie we bought another small business a few months ago there is more we can do there and the same on the publishing side that worked out well for us bringing them on a common platform we can continue to buy there, too. >> are there specific areas you want to stake out space in you don't own crypto companies yet or fintech companies yet. >> i knew you would bring that up i think crypto is interesting. i think the thing that is really

interesting to us is there are digital marketplaces emerging. marketplaces emerging that exchange digital assets. so far it is vertical with things like art and sports and other ones that i'm sure will evolve that is a very compelling thing and an area i would love to find an opportunity to deploy capital. the concept of digital assets is growing and interesting. >> do you still like the media business i ask because there are a number of businesses up for sale in the headlines right now as you saw the news yesterday axios fell out of talks with the athletic a subscription business trying to sell off, a new york times company. are these businesses, subscription businesses, still

interesting to you >> subscription businesses we like the pure, no offense to you, the news businesses are less appealing for us in terms of deploying capital. we're in the publishing business with dotdash the whole content. not push content the user says they want the content and we publish that content in a way that is mostcot we have done well with dotdash we have not done well with the hot, newsy content that is a harder business, but it works well for some >> joe, given you have your pulse on so many different types of businesses, what is the broad sweep of the economy everybody thinks we're on fire at least for the next quarter or

two. my question is how you see it a couple of quarters out >> i see i agree with on fire and on fire or a little while. i think in most of our businesses, subscription businesses, ad businesses, people seem very excited i'm very excited with it people are excited to spend. $2 trillion of savings amassed in the last 12 months. people are out looking to spend. i think that will last a while i think that is a good thing we will see what happens with rates. we do see in our business from our corner lots of scienigns of inflation. i don't have the big macro picture for rates. from the consumer side, people are excited and will be excited for a while to get out and spend. >> okay.

joe levin, good to see you looking forward to seeing you soon. >> thank you you bet. joe. >> thanks, andrew. i found a couple of these. i found vechain. it's up 16%. i'll take that i found digibite i can't find safemoon. did you look up how many people you blocked? >> yes i want to prove it without giving it away you can see. it 32, joe can you see that >> they really hit a nerve can you tell us? give us an idea what they have in common? what nerve >> there's a guy -- a couple of them i can read their names aloud >> no. i have something interesting >> joe, do you actually have 5,000? >> 4,403 i had muted only 762 people.

i know people say, my kids say, don't block people they show people you blocked them they have gotten to you. >> exactly >> it takes a second i have time to block a complete -- whatever you want to call them. >> give them the satisfaction. >> good. i i have gotten satisfaction, too. i don't get satisfaction from the muting i want them to know. ♪ i can't get no ♪ ♪ satisfaction ♪ >> i would have them play that song, but we're not allowed. >> i don't care if they know they got to me coming up, dr. scott gottlieb and all things covid and pandemic

$1 each. >> still to come, dr. scott gottlieb will answer questions on the latest vaccine headlines and safety of reopening around the country. you are tcngsqwkoxwahi "ua b" and this is cnbc wo is a par hare 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. ♪ ♪

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welcome back, everybody. a big event next week.

we're bringing together top health care ceos, technologists and investors to explore how they're addressing the coronavirus crisis join leaders from pfizer, eli lilly, the cdc and more. you can register at cnbc events.com/healthyreturns. the cdc reporting that more than 41% of american adults are now fully vaccinated as a result, states like kentucky, minnesota have announced an end to indoor mask mandates joining us now to talk about easing and restrictions as we head into the summer, dr. scott gottleib, former fda commissioner, cnbc contributor he also serves on the boards of pfizer and illumina. it came faster than i thought, scott. as you predicted, i took someone yesterday to get the second shot and it was quiet there

a month ago the lines were out the door we're getting close to where everybody that wants one has gotten one and that concerns me because there aren't enough people that have it yet. are we going to start seeing that we need to flip the switch and start inducing people and selling this i don't think the j&j pause helped very much >> look, i'm not concerned i think we're going to continue to chip away at this if you look at the goal that the administration set to try to get 70% of the adults vaccinated by july 4th, that's 175 million adults, right now 150 million are vaccinated they're anticipating getting 25 million vaccinated if you amortize that over 60 days it's about 400,000, 450,000 people vaccinated a day. i think that's probably right. demand will fall off not only because you're getting into softer demand. people who want the vaccine a

little less. prevalence will climb. people will feel more safe they won't be out seeking the vaccine. i think you're going to get into a period of time where people will rationalize why they won't get it right now, they'll get it eventually we'll see another surge back to school, back to work i think the trajectory looks good right now we have a lot of people vaccinated. this summer we'll bearound 200,000. that will include the kids as well we'll probably get close to that by the end of the summer. >> merging the covid talk with the employment jobs friday, one of the big concerns, people don't have child care. kids aren't back in school we can't get workers so holding back the quick lowering of the unemployment rate is that. there are still people who have to stay home with their kids

you saw all of this craziness this week with the unions dictating to the cdc what to say. some places are taking off masks. on cruise lines, if you take a drink out of a glass or when you're taking a bite of food, you've got to put the mask on between drinks will there be any easing of the of what we're seeing i don't know whether we've gone too far. certainly people make the case with the school closures and other things that we see, you know, we've over done it >> look, i think we need to contemplate relaxing these provisions with the same speed and efficiency that we put them in place for a whole host of things you've gotten a lot of compliance i think public health officials need to preserve their

credibility. more municipalities and states will lift the mandates the criteria should be is prevalence low is your vaccination rates high do you have in place testing and tracing so if cases emerge, you can trace them if cities and states meet them, they can look at an aggressive relaxation we can't slow roll this. i think we need to look at the conditions and if the conditions merit it, pull these things back recognizing there's going to be some continued spread. we're never going to fully eliminate this a lot of the vulnerable people have been vaccinated so they're protected from the virus >> right >> when we talk to companies in the traveling business versus traveling abroad, i don't know how you do that, vaccine passports and the like, but if you could, would you go to, let's say europe, italy?

would you go there in july or is the possibility that there are people in airports from other parts of the world where variants are very, very common, it's a little bit scary when you hear how quickly variants are coming up. i don't know what your view is on whether a really nasty one gets selected for. would you stay domestic? would you go abroad? if you had -- even if you were vaccinated those variants, who knows. >> look, i'd feel comfortable traveling abroad to a lot of parts of the world, certainly europe they will have a summer that looks like ours. would i wear a mask in a foreign airport? probably i'm into the sure i need to. i would feel comfortable traveling to europe this summer. the europeans will allow us to travel to their country this summer. >> fully vaccinated, you'd wear a mask in europe airport

>> you're talking to the wrong person i was a guy using a lot of purell before covid. >> i'm with you. just reading about -- it's -- india is very scary right now unfortunately, it's a horrific scene. it may even get worse. you saw that this year, we may pass all of the mortalities from last year given how exponentially it's growing that means the possibility of more variants. and one of them might get around the vaccine. is that possible or you don't worry about that >> no, you always worry about that i do believe that this virus has mutated in a lot of ways that it's going to ultimately mutate. we've seen a lot of what it's going to do.

the question whether the virus will mutate in novel ways, that's still a possibility remember, this virus in order to evade our immunity needs to evade the spike protein. if it does too much, it no longer attaches very well to our lung tissue. it's trying to change the confirmation of that protein but not change it so much that it doesn't work for the fundamental purpose of getting into our cells. >> dr. gottleib. nanks. >> thanks a lot. >> so i realize why these interviews with dr. gottleib have been so great fwaus, you know, we all kind of use him as our personal therapist for working through the things that we're talking about doing, which is great it reflects the questions our viewers have, too. you, andrew, and i all do this top of mind to ask him those questions. >> perhaps someone thinking about july. >> asking for friends. >> asking for a friend, exactly.

>> all three of us do it you know exactly where we stand. scott is our own -- >> okay. right. still to come, we have a big interview this morning with sec chair gary gensler you don't want to miss this exclusive. this is gensler's first exclusive. we'll be right back.

good morning cue the countdown clock. less than 90 minutes to go for the april jobs unemployment report big bets paying off. the ceo of trim national joins us to talk about the rise in sports gambling. plus, nyse president stacy cunningham on the big board's big reopening plans. the second hour of "squawk box" begins right now good morning welcome back to "squawk box" right here on cnbc i'm andrew ross sorkin along with becky quick and joe kernen

this friday morning. u.s. equity futures looks like we'll open up higher dow up 78 points nasdaq up 33 points. s&p 500 up about 9 points but all of that could change because today is jobs friday we'll be getting that big number at 8:30. we'll see what that does to the marketplace. in the meantime, a couple of big headlines to bring you peloton saying the just announced recall of those treadmills will cost $165 million. it lowered its profit and sales forecast for the years as tread mills remain off the market. peloton said they had a smaller than expected loss they're saying they're going to upgrade the software to put a password in. it's made us to think maybe we should keep it and wait until that upgrade would happen. maybe it will be good for peloton and us. the federal reserve saying prices for assets such as stock

could be, quote, significant to declines if they have chips in the semi-annual support. the covid-19 is falling short. new york city is trying to generate a rebound in tourism by offering free vaccines to visitors planning to set up mobile vaccination bans at attractions at central park, empire state building. mayor bill de blasio is going forward. joe, i should also tell you -- and becky, we did get a couple of tips to the tip jar i think we're at $6.69 >> these are tips -- these are tips for joe to unblock him? >> yeah. >> these are people who have sent in $1, $1 we should thank them there's a guy, david, who says for joe to unblock me he's paid a dollar and someone else, another jim says print out and send to joe, 69 cents.

so we're -- yeah, i think we're at $6.69. >> i have to unblock them but mult them? that's probably not fair >> yeah. >> i don't know. i'm going to have to buy breakfast for everybody at some point. >> we don't want to dwell on this our edition of liesmania is about to start people tune in for that. the mute for you, are you down in really low mute, too? are you thousands of muted >> i don't mute that many. >> i don't do a lot of muting. >> so you just sit there and take it. thank you, sam, have another >> i'm on the show for three hours every day. come on. if that's not the best example of sit there and take it. >> if someone called you a giant turd on the weekend, you just sit there and that's just -- >> i usually respond >> yeah. >> as i said, i sit here for three hours so i might as well sit there. >> oh, yeah. yeah yeah you already -- your skin's

already thick. that's just -- there's some merit to that. let's get to the -- >> great argument. >> it is today's edition of what doesn't kill you makes you stronger, andrew remember that. wall street will get the latest jobs report in less than 90 minutes. steve liesman, liesmania fame, joins us and, steve, i saw one most people are at a million plus i saw one at 2 million what's the high? what is the high >> you had -- the highest i've seen is 2.25 but you had annette at that on earlier and that's one of the higher ones in march only a handful of forecasters were on board with the million jobs train adding 916,000 jobs this time the consensus is for a million jobs and the unemployment rate could dip down from 5.8 to 6. vaccinations help americans back to work. some forecasters, as you say, as

high as 2 million jobs here are some good signs claims dipping below 500,000 the high frequency data that we track remains strong we've had this surge in job openings that bode well. strong gains forecasts, some of the hardest hit sectors. we'll be looking for jobs in all of those sectors all of that said, even with 1 million jobs the u.s. economy still running -- will still run more than 7 million jobs short of the peak in february 2020 and i'll be watching closely what happens to the labor force. despite the strong march report, look at that, it's flat. remain nearly 4 million below the february peak. the question is whether this robust jobs market pulls people back into the work force reasons for people not being on the work force some remain concerned about the health risks returning to work if and high unemployment benefits have allowed workers to

negotiate better packages. job growth could get stronger still and even with a million jobs, it's likely not strong enough to change the conversation at the fed, which is waiting for a string, a string, i say, of such reports before thinking about tightening policy and, joe, i'll go right online and i'll send a few tips in to both of you guys i didn't know all of you folks were that hard up for money. >> it will go to charity anything we get will have to go -- we don't need -- i don't need -- i don't need no charity from no one. no but we would find a good use for it it's neat just the process is kind of interesting since twitter brought it up. it could be crypto theoretically, steve you could -- which means if someone sent you a couple of bucks of dogecoin six months ago, you could have $500,000 to give to charity or something

so it might work out it might be good >> could be good could be good. it's a nice way to do it i think facebook -- a lot of my musician friends are doing this. tip jars keep the money flowing in. >> you've got a gig this week? >> we're playing the five eight seventy-seven show, the famous cornell show we're playing tomorrow. >> yeah. >> does andrew know about that what do you mean cornell show? >> what is the famous show >> well, it's -- for some people the grateful dead's 1977 cornell show is the most famous one. >> no way. >> it's hard to know, it's not my favorite show, but for some may 1977 shows. >> what was that >> blues -- >> no, it wasn't that. it was they did an amazing dancing in the streets. >> wasn't it '70 -- that was

about then. >> it was ' 7. '77. it was about then. >> so that wasn't -- they didn't do all -- okay >> they didn't highlight that. >> i didn't mean they highlighted. >> it was a great show. >> that would have been their most recent show. >> are you going to my alma mater to do this or are you repeating the show in a different location >> no, we're doing the show at this place run by our sound man who has somehow got -- what a great story. scott has struggled through this pandemic trying to stay alive with live streams and all kinds of crazy stuff he's finally got it going here we're going to have 100 people at a venue that allows in the past 300 we're sold out we were sold out within a week of announcing the show god, it's the stella blues band. you're giving me all of this time to talk about it. a barn on long island. scott has done a great job

keeping his people employed, keeping the music going and now we're finally getting some momentum is it 5/19 the city opens up we have two gigs at the bitter end and they're starting to open up these places. a big deal. >> steve, i've got to give you a shout out. you are a true renaissance man the economics, the fed, all of the stories that you cover so beautifully and know how to do things you get the stella blues band, fishing. your former moscow bureau chief for the wall street journal, he speaks russian i was talking to matt about that the other day, how you are capable of doing anything. very impressive. >> well, can i just say right today -- today we're opening -- we're launching my conservation group called save a million bass.org i'll show you the sticker. we're going to change conservation as we start them. >> i thought you like to catch them. >> if you go to save a million

bass.org you'll see a sticker with a qr code it tells you the regulations for where you are and 10 recommendations for how to catch and release bass so that they live longer. launching that today we have a press conference at 4:00. >> i love that >> all right >> save a million bass >> extraordinaire. >> are these sea bass? >> striped bass, joe striped bass they're the most sought after fish on the east coast and they've been over fished once again. >> that's it. >> brought them back i'm doing that. >> what happened to my zoom call with bobby weir, what happened with that that you promised? >> i didn't promise that, joe. >> yeah, you did >> i have to talk to bob -- >> yes, you did. >> thank you, bob weir. >> you offered you offered. he said, yeah.

be like -- not quite almost a zoom call >> steve, thank you. good luck this weekend we'll be watching. >> all right >> for all of those things great to see you, steve. let's get to this morning to the big market stories dom chu is watching the markets. seeing which charts are on the rise and which ones are falling. dom, what do you have for us >> becky, when he said save a million bass, i thought liesman was referring to the small and large bass take a look for over the last week the biggest theme i guess out there right now is that the value kind of blue chip index still continues to outperform. over the last week, the dow industrials are up 2%. s&p 500 up 1/2 of 1% the nasdaq is stuck out at 2.5%. technology stocks, media, technology, telecommunications maybe not doing as well in the week's trade a look from a sector basis,

that's playing out as well the two underperformers of note over the last week have been the technology sector and the communication services sector. the energy sector continues to move higher, 7% overall. energy stock's a huge move higher after some volatility still, the up trend is in fact there. checking out stocks in the premarket you'll want to keep an eye on some of the biggest losers volatility wise, etsy, fastly, docusign, zoom video it's been caught up on the technology stock and work from home pandemic trade. etsy up 1.5% it was down huge yesterday fastly, docusign, zoom video ones to keep an eye on one other place to watch, kathy wood and her ark tech innovation, ticker arkk. that has seen a move up 2/3 of 1% now currently off 32% from the highs we saw back in mid

february it is now on an eight-day losing streak that's what you're seeing here it's the second day in a row, joe, it has closed below the 200 day average price on a moving basis. so a lot of traders looking to see whether or not there is any kind of support for this particular etf huge high flyer over the last year. >> i've seen articles written, dom, that that is something to pay attention to with much bigger ramifications than that etf. that needs to find some support and go back up to 4 or it could portend some serious stuff for those high flyers in that arena and other high flyers that seem to be benefitting from this crazy easy money >> it's an ecosystem, joe. >> ecosystem wow, look at that. look at that 3 p.m. today, cathie wood. tune in to that at 3 p.m. today. coming up on this show, squawk exclusive

ceo of penn national that's not him that's portnoy saw him. yesterday he was -- he went into a panera he was doing a critic's review of a panera. it's well off highs earlier this year will the reopening spur a bounce back how he's getting along with that place up in nantucket? we'll tell you that's next.

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strong quarter for penn national gaming. the company expanded its partnership with barstool and reported profits that were double analyst's expectations. the stock saw some post earnings selling overnight. now down about 39% since saving all-time high in march joining us now is jay snowden, ceo of penn national gaming and is it even worth while to ask you what you ascribe the weakness yesterday to or down from the highs, jay? usually ceos always have the same answer, that they don't try to interpret stock price, they just mind the store with the underlying businesses. did i answer for you >> of course you did, joe. you've been doing this for a long time. look, it's actually kind of an odd feeling because we posted great results as you compare our '21 first quarter and certainly bely as you look more closely at march/april results compare it back to 2019 pre-pandemic.

we have great momentum it was up 8% over a two-year period and our ebitda was up 30%. you're really excited about your digital transformation we're now live in three states as it relates to sport betting, two states in online casino. we'll be live in eight states by the start of football season we have a lot in the hopper to be excited about the stock kind of trades where it trades. we're focused on preand long-term value at penn. >> omni channel obviously makes sense, but i think it's like with a lot of the pandemic plays, and i'm not saying you're a pandemic play, but when you start focusing back on brick and mortar versus the sexy digital and online and bar stool and all of those things, maybe that's what we're talking about

now we're back to running casinos and a couple of slots hit. there's loss ratios. now we're back to worrying about real business, real fundamentals. >> yeah. we're okay with that trends are great, joe. whether you're looking at the core business, brick and mortar casinos or online, we feel really good. as it relates specifically to online, because we have this fully integrated media strategy with barstool sports, we're running well under $100. most everybody else in the space is between 250 and $700. so we've got built-in advantages and i think at times when you're looking at the infancy of a new industry, there's so much hype around handle every month and every state. people are hyper analyzing i think at times you need to take a step back, look at the overall strategies of the different companies, who has the built-in margin profile that can

deliver long-term profitability and who can acquire customers most efficiently there's no doubt pep national gaming and barstool are on top of that list. >> we were talking about having you on before we went to break ceo of penn was going to be on there were four different shots of portnoy in varying poses. you probably like that though. it takes a little of the -- it almost looks like he -- there we go we're showing him again. he is a bigger than life character, obviously, and i'm envious of him because i see some of the stuff that he's able to say, and i don't think i could even say 1% of the incendiary things that he gets away with. i don't -- he's almost too big to fail. he's almost untouchable. do you ever worry about that, one of these days he's just going to just take it a bit too far for a publicly traded company? >> i do not worry about that, joe. i've gotten to know dave really

well over the last couple of years. i trust dave we have a great relationship we talk all the time he gets it look, when we put this deal together we wanted to make sure that incentives were aligned he owns a significant number of penn shares. he's a big shareholder he's not confused. dave's going to be dave. barstool is going to be barstool we acquired barstool to be barstool, not to change them he speaks to a different audience my job as ceo is to primarily focus on the large institutional shareholders, talk to you on "squawk box. dave's going to be dave the day trader, on twitter, instagram. >> some pc outfit, i don't know what happened up in massachusetts, but watching that play out but i live vicariously through him because i --

>> we launched just in time for march madness. great results over the first 30 days we generated over 65 million in sports betting handle. $6.5 million in sports betting win. i think most importantly should really showcase the power of our relationship with bar stool. there was a weird rule in illinois where you have to actually sign up at a brick and mortar casino but that had been pushed back and so we had a 36 hour period where we could run a promotion and we actually generated over 20,000 registrations online because we had this deadline to hit and dave portnoy and big cat at bar stool got the word out and it just shows the power of them being able to activate an audience quickly and shows i think just how loyal that

audience is overall. we're off to a great start in illinois we'll be live in indiana in two weeks in time for the indy 500 and nba playoffs in four mower states by the start of football season or probably up to 10 or 11 states by the end of the year. >> do you think with people going back to see all of these events in person, will they bet less when they were home that's all they could -- you know, you got your phone, you've got the tv, that's sort of the way you engage or do you think it's going to be additive i think it's going to be better for everyone. >> yeah, what we've seen so far, joe, even as we've launched our mobile sports betting products and mobile online casino products, it has been 90 plus% additive so we're really bullish about that not everybody in the space has complete control of the economics and the strategy that they have in place for omni channel, whereas, we do.

we own all of the online business we own all of our brick and mortar business. we really don't -- we don't have a preference as long as people are within our ecosystem and we're creating value for them, they're part of our rewards program, our loyalty program, they want to visit our brick and mortar casinos, that's great. we run high margins there. we just want to keep them loyal and make sure they have as many options as possible to bet on sports and gamble on slot machines and play games like black jack, craps and roulette. >> jay, thanks love having you on give our best to your buddy. mabrey him on one of these times. can you do that? would you like to do that? will you mention that? >> i would be happy to i can set that up. just let me know, joe. >> set it up set it up. what do you think, andrew? are you ready for that >> i'm -- totally. i'm totally on board >> you can't look away

i mean, it's -- you know, i'm -- >> i've got a lot of questions for him. so many. >> thanks, jay see you. penn gaming. >> coming up when we return, check this out, a cautionary crypto note from elon musk yeah, it's true. we're going to tell you what he tweeted overnight, ahead of a"s" appearance maybe a half hour from now, we have an exclusive interview with sec chairman gary gensler. our special guest. first tv interview since taking the job. you're watching "squawk" on cnbc time now for today's aflac trivia question. what netflix series was inspired by the first female millionaire madam c.j. walker? the answer when cnbc "squawk box" continues the aflac post-pain show! aflac! what a day of upsets. ha ha. jill is certainly upset with that unexpected bill from her back surgery. aflac!

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carvana ceo on the red hot bond market and whether he expects the strength to stick around first though as part of asian-american and pacific islander heritage month we're spotlighting cnbc contributors, business leaders and our own anchors and reporters. here's deidre bosa >> she moved to canada at age 16 with no english, no job and no money. i watched her overcome a number of challenges as an immigrant chartering an interracial marriage providing so much for my tree brothers and i she eventually ran for public office in canada and she embraced her heritage. that inspired me to gin obemywn career as a journalist

>> climbing it >> good morning, kate. >> it's been great >> putting a link on it. he called himself the dogefather and the coin shot up 40% that week overnight musk tweeted out a tmz interview where he talks about the cryptocurrency telling

buyers to, quote, invest with caution. it's based on a meme of the dog back in 2013 this year it's up more than 12,000%. i've talked to a number of newer dogecoin investors who seamus being and others talking about it as the main price driver. it's not just bets on dogecoin the frenzy is making its way to online gambling markets. odds makers are setting up prop bets around what musk might talk about. one site has it at plus 600 the doge will be the first coin he mentions bitcoin is still the favorite. guys, back to you. >> is this crazy am i -- i mean, am i -- i don't even know what to say. this doesn't make sense, right because he's mentioning it on tv or there's a view that he may mention it on tv, it goes up like is there a use case for dogecoin that you're familiar

with >> so -- there is now. mark cuban talked about it on "the ellen degeneres show" last week now he is now taking it as payment at the dallas mavericks. the oakland a's are taking it as payment. this joke is snowballing into a mainstream payment method. i talked to a ton of dogecoin investors who say this is the fun version of bitcoin they still think it's a joke a lighthearted fun cryptocurrency they're trying to jump on the momentum you can think about the trade ahead of the musk appearances, the ultimate fomo trade, fear of missing out. people are jumping on the momentum they don't want to miss out on any of the hype going around with snl like jamie dimon said, you have to be careful. we don't know how this one is going to end. >> that's called a bubble. kate, before you go. there's unlimited dogecoin, right? unlike bitcoin, there's not a limit on how many can be produced >> right there's no limit ultimately.

>> right >> but apparently every month there is a limit it's nothing like dogecoin where there's a scarcity aspect. this thing could go on forever. >> okay. thank you is all i -- that's the best i can do. great to see you this morning. becky. >> thank you >> thanks, andrew. when we come back, nyse president stacey cunningham will join us on the big board's reopening plans. then at the top of the hour an exclusive interview with sec chair gary gensler stay tuned quk x"ilbeig bk."sawbo wl rhtac what happens when we welcome change? we can make emergency medicine possible at 40,000 feet. instead of burning our past for power, we can harness the energy of the tiny electron. we can create new ways to connect.

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the new york stock exchange is going to be welcoming more traders back to the floor starting monday. those who are fully vaccinated are exempt from certain restrictions they'll be allowed to remove their facemasks while seated but they have to continue to maintain social distancing of 6 feet or more joining us is new york stock exchange president stacey cunningham good to see you. this is a pretty big deal. really, the beginning of a big reopening, right >> we're excited, becky. great to see you we've been open for a year we're excited by the progress we're making across the country with the vaccine rollout given the fact so many more people are vaccinated now, we can start to ease off on some of the restrictions we've had in place since we reopened last memorial day weekend. >> how many people are on the floor now? how many do you expect will be on the floor starting monday

>> hard to predict how many will come in. aside from the density the trading floor. what traders are allowed if you are vaccinated. it has more vaccinated people. >> there's moving up the ladder.

carrots. >> there are plans around it and how we have been. >> how people are feeling about this and feeling about it they're so excited i saw actions and the exchange

and the future >> i think once you are vaccinated >> it's a risk children are moving forward. i'm sure that protection is there. people are coming back to work and when that happened

>> and afterwards, a lot of celebration. it's what people are using. >> okay. >> not going to require it. >> the eua -- >> under an eua.

the status has changed and when we get back today, the reduced risk you need to be vaccinated. we're following the local guidance and relying on expert advice. whether that can be distant, they can take it >> you're seeing on the ipo fr front. >> becky, if you think about where we are last year, yes, 2020

it was a really busy year. the rapid slowdown and roughly our busiest month. the market and even on the spac front. >> the sec and the accounting of war rants. it's part of their filings we're excited to see that pick up he'll speak about that

>> stacey, great to see you. we look forward to monday. >> thank you i'm excited. >> it is when we come back, in the romo household we take things to the max oh yeah! honey, you still in bed? yep! bye! that's why we love skechers max cushioning footwear. they've maxed out the cushion for extreme comfort. it's like walking on clouds! big, comfy ones! oh yeah!

. >> it's a million dollar asset we'll grow that. >> but in terms of that and

starting to actually have manufacturers. they're going to come on line. >> it's an entirely new infrastructure it's education centers across the country. >> around the country we have people to reframe and buy cars this way we've been growing >> macro picture

we have a macro picture and the used car market. >> it's a macro picture. and the context of people buying new cars access to new cars.

>> it's 40 million transactions. >> trying to deal with it. probably pulled. it creates opportunities for you. >> we've got a consumer base

>> it's really about customer swapping the customer side. our role is to sit in the middle it's a combustion engine >> do you think there's going to be a moment for the value of buying combustion engine cars. six years later there's going to be more value here they're not going to have it manufacturers are charging now.

>> the way the cars are valued the technology to drive this it's about a great experience to customers when they're swapping one car for the next >> it's a fascinating business that you've created. >> thank you so much >> in just a moment exclusive interview with gary gensler and hearing on gamestop saga

we'll talk about that and so much more. much more. plus april jobs report much more. plus april jobs report labradoos, skorts. (it's a skirt... and shorts) the world is going hybrid. so, why not your cloud? a hybrid cloud with ibm helps bring all your clouds together. that means you can access all your data, modernize without rebuilding, and help keep things both open and secure. that's why businesses from retail to banking are going hybrid with the technology and expertise of ibm.

good morning it is jobs friday in america and we are just 30 minutes away from the number of the morning. economists looking for a seven-figure print at 8:30 eastern. an addition of 1 million jobs and futures pointing higher ahead of that data we've also got awarning from the federal reserve about rising asset prices and risks in the financial system we're going to bring you the details. and an interview you definitely don't want to miss we're going to be speaking with newly confirmed sec chair gary gensler. his thoughts on gamestop, crypto mania and everything else. the final hour of "squawk box" begins right now. good morning and welcome back to "squawk box" here on cnbc i'm joe kernen along with becky

quick and andrew ross sorkin a quick look at the futures. dow up 100 nasdaq up 24, 25 points or so. s&p up 9 and the 10-year is at about 1.57 or so well behaved not dwell on any of these t things let's get straight to that interview. >> brand new sec chair gary gensler has been weighing in publicly on some of the topics we talk about here all the time on squawk. appearing in front of the house financial services committee gensler spoke about the meltdown of short selling, the reddit fuel spike in gamestop that is specifically an issue that gensler has spent a lot of time on since being sec chair gary gensler joins us, his first since taking on the job. chair gensler, great to have you

on the program this morning. let's start, if we could, by trying to get your thoughts on the gamestop situation but really because it's a microcosm of so many things going on in the marketplace all the time, right, you have sort of the social media enabled interest in this stuff, you have these new apps, the gamefication of it, you have issues about payment for order flow it captures all of it, but in terms of risk and how you're thinking about it, what's top of mind right now >> well, first, let me say thank you, andrew, for inviting me back it's good to be back on "squawk box" and see joe and becky as well look, i think that markets evolve and technology comes along and changes markets on a regular basis, but what we're seeing in the markets right now as we're city seeing across the country in everything that we're doing is we're able to use our apps, you know, god bless

because we can get so much more access and we're bringing more access to the capital markets for retail investors, but we also have to look at for our core principles. our core principles of protecting investors and fair, orderly, and efficient markets and capital formation. that's written into the law but it makes sense today just like it makes sense when it was written into the law how do we update our regime, our reform -- reform our rules to still protect investors when these apps are sort of encouraging active trading through the behavioral prompts and then our whole market structure is starting to see some concentration in it and that could sort of diminish efficiency in our markets. >> let's talk about both of those issues in terms of this issue gamefication, you were asked and talked about this in the hearing yesterday, you clearly have concerns about gamefication. the question is to the extent you want to regulate that, how do you do it >> well, it's about sales

practices and the marketing and communication with investors for a very long time the sec and its self-regulatory organization finra that you might have heard about during the hearing have looked at these things we're going to seek comments from the public about these new tools, about prompts, leader boards, and behavioral ways to get individuals to trade more. and, look, there is a bit of a conflict of interest an app that says that they have zero commissions is earning revenue on your trading. the listeners to your show's trading through something called payment for order flow somebody is paying them for that order flow and paying them for that data. we know this is to be true when we go on any application, somebody wants to get our data so we're going to take a look at this, get public comment and then see how we might freshen up

our rules. >> chair gensler, on that issue of payment for order flow, we've had ken griffin, vlad tenev from robinhood and so many others who have made an argument that because of the lot sizes for retail and the like, that they're actually getting better pricing is the argument they say for their customers. and so they're saying it's not costing the end user do you believe that? >> well, there is a -- there is evidence that shows that there's a conflict we had a case settled in december of last year where the wholesaler in that circumstance had actually written to the broker and said, you know, there's a tradeoff we could give you more payment for order flow or we could give you better execution for the customers. a clear sort of tradeoff and there are brokers that don't take payment for order flow and as i noted yesterday, the united

kingdom, canada has banned it. we're going to take a close look as to how the market structure works best, the most efficient and protect investors. >> in your mind though, do you see solution being the issue of more disclosure, meaning as long as the customer knows this is the arrangement, it's okay or do you think the possibility of banning it is real and that that might be a better solution? >> so, andrew, we're still at early stages i'm at the third week of this new job and i'm so privileged and honored to be in this job that the president asked me to do and the senate confirmed. i want to hold off on that, but i would say this disclosure alone may not do it and there's times where there's an inherent conflict and then thinking about what the market structure will be to be best for investors but also for issuers if we have concentration in the middle of our capital markets, concentration tends to lead to higher prices and more f

fragility. they know that there's a gatekeeper or individual in that middle that can extract what's economic rents. >> chair, you made a point yesterday that citadel securities has publicly stated that they effectively executed 47% of all trades. is that too much and to the extent it is or it's something you're concerned about, what kind of solution do you see? >> well, again, we're still working on it, but i'll share something else if you or i put a market order in, again, i don't any longer because i'm the chair of the sec, but beforehand, put a market order in on a reflalt form, the vast majority, well over 90% of those go to these wholesalers. it doesn't go to the lit markets like the new york stock exchange or the nasdaq or in an options world chicago board and so forth. a lot of these are really just

going to the wholesalers they're not as lit they're not as kpecompetitive. it's not clear we're getting best execution in an unlit internalized wholesaler as contrasted to the lit markets. >> hey, gary, it's great to see you. thank you for being with us. >> great to be with you, becky i look forward when we can do this face to face. >> so do we. that would be great. i'd like to ask you about archegos i know these are situations you're looking into. with archegos, it was leverage that was the serious problem the federal reserve put leverage rules in place that used to keep people at about 50%. you couldn't be levered at more than 50% wall street has found all kinds of ways to get around those rules. one of those is total -- total return swaps that was the problem at

archegos i know you can't comment specifically on archegos, but what can you say about leverage and finding ways to get much more leverage than the federal reserve ever intended? what are your thoughts >> yeah. i think, becky, you raise a really good question i want to add something. i think it was about leverage and also transparency. so when one group, in this case a purported family office, but one group wants to express itself in the markets through these derivatives called total return swaps and does it with multiple firms, then it starts to aggregate into significant positions and we have a history in the markets to say if you have significant positions, there's transparency and the public gets to know if somebody's over 5%, sometimes it's over 10% of the company so that transparency was lacking here, and you're absolutely right also that through these

derivative contracts in multiple banks there was a lot of leverage in that trade, if i can call it that >> so is transparency the problem or is, you know, finding ways around leverage the problem? or you think that those are both things that need to be cracked down on? >> we're taking a close look at both i have asked staff to make recommendations to the full commission under existing authorities to bring more transparency to this derivatives market but also to look more closely at -- at these issues that you raised about leverage now the sec did have authority, it took a while, but did have authority to address these securities-based swap arrangements this came out of the dodd-frank reforms. that regime is going into place later this year and then into 2022 so i think there would be some more transparency, some more

control on what's called margin, which is a part of this leverage calculation. those rules have not yet gone into place, but i think we'll need more transparency than is even in those rules. >> and one more question on this it seems like some of the rules were flouted too filings that were supposed to be made were never made by that family office. are you going to be looking at enforcement for these family offices that are basically hedge funds that have tons of money and just don't seem to be following the rules that already exist? >> well, you can imagine i can't speak to a specific matter, but in general, we're going to examine and enforce the rules without fear or favor. we're going to look at individuals and corporations and, yes, that includes hedge funds. of course, i can't speak to any one individual matter. >> gary, i wanted to pivot to the issue of crypto, something you''re very familiar with you taught a whole class at

m.i.t. on crypto thus far the sec has not gotten into the business to try to regulate it. you made comments congress ultimately will have to do it. what do you think -- to the extent it should be regulated, how will you do it what are you thinking? >> well, so, you're right. i was honored to teach not just one but a multiple levels of different courses in financial technology and cryptocurrency and blockchain technology. i think to the extent something is a security, the sec has a lot of authority and a lot of crypto tokens, i won't call them cryptocurrencies for this moment, but crypto tokens are, indeed, securities the prior chair had indicated that the prior sec brought numerous enforcement actions to sort of bring some of those security or investment contract tokens to -- into the rules

but there are some like bitcoin, if i can just focus on that, and that's about half of this $2 trillion asset class right now, it's a digital scarce store value but highly volatile. and there's investors that want to trade that and trade that for its volatility, in some cases just for its -- it has lower correlation with other markets, i think that we need greater investor protection there. and we don't have a federal regime overseeing the crypto exchanges so if investor wants to trade on that bitcoin, understanding it's highly volatile, highly speculative, but if they want to trade on that, that we have in place some investor protection. that's what i was saying is a gap in our system right now. >> but it's a gap in our system that needs to be addressed by whom is that something that congress will have to address because it's quite possible congress won't address it. if they don't, is that something you think you have an angle to

address? >> well, i think that as it relates to bitcoin, and i'm not speaking to all of the other tokens right now, but as it relates to bitcoin, while our sister agency, the commodity futures trading commission has limited anti fraud and antimanipulation authority, there's no federal authority to actually bring a regime to the crypto exchanges whether it's stock exchanges or futures exchanges, there's regimes that were put in place in the 1930s to help protect against fraud, manipulation on the exchanges and protect the integrity of that, and i think that's really something that we'll be working with congress and if they see fit to try to bring some protection for people that want to invest in this speculative asset class. >> in terms of that protection though, how do you think of the role of social media -- this goes back to gamestop but you're

seeing it in crypto. elon musk is going to be on snl this weekend we've watched dogecoin nearly double over the week as people speculate that he's going to do a segment or a skit around that. he's been on twitter talking about these things what do you think of the celebrities taking to twitter? we're looking at a tweet, let's find out just how live "saturday night live" really is. and literally just on the backs of these kinds of communications you're seeing stocks move, you're seeing crypto move. what's -- when you think about investor protection, what do you do about that if anything? >> so i think that we've -- every decade we get new technologies there were debates 100 years ago whether to allow a telephone on the floor of the new york stock exchange and here we're in the 2020s. we need to update and freshen our rules to ensure that while retail investors and any

individual has first amendment rights to speak and so forth, that they're not misleading the public, they're not manipulating the public, manipulating the markets. in the securities field we have a lot of authorities to do that. in a number of these crypto fields, not so clear if it's bitcoin, for instance, which has been deemed not to be a security but i do think we're going to be freshening up our roles and really hearing from the public i think that the community and the social media is good, but let's recognize also that now computers can train on that social media, do something which is called sentiment analysis this is computers watching our words. in fact, this interview right now probably is being interpreted in sentiment analysis, meaning a computer is taking andrew's and my words and saying what does it mean for the markets? now the stock market's not yet open, but what does it mean for the markets?

>> hey, gary, i don't know how far you want to go on this, but just take yourself away from sec chair for a minute a guy who taught a course -- courses at m.i.t., i guess you didn't teach a course -- you didn't call the bitcoin or crypto course ponzi scheme, tulip mania, it was on crypto. and we have a lot of uninformed opinions, people call it a ponzi scheme, people say it takes the greater fool theory, someone has to pay for it, there's no inherent value as someone who knows how it works, you called it a store of value. were you just referring to that as a perceived store of value or in your view is the mechanism itself, does it imbue bitcoin with actual value that people ascribe to it as digital gold in your view? >> so i think what's important at the sec is to be technology

neutral and still stay to our core principles of protecting investors capital formation and those efficient markets. in that sense and working with congress, i'm saying i don't think there's that investor protection for bitcoin investing at this point in time. now how has it been perceived by investors and what did i teach at m.i.t. before this? is that it's a digital, scarce, speculative store of value it could go to zero or it could go high and that's -- that's the nature of it but i think bringing investor protection to that market is relevant if this is going to continue and it brings confidence and trust to investors in overall markets. we've found that in the equity markets, we've found that in the bond markets, that when we bring investor protection to those markets and we try to -- our

best within our resources to tamp out fraud and manipulation and other bad actors, that's good for capital formation. >> gary, it's on some corporate balance sheets as an alternative to cash, and, you know, when i hear fed chair powell or treasury secretary yellen talk about it i hear one thing, which would make me think you'd have to be absolutely insane to put hard earned corporate dollars, a cash manager to put it in that can you give us any more than it could be worth zero or it could be worth a million a coin >> joe, there are other guests you're going to have on for the next four years or however long i'm graced to be in this job i'm not going to speak about valuations that's your other guests. >> m.i.t., you'd know whether blockchain -- i figured you'd give it the slightest bit of endorsement. >> i know. i know i got the tease you're trying to give me but it's not my job

right now. >> all right >> but what i would say is important is disclosure. you mentioned corporations disclosure that we -- that's been our hallmark for 90 years of our capital markets, that a company discloses what's relevant to investors. and where it's critical it's accurate, not misleading and doesn't leave out material admissions. >> chairman gensler, i'm curious about your philosophy with investor protection. right now there's a divergent view of what investor protection means. there's a lot of people who look at the interest in the markets and say it's real exciting that there's younger people, getting in the markets, hopefully they're learning about the markets, this is going to help the markets longer term. there are people who say actually there should be less investor protection to some degree and in fact the investor protections that we historically

have had have actually not protected the retail they've always protected the establishment. you hear all the time, the suits, if you will we've been criticized on this very program for talking about that or for trying to quote, unquote, try to protect the investor the way we talked about it historically. how do you think about that right now? and also the idea that certain investors have access to certain types of products that others don't? >> well, i don't know whether you were commenting that i should take off my jacket and you guys aren't wearing one, but to your question, at the cori think investor protection has helped economic growth i think that investor protection has helped capital formation because it builds trust and confidence in our financial markets and i think it lowers what's called the risk premium it lowers the risk that somebody's defrauding the investors. now investors can take risk. that's at the core of our sort

of public policy investors can take risk as long as they have that disclosure all of those what's called material disclosures from an issue. somebody raising money, somebody investing. and that that -- those disclosures would get current and they are updated, as we know, quarterly and annually and the like that's how i think of it i think about the exchanges where there's not that protection yet on the crypto exchanges but on the exchanges to ensure that there's integrity. if somebody says there's a bid, an offer, it's real. then thinking about this market structure and these events around january's volatility, is it the most efficient market meaning does it help lower the cost for a lot of competition? competition and transparency as contrasted to darkness and concentration. so that's the balancing, but

bring transparency and competition to markets, it's good for investors, it's good for issuers. >> this one's a little theoretical. you know, the biggest issue for regulators trying to see things before they happen, and regulations often are only put in place after there's a crash, after there's a fiasco, after there's a situation where people lost a lot of money. it's just natural because there are so many lobbying organizations, so much -- so many blocks that are put up to try and keep the system status quo as it is if you were looking out there if there's one or two things that you were most concerned about, we did hear from the fed they were concerned about asset prices dropping rapidly as they've gone up so quickly, if there's one or two areas you're concerned about, maybe preventing things before there's a crash, before there's a big problem, what would they be?

>> i think the heart of yesterday's technology was trying to get ahead. technology has been a good thing. bringing a lot of access it's easier user interfaces on our mobile apps. not just in finance. that's generally been a positive outcome, but to guard against that we don't lull ourselves into a place that we're not protecting investors and we're not ensuring for that market integrity that i mentioned earlier. so i think it's good working with the staff and my fellow commissioners to get ahead of that i also think disclosure, that we're in a new decade and investors want to understand more information about climate risk, human capital and the drivers of value inside of the businesses and the drivers of risk inside of the businesses. so these are a number of the areas that we're going to be spending a fair amount of time

with >> chair gensler, we want to thank you for being with us. hope you come on back. i do want to talk about climate. we have a million questions about spacs that we want to get to and i'll leave you with this. are you going to be watching "saturday night live" on saturday night and if so, do you have a message for mr. musk >> i don't know whether i'll be watching "saturday night live", but i have no messages for anybody that's on the show i'm sure that they've got enough media consultants to advise them >> chair gensler, we appreciate you being with us and we -- again, we look forward to seeing you in person very, very oon. >> thank you, andrew, becky and joe. >> you bet thank you. when we come back, the labor department's april employment report we've got our all-star jobs panel standing by for that data and the market rctn.eaio

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piece. i tonight think i'm going to have that. neila richardson blackrock's kate morris. chairman jason furman is on the right. sarah melick is from nuvene. you know liesman, you know santelli i'll started with you, now we've got a minute what are you looking for in terms of the most salient things, the number and what to look for, the most important thing? >> i think it's going to be upwards of 1 million and it's the sectors that matter. leisure and hospitality. biggest rebounds >> kate, can you do it quickly that was a good job. >> 1.3 million leisure and hospitality and jobs in education and business restarts. >> jason >> 1.5 million i'm looking at the labor force participation rate

in march it was lower than it was in august. i'd like it to set a pandemic record above 61.7%. >> sarah >> 1.15 million but we're watching for wage inflation in sectors such as construction because services will bring down that average hourly earnings to about flat. >> rick, we'll get to you. let's get to steve because he's got the number okay 1.08 steve, the number. >> wow, it just came across. give me a second here. we have the number here. just came across ah sorry about that it came across very quickly here it looks like 266,000. it looks like it was a big disappointment at 266 but maybe i have that wrong. let me double check the bureau website here one second yes, 266 is correct. unemployment changed little change to 6.1% so we have

some issues here. >> 266,000 big revision. >> yes, that's what i'm -- >> last month 770 versus 916 yes. minus 78,000 on the revision if we look at manufacturing, change in private payrolls, it was only 218,000 manufacturing minus 18,000 the unemployment rate went up to 6.1. average hourly earnings, rocketing up .7. year over year up .3 on earnings and average work week, strong. 35 and here we go. 61.7 on the labor force participation rate and do remember, in january prior to the pandemic hitting it was 63.4 prior to the pandemic we had job openings and labor turnover less than it is now it was 7.15 million now. it's 7.367 now

when you tie it all up, we're not drawing enough people in a hugely disappointing number. >> unbelievable what we just saw with the 10-year, rick, and everything else. the 10-year is below 1.5 again. >> yeah. yeah i'll tell you what, joe. listen, not to blow my own horn but as a technician talking to a lot of bond traders, that market is felt really heavy in yield and buoyant in price for a while. the path of least resistance for rates was down this number just gave the buyers a big excuse >> rick, i don't even want to say it's because of all of the inducements, the stay at home. i don't want to say it's because schools aren't open and people still don't have child care because that gets -- it's in a big, ugly debate. >> the fed told us the fed told us. the fed told us and. >> stephen: ca-- steve can atte to this. they said prices may be getting too frothy you guys are eating too much

risk and they said this with their chef hat on as they were preparing all the risk dishes they've been serving to everybody for the last 14 months >> aim he going to go -- so we get everybody's opinion on what might have happened. neila, i'm going to start again. you've got the great spot. you've got the pole position in like the derby some of them are much better than like the 15th spot. what do you think happened >> first, this is a hugely disappointing number this is something i think just going around the horn no one expected, but i really think that what we're seeing in the data is that the highering numbers in march were existing workers that were furloughed and laid off it wasn't adding new jobs, it was recalling existing workers there was obviously a slowdown this month we'll need to dig through the numbers, but we all expect the momentum to build over time as the economy reopened

there is something structural, i think, going on right now in terms of the jobs market and how companies are repositioning their hiring to increase margins, to reduce risk. and for workers on the other side, reducing health risks. there's structural things, not just cyclical at play here i think it's going to take a bit more time to suss all of this out. this is not expected as a number. >> kate, any stimulus we're considering we've got to double, i think, at this point i mean, why spent 2 trillion when you can spent 8 trillion. what do you expect >> joe, that's a little aggressive for me. three things matter for the equity market. i'm watching the reaction in terms of the future. they are rates, they are policy and it's earnings. earnings being the last because we've had some very strong numbers, the market just didn't really want to reward. i think that the rate story, which of course we're seeing this play out right now, is critically important

then the path of policy. one of the things i was looking for in this number was whether or not we were going to get incredibly strong print that was going to accelerate the change in fed rhetoric and also change the calculation for when we move up to, say, 1.75 or 2% on the 10-year. seems like we're backing off right now and that's probably a good story for some of the parts of the equity market that derated as a result of higher rates. >> let me throw a question to jason furman jason, this is just -- the numbers made me think back to an nfib survey that showed 42% of owners of small businesses had a hard time finding anybody who would show up for the job openings job openings couldn't be filled. 91% who are hiring are trying to hire fewer or not qualified applicants for the positions they were trying to fill why do you think that is >> this is a labor market that is 10 million jobs short of

where it should be, but unlike the normal shortages that we have, i think this is just as much about a shortage of labor supply as it is about a shortage of labor demand. we have job openings at record levels we have workers voting for their confidence in labor markets with near record levels of quits. if you look at april, it appears that there were about 1.1 unemployed workers for every job opening. so there are a lot of jobs out th there, there just still is not enough labor supply. there also is not enough labor demand so the hope over the next coming months as the economy continues to reopen, as the vaccines succeed and work their magic, that we're going to see a big increase in labor supply and we'll see a big increase in labor demand and those will be well matched that's the goldilocks scenario but right now we have both supply and demand problems >> i want to hear from steve but

it is noteworthy to hear the nasdaq take off. a lot of stay-at-home stocks, i don't know -- but lower rates, obviously, it's just like -- what do you want to call it? it's like an afrodisiac for the nasdaq now up 162 points, sarah. we saw some really big moves in some of these markets, in the bond market, the dollar index and then the nasdaq. the s&p stabilized what do you make of it, sarah? >> i mean, this is about growing pains for the economy. we're just wrapping up first quarter going out with a bang and there's a lag here with employment data, but exactly what we've been seeing is the style factors are no longer working consistently the flip flopping from growth working to value working as we get to the second quarter and peak earnings growth, this is going to become more of an issue. it's not just value stock, it's going to be about being more

selective and finding those companies that can really benefit from stronger earnings because investors are getting jittery. any piece of bad news take the market down and that's going to continue to happen because valuations are high for this market >> i'm worried if i unleash rick but -- go ahead, steve maybe you guys unleash him we'd love to see a liesman santelli brouhaha if you have one, if you guys are up for it >> not on this coombaya day, joe, with mother's day on sunday we're going to do this the right way. i'm going to give you a couple of points here first of all, on the good news side, 400,000 plus came back into the work force. that's some 7 or 800,000 over the last two months. so when you have that debate, which i will certainly give rick a chance to respond to, about whether or not high unemployment benefits keep people on the sidelines, while a goodly number

remain on the sidelines, a goodly number have come back in. it's not having that effect. i think your comment about schools, health concerns and unemployment benefits are all three factors that keep that out. a really anamalous, huge decline in couriers and messengers i can't square maybe they're going back and there's not as much demand for internet of goods. it was down some 77,000 on c courier. some strange numbers in here that don't make sense to the economy that we think we have right now, but definitely a disappointment there was some of the high frequency data that wasn't all that in line with a huge number but i still think we are on a trajectory of this economy coming back and things have to adjust over time and now i go with the good man from chicago rick. >> go on, rick >> it's hard to argue with

anything steve said. the one thing i will argue -- >> stop there. stop there >> i'm serious here. every single time i go in to get any type of food anywhere, from a mcdonald's to an upper scale restaurant, every place that puts anything in a plate or in a container to eat has a help wanted sign and i have a feeling that the shortage has nothing to do with skills, okay now i know that's anecdotal and i know not being able to go back to school, nervous about, you know, potentially having a job and catching something, although that one i'm not sure how i could square that considering i can't get a reservation in a restaurant within five miles of my house unless i call at least three or four days before a weekend. somebody's feeling safe to go out. but ultimately, ultimately i think we're all a little crazy to think that job openings and labor turnover release that was a february number that was 7,367,000, i've said it twice today, that is bigger than

pre-covid. we know what's going on here listen, i would like to stay home and get benefits, and i know that's only part of the equation, but the reality is we need to find ways to get people to work. everybody's been complaining we're 9 million jobs short and we have all of these millions of people on the sidelines. come on. we know what to do here. we've got to pull forward that september date at least on some people or come up with a better litmus test to try to get able body people to show up in the labor force participation rate i'm done steve, i agree i hope all the mothers out there have a spectacular weekend >> hey, jason. let me ask you one question. the huge question i have coming out of this is will this inability to get people into jobs at this point lead to wage inflation? because that's when you start to worry about the inflation that we've seen at this point that the fed thinks is transitory does that become a more permanent situation once that

gets underway? that's generally what happens. >> i think we're seeing wage inflation. i mean, first of all, wages are growing just as fast as they were growing in 2019 2019 was a pretty tight labor market you can argue over how tight, but it was pretty tight. wages are growing fastest for workers in the bottom kwquartile it's hard to look at wage numbers because of composition, but in april wages were up 0.7%. that's something like i think an 8% -- 8 or 9% annual rate. so you did in april start to see some really strong wage growth so the labor market is looking a lot like a tight labor market and that's what you'd expect when both the supply of labor is down and the demand of labor is down those two are well-matched hopefully though the supply of labor will increase as everything gets safer, as

schools reopen and eventually as that unemployment insurance benefit goes away because i do think that's holding back labor su supply. >> i have an overall question here that -- just to get things really going i've seen a couple of pieces recently in the journal that the entitlement state that we might be hurtling towards is going to make all types of ambition and the american dream sort of secondary to just sitting back and letting the government take care of all of us. what do you think of that, neila? >> thanks for that question. you know, i think we have to go back to the fact that an untold number of businesses had to exit during this pandemic, and if you look at who created the jobs over the last ten years, and this is related to your question directly about american entrepreneurship and small

business, it was small business that created the bulk of net new jobs over that 10-year expansion. it wasn't large companies, it was small businesses yet we don't know their fate perfectly in this pandemic i wonder why if some of the disappointment we're seeing today is because we have lost those businesses that drive the labor market recovery? and that's a question that is still open it's not just about matching people with their former employers if their former employers have gone out of business that points to the structural consideration that we have underlying the recovery right now. it's a k-shaped recovery and that's playing out in the jobs market. >> i saw one of jason's comments before hand. biden has laid out a great agenda and congress should act on it. that's what i meant, jason, by -- and i've seen some -- it's been in wall street journal and pieces like that, that this is insan nilt at this, the type of entitlements we're talking about making for the middle class, not

even for people necessarily in need if we can't afford it, it's not going to work right. it's going to be wasteful just to try to succeed. >> joe, you sound so sad and worried. let me just reassure you free school, that's not insanity child care that's not insanity. paid leave that's not insanity. in fact, all three of those are pro work they'll enable more people to enter the labor force, stay in the labor force and contribute and make our great economy even greater. so be happy. >> okay. how's that sound, rick >> yeah, i'm not sure i'm buying into it. at the end of the day here's what i know, that here we are looking at this notion that all these businesses that went under, and a lot of them have, i see a lot of empty store fronts in my neck of the woods, but here's the thing we have the death of business,

but what do they call that model that we see on unemployment friday they call it the birth def model. what ends up happening is if i want to buy so many widgets and eat so much fast food, it's unfortunate the people that had those businesses aren't going to be the same people i know that open up the new ones, but the demand is there and the businesses will come we don't need uncle sam to get their noyese in it, period. >> here we go. >> rick, i don't actually disagree i want to put in some data that i've been following which is really -- i'm sorry, joe, i'm not feeling the animosity today, you know what i'm saying >> all right >> the data show -- this may be an explanation for what's happening, and i'm just sort of throwing this out there, that business openings are lagging. what rick is talking about, those store fronts are not reopening. if you think about it, starting up a business again is a much bigger task than bringing on new people so what we see in the data is we

see existing businesses are bringing on new people that may explain in march what happened with the reopening. we may be in a lag period right now, again, i'm throwing this out to the panel, where you've got to open these businesses before you can bring in and start hiring new people. there may be some time period that's necessary, some lending that has to happen, some risk that has to be taken to get these new businesses up and running and get a second wave of hiring and this next group of people back into the work force. >> i wish we had another -- i wish we had all the way till mother's day and i concur. happy mother's day to all, nela, thank you. kate, jason, saira, rick and steve. thank you one and all. becky? >> when we come back, jim cramer will give us his first take on the april jobs report and what that number could mean for ayocks and the fed st tuned, you're watching "squawk box" on cnbc

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we get straight over to headquarters where our friend jim cramer joins us now. we could talk about a lot of different things, i would love to get your view on which way the markets you think are going to go because obviously things have turned a little bit on this, and also i would imagine you might have some thoughts on some of the things we heard in gary gensler for the first time. >> i want to go to the gensler comments for a second.

one of the things that joe was asking, again, i don't find anyone saying, other than the people at britain, look, this is all a fraud, and it's got to be put down we can't do this crypto anymore. it's just a big joke and a big mistake and gary, correctly, i know taught at m.i.t. but i keep waiting for someone in government, even if you don't think it is a big joke to say you know what, there are differences between the different currencies, and some have a store of value and others are a joke, and we're going to crack down on the jokes but no one seems to want to do that on the employment number, i found myself agreeing with rick in a lot of ways simply because as someone who has many jobs that are open at my little companies, i can't, i struggle about why i have the help wanted, and i keep coming back, maybe the unemployment benefits are better than what i can offer, even though i've raised them my wages, substantially, from

before the pandemic. and i don't know, i mean i'm not saying i don't want it to be ideological and i don't want people to say kramer is rich and i can't believe he's worried about how much he's paying people it's the opposite. i have trouble finding them. and i don't want to be sure it's my own problem and i check in with a lot of restaurants. and andrew, anecdotally and empirically, we're trying to find those workers so we're trying to figure out what is the problem, and i also think that if you're jay powell, here we go again, you've got the unemployment numbers, hispanics, 7.9, that's too high, blacks 9.7, whites 5.3, that's not the disparity we want. not that we want any disparity at all, so andrew, i find it a quizzical number and i really want people match the jobs with the people who can't find them you know what i mean i don't know what to do. if you have ideas, i think it's the big debate that the president has to be thinking

about. >> you are spot on it is the issue. i have heard it from other employers and i keep hearing it from you firsthand it's fascinating and it's a challenge >> can't find them wages up huge. i'm talking about 30% increase and take them to 40, it doesn't seem to matter i can't find them. wow. >> we'll do a little work this weekend, maybe i can help. if you want a jim by the way you know how to find him. >> i'll take you i'll take a shift. >> we'll see you in a couple of minutes. and happy mother's day to everybody in the "squawk on the street" family "squawk" returns after this. esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes.

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the april employment report disappointing the forecasters and the markets, too, 266,000 jobs gain versus the million or so that forecasters were looking for. the global chief investment officer of statestreet advisers joins us now lori, looking at the move, the yield on the 10-year come down, the dow futures come down and turn negative, the nasdaq futures take off, do any of those moves make sense to you given the news we just got >> well, i think they underscore

the fact that this was a surprise certainly consensus being a million jobs, coming in really, really weak relative to that and the revisions downward of last month's numbers, so a lot of weakness there and i think, again, reinforcing the messages that we had last year, we are in this doldrum for a while, and the only place for relief is the high growth sector so not a surprise to see the kind of reaction we're seeing. >> we've been watching this rotation, all week long, the dow had been the one that had been doing really well, it was up by better than 2% for week to date. and the nasdaq has been down for the week to date do you think that rotation ends with this, or is this a one-off shock reaction and then we kind of get back to the idea that the reopening is still happening >> so we don't want to make too much of today. and again like you cited, our longer term view is we are in recovery phase, we are in a pro

cyclical phase, we do think that that recovery is intact and that will provide support, for that reflation ry trade, but clearly people are very skittish right now and the market has run pretty dramatically for the first part of the year, so it's not surprising to see some folks take a little bit of profit taking, take a little bit of a breather here, but we thought all along that this is really a two-year story, not a sprint in 2021, so our view is that this is still an attractive entry point for stocks but unlikely to get the outsized gains that we've seen year to date. >> you're starting to turn to other sources. looking at europe and other places for maybe potentially better growth? >> we are. and again, the u.s. has been the bright spot in a lot of ways certainly through the pandemic, and in the early part of the recovery and we've been looking for a catalyst for other parts of the world to start to be attractive. and certainly from a valuation perspective, europe is

relatively more attractive, but because of the overhang of some of its dealings with the vaccination rollout, and things of that nature, just not quite as confidence. as they start to get a little bit more on the other side of the curve and we start to see the u.s. flatten out a little bit, we actually do think there is opportunity, and we have redeployed capital but europe is the region. >> lori, thanks a lot. good to see you. have a good weekend. >> thank you. in the meantime, let's get over to dominic chu with the pre-market movers this morning dom, a lot more stocks to look at post-8:30 number from the government >> yes, for sure but some of these analysts coverage notes are actually moving some of these things pre-market as well and check out shares of viacom, cvs, higher right now, and more robust volume, it gets an upgrade at rbc capital markets and like the strength in the paramount streaming service and watch the shares of viacom, cvs,

the first one up there as well and watch what is happening with shares of again, some of the other ones out there, take a look at the other moves out there, brinker, one of them, we'll pop that up there, the parent company of chili's and gets upgraded by jpmorgan analysts and etsy, an upgrade at stifel as well, back to you. >> happy mother's day becky. >> happy mother's day. >> and to all of the super women out there. >> "squawk on the street" is next good friday morning. welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber futures are on the move on this big miss on april jobs 266,000. well shy of the one million estimate negative revisions yields are lower 10-year below 1.47 that's going to take you back to march 4th. the road map will