it is 5:00 a.m. at colonial pipeline heads in alphretta, g georgia. oil and gas shutdown we have the latest on the cyber attack and what it means for oi and gas. dow and s&p kicking off a new week at record highs and investors shrugging off the jobs miss. the dogecoin died. the red hot crypto shedding one-third of the price

after elon musk calls it a hustle on "saturday night live." the pandemic's new phase and more rules finally become more relaxed. let's talk taxes and what the top 1% of earners really pay. robert frank is here with the numbers. it is monday, may 10th this is "worldwide exchange. ♪ good morning good afternoon good evening welcome from wherever in the world you may be watching. i'm brian sullivan hope you had a great weekend whenever you might be. let's get to your money. overall, futures are mixed to flat a long way to go it's early thin volume. not a lot of indication. dow futures up 68. nasdaq futures down 51

the big question is whether all of the momentum can roll on if so, for how long? it has been nothing short, amazing year so far, for many stocks the markets overall coming off the best week in a month the s&p 500 is now up six of the past seven weeks the s&p 500 has not had a more than 1% drop in two months wow! let's move on to the big story. oil and gas on the back of the huge colonial pipeline shutdown and hacking story. oil and wholesale gas futures are higher right now natural gas down that is largely unrelated. remember, the gasoline price that you pay at the pump likely anywhere from 75 cents to $1.50 or more than the hwholesale

price. gas prices are likely to tick up in the next couple days. we will get more on that in a couple of moments. a quick check around the world in asia, mixed picture kospi. we're not showing it, but we should up 1.6%. in the european markets, like our futures, they are mixed as well no real trend there to start the week france is done a bit uk is up a touch now yto the huge story in america and most important energy artery. forced to shutdown due to hacker attacks. as of right now , most of the colonial pipeline has been shutdown there are smaller branches that are working again, but the main lines are still down

the pipeline was targeted by criminals late friday. somehow it compromised the colonial pipeline examiner sy computer systems and demanded payment. colonial decided to shutdown the pipeline to quote, contain the threat sources tell nbc news that a russian criminal group known as dark side may be responsible for the attack they add that russian hackers often work for the kremlin early indications suggest this was a criminal scream heme and t attack by a russian state. what that threat was or how much money the hackers demanded is unknown. multiple calls over the weekend were not returned. the krcolonial pipeline supplies about 45% of all fuel used on

the east coast south of new york city it runs to 14 states it supplies jet fuel to a number of airports. you are asking what is the likely impact to you from this news shutdowns are not new. the pipeline has been shutdown in various ways over the years what history shows is clear. it is the length of time the pipeline stays down that is the greatest risk of a sharp surge in gasoline prices particularly in areas like new jersey and new york that rely e exclusively on the 50-year-old system there are many ways to get gasoline to the area to philadelphia and new york. energy all over the weekend notes a short outage is mana manageable we put together a ten-year chart

of wholesale gasoline prices the five periods of time are the shutdowns with colonial. you have seen sharp ticks up they are hard to see they impact you at the pump. overall, you can see it is generally the longer term trend for gasoline prices which tends to continue after the pipeline service is restored. keep this in mind. that trend is already for higher prices as demand starts to boom. the president has been briefed and his administration says they are looking at a variety of options to help any and all supply issues. let's dive in on this and the markets with your first guest of the day and week ben emons with medley global advisers ben, you put out a note on this last night do you believe if the outage is

a couple days long or longer, will there be an impact on the equity market side of things >> good morning, brian yeah, actually more positive impact because when you get rise in gas prices, people call this work inflation that is what fueled the equity rally, small rally, that is. it tips over into the energy market which was seen as well. as you noted, i thought there would be outages and it will effect prices. it will impact local economies it should not really impact the u.s. economy overall we are dealing with higher gas prices because the economy is open and everybody is mobile there is a relationship there. i think overall this is a significant event with the hack itself and all of the circumstances on it, but it did have a positive spillover to the equity markets >> you go back a couple of years

and the colonial had a ten-day outage on a lot of the system, not all of the system. reminder, it is not just one p pipe it is a giant tree you have a couple of trunks and branches that go off when that happened three or four years ago, the price of gasoline rose 30 cents. it is not nothing, but it is not everything we've already got a consumer, ben, that to your point on inflation is punched in the gut everywhere they look with higher prices sounds like you are not that concerned that this will ultimately slam the consumer >> i think on the one hand you have the economy strengthening from the past. it impacts the higher gas prices, but the pent-up savings, meaning there is so much on the sidelines with what people have

in the bank and spending back t pre-covid levels to that extent, the blow from the event, maybe cushioned by the savings. brian, if you get this inflationary effect from this gas price, you know, the inflation bond market will be reacting yields will decline a bit. this is another reason why markets are up the dollar has been weaker i think on the back of real interest rates as a result of higher gas prices filtering through the inflation reports in the future that gives a lift to global markets with the weaker dollar supporting the reason for emerging markets if you take it all together, it is not a good event. if they do manage the outage, it will be normalized consumption is strong at the moment and they can cope with the higher gas prices at the

moment >> right now, data provider saying six oil tankers loaded or booked to load gasoline from europe destined for the united states i can't remember the last time we saw gasoline come in by truck or ship. maybe it was super storm sandy a number of years ago. back to stocks the energy sector. energy up 41% this year. 13% more than the next best group. it is unloved. it is under owned. it is widely hated i know it is a tiny part of the market, but it is hot. i hate to say this, bullish for oil and gas stocks it comes back to the idea of domestic infrastructure and build out. is there any way it can lead the market or is it too small to do any good overall >> it is not leading to markets

not just in the united states, but globally we are below levels from where we came from in the trough last year which was significant energy has been in the supporting factor. there is more to go. the sector is small than technology and industrial. the industrial sector has been quote/unquote hot because of the demand out there for anything when it comes to materials or anything else. i think the energy sector is just like in 2016 and 2017, you get the resflationary push. that is what energy does at the moment >> up 41% as a sector. a lot of these beaten up, left-for-dead names. ben emons, thank you that is why you are the global macro guy.

see you later. thank you. >> thank you all right. you're welcome a lot more happening in the world right now outside of pipelines and stocks let's get more the headlines on monday morning. frank holland is here with us. good to see you. >> reporter: good to see you the eu is putting the brakes on use of the astrazeneca covid vaccine supply the commissioner revealing it had not made new orders from the shot beyond the contract ending next month he did not dismiss the renewal at a later time. biden administration says there is a new phase of the outbreak and more relaxed rules may be coming asked yesterday if it is time to relax indoor face covering dr. fauci says he thinks we will see that officials need to be more liberal as vaccinations increase the cdc will update guidelines

almost in real-time as vaccinations increase. the wall street journal reporting that melinda gates first met in october of 2019 with a divorce lawyer. according to the journal. she had worries over jeffery epstein. the couple met with him in 2011. in a 2019 interview, bill gates said he did not have business relationships or a friendship with epstein brian. >> thank you, frank. i want to ask you, frank, about the kentucky derby that lead horse. a good friend of yours may or may not have bet on the horse that finished second i wonder what -- we'll find out,

frank. >> we will find out. it was a great time either way >> asking for a friend if you bet on it what happens see you in a few minutes appreciate it. >> see ya' we are just getting started. when we come back, eamon javers is here. we he will have more on the government response to the digital assault on the colonial pipeline what do we know about the hackers? and kate rogers looks at the sector in desperate need of a few good workers and diving in to what may be the top financial story of the year that may hit you even if you don't own stocks it's the soaring cost of wood. we're back with dow futures up 78 stick around modern or reliable. we want both -

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welcome back friday's monthly jobs report was a bit of a bust. showing 266,000 new positions added last month that was just a fraction of what analysts expected. those businesses were able to find workers for the restaurant industry, it is a totally different story many places cannot find anyone willing or able to work. kate rogers has more >> reporter: help is wanted

everywhere >> a dirth of labor like we have never seen >> we look at competing for customers and also for competing for drivers and team members we have to be great at both. >> reporter: to chipotle >> once we get the word out, we have good applicant flow and the challenge is keeping them in the business beyond the 90 days. >> reporter: the hunt is on to find and keep workers. taco bell and mcdonald's with hiring events to bring on thousands of workers ahead of the summer rush. some companies say it impacts the supply chain for chicken >> the pandemic has caused challenges to staff plants and slaughter enough chickens to meet the demands of the market >> reporter: the issutstssue ist at businesses large and small. a record high for the third straight month the struggle to find workers is

coming at the worst time for restaurants as diners are returning. the company needs to hire more workers for the knfive locations >> we have to do rereferral bonuses and sign-on bonuses. >> reporter: economists i have spoken to say this is more than just enhanced benefits there is uncertainty around health, child care and so much more of course, coming at a time for the restaurant industry when business is strong because consumers are ready to return after the most challenging years the industry has had in decades. back to you. >> yeah. tough to get to work when your h kids are not in school kate rogers, thank you i believe there are zero public high schools opened in the san francisco school district right now. the last time i checked. up next, are your bags

packed everybody else's are as travel booms are happening. coming up, we'll tell you how many people got on a plane this rkther's day weekend newa is starting to look like newark again we're back after this. woo! you are busy... working, parenting, problem solving. at new chapter vitamins we've been busy too... innovating, sourcing organic ingredients, testing them and fermenting. fermenting? yeah like kombucha or yogurt.

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month. it is really, in many weays, the story of the year. with the housing market red hot, it will drive up the prices of new homes more and more for you weekend warriors putting up a new deck or addition on the home. let's bring in brooks mendell. he is the ceo of forisk. brooks, i'm fascinated by the story. these are trees. o you cut them down and slice them up and build stuff with them how is there a 50% jump in price in 30 days >> brian, thanks for having me it is remarkable in the history of the sector. it is a physical constraint of the business trees take a long time to grow and saw mills take a couple of years to build at the beginning of covid and the recession hit, the saw mill slowed down and capacity slowed

down everybody at home kept doing projects and home demand continued. repairs and remodelling kept cooking along. people have repairs to do and need lumber. >> the question is can they get it, brooks you might have seen the story. i apologize. i have old man morning brain i saw a story a few days ago that a lumberyard sold the wood it bought from the distributor back for a profit so the distributor could sell at a greater profit could you imagine if p&g sold crest to walgreens and then said can we buy it back from you to sell it to somebody else for

more >> even with the financial markets are playing on the edge. at the end of the day, the market is constrained over producing the boards we had several new saw mills open up and several under construction all of the saw mills looking to expand are doing so. when you look at the lines crossed at supply and demand, it will balance out later this year can the high prices continue they could on the ground with the ability to produce and supply of the demand the producers will catch up by the end of the year. >> and i want to be clear according to your data and other data i've seen, brooks no shortage of trees i don't want to turn this into a nature show. there are plenty of trees. in some ways, there is plenty of wood it sounds like there's just nobody that can cut it and move it fast enough is that correct?

>> brian, that's correct in the u.s. south in particular, we're swimming in wood as a country, we grow 50% more volume in trees than we consume every year we have the raw material as you mentioned, right now, the constraint is at the mill. the ability to cut the round logs into square boards and get it to the marketplace. that's where we feel the pinch >> 50% more trees than demand. yet, prices up 50% in just a month. you know what? my 6-year-old son will ask what do i do? i say be a lumberjack or saw mill operator. saw mills. brooks mendell, forisk i appreciate you coming on >> thanks, brian you're very welcome. still ahead, new york's most important gasoline lifeline

shutoff as crooks target the colonial pipeline. what we know and what we don't coming up. may is asian-american and pacific islander heritage month. we are spotlighting business leaders and partners and some of our own on-air anchors and reporters. here is our friend ylan mui. >> i spent a lot of time as a kid trying to figure out american culture i am so grad tlad the conversati shifting so people want to understand our culture my advice to the next generation is never hide who you are or where you came from because those are the very things that will make you unique and indispensable in whatever work you choose to do never been afraid to speak up about who you are.

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new york's energy lifeline cutoff forced to shutdown as hackers threaten the 5,000 mile pipeline prices are beginning to rise the white house is ready to respond. stocks are remaining high. setting more records this week could the energy hit hit your money? and getting the heck out of doge investors bail on the crypto after elon musk's "saturday night live" appearance calling it a hustle. it is monday, may 10th

if you are watching "worldwide exchange" right now, you're hustling ♪ welcome back i'm brian sullivan good morning, good afternoon, good evening here is how your money and markets look we are exactly halfway through the 5:00 a.m. hour to kickoff your week. from the stocks perspective, the trend of value and industrials and materials trending dow futuries up 63 as far as the s&p, the industrials, the markets are coming off the best week in a month. the s&p 500 with its sixth positive week in the past seven. how hot have we been the s&p 500 has not had a 1% or

more drop in two months. there are two big themes right now. big tech is looking shaky and big crypto let's start with the latter first. take a look at the ark investment cathie wood's ark. it has been subject to a ton of new money the past few years in the past few weeks, a lot of outflow. well down from the peak of 150 the ark is now viewed as a semi proxy for technology overall we have a check on, what else? the crypto they are going in different directions bitcoin, ethereum and los angeles itecoin and ripple litecoin up 9%

dogecoin is down 13% it follows elon musk's "saturday night live" appearance and a word he picked that dogecoin buyers, shall we say, may not like there is the crypto set up etherum the hottest. more throughout the day on cnbc. right now, back to the big and developing story involving america's largest and most important energy pipeline. forced to shutdown due to criminal targeting its computer systems. colonial pipeline remains offline and has been all weekend. we learn new details on who may be behind it all eamon javers is joining us with the latest on what we know and what we don't. eamon, it appears there is more we don't know than we do know right now. >> reporter: absolutely. including when this will be over, brian. we don't have any sense of whether the company is paying a ransom or what the plan is to

get back in action we got a statement from the company last night here is what they told us. the important part is this maintaining the operational security of the pipeline in addition to safely bringing our systems back online remains the highest priorities. over the past 48 hours personnel have taken precautionary measures to monitor and protect the safety and security of its pipeline the statement makes it sound like there is a potential risk here to the safety itself and focused on that. over at the white house, they are focused on this. a senior official from the administration is telling nbc news last night that the white house has gone forward and set up a task force. they are calling it an inner agency working group to plan for supply impact of fuel particularly on the east coast the department of energy is the lead agency. the department of transportation is issuing temporary hours of exception for drivers

transporting fuel to certain states the idea is if it cannot go by pipe pipeline, it has to go some way else they are allowing the drivers to do that in the particular situation. the government is paying attention here all of that raising the question of who is behind this. it is vague here the number one suspect is the gro group called dark side a new hacking group that does rans ransomware it sells ransomware to other criminal gangs they target english speaking nations. they have a code of conduct according to cyber reason. a boston based cybersecurity firm that limits who they go after. the group has a help number and phone number to negotiate. they claim to donate a portion

of the funds to charity. some charities rejected the donations from this group. this is important for our audience, brian. they threaten to hit nasdaq companies and leak information to damage share prices and serve as a source for insider trading tips all of that analysis of the dark group presented to us by cybersecurity firm they put out the report back in april. fortunate timing for them to focus on a relatively new group here with wide ranging abilities and reach. brian. >> the wide ranging ability, apparently, eamon, to force the shutdown i want to be clear they apparently did not shutdown the pipeline colonial pipeline, the company out of georgia, said they, itself, shut it down to contain the threat the question is we don't know what the threat is i talked to people in the energy

industry over the weekend. they don't want to speculate these pipelines are controlled by automation and software that control the flow of the -- if you take control of the brain, the computers, you can theoretically alter the flow which could result in things like backups and spills or other problems do we know anything more about the quote threat >> reporter: we don't. look, the fact that the company shutdown the pipeline, i think, tells you something. they're concerned about more than ransomware. ransomware is when the hacker grabs your data and locks down your system and says we are not releasing this until you pay the ransom if you worry about that, you negotiate and i try to open up the pipeline by paying off the d bad guy. if you feel you need to shutdown the entire pipeline to the east

coast which is a huge step to take, that indicates to me this is analysis here, but that indicates that colonial pipeline is worried about safety and security of the system that indicates they might be concerned of something more than ransomware attack. attack to wreak havoc on the east coast of the united states. there are political elements that is not just a criminal gang that is a criminal gang decided to create geo security mischief. that is the concern to lead you to shutdown the pipeline like that >> by the way, reaching out to various members of colonial pipeline over the weekend. they have gone dark or dark side we don't know. back in may of 2018, part of the colonial pipeline, eamon, was shutdown because they had a systems issue. i believe that was the terminology they used. we never found out what that was. one does wonder if there had

been more attempts on this as well i believe they hired the company fireeye as a cybersecurity firm. a lot of questions here. eamon javers, thank you very much >> reporter: you bet, brian. >> they have a help desk you're very welcome. a phone number for a criminal hacking organization consider that. the spacex dogecoin story that came out over the weekend because elon musk hosted "snl" impacted the price of dogecoin which had run-up ahead of the appe appearance, but went to the dogs in the broadcast dogecoin down 35% as musk playing a character downplayed the crypto >> iswhat is it, man? >> it is a cryptocurrency you can trade for conventional money. >> oh, so it's a hustle? >> yeah, it's a hustle

>> why didn't you say that it's a hustle. >> to the moon >> well, some people that may not have been laughing were dogecoin holders let's bring in brian kelly founding member of brian kelly capital. fast money's best guy. he joins us now. bk, good to have you on. on the other five show, let's talk about this. musk slamming dogecoin it is down 13% i know you are not a doge guy. did elon musk do long-term damage >> well, i don't think there was anything really of value to damage it is interesting. this is part of the meme financial thing that is going on right now. you think about what he is doing. he is going to send it to the moon it is really cool, but these things get value from network

effect there were not a lot of people on the moon to start using dogecoin >> let's talk about the big one. we hit dogecoin enough i hate to say the term the real money. i say the big money where you have institutional players i don't think you have goldman sachs talking about dogecoin yet. let's talk about what they are talking about, b.k ethereum above $4,000. it has boomed. what is behind the last two or three week surge in eth? >> you have a couple of things going with ethereum. decentralized finance. a lot of the products are built on top of ethereum coming up in july, ethereum will do a hard software upgrade what that will do is change the monetary policy.

it resembles something like bitcoin. it will cut the supply down a bit. you have the monetary policy change and that is fuelling ethereum at this point in time >> will there be a fixed amount of ethereum like the 21 million cap on bitcoin >> that is the literally $1 trillion question. what they are doing right now is burning some supply as the coin is used. that starts to slow down what we call inflation it is not a hard cap as of yet my view on all of these is ultimately they need to be a viable currency. they need the ability to store value, which, as we have seen from bitcoin, the best way to accomplish that is put a hard cap on that. i don't know if ethereum will ever do that it may be okay with the monetary policy they are changing now it is certainly possible

>> is this move, b.k., it sounds like just the advance move ahead, for lack of a better term, software or block chain adjustment to try to cap supply? is this not artificial, but more of a short-term run-up based on that move and when that happens, it may cap at 40 or tom lee thinks ethereum could go to $10,000. >> i think i would be in agreement with tom it would not surprise me to see ethereum at $10,000. the last big bull market like we have in crypto now, there were many months that ethereum was down 30% or 40% in a month that can happen here on the way to $10,000 we are seeing anticipation of the upgrade. i still think if you have a big portion of decentralized

finance, ethereum is used for billions of dollars deployed on the network. that is valuable sure could we have a 20% or 30% decline? sure i think tom lee said $10,000 by the end of the year would not surprise me etche me >> by the way, twitter rolled out a tip jar. maybe they can tip you in crypto on twitter which is a new thing. >> there you go. >> it is all connected >> i'll tip sully. >> thank you, brian. >> good to see you, sully. thank you. coming up, separate the facts, you know, the facts, from fiction. on what the richest 1% in america actually play. robert frank crunching the numbers all weekend. he is standing by to roll it out chge for you on "worldwide

exan." we're back right after this.

welcome back the biden administration continuing to make the case for its tax hikes on america's wealthiest families. politicians everywhere love to use the term fair share. tell voters the other guy isn't paying what's fair what exactly is a fair share robert frank crunching the numbers on the richest 1% and

joins us now robert >> reporter: good morning, brian. president biden saying he wants a tax system where wealthy investors pay marginal rates lower than their secretaries they pay by far the highest rates and also by far the largest share of taxes top 1% paid 40.1% of all federal income taxes in 2018 that is the highest share on record and more than twice their share of the 1980s average effective tax rate, what they actually pay with the credits and deductions was over 25%. let's compare that to the middle class. they paid an average tax rate of 7% the bottom half of americans paid 3%. the top 1% paid an effective tax rate more than three times higher than the middle class the average 1% had income of

$1.7 million a year and paid federal income tax of $427,000 many argue they pay a higher share because they earn more of the nation's income. their share of income actually fell in 2018 to 20.9%. the tax cuts and jobs act lowered taxes paid by the wealthy. pa because the rest of america got a tax cut, the overall share grew the main reason was s.a.l.t. increased taxes for some higher earners in high tax states brian. >> the key here, and i don't think any politician of either party, has done his or her own taxes for years. the key, as anyone knows, is effective versus marginal. both parties are saying we're paying less than the secretary it is wrong.

they are talking marginal rates. you showed the data. i have seen data around there. people don't believe it. the average middle -- if you break every income pays federal effective income tax that's the point, robert federal income taxes after deductions have come way down for everybody, not just the rich, in the last 40 years in fact, the middle class federal effective burden has never been lower i know people hate it. don't @me. it's just data. >> you have done so much over the years to remind people of the difference between marginal and effective rate credit to you. it is worth saying this is not a political statement. the more you earn in america, the higher your tax rate

i know people dispute that that is the math, brian. >> yeah. it's very true we can argue about fair share. that's a different situation that's just subjective as far as the actual numbers go, taxes on pretty much everybody from the federal perspective state is different it has come down robert frank laying out -- you and i will get crushed we laid out the hard truth robert, thank you. all right. on deck, the dow notching two dozen record closes already this year even more with the s&p 500 what will keep the market rally rolling on joanne feeney is here to tell you.

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♪ ♪ everyone wakes up every morning to a world that must keep turning. the world can't stop, so neither can we. because the things we make, help make the world go round. they make it cleaner, healthier, and more connected. it's what we build that keeps things moving forward. so with every turn, we'll keep building a world that works. welcome back dow futures are higher again joining us is advisers capital

management partner joanne feeney she is advising to get ready for volatility joanne, welcome back we have not had a 1% down move on the s&p for more than two months we like it we like to see our numbers and our accounts go up is it starting to feel a little frothy >> maybe i should say wait for it, brian. it may not come in the whole market what we are seeing already this year and last year is an increase in divergence some stocks have frothy valuations some did very well last year and are probably pretty large proportion of large accounts we are getting questions on what to do with positions they may have held in separate accounts and they asked us to come along and work out of the positions. what we hear is concerns of the risks. global risks and inflation risk.

whether it is tesla or amazon, they need to work out of those in terms of the higher valuation stocks with the interest rates likely to rise, it is time to move on and get diversified. >> it may be taxes you heard our conversation with robert frank if a client owned amazon for 5 or 10 years, you are looking at the possibility of higher capital gains rates. are you advising to sell the winners and take the lower cap gains hit now because if it will go up, sell it now and buy something else >> it really depends ultimately what they want to do in the long term with the portfolio. we have been on top of that and working that out of larger positions and keeping them diversified. if you have a client coming in with a new position, we have a tax program to work out of the positions and it is a concern if people think the capital gains

will go up and probability it will, we will see folks work out of the positions on the other hand, there is that as the headwind. a company like apple or microsoft, they will be good growers in the long run after we get through the temporary disruption i would not rush out of the positions because there is growth in apple or palo alto. there is an opportunity for growth out there you have to balance working out of high percentage positions, but not getting away from growth which has a lot of drivers cybersecurity is one of them we like palo alto. also 5g which i talked about a few times before >> 5g rolling out. certainly other parts of technology joanne feeney, we have seen that rotation coming in to the

quote/unquote value. i don't like what that means joanne, we appreciate you coming on thank you very much. >> thanks, brian all right. you're welcome before we go to break, let's get a check of oil and gas prices. colonial pipeline, america's biggest energy artery from houston to new york is still mostly shutoff we are seeing a slight pop in oil and gas prices we'll talk about it all day here on cnbc. thanks guys for throwing it up dow futures up 60. see you onwodwe chge "rlidexan" tomorrow "squawk" and the gang picking up the coverage take care.

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good morning developing story

pipeline that carries nearly half of the east coast fuel supply remains shutdown after the operator was hit by a cyber attack fuel prices are up a little. maybe not as much as you think dogecoin plunge during elon musk hosting stint on "snl" but other cryptos are higher ethereum is surging above $4,000 travel picking up in the u.s. as the biden administration considers easing more pandemic restrictions it's monday. it certainly is. may 10th, 2021 "squawk box" begins right now. good morning welcome to "squawk box" here on