it is 5:00 a.m. at cnbc 2:00 a.m. in hollywood here is the top five at 5:00 tuesday turn around. futures, crypto, oil all higher markets looking to make may a month to remember. more fallout for at&t and discovery. everyone from the financial times to jim cramer said the deal was three years in the making now ywho buys whom? amazon jeff bezos wants james bond as

amazon goes after mgm. ark investors and cathie wood losing gains? and now michael burry has a target in his sights we will tell you who on this busy tuesday, may 18th this is "worldwide exchange. ♪ good morning, good afternoon or good evening. welcome from wherever in the world you are watching i'm brian sullivan thank you for joining us on this busy tuesday let's get to the markets and your money futureses are higher across the board. nasdaq is looking particularly strong nasdaq futures up 100. nasdaq futures up more than no, ma'am nominally. teq

tech is going to be something to watch. from a data perspective, not a lot. two building and housing points today. building permits and housing starts after that blowout housing number yesterday all if n all, a mellow market monday half up and half down. #math. the big moves were in crypto many got slammed bitcoin was nearly $65,000 about a month ago. it is higher ow, b below $45,000. fell off $20,000 in bitcoin in the last month or so i think scott's call about two months on this very program about bitcoin technically, may be setting up as well. ethereum is higher around the world, japan had a big night. nikkei up 2% up 9% in the past six months

in europe, all high across the board. not a lot, but higher nonetheless. the volatility index is back below 20 the vix had been as high as 80 last march it popped recently bringing surprise volatility to the markets in may let's find out we have seen a sudden bit of nerves after a calm april joining us now is rbc capital management director and head of strategy amy wu silverman. amy, good to have you back on. i don't want to say huge volatility, but it has been more than we have seen. what's going on? >> look, i think in april when vix was sustainably below 20, that was the head fake the reality is we have not moved

to the low volatility yet. the reason is as long as we continue to get economic volatility, we will get real volatility with the data points that are coming through with inflation and the giant experiment we're in right now, i don't see how we go back to the realized volatility environment for a while. in particular, when you look a other crisis periods, it takes three to four years for volatilitynormalize. i think people thought the pandemic would move along quicker. that is not the case. >> iry to avoid the jargon this morning i used a term last week, shame on me, and i saw the stats the week of options in may, this week, tends to be negative the last few years how much are wonky or option

str strategy w we try to find the basic answer in tv. here's why some of this is down. >> absolutely. look, there are points in times during the pandemic where i think people were very skeptical. i can tell you with 100% certainty it was options this is what happened to tech and momentum in august of 2020 and january of 2021. i think blaming options specifically now probably is not fully the correct answer options are always on the margin and that will contribute looking at sheer volume size and the contracts and open interests, that is not going to be your main factor right now. although, you know, the situation you're talking about has really mattered in the past for the names that i know every up wi everyone cares about tesla and apple and mega-cap tech we look at the bids with the out

of the money calls which drives the mostive ti tive momentum that really has gone away. unfortunately, you have to find something to blame going forward unless that changes. >> maybe we blame the stock we just showed which is tesla not blaming the company or elon musk, amy. i had a contact of mine tell me a year and a half ago pre-pandemic he said on the show. he said tesla is not important to the stock market. in some ways it is the stock market there are so many different positions and derivatives and delta i strategies based in the equity or options. maybe that is an overstatement how much does tesla matter to the market >> i actually think it matters a lot. it is starting to matter more. part of the reason is it is now

in the s&p since its inclusion, you can't talk about the index without thinking about that. obvi obviously its weight is not that large yet. people are forced to track it with the inclusion tesla has always been a psychological bogie for people in reality, you have the breadth of crypto and momentum as that falls, people wonder in general about the style rotation and where value is going versus growth i'll tell you one thing, there is a point in time as tesla's money call options were so big and the implied volatility were higher than the puts that had gotten back to normal the reality when it was over-bid like that, you don't want to short tesla because that gamma we talked about which is the positive momentum and now in reality, it is safer with the

exp expenses that momentum is not there as much as it was in the past >> yeah. a lot of these positions that my contact was talking about said they are loaned out. it is just tesla it is a big company, but even plays a much bigger weight in the markets. i love what you said it represents so much other stuff. we're watching tesla and stocks and the vix. watching you amy wu silverman thank you. good stuff. >> thank you all right. you're welcome let's get to the morning's other top stories. a new call on carbon and maybe appropriately one of the greatest carmakers saying it might go electric. bertha coombs here with more good morning >> reporter: good morning, brian. the iea, the international energy agency is calling for an end to new oil and gas in

investments to slash carbon emissions. the energy watch dog says those projects must stop immediately if the world hopes to achieve the goals in the paris climate accord the net zero target would require rapid acceleration of wind and solar and halting gas sales by 2035. and lamborghini is planning to go electric the automaker will build the first hybrid gas/electric model in 2023. the first fully electric car in the second half of the decade. it will invest $1.2 billion to make the transition. apple is facing continued delays with the ipad pro according to bloomberg, the company facing supply chain challenging. producing the mini l.e.d. screen

for example. the ipad pro goes on sale in a week and those who order it may not get the device in their hands until well into july supply chain problems all over the place, brian >> yeah, they are. doesn't matter what you are trying to buy if it is not in front eveof you the store, you may have to wait months cool mountain bike bertha coombs, see you in a few minutes. thank you. when we come back, the big money movers you cannot afford to miss. including more on that guy warren buffett's berkshire hathaway with the big bet on banking. and why jeff bezos wants james bond and on that media powerhouses scrambling to see who is the next big deal

could it be nbc? mike white is here and he'll weigh in futures are up 90. nasdaq futures are up more it could be a big day. we're back right after this. >> announcer: this cnbc program is sponsored by ibm. the world is going hybrid with ibm. order or ready to go? with a hybrid, you don't have to choose. that's why insurers are going hybrid with ibm. with watson on a hybrid cloud they can use ai to help predict client needs and get the data they need to quickly design coverage for each one. businesses that want personalization and speed are going with a smarter hybrid cloud using the technology and expertise of ibm. nice bumping into you.

welcome back good morning time for the big money movers.

top three stock stories or etf stories of the day first up amazon the information reporting the company is considering making a bid for filmmaker mgm. the current status of talks is unclear. home of james bond and rocky and other things makes "the h handmaid's tale" and "shark tank." amazon stock slightly higher stock number two berkshire hathaway buffett bails on banking a stock it has held since 1989 wells fargo. buffett took a stake in aon. trimming a stock in chevron. and stock three. arc invest etfs by cathie wood's firm saw a

net loss of $1 billion in a single week. that is as fears of inflation drawing attention and the high valuation of the fund holdings the fund is down 17% this year still on deck here on "worldwide exchange. he made millions betting against the housing market and became famous for the big short now michael burry has a new short bet in his sights. one that is sure to attract a lot of attention more on that name ahead. >> announcer: today's big number 20 million that's how many adults in the u.s. could enter the crypto currency market in the next year according to the cryptocurrency gemini that would double today's investor base.

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welcome back surprising high tax states, a scarce nft and a big short from a big shorter. bertha coombs is back with the trending stories be bertha, what is trending on this tuesday? >> let's talk about new jersey the most expensive state for taxpayers to live. according to a study from financial technology company self new jersey residents pay an

average of $930,000 of taxes over their lifetimes the next highest states are massachusetts at over $827,000 followed by connecticut and washington, d.c. and new hampshire. that's all compared to the nationwide average of about $525,000 over a lifetime this might be a way to ensure scarcity for an nft the 2007 video charlie bit my finger is being auctioned off as an nft after its sale, the video will be deleted from youtube forever. currently most nfts are available to be viewed for free despite purchased for six-figure sums charlie bit my finger will be on youtube until may 23rd what stops somebody from downloading it and saving it

>> recording it on their phone >> right i don't know >> just trying to figure it out. >> and finally -- >> cute kids, i guess. >> i don't understand the nft thing. they should have a beanie baby holding up a tulip and michael burry, made famous in the big short, has a new bet on his hands according to a recent s.e.c. filing. burry has a short bet against tesla for $500 million we don't know if he still holds it burry holds more than 8,000 contract values. that is a very, very big bet, brian. >> you know, we just talked

about it with amy wu silverman tesla, one of my better contacts is saying, it is not part of the stock market it is the stock market there are all of the derivative positions built in the option strategies not just shorting strategies and borrowing out. if he is right and that stock goes down and amy is right and what we talked about is right, that is bad news for the overall market the other bad news is new jersey i think we all kind of knew that, bertha, i didn't think we knew it was $100,000 more. isn't that your home state taxachussets >> that's right. you're in new york you pay the city tax and the state tax. it has to be up there when you combine both of them >> new york city is like 99%

mountains and countryside. 1% new york city new york state has all that beautiful land the finger lakes reislings are marvelous in canadidvous. >> such a conaseaur. >> thank you, boertha coombs. let's get a check outside of the headlines. we have frances rivera in new york >> good morning, brian we start with the stage that is set. supreme court showdown over abortion rights. the justices will review a mississippi law that could we weaken roe v. wade

it cannot ban abortions after 23 weeks. the court will hear the case in the fall with the decision about a year from now. and in ohio, vaccinations are on the rise after the state debuted the vax-a-million program. $1 million lottery for those who get the jab. the director of the health department is getting reports of bigger groups showing up to get vaccinated five drawing will be held starting may 26th. a newly leaked navy video appears to show an unidentified flying object. in it, you see the object flying above the water going back and forth for a few minutes near san diego before it disappears filmmaker who obtained the video says it was captured by navy aircraft in july of 2009 the pentagon confirmed the clip was recorded by navy personnel

and it will be reviewed. who knows if we will find out what that is we have more and more headlines out there, brian o either it is happening more or everything is caught on camera more and more. >> the shep show had a big piece. "60 minutes. frances, when they come, it is in peace hug it out welcome. >> what are you going to do? >> take what you like. you got here we can't leave >> live your best life >> yeah. fomo for good frances rivera, i'll go back district 9 tonight thank you. up ahead -- have a good night. r really what time is it? coming up, why executives won and inn vvestors lost with the t

deal with time warner and who really got paid? by the way, it wasn't investors. if you haven't already subscribed to our podcast, it is available on spotify and stitcher and other platforms as well the dow futures are up 100 wow. it woucould be a big day for te. we're back after this. ♪ ♪ i had the nightmare again maxine. the world was out of wonka bars... relax. you just need digital workflows. they help keep everyone supplied and happy, proactively. let's workflow it. then you can stop having those nightmares. no, i would miss them too much.

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mega media deal with at&t and disc discovery. michael white lays out what it means for shareholders and consumers and who is next. ditching the mask. target is the latest to ease restrictions does that make it a target for those who argue it is too fast and too soon. and bust out the doughnuts with a zinger. hostess is here. the ceo will join us it is tuesday, may 18th. this is "worldwide exchange. ♪ welcome or welcome back. good tuesday morning thanks for joining us on "worldwide exchange. let's get to it. it could be a good day for the markets based on futures i know it is early

5:30 the numbers are positive look at that nasdaq futures are up more, nominally, on a number base and percentage base than dow futures. do not see that very often nasdaq futures up 100. dow futures up 82. in other words, simply, it could be a good day for many big name technologystocks if things hol the way they are quickly to the top stories including more major companies modifying mask mandate bertha coombs is back with more on that. it's target this time, bertha. >> it is happening quickly, brian. target and starbucks are the latest to make the changes to their policies target saying fully vaccinated customers and staff will no longer need to wear masks. adding face coverings continue to be recommended for those not fully vaccinated cvs making that move yesterday the companies are the latest to

drop the mask mandates in recent days it will be tough to see how they enforce that apple ceo tim cook is set to take the strand in the techno trial with epic games. according to the wall street journal, cook has taken part in practice rounds with former prosecutors chosen by the legal team to simulate the witness stand. walmart is out with the quarterly results in just over an hour. the focus is on the walmart plus subscription service they hope to give an update on the program which launched in september. it has not shared any numbers. we will see if they are ready to give those up. brian. back to you. >> we certainly will bertha coombs, thank you very much all right. back to the media deal that hit the markets yesterday. at&t pulling one of the greatest if not the greatest corporate

u-turns in recent business memory dumping the media strategy and spinning off the media business. hbo and cnn and tnt and tbs. the new venture as yet named with discovery this morning, growing criticism around the move and at&t's $81 billion deal to buy time warner in 2018. at&t needed to dial back media dreams saying it was fun while it lasted, but not for investors. the financial times reads, at&t discovers it has no business in show business. ouch and on "mad money" last night. jim cramer not mincing words. >> it is not a transformation al deal it is the final act in the dumbest move in history. the truth is at&t made a bone-headed decision and now

paying for it. in corporate america, no one is paying for it. no one is allowed to admit it in corporate america. >> joining us now is michael white. michael, good morning. everybody seems to be on one side and that is negative. as hard as it may be, is it possible to see the other side is there anybody aside from david of discovery that has gotten it right or gotten a good deal >> good morning, brian nice to be with you. look, i think you have to separate the discussion about what was done in the original merger clearly there were flaws in the strategy and challenges in the exec execution. let's put that aside for the investor and employee and stake holder, what does the future hold? you will have two stronger companies here without a doubt you start with the strategically

focused. they both have scale and for the combination of time warner and discovery, they have global opportunities which will be critical to compete with netflix and the world. there will be challenges without a doubt. jim cramer's comments about transformation there will be a lot of heavy lifting to merge the two businesses together. i recall it took 20 years for f frit-o-lay to gel when that merger was done. the industry is still going through change we are not done by a long shot with change that impacts the media industry >> and now, of course, as these things tent td to go, michael, y are asking who is next

they are looking at nbc universal and viacom/cbs would regulators try it? this is not 1974 there are not three or four channels there are thousands of apps or channels who do you see next in the tie-up parade? >> you know, to be honest, this is a pretty unique situation where you had an asset in time warner owned by at&t that clearly didn't fit it didn't lend itself to the management capabilities or otherwise long-term capa capabilities when i look at the rest of the media landscape, you have smaller plays and channels i know this is amazon which is looking at mgm that is a different animal i'm not sure why they need a movie studio or television producer when netflix is able to get that done without one. they may have the library and it may be an interest for amazon.

i think you have smaller plays that kind of don't have a particular compelling argument to be bought by anybody. you know, you have increasingly four big companies the competitive nature of the industry is going to continue to challenge each of the players on scale. you look at the amount of money that netflix is spending on content production $17 billion. that is a staggering amount of money and leverage across 200 million subscribers worldwide. that was a largely a u.s. play to figuring out as netflix is doing to leverage the world with their content assets >> you know, we talk about the shows, michael, because they are sexy it is easier to say we need content. you don't need content, you need

good content it is not just stuff you have to have stuff people want to watch. underneath the hood is the financials that is what matters david zaslov knows that better than anybody out there we talk about the growing and changing face of cable cutting the cord video on demand. all of that is evolving. underneath the hood, how much does this deal, if at all, change the financials of the business >> well, first you make an important point about content, brian. on top of that, we are coming out of a pandemic with a lot of changes in society that content is going to have to navigate through. so, let's not under estimate going back to work and back to normal for the entertainment industry with a content pipeline that is full and robust and relevant to consumers is a big

job for every content company out there. for investors, clearly there will be some sorting here. a lot of investors held at&t for a 7% dividend and fixed income and not looking for growth if they were looking for a 7% return, those days were short lived. you will have some puts and takes in the investor pool in terms of the financials, it is more than david my experience at pepsi, if you are going to be in a big company likepepsi which has diversifie as assets like gatorade and frit-o-lay you have to have the right leadership team.

i think andy and kendall when they put the company together in the '70s and '80s, took a decad to get that right. i would not under estimate the challenges david is a world class ceo he has great relationships in hollywood. david is the first to tell you he needs a full team >> they just had a big piece or glowing piece over the weekend his future is uncertain. people are talking about his exit michael, i'll not ask you to slam the guy you talked about the at&t with widows and orphans and why you own it as at&t stock is down in the last ten years, the s&p 500 is ye years. the board sets the pay

i'll not knock the guy for taking something somebody gives him. if somebody says take a pile of money, i'll take it. he has a guaranteed pension. all while shareholders pay the price. i'm not asking you to slam him or the board what else did they get wrong does that stock performance make this less desirable for any buyer? >> i don't think the stock performance in the past will determine what iere it goes in e future in the end, you will have growth opportunities for both businesses look, i think at&t's timing was unfortunate. you know, they were looking at the comcast model and thought they could pull it off it is probably a testament to brian roberts and the job he's done it is not that easy.

i think that their timing was poor or unlucky. the execution was left to be desired on both fronts certainly with directv strategy also was flawed you know, the days of a conglomerate at&t is over. from the capital market standpoint wasn't realistic. >> michael, you must be the most polite guy out there you said the timing was poor, but they overpaid and had no strategy michael white, former ceo of directv and others michael, thank you for coming on it is a changing landscape we think comcast has done a pretty did job >> thank you take care. thank you. coming up, we'll answer the most important question you will hear all day. twinkies, ding dongs, cupcakes

or something else? what is your favorite sthoess product? the ceo is here.

i've loved trucks since i was a little girl, and now i get to drive the biggest, coolest trucks there are on the road. on my routes on a daily basis i might have 1,100 to 1,400 stops which to me that's 1,100 opportunities to connect with my customers. everyday is another chance to bring a smile to someone's face, and that's what makes me excited about tomorrow.

wondering what actually goes into your multivitamin? at new chapter, its' innovation, organic ingredients, and fermentation. fermentation? yes. formulated to help you body really truly absorb the natural goodness. new chapter. wellness, well done. hostess brands reporting better than expected earnings and sales in the first quarter of 2021. after a year filled with stress and consumers mostly at home, comfort snacks at a low price saw consistent demand. the country reopens and the question is will the demand be

sustained? let's talk about that and the company and the question we went into break with. joining us all the way from kansas andy callahan. ceo of hostess great to have you on it was a terrific quarter. stocks up 27% in 12 months $17.50 price target. $700 million to $1.1 billion in a couple of years. how do you get more respect from wall street? >> brian, thanks for having me good to be up. a lot of great stuff to talk about. we really like our position. i think the underlying value of the company, as you mentioned, is transformationally different. we transformed the portfolio leading sugar-free business and growing twice the rate of

cookies and iconic hostess is in snacking occasions growing at a greater rate snacking is growing greater than food we are growing in the top tier margin at the top tier of our peers. i'm confident the value of the company will show. with all of the great results in the past, our future is better i think there's a lot of respect that will come and continuing to perform at the way the hostess team is doing. it will come over time >> talk to us about the future, andy you know, we talk about a company like a peloton or zoom and everybody said we will get on the exercise bike at home and zoom and i think you are actually the greatest work from home stock the reality is people want to enjoy things and have their treats because it was a lot.

i almost used a different term of stress for the past year. many kids are home maybe not in kansas. they are on the east coast how do you see consumer demand evolving as much of the country gets back outside? >> i think snacking -- consumers snack differently, but continuing to snack in increased st snacks they love highly reliable and quality brands of which hostess is before the pandemic, snacking was increasing the way consumers snack is different. smaller and more joyful occasions. we like to bring little moments of joy to consumers' lives sweet snacks in the morning increasing snacks in the afternoon. with new products, snacking at night. we have a portfolio that was growing before the pandemic and over time that accelaccelerated.

in-home snacking occasions, i know they elevated during the pandemic i believe that stay at home behavior and snacking will stay at an elevated level outside the pan pandemic consumers were moving to the trend of movies or halloween at home or small gatherings at home they invested a lot at home. the behaviors and rituals will continue they will enjoy them with hostess twinkies and cupcakes. halloween, we have a theme of bring halloween home that was a trend before the pandemic and accelerated during the pandemic and it will continue afterwards. our convenience store business and media consumption will grow. we are well positioned >> and andy, before your time.

we covered the bankruptcy about ten years ago. ownership changes there. private equity in and equity out. do you feel like you need to convince them? this is not the old hostess. this is us >> our free cash flow is one of the best in the industry when we bought it, our leverage went above four times. we are at 3.6 times and de-leverage three times by the end of the year. we are a strong company with leading margins and leading growth before the bankruptcy, that was a whole different company. we came out and one of the benefits of the brankruptcy for investors today, any of the liabilities, we are no longer with us. we invested on the best infrastructure and resources whether it is the manufacturing

facilities and iconic brands and reinvented an efficient and highly profitable company. >> andy callahan, we appreciate you coming on the program early from kansas. enjoy a donette. thank you very much. take care. best to you and your team. >> love it thank you, brian you're very welcome. folks, we asked on twitter what is your favorite hostess product. we knew the outcome before we asked the question typical. we got it right. we knew it would be twinkie. we did not realize cupcakes and ding dongs come in neck and neck at 29.1% 9.7% said other. fruit pies and zingers by the way, twinkies by a nose all right. up next, apex financials

we layout the trading day ahead and your morning rbi and the signals that the new york city subway is sending about the big icou bk.bounceac stk arnd ence is at the heart of everything we do at carrier. our systems fill buildings and homes with healthy, clean air. we detect and put out fires, and help people stay safe and secure inside. our innovations keep foods and lifesaving medicines cold and fresh until they reach those who need them. at carrier, we create solutions to help you build a brighter future...

i had saved up some money and then found the home of my dreams. but, my home of my dreams needed some work. sofi was the first lender that even offered a personal loan, and i didn't even know that was an option. the personal loan let us renovate our single family house into a multi-unit home.

♪ and i get to live in this beautiful house, with this beautiful kitchen, and it's all thanks to sofi. ♪ today's most random and interesting thing is the return of the new york city weather is up and people are allowed to go to dinner again. there is a new sense of optimism we have not felt if an a long t. more people are getting in the subway according to the research, swipes through the new york city t turnstiles hit more than 1.8 million again. way off the level of 500,000 we are now the highest in 14

months it is not the subway data shows taxi and ride-hailing services are getting a pop maybe you don't care about new york if you are watching cnbc, you probably care about the financial markets. the subway is a big deal for both it is apparent the metro transit authority has more than $45 billion in outstanding debt. it is one of, if not the largest non corporate debt issuers in the world. someone will have to pay for that if you out there don't root for the big apple, root for the subways and buses. they are the first signs of life i'll see you on the f train near rockefeller center soon. random but interesting. back to the markets. stocks look for a big tuesday bounce after the mellow monday we're joined by lee baker. owner and president of apex

financial. lee, it worked out nasdaq futures are up 103 right now. more than the dow. it could be a big day for tech was the demise of tech greatly exaggerated? >> i think the demise of tech was greatly exaggerated. we were going to have and i think we are continuing to still have a rotation to value, but the idea that tech was going down for the count was exaggerated. microsoft, apple, those are great companies and solid. they would not fly as high as they did last year >> now we're seeing this big pop in nasdaq futures. i get it, you don't operate on a one day or one week stchedule as well are you seeing opportunities everything feels so hot. valuations are everywhere. is there a part of the market

that you see macro under valued? >> i don't see a lot of under valuation out there. you can make the argument there are areas that are fully valued and approaching that you know, we're keeping an eye on nflation. it will be transitory and thinking through the impact of that one of the things that i had discussions with clients is what are the impacts with the things we see that are problematic right now with the supply chains and price of lumber? what happens when that goes back to normal? we are keeping an eye on those things. >> what is normal, lee what is transitory we talked about it yesterday we hear that word. i don't know what transitory means. gr greenland shark lives to be 400 years old. their definition may be different than yours or mine how long will it last? >> some aspects of this will

last through the fall. you have the situation and just having conversations yesterday with clients who are totally exacerbated of buying a home in metro atlanta. the inability to correctly overbid on the price of the house. we have supply issue ys. one of the things is the money supply, but not a lot of velocity as we get out of the shortages and supply constrictions based on supply chain, i think that will open up we will see the money start to go in the markets. there is a lot of savings that's sitting on the sidelines i think it will come out at some point. >> we're going to find out if this is all transitory lee baker, we will not know until we get there listen, best to you. thanks for coming on i look forward to getting down to atlanta we'll do trivia at the taco

mack live long and prosper. that does it for us on "worldwide exchange. my knowledge of sharks is limited. quk x"s xt we'll see you tomorrow wondering what actually goes into your multivitamin? at new chapter, its' innovation, organic ingredients, and fermentation. fermentation? yes. formulated to help you body really truly absorb the natural goodness. new chapter. wellness, well done. in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7.

every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.

good morning stocks pushing higher a little bit. crude and crypto up. we'll have a rundown on the day's early movers. fallout from the big media deal with at&t and discovery now reports that amazon could buy mgm. details straight ahead. a busy day for retail earnings we hear from home depot, walmart and macy's before the opening bell it is tuesday, may 18th, 2021. "squawk box" begins right now.

♪ ♪ good morning welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen we have been watching what happens with the equity futures. yesterday was a little bit of an interesting day. we saw down action this morning, the green arrows across the board dow indicated up 57 points s&p futures up by 11 nasdaq, the one to watch today, up by 102. joe, questions being asked about whether things are really over for tech or if that was a blip last week. we should look quickly at what is happening with the treasury yields the 10-year is yielding 1.647% sitting at the