♪ it is 5:00 a.m. at cnbc global headquarters. it is your five @5 crypto crumping, and all this as china continues its crypto crackdown. breaking news on former president trump as the new york attorney general joins a criminal investigation of the trump organization on wall street, stocks slumping yet again but gold looking golden call it a major smile-stone, as new york says you can dump the

masks beginning today. and no apologies for nfts here as the auction world abuzz over one $14,000 sale linked to a legendary music icon it is wednesday, may 19th, this is "worldwide exchange." ♪ well, good morning, good afternoon or good evening and welcome from wherever in the world you may be watching. i am brian sullivan. thank you for joining us here on that this busy day we've got a lot to do this hour. we begin with the market that is not looking so hot right now futures they are down big, in fact, they've been losing steam over the last 30 minutes, dow futures up 205, nasdaq up 156. on a percentage basis, the nasdaq down almost twice as much as the dow, up 1.3%. nasdaq futures really in the red

right now. something to watch also, we've been keeping an eye on oil now, oil is down right now but overall, oil has actually been surging as of late in fact, brent crude, what they trade in europe, went above 70 bucks yesterday. wti down 1.5%. still well above where it was. and there's a lot more pain in crypto especially if you bought in the past month. you got bitcoin down big right now. broke below 40,000, in between that market slightly above it right now. remember, bitcoin was at 65,900. down 25,000 $ from its highs of one month ago. now, all of that should not necessarily come as a surprise to you viewers, remember, guggenheimer's scott minerd called on the show

>> given the massive run we've on in bitcoin in the short run, things are very frothy, and i think we're going to have to have a major correction in bitcoin. i've said it before, i think we can pull back to, you know, 20,000, to 30,000 on bitcoin would would be a 50 decline. >> that was a couple of days after bitcoin hit that $50,000 market and scott saying we can get to 20,000 fear at 40 right now if there are any bulls out there they may like it good call on that, certainly in crypto throughout the morning, all of the major cryptos are down that's the fast-paced and crazy world of crypto. let's stay with stocks to start the show because while futures are weak your next test is watching three companies, analog devices, target and cisco because he owns them all

joining us, trust company's bill stone. talk to us about the markets been a little wobbly futures down big again what do you think the main driver is the recent weakness and the recent volatility? >> yeah, i think the recent weakness is one, certainly a rotation within the market, though you had, obviously, all of last year, the growth move. and towards the end of last year, you moved to some value. and value has really taken the front seat so that means technology is under pressure this year. some of the other connected areas. i think even, you know, that spills over into some of the crypto as well that you were talking about. i think that's the change and also being connected, i think, gives this kind of inflation scare we're in at the moment i think those two were really in -- we've had a heck of a run. add all of those together, and you've got a volatile mixture. >> do you think that crypto

matters to the eshgt market, bill >> i don't know that it matters directly to the equity market but i just think it's part of this, you know, risk asset, you know, part of the market as i've looked at it, it tends to be more correlated with some of the grown areas in the technology space, not necessarily a diversifier. it's really -- at the moment, anyway it may change. but it's a moment very connected with that area >> well, you hear these talesch people margining up some of their equity lines to buy bitcoin and other cryptos as well if it comes down, some of those things could change and stocks could fall, either way, let's talk about individual names because earnings have been spectacular. with target, cisco are you looking forward to with some of the companies you own? >> yes, so, i expect target because of the numbers we've gotten out of other retailers to just post very strong earnings i think that's, again, combine

the stimulus with, you know, some -- again, we had a setback in some of the jobs gains but obviously very strong jobs gains off the bottom people being cooped up for so long i think that is pretty good in terms of locked in in terms of analog devices and cisco, some of the things i think across areas, how much the supply chain might be disrupting them, cisco in particular will reach back to see some more enterprise spending picking up here as the economy picks up so, those are some of the things i'll be looked for under the surface. >> in general, with the cisco systems and other recent guests have said, bill, they like the old school names i meaner the names we were talking about 20 years ago doing this, names like a cisco they're not going after growth they're going after consistency of earnings, the reasonable

steady state of the business is that kind of what you're looking for or is cisco a one-off? >> names like cisco, they're cheaper than some of the other stuff. they're clearly, like you said, more consistent in their earnings and also, they've tended at least some of them to be a little more cyclical, really, right? so, some of that is attractive now, again, cisco living off some enterprise spending should get a real boost >> bill stone, glenview trust, it's a pressure to have you on the show >> thank you >> you're very welcome we'll chat with you soon right now, the big breaking news outside of the equity markets, the new york attorney general opening a criminal investigation. nbc's tracie potts joining us with more of this story. tracie >> hey, brian, good morning,

good morning, everyone more eyes on the attorney general, the investigation there of the trump organization. this statement coming out overnight from that investigation let by attorney general letitia james, a spokesperson, saying they've informed the trump administration this is no longer purely civil, they're actively investigating in a criminal capacity along with the manhattan d.a. cyrus vance jr., they have no more comments on that the manhattan d.a. has a separate probe going on coming out of allegations of michael cohen's testimony of 2019, that the trump administration incorrectly misstated some of its assets that would be inflated executive eric trump was deposed over this back in october, millions of pages that long

prosecutors are poring through, including some of the trump ax returns. no comment on the trump foundation a different group, dissolved in 2018 after a year-long investigation of that organization so it's breaking this morning, brian, as we await some reaction from either the trump organization or the former president himself. >> big breaking news there on former president trump nbc's tracie potts, nbc, tracie, good morning and thank you for that all right. we come back, it is back to business and much more on the crypto crash and china's latest crackdown on the sector. we'll get a live report from eunice yoon in new york. plus, high hopes for retail, t.j. maxx and more the big apple is back. the city is reopening and the masks can come off as of today but how is the legendary museum of art handling new and

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on the nations fastest, most reliable network. ♪ welcome back it could be another rough day for stocks, we are seeing a major move down in the futures market in fact, nasdaq futures are off more than 1% 143 points, that's 1.2%. dow futures down numerically a

lot. watch technology early downmovers intel, boeing, apple, chevron, down more than 1%. again, nasdaq deeply in the red right now. it's not just stocks, it's been a tough few weeks for crypto investors, those who bought in the last month, bitcoin, ethereum and litecoin. by the way coin down 41,500. it was below 40,000. we've seen this as china steps its warning to financial institutions and payment providers over their use of any kind of crypto eunice yoon joining us live from beijing with a lot more on crypto crackdowns, eunice. >> thanks so much, brian china's central bank reiterated guidelines for digital tokens as

a movement seen here as a warning by beijing the central bank along with three financial associations, industry associations, targeted financial institutions and payment service providers with these directives, reminding them to offer no crypto services so that there could be currency exchange, as well as trading no related offers. so that means financial products, insurance, for example, as well as derivatives trading and to step up alternatives of money flows that is also stressing those that cryptocurrencies are, quote, not supported by real value and not protected by chinese law so trading cryptocurrencies exists in a gray area here in china. for a couple years now, the government has been putting more and more restrictions on companies, for example, banning

cryptocurrency exchanges which eventually all moved offshore. but for regular people, it's not illegal to own cryptocurrencies. if you use a couple of work arounds such as a vpn, you could actually trade these currencies from china some of the popular sides, huobi, binance, okex, and mcx, and wechat still supported by these exchanges and support these exchanges so, you know, we looked at what was going on today, no changes. and i think that really is kind of a sign that beijing is sending a warning as opposed to really cracking down on the cryptocurrency trading as of now, anyway. >> i've got a two-part follow-up for you, eunice. number one, we've got kind of a crypto mania going on right here

now. how popular are the cryptocurrencies in china? and also why now why now is the government starting to crack down what, if anything, changed >> well, i think it's all -- that's actually the answer is pretty much the same and that is, like you said, there's so much excitement right now about cryptocurrencies overseas, and that's really spilled over here. and i think the problem, just in the past several weeks, we've been hearing more and more about people starting to use other gray channels which exist here to get money out of the country in order to buy dogecoin, direct examination. there's one tech executive who will said, you know it's a bad sign when your street hawker is starting to ask how to buy dogecoin that's a signal that perhaps beijing is going to crack down the last thing that beijing wants to have is uncontrolled money flows and in fact, the

statement that authorities had put out yesterday said that's another reason why they want to reiterate these guidelines because of the potential disorder that could create in the financial system >> got it. we are seeing these prices, whether that news out of china, technicals, either way, cryptos are in a bad way eunice yoon, always good to see you thank you, my friend on deck, how crypto's recent crash is also spreading the fortunes of what used to be the world's second richest person, elon musk. plus, accidentally leaking details to the press don't do that. the top trending stories are next today's big number -- 64%. that's how many millennials said they have regrets about buying their current home, according to a study by bank rate that's compared to only a third of baby oms o poedheboerwhrert t

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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. fast cars, billionaires and big ships, all of our favorite topics, bitz, bertha coombs has that in today's top trending stories. i like the entire mix so far, bertha >> good morning, brian, but make that fast trucks president biden getting behind the wheel of ford's new electric pickup the president made an unscheduled stop to aed for

driving course where he tested out ford's upcoming all-electric lightning. the president revealing that he sped from zero to 60 in 4.4 seconds. a stat that he wasn't supposed to share because ford is not having its unveiling of it until 9:30 tonight the driveby was part of the visit to the ford motor plant where the president highlighted the need to invest in electric vehicles i bet they liked it. >> and in another electric car news, small violin, pull it out, tesla ceo elon musk has lost his ranking ago the world's second richest man. the billionaire now has a fortune of $160.6 billion, down 20 from january. and if you wanted to know

what life was like on the "titanic," you could soon have the chance, a life size replica of "titanic" is being built in china. you can step foot aboard the ship that will never sail, brian, so it will never sink >> that's cool, as they do the historical thing as well kind of like go back in time, i can be leonardo, we can go down the staircase and play poker >> it's at the bow of the ship is the thing -- >> it's kind of cool, as a kid, i went on the queen mary in long beach, california. obviously not the same, but kind of cool, right everything was just different. how would you like to be ford's pr person right now?

the best pr. >> you know what, that is great publicity. come on, you couldn't buy that that's better than advertising the president lets leak it has essentially -- >> i don't think there's automatic yo, but i believe the president's quote was this sucker's quick i don't know if we ran that or not but that's actually what the president said electric cars are quick. no turbo lag or combustion lag bertha coombs, thank you and target seeing the upside on the back of its latest results and why she's turning sour on a former top pick. falling out of retail love if you haven't already subscribe to our podcast on apple, spotify and other apple platforms. we appreciate it dow future down 130. nasdaq down more than 100 as well bitcoin at 40,000.

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♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, switch to xfinity mobile and get unlimited with 5g included for $30 on the nations fastest, most reliable network. get a strong cup of coffee and get ready because stocks look like they could sink today. futures they are deeply in the red as inflation fears continue to bubble up not just stocks, crypto on the rocks, as bitcoin bombs back below 40,000 and china ramps up its crackdown. and your morning rbi why smelling like teen spirit

may smell a lot like a bubble. ♪ so come as you are ♪ it is wednesday, may 19th. this is "worldwide exchange" right here on cnbc all right. welcome back and good morning, everybody. i'm brian sullivan thank you very much for joining us, it's going to be a wild wednesday as well because look at the futures markets and if you don't like red, you're not prone to the color red? yeah, you may want to turn away and get another cup of coffee. because it is not pretty out there right now, particularly in technology nasdaq futures down 125. that's more than a one point job. and the dow down nasdaq futures down slightly more still, another day to watch big cap technology, this

rotation, selling the big names in tech, buying some of the deep cyclicals and deep buying in stocks or buying cryptos or putting the money in the bank and waiting for another opportunity, but we're seeing a lot of red there keep an eye on oil oil like everything is down. but it's actually been surging lately knack, brent crude which they trade in europe went above 70 bucks a barrel yesterday for a brief moment it's back above that, were the ti crude at 64.60. check this out, talk about what's old is new again. have you been paying attention gold is quietly booming, in fact, gold is outperforming bitcoin omp the past three months gold is up 9% this quarter it's near its highest level since january. bitcoin is down, yeah, over long time, bitcoin has absolutely crushed it in the last 90 days or so, gold has done pretty well maybe gold is the new gold silver also getting a pop as

well silver, inflation trade, see a trend here at its highest level since february silver a little bit down on the market but overall a nice run on the april lows and bitcoin, the moving world of cryptos, bitcoin down. 3,000 bucks a coin, just over 40,000 it was briefly below 40,000 earlier this morning in the overnight trade as well, you got ethereum down 12%. china taking new steps to crack down on cryptos. we'll get more on cryptos, i'm sure all day on cnbc here. bitcoin down 7%. ripple, ethereum down 13%. that's a tough move there. and if you remember, on this program just a month ago, guggenheim partner scott minerd said he feels it could fall 20,000 bucks a good call there.

something to watch as all of the cryptos get hit right now. all right. part of the reason, that growing crackdown out of china overnight. we're also following breaking news involving former president trump and his business ties. bertha coombs is back with details on both of those headlines. bertha >> brian, let's start with the forepresident. the new york attorney general's office announcing late last night it has formally opened a criminal probe into the trump administration the a.g.'s office which had previously launched a civil probe says it is now working alongside the manhattan district attorney's office on the criminal investigation nbc news has previously reported that the probe into the trump organization is focused on whether it had inflated the value of its assets for the purposes of tax breaks and access to loans. a representative from the trump organization has yet to respond to a request for comment from nbc news turning to china's continued crackdown on cryptos, officials

from the country's banking and internet industry associations issuing a joint statement saying financial and payment firms should not accept cryptos as payment or offer services and products related to them this comes as the people's bank of china also issuing a statement on its wechat account reinterating that crypto cannot be used for payment. in 2019, blocking access to all domestic and foreign crypto exchanges. and also problems as beijing tests its own central bank digital currency which may be part of the reason brian. >> i'm sure it's kind of a conflict of things, the big china headlines. the market needed to take a breather as well everything can't go up every day at least it had been i guess it can't forever we'll see if the buyers come

back in at these prices. bertha, thank you very much. well, the americ spper isn't back the american shopper never left. but the american shopper has been saving lots of cash, the last few months. and it is now starting to go on a spending spree recent retail earnings have been tremendous macy's blowing away figures, raising guidance home depot posting the same store jump of 31%. many other retailers also boomed in the first quarter but as we all get back out how will spending change. we've got target earnings on tap. let's talk all of it with stacy woodland first up, stacy, what do you expect of target and t.j. maxx >> yeah, so the numbers have been tremendous so far, certainly, target, gaining market share across the board, particularly in discretionary category looking for mid to high

double digit comps from target looking for market expansion remember, they're fulfilling most of their digital orders there the stores now which is hugely market accrued. you can drive up to target and get stuff delivered to your trunk. almost half of the digital is same-day orders. and don't forget while we're focused on digital and who's doing it right, target remodeled most of their stores precovid. so as a consumer gets back in there, that's a store that actually has a decent shopping experience >> i'm confused though, stacy. i get the whole, let's buy it online, drive up, they throw it in the car how could that be good for margins? that seems expensive you've got people that need to bring you the stuff. they're missing out on the impulse buys you go in for three things, you leave with 12. i am confused not just with

target, but the whole model. how does that work >> yeah, so, it does seem confusing when basically you're removing your shipping costs so you're getting the customer to come to the store and pick it up themselves and you're calling it digital >> oh. oh, the competition -- got it. the competition is not the instore shopper, you're saying the competition, if you want to use that word, is the digital shopper buying it only online. if i go in the story, i guarantee i'm coming out with five or six things, generally a bag of jelly beans at the minimum that i did not plan on overall, stacy, i heard our friend courtney reagan, yesterday, 0 our retail star, people are buying things like teeth whitening kits and new shoes. literally ready to get back out there. what kind of trends are going to win in the next few months >> sure. macy's talking about one of

their best-sellers being luggage, right everybody is ready to get out there and hit the road so you're certainly seeing this bounce back in the context of, hey, i want to travel, when can i? you're seeing dress-up clothes come back. apparel, shoes but i'd also say don't throw the pandemic trends under the bus here because you're also hearing and you heard last quarter from target and you've heard from macy's that home and all of those covid categories we talked about are as good if not accelerating so the trends are really -- the strength is across the board >> are you surprised by -- i mean, we knew the numbers would be good? but a 31% sales jump at home depot? i get it, we all want to fix up our home that is a gigantic number. the numbers, stacy, haven't even been close they've been blowout, and yet, many of the stocks are not

responding because did we biden 0 the rumor nine months ago? >> well, that's exactly the key here and, yes, home depot's numbers, they're big ticket, over $1,000. but this is $150 billion company growing at a third these are outstanding -- these are just incomprehensible numbers here so, no, i don't think anybody expected this, but again, you hit it on the head here is that look at the what the stocks are doing now, we're at peak operating margins. can comps get better there's been a ton of inflation, lumber inflation walmart called up rug brand inflation, handbag inflation everything is up with margins and low discounts. so the investors, the stocks are saying, hmm, what's next is this sustainable? >> we've got to go, i saw a chart from schwab liz and

sanders that everything is above retail stores. finally, supply chain problems, shopping, cleaned out, all of that stuffing out of discount, stacy widlitd with handbag inflation. >> covid is the cleanout, we're as clean as we've ever been. as we look at next year, hopefully, retailers can keep their inventory tight. >> we'll see, i went to get propane, the guy was out of propane. no drivers he said do you have a grill? i said, yeah he said that's a good thing because we couldn't get those either stacy, thank you do not miss this target ceo brian cornell in an exclusive interview at 7:10 a.m. eastern time coming up, call it a major smile-stone in the big apple

bounceback the president of the legendary museum of art is here and what it means for the legendary halls. and why there is a big giant bluebird riding a moon on the mets roof? hmm. other big top stories, amazon said it's suspending its ban on police using its software for facial recognition as it continued calls from activists who wanted the software ban to be permanent >> ratheon technology expects t cut its office footprint 25% and ceo greg hayes has said the company has shown it can be productive in varying work environments and that flexibility is now absolutely essential. and squarespace will begin trading on the nyc under the

ticker sqsp, setting a price at 50 bucks a share sd> dow futures off 156. naaq futures off more than 1%. we're back, right after this cutting edge made user friendly. in other words, we want a hybrid. and so do retailers. which is why they're going hybrid, with ibm. a hybrid cloud approach with watson ai helps manage supply chains while predicting demands with ease. from retail to healthcare, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm. lately, it's been hard to think about the future. but thinking about the future, is human nature. at edward jones, our 19,000 financial advisors create personalized investment strategies to help you get back to your future. edward jones.

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futures. dow and s&p down, not quite as much you're going to have to watch big names you know, tesla, peloton, micron. some of these names are down 1.5 or 2% right now in the free market going to be a big day certainly here for stocks. stay tuned all day here on cnbc. it's time for today's three big money movers normally, this is three single stock stories but this morning a much bigger day than that. so we'll broaden out in just a bit. first up, the home builders, all of them, the sector comes under impression the dow jones home builder indin index, itb and htkb for those of you at home. chinese internet stocks, again, all level it's been a volatile year, the government cracking down on high flyers, and tech giants.

check out the crane shares, china etf or the kweb as it's known. it's on track for the third decline, the longest losing streak since early months of the u.s./china trade war back in 2015 and finally, take-two interactive, beating forecasts as revenue jumped 10%. all right. well, today is a big day for new york city, a new day, really because for the first time in more than a year, you do not need to walk around wearing a mask, unless, of course, you're asked to or ordered to by any business that you go into. new york city easing most of its coronavirus restrictions today including that mask mandate. it's also easing capacity restrictions for restaurants, for retailers and museums. they will all be lifted after a year of closures, restrictions, masking and social distancing. much of that will also be lifted unless, again, the organization

is not lifted for vaccinated people and private businesses, of course, can still make their own decision as to whether to require masks. if it seems confusing, it kind of is. let's talk about it more in a happy life with dan weis, president and creal of the metropolitan museum of the art that had to close, unbelievable, close in march of 2020 before gradually reopening in august and every new york citdweller ane tourist fans that are coming back are certainly glad you guys are back. as somebody running one of the most popular museums in the world. you're looking at the cdc guidelines, you're looking at new york, i hate to bug you with this, how will you interpret them what kind of rules will be enforced in your legendary halls? >> well, first of all, thanks for having me. it's good to be with you we're delighted that things are opening up and the community can participate in life as they used

to know it prior to covid. for us, we're open and people can come because we're such a large museum, the capacity constraints set by the government are not an issue for us because the building is so large, we can take tens of thousands of people a day and it's not going to get in the way of social distancing. masking is more complicated this is because -- as we say, today in new york, people who are vaccinated no longer need to wear masks but at the museum, most museums in new york, people will still be required to wear masks inside the building we do that for two reasons first of all, because we're not screening people for vaccines on the way in we're not asking our thousands of visitors to prove that they have been vaccinated so in order to protect those who are working there and others everybody still needs to wear a mask and there are, as we know, members of our society that are not yet eligible to get a vaccine, including children. so if they're in the building and they're not vaccinated for

no good reason or fault of their own, there's no way to protect everyone without wearing masks we're for now wearing masks for a while longer until we see what happens in the next few weeks. >> well, listen, this whole mask thing has been an insane debate. it's not that big of a deal to walk around in a mask, to be honest with you, spend a couple hours in a museum. do you foresee a time, dan, when you're able to pull it off, have a big mask burning ceremony. probably not in the roof garden because you've got a giant new big bird, i have trouble saying that from alex dee court up there as well. >> well, we're all looking forward to taking the masks off. we won't burn them but throw them in a big dumpster in the next few weeks we'll see a rapid decline in the inflectin

rates in new york. they're at 1%. when it's clear it's safe and we see something like herd immunity we'll let people take off their masks. i'm guessing it's another month. maybe two. in the meantime, if people wear masks, they can all come to the museum, have the experience they want to have and make sure other people are safe. that's all we're kernconcerned h >> yeah, we're looking at video, dan, the temple of dender is unbelievable it's one of the places to go and think. if you need to get away from the new york hustle, i look forward to looking around the temple i'll try not to screw this up a third time why is there a big blue big bird sitting on a moon on your roof i finally got it out, i did it >> you did it beautifully, because what we do with that roof program, every year, we

bring in a living artist and we ask them to create something visually interesting, arresting, challenging, fun, depending on their inspiration and alex decourt had an idea to reflect a common experience we've all had with big bird and the muppets and all of what many people grew up with. and it's the juxtaposition of this big bird looking over the entire sweep of central park, manhattan, is an interesting fun play to give people something to feel good about, including you >> it is something to feel good about. i haven't seen it in person. it looks beautiful on the website as well. kind of a new day. kind of overlooking central park the weather's getting better dan weiss, the metropolitan museum of art. look forward to seeing you at

any of those exhibits, dan, to you and your staff, take care. >> thank you so much and maybe he'll take a picture of a mask and someone will sell them as an nft and a rock icon hitting the auction block. it has something to do with nirvana, obviously it may not be what you think, we'll tell you, though subscribe to our podcast if you don't already, dow futures down 200. wow. may is asian american and pacific american heritage month. we're spotlighting business leaders. and here's kendra founder steve jiang. >> represent indication for the aa pi community is not just in business, it's in environment, in community and arts. it's something that's 360

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anything seen as rare these days has been a nirvana of sorts, giant mansions, baseball art, sneakers have their moments in the sun recently and then there's this, something else entirely in 1989, nirvana front man kurt cobain got a haircut in england. his friend kept six strands of in a ziploc bag. that's it. those bleached locks have found their way to the man who claims he's got the largest collection of hair in the world this is a real story, by the way. he put them up for sale, kurt

cobain's hair, they just sold for $16,000. six strands of kurt cobain's hair in a ziploc went for 14 grand. but also, what came with that, a photograph of kurt and the friend who cut his mare. maybe it's an oddity that somebody really wanted but consider this, if we can the studio, the band recorded its first album in cost him $606 to rent and was paid for by the guy who wanted to be in nirvana but actually never made it the lost fourth guitarist. the hair just now 2200 times more expensive than the studio that set off their brief but amazing run. by the way, the first album called "bleached." had a gruesome song called

"floyd the barber" does that mean -- never mind dow futures off nearly 200 huntington's private bank senior strategist jill garvey nasdaq futures up 1.3% do you have clients starting to get nervous? are they calling you up? what is your advice about what to do right now? >> good morning, brian it's great to be with you. of course, clients are nervous on days like this, but we've been coaching them that we're going to have such rotation. we're going to have down days. we have clients who are business owners in the great lakes region and they have cash sitting on the sideline so while today is not a good day when we see red for us, it's a buying opportunity and equity analysts are looking for opportunity to bring money to work. brian i want to bring to your attention, in addition to markets rotating and sector

issues and inflation concerns, our clients are really focused how do the potential tax increases, the largest as a percentage of gdp, since the 1960s, how will that affect my wealth how will that erode my wealth? again, dealing with owners who may be considering a sale, they're looking at longing in long-term capital gains rates and sell their businesses. and i would say the same for our clients who are investors in the market should they capture their gains this year and lock in rates? >> maybe that's it, right, jill? i mean, if you've owned any of the faang stocks or almost any big name tech stock for 5, 10, 15 years and you believe higher taxes are coming, whatever that rate may be, it will be above where it is now, maybe that's one reason we're seeing selling. and maybe that's not a bad thing. because that capital, that cash, will ultimately be deployed somewhere else

>> exactly, brian. and the advice that we like to give to our clients is if they're looking to purchase a property or make another investment, health the market pay for it take the gains, again, we don't predominantly make decisions based on income taxes but if the economics would be individual stock if it makes sense or capital asset, absolutely, let's deploy the cash in a different way. of course with our borrowers with rates low knowing they can invest in the future, borrowers lock in your rate now. >> yeah, lock it in now. what else should we be locking in, jill you're giving good tax advice here, whether selling or buying a business buy gold >> we like gold. in fact, we started putting positions of gold in our portfolios before the election and then we added to it as recently as last month we think it's a great store value for investors, and we

really like it as a hedge against inflation. we've also been touching inflation with global reits and tiffs as well. >> jill garvey, thank you. happy birthday to our executive producer the hardest working at cnbc. i don't say that lightly, ann tha thatroni, i know you're going to be bleeped off at me for announcing it on the air you'll have a busy "ua bsqwkox." "squawk" is starting now we'll see you tomorrow on "worldwide exchange. take care.

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♪ good morning stock futures pointing to more

losses after mega caps shaved 267 points off the dow yesterday. we'll show you what's moving right now. crypto crumbling, bitcoin tipping below 40,000 it's now fallen nearly 40% in four weeks and an executive shake-up at jpmorgan the move that cemented three of jamie dimon's lieutenants as front-runner we'll see that it's wednesday, may 19th, 2021 "squawk box" begins right now. ♪ good morning, everybody. welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and andrew ross sorkin. this morning, you better look out, buckle up right now because u.s. equity futures are under some pressure. this comes after a