>> 1.59% maybe it is how great technology is for deflation see you. join us tomorrow "squawk on the street" is next ♪ good tuesday morning welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber futures steady s&p within one percent of a record close bond yields are helping. the 10 year did fall below 159 the lowest since may 11. and 13.2 jump compared to march year ago market muted melt up led by technology and reopening plays today. bitcoin and crypto are

stabilizing. >> plus amazon's -- second largest ever acquisition looking to buy hollywood studio mgm. and up to 10 new chip factories the goal from boost in federal funding for semi conductors. >> interesting market action to watch. we talked about crypto with relative stabilization here compared to the last couple of weeks. but even the nasdaq was able to get back above the 50. can we breathe a sigh of relief? >> i think may disappoint all these who want to bury faang for the 4 millionth time but it is back and led by facebook this time i think. alphabet had a big move. amazon, i'm sure david is going to talk about the capital destruction that could be mgm grand. the one for the moment is apple. everyone buried apple.

tim cook testifying. looked like they were out. i think tony came on no real catalyst to me, here is the catalyst. they are doing really well so i'm tired of people who continue to recommend stocks that aren't doing well and instead aren't focusing on the big ones that are amazing, including facebook i will give just so we know, i was reading frank saluteman's book last night on snowflake i know it is expensive, david. but snowflake will be king. >> what's the book about >> it is about data. not big data it is about how you simply got to take your stuff out of the on premise and give it right to him and you can analyze it very easily you do it by the minute. you don't just say hey listen i'm going to pay a million dollars. no it is a kind of -- you use it and you pay model. >> so you start the show with positive thoughts about apple, facebook and the time multiple

snowflake. not -- >> i was going to talk about the need to be able to regulate bitcoin. >> we are going to get to that i'm sure. >> you are >> not a show goes by that we don't have to talk -- not have -- >> -- unhealthered. >> -- bitcoin and other crypto. >> david just because bitcoin is more fascination to our viewers than anything quewe can talk ab. including at&t/twaime warner all over coinbase today. some recommendations coinbase has not been performing as well as system of us would like oh there is the chart. wow. that's the other side of k-2 one of the most dangerous mountains in the world on the way down. >> ooh, hundred points. >> yes david, i am tired of not knowing

as much as we need to know we wing it every day no more winging it. >> i'm glad to hear that and i hope you will impart some of that newfound knowledge to me or carl -- >> actually it's all i care about right now. reminds me when i decided at college that i was only going to study martin lutherer and what it meant what martin luther did whole year on tolstoy. >> -- >> -- important things that a's happened care raytheon going to 90. working on boeing orders, david. lookout. >> all right carl you heard it apple looking good boeing, marks u, i don't know. >> that's great. i had a reformation segment ready already. i'm glad that came up so early in the show. past 24 hours for crypto has been remarkable.

we got comments from dalio the tweet in elon musk and this meeting with the minors trying to get them to improve some renewable efforts. miners j.p. morgan has a chart. and say it looks eerily similar, the words are "this should caution any view that the worst is nearly behind us. >> oh, okay. there i feel better. don't forget tomorrow. nvidia reports they have a card meant for thooernl which is not important but the stock has been trading once again on ethereum. which is completely moronic. i've dope some work david. what happened in the usc not the end. >> we're talking nvidia now. okay just want to keep track. >> -- linear, you got the wrong guy. >> we've been working together a very long time. >> -- opposition to the deal in early april the government asked the uk's competitive competition authority the cma to

open an inquiry into the deal so assess whether it might create --. always happens, david. opening of the investigation does not be judge the outcome of that investigation okay >> right >> so -- >> i'm aware that nvidia is pushing that you think we don't get the same e-mails from the same people >> i thought it was a secret. >> yeah. but important to know. continues to believe and confident that they will get the deal through that of course arm holdings which is very important transaction for them and for the -- >> game set match if they get it you know that. >> that's why they may not and that's why lot of people still believe they will face impediments from the uk and/or from china's amy conenti-trust regulator. >> -- betting against jensen

huang. >> not well. >> -- >> do you know that elon musk, they were one time making chips for them. >> music versus jensen huang. >> go with huang. >> really? >> okay. >> one is rigorous, brilliant davinci like man who wearing a black leather -- >> there it is that's -- >> and the other guy is a erratic maker of technology bloomers >> right. >> you heard it on "saturday night live." where he said basically he was -- what are you looking at >> the percentage in the corner. is that thousands or -- >> while we try to figure out whether david needs to -- >> i don't i have 2020. that's incredibly smile. you can't tell if it is four threes or three threes but it is four okay >> -- referring to >> yeah. >> you were referring to the moment where he said "did you

all think i was going to be a chill normal dude? >> right but you never hear that from jensen jensen is a chill normal dude who inspires thousands of people and does it in uplifting fashion, never critical, never erratic and david, never mean. >> it is nice not to be mean unlike twitter lot of mean people on twitter. just looking right now yeah. >> my pt trainer this morning said you are the most hated person on twitter. >> i think that is a bit of an examination. but you might be top 10. >> i think i am in top 10. i've gone to steven siegel i mean, ned siegel, the cfo and said is there anything i can do? i will pay hundred dollars a week for concierge service just to find ai find all the people who hate me. they do not have that ai instead people are telling me to go to linkedin and the kinder gentler mark zuckerberg product.

>> we need an algorithm that can find users who hate you who maybe don't realize it yes so you can block them in advance. >> right if you have a criminal in your cerebellum that says you hate me, that is going to be lasered out just as it might be -- for your forehead. >> find those people and shock them before -- >> like that yale study when you shock the mouse. >> right. >> but a mouse would be too nice a term for these people. >> okay. well lerts move on from their guys -- >> are you going to hit was amazon. >> yeah. potential mgm deal this is reporting could be close to $9 billion. we haven't seen the deal itself. may not have much of an impact at all of course on a company that starts with trillion when you talk about its market value. 1.6 trillion to be exact but it is getting closer to this deal the only thing i can share is

that if they in fact do print something close to $9 billion that is going to be so far above at least the potential price that other suitors -- >> -- >> i don't there is going to be a cover bid but i have spoken -- >> -- basing it on >> -- companies that might have or have taken a look at it not might have and they were impressed to get to 6 billion >> six. >> yeah. six. where by the way there might have been synergy. might be as much as fifty% above what looked like the highest price that at least two different people at companies that would have been expected to have taken a look and did would have been willing to pay -- cost of capital is basically this, what do you care zero. >> jeff bezos or jassy.

>> i don't know. >> jassy is not paying 9 billion. >> cost to capital is deep access --. more or less controls the bond movie, they can have veto power and make decisions how they do and everything else. mark burnett forgot they did a deal way back in 2014 where they acquired 55 percent in roma downey -- >> -- do they have trump do they have the trump tapes like -- >> -- library that will help the direct to consumer offering. of course amazon prime is not about delivering media entertainment as much as delivering you things same day to your doorstep but it is part of that service. so we'll see by the way, if they do get a $9 billion number, guys, what is a warner worth makes that deal look better. >> -- actually bothers me.

are you bothered by the five times leverage or is it -- >> -- the number here is just far beyond what -- >> -- carl. >> -- when we see a print -- >> carl, unlike david, you actually ran aficionado of pop culture. is it possible this is worth more than 9 billion, given the fact you have bond you have james bond. >> i'm not going to weigh in guys obviously on the valuation. i'm sure david would probably agree with me that as everyone's said already a lot more with you subscribing to prime than going to see "tomorrow never dies" again right? >> i guess so. i'm on amazon prime pretty constantly carl. it is a way to get to lot of other things >> i tried to patronize a store in my neighborhood for something. and they said no just go online

>> really? >> yeah. you are pushed to amazon -- i mean this was for another fairly large retail they are has an online presence. nobody has anything in stock so you just go to amazon anyway why didn't i just start there? it would have been delivered already. >> amazon is still well below. if you want to make a run there it is still well below its all-time high. stocked headed to their apple tile high -- so -- come on and -- >> yeah. >> i'm a -- >> -- faang. as for consistent creators and the continued consolidation we may see if you do see an amazon/mgm diehl remember john malone had a say about what's coming here >> i mean there are some pretty obvious combinations out there that could take place. i noth the loion's share as bee

on brian or cherie interest in merging those companies because of the synergy we're in evolution of the creative side of the business and whether you can be small and creative and be a supplier or whether you got to be part of a vertically owned and integrated structure my guess is there is no clear answer on that one. >> although getting clearer all the time again robust offering. >> -- brian and share -- >> -- expensive for viacom

and -- what you give up, what you are not selling. instead diverting to your own platform the marketing expenses, the tech techtech expenses you are going to be talk about earnings and -- >> how about this? time warner inexpensivemade lo of money fantastic delivered quarter after quarter after quarter. and david how much was destroyed of the value of what jeff buickis created

>> day after day eventually david, you and i are going to go down there and have a house party. we'll take a break there is a ton of news guys. moderna saying their vaccine is safe for teens a bunch of calls out today good news from opening stocks like airlines and live music and how many new chip factories we may build in the country at least what u.s. officials think when we come back. we boar. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪

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>> -- 7-10 chips. >> it would pull us away from taiwan we cannot be behold on the

taiwan and as much as i think secretary -- right to do this. dave the problem is the equipment. lamb research to me is really the most important company in this universe. only 8% of their equipment goes to us. and it is pretty much -- >> us being what the u.s. >> yeah. >> okay. >> and i think you are you are going to have to break contracts that are not possible to be broken in order to get the machines that you need in that time frame remember you can build a building that you need the equipment that goes in it. >> the chip making equipment. >> that stuff is gigantic. size of an asnlf machine it is size of a city bus you can't just -- >> right. >> and they are all working 24/7. >> -- continue to be focused on china and taiwan and what may or may not happen there in terms of the chinese worse case scenario

taking some form of aggressive action >> taiwan semi, which of course is in taiwan which is an ally of ours, has a board that doesn't necessarily look like a board that is heavily tilted towards america. david, these companies have to play ball with the prc they don't have any choice just like the american companies. except for h&m which is not american company which didn't play ball. and they are out they're out. they're out as surely as -- >> h&m and china you are talk -- >> oh yeah. >> retail. >> they are not there. they have been excised like stalin used to take pictures and rub people out or send them to v vladivostok for the water division h&m, david don't even think about it.

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couple big movers, pre market lordstown one of them. you saw the news yesterday perhaps cutting full year production schedule basically in half saying they are going to need more capital to fund operations and shares open down better than 14%. "opening bell" in just about five and a half minutes.

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let's get to a "mad dash" and then to an opening pell about two and a half minutes from now

you love the gap. >> she has it a all. likely they are going to report upside, a good number. definitely beat consensus. but it might not matter. and it reminds me that a lot of the retailers beat consensus and only target did it matter. >> where it went up, positively at least to what was certainly a positive quarter and usually pretty good guidance too. >> yeah and that's because brian cornell not only gave great guidance but talked about how private label's been winning and that is where the big margins are and he also just frankly is, he's one of the most confident conference calls where he didn't say the current month is worse but the current month -- >> -- gap does look like it may open higher. >> i want to disagree with this call >> we come back to the same theme, the stocks have had unbelievable moves over the last 12 months.

you will every see a year like that again 300 pluns percent in the stock price. >> -- second when mickey drexler ran gap it was a year after year -- >> -- it was. >> -- they were people like you always want to hop off -- >> within those ten years i doubt they ever had a 300 percent move in the stock price in one year. >> carl what we're seeing are incredible moves and we really take it for granted or we look at dogecoin or whatever coin you want to mention right now. favor coin i have tell you he's right people just wrote off retail last year because the pandemic and retail turned out to be the place to be. it is really remarkable. >> yep and all sort of hits in apparel. the journal has this story about lipstick and makeup and goods

that we're now looking at each other's faces flying off the shelves. "opening bell." >> take your mask off and discover you have a pimple right here frankly something, i'm glad i have a beard david, i am estee lauder king. david? >> there is the "opening bell" of the big board it is callaway golf. and we're going talk with the ceo of the video software platform in about 40 minutes vimeo. other news this morning. live nation talked to cnbc double digits over 2019 in terms of large venue shows they are booking. and united and alaska talking about more ticketed deals for q 2 so far running ahead of expectations >> we're just going to see boeing have to get orders. there is just no choice. boeing is going to be -- i don't necessarily think this quarter

but the orders are going to be -- and it is the -- people just are flying they don't care and we're going to see i believe boeing have to raise numbers by the second half of the year. not yet. but i think the orders are going to come from overseas. people want to travel. i think that the -- just like a lot of other industries, completely misjudged including the auto industry. david. i don't think boeing misjudged because they have a lot of inventory. but i think we all misjudged how much people wanted to travel. >> maybe i think we all knew people would be anxious to get back out there when they were vaccinated and things return to normal. and i we're there. i think today we're going to pass 50% of the country being vaccinated. >> actually, yeah. >> right carl? >> white house is saying that today is the day where you will get 50% of the country i think fully vaccinated and what's the other piece of metric on that i'll get more of that later but yeah today the u.s. will reach 50% of

american adults fully vaccinated. >> gottleib talking about how don't forget so many people who got it and they have the antibodies and i just think no no, herd immunity, herd immunity. but i really feel that -- i feel very confident when i go out i hope everybody else does even to the net game i'm told that with the vaccine, people were very, very -- it is easy to get to a knick game. >> if you can figure how to use the app to actually download your tickets to do -- then you're good. but that could take -- not complaining. very happy because i am going to be there tomorrow as well. >> you are >> sure. >> i don't have a ticket how did you get a ticket >> i don't know. >> carl do you have tickets? i don't have tickets >> 15,000 people that is the largest single crowd to see an nba game in 15 montanas >> -- >> go. nets you are going to be able to

watch them for some time they are going to be going for a while. >> -- >> -- deep as they say very deep. >> there you go. there is your espn moment carl. >> thank you. >> -- david faber. >> yeah. any -- >> -- >> -- that trade can we just keep going here? >> aaron rodgers, someone tweeted this morning about aaron from state farm. carl, that was great i just love this stuff how about j.j. julio? we didn't talk about julio. >> no. >> hard to relate but chuck robs is a big falcon fan and he's down there you go see that mixture of stocks and jocks? >> perfect. >> that's me stocks and jocks. >> lordstown down 18%. not a company unfamiliar us to you had the crow on "mad money." and you questioned some of -- in the past and i think that was probably prudent of you -- >> that's because you have what's called a brain.

and sometimes if you engage it, it produces remarkable things. >> -- beta vehicles. -- beta program by the end of june the need more money part, well, you know, yeah yeah. >> right. >> that makes things a little tougher, doesn't it. >> true. >> what are your thoughts? >> morgan stanley is out >> yeah? >> jonas reiterates his under weight while there is some glimmer of strategic value he says we believe investors are expensed to outsize company and market risk. target to 8. >> that's where it is. >> already there. >> there it is. >> and joan sis right. he's been right the whole way. steve burns, this is one that gives this industry kind of a mixed reputation the ev plays carl are all really tiresome yesterday there was a lockup expiration for quantum scape

and trade ad lot >> -- power well below well below of course spac well below 10 lordstown well below all though lordstown was -- >> so exciting -- >> -- one of the first, one of those early spacs, remember that stock going up as high as 80s -- you want to stay away from the sector for a while >> yeah. a pause. >> speculation has left the building >> i think so. hard pass, david hardpass quantum

>> these guys are taking this public 1.9 times adjusted ebitda this year. still below its ten bucks. >> what is the pe of cleveland clips right now. >> i have no idea. >> four. >> really? >> yeah. four >> somewhat should it be >> probably about ten. remember look at nucor nucor is of course the number 1 performing stock in the new york stock exchange and it is selling eight times earnings that is ridiculous nucor has always had two to three year cycles. not two to three minutes nucor is still a buy crazy it sells eight times --. crazy. or you can go buy ethereum and, you know, whatever >> jim it does sort of remind me of the infrastructure question politico has a piece saying

talks between republicans and democrats are near collapse, republicans are mulling whether to even make a counteroffer to the white house. democrats increasingly calling for biden to go it alone and we've been talking about that we would know one away or the other what would be the democratic strategy by memorial day. this is not constructive to what degree is that a liability for steel names or caterpillar or uri or anything else >> new york magazine a scathing piece about these talks. caterpillar says they needed okay yesterday and mark murrietta materials the largest paver, they are okay without it. frankly. they would like to have some deere okay without it. the steel companies okay without it because of the tariffs. aluminum okay without it because of the tariffs if you bought deere because of it, you are up a lot anyway. david e these companies have such momentum they don't need -- >> they don't. >> no, they don't. they have momentum.

>> i understand they do. you mentioned that >> -- at&t >> i don't i'm begging you. don't talk anymore about at&t. >> -- >> -- talk about because we haven't this morning is gm and ford both are up sharply and well above -- >> worried about commodity costs at ford. >> and tesla down a bit but adding to what are their sizable gains this year. gm up almost 39% and ford a favorite -- >> -- commodity costs but i think that jim farley. jim farley is the modern day ceo. he challenges musk which everyone else is afraid of no one can get the bronco. i'm trying to get an ev-150. good luck. this guy has the cars people want and the trucks people want and he's willing to challenge musk on the cybertruck

he's not backing away. he's feisty. he's cool. and everything that i thought that ford wasn't how did he get that job? he's the man he is just unbelievable. and those who doubt him, he's gonna run'em over. remember what he said to president biden. >> floor it. >> floor it. >> and he did. >> previous ford guy would have said be careful of the cabinets. right? cabinets, good cabinet those cabinets were so good. >> i thought it was interesting a few days ago when musk himself replied to farley on twitter saying congrats top lightning, jim. and i love this tidbit in the atlantic, that the lightning can store so much power that in a black out, it can supply a house's normal power usage for three days and if the house conserves power it can keep the lights on more than a week. more than a vehiclethat is amazing. become your generator?

>> it is like a generator. >> house the getting hit by -- constantly by blackouts. >> -- small business. >> just the three days -- >> no, no, david it is so real you got to focus on it. >> i do? >> yes >> okay. carl i got to focus on this. >> you got to dpoex on it. you get to get bigger. >> i will. i'll be driving my f-150 lightning down to the new york stock exchange will they have a parking space for me right there. >> you make fun. >> i'll pick up carl and we'll head down. >> it is america's car >> and you can't get a bronco. broncos are sold out can't get one. >> no, yeah. >> i mean this guy, farley you are probably confusing him where his late cousin. went right over -- >> cris farley we know. the financials also having a

very strong morning guys point that as well. >> more important than what we're talking about. >> we we've talked a lot about it and our viewers know how you feel -- >> focus on j.p. morgan -- >> -- thank you. see? yeah. >> holy cow, david is on to something. this group has erupted with pleasure look at goldman sachs. keeps going on up. even though shuffling the deck. >> anthropomorphise companies. they become people it is not morgan stanley it is gorman >> unlike the moguls david talks about are, it is last names. >> last names. >> -- jamie though you don't go with diamond. >> jamie, that's like shari. you can't get there. he's a hall of famer first namer. >> in the interview gorman did say he thinks the fed taper happens later this year with the first rate hike early next year

which is ahead of most forecasts. >> i think that one of the things that jamie is thinking right now is, why did i say that that's not what i do so jamie -- gorman i'm going let gorman take that basmt let him have a doover. he doesn't usually say those things, so gonna say he's taken out of context. >> okay. i haven't talked to james in a while. he's out there nice to see you james. good job keepening your job another three plus years. >> when you make as much money he has and does such a good job he deserves it. >> he can stay as long as he wants. >> his work to younger people carl is extraordinarily. all we ever do is talk about the robinhoods and -- >> e trade. >> yes. >> that's morgan stanley j.p. morgan is what we're looking at right here. morgan stanley is outpacing

that although they are all up substantially for the years. and of course your old favorite. wells fargo. up the most. >> i'm not backing away from wells fargo. >> i know. >> wells fargo is charlie sharp. he's going to be able to return the most capital -- >> right which is soon. >> end of the month. end of the month of june >> yeah. >> wells fargo, quietly, charlie shar of, who says absolutely nothing. we call him charlie in the business he is just quietly making that bank -- remember it as, except not with warren buffett, who bailed >> all of it >> all five of the s&p leaders are either cruise lines or airlines and the nasdaq has cut its may

loss to less than 2% here is bop pisani >> we're in the middle of a modest melt up dow up almost a thousand points in four days and we're 15, 20 points from an historic high in the s&p. the rally is broadening out. it is not just tech stocks the sectors, on the bank, modest new highs. not a lot. citigroup. morgan stanley lot of travel names. all the consumer discretionary group. retail strong too. the banks and if financials are the biggest sectors in financials and staples and defensive group are lagging today. travel entertainment as i mentioned. generally good three or four days for the travel entertainment stocks penn national's not had a good metropolitan but up today. exspeedia doing wrestle on top of that.pedia doing wrestle on that a bit of a global rally. europe on a tear the stock 600 which is the s&p

500 of europe, historic high here new highs in spain, new highs in france, in germany as well europe is really partaking in that reopening story that we've seen here. so why are we getting a rally? the most important thing last three or four days, bond yields moderating some people are starting to believe that the fed may be able to community this whole tapering story proper if they can, the bulls are saying question get to the other side we don't have to have a taper tantrum. maybe. it is very early but the earnings are still rising. not only q1 is great but they are raising q2 and q3 very aggressive ry right now. moderate at best tax hikes we're not going is see the end of that story for a while. the bulls, the bears still have the -- but if you can moderate that story about the taper tantrum and get to the other side. fed holds your hand through next few month t bulls may get the upper hand again on this story

here it is a broad rally. how broad? this is the rsp, the equal weight s&p 500 everything is the same weight unlike the s&p which is market cap weighted that is the orange one on the bottom there the market cap weighted. the rsp is the white line there. see the outperforms? the equal weight is up 18% this year the market cap wait, the one we talk about, s&p is up 12%. what's the difference? february the reopening story happened all the tech stock, they didn't necessarily go down but everything b else started going up with the tech stocks. the broadening of the rally. lots of stocks participating in the overall move to the upside including of course not just travel stock bus the reopening stocks in general, including the big material stocks. so we continue to have this nice rally in the material names. you see this big moves up here nucor, schlumberger, halliburton, dow freeport mcmoran up 11%. moves to the upside. this is just may

so the commodity story is not necessarily dead just want to point out there is an etf with that infl was just a month on on that whole craze to the inflation story. just off a new high. always an etf or something in the schematics there carl back to you. >> bob, thanks bob pisani let's get to rick. >> you know carl, it is so interesting to really dig down into what you are saying and what bob is saying let me get this straight two weeks ago we settled 10 year note yield at 162. today, we're dribbling down, as you see on the two week chart. we're down at 158. so we're down two basis points we've had just weeks and weeks of closing in the 6160s. and we're not going rate raise

rate or taper without months of guidance all of that is creating this rally. i don't buy it i think the reopening trade has a little vinegar left in it. and i think that central banks aren't necessarily the friend of any market these days. but the fact that they are in the driveway warming up the car for us, even though they have no idea when they are gonna have to put it in drive and floor to it get out of easy money policy i know that we're talking about various bank -- goreman, for example, potentially seeing a taper at the end of this year. i'm with him let's look at a month to date of tens and bunds bunds have gotten more aggressive, you can see they are turning. as a matter of fact all sovereigns are turning and i'm not so sure it is only central banks. i think there is so much debt and liquidity flying around out there that those are the things you really need to pay attention to if you want to know why markets are moving the way they are. let's talk china, shall we >> whether you look at the on

shore or off shore here is the chinese currency on top of the chart going all the way back both of them on shore to on shore going back basically to when 2018 summer of 2018 because the dollar is at the weakest level since then and it isn't only there. look at the dollar versus canada and there is a lot of issues there with the currencies regarding commodity economies but that is the lowest level in six years and finally the dollar index just on its own the lowest since january but close to low efs level since 20i8 carl, jim, david back to you. >> thank you rick. dow going for a fourth day higher and the s&p still holding 4200 just a few points above more "squawk on the street" continues in a minute. become the best!

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let's get to jim and stop trading. >> we have to talk about coinbase everybody is trying to figure out what it's worth. jpmorgan saying crypto economy early in the life cycle. one says growth opportunity -- i like this piece. but it has meant nothing to the stock. there was a lot of insider selling at the beginning a lot of people locked up for a long time. i want to contrast this with ro blox which had people selling but has been on fire i think this could turn the corner on coinbase i do >> interesting how about hiring goldman's co-head of government affairs as chief policy officer also interesting. how about tonight? >> tonight i've got to tell you, i have a very controversial pot stock sorry i refuse to call it cannabis growth generation.

it shot the lights out and the stock is not up even though many states are making it so you can grow cannabis. by the way, if you grow cannabis, you grow it carefully. it's a fantastic cash crop one of the reasons why i brought the lithium and the -- >> you're going to grow cannabis in your farm >> it's illegal. >> it is >> yeah. i'm going to grow hot house tomatoes, david. jersey beefsteaks. >> nice. >> we'll see you at 6:00, jim. >> creepy. >> quite an hour "mad money" tonight at 6:00 p.m. vimeo down almost 6% the ceo is going to join us next the dow is briefly going red

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welcome to another hour of "squawk on the street. i'm carl quintanilla with david faber and morgan brennan we got buying at the open. some of the early gains faded in the last half hour a lot of swirling going around some of the reopening plays have encouraging headlines today. consumer confidence out a few moments ago.

and rick santelli has that >> hi, carl. there's a litany of data points coming out here. first, let's look at the april new home sales expected to be a bit under 1 million, and remember our last look, though it might be revised was 1.021 million. it was notable because it was the first time over a million. best number since the summer of '06. it's now only 917,000, and the new read, 863,000. so it's a miss big revision in the rear-view mirror, and still it's down 6% 63,000 is the lowest level on new home sales since february when it was 846. the fact that january and february popped over a million is significant even though we took one away. let's look at confidence for the month of may 117.2. a little light for 118

expectations and last time's 121.7 is downgraded to 117.5. how does that figure in? 117.2 is the weakest number since march when it was at 109 that 117.5, of course, becomes last month so big miss in terms of all the things we're taking back but let's look at the present situation. it's 144.3 versus the downwardly advised 131. what's coming down the pike? that's 99.7. that's versus 107.1 which was revised lower. richmond fed at 18 is the light rest number of the year and for more on that miss on new home sales whether it's super tight inventories, high prices, we'll go to diana olek >> it was a huge miss on new home sales but not that surprising when you look at the price gain prices for a newly built home up

20% year over year, and that's what we've been talking about in this new home market prices are accelerating so quickly because the builders are up against higher costs for materials. for labor, for land that they're raising prices the question was going to be when would it be too much for buyers i think you got your answer. we're also seeing the supply of new homes available for sale is rising up to a 4.4 month supply. that from a 4 .0 supply in march. throw out the year over year number nothing sold in april of last year when you see that up 40% from a year ago, just forget that and just finally, mortgage rates actually dropped a little bit in april. these numbers represent signed contracts. so buyers should have more purchasing power, but given the very high prices which we also see on the existing side in the kay schiller report today, it was just too much for buyers back to you. morgan we are 30 minutes into the trading session.

here are three of the big movers lordstown motors tanking telling investors it would need to raise more capital to hit production targets which were slashed. shares down about 15 % shake shack getting a boost after goldman upgraded the stock to buy saying the recent pullback presents a buying opportunity. the shares are up 10%. shares of vimeo tanking as the video platform completes the spinoff from iac the ceo is going to join us later on in the show iac, meantime, those shares are up about 3% right now. we got new data from moderna regarding the covid-19 vaccine that's out this morning. meg has the details for us meg? >> reporter: this is for kids ages 12 to 17. the moderna vaccine getting the final results in the company saying based on that, they're planning to submit to regulators around the world in early june.

we saw when they reported earnings a couple weeks ago, the efficacy was 96% in the final results here in the trial of more than 3700 kids between 12 and 17, they say the vaccine efficacy was 93% to 100% depending on how you measured it 93% was after one dose 100% after two doses they only saw four cases in the placebo groups they said no safety concerns were advised the pfizer vaccine was already cleared down to age 12 a couple weeks ago. the cdc said in the first week in the market 600,000 kids between ages 12 and 15 were vaccinated with the pfizer vaccine. a lot of folks wondering when we're going to have data and availability for younger kids. pfizer laid it out saying september for data and potential submission for kids down to age two and november for kids down to age 16 months they are going to be testing lower doses for younger kids it could take a while longer

that's the timeline we're look at for pfizer. it could be similar for moderna. back over to you all right. meg, keeping us up to speed on the vaccination front. markets this morning pretty close to the flatline. s&p at 42 00 we had a nice pop at the open. let's bring in art cashen this morning. art, it's great to see you this morning. good morning >> good to be here, thank you, carl >> i know you said in your note prior to the open today not to be a party pooper, but i lean a little bit more to the idea of this being a consolidation day the bulls have had a good run. might be a better day to digest some of the gains. >> we've been, as you know, and as your pal mike san tolely has said time and again, we've been in a kind of rectangle move here for a couple of weeks. and we've been vacillating between similar lows and similar

highs. we're right at the top end of the range. in fact, the s&p is a touch above that the dow not so much. so i think what they want to do is consolidate the big hope yesterday when they got that double barrel rally was that if you broke through the old highs, the resistance levels you had seen, and in the case of the s&p, that certainly happened and on an intraday level it happened a little bit in the other averages, but there was no liftoff. we didn't violate gravity. people thought you might see short covering in a variety of other things, and the market kind of took it in stride. big help from the tech stocks. so we'll have to wait and see. what they really need to do is clearly break out above this sideways rectangle range we've been in, and that's when the bulls can take over.

right now we're waiting on geo politics and looking for carefully at the bond market as our friend rick santelli said, they care very much, and it's a matter of a few basis points either way is influencing the stock market >> right and i know you've been trying to reverse engineer some of this -- these four decent days for equities by looking back to the chinese government trying to bring down some of the commodity prices which helps stocks, obviously affects the bond market. you add dovish talk. i assume in your mind that's a big factor the last couple of days >> absolutely, carl. i'm glad you brought that up i think it's -- if not unnoticed, certainly understated. and the movement by the chinese were very powerful threatening things like jail sentences to people if they thought they were capricious

with the price increases in a lot of these commodities the reason i think that that could be important is if they have an influence to hold down international material prices, that will aid the fed. that will give them more latitude it will help make things look a lot more transitory. i think what you're seeing with the housing data you saw with the lumber prices reversing, et cetera, i think what we saw was people kind of double booking. i have this project. i'm going to order this. maybe it might be in tight supply let me order extra and i think what we've seen here in the recent spike in material prices is lumber, et cetera, pop to some degree people have been under ordering. you may see some of these spikes in commodities reverse as we saw in lumber. i think you might see that

across the spectrum. not a full deflationary reversal, but i think certainly enough that we'll give the fed room to say see, we told you it was transitory, and let it go. that's clearly something the viewers should watch out for what's going to happen with commodity prices in particular and what's going to happen with the yield on the ten-year. the yield is probably going to inch up. if it gets up above 160, the stock market will be nervous if it gets to 165, the stock market particularly techs could turn very nervous. >> some key levels to watch. art, it's morgan i'm not sure we've checked in with you since the spillover to other markets including the derisking we saw in equities as well just wanted to get your take on that and how it speaks to these wild

pockets of momentum, the wild pockets of i guess spillover we've seen from just a handful of higher risk assets that have popped up since the beginning of the year, really >> well, i think it hasn't had a major effect, morgan, because the interconnectivity is not quite there. what happens is people have a rather broad holdings, and if you're going to get a margin call in one sector that's volatile, you may have to sell something else there's an old expression in wall street that when you can't sell when you want to sell, you sell whatever you can sell sometimes even your grandmother's jewelry. so we haven't seen that spillover yet. i think you're right people are nervously watching. the crypto volatility, i think will probably continue the trouble there is in some markets they're highly leveraged.

there's a margin trading in some areas up to nearly 100%. so when you get a margin call or a rate in there, that's why you're going to get these sharp moves. so we run between short squeezes and margin calls and that's why you're seeing it go back and forth. i remain nervous about the crypto markets thankfully unlike long-term capital, these other things, i don't think it spills over into equities, at least not heavily >> it's good guidance, art on a week where we're trying to thread a bit of a needle looking sharp as always. thanks so much we'll see you soon >> my great pleasure thanks for having me as we head to a break, here's a look at the road map for the rest of the hour vimeo shares getting crushed after spinning off from iac and beginning to trade on the nasdaq video platform's ceo joins us next and the drag on employment markets due to a lack of child

care but jason furman joins us to explain why that nmight not be the case and addressing crypto's sustainability problem bitcoin is a far cry of the high of 60,000 just last month. i'm dad's greatest sandcastle - and greatest memory! but even i'm not as memorable as eating turkey hill chocolate peanut butter cup ice cream with real cocoa. well, that's the way the sandcastle crumbles. you can't beat turkey hill memories.

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platform being spun off from iac. and that was official today. debuting on the nasdaq julia joins us now with a special guest. julia. >> thanks so much, david i'm joined now by anjali sud, ceo of vimeo thank you for joining us >> thank you >> as david mentioned, your stock is down over 21% key bank initiated with a neutral, not a sign of much optimism from the analysts what is your message to investors and to analysts? you been growing your revenue, expanding your margins what's your message with the stock down so much at the open >> i think ultimately we'll let the market and investors decide how they want to value you vimeo in the short-term. we're in the early innings of an incredible market. every company should be using professional quality video

most are not today and we're building the tools to put that power in their hands i'm really excited about the momentum in the business strong revenue growth. increasing margins profitability. well capitalized balance sheet, but more importantly, we are just starting to innovate. we're launching new features and tools and capabilities to allow more businesses from amazon, starbucks, all the way down to the mom and pop shop to use video to collaborate and communicate. and it's very early in this market so we think of the market in decades, not years or quarters or days. and we're just getting started >> now, i guess the question is momentum you've seen your enterprise revenue grow over 100 % for each of the last three quarters but the question there is how much of that is because of the pandemic companies making transitions to this new digital world how sustainable is that kind of growth >> there's no question the pandemic accelerated the demand. but we always saw that demand as

coming just to give you a sense, we have about 4,000 enterprise customers today. that's a tiny number of large organizations in the world and a small number of the actual customers free users we have on the platform itself. and when i look at the signals, what we see on the platform is a lot of signs that have confidence in this market. our enterprise pipeline is strong we have a super fast sales cycle, about three weeks customers are staying and retaining and being engaged. when we talk to most ceos and leaders, many of them as they look to return to work are looking to accelerate their digital transformation they've seen the power of video. their employees and teams now expect realtime engaging content. they expect to be distributed. and they're going to need video in the future. i see a lot of reasons to believe that this market is not only large and untapped, but that it's coming and it's going to stay. now, you know, it's hard to say exactly where demand will land as we lap the pandemic

if you zoom out years, there's really no question that companies are going to look to use video the same way they use chat, image, video and chat. >> you mentioned we're still in early innings and you don't think about this in terms of days or weeks or months or years, but in terms of decades so if we think about it from that standpoint, what does this industry and what does vimeo look like over the coming years and decades? >> our mission is to enable professional quality video for all. and for any business, regardless of their budget or expertise we think it's a $70 billion market with every small business and large organization in the world using our software and so the way we'll measure our success is what percentage of businesses are yusing video and tapping into the power remember, video is realtime engaging, compelling, emotive. but so many companies don't use it because it's hard it's expensive and time consuming. people aren't story tellers or

comfortable being in front of the camera that is changing with the pandemic our goal is that in as long as it's going to take, how do we put the power of video in the hands of every single one of the businesses >> i think that's interesting. the pandemic dynamic i understand why you want to paint it as an early stage story and just getting started, but vimeo is 16 years old now. have there been barriers to growth that will be alleviated after a spin >> we are a 16-year-old platform, but we pivoted back in 2017 away from being a viewing destination that competed with youtube to being a b to b company that we are today. we're only a few years into this strategy and we've spent the last few years building the tools to serve enterprises. 4,000 enterprise customers today as against the millions of businesses out there in the world. i think we are in many ways both a large platform and a scrappy

startup. that's exciting. as we move forward as a public company, we have our currency and cash on our balance sheet. you'll see us look to be aggressive, investing in r&d, scaling our sales force. that's because we believe that we have more product and power to give as well as we want to put it in the hands of so many businesses that don't yet use it today. yeah it's been interesting to see the company shift from having services for consumers to really be an enterprise offering. just a final question about what you have learned from being part of the iac portfolio barry diller, a force in business so many companies have spun off from expedia what have you learned from that experience that you're going to bring to running vimeo as a stand alone company? >> iac have been great stewards of vimeo something we're going to take with us as a mantra, impatience

on execution, patience on vision i think that's fitting for this conversation, because ultimately, we are going to be rigorous and disciplined in our investments. we're going to hold each other accountable and move fast and with urgency we're also going to be patient in thinking about this market, because it is so early and if you want to build long-term value, you have to be bold and so you can certainly expect that from us in the future >> and i'm sure you learned a lot about being bold from working with barry diller who we recently had on our last week. anjali sud, thank you for talking to us on this first day of vimeo >> thank you as we head to break, our child care challenges behind the labor shortage we'll discuss that next. and let's check in on shares of cracker barrel the company beat on the top and bottom lines, setting growth driven by the reopening of dining rooms stock is down 2 %.

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ticker xly it's been volatile restaurants have been reopening and getting to full capacity post pandemic. sourcing telling cnbc the top holding amazon is nearing a deal to buy mgm studios that's the company's largest acquisition since whole foods in 2017 we'll see. waiting on an announcement not expected to have too much of an impact on the stock price it could help the prime service. morgue snn. >> we'll keep watching that. meantime the lack of child care drag on the employment market. it's a argument for president biden's american families plan our next guest says otherwise joining us now is jason furman, former chair of the council of economic advisers during the obama administration jason, good to see you >> good to see you >> so let's start with this child care discussion and just how it's factoring in or perhaps

according to your recently released report, not factoring in to what we've seeing in terms of unemployment and the job crunch we're hearing about from employers and the like right now. this certainly seems to be a -- results seem to be triggering controversy in economist circles and among the white house right now. what did your findings yield and why is child care not part of the issue right now >> first, let me say i think child care has been really stressful for working parent this is past year. as a father of a five-year-old, it's been stressful for me, too. because i've kept my job and taken care of my children. second of all, i think expanded preschool and child care are really important i agree with the white house on that but if you're trying to explain right now why we're 10 million jobs short of where we should be, child care and parenting aren't playing a role for the simple reason that there hapt been a large difference in employment declines for parents

and people that aren't parents >> what is playing a role based on your research >> i think the biggest thing is probably the pandemic itself and it takes time to find new jobs i think it's also most certainly the case that expanded unemployment insurance benefits which are going to a large number of people paying about what they were paying when they were working have slowed the process of reentry into the labor force. >> that's been some -- sparked some debate, as you know any number of governors and largely republican states, maybe all have cut back on the $300 supplement do you think that's a good policy >> i think it's going to vary. if you have a low unemployment rate, you have a very low covid case count, i've been in favor of triggers for economic policies if things get worse, you do more if things get less bad, you do less i think expanded unemployment

insurance has been a great thing in this recovery i just don't think you still need it when your unemployment rate is 3% or 4% and you see that in a lot of states right now >> whether it's the supplemental or child care, the fact is that job seekers are being more choosey. they're going to find a better match that's going to mean let turn over the long-term. you go along with that >> yeah. i think there are pros and cons. i think people taking a bit more time to find a job has an advantage that they're going to find a better job for them a better job match means higher productivity, more economic growth so we don't want people to take the very first job that comes along. we could eliminate unemployment tomorrow if we find people that's a horrendous people, bad for people and bad for the economy. our goal shouldn't be to instantly get everybody into

jobs, but we want a path where people send a signal, i wish the unemployment benefit were tapering to send a clear signal, keep looking but if you find a good job, you should take it >> jason, even as we see trillions of dollars worth of spending proposals moving around and being debated or perhaps being -- coming to stalemate in congress right now, one of your former colleagues in the obama administration continues to reiterate primary risk is overheating. we know where the white house and fed stand on this. how do you see it? >> first, i don't think the inflation debate has anything to do with president biden's proposals. in fact, larry summers himself has said the proposals would expand productivity and help contain inflation. they're also paid for. so i think you don't want to separate these two questions one is what should the fed do? should it taper quickly or raise

rates more quickly i think they should be thinking about it and sounding more concerned about inflation than they are i think they should be very, very vigilant and clearly they are. and the second question is can we afford a big infrastructure plan can we afford a big preschool plan i think we certainly can especially when the plans are at least partially paid for >> all right topics we'll continue to talk about. jason furman, thank you. >> thank you tight range for markets as the s&p 500 hovers around 4200 let's get a news update. >> good morning. the last few minutes in the white house, president biden will meet with vladimir putin next month in geneva a statement says they'll discuss pressing issues as the u.s. tries to restore predictability and stability to the relationship before sitting down with palestinian president today, secretary of state anthony blinken started his middle east tour by meeting with the israeli prime minister, benjamin

netanyahu. with the cease fire in place, blinken is promising to rally international support to help gaza recover from the 11 -day war between israel and hamas >> we know we have to use the space created to address a larger set of underlying issues and challenges and that begins with tackling the grave humanitarian in gaza and starting to rebuild. we're working with all to ensure that hamas does not benefit from the reconstruction assistance. the u.s. is on track to hit a major milestone in the fight against covid. when the cdc updates the numbers later today, they're expected to show 50% of all adults are fully vaccinated local officials say a tornado touched down in selden in western kansas. strong winds did damage to building but fortunately no one was hurt you're now up to date. carl, back to you.

all right. thank you very much. bitcoin's volatility is continuing amidst new comments from elon musk, potential china regulation and a lot more. we'll get you details after the break. don't go away. folks the world's first fully autonomous vehicle is almost at the finish line today we're going to fine tune the dynamic braking system whoo, what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be a deep learning engineer to help make the world a smarter place does this come in blue? become an agent of innovation with invesco qqq does this come in blue? ok, at at&t everyone gets our best deals on all smartphones. let me break it down. you got your new customers — they get our best deals. you got your existing customers — they also get our best deals. everyone. gets. the deals. questions?

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we're about an hour into the trading session. major arcverages. 4196 is the level in terms of what is outperforming on the index right now, it's travel related names. reopening places we talk about, united airlines, nowhere weeken, carnival and american airlines underperforming, it's largely utility names. names like exxon, but also seagate technology, apa

technology and vornado realty. >> a lot of yield plays there as well >> yeah. meantime, bitcoin hovers near 38,000 after comments from elon musk after saying he was discussions with miners and the environmental impact we are joined this morning to talk more about that with jill jill, it's great to see you. we've been talking about the energy narrative the consumption, esg narrative for a while. his comments sort of highlight what i think you agree with which is the narrative is here to stay and continues to dominate >> the narrative is here to stay you can trace it back to the nft situation. the reality is this is going to drive sentiment for a while. and the other reality is that retail has arrived back in

crypto the first leg of the rally was primarily institutional driven when elon musk came in at the end of january and tweeted about bitcoin for the first time, that changed the dynamic. as long as retail is in, it's going to be headline driven. this is the headline right now >> you know, when musk first tweeted about the concerns he had about energy consumption, some sort of gamed that out and say what's likely going to happen is musk is going to come out later with some sort of solution to the problem. and i wonder if you think this tweet from yesterday is sort of the first glimpse of that. >> he does love to play the hero, doesn't he and look, if he can turn out to be the hero in this situation, come up with a better solution that somehow reconciles the environmental concerns with the very necessary energy expenditure that secures the bitcoin network, i would be fine

with that. i think that this is starting to move in that direction with this whole bitcoin mining council announcement between himself and michael sailor i think it's a great direction, actually, for the industry to be going to driving towards more transparency and accountability as to where the energy is coming from, but the reality is the incentives are already aligned for miners to be looking for the cheapest source of energy, and more often than not that's trapped energy, renewables especially as you look at a lot of mining power being moved to offshore from china where there's a lot of coal at play and where the major concerns were coming from >> jill, so much of the i guess excitement among the crypto community, around something like bitcoin is the decentralized nature when you see something like miners coming together to be more transparent, or the push by

the industry right now around regulation and being part of those talks here in the u.s., is there cause for concern that we're actually seeing it become more centralized in a sense? >> yeah. look, this caused a pretty big k kerfuffle yesterday. for ensuring aspects of it like the mutability and so forth. people get really concerned when they see inklings of collusion i saw a lot of chatter yesterday around this is sort of bitcoin's version of opec, and so forth. i think that those fears are misguided and misplaced. all we're talking about here is improved transparency around the energy sources and the energy consumption of these bitcoin miners we're not talking about collusion in any other way,

shape, or form it's really just accountability and transparency >> i want to go back to this debate around the idea of digital gold where bitcoin is concerned. i mean, jpmorgan last week put out a note saying institutional buyers were selling out of bitcoin and into gold. but i just wonder how you see that debate continuing to take shape, especially if potentially given some of the inflation fears and chatter we've seen at least in recent days and weeks bitcoin hasn't been outperforming. >> yeah. it's true. bitcoin straddles a line between both being viewed as an inflation hedge because there's a limited supply there will only ever be 21 million bitcoin in the on the flip side, it's a risk asset as of late, nyway, it's been trading much more as a risk asset. i think again, that goes back to the idea of retail being more heavily involved in crypto than they were maybe three or four months ago

and when retail is in, bitcoin trades as a risk asset when you look at the institutional narratives and theses around it, it tends to trade much more as an inflation hedge. i tend to think that that's actually a positive that it can cut kind of both ways regardless of what the macro market is doing here and especially as eyes remain on the inflation headlines. but it's going to remain choppy as those narratives span back and forth and the market forces between retail and institutional. also duke it out in terms of where the price action goes. >> right and i know even though some -- the jpmorgan, for example, today, are comparing this downdraft to 2018, i know you believe that at the very least we have rung out some of the leverage from the highs, and that puts the market in a healthier place. >> yeah. i mean, that was wednesday of last week was the mother of all capitulations.

and there was more leverage the turned out in the system than i think many people were aware of or were actively thinking about. you know, if you look at futures, open interest and outstanding options market contracts, those have all cratered over the last two weeks. so it's rung out a lot of the leverage in the system, and i think just from market dynamics perspective, that leaves us in a much healthier place regardless of where the market goes from here >> yeah. we're all interested to see where that is. jill, always good to talk to you. thanks >> thanks so much. let's check in on shares of petco. take a look. down almost 3% after the company announce 2d 2 22 million shares for sale may is asian american and pacific islander heritage month. we'll spotlight business leaders and anchors and reporters. here is steve yang

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welcome back to "power lunch. stocks are slightly higher today with the industrials and consumer discretionary sectors among the leaders. as you can see behind me

within consumer discretionary, it's the cruise line stocks like carnival and norwegian, royal caribbean, especially those after a bill was signed. the cruise lines are doing well. and industrials look at the airlines united, american, delta higher . keep an eye on the economic reopening trade especially as relates to the travel and leisure-type stocks heading into this memorial day weekend, and, of course, the summer travel season guys, do not forget to catch norwegian's ceo frank del rio on the closing bell later on this afternoon. exclusive must-watch interview morgan, i'll be paying attention. >> same here cannot wait. kicking off unofficially start of summer here dom chu, thank you. as we head to break. reminder in honor of mark haines called the low in the s&p 500 back in 2009 all proceeds go to autism

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today marks the one-year anniversary of george floyd's murder igniting nationwide protests in response corporate america launched new diversity initiatives pledging a total over $66 billion to trying to close the opportunity gap, but where does the country stand one year later our next guest highlights the brand she says went above and beyond, and joining us with more is d.c. marshall worked with merrill lynch, prudential security os management and development and now ceo of immersed and diverged. tell us about this last year >> since the diversity tipping

point, the period begins may 29, 2020 where corporations began speaking out acknowledging that black live doss matter, you know, we know that we've seen a number of statements and we've seen a number of charitable, you know, donations to civil rights organizations and such you know, i think what has happened over the last year is not just that companies have spoken out, but, really, consumers, general population is waiting to see what corporations are doing one year later they're waiting to see that there's some results, some measurable results of significant impact beyond inclusion efforts, to be quite efforts. >> what corporations in your opinion, i don't know what, whether you've worked with some or not broadly speaking which ones have done more than just money and/or statements

>> yeah. yeah i would say goldman sachs is a clear winner the reason goldman is a clear -- i should say best practitioner to follow, is because 1 billion women dedicated to black women over ten years is a good model one, because it's a significant amount of money, but also it's over a period of time. what doesn't work is one single donation, one single check for the black community and then zeroing out that line item does not work so goldman what they also did right was getting a black woman leader to the table to identify how best to use those resources jp has been, jpmorgan chase has been a clear winner in that they started their work prior to the diversity tipping point. they were already investing in black talent and were saying, we're investing in black talent.

sephora, doing significant things over the last two years, before the diversity tipping point. from racial bodies in retail study. netflix, $100 million investing in financial institutions, it is significant. those are some of the best practitioners. you know, unilever, they did something very significant to really advocate for not discriminating against textured hair right? that's a policy issue. at the policy level. those are companies that are really, i'm going to say, companies to follow. beyond performative. >> talk about measuring the results. a number of the companies you lifted off have had policies or funding of some kind in place for a number of years now. it takes time. right? how do you actually measure results? companies looking to quantify a framework. what's the best way to do that >> best way to measure results

is you have to measure five areas. one is workforce certainly companies have been measures workers' diversity and also have to measure executive-level positions. also have to measure diversity what percentage are your supplier diversity has been specifically for black-owned companies, and black women black women are the largest and the fastest growing segment of entrepreneurs dut don't do as well in terms of employer-owned firm look at boards we've seen board movement. nasdaq has spoken out, and--let's see goldman has said we won't take companies public without diversity on the board nasdaq said not just women but minorities we hate the word "minoritiesy" but we need people of color. then wherever the company spends their, or do their marketing and advertising. they need to look at the diverse representation, because that's

where they're getting hit the hardest in the public domain so those are the five areas companies need to look at right now to measure and they need to not neglect the workforce. where you're seeing pain points is employee, speaking out and saying, look, you need to stop writing checks externally and look at the workforce diversity. >> appreciate your taking time with us on this obviously important day. thank you. >> thank you >> thank you for having me. >> you're welcome. a little less than a minute to go on the show, morgan, keeping an eye on markets as we always do. not too much that rises before the s&p almost flat on the session. nasdaq performed better as it did during the course of yesterday. we've noted some of the movers as well. still down over 15% after a spin-off from iec. >> 4200 exactly the level on the s&p. nonetheless, despite all

gyrations seen in the market over the last couple weeks less than 1% from record highs for both the s&p and the dow right now. that's worth noting as we come to the endof the month in just a couple of days here. also the s&p and dow higher on the month as well. that's really going to do for us here on "squawk on the street. "techcheck" is going to start right now. ♪ happy tuesday. welcome to "techcheck. i'm jon fortt with carl quintanilla and deirdre bosa and j julia boorstin the world is not enough. and 100 days into pat gelsinger's ceo. what