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opening a probe into the archegos collapse. see you later, silicon valley hello, rocky mountain. big tech relocation could have big implications it is thursday, may 27th this is "worldwide exchange. ♪ good morning, good afternoon or good evening from wherever in the world you are watching i'm brian sullivan thank you for joining us here is how your money is setting up the day we are seeing stock futures not on the move that much. dow futures are down 25. nasdaq futures off 62 points now the dow and s&p are snapping

two-week losing streak bigger stocks may be in the tank gold continues to be golden. gold continuing to move higher on pace for its best month since july gold flat. may be down a little bit right now. just under $19 an ounce. we have to check the crypto market that is the most volatile market the last couple days we are seeing the move bitcoin up slightly. at $38,910 ethereum at $2,771 carl icahn says he is not invested yet he is looking to get into crypto in quote, a very big way

something to watch from the wo world's biggest investors. let's get to the top headlines with frank holland good morning, frank. >> good morning, brian top trade negotiators holding the first talks of the biden administration overnight according to the chinese ministry of commerce, no de developments on trade or human rights the department of justice is investigating the collapse of archegos capital which cost major global banks more than on $10 billion in losses. federal prosecutors sent requests for information to banks with ties with the investment firm. unclear what is being examined and amazon's prime day will be held on june 21st and june 22nd.

the ecommerce giant will try to get the summer scale back on schedule amazon notified employees about the date and asked to keep it confidential until the official release in the next few days brian, back to you frank, see kyou in a few minutes. now to your markets and money. your first guest today says we are in a strong bull market, but right now the biggest threats may not be inflation, but perhaps over taxation and regulation joining us now is howard capital management ceo vance howard. vance, good to see you >> good morning, brian how are you? i think it is clear you overtax the economy and you slow thingsm thing. we have the great opening with the economy and markets are looking good and we're in a bull

market i think that can be the wrench that is strong-armed into the cog to slow things down. >> you know, the long-term bull case, jim cramer and others made this case, the idea that there is so much cash out there. the stock market shrinks buybacks fewer companies. amount of cash goes up if you want to be a stock market genius long term, it is not that hard there are more buyers than sellers, ultimately. >> he must be reading my news he letter we talk about cash build up. $3.1 trillion of institutional mo money market on the sidelines right now. there is a tremendous amount of cash on the sideline there are a lot of great

opportunities. convertible bonds are looking good cash is the fuel that runs the engine there is a tremendous amount of cash pushing this market higher. i see the s&p closing up another 4% to 5% by the end of the summer. >> bullish sell in may, go away, i guess not. you mentioned convertible bonds. they are not really saying there is an inflation story coming number two, you are still losing money if you own u.s. treasuries on the inflation adjusted basis. is that another reason to be optimistic on equity >> absolutely, brian look at the treasury the 20-year is getting murdered. it is down 13% we own no treasuries, but we own convertible. that is a better way to play the fixed income space i don't is see any up side with the 10-year or 20-year

if you start to look at very high deividend paying stocks, yu would rather have high dividend paying stocks. that's what we're buying we are buying tech we are bullish on tech i was on another program and they were a little bit put out that i was bullish we have a 74% chance this market is going higher. any pull back is a buying opportunity. i don't know why you could be negative right now. >> you mentioned big tech. pull backs and investments you think big tech is a buy here, vance? >> absolutely. i thisnk big tech is always a buy. the s&p is going to take tech along with it. >> vance howard, i appreciate you kicking off the show vance howard take care. see you soon thank you. >> thank you, brian.

all right. we are just getting started on a busy thursday. when we come back, from california to montana. why one huge tech firm is moving to the mountains. and a business win for eco minded investments when it comes to oil we speak to the ceo of calsrs. and the big bubble warning over crypto and housing. is it 2008 all over again? a very busy hour when "worldwide isr ange" returns right afte th

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welcome back time for the thursday big money movers three stock stories you have to hear about stock number one snowflake. shares down 4% despite better than expected first quarter results and raising guidance for the year snowflake is the first company to exit california and going all remote relocating the technical headquarters to boseman, montana. and stock number two nvidia first quarter sales jumped 81% the company expects revenue to top estimates this quarter stock not responding stock three. retailer is american eagle results beat forecast on

increased spending by consumers with stimulus checks in pockets. that helped american eagle cut promotions and sell clothes at full price stock not responding there year-to-date up 75%. not bad. on deck, this cybersecurity company played a critical role in tracking the hackers behind the recent colonial pipeline hack now they are ranged in the 2020 dis disruptor list the ceo is here when we come back >> announcer: today's big number 55%. that's where insider intelligence projects online grocery adoption will reach by the end of 2024. that's more than twice the level of 2019.

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pain? yeah. here. aspercreme with max-strength* lidocaine. works fast and lasts. keep it. you're gonna need it. kick pain in the aspercreme welcome back wednesday may turn out to be a watershed moment for big oil three separate events all happened on the same day first, small hedge fund beat exxonmobil in a proxy fight. scoring two exxon board seats and the push to become less carbon heavy second, the dutch court found shell is partially responsible for global climate change and ordering the company

to sharply reduce emissions. that ruling could change the game globally for all oil companies. thirsd, a majority of chevrn shareholders with a 61% vote in favor to force chevron to cut emissions. one force behind much of this is the massive california pension fund calsrs. after the investor vote, we spoke with the cio craze ailman. i asked if he is satisfied with what he saw at exxon and all of the other news >> i'm thrilled, brian this is a major statement for shareholders and particularly for people who care about the climate and the future of this company. >> as big of a deal as this was, there may have been a bigger, less publicized trial in the

netherlands around shell the court saying shell is partially responsible for climate change and forcing them to update their climate change plans. the exxon ruling and shareholder vote in the same day what does that tell you about the future of big oil? not just here, but globally? >> brian, i think wednesday was a landmark day for the planet. you also had a meeting at chevron where the plan was approved, the shareholder plan, to address climate change more aggressively it is a landscape day for the first time the big oil and gas industry woke up and was told by shareholders and regulators it better start adjusting an adapted to a new future of low carbon the phrase i heard yesterday was more profits and low carbon. i salute that 100% i think it was a watershed day,

not just for us, but all investors and the planet >> do you believe that is possible higher profits and lower carbon? >> i think these companies are smart and clever and huge. they have a lot of good engineers and they need to adapt. they need to recognize that they are energy companies we need some form of oil and gas, unfortunately, well into the future because it makes other products. l lub lubricants and plastics and cos cosmetics. the efforts they made in alternative fuels will pay off over time. they are the ones to come up with the solution. carbon sequestration and energy storage. these are the companiesyies that have to break new ground to save the planet. >> does adding new board members make exxonmobil more investable?

the stock didn't exactly jump. >> i recognize that. i'm an investor, you know that, brian. you look at the stock back from october. what a turn around we engaged the company quietly behind the scenes. we have been talking to the company and having meetings since that time to really try and get their attention. a lot of shareholder proposals went after that company that theyrejected if you look back starting in january, you heard the ceo of exxonmobil talk about carbon recapture and talking about the paris accord and 2 degrees and 1.5 degrees. that is huge i heard the criticism that two board members doesn't change the mix. it does. two of the old board members are off. the third is still up for question that is a powerful change if you

get all three on there is the stock investable? i own the whole market, brian. because oil and gas is really important in the usa and the world, i think it will be part of the conindex. we will own those stocks well into the future. my goal was to turn that company around from heading straight down the pike into the ground and turn it around for a brighter future. i think we started that on wednesday. >> are they the first or are they the only or are they unique you mentioned chevron and occidental is this a model to go after other big oil companies or is exxonmobil its own thing >> brian, i'll take it in two parts. shareholder activism you talk about activists they have some gains and losses.

shareholder activism, we now elevated that to a new level of teaming up with people to put on a proxy fight and board fight. calsrs has been in the background of working with investors talking about this and there are a lot of global networks climate action 100 we're behind all of that as part of the crowd that has changed and companies need to pay attention to the institutional shareholders is exxon unique they just stuck their head and stuck to the idea of drill, drill, drill i think we're going to change that discussion in the board room and trickle down. everyone is talking to big out climate action 100 is engaging all of these companies >> you said you own the entire

market will we get a fed rate hike this year a fed rate move will matter to you. how do you adjust to that? what do you add or dump? >> brian, watching the fed is the key. i don't think it is a rate move that will scare the market it is letting rates drift higher we saw that a bit in the spring when they didn't say much about inflation and being worried. i think the market is realizing it you have to watch the bond market u.s. interest rates are the key to the equity market when they do, they have to reduce their balance sheet they did it before slowly. the markets reacted negatively to that. what did we do diversi diversification. you cannot be long in growth if you notice last week, the world index hit all-time new

highs. u.s. is top and not moving much. diversify in other assets. diversify in other strategies less correlated with global growth >> all right our big thanks to cio chris ailman who joined us last night after the exxonmobil shareholder vote ahead here on "worldwide exchange." are the gop and democrats really that far apart on infrastructure your next guest lays out why they may not be despite the headlines if you really dig in the numbers. if you have not dug into our podcast already, why are you waiting? check it out download and subscribe on apple and spotify and stitcher and other apps dow futures down 24. we'll be right back.

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congress trying to take big bank ceos back to the wood shed as six go back to the hill to defend the response to the pandemic. a different big bank bailing on the united states your rbi is a big history lesson on the dow do you think ge is the only original member still around

nope the random, but interesting reason one st. louis company needs to take a bow this morning. it is thursday, may 27th this is "worldwide exchange. ♪ welcome or welcome back. good thursday morning. i'm brian sullivan thanks for joining us. is this the calm before the storm? maybe. futures are steady down just a touch off 25 from the dow. 60 for the nasdaq. more as we prep for the long memorial day weekend the prospects of the fed move combined with inflation are certainly looming on the horizon. markets are steady big tech is one to watch nasdaq futures are off 64. still heading into a long weekend. we will see if the market wants to move ahead or wait it out crypto has been the most

volatile of all markets the last couple weeks we are seeing the same thing with stock futures which is not a big move we are a little bit higher bitcoin is still below $40,000 up off the overnight lows. ethereum up 3% around the world is a similar story. we are seeing the european markets trade as well. they are mixed france up a little bit germany and uk down. do not lose sight of france and germany and spain as we laid out like a globe for you to read yesterday. we are now at record highs you heard chris ailman of calprs say maybe the rest of the world is a better opportunity than the u.s. right now, this is "worldwide exchange" because we talk about the world. let's talk about infrastructure president biden wants a nearly $2 trillion spend.

the gop, meanwhile, countering with less. expected to send a reported $1 trillion counteroffer as early as today are the two sides really as far apart as they seem maybe not. let's welcome in director of research and policy analyst benjamin solomon appreciate you coming on i read your reports every day. you point out the fact there ar tricks for budgets you account for money here and you account for money there. it makes for a tough read especially at 5:30 in the morning. the bottom line is the two sides may not actually be that far apart. are they >> i would describe it as they might be that far apart today, but the bridge to get there is strong we are focused up to this point of raising corporate taxes or

user fees which are bright lines. the way this is almost always done is partially including budget gimmicks or repurposed already spent funds which we think is more amenable to both sides. that's where you get compromise beyond the rhetoric we have today. >> and on president biden's side, he looks like he is making a big concession from coming down from $2 trillion to $1.7 trillion you note it may not be that big of a cut for him you look like you are taking $500 billion off your offer, but you may try to fund that through other china legislation or r & d and supply chain, et cetera. you say i'll take it from here and get the good headlines, but in reality, you are trying to spend it just maybe in a different bill >> that's exactly right. i think that is the reason the republicans had such a salty

response to the president's offer last week. the headline that came down 550 and the republicans are meeting us halfway in reality, they proposed removing funds from r & d and manufacturing and putting it in a separate bill. you are not reducing the total cost that will happen a lot >> but, ben, that's politics 101. it is genius you want to spend $50,000 on a new boat your spouse says we can't afford it you say, i'll spend $40,000 on a boat then you spend $10,000 on the same boat a year later you are still spending $50,000 on the boat. it sounds better that is -- by the way, both sides do this. that is where we are with tr infrastructure

>> i'll try that boat thing with my wife. we will see. >> the best boat is somebody else's boat. how do you peg the odds? benjamin, is anything getting done the market wants it. americans poll bipartisan support. we don't want, sorry, crappy roads and bridges. what are the odds of something actually getting done? >> a, this answer will change every day. you know, we think there is a 65% chance something will get done by the end of the year, give or take that is because it is so essential to the president to do this he will essentially take a lot of low probability shots on goal until one of them goes through that is where we hedge the swing with bipartisan deal and reconciliation and democrats only until you get to something

they can get through something is likely to get done, we believe what it is is stpeculative >> benjamin salisbury, thank you. it is a must read. thank you very much for coming on i look forward to seeing you on your new boat soon >> thank you very much take care. something may get done also happening in washington the heads of the six biggest banks on capitol hill as the congress talks about covid frank is back with headlines >> reporter: good morning, brian. did you expect anything else when it came to big banks on capitol hill a lot of headlines around this exchange with elizabeth warren and jamie dimon. it is all about overdraft fees

warren calling dimon the star of the overdraft fees >> mr. dimon, how much did jpmorgan chase collect in overdraft fees from consumers in 2020 >> i think your numbers are inaccurate we will have to sit down privately and go through it. >> these are public numbers. >> i want to point out -- >> can you just answer my question how many did jpmorgan chase collect in overdraft fees from their customers in 2020? do you know the number >> i don't know the number in front of me. >> i have the numbers in front of me. it is $1.463 billion >> fees for customers upon request if they were under stress because of covid. >> you could fix that right now. mr. dimon, will you commit to refund that money you took from

consumers during the pandemic? >> no. >> reporter: it wasn't just lawmakers looking to score political points housing was a top concern. especially the rapid rise in home prices. >> i don't see it as a bubble. there is a lot going that is inflating asset prices i think we have to continue to watch asset prices and watch inflation and monetary and fiscal policy. hopefully the fed will get the right balance. if they get the right balance, it will turn out it was not a bubble >> it is a bit of a bubble and housing prices and stuff like that rather than '08 and '09 here is not ledverage it would not have the same effect on the financial systems. >> not a bubble nationally

suburbs look frothy. the banks are able to absorb should this be a down turn >> reporter: if that wasn't enough, the group weighed in on crypto bank of america ceo brian moynahan saying they are keeping distance from bitcoin and evaluating the rest. they are taking a measured approach wells fargo is nearing announcement of a pilot project of block chain technology. the gang is back on capitol hill at 12:00 p.m. for a second day of testimony brian, back to you >> second day of grilling as well apparently, frank. frank holland, thank you on deck, the big business of keeping businesses away of hacks. dis disruptor 50 is joining us next. and nintendo planning to

upgrade the switch for this fall the console will likely be priced higher than the $299 original. and the s.e.c. working on new investments to protect spacs. developing new rules or guidelines we will find out later what those may be you are watching "worldwide exchange" here on cnbc we are back right after this 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 listen and work with you to create personalized investment strategies to help you get back to drafting dreams

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welcome back why don't we hit a bonus round of money movers this thursday morning. stocks four, five and six. walmart is going to sell a line of gap brand home goods. bedding and pillows. walmart says the collection will start online and move to stores in the future. walmart and gap not moving tesla. the electric carmaker is set to start paying for semiconductors in advance as it looks to continue supply amid the shortage tesla is exploring the idea of buying a semiconductor factory for that reason. and hsbc is pulling out of the u.s. retail banking. the financial company sold some of the branches in america while others will be wound down. iconic in midtown manhattan.

all of the atms will be gone. cybersecurity is a top priority for companies wor worldwide. the colonial pipeline did that estimates say spending is $75 billion a year just for internet security cyber reason is one of the big players in the fast growing market it came in at number 32 in the cnbc disruptor 50 list darkside, the company behind the colonial hack with a valuation of $1 billion. investors are softbank and lockheed martin. let's bring in lior div. the founder of cyber reason. congratulations. becoming the oscars of business. how fast growing is your

business >> thank you very much we are growing fast. cyber reason is the cybersecurity company. new cybersecurity company that focuses on the hacks that exist out there. right now, the industry is disrupted with hackers specifically like the colonial pipeline like two weeks ago. we were the one that targeted the group when they started and we found out how you they were doing it right now, we are growing fast we have more than 700 people all over the world >> what are the company's clients most concerned about colonial getting a lot of headlines. i know they are concerned of cybersecurity. take us deeper what are the bad guys, hackers,

doing? what is the first line or the first couple lines of defense? >> so, today, what we see is an industry this is the cybersecurity industry it is focusing on defending against the hacks that happened 30 years ago i'm talking about microsoft and symantic hackers can bypass anything and do anything in any network we came up with an approach of the operation center approach. in this approach, we found hackers evolve faster. the idea is to be able to find what the hackers are doing and how they are doing it faster than anybody else and to push them out of any environment. one of the things we see that this ransomware is the big problem all over the world the colonial pipeline is just

one example. they paid $5 million to get rid of it. the solution is an app to prevent what they need to do in the network. by going with us, we are pushing the hackers and we understand how they operate and protect the companies against the new evolving hacking that exists today. >> how fast can you grow, lior how big is the ultimate market >> the market is just massive today. we're not just talking about the specific industry like end point. as the hackers evolve, they expand and as the attack is expanding, we have the opportunity to protect the full attack surface i'm talking about the pc to the

cloud and every enterprise out there has. our ability is to protect the attack surface and see it from the bird's-eye view. to understand what is happening in each computer and if we see an adversarial activity, we can capture them and push them out of the environment >> will there be more colonial pipeline hacks not necessarily with colonial, but others is this the beginning? >> we see a growing campaign from hackers we were the one that found colonial we track them and other companies and right now, those hackers managed tos of dollars . as long as people are paying the ransom, we will see more hacks

>> ransomware as a service maybe unfortunate new des desig designation. congrats, lior we appreciate you coming on "worldwide exchange. >> thank you very much you're welcome on deck, a little dow trivia for you as the index marks its 125th birthday we will dust off your thinking cap and play with us a little bit in the rbi of course, if you have not already, subscribe to our podcast. a lot of you maybe called back to the office. if you are not watching us on tv, listen in the car on the way back to thes o office dow futures are down a touch not much we're back after this. these days you have to keep everything moving and reinvent the wheel. with a hybrid, you can do both. that's why manufacturers are going hybrid with ibm. with watson on a hybrid cloud

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during the course of their disease around 50% of people with parkinson's may experience hallucinations or delusions. but now, doctors are prescribing nuplazid. the only fda approved medicine proven to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia related psychosis. and is not for treating symptoms unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the most common side effects are swelling of the arms and legs and confusion. we spoke up and it made all the difference. ask your healthcare provider about nuplazid. time for the morning rbi the random but interesting thing has to do with the dow jones

industrial average no, not the numbers or the up and down the dow itself yesterday was the 125th birthday of the index happy birthday, by the way here is cool dow trivia that you didn't ask for or wanted to know the dow was created in 1896. composed of 12 stocks. not the 30 today there are some of the names. you probably heard that ge was the last remaining member of the original dow 12, like a lot of things you hear, that's not true ge was just the last remaining member in the dow until it was unceremoniously booted out three years ago. ten other members are long gone. forgotten companies like national lead. american tobacco there is one still around. it is prospering expire ticker is sr

it was known by it's original name the natural gas and propane based in st. louis get this, it had been around since 1857 the same company one of america's oldest companies. not only last of the dow until it was booted out in 1899. if spire was in there now, it would be out performing half of the current dow index this year. you go spire or whatever your n name you probably ran the gas to my mom's apartment growing up in st. louis in the 1940s and 1950s. dow trivia on its birthday random, but interesting. let's wrap up the hour with kari firestone

cnbc contributor forget about the dow trivia. let's get smaller than that. i love how you throw out some of the names on halftime we never talk about booz/allen waste connection are you looking down the market cap scope for unloved picks? >> well, brian, i love the trivia about the dow booz/allen and waste connection are solid companies, no pun intended about waste definitely midcap names which have been around for a long time booz/allen is a major defense contractor which does a lot of work on cybercybersecurity it under performed this year the biden administration cares a lot about the cyberspace we had this big ransomware attack i think this is a very, very hot

time in that space artificial intelligence. booz/allen is one of the leaders that is an attractive stock. waste connection is a business that last year suffered in that commercial business did not go to the office. they didn't generate the type of business and volume that most trash pick up companies would have expected. this year, people coming back to the office and you are going to see price increases across the scale. they have pricing power in the trash business municipalities are doing well because real estate prices have gone up and real estate taxes are up we think both of those stocks should perform well. to some extent, reopening infrastructure plays that's why i picked them i also went large cap and small cap. i like those two >> also speaking of real estate. i heard you talk about remax in

the past as well the housing market being on fire we don't talk about who may be making money from it >> exactly remax is one of the largest real estate brokerage firms and expand the remax sells in the mid tier. not the upper scale. lots of volume in the business we have not seen as much volume lately because there is a shortage of supply we know that perhaps as prices cool off a little bit, they will be more housing coming on the market and we expect that remax and brokers begin to do a lot of business it is not an expensive stock again, it has been a reopening play, but it has legs to go. in the smaller cap space, we like remax >> you know, yesterday's rbi

talked about the overlap between goldman sachs' hedge fund vip list and the 11 stocks in both baskets. loved by mutual funds and hedge funds. a lot were financials and some were payment companies visa and mastercard were both on the list kari, for every home sold, for $50,000 additional gets spent on moving and sofa and new paint. whatever it may be american express was not on that list of 11 names if you like mastercard and visa, can you also -- you have to like amex, i imagine. >> exactly we bought amex a few months ago to some extent as a reopening play it was a discount to the s&p we haven't had business travel never mind leisure travel. amex really prospers when people

start to travel particularly overseas they are a bank. they are exposed to interest rates moving higher. that was a positive. starting to see a big pick up in the vacations and leisure travel we haven't seen a pick up in business travel. that is coming for that reason, we think american express has a big run the stock has had a big run. axp should continue to move further over the next year or two because that growth rate is accelerati accelerating visa and mastercard is consumer spending and amex is more business spending. >> the name on the 11 stock overlap, you also like you united health. >> we had a very growth-based portfolio last year. united health was a name we

bought because if you looked at the hospital and type of medical cases that were seen last year, the typical case was way down. lots of covid cases around the world, of course, and this country. the unh platform was not seeing the business they would normally that's starting to change. hospital visits and doctor visits have moved toward primary care and procedures. whatever people needed and was deferred it should be happening now unh, cheap stock we like it a lot and exposed to the right growth areas in health care over the next two-to-three years. >> we like you coming on "worldwide exchange" and cnbc a lot. kari firestone, thank you very much have a great day and weekend appreciate it. >> you, too, brian. before we wrap up today. a quick update on the nft auction for mark haines calls the bottom token

the winning bid went to tillman. he is the owner of the ones in a lifetime piece with the winning bid of $61,210 all in all, we raised over $98,000 for charity because we auctioned off 37 1,$1,000 token. thanks to everybody who bid and in our great memory of mark haines mark tillman taking the top. we will see you tomorrow on "worldwide exchange. "squawk" starts after the break. have a great day

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good morning stock futures are relatively flat we're following the resurgence of the meme stocks

gamestop and bed, bath & beyond. big moment for big oil three energy giants under pressure to shift away from ca carbon. and fiery exchange in the senate between jamie dimon and elizabeth warren we have the latest on thursday, may 27th, 2021 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and andrew ross