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 sorkin.

the dow yesterday was up by ten points which was a gain of 0.03%. not budging much you see things down a little bit. s&p futures off by 11. nasdaq off by 70 points. check out treasury neyields thi morning. this is like watching paint dry for months that is still the case 10-year yielding 1.59 84%. amc entertainment is up 50% in the last week. down after a jump of 19% and neared the highs it hit back in january. as cramer pointed out, these are not stocks you should short. he thinks anybody doing that is crazy. the action this week proves that if you want to check out the

reddit hyped names gamestop up yesterday and blackberry and then bed, bath & beyond unchanged much more on the meme stocks at 6:30 this morning. let's look at the "squawk" stack. lumber prices down by 6% a couple of days ago they were down again yesterday lumber down by 11% month to date the first negative month out of seven. year to date lumber up 52% copper is climbing up 28% for the year wti up by 4.1% month to date 36% year to date guys, morning coffee could get more expensive coffee taking off.

at 1$156 there's been a lot of talk about that you can see the prices has been picking up you may pay more for gas, andrew, but also coffee. >> i'm already overpaying for starbucks and espresso pods. there is so much margin for them they have to eat that margin a little bit i'm paying for it already. >> i wouldn't count on that. you will keep paying. >> did you look into the gamestop tokens? you will use ethereum to buy is that why it was up so much yesterday? >> it sounds like haines --

>> andrew, it's red nose day maybe on break or something. we have a memo about that. you know what i almost did i almost didn't powder my nose that would, for me, it is so red from the sun, i thought, i can do that. i don't need one of those. i can do an actual red nose. >> sunscreen, joe. wear your sunscreen. please wear sunscreen. >> i don't want to block it out entirely i like a little bit of color you can wear less makeup is 15 -- does that work? is that danger i am taking a chance by not putting 60 on. i had all those different types of everything but the bad one. >> go for at least 40. >> at least 40 okay >> i'll get you my favorite

sunscreen. 50, 60 >> how about these poor souls? one side saying what do you think of the stake holder capitalism crap and the other side it's unbelievable. they're like wow they don't know what to do >> let's show you some of this >> they brought in the punching bags yesterday. >> they should have been wearing suns sunscreen, too interesting moments in the senate banking committee hearing where the ceos testified the fireworks came as you might imagine when senator warren began sparring with jamie dimon over overdraft fees. >> mr. dimon, how much did jpmorgan chase collect in overdraft fees from consumers in 2020 >> i think your numbers are inaccurate we have to sit down privately. >> these are public numbers.

can you just answer my question? how much did jpmorgan chase collect -- how many, in fact, 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 actually have the number in front of me. $1.463 billion >> we waive the fees for customers upon request if they were under stress because of covid. >> you could fix that right now. mr. dimon, will you commit right now to refund $1.5 billion you took from consumers during the pandemic >> no. >> senator warren weighed in on closing bell and she used the k "m" word. >> these banks have a monopoly in the united states they are backed by the taxpayer. they are there to serve american families that's what oversight is about

if they are doing it, i'll be the first to give them a gold star if they're not, i'll be the first to call them out >> fascinating exchange. i would say given all of the conversations we have about apple and epic and a monopoly, i know of no market definition that you could ever argue for better or worse these banks are monopolies because there are so many of them and so many options. there really is competition. she may not want to believe that what did you think of that exchange >> i don't think i need to add anything to what you said. what andrew said that is a rare thing for me to say that you are right. i don't know -- how many definitions are there of a lot of words 12 you can go through all 12 of

monopoly and not find bank she is see touchy-feely. it comes across to certain people like she is fighting for me >> you know, on overdraft fees she is look, there's a question of thohow to think about overdraft fees. you are paying because you overdrafted. there is a risk the bank is taking on on your behalf that is why the fee exists the way it does. you could argue a sharky kind of thing to do. maybe the fees could be lower. we had the ceo of pnc on efhe was effectively removed the different things that happen in the different accounts. it is a complicated one. >> i will say what it really brought home is how much more

complicated things are and how much more contentious it is. this would have been contentious if it were in person because it was on a zoom-feed where you actually talk over each other and the delays can be bad. it was worse and more painful and excruciating to watch. not this would have been a friendly encounter had it been in person. the delays and stepping on each other and talking over each other and how painful that is to watch. that came through clearly yesterday. >> yeah. it is harkening back to the bank era of 2008 and 2009. we have gone to great pains and lengths to not have a taxpayer bailout next time. there could be -- who knows what's coming? you never know where the excesses are building up until

in hindsight not even bernancke knew. aren't they better capitalized >> they are so much better capitalized today. i would say this this is where she is probably right in this regard have we ever got to the point where jpmorgan chase was in so much trouble it was on the verge of collapse? i know we said we won't rescue banks and all of this. i think we would rescue the banks. in fact, i would argue today the banks are too big to fail in a way they probably weren't then in some ways yes, we just socialized all of the losses prioritized the gains in the last year. in that regard and if you think about it like that, i understand why she asked the questions she does on the monopoly point, which is a specific point, i think it's a

slam dunk on the other side. >> i like the compensation question hey, i got nothing to do with that i don't know what they did i don't know what they're thinking am i supposed to say no? it's a board i go along with the board. i'm not saying -- i'm not saying you shouldn't. a good left-hander makes more than jamie dimon someone to stay in the pocket and cannot get nervous that's a market price. jamie dimon is pretty good >> he was misleading when they talked about what the regulator told them to do. she said the regulator told you to give everybody a break. anybody who is affected by what is happening with the pandemic, you should give a break on the point is we did.

it was something to see yesterday. we get round two coming up today. they will be going before the house. we will see what comes of that. in the meantime, when we come back, a big moment for big oil. three big stories. the small hedge fund beat exxonmobil in a proxy fight and gets two seats second, a dutch court found that shell is responsible for climate change and we get reaction to the stories right after this

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activist investor engine number one dealt a major blow to exxonmobil it gained two board seats as it pushed to change the climate strategy here is ceo darren woods on "closing bell. >> i look forward to continue to work with the new board members and existing board members to drive the plans forward and strategy we have and as things evolve, we will continue to test the strategy and plans an adapt those to the progress the world is making in the transition. >> joining us now to discuss what this could mean for the big

oil industry is john kildof. john, what will this mean in terms of the plans and projects it pursues >> it will change their forward looking progress their plans, becky a company that historically drilled for oil and natural gas and jet fuel it will change they will probably get out of the businesses what we have seen so far from shell and bp, they sold off refineries that is one of the biggest carbon problems with the portfolios you know, if you ask me, it is going to be a threat to energy security, ultimately here, as we go forward they will have to shun or choose to shun because of the new board, new exploration and

production and refinery capacity and innovations. >> that's the key point. energy security and then eventually what it means for consumers, too when do you think that could be a threat that really pops up if we get to the point we are not able to produce enough for our own needs? >> we are starting to see the beginning of it. several of the major oil companies have closed refineries or in the process of selling them they will certainly never now be a new one built in the united states not that we necessarily need it. it gets really easy for us or the global economy for supplies to get tight and prices to go up we have gone through a great period where we were relatively oversupplied thanks to u.s. shell production we will go in the opposite direction. all of the past recessions have been preceded by a spike in oil

prices there are other contributing factors. a spike higher in oil prices was one of them. the problem that i have with this is the fossil fuel industry, exxonmobils in the world, have done a lot to help with the environment tail pipe emissions. 99% reduction. every truck in the united states drives on ultra low sulfur diesel a lot has been done. the problem that exxonmobil is getting blamed for here or painted with an incorrect brush, is because it is a big company to put up a wind farm off nantucket is not going to do anything for earnings or portfolio. when you spoke to darren woods, he talks about doing things at scale. that is what exxonmobil has to

do these sorts of one-off projects don't move the needle. he has been trying to move the needle with bio-fuel innovation and carbon sequestration, but that has been overlooked this is a real threat to exxonmobil's dominance in the global energy industry >> john, you probably know the numbers of gross energy usage globally and how much is fossil fuels right now. we saw the colonial pipeline close and we got an awakening of what it was like in the '70s it was really bad. that was just nothing, what happened with colonial if we he made this transition to fast, it would hurt global gdp and effect lesser developed countries much worse than it would effect developed countries because they can't afford the

higher price stuff it is really something that i think we need to tread lightly on at this point i want to ask you something quickly about evs. you can answer both questions. what is the best way to power the grid are we ready to power the grid for all of the evs not using fossil fuels right now what would we do nuclear? i don't know what would we do you still need something to power the grid, don't you? >> i feel there is no cogent plan we are taking a huge risk here for me, segmented two things transportation fuel. 85% to 90% of the crude barrel goes to trains, planes and cars. the bulk of that has been cleaned up immensely over the decades now. we are already at 95 million barrels a day of crude oil consumption.

pre-pandemic was 102 to 103. we are at 995 without the jet fuel coming back you see how quickly we will get behind the 8-ball here natural gas for whatever reason is getting thrown out with everything else here when it is one of the best fuels and efficient fuels to do just that. as you saw in texas this winter, we have come a long way with wind and solar as the people like to joke about it, the sun doesn't always shine and the wind doesn't always an blow it is inconsistent will battery coat that over? potentially. there is no way the grid is stable enough or sufficient enough if we ramp up to an ev cohort here to be able to sustain that the problem you have here, evs are beautiful. they a drop in the bucket.

this is what darren woods talks about here we are talking massive scale here that the evs don't come close to penetrating and not for a while. this rush to rejigger exxonmobil and bp and huge companies which given us steady and sure ways t move fuel around the world this is a huge risk. i don't think it is thought out enough this industry has a target on its back, joe, like i have to the seen in my career. >> john, the target started from this small hedge fund. 0.2% in exxon shares it was the institutional money that got behind it blackrock and calsrs the institutional firms don't own the shares they hold them for other people and they decide what to do with the vote do you think the dividends for

the companies get slashed if you have to reinvest in other things dividend is the one thing shareholders have stuck around for. that may not be the case going forward. >> i think there is no doubt about that the squeeze is on. it is only going to get more intense. i'm not sure people who put their money into a vanguard or f i fidelity or with larry fink should invest which way the company should be going here i think management should decide which way the company should go. how larry fink injected himself in blackrock is an interesting question to me there is no doubt that exxonmobil companies like that, chevron, make their money from getting oil out of the graound and turning into jet fuel. it is a great product. it is cyclical when the prices are sky high,

they make a ton of profit. $110 a barrel. exxon made more than any other company in the history of companies. when the price goes to near zero he la last year, they hurt they have been hurting with the lower price. exxonmobil and chevron, i consider them to be national energy champions they get the job done. they remain profitable and hold dividends and keep their companies focused on energy security i think that's under threat now. >> john, thanks for your thoughts this morning. >> thank you, becky. andrew >> okay. thanks, becky. coming up, the commute to the beach is going to be different this year thanks to remote work. robert frank, what do you have for us >> good morning, andrew. in a couple of hours, a procession of sea planes will

start touching down and taking off here from the east river in manhattan to take wall street to the beach. this year, the normal migration pattern has been totally turned upside down. we'll explain and tell you which companies and stocks benefit most from the new commute to the beach right after the break. >> announcer: this cnbc program is sponsored by truist securities experience, expertise, execution. i hope the vaccine can get me one step closer to my fiancé. dance on stage. spin class! i can't wait for my patients to see my smile again. to hug my students. to give my parents a proper send off. to go salsa dancing. no. i can't wait for you to meet my mom.

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they sure do. they do. they really do. mmhmm. workday. finance, hr, planning and spend management for a changing world. welcome back to "squawk. wall street is getting ready for the summer change how they commute to the beach because of

the remote work. we have robert frank with us with executive edge on location. robert >> reporter: that's right, andrew on location. not at the hamptons yet. normally, this weekend would mark the start of the weekend migration to the hamptons. they leave friday afternoon and go the beach to hamptons or nantucket and come back sunday or monday. hybrid working or remote working has changed that upside down now they are coming into the city during the week for appointments and meetings and going back to the beach. that has created huge demand for flight companies like blade and wheelsup because of the traffic. blade right now for the first time running daily flights seven days a week on helicopters and sea planes to accommodate the demand

blade costing under $800 one way. the cost is under $300 per seat for a commuter pass. and wheels up with the top dety nation for members to nantucket the. $800 is a huge amount of money for one-way trip we priced an uber to sag harbor. it is running $600 this flight takes a half hour versus who knows later oday. by the way, wheels up will make the sea planes -- sorry, blade will make the sea planes electric in a couple of years. they will not be solar, so they are a little bit safer back to you. >> robert, this is the first

year we can talk about the companies being publicly traded companies. they were taken public this year via a spac >> reporter: that is right blade is trading right now wheels up will complete the merger in a couple of months this business for them has exploded this year because they are seeing what used to be a weekend business and now they can use those fleets of planes and choppers seven days a week we will see how much this endures or if it is a one-off summer either way, a big summer for the companies. >> okay. robert frank see kyou in the sky or on the beach. joe. >> thanks, andrew. you are on board with the red tie. that's awesome we're all in >> as they say, i missed the memo i got the memo, but i missed the

memos. i was skimming through the emails and didn't catch the memo >> you want to know -- >> mary duffey doesn't rate for you? >> she rates very highly for me. >> if she doesn't, nobody does >> i know. >> in my life. >> i saw it immediately. >> have you heard of serendipity? guess what today is? national blah, blah, blah day. do you know what today is? do you believe this? may 27th. >> wear red tie day? >> no. national sunscreen day national sunscreen day >> oh. >> do you believe that that's so weird. how did we do that >> i thought you would say pirate day >> i had no idea here it turns out may 27th national that must be a sign. >> andrew is right you have to wear more. >> you have to wear more >> yeah. i think you have to take it seriously. you really do.

i'm not kidding. it's bad news. coming up, meme stocks surging this week. more on what is behind the shares of gamestop and amc and bed, bath & beyond. first, as part of asian-american and pacific highlander month, we are highlighting our anchors and friends. here is dom chu. >> i feel like any modicum of success stems from my parents constantly reminding me you have to work hard and compete nothing is given to you. a lot of aapi folks grew up with the same influence that mentality of making a better life for yourself and your loved ones. >> announcer: executive edge is sponsored by at&t business

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welcome back to "squawk box" this morning the meme stock rally returned. gamestop up 44% this past week amc soaring 55% as individuals pile in. is the run-up for real joining us is the chief market strategist of td ameritrade. good morning to both of you.

jj, we are looking at the volume and move what are you seeing on the consumer side of the folks using your platform? >> we have seen volume increase this week, andrew. gamestop has been interesting in the fact that last time it ran up, if you remember, in early march. it ran up from 220 to above 300. we saw clients turn to sellers on the last run up came back down and from april 12th to may 12th, bounced around may 12th, we saw the clients start to become more buyers again. we really started to see volume increase at the end of last week much heavier into this week. it has been pretty even on buys and sells. conversely with amc, we have seen clients as the calendar turned may 1,st, we saw clients

buy amc. that is more a function of price point than necessarily like it it is a cheaper stock some mor people can afford to participate. go ahead >> go ahead, jj. >> i was going to say with amc, volume is really surging this week what is interesting to me is it has been more even on the buy and sell side than it was earlier in the month >> joe, what do you do about this if you are a fundamental investor, you don't know what to do if you maybe want to play the psychology of it because it is fun and a game i don't know how to really start this conversation in a meaningful way >> well, the first thing you don't do is you don't short these stocks you are seeing a rotation. rotation occurred in the middle

of february through early march out of momentum into the wall street bet, reddit names like amc and gamestop the same thing is occurring now as cryptocurrencies are unwinds the excessive leverage and money moving back in andrew, let's not think this is just all retail traders. this is institutional money. this is hedge funds. participating on the long side i don't think you fight it i watched jim cramer last evening. i think jim's right. the question now you becomes where else do they target stocks do they go beyond meat which is a 24% short interest do they look at road blocks trading strong i think they do. absolutely don't short the stocks >> i want to go back to the comment you made we were talking to j.j. about the retail customer. let's talk about the institutional hedge fund

customer you think is trading this stock tell me the conversation behind-the-scenes when you talk to your friends on the street and playing this what do they tell you they're thinking >> they're thinking that volatility has declined significantly. therefore, they seek the reference they will not be getting from the traditional broker dealers you and i both know that leverage was pulled back significantly after the first experience volatility has come down they can explore leverage in other derivatives. clearly the al gogorithms are ug the momentum and they are attracted to it to align posi positions accordingly from the long side. >> they think it is a trade or they think it is a fundamental investment >> oh, no. fundamental investment

no it's a trade sdplc >> you go on reddit and they say they are going long to the moon with gamestop because they believe in the future of gamestop i'm not telling anybody not to believe in the future of gam gamestop the question is what is the valuation is of gamestop >> i'm trying to figure out the price of the moon actually is. let me know when we realize that so i know when we reach it and there will be sellers. the fundamental story is all about ryan rohn. what are the plans andrew, can you walk in the store and do anything other than buy the hardware which you can buy at another big box retailer? what product am i purchasing from gamestop? it is not about the fundamentals. >> look, i don't know what they will do. speculation about nfts and the like and creating their own and

build an ecosystem around that i don't know how that would work >> that's exploring the creativity of ryan cohn. i'm not betting against ryan cohn the fundm amentals is a question >> jj and joe, we have to run. i'm sure we will continue this conversation the stock will move higher or lower. we'll be here to cover it. talk to you soon becky. >> have a good memorial day weekend. >> you, too. thanks when we come back, morning movers we talk the chips and had cloud after this and don't miss our exclusive interview with martha stewart with other acquisition of c cannabis grow.

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nvidia out with an update on the crypto mining chip or cmp. the company booked 155 million d drr in revenue the product line launched in

february the company line is a fraction of the revenue that is gaming chips which is the core business. the ceo explained the development was to save the supply earnings beat estimates. the stock is down a little bit snowflake shares are falling rapidly. the company met revenue expec expectations the company did raise full year guidance it announced it no longer has a headquarters in california or anywhere the company says it is a delaware corporation with a global link work force and no corporate headquarters it provided an address in bozeman, montana that stock is down by 3.3% yesterday, after the news came

out, the stock was down by 8%. joe. thanks, becky. you notice we are all wearing red today. now. that is because it is red nose day. as the show goes on, i think my nose will participate, too, if i didn't do anything about it. that's what happens as we know so well. funds raised for the annual campaign to end child poverty support life changing programs to ensure disadvantaged children are safe, healthy, educated and empowered across the united states and an around the world if you want to support the cause, go to rednoseday.org and donate to get your red digital nose and share on social media tune in to red nose day edition of the wall tonight at 8:00 p.m. we should be thankful we don't have to -- if mary duffey said

you had to wear it >> i was hoping. i thought that's what it would say. i would gladly put on a head yos red nose >> i don't have one. >> i used to have the red noses. if i could find one, i would pop it on. my kids might have it somewhere. i'll have to work on that. coming up, when we come back, republican senators may be dressed in red, set to unveil a counteroffer on infrastructure we will talk about the odds of a compromised deal we'll do that later. we have the senator behind the offer. shelley capito ijoing s inus don't miss it. "squawk box" is back after this. but eventually, with spring comes rebirth. everything begins anew. and many of us realize

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senate republicans are set to unveil a new counter offer on infrastructure spending. this follows the biden administration's scaled down plan last week for more on how this might play outlets' welcome dan clifton of s strategis partners from what i can tell, you think the third is the most likely at this point neither of the first two are optimal for the biden administration in getting everything they want can you describe quickly what you see as the three scenarios >> absolutely. good morning you know, it's right before memorial day weekend we're going to get a counter offer on infrastructure. passing the china's bill we're going to get a key point here, joe, where the fiscal

policy is going to go. this will set the staining for where the debates are going. there are no good options for moving infrastructure the same way biden was able to move a covid package this year so there has to be a lot of tradeoffs involved the first option for the democrats are go it alone. do it on a partisan basis. the republicans aren't giving them the money they want and also the tax increases they want maybe you go it alone. you see consternation from democrats on moving to prematurely on that. biden is allowing a bipartisan negotiation happen that's what we'll see from republicans today. if they can't close the gap on some sort of bipartisan negotiation, you'll see the democrats go for it alone. option number two is actually quite interesting where you do this in two steps. you do the republicans on step one and you get $800 billion on a bipartisan basis and then what's ever left over you then go and do the rest now the draw back there for the

democrats is that they are going to eat up some valuable time off the clock. i think there are some pro progressive democrats that are worried if we do an $800 billion bill today, that will reduce the appetite for the trillions of dollars of spending they want to do later in the year there's truth to that. covid is getting better. the economy is getting better. harder to justify trillions of dollars. then you have option 3 where you move a bipartisan bill and that lets all the appetite out of the air. that's for new spending. my sense is we're going to debate number 2. there is a way to pay for spending there is a reconciliation.

there is a question for. there is a very patient effort. get a reconciliation package some of those funnels. that's why you have a bipartisan issue.

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today's trading session. martha stewart cbd officers the second hour of "squawk box" begins right now. i'm andrew ross sorkin along with becky kernen.

the bill would limit those credits to vehicles priced below $80,000. that credit will go up to as much as $12,500. that compares to the current $7500. meantime, disneyland plans to open its doors to noncalifornia residents. that begins on june 15th.

>> how was it that a brand new firm with just a .02 stake likely secured two board seats, maybe a third. part of it was opportunistic timing and the other was a message that resonated with shareholders 2020 was historically tumultuous period for oil, the pandemic creating a demand shock that has been slumped and recovered as the economies reopened not without leaving behind scars. that caused shareholders to see

what needed changing. now engine number one's victory exemplifies the power of that climate messaging. it's sending a signal to ceos this morning that they, too, could be facing the next proxy fight for pollution over profits. joe? >> thank you, leslie i was looking for the op ed in the wall street journal. it's what you would think, i guess, but they tie a lot of it to the pension managers and the blackrocks of the world, the larry fink's of the world.

they attribute it to currying favor with who's in power in washington at this point how do you measure the -- where the concentration was or can you in which shareholders? was it the big holders, the big institutional people they were somewhat mixed in their voting behavior. black rock did come out with a bulletin yesterday saying they voted for three of the four nominees on engine number one slate. we don't know about vanguard we don't know about state street those were the two wild cards that people were a bit curious about.

the big asset managers if they all voted in favor of at least part of it. people are starting to ask the questions. there is this camp that looks at

what happened with shell yesterday. what happened with exxon yesterday. what happened with chevron yesterday all had these major decisions, whether in the courtroom or from shareholders that, you know, were putting pressure on these companies to reduce emissions then on the other hand, you've got different camps who say this isn't that big of a deal not a demonstrative change for three companies. it will be interesting to watch to see how it plays out. >> the transition is multi-decades. that's what we know. >> right >> i don't know what this means near term but it literally is going to take that long to transition or things are going to be very expensive gdp is going to be hit there are real down side, horrific down side consequences of moving too quickly on this. >> exxon -- i'm sorry, "the wall street journal" yesterday had a great, great deep dive into this proxy fight and they said in the article that the clean energy projects that exxon has embarked

on have basically had a return on capitol of 10% compared to the traditional oil and gas business of 15% so there needs to be a way to change the economics here in order to make it more profitable for exxon or we could be debating this again in the future. >> all right thank you, leslie. appreciate it. andrew >> okay. thanks, joe. meantime, to combat slowing covid vaccination rates, cvs giving away big prized to those who have gotten or will be getting jabbed bertha coombs with that story. >> reporter: yeah, big inducements here any adult who's been vaccinated through cvs or does it by july 10th can register for the one step closer sweeps stakes starting next week biggest give aways, pretty big five $5,000 cash prizes for family reunions. 100 seven day cruises for two. vip trip for two in partnership with procter & gamble to super

bowl lvi dating site hinge, a $5,000 gift card and hotel stays with wyndham. do they work ohio announced the first of 5 winners of its vax-a-million since launching that lottery, vaccination rates in the state doubled. more than 2.7 million people have registered as of monday this week they signed off on using covid relief funds four more states running sweeps stakes cvs could be the first corporate vaccine give away on this scale. the company says it is part of the federal retail pharmacy partnership. it wants to step up. certainly getting folks vaccinated in their stores, andrew, not a bad thing for revenues >> interesting interesting. if you have already gotten

vaxxed, can you still get the prize? >> yeah. even folks who have gotten vaccinated in nursing homes, everyone who's already gotten the jab at cvs, they can go register to be part of the sweeps stakes. this comes as we have seen with the expansion of vaccination to more people. rates coming down. take a look at the cdc figures, back in april we were averaging about 3 million shots a day or over that and over the last week or so we've trended down to 1.5 million a day. there really is this effort to try to push more people to get us closer to that sort of herd immunity level >> bertha, appreciate it very, very much. joe, over to you. >> coming up, big bank ceos grilled in a senate hearing over everything from business models, pay, social issues we'll break down what lawmakers are looking for from banks and the chances of more bank reform.

at a break, let's get a check on the markets. you can see that we're -- dow has turned positive. still negative with the nasdaq getting the front of it. we'll be right back. ♪ (upbeat music) ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪

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to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. how much did jpmorgan collect in overdraft fees from their consumers in 2020?

>> i think your numbers are totally inaccurate, but we'll have to sit down privately. >> these are public numbers. >> i want to point out we did not overdraft -- >> can you just answer my question how much in fact did jpmorgan collect in overdraft fees from their customers in 2020? do you know the number >> senator elizabeth warren going after jpmorgan jamie dimon at yesterday's hearing they criticized big banks for everything from their business models to their stance on social issues joining us is anthony scaramucci, and alexis goldstein, senior policy analyst at americans for financial reform alexis, i'll start with you. what would you like to see reformed and what did we see yesterday that bears out what needs to be done in your view? >> so i think one of the things we saw in the pandemic last year was the regulators relaxed the

rules for the largest banks, including our capital requirements, in order to encourage them to lend to the broader economy and help kick start us as we were all struggling with the pandemic we did not actually see the big banks up their lending we saw community banks increase their lending to the economy, but what the big banks seemed to do is keep their powder dry until the fed allowed them to do buy backs again later on in the year the minute they were able to do that, that's exactly what they did. we didn't see the sort of increase from the big banks into lending into the broader economy. that in my opinion is because there weren't conditions, more conditions placed on some of the corporate bond market rescues, on some of the unprecedented interventions. i think that was a focus over a lot of the lawmakers, right? are you going to remain neutral in any union organizing. no big bank said yes to that, they all said no in various different ways they're interested in different ways to make sure companies aren't leaving workers behind and only enriching their

shareholders when they receive this kind of unprecedented support in emergency times like we did during the pandemic. >> during the pandemic you would expect lending to go down as people don't take risks and pull their horns in in terms of trying to actively expand or any of the things that are done. i mean, in a really difficult time that would be tough and there are a lot of -- there were other ways perhaps of getting some funding it didn't happen in a vacuum do you think the banks actually tightened up their lending, alexis >> community banks do bank they increase their lending and the very reason that the fed took the steps they did to waive some of the rules to relax them was to stimulate big banks to lend we saw the separation of the way the corporate bond market was rescued but municipalities weren't able to access some of the municipalities that the fed set up they didn't ask them, they just went ahead and did it. whereas, the municipalities had

to opt in, meet certain credit requirements so i think this is just another illustration of the sort of k-shaped recovery where we see the most biggest, most powerful economies having the biggest recovery, black unemployment is still high they need some tweaking to make sure any economic recovery benefits everybody and not just the top. >> anthony if you get offered a ceo job at either a bank or oil company, which one would you take would you decline -- >> i'm taking you with me, joe you're going to be my chief of staff. we're going to work it all out with those guys. >> it's rough. it's a rough environment you get paid a lot of money, let's be honest, but that was the -- they got it from both sides yesterday, anthony >> yeah. listen, jamie dimon's lucky that homeland ended -- that their season finale ended in season 8 because he was auditioning for a hostage video in the season 9 of

"homeland. i think it's totally unfair the way they're being treated. i get the fact that they're fat cats and i get the fact there's a rise of systemic populism. we have to step back and recognize we're in a capitalist society and they are empowered to take care of their shareholders and they're empowered to look after their customers. by the way, thank god for this society because we have massive competition going on for these banks. if you're not happy with the overdraft fees, you can move to the neobanking community you can move into places like chime which are going to give you lower fees, lower overdraft fees, higher interest rates. and i think what senator warren is missing about the society, i get her constituency and i understand the theater, the kabookie theater we have to play i got an 11 day ph.d. in how washington works but i think it's wrong

it's wrong for the banking community. if you want to change the entire society, joe, and go back to 2008 where the banks did collapse, no question about that, they're still in ptsd 13 years later and they have to operate with great conservatism. one last point on the community banks, it's a totally different story. they're not viewed from the stress testing view in terms of creating a systemic collapse they have way more latitude during the post crisis and pandemic. >> i think it's important to remember that banks wouldn't exist without government charters banks wouldn't exist without fdic banking it's not very much to ask them to come before congress and ask them basic accountability questions. banks meet behind closed doors and i think the public deserves to know what the ceos are going to say in response to congress

banks wouldn't exist without the unprecedented level of government support that we offer through the charters, fdic insurance. this isn't just about 2008, this is about all of the regulatory relaxation that happened in the wake of the pandemic congress has good questions about whether or not the relaxation works and i would argue they didn't. >> is there a scenario, alexis, where you would make the case that these banks are monopolies. senator warren, do you think she overstepped there? i don't know how you make that case. >> i used to work on wall street they operated as an oligopoly. citadel tried to become an investment bank in 2008. even as successful as ken griffin is, he couldn't break into the investment banking. they have a lot of concentration of political power and congress is concerned about it for good reason >> anthony, if you signed on to

being a kabookie interrogator, would you have attacked the banks from the left or were you surprised at senator toomey saying the stakeholder capitalism that you're embracing is going to come back and you're sort of bending to the woke crowd and you're going to hurt your shareholders? which side would you have been critical of the banks of >> first of all, i appreciate what alexis is saying about the questioning. certainly we need to put people who have that responsibility before the congress. i don't love the way they're being questioned i think they're trying to set up gotcha moments and trying to embarrass the executives who i think by and large have done a great job since the 2000 global financial crisis my questions is more about where the world is going i think those banks are in trouble, joe you and i can go back to the 25 years ago when we were thinking about breaking up ibm. look at ibm today, no one is thinking about breaking it up. those banks are about to get

maylayed by defi they are about to get may layed by mobile banking. what i would have been more interested in is guys what are you going to do with all of the bricks and mortar branches and employees when everybody is moving to the internet and their smart phones to make their transactions i'm more worried about where the future of employment is going for the banking industry than what they're talking about right now. so that would be me. i appreciate what alexis is saying, but we can't have it both ways. we can't tell the banks, okay, listen, you have to be very tight on your capital controls we can't have any systemic banking risk that's what we learned in 2008 that's what we learned from the firefighters book that dr. bernanke and secretary paulsen wrote. tell them, look, you have to go out now and start lending the money aggressively so i think there's a lot of hypocrisy going on and i'm worried about the future, joe, less than what's going on right

now. that's my honest opinion >> thanks. they're playing the music, alexis >> that's why i tried to shut up quickly. >> the big bank profits would show quite the opposite. just absolutely knocked it out of the park. i don't think they're sweating. >> anthony scaramucci, alexis goldstein, thank you both. calm discussion. thanks, joe. when we come back, google getting approval for a sprawling new campus less than a mile from the headquarters jon fort takes a look at what it could mean dow up 19 points, s&p down by 6, nasdaq off by 44 "squawk box" will be right back. time now for today's aflac trivia question. what publicly traded company

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now the answer to today's aflac trivia question. what publicly traded company acquired askjeves for $1.85 billion in 2005? the answer, iac. welcome back to "squawk box" this morning google won approval for a massive new campus in san jose, california the new campus will have residential and office space to blend into the downtown, at least that's the lan is google leading the way towards the future of work in cities that's the question this morning. we've got jon fort to weigh in on both sides. >> andrew, google is showing the way to the future as local companies are trying to chart the way forward coming out of the pandemic 80 acres, 20,000 workers, 4,000 new housing units. it's a multi-billion dollar campus office space

isn't that sort of 2019? aren't all of silicon valley's engineers moving to oklahoma to work remote? it is growing but it won't take over cities thrive on foot traffic, crowds, serendipity of discovery. i used to live in downtown san jose i can feel how significant this is for san jose. they're building this next to a train station to push the idea of mass transit as an affordable and environmentally friendly way to commute housing, affordable housing is a big plus the cost of living in silicon valley is insane. >> good for google maybe but maybe other companies are going to follow its lead, do you think? >> well, andrew, on the other hand, look, let's not sprain our wrist patting google on the back we should remember part of the reason google is expanding in

san jose to begin with, because its home city of mountain view 20 minutes up the road had been reluctant until google changed its tune the city home to google, trillion dollar market cap internet giant put the brakes on google's growth there. why? when steve jobs went to the k cupertino board, they seemed excited. maybe before the last couple of years google took tech isolationism to a new level. it sounds nice free luxury buses, shuttling workers to home to work in mountain view and on campus gourmet meals and dry cleaning services but what if you're a small business owner trying to survive in silicon valley the old google, facebook and others did this, too not a big help these san jose sketches look great but a bigger question is is tech becoming a better neighbor here or is the attention to the local economy a fad?

that, andrew, isn't clear yet. >> what do you think there's more to this than just silicon valley politics because in new york and other cities there's a big question whether tech workers are going to come back to the office and the impact, therefore, on nearby businesses it's a bigger story. >> i think it is, andrew my mind in san jose after the tragic shooting yesterday. yes, a lot of cities and a lot of companies have become somewhat isolationists in their culture the way they deal with meals and things like that on campus there's a chance to rethink some of that coming out of this pandemic and how the spending actions culture, the way they structure the company affects the local economy. some creative ways to rethink that that could have a significant impact, andrew >> okay. jon, thank you for both sides on the other hand this morning. always good to see you to get all sides of the story meantime, we have a breaking news story to tell you about

right now in the consumer finance arena. acorn is going public through a merger with a blank check company pioneer merger corp. they will have an estimated value of $2.2 billion. the transaction expected to close in the second half of the year noah kerner will be joining tech check to talk about the deal he'll be on at 11:30 a.m. eastern time we should mention cnbc's parent nbc universal and comcast ventures are investors in acorns joe? >> great thanks, andrew. still to come on "squawk box," our exclusive interview with famed businesswoman martha stewart. talk the success of her cbd gummies and new position at canopy growth. later, senator shelley moore capito i'm out of here. big graduation plus a celebration tonight so i'll be

out tomorrow we will see you all on tuesday because it's a b, iglong weekend. "squawk box" will be right back. . or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.

you can see here the small cap stocks had an outperforming day yesterday but they've narrowed the gap with the s&p 500. at one point earlier on this past year they saw pretty big performance gaps that you can see here fairly tight small caps up 2% in yesterday's trade while the rest of the market eked out fractional gains. travel and leisure stocks are among some of the big winners on a year-to-date basis stable in the pre-market so far right now but will continue to monitor what's happening with travel and leisure then one other place to watch, massive moves higher for the meme stocks. internet, wall street bets gamestop is down 2.5% after a big day yesterday and amc entertainment down nearly 4% at one point, andrew, amc almost got to $20 a share at the height

of the meme frenzy earlier this year back in january we saw $20.36 so amc pulling back from high levels andrew, back over to you >> dom, thank you for that we're going to keep our eyes all over it. when we return though, we're going to talk to martha stewart putting her name behind a line of cbd products being offered by canopy growth. we're going to talk about the booming business she's got the gummies right there. maybe we should take some before the interview. business of weed and the future of the industry with martha right after this as we head to a break, take a look at canopy growth stock up over 22% in the past 52 weeks. back right after this.

i hope the vaccine can get me one step closer to my fiancé. dance on stage. spin class! i can't wait for my patients to see my smile again. to hug my students. to give my parents a proper send off. to go salsa dancing. no. i can't wait for you to meet my mom. play my piano for my friends. to give high fives to our patients. i think we are one step closer to being...better people. with every vaccine, cvs is working to bring you one step closer to a better tomorrow. cal: our confident forever plan is possible

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breaking news in the consumer finance arena this morning. savings and investing apps is going public with a merger with a blank check company pioneer merger corp. they will have an estimated value of $2.2 billion. this is expected to close in the second half of the year. acorns ceo noah kerner is going to be joining cnbc's tech check

to talk about the deal coming up at 11:30 a.m cnbc's parent nbc universal and comcast are investors in acorns. they automatically take small contributions from users and put them into baskets of stocks and bonds. they have more than 4 million subscribers. i think they have $4.74 billion of assets under management as part of the deal some of this is going to take part of the transaction on a private placement involving funds managed by blackrock, wellington management and other investors more than $450 million in proceeds are going to acorns' balance sheet as a result of this you can see pioneer merger corp up by 6.7% on the news this morning. in the meantime, cannabis sales are booming. mkm partners are telling investors to buy shares of canopy growth. it upgraded to a buy this week part of the reason is the stock has come back down from the

stratosphere the big reason is the martha stewart gummies are rapidly gaining distribution and recruiting new customers stewart was recently named a strategic adviser and joins us in a squawk exclusive. she is the founder of martha stewart living omnimedia thanks for being with us this morning. >> nice to be with you thank you. >> i thought what was so interesting on a call out of wall street, they're saying you are a big part of the reason for the growth there bringing in new customers, 1/3 of the customers buying your gummies are new customers. when you think about over the years what you've done, how you've brought people along, why do you think it is that so many new customers are coming in based on your stamp of approval here >> my friends have always been a little hands off with the cbd, a little bit quizzical and now that they have tasted and experienced the niceness of the

gummies, for example, and our cbd oil drops and our soft gels, they're finding even my banker told me that she takes three gummies a day, one in the morning, noon and night and she feels better it calms her so everybody that is a slightly different reaction to the consumption of cbd and the audience is growing. the satisfaction, too, is growing because when your' creating gummies that look like this and taste like this, we have 15 amazing flavors, you know, i tasted every gummy in the market before i developed these gummies, and i thought, oh, gosh these are sticky. these taste like little gummy bears. there's calamandin, black raspberry, red raspberry, myer lemon, blood orange, rhubarb

tastes that you only get in the finest restaurants so we're upscaling the cbd market and that's what canopy really loves we are really making things taste better we have lots of ideas for creating candies, confections, drinks, special drinks that you drink every single day with an infusion of very good cbd included in those drinks so there's a market there, and there is science behind the market and canopy is doing a very good job. >> people who haven't tried this before -- >> did we send you a box >> hearing some of these players -- >> i haven't seen them yet but i am tempted and i think i might just do it i wanted to ask you, how often do you use cbd

do you have pets that you feed cbd products to too? >> we have only developed dog products we have wellness cbd for dogs and they come in large and small dosages. you have to read the package make sure you get the right dosage we have calm and we have mobility these are very useful for the dogs and they seem to react extremely pleasantly and nicely to the consumption of these particular dog cbds. >> do you use cbd every day? >> at night i take two droppers of my cbd oil and if i want something sweet -- i don't eat a lot of candy so if i want something sweet, i take three or four of these, different flavors but, you know, they're really

interesting and they're good and this helps me sleep, the little bit i sleep every night anyway i'm not a good sleeper so this really does let me just go into a deep slumber for a few hours, and that's what i really need. and it really does work, becky it really does >> it's more about a calm feeling than a getting high feeling? >> oh, no. >> cbd, i've always kind of wondered. >> cbd isnot thc it is not cannabis this is derived from hemp. it's grown in the united states. primarily in california. a lot of growers are popping up here and there there's a really good grower of organic hemp in the hudson valley right up in hudson, new york, growing very, very good hemp so this is not -- this is the isolate. they're isolating just the cbd element from the hemp plant and

it is not to make you high, its to relieve stress, to add calm, to even you out a little bit if you're feeling anxiety and during this pandemic and during the stay-at-home period that we've all been experiencing people have really responded very, very favorably to this well-made, delicious product >> hey, martha, it's andrew here >> hi, andy. >> i'm an occasional cbd user. it was prescribed by my doctor of all things. >> yeah. >> i will tell you, it has worked it doesn't help for my sleep the way i think it helps other people for whatever reason melatonin does a little bit better for me, but my question for you is sort of longer term this is a very fractured market. it's an early market at this point. >> right. >> still, if we had this conversation five years from now, how much consolidation do you think is going to ultimately

happen in this business. how many other big players are going to try to get into this business what does this look like because, you know, there's lots of different people putting a lot of different brands on things right now you have such a spectacular brand unto itself, but i just wonder how you think about that in sort of larger context of the industry >> well, it's going to -- it's growing rapidly. by 2023 they anticipate that the marketplace will be around $10 billion and as it is legalized -- as edibles are legalized and even cannabis is legalized in more states in the united states, the market will grow exponentially i think now that they're infusing drinks with cbd, what a nice thing this is instead of dad coming home and sitting down and smoking a joint, he can get some nice relief when he sees the kids all around him to sip a quatro which is a canopy drink made in conjunction with the

constellation brand. take a sip of cbd, 20 milligrams in a 12 ounce can. it's delicious he's not going to get high, he's going to be calm he's going to be feeling good. it's such a better impression on your children than smoking a joint. >> martha, do you worry about the standards? it doesn't seem like right now that there are different scientific standards i don't think there's sort of a base case. i mean, as i said to you i had a doctor prescribe it. we had a conversation about which brandsand how much cbd needs to be in there, what kind of there's a lot going on here what has to happen on the regulatory side? do you think the regulators should get involved in terms of how this is marketed and what the ingredients really are >> i went to hss, very reputable hospital and i was prescribed

cbd gels as well as cbd ointment for my foot. now that's right in the hospital so -- and then there are certain dermatologists that agree that cbd is really good for your skin it's a growing market. as they become educated, as the medical world becomes more educated i think we'll see more and more and more acceptance. as people try the gummies and oils and gels, there's more and more boy, that does make me feel a little bit better. we're looking for alternatives i am not a big drug user in any way. prescription drugs i just don't i don't smoke marijuana but i do find a relief and a nice feeling from the cbd and if i feel it, i think -- because i have a very good diet, a clean lifestyle, i think other

people will find that it just adds a little something extra to a day. and that's what i think the market is all about right now. and canopy does a lot of research it's not like they're just putting this stuff out there they have a very good scientific team of doctors and researchers that are developing products with us and with themselves to put out in the marketplace that are viable and useful. >> martha, we've got to run but very quickly there are reports out about a new story being developed for netflix about your life. just wonder why netflix? >> well, they won the bid. r.j. cutler is my producer/director. he's fantastic right now he has the billy eilish bioout, which is very popular, and i love him. he's so nice to work with. and i think it's time. i haven't written my autobiography either that will follow the biography

i had an interesting life. i think people will be kind of very fascinated with what's gone on in the last -- i won't say how old i am, everybody knows, in the last eight decades and so much change in the world so -- and it's going to be fun you'll hear a lot more about it. >> we look forward to it we look forward to it and thanks for taking the time with us today. always good to see you. >> you're very welcome thank you. coming up when we return, as offices reopen, will those who continue to work from home be at a disadvantage joanne lipman writing a piece on what a hybrid model should look like for "time magazine. best buy beating estimates

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welcome back to "squawk box. as employees head back to the office, some may continue to choose to work remotely. our next guest gets the cover treatment. she said not all hybrid employees will be treated evenly i agree with you i agree with you this whole world of hybrid, everybody's seemed to be 2, 3 months ago hybrid, hybrid, hybrid all going to be great. going to work.

seems that hybrid is going to be a lot harder than either work from the office or work from home. >> thanks, andrew. you are 100% correct hybrid will be very complicated. there is a larger issue here which is what hybrid is part of is the fact that what we have loernd during the pandemic is the workplace as we know it is broken it's really, really outdated if you think about this, the workplace we grew up in is outdated the guys come home from war and they set this up on a military model. all about base time. by men for men with the assumption there's a wife at home to take care of things, you know, outside of the office. we're still using that model even though the rest of the world and all of the work that we do has completely been up ended and changed. so what we saw during the pandemic when suddenly millions

of people are working remotely, we suddenly had to up end our lives, up end our work, people really started reprioritizing and rethinking work. one of the interesting factors that came across in my reporting was this really, really deep unhappiness with how work is structured there was a pew survey a few months ago that found not only are people quitting their jobs or expected to quit their jobs after the pandemic, but people are looking to change occupations because they're looking for a workplace that's more flexible and more meaningful >> so i think the big question though is will you be a second class citizen if you want to work from home >> which is a great question, and ceos are really grappling with that. there's two ways to think about that, andrew one way is there's the thought of jamie dimon out there saying if you want to hustle, you

better be on site. those are the people who count the ceo said only the least engaged employees are the ones who would work at home, which basically dismisses an entire class of working mothers, of people who are care takers, maybe people who live far away from the office or have health reasons, right it makes them second class citizens but there's another way to look at this, andrew, which is i was very interested in robert frank's segment earlier about all of the big wigs who are going to jet off tottenham tons and work from there. there's the thought that you could have your senior managers maybe who have more money, live in the suburbs, want to commute and have families. the younger people crammed in with their roommates are the ones who want to show up in the office they are the ones who don't get mentoring, don't get the culture, they don't get the serendipitous meetings you need. >> you've hit onall of the big issues, joanne, in this piece.

i want to recommend it if you haven't read the piece to our readers and our viewers, to go out and do it joanne, great to see you congratulations on a really, really smart piece. >> thank you, andrew. >> thank you. republicans releasing their counter proposal to president biden's infrastructure proposal. senator shelley moore capito will be there. grubhub making the disruptor list "squawk" returns after this.

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boss baby is back. we're going to have to face creepy babies. don't look at me. jail yard babies. i like glue. and ninja babies! oh my gosh. oh my gosh! good morning we are expecting a counter offer from the gop on infrastructure the gap still wide but it is narrowing. meantime, big bank executives likely to face another big day of questioning in congress we saw testy back and forth. meme stocks back big moves in gamestop, amc and others popular on reddit what is going on here? we're going to get into all of them as the final hour of "squawk box" begins right now.

good morning, everybody. welcome back to "squawk box" here on cnbc i'm becky quick along with andrew ross sorkin i want to say congratulations to scotty kernen today. he's going to be graduating. good for him the u.s. equity futures, the dow futures have rapidly picked up they're now indicated up by 120 points that's a big turn around from flat to what we were looking at earlier. s&p futures up by a few points and the s&p down by 26 points right now. let's also talk about some of the biggest meme stocks that are out there. names popular with retail traders like red dit, gamestop jumped 16% today movie chain amc was up by 20%

bringing the weekly games to 16%. then you have other names like blackberry, bed, bath and beyond that rallied sharply as well a little bit of a different story for some of those names this morning some strategists believe the recent meme stock runup is in part because of speculative assets becoming oversold optimism over the nationwide reopening could also be playing a role in some of the risk taking blackberry shares up by 5.4% some give back but not by a lot. amc is the biggest decliner down by 3%. ceos of the nation's largest banks are set to get another grilling by lawmakers today. they'll be at a hearing called holding megabanks accountable. we'll look at the banks lending and how they behaved during the pandemic that was the agenda yesterday. here's one exchange between jpmorgan ceo jamie dimon and massachusetts senator elizabeth

warren. >> jamie, how much did jpmorgan collect in overdraft fees from their consumers in 2020. >> i think your numbers are totally inaccurate but we'll have to sit down privately and go through that. >> these are public numbers. >> we did not overdraft -- >> can you just answer my question how much in fact did jpmorgan collect in overdraft fees from their customers in 2020? do you know the number >> today's house hearing kicks off at noon eastern time and some breaking news in the consumer finance arena this morning. savings and investing app acorns is going public through a blank check company pioneer merger corp t. will have a value of $2.2 billion it is expected to close in the second half of the year. you can see pioneer merger up by 3.5% this year acorns ceo noah kerner will join us to talk about this coming up

at 11:30 a.m. this morning comcast ventures are both investors in acorns. andrew. >> worth pointing out, i'm going through the structure of this because you know i'm not typically a fan of spac deals. this is a company that does not make money still loses money projecting to continue losing money, in fact, in the next several years on an adjusted ebitda basis. even if you get past that it could be worse but i think we have to look through this before we really talk about this company in any real way but $2.2 billion is what they're saying the valuation is today. get back to the markets. two trading days left in the month of may cnbc's senior markets commentator mike santoli joins us he's been looking for signs of possible risk appetite revival after aggressive parts of the market has struggled in recent months mike >> andrew, the signs of that are kind of subtle it's happening in the context of an unusually flat period in the

market consolidating a pretty good rally. the s&p 500 over the last year, you see it right here capped just above 4200. there was a 4% pull back in there. the interesting thing about the one year chart, you have the two spikes that was the short-term peak and reopening momentum after a jobs report early june. this was the short-term peak in faang stocks and all the mania going back into early september. nothing similar here much more measured this up trend is hanging out there on a lower trajectory. so far holding together. take a look at the russell 2000. that is one of those two areas of risk appetite as a tale also sideways. much more of a downward trend since that february peak now it's starting to suddenly pick up again. by the way, this is not new to go range bound back in 2019 it's been five months or on the 1500 level. really going flat in a narrow range. not unusual after that tremendous spike we got after the election basically also another indicator of

non-core type stocks this is the vanguard extended market is the s&p completion index which means everything in the market except for the s&p 500. this compared to the s&p is kind of like the fringe versus the core small caps but also huge growth stocks not yet in the s&p. this one opened up a huge lead on the s&p back earlier this year and then kind of had this declining trend as the s&p itself was managing to still make progress. now what do you see over here? starting to accelerate a little bit and overtaking it. again, subtle signs. nothing that says all of a sudden we're all in. you mentioned the meme stocks. maybe that's part of this as crypto cracks and some of the more aggressive money finds a new home, andrew. >> okay. mike, by the way, what's been the market's reaction to all the fed speak this week if you really try to boil it down >> i would say taking it in stride obviously the bond market has been holding in this trend the yields have been steady percing up in the last couple of days the idea that some fed officials

are talking about tapering of qe, the market and investors were already talking about it and arguably positioning for it. i think at this point market's giving the fed the benefit of the doubt that they are going to be patient and alert to the idea that if the economy starts to boom, we're going to have to respond in some measured way before terribly long >> mike, thank you becky? >> thanks, andrew. republicans this morning are set to unveil a counter proposal to president biden's latest infrastructure ofr joining us for what we can expect west virginia senator shelley moore capito she's the ranking member and the lead on the republican's infrastructure efforts senator, thanks for being here today. i know this program, your counter offer is going to be coming later this morning at 9 a.m. so you can't tell us a lot about the details. we have seen the administration step down pretty significantly what they were asking for. 1.7 trillion is their latest

ask. what do you think the odds are that you can actually reach an agreement by the president's deadline that he set of memorial day for trying to see if there is any way this can be done in a bipartisan manner? >> we're certainly inching closer i think it's very significant as well to note that yesterday out of our committee senator harper and i passed a huge bipartisan surface transportation bill which is really the anchor of this infrastructure package, of the $303 billion i think that shows the momentum for a bipartisan agreement so, you know, we're still talking. i'm optimistic we still have a big gap. where we're falling short is we can't seem to get the white house to agree on a definition or a scope of infrastructure that matches where we think it is, and that's physical core infrastructure the white house is still bringing the human infrastructure into this package and that's just a non-starter for this >> there have been reports that

the president told you and other republicans that $1 trillion is the bottom line, that he needs at least that much for it to be a package he could agree on. is that what he told you will your offer today meet that threshold? >> the president told us a couple things when we were in the oval office. he did mention the trillion dollar threshold he also mentioned that an 8-year window for spending would suit his needs as well. he said, yes, include the baseline spending, which means the spending that's appropriated every year so he gave us -- he understood that we're not going to touch the 2017 tax cuts. now i'm not saying he agreed with that, but he understood our position there and that we didn't consider human infrastructure physical infrastructure so we're going to meet all the metrics that the president himself laid out for us and we'll get close to his number we'll include what's close to

all of us and the core infrastructure space. >> mitch mcconnell is coming on a little later this morning at 10 a.m. eastern time he'll be on cnbc he's been the one who has said there's a hard line on this, that they will not be -- the republicans will not accept anything that touches those 2017 tax cuts as you just mentioned is there any way that you would compromise on that do you see -- you yourself being able to vote for something that would raise corporate taxes to a lesser level than the administration has asked for is that completely off the table? >> i think it's completely off the table. look, the tax cuts of 2017 led to a roaring economy that we saw prepandemic. we know that also we can do this without touching those tax -- that tax -- those tax cuts. and we can do it by repurposing covid dollars. if we look at the states that are now no longer taking the enhanced unemployment, there's a resource right there for us. we have -- we're looking at a financing mechanism for like a revolving fund for infrastructure that you would put some dollars in and get a

much greater private investment. user fees. the president is taking user fees off the table even for electric or hydrogen vehicles. we disagree with that. we're going to keep pushing that i think we can do this without pushing the tax bill it can be fully paid for that's the goal that we're trying to go for >> "new york times" just has a story that's out that says that president biden on friday is going to be proposing a $6 trillion budget that would take the united states to the highest sustained levels of federal spending since world war ii. if i'm doing the math correctly, i think that's a 25% increase over the $4.8 trillion existing budget and that compares to what we've seen in years past where you generally see closer to a 3% rise for the budget. what would your thoughts be on a plan like that >> you know, i saw that early this morning and, i mean, it just seems like the trillions just keep on coming.

there's always been -- already been a trillion dollar rescue plan the president wants to spend trillions of dollars on infrastructure in nontraditional ways he put another caring trillion dollar package out come on. we need to take into consideration that people are getting back to work, the economy is moving back but a 25% increase year to year is just outrageous in my opinion. >> let's go back to this idea for the transportation if there's -- for the in infrastructure bill. if there's a bipartisan agreement, a trillion dollar sounds like something they could live with. it may be the paying for it that's the sticking point. i realize you said you are not willing to budge on raising taxes, changing the 2017 tax bill but if there's no bipartisan bill and can get this in line, can do this without you. most of it, they can do a reconciliation is there a chance by refusing to

go ahead and concede on any of those issues, they somehow get their party together and they do this closer to the $2.7 trillion bill they wanted to do originally then where would you be. >> you know, that's a big if my response to that is if the president had the votes and if the majority party thought they could push this through in any form or -- in the fashion that they want, why aren't they doing that now and i think also at the heart of this is the president's expressed desire and he repeated this in the oval office for the several times i've been able to meet with him, he wants to work towards bipartisanship at the heart of shim a senator who has negotiated, and i think he really wants to pursue this on a bipartisan way in an area that we've always had bipartisan agreement on yes, they can go ahead and push this, but they can do that today. i think i'd rather have this solid piece that i can take home and say, look, west virginia,

this is what we did for you on important matters like roads, bridges, airports and broadband and other things we're going to keep pursuing i'm keeping my eye on the ball here and hoping that today moves it further and we'll see what happens. >> every report i've read says that they think the president wants to do what you've just said, but he also has a liberal flank pulling him to the other direction and a staff. when the staff comes in, the tone tends to change so where do you think this really comes out he may want to do a deal that's down the middle but he also has to answer to his own party. >> well, in our experience that's been a bit what's happened we went in and talked to the president, the six of us, and talked about our desires and how we can meet each other and the president really expressed the desire to try to get to a trillion dollars over eight years, include baseline spending, see if we can match up that way and that's what we're going to present today. and so i think that then as

we've had further negotiations it's kind of gotten pulled back. that's frustrating but i'm sure they have some frustration on their side as well i would say there's probably some shared frustration. so, you know, i think it's going to depend on what desire we have here for bipartisan. what the other democratic senators in the senate, how they feel we're working a bill right now called the endless frontier which is part of the president's initiative that he first laid out on his infrastructure. it's competing with china. it's research and development. chip manufacturing and other things we can include that as part of the package even though it's not physical infrastructure, we can say, okay, mr. president, you're getting part of your agenda through regular order through legislation in a bipartisan way. that's the third vehicle that we've done this on so i'm not -- i'm not pie in the sky here this is going to be a tough hurdle but, you know, it's worth pursuing because i think it will con strain spending into the areas that i think are most

important. >> sounds like it will be a very closely watched issue over the next several days. we'll see if we get any bipartisan agreement before the memorial day deadline. senator capito, thank you for being with us this morning. >> all right thank you all. coming up when we return, a smooth market moving data. numbers minutes away. talk high flying investment stocks with investor dan niles and why he's so worried about inflation. it's aonrsat cveion you don't want to miss stay tuned, you're watching "squawk box" on cnbc straight out of the future they're rechargeable and virtually invisible in your ears and you don't need to visit a doctor to get them. they ship right to your door and come with lifetime remote support. host: convenient. right? guess the price and they're yours. $8,000 host: too high. $6,000 host: no $5,000

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welcome back to "squawk box. coming in at number 36 is gopuff a logistics company that offers delivery of essential items in 30 minutes or less rafael is the co-founder to those uninitiated, explain the business it's different from the other delivery businesses if you will. it's vertically integrated. >> andrew, thank you so much for having me.

super, super excited to be selected for the second year in a row, cnbc disruptors gopuff is the creator in the instant needs category what that means is we stock all of our inventory in the micro fulfillment centers. we operate in the pet, baby, alcohol, over the counter medication, household, snack and drink category as a by-product by warehouse being and keeping all of these in our micro fulfillment centers, we can deliver goods extremely quickly and be a true one stop shop for our customers. >> so -- but i guess the biggest question i'd ask is what's happened to the stock and what happens in these warehouses in terms of making sure you have the right products >> you know, early pandemic it was an all hands on deck situation. there was obviously massive fill

rates all across the industry but myself, my team, everyone really worked kind of endlessly to make sure that we can really be there for people when they needed us most we worked around the clock to make sure fill rates, products, expansion of skus were there for when customers needed us most. really happy how they came together. >> you've entered into a partnership with uber eats how does that work >> so i think the sububer partnership, just like so many others that reached out to us, is a testament to the network we've built. we've built strong proprietary software into this as a by-product so many people have taken noticed how we can take advantage of gopuffs

infrastructure >> i don't know what that means. how does the partnership between uber and yourself work >> so in layman terms, someone can get onto the gopuff app, they'll see a collection and curat ion of all of gopuff products, alcohol, drinks, snacks to baby they'll be able to order on the uber app routed to our micro fulfillment and our delivery partners will deliver it to our customers in 30 minutes or less all over the country. >> who are the delivery partners >> so if you look at our business model, we have our operations associates, full-time employees that are picking and packing inside of the warehouse and delivery partners are essentially independent contractors that we partner with around the whole country to power the delivery itself. >> so where do you stand on

this. >> we monetize products not people our gross margin and our contribution is made by the markup we have on the product. the delivery fees and everything else we've charged to the customer, that 1.$1.95 is an entire pass through to the driver we're keeping our ear close to the issue and we're listening to our driver partner every day and looking forward to kind of looking and iterating on the model for months and years to come essentially the model itself -- >> do you see -- right. >> go ahead. >> i was going to ask you, are you seeing inflation hit your business >> not as much as some other businesses have talked about, but we are seeing kind of some

post covid trends come through in a pretty aggressive way and we're adjusting as a by-product. we're adjusting not just from what's happening from an economy standpoint but from products consumers are asking for and being really, really aggressive on introducing those products to our micro fulfillment centers and getting into our customers quickly. >> you've obviously had tremendous growth during this pandemic how sustainable is it? how much of it is a pull forward? how much do you -- how worried are you about what happens when stimulus checks end? >> so if you look, gopuff was launched eight years ago in 2013 we focused on nailing the business model then scaling it so if you look, we had a little bit of an unorthodox beginning we didn't raise money for the first 2 1/2 years of business. we're ebitda profitable in day one. we focused on how do you build a sustainable and aggressive business kind of from day one. so we've been growing triple digits year over year since our

inception. the pandemic was an accelerant to that but we've been in this massive kind of rocket ship growth for the last eight years and we plan to continue to press on the accelerator in a pretty aggressive way for years to come. >> raphael, appreciate it. congratulations. look forward to following your progress i imagine one day you'll be ringing the bell at the nasdaq or a big merger with you at some point. appreciate it. coming up a little later the ceo and co-founder of disruptor number 23, tim ellis of relativity space will be on with folks on tech check at 11 a.m. eastern time becky? thanks, andrew we are just seconds away from lots of new data that's going to be hitting we've got jobless claims a revised look at gdp. in the meantime, the futures this morning still showing us that the dow is in positive territory. up by about 82 points.

s&p has been around the flat line the nasdaq is under more pressure down by 58 points this morning also should show you the 10-year note ahead of the data we're watching 1.613% that yield has ticked up a little bit over the last couple of hours rick santelli is standing by at the cme in chicago rick, a lot of numbers that we are waiting for. take it away >> yes a lot of numbers every one is very important on its own. personal consumption expenditure may be the most. durable goods, this is a preliminary april. down 1.3 then it's much worse than the expectations looking for up .8. strip out transportation, boy, you can see how that component played in. it jumps to up 1% which is better than we were anticipating capital goods order a proxy for capital spending zoom, zoom, zooming up 2.3 that's a good number that's 2.3 times our 1% from the last low finally if you look at shipments

versus orders up .9. basically as expected. jobless claims for the current week 406,000 on initial. new post covid low of course we're all waiting anxiously to break the 400,000 handle getting very close on continuing claims, 3.642 million. 3,642,000. and of course that isn't quite the post covid low of 3,640,000. seems to be that number. boy, we are really getting close. now let's look at gdp. came out the first look at first quarter, 6.4 it remains at 6.4 even though some whisper numbers were a couple of tenths higher. on the personal consumption side, boy, it did improve. this number is always important. originally released at 10.7. it moved now another handle. 11.3 now to the money ball numbers and probably why interest rates are a little higher today after

they've been drifting, 4.3 on the pricing index. 4.3. now we were expecting 4.1. 4.3 is the highest since the seconds quarter of 1990 when it was 4.6. now let's look at the personal consumption expenditure core quarter over quarter 2.5. we're expecting 2.3. now 2.5 is not a horrible number because if you're looking at where that has been, the big number there is 3.4. that's from the third quarter of last year. so that has moderated a bit, but on the pricing index, of course, that's stretching out. it really does seem to be all about inflation and there are corruptions in inflation data. year over year data that we see in many numbers like ppi and cpi are looking back on very depressed levels becky, back to you >> rick, thanks. of all those numbers, tell me what it kind of adds up to such a rush of numbers it's hard

to kind of sift through. what does this tell you on a grander scale? >> well, i think on durable goods orders i wouldn't get nervous. there's a lot of issues with the reopening that need to be worked out. i'm very optimistic on capital spending we made progress on claims, both initial and continuing although not a post covid low to summarize, i think today's big numbers are on the pricing index, on the gdp and the fact that the reopening is progressing albeit maybe there's going to be some moguls in the road >> excellent rick, that is tough to do. thank you. we are joined right now by jacob walthour kn neila richardson what do you think walking away from this? any numbers that concern you anything that makes you think, okay, this is maybe a little better than we had anticipated >> becky, it is good to see the numbers moving in the downward direction that we didn't see a

pickup in the other direction. i think what's interesting about the jobless claims numbers is that we have more certainty about what the labor market looks after september than what we have before september if you look at the vaccine rollout, the anticipation of spending this summer as people re-engage normally with the economy, the reopening of day cares and schools in the fall for full time, more confident than september what this data shows us is what the labor market is doing right now and you're seeing a little bit more momentum. we're seeing that in the adp data for early may as well so this is a good time pointing to a contending increase in the momentum in the labor market through the summer and into the fall >> jacob, does this change your mind about anything you've been thinking when it comes to market trends does this tell you anything's happening faster or has the market kind of figured out that this was going to be kind of the curve in terms

of the economic reopening? >> i've been focused a lot more on investor sentiment than i have been on the fundamentals of individual companies i think we're at that point where people are looking to interpret data like that which we received today and figure out what the fed is going to do with that i think they're also thinking about what could be coming out of the biden administration in the way of spending policies and what impact that could have on inflation and the overall market and when i think about the investor sentiment cycle, i think we're in that anxiety phase. as you know on the upswing of the investor sentiment cycle you have generally bullishness you have excitement. you have greed you have euphoria and then you get to a point that you have rational exuberance. on the way down you have anxiety, you have denial, you have fear, panic, capitulation i think we're still early on the

down side in sort of that anxiety category which just has investors uneasy i don't think that cash levels are rising or people are exiting the equity markets i'm just sensing from the price action in the markets that people are not necessarily committed to a direction one way or another in other words, they're sort of sitting tight with their seat belts on waiting for a clear pattern of positive moves to support the market and my concern is that we won't get that we'll continue to get a mixed bag. >> jacob, i have to say -- >> we have earnings coming in. >> the one thing i would say is any time you start to get a slight pull back or anything more than a couple of percent, it feels like there's so much money on the sidelines that is willing to come rushing back in that they've been waiting for a slight discount to come back in. that's the one thing that seems kind of hard to figure out what it would take to get that money on the sidelines out of

that gain buying every time there's a dip. >> you know, that's been part of our strategy here for thelast to 12 months you know, we think there's going to be volatility in the market, but overall we're bullish on the market so we look at each of these individual names and when they experience their own private bear market for whatever reason, we think that's the time to get in so when some of these big tech names more recently, you know, started going down, you know, 20% or more, from our perspective that represented another entry point for the big tech names i think that's what we've seen, that is tech names have started their own little mini rally here again in the second quarter. >> jake con, nela, want to thank you both for your time today great to see you. >> thank you, becky. when we come back, we do have some more new data. this time from the red hot auto sector don't go anywhere. "squk x"ilbeig bk.awbo wl rhtac

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welcome back to "squawk box. brand-new report on auto loans and how much americans are willing to borrow. phil lebeau has the latest numbers. phil. >> hey, andrew

fresh numbers from experian. we have crunched the data on millions of auto loans written in the first quarter what it shows is people are taking out larger loans and taking on larger monthly payments here's the new car loan data from experian. it was a hefty jump. 5% essentially the average amount borrowed tops $35,000. up more than $1500 compared to the same time last year. the monthly payment edging closer to $600 as much as kwe saw an increase i the used car market, the new car market is up 8% in terms of money borrowed topping 22,000 up 1686 with a monthly payment of $413. as you take a look at the auto dealer stocks which have had a good run in the last year. they are focusing on the used market as people are picking up bigger loans, andrew, in the used market, they're stretching out the loans longer now one out of every -- one out

of every four loans is at least longer back to you. >> how much will these tight supplies of new vehicles improve over the next couple of months in your own mind >> we've been told by executives that they believe the chip crisis is going to basically slowly improve and they're already starting to see it improving. they expect an improvement many people that we have talked with turn on the spigot becky, over to you >> when we come back, we've got a deep dive into the current

tech trade with noted investor dan niles. he's also sounding an alarm on inflation. stay tuned much more "squawk box" right after this break this is hannah, she's a posh virtual receptionist at the ready 24-7 to answer your calls and assist your clients. you can't be in two places at once. let posh answer. posh virtual receptionists. i hope the vaccine can get me one step closer to my fiancé. dance on stage. spin class! i can't wait for my patients to see my smile again. to hug my students. to give my parents a proper send off. to go salsa dancing. no. i can't wait for you to meet my mom. play my piano for my friends. to give high fives to our patients. i think we are one step closer to being...better people.

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♪ nationwide is on your side. ♪♪ welcome back to "squawk box. check out treasury yields following this morning's economic data. yields rise. dan niles is joining us, founder and portfolio manager at the

story fund what's happening with interest rates on one end and maybe a great rotation or not when it comes to big tech. what do you think? >> the key is when you go back to last year and what's happened over the past decade which is the middle of a global pandemic the s&p was up 15% last year obviously nobody would have thought that with foresight. the reason is you had a lot of stimulus multiples just expanded. at the highest levels in history. coming into this year we've really focused in on what are the value centric ways to play in the market and what are the reopening themes that really got beat up last year. so that's really what we're sticking with. we're off to the best start in 17 years for the fund by sticking with sort of those themes and then avoiding high valuation or shorting high valuation technology stocks where earnings are way out into the future, which get hurt by rising rates we think rates are going to go a

lot higher from here and tapering will start for the ends of this year that's kind of the plan we're sticking with this year. >> let's talk about some of your picks. these were some of the picks that you talked to us about before oracle is on your list jpmorgan is on your list nga is on your list. have you changed that list at all? >> no. we really haven't. we've just added some to it. when you had me on december 29th talking about my topics for the year i said we like the reopening plays. as you mentioned, jp morgan down 9 pers percent last year we liked it coming into this year that stock is up 27% as interest rates go up and treasury yields and as loan growth improves back half of this year, they should benefit they're trading at a 12 times pe you look at the energy space the xle. down 37% last year our feeling is, well, as energy demand improves, economies

reopen, do well. that's up 37%. remember, it has to be up close to 60% just to get back to even and recoup those losses. mga, people love electric vehicles but our belief was mga's a very cheap way to play that space trades at a 13 pe. that stock is up 36% they have relationships with waymo. there was talk a few years ago helped apple get into that space. same thing with oracle that trades at about 17 pe but it's a great cloud play and they have a cloud business that's doubling year over year and been given up for debt. that's -- we're trying to stick with that type of way to participate in the market and our top five picks for this year are up i think, you know, high 20% on average. >> dan, that was going to be my question if your top five picks, do you decide you're going to rotate out of those effectively you say, you know what, let's lock those gains

take that cash and move it else elsewhere? now it's almost reversed the faangs have become unloved >> that's a great question, andrew two of the nims that we started talking about as we got into the year were google and facebook. they're also reopening plays, but unlike a lot of the other faang stocks or the high valuation software stocks, you look at both of them, last year obviously the advertising market was down pretty hard, but both of those companies grew revenues, which was amazing to see in the middle of the worst recession we've ever seen in our lifetimes in terms of debt, but they also benefit as hotels, airlines, they start to readvertise. growing revenues to close to low 30% this year and that business of theirs should continue to

improve as economies across the globe start to open up so we like those then we've also added names like viacom people love streaming. well, if you look at viacom, the names trading at a 10 pe, 2.3% dividend yield they've got a streaming business about of $4.1 billion in size and we think it's growing this year 60% to get to that level so that is an incredibly cheap way to participate in streaming as you think about this year and the fact that amazon is taking on history gm, et cetera, so i think you stick with that, because the fed hasn't even started tapering yet and on dan niles.com, we put some charts up talking about the 1970s when inflation really started to pick up and even with 50% earnings growth over two years, multiple went from 20 times to seven times that's the risk at some point late. >> dan, zaire i ask, what have you sold >> well, we're sticking with the same stuff that we don't like,

which is we came into this year thinking tech stocks, especially names with no earnings, trading, you know, specifically in the software sector, 20 times ebitda to sales or greater, they would struggle, a lot of the names benefitted last year, you know, would struggle, we talked on the show before about how we've been short netflix and short tesla and stit short those names great companies, obviously, but they were up a ton last year, and much more than their revenue growth and you know, instead of streaming with netflix, we like viacom and instead of tesla, we like magnum so that helps protect the portfolio as well and in this case those names are obviously down for the year. >> tesla at 621 bucks right about now. what do you think fair value is? >> quite a bit lower you look at what ford said yesterday for example, ford and gm, they both are also valuation

ways to play the electric vehicles tesla stock, remember, went up 740% last year revenues were up 28% that's all multiple expansion. if you look at ford and gm, you know, they're still trading at low double digit pes, and they're both moving aggressively, ford, gmd gm, volkswagen their stocks are up 40 to 60%, so i think we're much better off being in those types of names to play the ev than a tesla where they're already valued to take over the world, and a long runway ahead with very strong competitors. >> dan, always great to talk to you to get your insights on all of it. and of course, we wish you luck and look forward to talking to you again very soon. >> thanks a lot, andrew. >> you bet thanks >> becky all right, let's get over to cnbc headquarters, jim kramer is standing by right now, and jim, let's talk about snowflake this company came out with better than expected revenue

growth but the loss was wider than anticipated, too, and what do you think after digging in with the ceo. >> the fastest growing tech stock in the world, operating cash flow that was positive and that's how you judge these company, not by eps, and i think that frank, working for boseman, whatever, unbelievable numbers for europe and asia, the single greatest disrupter of cloud analytics, he's got clients, everything from one side, amazon and google, to the other side, he just keeps picking up large companies, like the salesforce, that know that the sass model is not -- the sas model is not necessarily the cheapest model when it comes to figuring out how to bust the data silos frank will do what happened to service domain and others and he has a book out, i devoured it, it explains how powerful

snowflake is and i think the market systematically undervalued it and they don't understand frank, the flying dutchman, the greatest ceo when it comes to earnings per share there isn't any person in the valley who doesn't fear this man, because he's so competitive. and so good. the market doesn't understand it at all >> you know, it was down 8% originally, now down only by about 3% but i think you're talking about a bigger issue over year to date. >> look, the company, some of these listings are so awful, and there were three tranches of insiders that had to get out, that's over, andthere were a lot of people who just got excited because it came public during the period of maximum memes. this is anything but a meme. this is a man who basically said, when i asked him about exxon and esg, he said let me tell you what really goes on are you going to make the quarter. are you going to make the number he was so nonsense

i was scared of him for a long time but i made my peace with him, he sent me his book, quite grarchs, but everyone knows frank is the toughest person in silicon valley and now in montana. if i were montana, i would be real scared. >> you have a bit of a feat that i'm not sure how you're going to pull this off tonight. you have five ceos coming up on "mad money" and i watt trying to figure out how you're going to possibly cram all that in unless you kill all of the commercial breaks >> hp, gap and let's talk about the idea of esg and customers. we'll get it done. >> it will be a sight to see. >> thank you, thank you, becky congratulations to joe >> see you in a few minutes. >> congratulations to joe. bsuty.el >> scotty, graduating from high school today "squawk box" will be right back. . you see it. you want it. you ten-x it. it's that fast.

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welcome back to "squawk. a little more than a half an hour until the opening bell on wall street and dom chu joins us with a look at some of the biggest pre-market movers. what's going on, dom >> andrew, we will keep the retail tilt with traders and investors looking at some of those earnings reports coming out this morning, driving the

pre-market action. start with shares of best buy, 2%, 175,000 shares of trading volume that consumer electronics retailer posted both profits and revenues that both beat analyst consensus estimates and posted better than expected sales growth at established store locations and raised the full year forecast for the comparable store sales. next, a couple of discount chains dollar general, up north of a percent, roughly 40,000 shares of volume, better than expected profits and revenues here as well and comparable store sales also fell less than expected. it raised its full year financial forecast those shares up 1.5% but a different story here, on competitor dollar tree which is down around 6% 100,000 shares plus of volume at this point it too beat profit and revenue estimates, also comparable store sales estimates, but its full year profit forecast fell shy of expectations as a result, those shares down, becky, nearly 7%, two green, one red, back over to you.

>> so i guess the street doesn't think that dollar tree is just being conservative with its guidance >> it could be but if you juxtapose it to dollar general and some of the other discount retailers out there, it could be just a little bit of disappointment there >> dom, thank you. great to see you. well, that does it for us today, andrew. we will be back here tomorrow. >> we will. >> we will see you back then right now it's time for "squawk on the street. good thursday morning. welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber, and futures getting a bounce as we await the gop counter-offer on infrastructure solid revisions on q1 gdp and snowflake and nvidia and jobless flakes inching closer to three-handle at 406,000. and stocks higher on economic optimism and reports that the white house will