it is 5:00 a.m. on cnbc. here is your top five at 5:00. black eye for big tech the sector comes off the first losing month in six. my guest says don't count on faang for much longer. another hack attack. a developing story as the world's biggest meat supplier is the biggest victim of cyber criminals. banning the booze. airlines back tracking on resuming in-flight alcohol sales amid reports of rowdy travelers. oil on alert ahead of the

key opec meeting she is not taking anything for granted, especially when it comes to the saudis. and how costco is paving a path forward in warehouses across the country it is tuesday, june 1st. this is "worldwide exchange. good morning, good afternoon, good evening welcome from wherever in the world you may be watching. i'm brian sullivan thank you for joining us we chick kick off the trading w. let's jump in. futures are higher to begin the month of june. dow futures up 185 nasdaq up 52 we have momentum dow up six of the last seven

months s&p 500 is now up four months i a row. june looks to kick off five. outside of equity, it is not the same for crypto. crypto trades all the time right now, most of the coins are down again ripple is higher bitcoin down 2%. ethereum is down as well bitcoin below he $36,000 something to watch on the other side of that, we have to check oil. it is going in the other direction. it is once again higher. oil has been on fire this year the energy xle is on the longest winning streak in 11 years crude oil is higher right now. and an important opec meeting happening in a few hours iran may press to put more oil on the market as well. we will have more on that with

helima croft in a few minutes. oil is up right now. around the world, a mixed trade in asia. japan is lower chinese are higher and big gains across the board in europe. if you are not paying attention, watch euro more records for the index as well most of the averages up nearly 1% covid cases crashing across the continent. german cases are down 95% from the highs of early january all that inspite of a slow start to the vaccine rollout it is going strong right now cases are, indeed, crashing. good news. there is so much more to do on this tuesday let's now hit the other big headlines happening now. contessa brewer is here and joining us with those. contessa, good morning >> happy tuesday, brian.

it sounds like g7 finance m ministers are ready to support the plan for the global minimum corporate tax. a commitment to reaching a fair solution to allocate the rights to taxes no specific number is offered. a u.s. are proposal sets the minimum tax at 15% a reduction from the heavily pitched 21%. the world health organization is suggesting new names for covid variants the greek alphabet. they are difficult to say and difficult to remember and prone to misreporting. we all just start calling the variants by the places of origin which calls it discripple in that discriminatory. the b.1.1.7 is referred to as

alpha. and pat gelsinger says it could take years to resolve the global chip shortage he was at the trade show in t'aipei. gelsinger said the pandemic work from home led to explosive growth in semi conductors which placed a strain on global 134supply chains that explains it in part brian. >> semiconductor shortages if you are looking to buy a car or electronics, contessa, they have multimonth waiting times because of the shortage. >> it is not just a device or computer or cell phone it is impacting anything with modern technology which is pretty much everything >> yeah. the last time we went to buy an actual semiconductor, which was

never, i can't have to wait at all. that would never happen. i would like one semiconductor, please, and a bag of chips see you in a few minutes back to the markets. it is looking like a solid start to june. futures are surging. it is coming off a wild month for stocks the russell 2000 smaller caps in the middle of the longest monthly win streak since september of 1995. wow. technology is continuing to get knocked a bit. nasdaq snapped a six-month win streak in may. apple, disney, verizon, all down for the month. overall, a solid run dow up six of the past seven months joining us now is the potomac wealth advisers president. mark, do you remain optimistic >> absolutely, brian

we are concerned valuation is a bit high this song remains the same jerome powell and the fed. can we call him jerome powerful? he is driving the stock market train. as long as the fed signals it is not tightening and not worried about inflation and as long as congress continues to spend and they have plans with the infrastructure bill to spend, and corporations are responding with this reopening trade and capitalizing on it with strong earnings, why would this market continue to do anything other than what we have seen i realize emotion is powerful and people see lofty levels. they see higher prices look what happened last week as soon as we had a mini correction, money flowed back in and i think that's going to be the story for the summer >> if you like that, mark, stay tuned late near the show for the rbi. it has to do with the amount of cash still out there

i don't want to give too much away it is called a deep tease in the busin business how much money do you think there is sitting out there waiting to be put to use somewhere? >> those exact numbers are hard to find. there are trillions, personal balance sheets and corporate money market funds there may be millions too smart to buy into the rally and say i don't believe in the rally they are coming off the sidelisid side sidelines. we seeing fear over girth trade. you see people buying. last monday and tuesday, down 4% the market rebounded it is not stopping this morning. we saw the action overseas the liquidity for stock markets, it is like oxygen. you get too much, you get too

high not enough and you're going to die. for the markets, this liquidity is getting them high >> you are whrhyming all the tie mark before you go, where can we make some dough >> i think we never abandoned tech we broadened out to financials that has proven to be a good trade. i think you can also look at the permanent impacts of the shift from covid i know everything is spiking travel is spiking and things like that. this move to the suburbs, this housing burst we're seeing, that's a permanent change. when you buy a house, you need cars you have families. you need two cars. i think the good way to look at a long-term sustainable trend is look at the auto parts we like advanced auto. we like auto zone. it is a little off the high right now.

when you look at the trend for people owning more cars and take t takeing two kids to school that is a trendy would suggest has legs >> all right good stock picks mark, you might like this. a couple of months ago with used car sales. i said get ready for 2021. it will be the summer of the traffic jam. everybody who bought cars will be driving them. mark from potomac wealth advisors thank you. we have a lot more to do on this tuesday coming up, why tesla is cutting futures again. and private equity on the move ready to take a software company private. it is the mystery chart. we'll tell you who. and later on, why southwest and american airlines are shelving plans to bring back the in-flight booze. a few of you ruined it for

everybody! dow futures up 178 we're back after this. memorable as eatingnot as turkey hill chocolate peanut butter cup ice cream with real cocoa. well, that's the way the sandcastle crumbles. you can't beat turkey hill memories. it's not some magical number. and it's not something we just achieve at the end. it's a feeling... of freedom to live our lives the way we intended. though the ups... ...the downs ...all of it. this is financial security. and lincoln financial solutions will help you get there as you plan, protect and retire. this is lincoln financial.

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welcome back. time for the three movers of the morning. tesla. prices are higher because the supply chain disruption. musk was responding to a twitter user who says he doesn't like the direction the company is

going in by raises prices and removing features like lumbar support for the model y. tesla raised prices on the model y and model 3 for the fifth time in recent months. stock two is cloudera. the wall street journal reports that they are close to take the deal to take the company private. they are expected to pay $16 a share or about a 24% premium to the closing price. that stock up 18% right now. stock three is not a stock at all the renaissance ipo. investors may no longer be falling all over themselves for new offerings. the average first day pop on ipos was quote only 18% in may still a big number, but down from 40% in january and

february that data, by the way, does not include spacs. that market appeared to have dried up mostly for now. on deck, it is happening again. hackers going after and paralyzing one of the world's biggest meat suppliers well get more details on that big story. dow futures up 176 looks like a good start to the trading month of june. we're back right after this. >> announcer: today's big number $1.8 trillion. that's the projected deficit president biden's run would run for the next fiscal year that's a drop of more than 40% from last year's record decifit. i became a sofi member because i needed to consolidate my credit card debt. i needed just one simple way to pay it all off. it was an easy decision to apply with sofi loans, just based on the interest rate and how much i would be saving. there was only one that stood out and one that actually made sense and that was sofi personal loans.

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but even i'm not as memorable as eating turkey hill chocolate chip cookie dough creamy premium ice cream and chasing fireflies. don't worry about me. i'm fine. you can't beat turkey hill memories. welcome back booze, snoring and free samples. what do they have in common? hopefully not a lot. they are all in today's top trending stories contessa brewer is back to tell us why contessa, it sounds like a bad saturday night in the sullivan household. >> i'll take these all together for you. are you ready? first, american airlines is joining southwest holding off resuming in-flight alcohol sales following increasing reports of unruly travelers american had been scheduled to resume alcohol sales today on board, but now those will remain

suspended until september. in a statement, southwest says based on the rise of passenger disruption in flight, we made the decision to suspend the resumption of the alcohol service in flight. more than 1 million people took to the skies on memorial day weekend. the most since the pandemic began. fitbit is adding snoring detection to the smart watches according to the report, the watches listen to the ambient noise for snoring. this is like divorce waiting to happen and costco is bringing back free food samples. the company announced it is phasing in full sampling as early as this week after a 14-month hiatus. you can expect a few safety changes, including the samples prepared behind plexiglass and

smaller batches and one customer at a time. fat chance when you have gone, you know what it is like. kids playing soccer. it is a big mosquitoes swarm around the sample cart you know what i'm saying >> if you combine all of the stories, you can't give out free samples of booze on a plane while handing outf fitbits sdplcfitbits. >> it is all about the elbow to the head not the fitbit letting you know, knock it off >> i don't know it is supposed to wake you up it is to prove you are having disrupted sleep. how is that helpful? i don't 't snore.

>> years ago it was drunken idiot. now he is an unruly passenger. >> true. >> contessa brewer, thank you. see you in a few minutes. all right. like any great movie, americans love a comeback story. great movies may be coming back and at the movies. shhh paramount is "a quiet place 2" taking in $57 million in the four-day opening "cruella" pulling in $26.5 million. and joining us now to talk about what all of this means going into summer as covid fades is bowtie cinema ceo of theaters owners of new york is joseph masher

joseph, you have a big smile well deserved after more than a year people are flooding pack into theaters what kind of summer can we expect at the movies i have to imagine there are a ton of awe some movies waiting o be rolled out because they were not rolled out in the last year. >> you are right any studio executive's belief that a movie belongs on streaming, that model is shattered with the numbers amazing weekend coming pack into the theater. during the shutdown, people locked in the homes and really have missed that communal experience we are looking forward to big movies coming out. yes, some will be the pandemic model release on streaming services there are so many movies, including fast nine coming up at the end of the month in theaters as i said, the profitability of

the movie is exclusive to the theater. we proved it this weekend. it was fantastic >> isn't that part of the thing? that's like retail we talk about brick and mortar everyone is talking about that is dead and going online we want to get out isn't that the point of going to the movies it is a giant screen and better sound and comfortable chairs idea is to get out of the house, jo joseph >> exactly you can't get that experience from home. sitting in the room with strangers even post-pandemic is something you can't get some place else you are squarcared. "the conjuriconjuring" is comint this week. it will do well this week. "the heights" in two weeks it will be available on streaming services as well

the studios are realizing that theater exclusive is the way to go we are back and not going anywhere >> how many movies have been done for a long time, joseph, but not rolled out streaming just waiting to be rolled out? i can't remember some of the titles is there a giant backlog >> there is. as i understand it, between 70 and 80 movies that were not released during the shutdown that did not hit streaming services waiting for theater release. a lot are small titles very good movies i saw one "dream course" which is playing in theaters it was a great movie and it was a great night going out. >> i think "top gun 2. are you ready for maverick a 62-year-old fighter pilot,

joseph >> everybody is ready for that that is the one people are waiting for, but our difficult is getting staff to come back. during the shutdown, people found other jobs or with unemployment, they can make more money on unemployment than coming back to work. it has been difficult for us getting people back. with about 70% of the nation's theaters open right now, i think unemployment will start waning off and people want to come back to work. >> there's going to be a lot of people working double and triple shifts i see that at restaurants and retail and so many businesses across the country joseph, good news. the movies are back in the movies joseph masher, have a great day. >> thank you that labor shortage story is the news that keeps on giving. let's get a check of the other

headlines. including more on the mass shooting in miami over the weekend. frances rivera is in new york with the latest. >> brian, good morning an urgent manhunt is under way for three dangerous gunmen we have images of the suspects police sharing this video of the three leaving the suv with assault weapons. these men are accused of shooting 23 people outside the concert hall and killing two of them the nissan pathfinder pulled from the canal is the same one driven by the suspects. naomi osaka stunned the tennis world withdrawing from the french open citing her mental health and a deeply personal messages. this move comes after her being fined $15,000 and suspension. and the asteroid the size of the space needle is expected to

drive by earth the space rock known as 2021-kt-1 is about 600 feet. it will whiz by earth at 4.5 million meiles away. brian, i hope this is the only headline about the asteroid. it will be bad news if we do other stories on it, obviously >> yeah. no more giant asteroid whizzes by the planet. frances rivera, thank you. have a great day >> you, too. thank you. right ahead, tackling iran tensions and the latest on the so-called fragile five helima croft's key things to watch ahead of the opec meeting. dow futures are up stick around

can stocks winning streak roll on? the big index looks to make it five higher months in a row. can iran's oil ambitions bebe contained? helima croft is here ahead of the opec meeting. it is happening again. this time with meat, not gas criminals hacking into the world's biggest meat supplier systems and operations are

forced to shutdown it is tuesday, june 1st. this is "worldwide exchange. here on cnbc welcome or welcome back. i'm brian sullivan it is 5:30 on the east coast thanks for joining us on this tuesday. here is how things are setting up their day they are setting up nicely futures are higher across the board. dow futures are up nearly 200. nasdaq futures are up 60 points right now. the momentum rolls on. the dow is now up for four months in a row and higher six of the past seven months s&p 500 is up four months in a row. small caps are saying, you know what get out of the way, stats. we will one-up you

russell 2000 up for eight months in a row since the streak ended in september of 1995 if the russell 2000 ends the month of june higher, that is nine in a row and would break a 30-year record wow. watch the small caps. outside of equity? crypto, not so much. another rough weekend. bitcoin back below 36,000 ethereum down as well. crypto everybody is waiting for the bounce which simply has not come the question he iis are they fon a triple bottom? can we hold at these levels? we have to see crypto again. on the other side is oil one of the surprise winners of the year surprise to many oil is higher once again 68 and change. for wti crude, 70.

and the elx energy etf. that is the longest winning streak in 11 years wow. talk about win streaks gold coming off its best month since july of 20 silver since december of last year both soaring in may 8% big moves for the metals and oil. speaking of oil, we have a very important opec meeting happening in a few hours overall, the belief is the group is likely to stick to the current pace of gradually easing supply curbs throwing 350,000 barrels a day back on the market as they try to balance out the recovery and demand and against a possible push of increase in output primarily from iran. let's talk more about this may shakeout with our friend helima cr

croft, head of rbc helima, how do you see it shaking out for opec today >> the expectation is going into the meeting that you likely will have incremental addition. opec putting on 350,000 more barrels of production. saudi arabia adding back 350,000. the total addition from the group to 700,000 the question mark is do they do more because the iran talks did not produce the breakthrough that some expected the question is are we looking at a bigger add from opec plus does saudi add more barrels or stick to doing 700,000 collectively that is decided today. the russians are once again pushing for more barrels on the market all eyes are going to be on what

the prince will do >> he was on the take jumping the gun. saying the global oil markets can sustain a gradual output the ministers don't say these kinds of things unless they want the message out there. is the message from iran, kuwait and others, they want to be able to sell more oil >> i think the big debate is i think we will obviously get more oil the question is what is the volume what is interesting now with the opec meetings is we get two announcements. we get the opec number and the saudi number that is interesting. do we get an incrementally higher number from opec of 350,000? do the saudis stick to 350,000 do they add more it is not just one decision. it is the combination of the decision you have some producers wanting to be a little more cautious they say, yes, the u.s. looks

great with gasoline demand europe is reopening. we have the problems in india and covid. the third largest oil market for demand japan is looking shaky now with covid as well. the question is what is the incremental add that we will see? if we have the steady as we go, that price will likely move higher because it doesn't look like we are getting the immediate return of 1 million plus iranian barrels we think the barrels will come in during the back half of the year they did not get the progress meaning it is an imminent issue for the market >> the iranian barrel, helima, is on the market to much extextt secret sales or turning off the gps. it is not like iran is not selling oil around the world we know they are the question is how much

they want to return to, let's call it, the visible or semi-legal oil market under the u.s. oil sanctions how much more additional barrels do you think iran would or could put on the market and assuming there is additional barrels, helima, can increased demand -- former manhattan residents like you are now driving around, can it withstand that supply increase >> you are right the iranians are shipping barrels off to china which is more disconnected from the international financial system some would say look at the floating storage built up? iran is looking to place barrels into other key markets like europe and japan and get better economics for the barrels. i do think when sanctions are lifted, we are likely to get the initial big show of force from

i iranians that they are back. you say is there is million extra barrels ths that they can bring on i say you are right. the question for opec is if you are not getting additional iranian barrels right now, but some time later in the year, do you need to add more yourself in the market the dynamics in washington are key as well. are you getting information from the administration that they want more barrels on the market to cool off prices >> helima croft, seal ye you one virtual call later today thank you. now to that developing story involving criminals targeting the world's biggest meat processor. another major hack attack. br contessa brewer is back with that contessa >> brian, brazil's jvs say units

in australia and north america were hit over the weekend by an organized cyber attack on the information systems. the attack forced the company to shutdown the australian operations yesterday it is now working to resolve the issue. the attack reportedly halted the jbs meat packing plant in c canada it may halt some features for the company. this is after the ransomware three weeks ago which resulted in shortages at gas stations and long lines for customers it also comes as the meat industry recovers from the pandemic where infections shutdown plants and disrupted distr distribution that with higher feed costs and increased demand has driven up demand for meat and poultry

the price of beef and veal is 3.3% over a year ago and we are now watching what the jbs shutdowns will have on the meat industry. especially if it drags on for more than a few days >> a big story that we are watching eamon javers is on that as well. contessa brewer, thank you big story there. all right. on deck, a long overdue push by financial firms to support black businesses on the 100th anniversary of the tulsa massacre we will get more on that. as we head to break. china announcing a shift in the child limit policy to refresh the aging population raising the birth threshold to 3 per couple, not 2.

shares of sofi are trading on the nasdaq today. the move comes after the friday's deal with sofi and another spac how would you like $1 million or a year of free groceries? take the money kroger is offering customers, workers and anyone else who gets the vaccine the trchance of tho prizes and more. a collaboration with the white house to help get the u.s. toward more americans being vaccinated. > w futures up 180 we're back in a moment

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welcome back today marks 100 years since the tulsa massacre the demolition of what was once called black wall street now there is a new push by financial firms to create and support black owned business frank holland joining us from tulsa with more. frank. >> reporter: good morning, brian. more than $1 billion has been pledged by u.s. financial companies to create, support or provide capital to black owned businesses or address the wealth gap or other social or other ine inequities the largest by jpmorgan chase.

not the only one others going to black women owned businesses and others to black owned banks. black businesses were disproportioned during the height of the pandemic 41% of those businesses closed compared to 17% of white owned businesses founder and coo john hope found in 96% of black businesses say the owner is the only employee and they have the potential to create larger economic development in the broader economy. >> those employees are paying mortgages. paying for car notes paying for school fees paying for gas at the gas station. going to restaurants the ripple effect in the

neighborhood is obvious and significant. >> reporter: and the racial wealth gap is just over $11 trillion according to duke university research, it could be higher up to $13.5 trillion mckenzies put out research about the impact of on encclosing the wealth gap it could increase gdp by 4% to 6% that per capita increase if you look at it with 3% annual inflation as we saw in april, with 3% inflation, that per capita increase by 2028 would have more spending power than all three rounds of stimulus back to you. >> some big numbers there. frank, how much would supporting black businesses help close the racial wealth gap.

is there any way to measure that >> reporter: brian, great question it has controversy to it it would help. you have to look at the situation with black businesses. if you look at the combined revenue of all black businesses before the pandemic, it was $270 billion. brian, if you look at walmart's annual revenue in 2020, that is about $540 billion black people need to support black businesses to close the gap, we would have to create more that is why there is hope for the financial companies to build p more black businesses and generate more wealth that is one of the big things about greenwood. the black dollars stay in the community and generate more wealth >> frank holland in tulsa, oklahoma frank, a lot of stories to be

told we see the memorial behind you we look forward to the reporting all day. thank you. >> thank you, brian. an important story there on deck, perhaps the biggest money reason to be bullish on stocks it's a statue have to hear and it is the morning rbi. jeff is here to react. a friendly nudge subscribe to our podcast all that as futures surge 'rba .%. wee ck after this. wealth is your first big investment. worth is a partner to help share the load. wealth is saving a little extra. worth is knowing it's never too late to start - or too early. ♪ ♪ wealth helps you retire. worth is knowing why. ♪ ♪ principal. for all it's worth.

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i've loved trucks since i was a little girl, and now i get to drive the biggest, coolest trucks there are on the road. on my routes on a daily basis i might have 1,100 to 1,400 stops which to me that's 1,100 opportunities to connect with my customers. everyday is another chance to bring a smile to someone's face, and that's what makes me excited about tomorrow. it is time for the morning rbi. today, let's get random but interesting about money because money is booming not crypto or gold or whatever you want to consider money, but actual money the amount of cash going into money market funds, basically savings accounts, is soaring according to epfr, flows in

funds they track hit a one-year high recently. the extra boost that has come has pushed the amount of money gone into u.s. money market funds to more than $300 billion just this year let's say that again louder for the folks in the back. $300 billion has been thrown into u.s. money market funds in 2021 in just five months. look at that chart the amount of money going into boring money funds is double that over the next biggest group which is u.s. bonds. global stocks are third and u.s. stock equity is fourth on the list epfr notes this surge is due to quote epic levels of fiscal stimulus and the view that covid may be winding down in a few months

why do you care? at some point that huge amount of cash may be put to work doing something. more than sitting in a money losing money market fund and whatever it goes to, could have very nice up side ahead. especially if inflation eats the value of that money. random and hopefully interesting. let's find out if it is and where that money is headed and bring in jeff, chief investment at capital wealth planning i thought you would like that rbi, jeff. i put it together thinking about you. all that money just sitting around being eaten by inflation. do you think it comes in the equity market at some point? >> if past is prelude, brian, the money will come in somewhere around the top or peak in equity prices that is the way it has always been and that is how i think it

will be this time. >> where is all that money coming from? is it just central banks the amount of cash in the world is insane. >> well, i think, you know, the american consumer is giddy with cash they have more cash than they have had in a long time. they are sticking it in a money market, which i guess is okay. i prefer stocks because we are in the secular bull market that will continue to play for the next few years >> i was going to say, jeff, you have been bullish and you have been right the markets have soared the last couple years realistically? 22 times on the s&p 500. strip out tech which is a lot less if i had more hair, i'd be elvis. how long can this go on? >> the typical secular bull

markets tend to last 15 to 20 years. look at 1959 to 1960 affair. are there bullbacks? yeah in the '82 to '00, we had the crash. a lot of people turned bearish it wasn't true it was a pull back in an ongoing secular bull market that continued to trade higher of the we are 12 years into this thing. we should have another three if not ten years left in it >> we're looking at a five-year chart. you see the trend line you talk about the loss of a good friend in your notes. our sympathies for the loss of a friend no one likes to see someone move on you use that as a reference to time sort of how people view things in their life and the importance

not only of life, but if you talk about the markets why do people seem to love stocks at their peak and hate them at the bottom if you were smart enough or brave enough to buy stocks in 1977, you are sitting with your grand kids on a giant yacht right now. how do we alter our thinking about the way we look at markets? >> that's just the nature. human nature of most markets not just the stock market. commodity market and bond market, et cetera. people should hate them when they love them when they're cheap and love them when they're cautious at the peak i have been in the business for 53 years that's the way it has always been i have been looking at markets for 60 years that's the human nature of the beast. >> and using that 53 years of experience, jeff, what do you see right now?

any part of the market you particularly love or hate? your quick thoughts on crypto? >> peter taught me not to invest in things i don't understand i don't understand crypto. i have not really delved into it i like financials. i like technology. i really like financials here. they're cheap. my father tells me good things happen to cheap stokes stocks we buy them. strategically, we sell out of the money cover calls. partial positions of them. not all of them. it is a real good income strategy for someone my age. i'm 72 years old. i'm looking for do at capital wealth >> the biggest of the big banks or regional banks or all of the

ab above? >> all of the above. including brokerage firms. >> i left that out d, all of the above. brokerage firms. well liked by jeff saut with 53 years of experience. we appreciate you bringing it to cnbc thank you very much, buddy see you soon all right. jeff remains optimistic. a lot of experience. futures indicating that optimism dow and s&p up .50%. oil on the rise as well. crypto is flat a lot more to do on the first trading day of the week. welcome to june. quk htertomorrow rig he. "sawbox" is next an idea... and became a new tradition. this is financial security. and lincoln financial solutions will help you get there as you plan, protect and retire.

good morning green arrows, big green arrows can arrows be big on the first trading day of june? indication that june to be in for a strong month ahead. an indication that the world's biggest meat supplier hit by a cyber attack. the struggle is real the industry from cars t computers dealing with the chip shortage the intel ceo doesn't see the situation easing any time soon it is tuesday, june 1st, 2021. a very special day on "squawk box" which begins right now. good morning welcome to "squawk box" here on cnbc i'm becky quic