it means "cyan-ora" honor roll. the epson ecotank. no more cartridges. it comes with an incredible amount of ink. just fill and chill. it's 5:00 a.m. on this wednesday. here is your top five @5 stocks may be hitting snooze, but commodities crushing it lately not convinced? we'll show you the record-breaking moves. first, gasoline, now a massive part of america's meat supply more fallout from the latest criminal hack. is it time to get tougher on russia taking on the s.e.c., a new report highlighting the growing tension between elon musk and american regulators. it's not over just yet why zoom may prove the stay-at-home trade can still make you money

and amc getting ready for another wild traying day agency the investors and ceo look like they're banking coin, at least on paper it is wednesday, june 2nd, and this is "worldwide exchange. well, goorng good afternoon or good evening from wherever in the world you may be watching. happy wednesday, i'm brian sullivan let's get right to it. here's how your money and global markets are setting up their day. stock futures, they are a little muted and a little mixed kind of the same story for stocks yesterday dow futures up all of 7 points, nasdaq down 22 again, same as yesterday in the markets, we saw the dow rise and nasdaq was slightly lower. let us check the crypto. a little more movement here a little better day. bitcoin, here yum, xrp,

litecoin, all up ethereum the best of them up about 7% on this wednesday why don't we forget stocks and digital commodities at the moment because the world's hottest markets are coffee and oil first off, coffee, if you're not paying attention,you're going to be. coffee is at its highest level since november of 2016 it has taken off like a rocket the last couple of months. and oil at its highest since october of 2018. by the way, the xle energy etf is one of the best performing etfs this year all in all, filling up your tank and maybe grabbing a come of coffee at the gas station, both of those, no doubt, are going to be costing you a lot more soon if they're not already well, the oil is not hurting the asian markets, at least not

in japan the chinese market down 1/5 or three quarters of 1% european stocks have been hotter than averages here in america, because their covid cases are also crashing, vaccinations are on the rise. and a lot of talk on the reopening, they tend to be two or three months sort of behind our story here and the european market up the color is green but should be red, because they have been hot. all right. a skull with china, dogecoin, insider trading allegations. let's get more more on this morning's top headlines with contessa brewer. good morning, contessa >> good morning, brian the treasury department confirming that treasury secretary janet yellen and lui spoke for the first time on the video call yellen

discussed the plan's, and a quote here, continued economic recovery and importance of cooperating on areas that are of u.s. interests starting today, crypto exchange coin base is offering opening on dogecoin the company plans to launch in three phases, post only, limit only, and full trading dogecoin is up about 8,000% for the year currently trading up 19% however, it's dropped more than 50% since reaching a high in may. and the innew york ago ago asking a kodak ceo to testify. the petition claims that the chief executive bought shares of the company's stock while in nonpublic talks with the trump

administration over a loan worth hundreds of millions of dollars intended for shoring up chemical production which was then in short supply so it looks like the attorney general would like to see some of her questions answered. brian. >> is that amazing that dogecoin is up 8,000% in five months? but yet is down 50% from its high up 8,000%, with a 50% drop dogecoin, contessa >> well, i think that the federal reserve chairman probably had it right when he said that these particular currencies and these are his words, are vehicles for speculation. because that's what you see right there. >> yeah. understatement of the century. those are vehicles for speculation. dogecoin contessa, thank you. we'll see more of contessa in a few minutes. but now to the macro markets and your money your first guest today says if

you think the run for so-called value stocks is over, you are simply not studying your market history. ryan payne of payne capital management joins us now. why do you say that? how long can the growth-to-value shift and the value run historically go? >> it can go a long time, brian. you know, i was on your show last august, and i was talking about energy it was almost like a curse word last august saying, look, it might be a good time to move out of your pet positions and move into energy. we've seen is a huge move up xle is up, $68, it's live right now. and to think of the thought of wall street right now is maybe this whole trend is transitory you know, big tech's going to be the place to be like it was the last decade. and we're having this move up in inflation right now, as the fed says is transitory, not

something that's going to last a long time. if you look at eye value cycle, historically, could last as long as 33 months we're only six months into this. it was really only november that we first got the vaccine news that all of a sudden we start to see the big rotation out of big tech or what i call long duration assets, anything that you're looking for profit. in some cases, 100 years, in you're tesla and you're really seeing money move out of of that department, into the more cyclicals that profit from profit and accelerating that's what's happening right now. >> yeah. and we've shown that the gap between oil price and oil stocks is a huge gap. usually when oil is 60 or 70, oil stocks are up there somewhere. maybe they're not, your point, the dirty word, eft, people have dumped it. but the valuation gap between the russell growth sector and the russell value sector is still historically high.

that's going to come down, you think, at some point >> yeah. it has to. it has to. look at the end of the day, markets to earnings, at the end of the day, markets are going to find where profits are accelerating last year, it was the perfect storm, right we're all locked in at home. if you're peloton, you're thanking the market gods that look, you're going to come out, everyone is locked in homes and buy your bike. like the perfect storm, right? now, we have the exact opposite. people are going outside again people are going on trips again. people are going on vasionation. so all of that money is going to flow basically being outside, not inside who benefits the most all of the stocks that got hammered last year and all of the profits that accelerated are going to be in those areas. >> so, ryan, what do we do buy oil and gas stocks here? what are we buying, what are we doing? >> yes the trend is not over.

you haven't missed it. i would add energy here, i would add financials here, i would arterials. anything that's cyclical brian, you got to have in your portfolio. you mentioned europe, europe's run hot. it should be red this morning. i have oil globally, next year, gdp growth is even faster in europe than the u.s. you've got to be global here you've got to be in value positions. you got to have cyclical positions and move out of everything in tech most portfolios are still the portfolios of the last ten years. >> who would have thunk it ryan payne, payne capital management, a pleasure good call back in august thanks for joining us. >> thanks, brian >> you're welcome. we're just getting started speaking of red hot, it was red hot and ice cold now it's heating up again, what

zoom results may say about the stay-at-home trade plus, memes, executive buys and stock sales. shares of amc set for just another wild day in the market look at that chart and later on, back from the brink. how one major u.s. oil services company clawed back from bankruptcy and is ready to trade again. what do they see on the booming oil trade. we'll find out with the ceo of weatherford. dow futures up 16. and we're backig aerhi rhtft ts. 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.

time now for your "big moneo hear about hp enterprise, sales jumped. but shares down 1.5% stock two is what else amc, the ultimate meme stock right now. shares up another 20% or so. who can keep track after soaring 23% yesterday. they're up 27% right now sources say a hedge fund called mudrick capital quickly sold its stake at a profit, leaving the shares to be overvalued. amc sissued 2.5 million shares o

mudrick. look at them go. and not to be outdone, nucor, the hottest stock in america that is maybe not a day trader's favorite sharing nearly doubled this year xm etrading metals trading at higher than 9% in the year in the past few months, nucor shares up 80%. that's almost double the next performing s&p 500 company in the past 90 days you go hot, rolled steel all right. on deck, we're talking disruption, artificial intelligence and changing the game on insurance. as one of europe's biggest unicorns, we are back right after this today's big number -- 80%. that's how much more energy is used mining bitcoin today

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wefox, the largest ever, for an insurance technology company the new kcash infusion giving wefox the most valuation of $3 billion. the company's co-founder and ceo julien hiken julian, great to have you on i want you to explain something to our audience. you can't go ten minutes on cnbc without hearing about fintech, fin tic, financial technology. you are ensure tech. what does that even mean >> it's so great to be on the show, thank you so much. insure tech means there's a new wave coming to one of the largest industries in the world. it's a $5.2 trillion industry, insurance. it works in the pretemperament

era. and investors have understood that insurance is the next big industry to be truly disrupted by technology who make it more customer centric the larger companies will have a tough time keeping up with players who have more capital. it's the largest investment with intratech companies globally, a signal to join the revolution of making insurance from the paper based product that is very opaque, very complex for customers, to a truly customer centric product that we're spearheading with good insurance movements. >> and one of the reasons we wanted to have you on as a private company, i know you're going to say you are you and wefox, but talk about a company called lemonade.

that's a company our audience knows. they're trying to do the same sort of thing as wefox are they competitors? talk to us how the global -- do they have so much of a head start that it's going to be hard to take market share from them, because they have been, or the stock's been volatile, but it's been a hot story on wall street? >> we're looking at $5.2 trillion industry. newbies on te at 0001% market share. the new incumbents, all of the new players are ready to really tackle the big players and together in it and because what we're brinking to insurance is customer centricity something that hasn't been in insurance for the last 150 years. and this is a huge opportunity for investors. we're just at the very beginning. but our approach, and there's a huge tradition of large european insurance brands making it

global, right? there's the first kind of generation, like an allianz, like axa, we are a second generation from europe to really become dominant globally and our approach is a bit different. our approach is we say insurance agents, human insurance agents are not dead in fact, they're more in life than ever. and what we do, we provide insurance agents with technology to help them consult customers in a more customer centric way we have proven to be growing faster than any intratech peer and at profitability so a revolution. >> julian, as you know, there's a lot of smart people in insurance. they've been doing this a long time you come along and they're probably snickering and saying, we're smart. we know how to do it if there was a better way to do it, we would have done it already. what would you say to that

>> i would tell you the truth. i've been looking at why insurance is the way it is customers are paying money insurance doesn't need to pay that right away, they can make more money from money paid in. that business model is over normal capital return and insurance customers don't accept this complexity. this bad customer experience and it leaves room for new players who have technology and the customer at their core, and we're only at the beginning and technology is beginning with wefox. >> wefox, $603 million funding, $300 billion foundation. julian, thanks for joining from us berlin. >> thank you, brian, my pleasure let's step outside of the money and business for a said for a more important story that

is the latest of the mass shooting in miami. let's get more on that and top headlines from nbc's frances rivera >> reporter: hi, brian, good morning. the men accused of killing people outside of a miami hall are still at large there's a $130,000 award for leading to new information to an arrest president biden taking on restrictions in republican-controlled state. he's tasked vice president kamala harris to lead the administration on voting rights and take the fight to the american people. and how far would you go for a dog? one teen fighting off a grizzly. you see the bear with the two cubs, the house dogs are barking up a storm and the doingg mom, she shoves bear, gathering the dog inside

the house. runs them back in. doesn't even skip a beat doesn't even flinch to push that bear to the other side of the wall >> that's -- i mean, first off, you know, frances, you hear about the california golden bear that is the golden bear. but that teenager, 17 years old. amazing bravery. that's a giant bear. also, by the way, can we give a shoutout to the dogs she has like six of them but those two little -- whatever they were, they weren't afraid either >> no fear all she did is sprained her finger that's it. easy peasy >> shoving a 1,000 pound beast would do that. i would have been hiding in the kitchen. frances rivera, thank you, great video. yeah, that is the golden bear, frances, thank you very much wow, scary stuff and, by the way, protecting the

bear cubs, makes it even more -- anyway - still ahead, first gasoline, now america's food supply chain under pressure as russian-based hackers once again try to take control of a major computer a gentle nudge, if you will, subscribe for our pod cast dow futures up 6%. bitcoin and ethereum up 6% oil is up. we're back after this. 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. it felt so freeing. i felt like i was finally out of this

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stocks may be facing a rather sluggish start to the summer, but a pair of commodities, poke away why bean juice and black gold are the new themes of 2021 is the stay-at-home trade dead don't tell zoom. earnings crushes but a bit of a caveat and elon amazing the s.e.c., new about indications from the government against the tesla ceo against -- what else some of his tweets this is "worldwide exchange. welcome, welcome back. 5:28 here on the east coast on a wednesday morning. hope you're having a great start to your day. thanks for joining us. here's how your money and global

markets are looking as we're just about through the 5:00 a.m. hour stock futures, they are in the green. not going to make too much of because the moves are not high dow futures up 28 but up nonetheless. nasdaq futures are down, but their fair value is up, too. we'll gaul that flat to mix, shall we either way, a theme we've seen lately yesterday, the dow is up a little bit nasdaq down. investors, some of them seem to be waiting to see how the recent growth to value trends may ultimately be shaking out. let us put stocks aside for a moment, shall we as we said, the hottest markets are not the major stock averages rather, they are coffee and boil if you're not paying attention, you're going to be the next time you pay. coffee at its highest price since november of 2016 ohio at its highest, since october of 2018. and with that move in the

commodity, it has pulled, dragged energy stocks along for the ride look at this year to date, marathon, up 107%. faang, the original faang, dimon backed energy. up 79% of course, many of these names were beaten up, heavily shorted. if you own them, you don't care why, all you know, you've made money on paper stocks well year to date, specifically, oil and gas is the number one performing major sector, unloved, hated, forgotten about and yet been red hot. by the way, we're going to have the ceo of the newly -- newly trading on the nasdaq weatherford. that ceo will join us to talk more about it in the next couple of minutes well, maybe your top stock story today, nonmeme stock, of

course, is zoom. zoom earnings boomed, earnings beating estimates across the board. however, the company did warn investors that its revenue growth will only, air quotes, be 50% for the full fiscal year i want you to note this, this could have been an rbi, stat on zoom zoom's sales have gone from $60 million a year a couple years ago to on pace to hit about $3.6 billion this year. wow. joining us now is deutsche bank senior analyst covering communications and infrastructure technology, matthew victor mat matthew, great to have you on the program. 68 million in sales to 3.6 billion today. "a," is any of that sustain, "b," is that reflected in the stock and hitting its highs for

the next couple of years? >> hi, brian great to be with you thanks for having me on. i will say, absolutely, this is sustainable, we're modeling close to $4 billion in zoom revenue this year. as you noted it's about 50% year on year growth i think the issue with the stock and the reason why we got that rating, if you think about the growth this past quarter, we've got them exiting the year closer to 20% in growth, probably to midteens to 20% at 21% of next year's sales it's tough to make the case for the current stock with valuation >> even though sales have grown, so have the costs, 12 million five years ago to 800 million. they're adding people, they're adding computers, whatever

what's impressive to me on the balancing sheet, it's over $670 million or thereabouts even with that growth in actual cash flow, do you think, matthew, maybe the stock just 65 got ahead of itself? >> yeah. no, absolutely, this is the poster child from work from home a huge, huge winner during covid. absolutely, we think there's a lot of sustainability. you hear about a lot of hybrid work that's going to become the new norm as we go forward. as we alluded to, the ability of this company to hit $4 billion in revenue, annualized run rate. in the past quarter, you have companies that work forward to that and it takes longer than a decade to get there. so, certainly a lot of scale that comes with the growth that the company is seeing. i just think it's a little tougher at this point when you think about the prospect of

decelerating growth, the company grew about 325% a year ago probably going in mid-teens close to 20% in our estimates. if it comes challenging to make the case for valuation at least on our part, it is probably in terms of 20% in terms of ebitda. >> the stocks and the valuation has come down with it. >> it's certainly come down. by the way, there are a lot of growth avenues zoom is pursuing. we commend them for that when you think about zoom falling. when you think about the enterprise opportunity there's a lot of avenues they can tap. the one thing i could really caution on, though, prepandemic, zoom generated about 20% of sales with businesses with less than ten employees that number has almost doubled 30% of sales right now come from very small businesses. we're talking sub-10 employees

if you think about that in context, that's about $1.5 billion in annualized revenues from small businesses. that's the cohort that's most prone to turn. that cohort is most prone to going back to the office probably letting go of their zoom restrictions that they signed off for during the pandemic so it's a real challenge to grow in areas like enterprise and international and prone amidst what you're going to see >> that is an excellent point. if you've got eight employees and you're a small, but fast-froing marketing firm, or something, you're going to need all of your people in the office different than a jpmorgan. matthew niknam with a whole view on zoom. by the way, maybe zoom can answer the questions, kelly steckelberg will be on "squawk box" at 8:30 a.m. eastern time

all right. now to this morning's other top stories including a cyber attack on the world's largest meat producer which is jeopardizing a big part of america's food supply chain contessa is back with that >> hi, brian, jbs has made significant progress dealing with the fallout of that cyber attack it expects the vast majority of its plants to resume operations today. the white house said the company notified the administration of a ransom demand from a criminal group based in russia. the cyber attack forced jbs to shut down all of its meat plants while the meat packing facilities experienced disruptions. operations in australia and in canada idled a woman has filed a lawsuit against former apollo ceo leon black accusing him of defamation and claiming he raped and harassed her

in a situation claiming to have an affair said he mischaracter united statesed their relationship and falsely accused her of falsely extorting him a spokesman for black says, he denies those claims. the federal government is accusing tesla of failing to oversee ceo elon musk's tweeting according to "the wall street journal," the s.e.c. told the company that musk's use of twitter had twice violated a court-ordered policy requiring his tweets to be preapproved by the lawyers. the tweets in question claiming tesla's stock price was too high and a conversation of solar rooftop production numbers brian, just the latest example of musk tweeting about his company he writes this morning that the biggest challenge facing tesla right now is supply chain crunches especially with chips, was not cleared by the legal team jury's still out >> very quick question to you.

given that the majority of americans are not on twitter, in fact, we forget about that, it's actually quite a small percentage if you ran a public company, would you tweet, contessa? >> yes, i would tweet because both you and i are adept and experienced tweeters and i also think the movers and shakers are on twitter and if you look at what happens when somebody like elon musk tweets about dogecoin, you see the changes there. it's a powerful vehicle. speaking of vehicles, for speculation. it's a powerful vehicle. >> you just called me adept which is a nice compliment i'll never forget it this will be a nonfungible token moment thank you. >> brian, thank you. let's move on. a few years ago, the once mighty oil services company weatherford had hit rock bottom, filing for

bankruptcy in 2019 the structuring and then being delifted for the new york stock exchange and now the company is trying to regain the trust of a new group of shareholders after coming out of bankruptcy. weatherford will list its new shares on the ticker wfrd. and we've got girgirish salagra. he joins us now. welcome back to weatherford. i won't say to the public markets because you were over the counter. but to nasdaq as well. we talked a few moments ago about what a great year it's been for oil and gas, oil and gas stocks how do you regain the trust of investors for weatherford coming out of chapter 11? >> sure. thank you for having me on, it's a pleasure this is a pivotal moment in the company's history and we're very excited about it in terms of trust with investors

really that's performance in our view, starts with sustainability, two cycle and precash flow we know the industry has shifted and we know there's tremendous emphasis and that's what we're focused on the end of 2020 five quarters of double digits, ebitda margins are very good and that's really what we're focused on >> and i'll say this, girish, it's not just been weatherford by the way, there have been hundreds of industries small and large in gas i don't need to tell you that, the industry in general, without picking on any companies have been lousy stewards of capital throwing money in the ground in some cases and i'm only being semi facetious has the industry, girish, has weatherford, has the industry figured stuff out to be better protectors of investor capital >> yes, i think the industry has

fundamentally changed. we see that reflected in the customers. we see that in the peers we see that in the company itself it's typically had a boom and bust cycle it's a very cyclical industry. and typically, any downturn that's been in the past, the view is things will come back so you plan for that and you invest a lot of capital as we've seen that in the past few years that hasn't always been the case. what we're seeing through this cycle is very different behavior from both our customers, as well as our peer group within the industry there's a tremendous emphasis on shot spending that capital unless we really know the projects are there, unless we really know the returns are going to come through. so, a lot more fiscal discipline and i think that is something that's going to endure through the cycle. so, you know, there's clearly more work to be done we've seen a lot more consolidation in the ent space and conservative space but as

that takes hold and things move on, i think the major of the discipline, the fundamental lessons have been learned and there will be difference in the cycle. >> where are we, girish, to your point, oil prices go up. oil prices crash, people go out of business and start over we're seeing this gap between oil prices and -- i think there's a lot of nonbelievers, still. where do we stand right now, in the cycle of new capital spending? i have noticed rig counts have not gone up that much. >> you're right. we look at that as a sign of the way the industry is down operating. rate counts went up significantly to where they were last year, coming out of the second quarter or first half of last year. things have started to move yum ward but they're starting to stabilize a little bit and we think they will in new york remain around that level. our focus in the company is to

make sure our business operations are profitable at this level of activity we're not really counting on activity increases to get the better in better shape as we look at the international side of the business where we have a tremendously strong presence over three quarters of our revenue comes from outside of the united states. again, we see a lot of pent-up demand we see things improving steadily over the second half and going into next year >> girish salagram, weatherford wfd back on the nasdaq as of today. welcome back, girish salagram. >> thank you >> on what is a surprise story of gas this year best to you and your team, girish >> thank you >> you're very welcome coming up, combatting racial inequality deadniraonndars, the steps the bin mistti a big banks are taking new

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and businesses come to represent black representation in the base our frank holland was live there yesterday. he joins us live from tulsa on this side of the story trying to grow and expand wealth for everybody. frank. >> reporter: hey, good morning to you, brian. well, black people make up about 3% of the financial services nationally according to the latest data. as that comes the country's biggest banks or what many people would call wall street is also becoming more diverse jpmorgan the biggest market cap with 5% of employees overall wells fargo reporting the highest level of senior managers following the controversy of the ceo saying there's a limited pool of black talent we spoke with mandel crowley >> if you think of it as

analogous to a funnel, we're able to bring back people in but the funnel has been leaking and we've got to be a heck of a lot more devoted, and there's no more personal level than retaining talent than by giving them opportunities to grow and to stretch >> reporter: now, speaking of growing and stretching, when we looked at senior management roles, black people making up 1% to 2% of management positions. in venture capital firms, 3% of partner roles. crawley said another obstacle for black advancement is the culture. >> i also think there's this cultural piece when ensuring when folks come to work at firms like mean that they actually feel like it's their firm and that they can thrive and bring their owhole selves

and this thing called black magic can take root and take off and we see folks realize their full potential >> reporter: and of course, brian, last year, major banks, they set a lot of goals and targets to increase black representation at all levels including senior management. back to you. >> frank holland there with an important story in tulsa, oklahoma frank, glad you're there thank you very much. >> reporter: thank you on deck, your morning rbi and why one indicator you probably never heard of. maybe you got the flash a warning light. plus, prestock picks just for you. duck point assets david nelson is here with three names he loves right now. and june is pride month. all night long we're spotlighting members of the cnbc family and business community. here is cnbc's ray parise. the day i came out, my parents

cut me off like that we didn't speak for ten years. the truth is having to conceal who you are is say giant disadvantage your biggest achievements in life and at work will come when you're true to yourself. today, i'm proud to see so many companies, including this one, making diversity and inclusion a big priority [ suspenseful music ] ♪♪ hey, you wanna get out of here? ah ha. we've got you. during expedia travel week, save 20% or more on thousands of hotels. just book between june 8th and 12th to plan your escape with expedia. expedia. it matters who you travel with. 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.

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one of the many things you can expect when you're with amex. wait, this isn't your bed... how'd you get here? ah yes...groceries. earn points now to use on travel later. one of the many things you could expect when you're with amex. time for today's rbi, today, we're getting random but interesting about fear in the stock market and also introducing you to a new market gauge that you need to know about because, you know, you don't have enough indexes or gauges already whatever this is the cboe skew index. while the mechanics can be compli complicated. the basic idea is simply put, out of money call options?

do you follow that at a number close to 100 on the index it indicates almost no risk of some big change or black swan event if we go to 150 or above it, it shows greater fear in the market, maybe a better gauge in some ways than the vix. and we bring it up because the skew index has been skewing a lot higher since august of 2018 that means more traders may be getting more nervous about a possible big selloff in stocks. nor normally, indexes are one thing. look at 2018 august. the skew index peaked then guess what, stocks will sell off. the s&p 500 dropped nearly 20%, of course, before bouncing back and resuming its uptrend but it had a pretty good sale up there a bit. does that mean it will rise again with the skew rising maybe, maybe not who knows. but you should get to know the

skew index, look at it alongside the vix as well. because, slightly different, maybe important, but definitely on the rise lately random but hopefully informative. to expand the conversation and dig into that more, david nelson, chief strategic at bell point asset management i don't want to do all of these ramdom things for viewers. but, david, is it that the skew is widely offbase? >> brian, i'm a little nervous we climb the bwall and it's always something take your pick, big growth small, growth versus value it's all under the federal reserve telling us the inflation

that we see and everything we consume is just transitory i think in the month ahead, that's a tough piece of rhetoric to buy >> but macro market aside, there are names like viacomcbs, applied material goldman sachs, three mnames righ now. clearly, those companies have absolutely nothing in common why do you like them, david? >> i think because of the move from growth to value if you look at applied material, during the dotcom double, smith of the sales, currently 30 times. stocks have come from 40 times to 30 times sale doesn't mean they're a bargain. you can own technology but you have to move down the valuation curve right now. >> yeah, goldman sachs, i mean is this as simple as interest rates will ultimately rise and global economies are booming so let's buy goldman?

is that -- it can't be >> it's a little bit of everything you just hit on an important point. valuation is compelling. nine times forward, you know, it's a compelling valuation i think for a company like goldman. a premier product. you've got the investment banking piece is working very well and the fact, you know, they're going to be a major player in the crypto market. i don't see it as not a lot alike in the financial sector. the yield curve screams financials get involved i don't care how you do it, even in etf >> and you've got -- by the way, a little bit of everything is a great group dawgs. i've posted that on my instagram. finally viacomcbs, what are they doing right? >> look, paramount has one of the finest film libraries on the planet we've seen the appetite for

streaming assets you you and i can debate what the multiples would be at ten times earnings i would suggest you're getting the streaming assets for month ago >> another dawgs line, most people don't talk about how lucky they are we're lucky to have you,david nelson of belpointe, thank you very much. viac viacomcbs. goldman sachs, i post songs on the gram if you care, you mhtinig fd something you like we'll see that dow futures are up "squawk box" is next

good morning meme stock mania amc ceo looking to cash in on the stock. meantime, a hedge fund bought

8.5 million shares of the theater chain and then reportedly sold them for a profit elon musk in focus the tesla ceo tweeting about "baby shark" overnight while a new report calls into question his relationship with the s.e.c. i don't know what that stands for but i don't think we're allowed to say it. plus, the world's largest meat supplier looks to bring production back up to full speed after a cyber attack hit and hit his plants not those plants manufacturing plants wednesday, june 2nd, 2021. and "squawk box" begins right now. ♪ good morning, everybody. welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and