dealdash.com, the fair and honest bidding site. an ipad was sold for less than $24; a playstation for less than $16; and a 4k television for less than $2. go to dealdash.com right now and see how much you can save. remember, shipping is always free. it's 5:00 a.m. at cnbc global headquarters. here is the top five at 5:00 stocks are struggling to find fuel not texas t. also, shares of amc. this is no movie they are up again this morning as the market cap balloons past half the company's in the s&p 500. jbs looking to resume operations today as the fbi

identifying the hacker attack. and the little engine that could. snacking another seat on exxonmobil's board as it extend its efforts to shake up the giant. and chamath's new rollout of not one, not two, but four new blank check companies. all with a new focus it is thursday, june 3rd and this is "worldwide exchange. good morning, good afternoon or good evening. welcome from wherever in the world you are watching i'm brian sullivan good thursday morning. here is how your money is setting up their day futures are not doing a lot. we'll call them slightly down. dow futures off 38 points. i mean, 0.1 of 1%.

very different story for oil and oil stocks crude continues to rise. jumping to more than a two-year high opec managing supply no new spending and demand starting to soar crude oil in america is trading at under $69 a barrel. brent crude over $71 oil stocks are booming as well as oil etf look at elp and xle and oih. jumping 8% yesterday they are all up again this morning. many of the oil names, individual stocks, have nearly doubled this year. some more than doubling. ones that were beaten up the most, getting a nice bid huge move for oil stocks.

speaking of rocketing stocks the one stock everybody is talking about is not gamestop anymore. it is amc. amc is up another 22%. closing at an all-time high of $62. it rose 95% on wednesday this move is pushing the movie theater chain market cap over $31 billion. that makes amc, once left for dead not even just in the pandemic. before the pandemic. everybody buying flat panels and watching movies at home. that has left amc more than valuable than half of the companies in the s&p it is offering up free popcorn and promise of exclusive movie

screenings to those that held its stock. we will have more on this throughout the morning amc up another 22% $76.75 if you hodl'd this stock, good for you. and let's go around the world and look at the early trade in europe. a similglobally not seeing huge moves from the fed. the european markets are down. 0.1% of 1% let's more on for the headlines. the late on the jbs attack it stifled the industry.

br contessa brewer is here with more >> reporter: it is resuming production again today the vast majority resumed operations yesterday a russia-linked group is blamed for the attack the agency identifies r.-vel it may be a different name to the same group with a link to russia. the u.s. is doing a 180 on the u.s. trariffs on the goods. the representative's office approved in uk, italy and spain and ausaustria after the digita taxes discriminated against american companies the office is halting duty to allow for tax negotiation to

continue that comes as the g7 meets tomorrow. tesla is recalling 700 model 3 cars in china. regulators in beijing cite a recall plan with the autos in question are in 2019 with a seatbelt issue to increase the risk of a passenger injury in a crash or a tire issue. the recall by tesla comes amid increased regulatory scrutiny in china after a slew of negative consumer and media reports on the vehicle issues there we'll keep our eye on it, brian. >> big recall there in china contessa brewer, see you in a few minutes for the trending stories of the day contessa, thank you. let's get back to the markets and your money fear grows around the fed and if they could move sooner on rates than many expect the big jobs numbers is out

tomorrow inflation is everywhere. what do you do now we are now joined by rob morgan at sethi company rob, good to see you are you worried about the fed? do you think the fed could raise interest rates or indicate it will raise rates sooner than we think? >> brian, i do i think they will make some kind of indication. you refrnerenced inflation. in many of the earnings calls for the recent quarter, the term inflation was used in many of them now there was a lot of good news in the earnings calls as well. 86% of companies reported actual earnings beat estimates. that's the highest percentage since fact track started tracking this. inflation was mentioned a lot. i think that is the biggest risk to the economy right now i do think eventually the fed is

going to drop hints that they are going to stop their bond purchasing program i think that's going to be the first step in the process. >> and when they do, what happens? >> well, you know, i mean certainly most equity markets will be off a percent or two i think many investors are baking this into equity markets. i don't think it is a huge surprise, but obviously we'll have to wait and see we have a meeting coming up mid month. >> yeah, we look ahead at equities and it seems to be a pause the last few days or weeks in the rowtation which we have seen from growth to value. i wonder about the rotation from u.s. to europe as the

vaccination campaign is a month behind us. they are booming cases are crashing around the world. where is the best place to invest in equities, rob? right now? any size any location >> i think, and as you pointed out, the dollar will continue to sag here for u.s. investors, that will help large cap multinational from a broad perspective i would overweight large cap value versus smaller cap value when you get intoed the weeds h the s&p with telecom not only from a valuation standpoint, but the technicals and earnings visibility as well. >> rob morgan, sethi companies looking at the fed maybe moving before we think rob, we appreciate it.

have a great day >> you, too, brian. you're welcome we have more coming up on "worldwide exchange. your big money movers and the best performing meme stock in yesterday's wild action. and guess what one's not name amc who could that be? plus commodities rushing as of late as the supplyand deman worrying fuelling price spikes and the morning rbi. as more of us hit the road, we will tell you where people are heading in droves. the locations may surprise you it could be the year of the traffic jam. we'rba rhtft ts.e ckig aerhi

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every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. time now for the three big money movers the three stock stories of the day you have to hear about stock number one big changes there. fireeye. including good-bye fireeye selling the products business and its name to synphony group. and stock number two endeavor group holdings. surprising analysts with net loss ari emanuel will be on later

today. and then bed, bath & beyond. it rose 62% yesterday. the mystery chart. the largest one-day ever gain from bed, bath & beyond. it had a gigantic opening. i guess everybody is going out buying dish towels. coming up, owning a piece of the air-ness the rare air jordans and other top stories with contessa comin up dow is down and crypto his u a bit. we are back after this >> announcer: today's big number $4.07 trillion that's the total assets under management hedge funds had at the end of the first quarter a new record according to data from barclay hedge

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i'm dad's greatest sandcastle - and greatest memory! but even i'm not as memorable as eating turkey hill chocolate peanut butter cup ice cream with real cocoa. well, that's the way the sandcastle crumbles. you can't beat turkey hill memories. welcome back saying so long to overdraft fees and hello to earth's nearest neighbor and owning a piece of his air-ness contessa brewer is back with the trending stories mars is so 2020, contessa. >> reporter: let's get on to 3008 let's start with ally bank ending overdraft fees on all

accounts the first largest u.s. bank to do so. overdraft fees help to boost the banking industry profits those fees hurt primarily poor people who struggle. ally says no more overdraft fees sneakers for sale! at christie's. it will put up for bid rare air jordans. 90 pair. the first 1 through 14 originals. i don't know what that means the auction will feature early prototypes and sample pairs that were critical in the development of the air skjordan brand and pairs worn by teammates and competitors of jordan. nasa announced two new missions to venus to study the

geological features. the robotic missions launch between 2028 and 2030. it will offer the opportunity to explore the planet the u.s. hasn't been to in more than 30 years. venus came back into our scope from microscopes brian, the scientists looked at the planet as warm instead of incredibly hot they see evidence of phosphene they cannot explain why it is there except it is a waste product of living organisms. they will examine the clouds above venus which apparently could potentially support life fascinating. >> it truly is apparently i'm from mars and other -- any plans to go to mercury? what about jupiter what is happening there? >> they have not announced that.

we maybe not set a robotic mission, but we have telescopes past jupiter and far reaches of the solar system i read a lot of sci-fi the possibility is there in my lifetime we may see it. >> bradbury? herbert? "the dune," contessa >> reporter: let's start a book club >> let's do it it's pop-ups because everybody is too tired to read anything else >> reporter: that's right. >> we will post our favorite pop-up book. "good night, moon. thank you, contescontessa who knew sci-fi a check of the other top headlines with frances rivera in new york do you want to be in the book

club >> sure. i'm not a sci-fi i'm doing "harry potter" with my kids >> perfect sold let's get started with the headlines. free beer to super bowl tickets. president biden is pulling out all of the stops to get americans to roll up their sleeves. the biden administration declared june a month of action of unveiling more incentives right now, 63% of adults in the u.s. have gotten one dose of the covid vaccine. the administration wants to drive that number up to 70% by july 4th. the iconic wedding dress of princess diana will go on display. you can see the details at the exhibit of royal style in the making it opens at kensington palace today. one last run for coach k

duke under announced mike krzyzewski will retire after the end of next season he is the winningest coach in ncaa history he led duke to five titles in 41 years in durham. he coached at army for five seasons. john dyer is announced as his replacement. can you imagine every game from here on out will wiould be epic brian. >> you have the area which is krzyzewski-ville i had the privilege to talk to him. he has not aged. he said he was 74.

he has looked the same. >> after all of the years and there's and everything it would wear on him, but apparently not kudos. hat's off to him >> a big loss for college basketball all of the nc state fans are happy probably frances, see you in the book club. >> thank you coming up, don't call it a meme stock why amc is more than just a day trader's favorite so says one guy from bny mellon. and subscribe to our podcast. if you are on the road commuting or live in guam, download it we're here for you dow is down 70 crypto is up a touch oil is up again. we're back right after this.

pain? yeah. here. aspercreme with max-strength* lidocaine. works fast and lasts. keep it. you're gonna need it. kick pain in the aspercreme i'm evie's best camper badge. 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.

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stocks seem stuck, but commodity is soaring 2021 is the year of digging stuff out of the ground. don't call it a meme stock amc is surging again my next guest says it is more than just a trader favorite. and at it again. going for not one, not two, but four new blank check companies in one new space

we will tell you about it on this thursday, june 3rd. this is "worldwide exchange. welcome or welcome back, everybody. good thursday morning. 5:26 on the east coast i'm brian sullivan let's get a check of your markets and your movers. stock futures are losing team a bit. down again .30% dow futures are down 71 appoipoints it has been a heck of a run this year nasdaq down 37 watch that continue rotation and value and energy and oil stocks. oil and crypto is moving more than the stocks. bitcoin up 3%. ethereum is up 3% as well.

there is a big bitcoin conference in miami. it is about to kickoff about 20,000 in-person attendees descending on miami to talk about crypto and bitcoin and others normal is back, although, in florida, nothing changed much. the stock everybody is talking about is amc amc is up 95% yesterday. yeah yesterday, it nearly doubled up 20% right now as i tweeted out, if you owned amc for a couple of days, take your family tonight or friend to the movies buy them dinner or a car amc is worth more than delta airlines, best buy or state street bank. everybody's going to the movies again. let's get more on the top

morning stories. contessa brewer is back with those. top that amc move what can you out top that? >> reporter: are you ready engine number one had a bid to shuffle up exxonmobil's board in a big way. we have preliminary results from the shareholder meeting. the firm has claimed a third seat on the board. en engine held two seats last week and the third seat was too close to call. the firm is targeting exxon to push its role in the carbon zero role in the world. the fbi is now investigating the ransomware attack on the ferry systems serving martha's vineyard in nantucket. it is reviewing the breach which took down the authority's web site we are told not the vessel's gps

systems. the transit agency in new york said it was the target of the hack in april. the chinese government is blamed for the breach on the computer systems. the mta insists hackers did not get access to the systems that control train cars rider safety wasn't at risk. and chamatha has filed paper work for four new spacs. he is seeking to raise $200 million each that is facing regulatory scrutiny chamath is seeking merger candidates for two of the six existing spacs brian. >> he is the king of the spac sponsor. the cyber stuff, contescontessas

terrifying the fact that people -- millions ridership is down. it is coming back. that is terrifying >> reporter: it is you know, i cover insurance and cyber insurance is a real thing and small companies are having to consider it because of the massive spike in ransomware that happened throughout the pandemic it is remarkable and the potential damage here. we saw what happens when the power grid went down in texas this year because of the winter storms that can happen as the result of the cyber attack as well it is attention getting and alarming >> it is going after the steam ship ferry. if you happen to make it to martha's vineyard? giordano's check it out a clam bar contessa brewer, nobody cares. thank you very much. that's it. you mentioned wex and get a 0%

discount contessa, thank you very much. >> thanks, brian it is not just clams 2021 is the year of digging other stuff out of the ground. oil, gold, raring earths prices are surging copper is the same copper up 30% this year. all of the electricity and grid we are talking about is expensive. all of the metals are rocking. mxe, metal etf is up 40% this year how long longer can this commodity boom continue? let's talk about this with michael windmeer michael, welcome everybody says it is the reopen trade. listen, many parts of the economy never -- not shutdown, never slowed down. some of them took a brief pause. this is more than the reopen trade. this is china. this is low rates.

this is controlled supply. what exactly are the key reasons why prices for nearly everything in the ground are going up >> it has been a long time coming the point you made initially that this was a different position because we never lowered our price forecast during the first wave of the pan pandemic that is really where we are right now. we get a lot of fiscal and monetary stimulus in china and europe a lot of that stimulus is geared toward parts of the economy that actually require commodities like metals. that already helps going forward, we do get a lot of green spending. that has been coming for years we knew that would set the stage. you can justify higher demand

for copper over the coming years. all along, the miners tightened their belt the inflation debt is simple we don't invest and spend. >> you know, our rbi coming up, mike, is on driving trends in the united states. i was poring through the data and it has to do with the mapping. every traffic, every city in the world according to tom-tom, is in china how big of a boom is china starting to experience or still experiencing is this all them just buying up pretty much all of the world's precious metals because it takes a lot of copper to build big buildings in cities? >> i think china was the main driver in 2020 i think this year it will be a

little bit more balanced between china. the point you are making is important. if you want to put more of the expenses on the road, china is starting to do that. if you want to tighten your belt, china has a little bit to go there is a lot of pent-up demand that should come through over the coming years that is the point i was trying to make. we have scope for higher demand because we are decarbonizing if you take fossil fuels out, you need to put something in a lot of the mining economies. >> it is the weird irony to replace stuff you dig out of the ground, oil, you have to replace it with other things you dig out of the ground like rare

earths and copper for the electric wires to run the electric cars. that said, is there any place to still make money right now, michael, in commodities? or is everything fairly priced or over priced >> i will give you one sector that has a lot of off there is set. on the other hand, we don't have the investment particularly in china. you have a real pressure point where the market is flipping into a deficit some of the companies out there say they need $26,000 to justify investment in new capacity we are not there yet you don't just see companies hit 2,600. you need to hit that and do above that to incentivize.

we say potentially go up to 3,500 on the back of spending. climate change technology is expensive. that is what we see in metals like aluminum. prices go up to produce to eliminate emissions. >> i like. it aluminum. maybe it is the new dpold. m gold michael widmer, thank you very much >> thank you you got a new lamborghini. did you buy gamestop at the bottom no, aluminum. coming up, more on the other meme stock amc. it is a-ok with traders. up 20% this morning. amc is now worth more than delta airlines or best buy as we head to break, other big

headlines. g7 members are expected to endorse the biden administration proposal for ambitious global corporate minimum tax of 15% when they meet in england later this month a full endorsement is expected at the end of the summit it is an endorsement whether anything changes, it is still an open question the federal reserve will start unwinding the $14 billion corporal portfolio that it mastered in the pandemic exit from an unprecedented strategy to boost the corporate bond market during the volatility of last spring. apple is asking its staff to return to the office for three days a week beginning in early september. tim cook announcing that and saying employees will have a chance to work remotely for up to two weeks a year. they used to call that vacation. dow futures down 56.

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welcome back call it the stock of the week or the stock of the quarter or year don't call it a meme stock amc entertainment coming off the wildest trading days we have seen in a while. amc nearly doubled yesterday stock rose 95% it had volatility, trading

halts. closing in on not figquite an all-time high. by the way, shares now up 20% right now. that's another gain in the pre-market it is probably worth $35 billion. that means amc is worth more than delta airlines or best buy or state street bank amc is up 3,100% this year this year. joining us now is bny's peter. peter, is this just a meme stock that will come back down to earth? i understand we want to go to the movies and see "fast & furious 9," but is there anything real to this story?

>> absolutely. i think we cannot state it as a meme stock any longer. when i looked at all this in january, we had to identify what constitutes a meme stock the criteria we came up with was about 10% a share as sales begin. did it have the year-to-date high at the end of january has it moved declining through the spring and summer of 2021 as the recovery trade has gone under way. until two trading sessions started, we saw those names like gamestop and blackberry and bed, bath & beyond. amc is behaving in a way unlike meme stocks were working back in january during the height of the gamestop frenzy. something different is happening now with amc >> agreed.

let's move beyond covid. let's go pre-covid forget the pandemic. we will jump back in time to 2018 and 2019. before we heard about covid or lockdowns. peter, the idea is everybody buying 90-inch flat panels at best buy and building home theaters and that going to the movies was a thing of the past that was before covid. i get the whole let's go back out and go to the movies pause you want something to do this is a company that was facing headwinds long before we had pandemics and lockdowns. >> indeed. let's compare the amc story to the other big cinema and regal groups none of the other cinema companies are seeing this acceleration if nothing else, i can see your points about the questions of if people still go to the movies.

the last movie i saw was "the iri irishman," but a scocese movie you see in the theater it is that position of the diagram where it is sobering because it was gamestop originally, but it was also a meme stock with the reopening trade. that is what is setting it apart. it is not a meme stock the classic meme stock of blackbl blackberry or whatever i take your point about the structure problems it has the special oomph you get from the crowd when they get a buzz about your name >> by the way, there are nine analysts that cover amc. the average target price is

$5.11. that said, peter, i don't want to know about amc. i want to identify the next meme stock. i can't because i can't own individual stocks. you get my point what makes a meme stock? why gamestop and amc and nokia and blackberry why did they get all of the attention? >> i think it is simply the price point. if the meme stock is only because it was discussed on wall street by bored people at home spending stimulus checks during lockdown, then tesla would be a meme stock back in january, tesla was trading $500 a share now it is $600 it is not a true meme stock. it has to have the price point of $10 a position.

amc was $2 per share gamestop was an outliar. it is trading at $20 a share all of the names blackberry and bed, bath & beyond and nokia that is all around the sweet spot to discover the next meme stock, it has to have the entry point where someone who is thinking this would be a waste of money what the hell? it's $2 a share. let's go for it. anyone who did that with amc in january, they are very happy today. >> yeah. by the way, i'm happy for these people you know, you place a bet. how much money you have. you iimply, peter, a lot of this is money people can afford to lose with the stimulus check or whatever it may be

a couple bucks i'll buy a couple shares if i lose it, i lose it. now they are sitting on $20,000 or $30,000 good for them. i want to know what the next one is going to e. >> wouldn't we all that is supposition on my part when i say amc is different from the rest of them think of 448 million shares of amc in existence and the turn of 420 million shares this is not buy and hold where people are anticipating that amc will ride the wave up as the company reopens in the next two years. much of the financing activity is coming from the commission free trading apps. >> peter, hold on. are you suggesting on this program that if something is free, people will use more of

it what >> far from it, brian. >> it's too early for the snark. peter madigan of bny mellon. great insight. analysts have almost nailed it they're only $1 only 1,400% off only off by 1,380% on amc. they're close. on deck, your morning rbi and the top three places in america where everybody is driving to right now and the places might surprise you. it ain't new york or l.a i'll tell you that. dow futures down a bit tcn is up a few hundred bucks. we're back after this. on.

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your morning rbi hits on where we are hitting the road. we know car sales have boomed, but where are we going not back to the office, but back to nature. we know this by looking at apple data getting the most routing requests on apple maps based on driving, walking and transit based on their data, over the past two weeks, the biggest percentage jump in driving requests from apple maps, not the places we are going the most, but the percentage jumps are these three locations. the third biggest jump from january of 2020, pre-pandemic, to now, is camden county, most what you watch ozark?

the second requested in last year and a half is grand county, utah yeah mountain bike and arches national park. 500% jump in new map requests in the last year and a half the place with the most changes in apple map asks is also in utah garfield county. what the home of brice canyon national park. reminder, these are not the places with the most traffic they are the places with the biggest jump in people trying to use apple maps to figure out, i guess, where they are driving or search for a restaurant. kind of the irony. we want to get out into nature, but we're doing it by driving there. 2021 the year of the traffic jam. apparently in national parks

random, but interesting. stay safe out there. let's get to the broader markets. we have christina hooper with us christina, welcome to the program. i don't know if that made any sense. it is like trying to figure out what the fed going to do so let me ask. every day we have a fed speaker on the tape and it feels like they are starting to tell us -- tap us on the forehead we might move sooner than you think. what do you think? >> well, right now, what we are seeing is a casym forming with the gives and regional managers. they are starting to talk about tapers what we are hearing from the gives is more reluctance about

when we start to even talk about papers there is a big difference. we heard about how we are far away from the goals. that was a different story from what we heard from patrick harker who wants to start tapers we are heading in the direction of tapering. we will hear more and more noise from the fed so much fed speak so by the time the fall rolls around, we will start tapering so we stop hearing about it >> well said will we get a taper tantrum, kristina they will taper pending some black swan event what happens to stocks what happens to bonds? >> the fed is doing it right in overcommunicating. communicate often and communicate loudly that's what they are doing so we are very, very comfortable

with the idea. i think they will go jebtly in terms of the level of tapering at first i don't expect us to see any significant taper tantrum. that's what they want to avoid i think they are able to do it >> in some of your latest pieces, kristina, mentioned the mobility which i referenced. europe is where we were a few months ago i wonder if there are better opportunities over there >> that's a great comment. european he can equities have longer legs. the vaccine rollout hasn't been as quick, but they are catching up slowly. i think their future is our present. we are seeing a strong economic rebound. >> yeah, absolutely. mobility year to date is up. cases in germany off 96% from

the highs. kristina hooper, thank you see you tomorrow take care. >> thank you, brian. you're very welcome. we wrap up another "worldwide exchange." it goes quick. download the podcast if i'm saying this, you missed it you may not have downloaded. dow futures are down 49. bitcoin is up. joe's favorite stock amc is soaring three hours of amc on "squawk box" coming up next. see you tomorrow take care.

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good morning another day. another double digit pop for amc. the meme stock -- meme stock

why do we know what that is? a meme stock we will talk about this. up more than 3,000% so far this year definitely not what we expected. washington watch the white house and key republican talked about this yey both sides working to get an infrastructure deal done. plus, back to the office another major u.s. company revealing its post-pandemic work plans. way behind us. it's thursday, june 3rd. the third day of the rest of your lives "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen