it is 5:00 a.m. at cnbc global headquarters. here is the friday top five at 5:0. share, sale, selloff we speak with an investor along for the ride through it all. have we hit peak spac? a deal in the works by none other than bill ackman. pressure mounting obn beijin as the biden administration is

looking into the chinese and xi. and you won't believe this tiktok wants to grab more of your kids' private and personal information. think fingerprints and face scans of your kid! and your weekly inn ssider buying is here one big bet on one big dating app. it is all happening on june 4th, 2021 this is "worldwide exchange. good morning, good afternoon or good evening welcome from wherever in the world you are watching good friday morning. i'm brian sullivan thanks for joining us. let's get right to it and hit your friday futures. they are not moving a lot. jobs number is out in three hours. futures right now are flat to slightly down. the dow ands jobs number

estimate is 650,000 jobs added the april numbers coming in at 300,000. people expected close to a million. could rattle markets let's find out the hottest macro trade. that is oil. oil is on the rise again gasoline prices surging across america. the price of crude oil is nearing 70 bucks a barrel. well, maybe you can pay for part of that increased cost of the gas tank can crypto. only if you owned it for a while. crypto up yesterday and down today. bitcoin off 5% ethereum is down 6.5%. all that after a decent move on thursday we are seeing the crypto commodities down on friday we have to get a check on the big four trader favorite cult stocks. call them what you will.

the names with all of the volume and all of the interest. amc is down 3% the big additional share sale. blackberry and bed, bath & beyond is up a bit gamestop is down almost 4% more throughout the day here on cnbc. let's get to breaking news in the deal world. that is bill ackman is confirming he is working on the largest blank check gamble to date let's get more details with joumanna bercetche in the london newsroom >> reporter: good morning, brian. huge deal over here. bill ackman's spac has confirmed it is in talks to buy a 10% stage in universal music group for 35 billion euro or $42 billion. the pershing square broke records in june last year with the $4 billion listing

umg, the label behind taylor swift and lady gaga is majority owned by the french media conglomerate with tencent holding a 10% stake. vivendi is listing 60% of universal music by the end of the year the press release today says they intend to go ahead with the listing in the third quarter the ipo plans are unchanged. in terms of how stocks reacted, let's take you to the price action we have this morning. vivendi down .40%. here, because some analysts we spoken to this morning said vivendi was hoping to get a valuation of $50 billion they didn't get there. the announcement of the valuation of $42 billion is coming as a disappointment to

investors. vivendi sold down .40%. as for the spac, initially, the reaction wasn't that positive. traded down as much as 12% to 13% lower. in after hours, we are down 2.5%, brian. a lot of movement. a massive deal in spac space this morning. >> absolutely. that would be one of the biggest deals we have seen one to watch joumanna, thank you. another one to watch this morning. including another investment in china. we have kristi na here with us. >> reporter: a trump order with ties to the country's military the order doubles the list of companies off limits to the united states investors and authority for the ban to the

treasury department from the defense department to give it stronger legal grounding apple is working on a new ipad pro and new ipad mini according to a report, the pro is scheduled for release in 202 and the mini later this year the design change is recportedly a switch to the back shares are trading which is down 1.2%. tiktok given itself permission to collect bio-metric data on the u.s. users the chinese social media platform says it may collect bio-metric information from users content. this includes face prints and voice prints tiktok could not confirm what

product developments added to this, but said it would add consent in such case those practices begin. in case. i don't know brian? >> i can't imagine any lawmaker would allow any company, whoere it is based, to collect your children's fingerprints. that's what we are talking about. >> reporter: fingerprints. voice prints >> log in. fingerprints or face scan of your child to use a music and dancing app. it sounds insane. >> do you think this is already happening with other apps across the board? >> listen, all of these apps are data collection devices, anyway. that's a fair point. kristina, see you in a few

minutes. back to your money what has been one of the hottest macro trades of all this year? then as oil and gas. your first guest says he is still a believer in the group after the run up joining us is the chief investment officer charles self. chuck, good to have you back on the program. a year of digging stuff out of the ground whether it is food, metals or oil and gas. it is booming. are you still a believer in investing in these assets? >> yes, this is just the beginning. we have seen the major move already in the past six months in these assets as you indicated. we think because this is a demand pull inflation situation that the demand is going to go so much faster than supplies could be able to come back that's why you see in many of

the industries the inventory gluts have gone away prices for oil have pushed toward $70 a barrel. when these things happen, they happen for a long time you should overweight these assets >> how do we play it, chuck? >> you could certainly play it on the broad commodity front one way we have been playing it is the gres, which is a broad global etf of a commodity related company. they have a 20% short in the equity market. you get a much more pure commodity play so, it has done very well in this increase in commodity if you want to go to specific commodity, we love energy.

energy has been great over the past couple of months. so, we just take a broad equity fund, vanguard, which is a great way to play it it is hard to figure out which part of energy will do well at any point in time. you might as well do the broad energy and write it up these are multi-year performers. >> yeah. that's oil and gas specifically. six months ago, we asked our twitter users and viewers and everybody about what's going to boom and one choice was a broad basket of etf. it came in second in the last six months are you playing the broader comm commodity spectrum everything we talk about is up in price, chuck. >> right i have an uncle that does cattle he is getting more for his

cattle it is great for the producers right now. again, a broad commodity play like gers or any of the funds are likely to continue to do well we think this is a global phenomena and because of the global demand. it is beyond china it is all markets. we think this is long lasting. >> well, just looking here live cattle futures up 22% in a year, chuck. your uncle -- where's the beef with your uncle and his bank account. everything, including cattle, up in price chuck self, there is our chart have a great weekend, my friend. >> thanks, brian. >> pork, beef, everything. we are just getting started

on the very busy friday. when we come back, get ready to pay up for something else. why hotel rates are soaring as travel booms it's going to be the year of the traffic jam. plus, apparently there's some intelligence missing from mcdonald's artificial intelligence pilot program. and investor has been riding the amc roller coaster since day one. he is not new to the game. he will layout the smart way to play it now. dow futures are flat oil is up. we're back right after this.

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which shows will you be getting into tonight? protect and retire. how 'bout all of them. netflix. 'cause xfinity gets you really into your shows. when one burns for someone who does not feel the same. daphne, let's switch. from live tv to sports on the go. felix at the finish! you can even watch your dvr from anywhere. okay, that's just showing off. you get all of this on x1. so go on, get really into your shows. you need a breath mint. xfinity. it's a way better way to watch.

welcome back we certainly have talked a lot about travel and business travel making a comeback. it looks like the travel industry is coming back in a big way and fast air travel hitting the highest volumes since the pandemic began on the meemorial day weekend more than six times from a year ago. joining us to talk about this and broader travel trends is pwc leader of hospitality is scott berman scott, i was looking to book a trip between christmas and new year with my family to mexico. we're not going. it's too expensive

flights are insane hotel costs are insane maybe i'm cheap. i'm not doing it how fast is travel and travel costs coming back >> good morning, brian thank you for having me back you know, if you have a little flexibility, a week before or week after, you can take that trip to mexico there's no question that the leisure market and resort sector is roaring back. in fact, i'm not surprised by your story because many of the resorts and destinations we work with are telling us their 2021 bookings are ahead of pre-pandemic periods from 2018 and 2019 i'm not surprised by the story at all memorial day -- >> hold on scott, go back to that i want to go back to that point you just made. think about this what you just said is we're

seeing in some cases more demand than pre-pandemic. is that, in part, because many of us if you are not in the midwest or south, locked up most of the year and you saved a bunch of money and now it is the who's got the most money gets to get on the plane story >> i don't think so. i think there is room for everybody. you have to remember, brian, there is all of this pent-up demand think of the number of weddings that were postponed and family reu reunions i got back from my son's college graduation i could not have done that a year ago i was part of the 1.81 million tsa number over the weekend. so, i do think that, you know, in high demand periods, it is pricey we're talking about a relatively limited time on the calendar it is over the school holiday

periods where you find the highest prices not only in the air, but yalso o land. >> what hotels and airlines want, scott, is great. congrats to your son what they want is you and i and i'm flying next week for business the business travelers getting back on the plane. what do we know about business travel because we all know that's the real money maker. >> for sure. there are still lots of chapters written about that segment i think we're cautiously optimistic and feeling better than we did certainly six months ago. after this summer swoon, i think we will see corporate travel begin to gradually, under line gradually, come back i think it starts with business

groups the optic of coming together appan optic of socializing and sending a message to our coal legs and employees and our staffs that it is safe to travel. i don't know about you, but that first trip, i was timid about getting on the airplane and checking into the hotel. i felt better the second time. the third time was like old hat. there's no question that business travel is going to be a longer path to recovery. >> i flew in june of last year scott, i flew 20,000 miles last year the only person in the minneapolis airport in june. that said, will we change our loyalty? you have hilton points aror marriott points. are we evaluating loyalty

points >> i think loyalty remains paramount to the consumer in terms of providing choice. so, i think each of the program keep an eye on those programs. each of those companies, the airlines, hotels, rental car companies and credit card companies are all in the laboratory rethinking loyalty and providing new benefits a membership-style program to lure consumers particularly the business traveler back. >> let's hope they extend some of the status levels for maybe another year because i'm not sure how much more will happen in 2021. i'm saying that for a friend scott berman of pwc, thank you for coming on. >> thank you >> some of the companies -- you're welcome seeing more demand than pre-pandemic we talked about it

everybody wants to get out we get it. still on deck, band board games from family night to marijuana and millionaires not the same sotory we will get to those we're back right after this. everyone wakes up every morning to a world that must keep turning. the world can't stop, so neither can we. because the things we make, help make the world go round. they make it cleaner, healthier, and more connected. it's what we build that keeps things moving forward. so with every turn, we'll keep building a world that works.

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one of the many things you can expect when you're with amex. the wm phoenix open golf tournament is one of the largest spectator events in north america. it's also a zero waste event, which means everything thrown away by the hundreds of thousands of people at the tournament is repurposed. in 2020, wm diverted 988 tons of material and kept 421 metric tons of greenhouse gases out of the atmosphere. see how zero waste is one of the many ways wm is always working for a sustainable tomorrow at wm.com/stories. welcome back good morning let's get to the top trending

stories. including some artificial intelligence that is looking -- ah, not so intelligent kristina is back with more >> i have fast food. mcdonald's is testing automated drive-thru ordering at ten chicago restaurants and the company ceo says the voice ordering technology is seeing about 75% accuracy mcdonald's brought the technology behind the pilot program in 2019. if successful, it could be rolled out worldwide probably in a few years. l.a. delivery service is hiring an intern to test products and write reviews the desire is to create a position similar to wine tasting because there are new products released so frequently, he wants to know what the experience is

like to help better sell products to customers. for you who have game night turning to family feud night, you are not alone. one poll shows 1 in 5 people have banned a board game for causing problems during game night. the biggest offender monopoly is the most debated forbidden board game of all time brian, is anything forbidden in your house, in games, i mean >> we used to play monday opeop monopoly let's go back. paid internship to smoke pot that's what you said in a tv-friendly way. >> reporter: i did say that. i was smiling and v.o. covering me to think my first internship was

at "reader's digest" and it could have been in pot >> is it edibles i'm told there was a thing back in the day called a bong and you go to hardee's kristina, there's a could comedo said which one of my friends is a bleep hole because they all cause fights doesn't matter what the game >> swearing and pot. i love it. >> i didn't swear. >> i know. >> i said bleep. that was me, not the fcc kristina, thank you. >> six hotels on mediterranean avenue and bring in the rent.

ahead, elon musk says or i am pi'mmplies he may be breakinp with bitcoin and if you haven't, subscribe to "worldwide exchange." it's great we're back 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. which shows will you be getting into tonight? how 'bout all of them. netflix. 'cause xfinity gets you really into your shows. when one burns for someone who does not feel the same. daphne, let's switch.

from live tv to sports on the go. felix at the finish! you can even watch your dvr from anywhere. okay, that's just showing off. you get all of this on x1. so go on, get really into your shows. you need a breath mint. xfinity. it's a way better way to watch. he's back. bill ackman hoping to cash in

more as he looks to do one of the biggest spac deals ever. we will tell you what he is eyeing. the amc roller coaster investor along for the ride the than t entire time. what he is doing now. april's jobs numbers or are people still staying away? it is friday, june 4th, 2021 this is "worldwide exchange" here on cnbc welcome or welcome back. exactly 5:30 a.m. eastern time on friday. good morning here is another check on the friday futures and your money. we're not seeing a big trend right now. the jobs number out in three hours time maybe the market is waiting on that dow futures down 31. call it flat dow did break a five-day win streak on thursday

we he also have could watch bos and yields when we talk about when will the fed start to back off the bond buying remember, the fed is already doing it this week, they pulled back on the buying of corporate bonds. not treasuries, not mortgages yet. corporate bonds. in many ways, the taper you often hear about has already begun. you wonder if this is an advance move to raising rates or backing off a broader tapering remember, the taper that wetal about so much is not away. it's here. 10-year is 1.63% how can we not get a look at the big four trader cult stocks. amc, blackberry and bed, bath &

beyond and gamestop. no change in blackberry. gamestop down fractionally. a couple of things to know call this the rbi. gamestop is the biggest holding by far in the russell 2000 short interest on amc is about 20%. a lot of shorts are in there they are not blown out options volume on these and other so-called cult stocks is soaring again. what's old is new again. things to pay attention to if you are going to trade these names. back to markets and money in a moment to the other top stories kristina is back with those. >> reporter: this time we start with breaking news vivendi is in talks with bill ackman regarding the sale of the 10% stake of the music group if it closes, it would be the largest spac to date and valued

at $42 billion the spac will distribute to the shareholders later in the year umg has taylor swift and lady gaga as some of the music gr groups vivendi is down .50% facebook will end the policy that mostly shields politicians from the rules that apply to other users. a reversal that could have ramifications for how elected officials use the social ne network. the change which facebook is set to announce today comes after the oversight board backed the decision to suspend president trump, but cited the same rules should apply to all users. the board gave facebook until this week to respond to the policy recommendations.

and big news is elon musk breaking up with bitcoin? take a look at the tweet the bitcoin logo and a broken heart. of course, a couple right in front of them. this is a meme for investors to decode what is the meaning? of course, bitcoin is moving anytime elon musk tweets anything it is down 5% lower at $36,703 brian, break up time >> the news for the viewers is elon musk quoted the band linkn park it shows his age, i guess. kristina, thank you. first linkn park reference on the show ever. >> we're doing well today. and getting to the biggest story in weeks

the left for dead cult stocks. there are the names you know heavily shorted stocks that traders latched on to and sent soaring. gamestop, blackberry and bed, bath & beyond and koss and amc let's stay on amc. your next guest is an investor. he owned it since last fall. ben evans, you have been on the show a ton i read you are trading amc what's going on? >> good morning, brian i was early in there this game and our discussions last year about the reopening of the economy. so much doubt about it we had faith in the reopening. what is a bellwether reopening amc is an example. when i looked at it, i knew it was a stock that was so in

distress and also for the sense you have a lot of debt in there. i also felt if the reopening is real and it will be sustained, then companies like this will become profitable. this is what this is doing this is extraordinary for the economy. you have to look at this fundamentally. the stock expresses like this post-pandemic can become profitable it is a good investment. >> okay. there are, according to charts, eight analysts that cover the stock. the average stock price is $8.10. the stock is over $50. i know a lot of people have strong opinions. $5 stock target and it's up to $50? >> that's tough to square the

dots you would be concerned because this is way over valued. i think what you have to look at is a more broader context. on the one hand, you have companies like this which have been hit by the pandemic it is shutoff and starts to re reopen it comes with a imaginmajor volatility this comes with the stock price and through the options market with a significant amount of volume there is a company that is trying to restructure the balance sheet and taking advantage of the spikes in the stock. that, too, has helped move the stock higher in that sense, i think versus analysts, that is what the company is doing and the stock saying about the reopening of the economy. this is where i am coming from i think this is about the reopening play i think the analysts may be too bearish. >> the markets, ben, corporate

bonds are trading at 85 cents on the dollar the bond market is telling a different story on amc >> interesting angle, brian. if you look at the bond market, yes, it is trading and inv investments and high yielding bonds. it is higher yield in december when the stock was at $5 the company has made it clear that they want to use any proceeds from the stock sales to support the balance sheet by bringing down the debt that is the reason the bond price is going up. it is interesting to know as the bond price goes up, those are the interests on food options going up on stock. that is the solution risk that you take as equity holder. you do sell more stock you get solution the bonds improving is a good sign for the balance sheet the balance sheet will have less

debt and more balance. that is good to think about with this particular company. >> very quickly, ben, i'm sorry to jump in you wrote about $100 oil i love your notes. smart stuff and must read. do you think we will get $100 oil? >> a good question, brian. a lot of dynamics going on on the one hand you have the tight oil market the production of the drawdown on the inconvventory is large ad the production hasn't picked up. we have huge demand. not just the u.s. reopening, but what is happening in europe. that will play out there's been a big bull run for the crude market will we hit the historic mark? we will see. it has a potential for the up side. >> ben emons, somehow it all

goes together. ben, thanks for coming on. >> thank you you're welcome on deck, are you thinking about moving out of your state? if so, you are not alone data on how much high earners are thinking of leaving high tax sta stes '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 53, but in my mind i'm still 35. that's why i take oste bi-flex to keep me moving the way i was made to, it nourishes and strengthens my joints for the long term. osteo bi-flex, plus vitamin d for immune support.

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welcome back time for the big money movers. three stock stories. signing on the dotted line yoga pants and big news in the fight of cancer. kristina is back >> talk about docusign shares. better than expected first quarter results. subscription revenue up 61%. docusign raising guidance for the second quarter and year. shares up 5% next, leieieululemonlululem. expansion of the business. leululemon is raising forecasts for the year on anticipation of the demand for the workout gear or the stretchy pants. easing restrictions in the top markets. it is flat this morning.

and astrazeneca and merck a drug sold by both companies reduces breast cancer in women with an early aggressive form of the disease. it is the latest in the form of cancer treatments in the rates of tumors. it is one of the top sellers with $2 billion in sales last week astrazeneca is flat across the board and merck is up. back to you, brian >> let's win that fight. kristina, thank you. let's talk taxing and what you consult the wealth flight. higher earners leaving new york, california and new jersey. robert frank is joining us the rich are leaving others are saying they threaten to leave, but never do you have, you know, facts and data at your finger tips

what is it saying? >> reporter: this is actually one of the best pieces of data on the subject it shows thousands of wealthy taxpayers in high tax states due to the s.a.l.t. caps the study at goldman sachs found the s.a.l.t. cap found 4% points for high earners in new york and california up to 12% points compared to what they he would pay in no-income tax states like florida and texas which is why over 5% of the highest earning households in new york moved after s.a.l.t. that caused high tax states. now the recent tax earners in

new york and new jersey is likely to accelerate that could reduce revenues from the tax hikes by 30% and perhaps even erase them all together once the stimulus wears off. the report says we expect this tax hike will meaningful incre increase emigration from new york brian, goldman is not expecting a s.a.l.t. repeal, but increase in the cap to $50,000 which it says sounds like a lot current cap is 10. they say it would do little to stem the tide of the highest ear earners. going from 10 to 50 doesn't do enough if that is the case. we will see this continue and accelerate once we get through the stimulus >> so, for viewers wondering not in high tax states

the ability to deduct state and local taxes from the federal income taxes and they capped that that is a big deal for the higher tax states. it sounds like there is willingness to move maybe not to your point repeal it totally, but raise it a lot of people believe it does hold down property values as well >> reporter: yeah, it is hard to tell right now you because of all of the stimulus and growth we're seeing in the housing market pre-pandemic, remember, this passed in 2017 it took effect in 2018 we saw it in high income neighborhoods and add it all together it doesn't take a lot of income or huge property to get to the $10,000 cap. you can't deduct that from federal anymore. it is hard for the democrats to say let's repeal this because most of the benefits of this do accrue to the top 1%

this is a wealth tax in effect you know, they do want to repeal it it does expire on its own as of 2025 maybe they will wait and let it expire >> that's a way off. we illwill find out. robert frank, thank you very much on deck, your exclusive weekly insider report on insider buying including a big buy at one dating app one executive falling in love with that stock. it's a $5 million buy. you have to hear it. just a gentle nudge. subscribe to our podcast maybe you are commuting again? if not, download the podcast bitcoin down a touch oil up again we're back after this. by the way, june is pride month.

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time for the weekly e exclusive insider buying segment. these stocks have been well out performing the broader market on average in the year we have been doing this as always, the data comes with

our gratitude. we count you down. the fifgs th most insider buying dollar tree. a former lowe's executive. and train company norfolk southern snapping up $664,000 his first insider buy and buying when the stock is near record high the third most inn ssider pbuyig black knight $997,000 and second is jacobs engineering. $1.4 million buy by the way, also into stock strength and the biggest insider buy this week is by far is bumble a big deal for two reasons it is a huge $5 million buy

registered to board member amy gri griffith it is interesting because the buy came from her spouse john griffith he is a former big wig at blue ridge capital and known for being secretive about his moves. under disclosure rules, household members have to report their buys through the insider which is amy griffith. insider team effort at bumble. a board member and a former hedge fund manager and a big buy at $5 million. bumble bmbl certainly is a name to watch stock is down .60% i bet it does it in. dollar tree, norfolk southern, black knight, jacobs engineering and bumble all names to watch. we are watching the big may jobs number. the number is out today and the

analysts with a slowdown from april. 671,000 is the estimate. estimates are all over the map unemployment rate expected to fall let's welcome in sara house. thank you for joining us senior economist at wells fargo. april was a giant bust huge disappointment. what do you expect from the may numbers? >> we're expecting that hiring got back on track. we are looking for a gain of 700,000. there is tremendous uncertainty since we saw with the april jobs report highlighted that. there does seem to be a speed limit to the recovery. there is certainly a lot of friction with hiring than generally anticipated. it is illustrating we are entering a tougher phase of the employment recovery. they were still closely

connected to the employers, but now at a time when employers and workers have to make new matches and connections. that takes more time >> i like what you did there new matches. it goes to the bumble theme. connect the dots find the right relationship with worker and employee. sarah, will we see any upward revision remember these numbers are not perfect. every number they come out and numbers get changed up or down from the previous month. april was a bust is it possible it could be revised or nudged higher >> i think it certainly is possible that is something i'll watch more closely than i usually would given that april's number was an aberration from the other labor market data. it has been pointing to continued improvement and the pace of demand for workers picking up and the supply side we saw that with labor force

participation last month and the things with the household survey showing fewer people not looking for work at the moment i think we'll be looking at not just the may print and industries that are comprising that, but what happened last month. was it a fluke or are there substantial sectors? >> sarah, i don't know where you are in the world bangor, maine or anywhere else every business has a help wanted sign out here in new jersey. a majority offering four-day workweeks and signing bonuses. this number could be really messy. >> it certainly could be we have seen that in some ways the hiring challenges are acute. yesterday, the nfib released the data point for positions hard to fill we saw that increase to another record high. so, we're certainly seeing the

challenges it does come down to how fast businesses are hiring versus how fast workers can come back there is a lot of various reasons overlapping that which workers are slower to return than businesses looking to hire. >> yeah. yeah also, school is closed it is hard to go to work sarah house of wells fargo thank you. appreciate it. folks, that's does it for us on wex download the podcast bitcoin down a touch i'm off on monday. still tune in. "squawk" and the gang pick up the coverage on the big jobs friday we'll see you next week. ve sctul wkeha apeacareend

which shows will you be getting into tonight? how 'bout all of them. netflix. 'cause xfinity gets you really into your shows. when one burns for someone who does not feel the same. daphne, let's switch. from live tv to sports on the go. felix at the finish! you can even watch your dvr from anywhere. okay, that's just showing off. you get all of this on x1. so go on, get really into your shows. you need a breath mint. xfinity. it's a way better way to watch.

good morning welcome to another jobs friday futures somewhat muted ahead of the government report which is due at 8:30 a.m. eastern. bitcoin dropping after elon musk tweets a breakup meme and the amc story continues with the wild swings and stocks. ceo taking the message to the investors to the high profile youtube channel. it is friday, june 4th, 2021 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and andrew ross sorkin. joe mentioned the u.s. equity futures are te