2021 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live in times square. i'm becky quick along with joe kernen and andrew ross sorkin. there are modest declines. dow futures indicated down by two points this comes after the dow was up on friday. six positive sectssions in a ro. s&p is closer. this morning, indicated down by 9 points on friday, it closed within 3 points of the record close nasdaq off by 67 points this morning. it down more than 2% from the all-time high. the dow and s&p right within striking distance from the

all-time highs we will see what happens with the trading day. look at the treasury market. after the jobs report that came in weaker than expected on friday, you see the 10-year is still yielding below 1.6%. 1.579%. the "squawk stack" this morning. look at amc shares at least at this hour, amc shares up 3.7% still up 95% since june 1st. gamestop is up 1.3%. up 14% since june 4th. when you talk about advances wti on friday closed at the highest we have seen since october of 2018. lower this morning the highest trade we have seen since june looking at the numbers, aaa, a gallon of gas, andrew. how much do you think it is up from a year ago? >> on a percentage basis

>> yes >> now we're in some places seeing close to $4. >> $3.04 is the national average. >> i must be going to the wrong gas station? >> upper west side >> $3.96 >> a headline of $7 i forget which state >> up 53% from a year ago on the national average the reason devon energy is here. it is the top performer in the s&p. it was up 19%. marathon oil up 16%. chevron was the second highest per former in the dow. second to goldman sachs. >> milk. >> oat milk? >> regular milk. down for the week to date last week there are commodities coming down in price. still up for the year to date by 9 9.5% >> from a lactating mammal

unless it is coming from a lactating mammal >> you are still comfortable with that? the one time i threw my breast milk at you? >> why are you mentioning food or energy? >> average people don't pay for such things. >> ignore those things what does go up that matters >> lumber. >> you love this >> copper. >> we could -- >> i think alum lumber and copp. >> this is only anecdotal. my son loves dominos at least an hour we can't get drivers he said no one will work because they make more money i said come on do you watch cnbc? you are saying that just to nudge me he says what do you mean

what is cnbc the normal guy no, i can't get any drivers. >> hour and a half wait if we had delivery done on friday nights we went and picked it up >> it is a real issue. that's why you can't get a taxi in new york. so many things you can't get absolutely >> for some reason, we are so hesitant to say someone would do that we don't want to imply someone doesn't have a great work ethic. you make a lot of money. let's sighay you can make 20% me and stay in connecticut. what will you do >> you know how much i love my job. you do you know i would do this i don't want to say for free >> all right >> they are not lazy they are rational actors >> i don't know. >> let's talk about taxing i wonder if you think this is rational acting. the finance minister of the g7 group backed a u.s. proposal for calling for corporations to pay

a 15% tax on earnings. to provide momentum to upcoming talks. janet yellen praising the move as significant and unpre unprecedented. the global minimum tax would end the race to the bottom and ensure fairness for the middle class and working people in the u.s. and around the world. the editorial board took critical view of the move. an argument that consumers and shareholders will end up paying for that new tax >> if it passes. >> the bigger issue is not the other countries, although there are issues in all of the co countries, but if approved here. that 15% tax would be a real thing here it would not just be everywhere else i'm surprised they would get the g7 to agree. >> it doesn't mean anything. it is not binding. it is herding cats

no one will sign on until they know what our congress will do whoever does it first, you know, it is like when someone says, hey, take your pants off and i'll take mine off >> has that happened >> no one has ever done that to me >> i want to know how it happens. >> it is the same thing. if you do it, i'll do it and then everybody is pointing and laughing. >> oh, wait. i don't have pants on. >> that's what it is like. it would hurt. revenue would be hurt. >> the other thing this is trying to deal with is all of the european countries are coming after our big tech giants for a lot of money they are doing a digital tax on the companies. this is our way to get back at the lvmh if you want to take a big cut of the share. >> janet says we will make sure

it is fair nobody ever defines it for me. i'm vulnerable today i'm feeling vulnerable. >> you're not wearing pants. >> i don't know. >> what is the answer? >> i don't know. the race to the bottom is a real thing. >> it is a real thing. >> i would go to zero. i want our corporations to do best globally. then everybody else would and you get no money from corporations you have to do the individuals eventually, that is where it ends up. do it. do it all to people. if you want -- >> what number we also have conversations about what is fair >> i think everybody should pay. i'm ready to do 50% total. >> for everything? >> maxed >> i'll work until june 31st >> 30% is lower than where we are today. >> for us, but not for people that are paying, you know, the same as the secretary, blah,

blah, blah all of the people who made money. >> why don't they do a real amt that has teeth and do it for the wealthiest individuals >> my man, max, i want you to ask him. max. i went to spend the weekend at his house. he is a big right winger. >> max dzhsorkin >> yes, what would you think of the system where you work -- your ass off from january to mid-july or late july sfldplfrm. >> we had though con -- we had conversation. >> why don't you help them why don't you do something is he disappointed in you? >> very. >> this is a rebellious stage. >> max and joe

they can finish each other's sentences. >> i got a pool. >> he used to hang out when we talked about real estate there were restrictions of how big a house or how high it could be dad, if it is my property, it is my property. we should be able to do whatever we want with the property. i thought, right >> they were twins you don't need to do a patterniy test twins? he's yours >> he is he is mine i'm proud. >> maybe he is watching the show early. i'll save it >> you might be. we have a show to do the house is going to start the markup of the infrastructure bill on wednesday. speaking with cnn yesterday, jennifer granholm says the house will move forward with or

without support. president biden rejected the latest proposal for the infrastructure compromise on friday i think they are supposedly talking capital today. senator of west virginia, what a state? >> joe manchin >> what a state. >> the sign joe manchin is flexing. >> is he doing this until he sees something that comes along and he will do whatever? >> part of it is answering to his constituents they are in line with what he is doing on all this. >> probably. coming up -- i like max. must be max's favorite democratic senator >> he never talked about manchin. >> i like him. we will get you ready for the trading week ahead "squawk planner" is coming up next "squawk box" is coming right back

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i hope you're ready. 'cause we are. on this "squawk planner" a light week for data until thursday that's when we get cpi data for may. closely watched read on inflation. prices in april rose by the most in any 12-month period since

back in 2008 intensifying the debate over fed policy we will have more from steve liesman at 7:00 a.m. it is a light week for earnings. a couple of highlights campbell's soup and gamestop on wednesday. apple kicks off the developers conference today more on that from dan ives we have him on frequently. he will be on at the bottom of the hour france welcomes back tourists on wednesday. you need to show a negative covid test do we have a decent vaccine proof yet? the cardboard? >> andrew has the passport >> new york figured it out i didn't realize that app was created by the folks at ibm. they were trying to use the app to do it nationally. i hope they still do it is amazing. >> still only for new york >> yes

>> they happened to have the data how do you prove you put your batch number in >> no. a quick quiz have you gotten a credit score quiz or someone is figuring out if you are you they say what date did you have it on? they give you five dates you get the date right which one did you take what time was your appointment >> i don't know my appointment >> not time was your appointment? >> the grammar police is here. >> before the pandemic, tourism made up 10% of the france gdp. the popular destination for americans with 5 million visiting in 2019 >> anecdotally, they are putting the gates back up. it is tougher to get in to france somebody here is supposed to go. >> i feel when i go back there,

i have a better feel for everything after i call my agent. knowing now what all the french stuff means. actually following along and i hear a lot of words. >> no rosetta stone for you. >> have you heard that you can't beat jerry lewis music playing when something funny is happening? i feel like i can go there and have a whole new understanding >> you will blend. >> i'll blend right in i have my outfit ready to go socks with birkenstock shoes >> with your shorts. >> cargo shorts. >> i have three new ones you have been cleared for those? >> cargo shorts? >> from the wife >> no. is there a new kind of cargo shorts >> i thought you liked them. >> i love them i'm not allowed in my household.

>> we were walking around the park she went early it is a mile long. she said i saw an old guy running in cargo shorts in front of me. she said i came up and couldn't believe it was you are you not allowed to run or jog slowly >> abercrombie >> these are ralph lauren. i have three colors. that's what i wear i can't really button them i will be able to do that. let's talk about markets in the week ahead david stubbs he said am i on discovery channel? david, thanks for coming on. new global head of markets and asset strategy in morgan stanley. with the reopening now starting in earnest, you think that is a major play what that says to me is all of

this anticipation of reopening and the positive stock market activity that we have seen, that is not all there is. as it happens, you think there is further to go and that could happen as earnings show that improvement? >> sure, absolutely. a lot of reopening around the world happening. reopening is a thing in most of the developed world. you were talking about france. we upgraded italy because we believe it has the best exposure to what is happening domestically and a lot of cyclicals. if you look at the reopening in italy, it lagged the partial reopening of the european peers and the valuation is good. if you look at the struggles like japan, covid is a real constraint on their economy in many parts of the world. that will play out and keep markets on the front foot throughout the year.

>> right the u.s. is more open or further along in a lot of those things you figure as the rest of the world catches up, you will see that when you worry about the corporate taxation as a headwind, are you referring to the global tax or what we are seeing in the u.s. >> i don't think the global tax should be seen as overtlyveinve. takes transparency to take other taxes off the table. digital taxes in europe. any kind of equal tax on multinationals those would have been piecemeal. one country. one time different rates. any agreement on this would be a nice bedrock to the international system it may lead to more companies paying more taxes for sure i'm referring to corporate tax as a potential down side trigger to generate volatility

it is around the plans here in the united states with the de debate further out, we do see plans for major fiscal consolidations in coming years uk budget, for example, focuses on raising taxes a few years out. for the next 18 months or so, the global policy environment will woul be supportive you will see some countries inching to raise taxes if done wrong, it could hurt. >> one of the other areas of concern is something we should highlight to put it on the radar screen i don't think all of our investors are thinking about it. the german election. what is at stake and what would be a negative outcome for the global markets in your view? >> that is interesting, joe.

you could get negative or pos positive outcomes. a weak period of uncertainty around germany with a key leadership role in europe would be a potential negative area of concern. the market could act positively if the greens are in coalition and partner in the coalition it would unlock fiscal spending much like the perhaps here in the u.s. in germany, it has been exceptionally reticent to expand with the aging population and the transport system and the green agenda i think when i cited that as a risk, it is a two-sided risk you could see boosting markets if you get the right outcome and it is something that internationals need to put on

their radar. angela merkel going away after a decade and one that could lead to significant changes in the economy large enough to drive the future of europe >> do you think easing money and accommodative central bankers around the globe find the way into the speculative areas like meme stocks or if you want to call crypto that or nfts could it find its way there and not be influencing the stock market in a negative way is there fluff in normal blue chip stocks or the ones you follow or are those okay although there is all of this froth in other areas >> the central banks in the world trades in the environment of elevated prices how that effects koecore

investments over powerful themes playing out versus individual stocks that have some narrative or having short positioning orphan favo or fan favorites of the internet i don't think you can put that latter on the fed. if a group of people want to get excited about the heavily shorted stock and push the price up, that is something they could have done no matter of monetary policy i think investors will stay away overall, asset prices are reasonably elevated because of what you have seen and the interest rate environment. we still find plenty of businesses with great cash flow with solid balance sheets and rising earnings expectations in the middle, joe, the kind of broader theme which effects stocks and suppliers something like clean energy. everyone can see the potential and everyone can see there are

multiple drivers and change in attitude and policy support and government investment programs change in technology we see, of course, a rush in potentially driven by the fact we are in a low-rate environment. that is the story of clean energy in the last 12 months it doesn't change our conviction of the space will see huge growth in earnings and sales it is something we want our clients to be invested in. it comes with a significant drawdown the drawdowns are, in part, reflected by the positive envir environment. >> great david, good to have you on i imagine you will be back at some point thanks >> sure. >> how long? we said new. how long >> i think total to be around for a while. i hope you will be wearing your cargo shorts

>> at least you'll have pants on >> i'm not going to wear pants tomorrow, if you won't >> really? >> david, thank you. i wasn't talking to you. i was talking to andrew. i will come in with no pants >> no pants? >> if you will >> you're off tomorrow sucker. >> that's right. >> coming in remotely. you could do that. this table is very exposed >> it is it is. >> window on the world here. >> you can see >> right on times square >> these people will not judge us the guy sleeping out there could care less. when we come back. a green light for robo taxi test drives in california we have details next. let's look at the biggest pre-market winners and losers in the s&p 500. biogen leading up 1.3%.

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new chapter. wellness, well done. california is giving the green light to prototype robo taxis backed by general motors under the plan, the cruise vehicles may not charge for the ride it has to provide passengers safety plans cruise will manufacture in early 2023 >> something to behold golfer jon rahm finishing the third round in columbus with a six-stroke lead.

did not compete in the final round. before he could sign his scorecard, officials stopped him to tell him he tested positive for covid-19 he was devastated. the pga state rahm had been subject to contact tracing p protocols since monday of last week elected to stay in the tournament and test negative until every day until friday the most recent test followed. the second round was performed rahm is the first positive asymptomatic case of the tour's routine contact tracing pr protocols. >> i cried heartbreaking. >> with a six-stroke lead. i couldn't pull off a six-stroke lead i'm sure he could have won that tournament it is not a major, but people love winning jack's tournaments.

great course >> to have that taken away when you are playing so well. >> how often do you think this will happen now? >> he was vaccinated >> i actually theink it will happen more. >> i didn't believe that until the yankees stuff. you start hearing about that it picks up like that. you haven't heard anything since. >> another reason to get vaccinated >> it worries you if you have kids at home especially high risk if you are under 12, you are not vaccinated. >> no employers -- no body is doing testing because you walk in with the vaccine card or app. it is complicated. >> hopefully by early fall, they have vaccines for kids >> exactly coming up when we return, mohamed el-erian will talk about

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good morning welcome back to "squawk box. you will see the dow has turned positive up over 20 points. that is about a half a point away from a record for the dow if we were to close at these levels just 21 points away from a record close s&p is down five points. it was three points from the record close at the close on friday the nasdaq is indicated down by 50 points this morning over the weekend, treasury secretary janet yellen says the $4 trillion spending plan would be good for the country even if it leads to a rise in interest rates. joining us is mohamed el-erian good morning, mohamed. before we get to that, let's

talk about what janet yellen was doing over the weekend with the g7 coming together on this minimum tax of 15% for corporations. is this, a, a good idea and, b, actually happening >> i think it is good and it is necessary for global tax reform, but not efficient. you have to get the g20 to sign off. the oecd to do some work and you have to get treaties passed in national parliaments it is a long process, but it was a necessary step and historic one, andrew. >> you think it is real? you think a couple of years from now we will talk about a genuine minimum tax? will this get approved here? that is the biggest hurdle, perhaps. >> here is the irony it doesn't change much for the

u.s. if you are in ireland, you have a different view of this if you are in ireland, this is a consequential move you will see pressure placed on them to increase taxes here in the u.s., we will not feel much. >> when you say ireland, there is ireland which is a island and the cayman islands with a different tax rate >> both. lots of low tax jurisdictions which is charging higher tax jurisdictions. >> why not participate >> because of the pressure that is imposed on them these are small economies. it is very hard to impose a g7 or g20 initiative. they will go along in a grudging fashion and find other ways to maintain competitiveness. >> mohamed, i want to talk about

the $4,700 bike looming for the economy. if you go out and buy a bike today, it costs so much more than it used to. are we measuring inflation wrong? >> that's a long-standing debate and depends on whose inflation you are measuring. we will have high inflation numbers this week. consensus is looking for headline of over 7%. a core rate of 3.4%. these are high numbers they will not resolve the debate of transitory or not you know my view it is not transitory some elements will stay. we are in a higher inflation world as far as i'm concerned. the fed risks being caught behind for now, markets remain calm we talked about it last week it is the sweet spot booming demand driving recovery. pricing corporate power.

you have a fed and ecb that are calm about the whole thing this is the sweet spot for markets right now. >> we always seem to throw in a question of crypto i'll thougrow in the crypto question i don't want to call it crazy. did you see this wild conference taking place in miami over the weekend? the crypto conference? we had the mayor on friday i don't know how much you saw, mohamed. this morning, there was an op-ed about how to regulate crypto you saw, by the way, a country what was the country over the weekend that now said -- >> south american country. >> el salvador saying it can become a fiat currency an acceptable currency when you add in the inflation piece on one side and el salvador on the other side, does

that change your view on crypto? >> my view on crypto has been con con consistent you get the adopters on one hand more adoption. el salvador saying it will become legal tender. the group you are referring to who argue this is the best safe haven right now. these are the adopters not going away on the other side of the tug-of-war, the sector pushing back you mentioned the op-ed. that tug-of-war will continue to keep crypto volatile i think it remains as part of the payments ecosystem i really do. it is here to stay it is not going to be a world currency governments simply won't allow that >> in terms of markets broadly speaking -- i read too much rebalancing your portfolio

i'm asking about that. the argument that everybody should rotate their portfolio especially given what you are are talking about right now. the question is should you really be? >> that's the problem. it is hard to find a better place to be unless you are going into private markets if you stay in public markets, you don't want to rebalance in favor of bonds because bonds are risky right now. you could decide it looks elevated in terms of val indivaluation. the other side is the attractive stuff is not available easily to the retail investors when it is, you see them rushing in and causing a phenomena there. >> like what what should they rush into >> what they really should rush into is certain private credit where you get better collateral.

the things that become fashionable. amc or short squeezies attract retail money they know what the phenomenon is they played it out in gamestop everybody is looking for a better alternative it is hard to do if you don't have the whole range of asset classes available. >> mohamed, thank you. >> thank you, andrew. coming up, tesla ceo elon musk with the headlines of pulling the plug on one of the plaid models. and don't miss the founder and chairman thomas peterffy on the wild swings and the amc arena and the surge of retail investing. reminder, you can watch or listen to us live on the cnbc app. we're coming right back.

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tesla ceo elon musk making news on twitter. the most expensive variant of the model s sedan is canceled. the plaid plus is canceled no need. the plaid is just so good.

then in 0 to 60 in under 2 seconds. the quickest production car ever made of any kind it plans to feature three motors and 1100 horsepower and 120 miles of range t this will cost $120,000 with the range of 390 miles on over 1,000 horsepower tesla shares have come back in recent sessions. down today under $600. a handful of protesters outside the factory in california yesterday they are concerned over the power elon musk has over the cryptocurrency market. they criticized the tweets that sent dogecoin soaring and stop accepting bitcoin for tesla.

you did not see the protests out when he was driving the prices higher. coming up, apple has been under performing so far this year today, there is the developer conference you wonder if that will give shares bst wl lkbo aooweilta aut that next . ♪ but entrepreneurs never stopped. ♪ and found solutions that kept them going. ♪ at u.s. bank, we can help you adapt and evolve your business, no matter what you're facing. because when you close the gap, a world of possibility opens. ♪ u.s. bank. we'll get there together. ♪

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apple's worldwide developers conference gets under way today. software update and revamped mac books expected there is a lot rising on the event. joining us is dan yves, the

managing director at webbook securities dan, this is usually a pep rally for all of the apple developers. is it different this time, given the backdrop of the huge battle of gains? >> yeah, no doubt. this is really the life blood for developers, especially on the software side and there's nor scrutiny if you look at the big game battle, almost a "game of thrones" with apple. the regulatory scrutiny, in the beltway, this becomes a pivotal time it's really cook and cupertino showing software developers the path forward and laying the groundwork to the next growth. that's the key >> it's a virtual event so we're not going to be able to read the crowd. how will we know how people are reacting to this, how the app developers feel? because we hear from the big ones but what do you you think that the group is thinking overall? >> yeah, you definitely lose something in the virtual side over the year.

throughout the day, and the week, what we do, we try to get a sense from developers if they're successful did they get what they want? do they use this as sort of the foundation of the next growth, you know, for their own businesses? and it continues to be, you know, really a catch 22 when it comes to apple because developers are frustrated as they are sometimes with apple, they hold the keys to the kingdom. and this really is laying the groundwork which i believe is playing out as the biggest product cycle we've seen in the last decade in cupertino >> so what else are you going to be watching today? actually first, just on the app store itself, there are some people suggesting maybe the profits there are as much as 40% of apple's pre-tax income. do you think those numbers are accurate and what do you think happens, let's say, two, three, four, five years from now? >> yeah in that general vicinity you look at services, that's a $65 billion annual revenue

stream when we built in the valuation of services, it was over a trillion and going forward. that's why it's going to be so important for apple to keep this crown jewel. but also to make sure that whether it's in the court case or in the regulatory, i think there continues to be worries. are they going to have to lower their fees and i think that's it, it's about a $15 overhang on the stock alone as this court case plays out and the regulatory scrutiny continues to heighten >> so, you said this is one of the biggest product development cycles you think you've seen coming out of cupertino. what are you talk about? and what does that mean for the stock? >> yeah, we do believe they've released the mac pro, the 16-inch and the 14-inch. you take a step back, the supercycle, despite the stock sort of being on a treadmill, it's playing out i mean, we believe this will be the strongest year apple's ever had. you look what the you see on the

ipad ultimately on the mac, ultimately, airpods and some other things coming down the table. if you take a step back, next year, we think the apple glasses, the arbr that we talked about the 2024 apple car we believe comes out this summer around partnerships on that front. >> so, do you buy the stock real quickly again? >> i'd use the golden opportunity. a year from now, we're looking at a $3 trillion cap this is just a painful digestion period >> thank you >> i don't know if dan wants to stick around on this, i want to get his view on what it means to amazon or shareholders of amazon, jeff bezos is set to go into space soon. blue origin announcing that bezos along with his brother mark will join the winner of an

auction in the company's first human flight that's going to take place in just about a month. july 20th. the highest bid in that auction, by the way, was up to $2.8 million. jeff bezos putting out an instagram post, a video with him and his brother, planning to do this, july 20th. they're going to space on the first rocket putting his money where his life is >> putting his life where his mouth is that shows extreme confidence. when we asked richard branson if he's going up, he laughed and said not on the first one. >> but this is early maybe if dan yves is still with us, obviously, we wish jeff and his brother and everyone involved in it, the absolute best i would think, dan, if you're a shareholder of amazon today this presents a risk to the company, stocks, too. >> foo >> if you're a shareholder, this is not what you want to see,

with bezos, with musk, a bull call but if you're an amazon shareholder and you see this, it's definitely not a good morning, given the added risk, even though bezos is leaving ceo, that continues to be the mainstay and really the reader of amazon. >> dan ives, thank you we'll bring you more on jeff bezos' maiden voyage july 20th. when we come back, dr. scott gottlieb is here we'll talk about the vaccination rollout, biden's number. and ye as,ll of the controversy around dr. fauci, around what we knew, when we knew it and covid-19

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you ready? -hell yeah. punch it! yeah! ♪ ♪ it's good to be back. ♪ futures mixed this morning as we get ready for a new week of trading we'll take a look at what could move the markets in the coming days avoiding a taper tantrum how the fed may or may not reduce its bond purchases and what it could mean for the markets and the economy. and vaccination rates falling. putting the president's goal

getting shots to at least 70% july 4th in jeopardy dr. scott got ltlieb will join s with the battle against covid as the second hour of "squawk box" begins right now ♪ good morning welcome back to "squawk box" right here on cnbc i'm and drew ross sorkin along with becky quick and joe kernen. take a look at u.s. equity futures at this hour we'll show you where we stand. nasdaq looking to open down, 49 points, 48 points. dow looking up, 33 points. s&p 500 off right now, about 3 1/2 points we've got a number of big headlines. we'll talk about jeff bezos in a second that may be one of the biggest the other nations pursue say tax agreement of 15% janet yellen said it would end

the bottom on taxation and reputes the call for tax reform and remarks prepared this morning at the select usa investment summit. the next is to seek support from g g-20 nations next month in venice but getting it done tour the united states. tesla scrapping versions of plaidplus. for the model splaid a driving range of 190 miles ceo elon musk saying there's no need for the plaid plus, the plaid is just so good. and then they will start the apple event with a two-hour keynote. and apple expected to update the operating systems. we'll keep our eyes on that. the story of the day, the morning, the month, jeff bezos

said he's going to space yes, you heard correctly it would be historic if it happens. bezos' company blue origin announcing that jeff bezos along with his brother mark will join an auction that will happen july 20th for the first human flight. the auction was up $2.8 million -- >> i wonder if the price tag goes up as they announce this. >> i don't know. think about this -- he is now -- probably the richest, if not one of the richest people in the world. essentially the most influential people in the world. and he's going to space. you're looking at amazon stock off slightly presents a new risk to the company. i hate to say risk because i hope it all goes perfectly well. i don't think people were necessarily planning on jeff bezos jumping on a rocket. but he's planning to do it >> dan ives didn't feel weird

about saying it was a risk >> it's a risk it's a real risk >> yeah, it's a risk the first flight of course, we all wish him well and hope it works out. but there's definitely -- for shareholders, you have to think -- is it -- maybe it's not as reckless as it sounds because we have seen, you know, lately, to the international space station, it seems like they've got it down. and some of the mishaps in the past that crazy shuttle there's so many things, so many moving parts it seems like they really strimed down to something very basic how we've been doing this. we've been putting rockets into orbit for a long time. >> does it come back down? what is the play >> i don't know enough about the blue origin flight >> but i have the technology, obviously. it's got to be how much better than when john glenn was sitting there -- >> right >> -- yeah, i hope i'm going to see my family. those guys, they were a different breed. chuck yeager, all of those guys

to sit on that, to light that candle when you send up a monkey, he's like, wow, this is a nice place. seems like an okay spot. but he has no idea, unless he's really smart he has no idea what he's in for. but men and women know exactly what they're on top of i'm not bidding on that auction. i know you have pretended to want to bid on that auction. >> i would love to do it, but i don't want to be the first >> you want to be the millionth. >> and richard branson when we asked him, he said the same thing, he's not going on the first flight for virgin. >> that's a ceo. >> it's still a huge presence, though, i would think, too >> all right let's talk about the fed it is preparing for the markets for the eventual reduction in its bond purposes. eventual, eventual, eventual, with the goal of aprovoiding a taper tantrum.

steve leisman joins us, what does it mean >> i have a bit of a time line, we know the fed is in the early stages, tapering, that is, reducing $120 billion of monthly asset purchases that it did to stimulate the economy and keep interest rates down. comments by the fed said the issue is likely to be discussed at the upcoming june meeting and the fed may be on path for the asset reductions maybe this year or early next year the list saying those saying taper talks should be held around the agenda, patrick harker of philly, robert cakapln and loretta moster >> as the company continues to improve and we see it in the data in the statement, that

we're going to have discussions about our stance of policy overall, including our asset-purchase programs. and including our interest ratings. >> now, i've used this time line for several months now, according to my reporting it stands despite the ups and downs on the economy on the jobs report june and july, fed discusses taper. september and november, sometime in there, they will announce a time line for tapering and december and january, actually begin reducing those asset purchases. one view inside the fed is that the tantrum occurred in 2019 because the fed failed to separate interest rates and qe and reducing quantitative easing this time, the fed has a long run for tapering and making it clear that increases only come after improvement. they know it could get bumpy,

but they think a tantrum can be avoided, becky, lthrough this long process >> steve that sounds like wishful thinking when you want to admit that the bond doing something, when you take it away, it makes a difference it may not be the path markets tend to react very quickly to what it senses as a change in the stance okay, this time is different but the last time of the taper tantrum, good luck with that, right? >> i want to throw that back to you, becky what i said, is pretty well-known among fed observers and if the guys would put that time line back up, if you don't know hour appreciate this time line right here. if you don't know this time line, then maybe you shouldn't be practicing fixed income investments. i think -- when you look at where the ten-year is now, when

you look at where the two-year is and when you look at the fed fund futures, look, i agree with you, there's every possibility or chance that there is some sort of tantrum in the market. that's not to say that rates won't go up. yields will indeed go up it's different than a tantrum. and the idea of, look, laying this out there, being very deliberate about it. being very gradual it seems like the best way if you're going to avoid a tantrum to do so >> so, june/july, if they discuss it, when will we know? six weeks later when we see the minutes? >> well, no, remember, powell has a press conference after every meeting. and so, we'll ask him was it discussed. or he may say it was discussed it could be something in the statement as well. or more likely in his statement after the meeting. so, he'll come out, yeah, yeah, we discussed it. and we're talking about it now and here's what we're talking about. we'll get other fed officials, they'll come on cnbc and we'll talk to them, and they'll talk

about talking about tapering and we'll get a zensense of a t line we'll have to watch the economy as well. >> you know, messaging matters, i agree with that perspective but being able to massage the message enough for people saying, okay, there's a change in the tide, that is pretty tricky >> it's very tricky. and the market's gotten very comfortable with where we are at now, after that initial surge in the ten-year, from under one and all of a sudden we're at 160, that's where the sort of movement was, it's pretty much remained the kind of anchored in that 155 to 170 range. so there doesn't seem to be too much anticipation. also, becky, if you remember a story i did a couple months ago or so, the two-year at 15, that's supposed to tell us the average of fund rates over a two-year period. most of the sometime during the

former qes, qe 2 and qe 3, this two-year 15 is not anticipating a whole lot of funds rate increase so it does seem to be anchored the quickest or earliest i see the market pricing in that first big hike is january 2023 so, i do think the fed may have done a good job at this point of anchoring expectations >> a lot of "t"s, taper, tantrum, tiptoe -- can we come up with anything -- do we have -- >> how about tranquility, joe? how about taper tranquility? >> yeah, do we do it on purchase the literation is good, is it good or not? broadcasting is bad for anxious anchors placed in high positions -- i don't know. timing for the tiptoeing and the timing for the tapered tantrum, thanks, steve. coming up, is the u.s. experiencing vaccine fatigue

is the number getting the jab declining? we don't know whether jon rahm got the vaccine. it's important to know, i think, if he had it maybe he had it ten days ago, that makes a difference. if he had it two months ago, it's really weird. dr. scott got letlieb is going d in us after the blake. anthe dow is up. s&p in the red we'll be right back.

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welcome back, everybody. covid vaccination fatigue hitting americans. the latest data shows the united states is averaging fewer than 1 million shots a day. every state is at least two-thirds below its peak vaccination rate the south and midwest seeing 15,000 daily shots for every 10,000 residents joining us dr. scott gottlieb. a cdc contributor and serves on the boards of pfizer and illumina the next book "uncontrolled spread" debuts in september. dr. gottlieb, i thought that was a typo but there are 15 shots for every 10,000 people in the states at this point is that a bigger even collapse than anticipated in terms of demand >> actually, i don't think so, i

think this should have been expected and was by many of us vaccination rates are going to fall off sharply in july and august the bottom line is people who haven't been vaccinated at this point are more marginal customers for vaccination. might be younger people. people who don't feel as at risk i think you'll see vaccinations fall off sharply in july and august and going to pick up in august and september as people contemplate going back to work and school people who haven't been vaccinated will get vaccinated before they return to work the prevalence is going to be low this summer. people will be looking around. people will be outside there won't be a lot of coronavirus. if you haven't gotten vaccinated at this point, there's not going to be motivation to get vaccinated in the middle of august when things look good i think people are going to get vaccinated in the fall hopefully, the cdc will kind of guidance that will allow the coronavirus vaccine to be

administered with the flu vaccine. i think july and august, the administration is pushing its goal by july 4th, hopefully, they'll hit it and it's going to slow down quite a bit after that >> it's not a huge concern, because the prevalence is so low, as long as people get vaccinated in the fall, you think it's okay? >> look, it's not great. i'd like to see people vaccinated we hit a pretty high level we have to remember that people that have been infected, statistically, at least a third of them have been infected there's probably more people in the vaccinated pool that have been infected by the virus than the general population a lot of are choosing to go unvaccinated because they have been infected. we probably will get close to the goal the administration set of getting 70% of americans vaccinated by july 4th we're going to pick up more teenagers as they contemplate summer jobs. we'll get maybe 65% of the

public vaccinated in all before the summer sets in it's going to be slow. we'll pick up a little bit during the summer and another heading into the fall. i think it's going to be okay given the fact we have a lot of protected immunity in the population and prevalence levels are low. i don't think this is necessarily a resurgence of the coronavirus in the summer. i'd like to see more than 10% of the public vaccinated. but i don't think we're going to get that but we're in a good place. >> what do you think terms of people needing booster shots that are talked about? do you feel safe if you had this less than a year ago, the vaccine? >> yeah, look, i think you can feel safe through the summer the effectiveness of the vaccine correlates with the prevalence of the virus how effective it is correlates with how likely you are. the combination of the protected immunity through vaccination, combined by the fact that

prevalence is very low, i think people can feel reasonably sure. i think we can do a booster in the fall there will be continued discussion, particularly past this july 4th deadline that the administration has set i think you'll see more active discussion around boosters in the fall particularly to the elderly population the other point here, the variants we're seeing, the 6.7 variant in particular, where we're seeing resurgence in the united kingdom, that further suggests that the booster is important. once you get two doses you have a pretty reasonable degree of that variant it suggests that declining vaccine may be an issue for the variants that may be another reason we lean in the direction of boosters, particularly for the older population >> hey, doctor, we saw this jon rahm news over the weekend he tested positive we don't know whether -- we

would think he has a vaccine do you think there's a high prevalence of people who have had the vaccine are walking around with asymptomatic cases of covid and not getting tested and does it matter >> my understanding is he hadn't completed the vaccine series only had the shot repeatedly ahead of that tournament my facts may be wrong there. i think what the evidence is showing people who are vaccinated are far less likely to get infected. even when they've become infected they're far less likely to transfer the infection. that's the basis of the cdc's new guidance saying people fully vaccinated don't need to wear masks. if you dig beneath that recommendizaatio recommendation, what they've determined, if they're vaccinated they're far less likely to shed virus and don't need to wear a mask to protect others around them either. i think you're reasonably assured if you're vaccinated

you're less likely to transfer the infection. going into a high-risk setting and exposed to the virus, can you still be mindful i think you should when i go into a medical setting i still do wear a mask >> doctor, sports reporters are saying that there's some evidence he maybe got one shot recently and didn't do it immediately. that's why they're faulting him. he lived in arizona, could have done it a while ago. did you read the piece in the journal about the two scientists talking about cgg -- if you're able to read that, it getting a little arcane, we don't have a lot of time. but when you do gain a function research, that's how you make the spike protein work better to infect human cells very rare, it's never happened just naturally and that's the way it's been done 11 times in the past. >> yeah. >> and those sequences are present in coronavirus these guys say that definitively

proves that it came out of a lab. is there a way that it didn't prove that >> look, i think we made a persistent mistake here. looking at the sequence in trying to derive all of our conclusions from the sequence. early on, they looked at the sequence it looked suspicious. they thought this could have come out of a lab. they looked more closely at it, they reassured themselves that the sequence in fact didn't look suspicious a lot of scientists are looking at the sequence saying, look, it doesn't look that unusual. and therefore it doesn't come from a lab and others are saying, it did come out of a lab. and is he have the single biggest piece of evidence which is the behavior of the chinese government and what they deliberately chose to withhold and what they shared openly. the evidence that they withheld is the exact evidenceyou that would need to either implicate the lab. or it could be exculpatory for the lab. that's what they've chose ton

withhold i think we have a lot more information 18 months later. the sequence of the virus itself is not the only thing that informs this picture that's the trouble looking at this from a purely scientific mosaic, you focus on it as a sequence when you look at the national security mosaic, you look at other evidence that comes into play, including the behavior of the host government. >> it codes for 34 other ways with the genetic code to code for that and just to have the same one that's been used by all of the researchers in the past to accomplish the same thing, with the spike protein, it's very strange that would have happened it's also possible to go back and sort of cover your tracks, too. so, i don't know what the end result is going to be, doctor. those two guys certainly seem -- they mentioned gained a lot of that quickly and that the variant didn't come about for a year it would be very weird to gain

that so quickly. it's in the journal if anyone hassan interest. someone who knew about microbiology they act like it's definitive, but as you say -- >> look, i think the problem here is that the scientists on both sides are focusing just on the sequence alone there's a lot of other details including the infections around the lab. i think we need to look at the broader mosaic here. >> okay. >> dr. gottlieb, thank you >> thanks a lot. by the way, you can check out his new book called "uncontrolled spread why covid-19 crushed us and how we can defeat the next pandemic." that book will be out in september. coming up, when we return, jeff bezos set to go into space. we're going to talk about his announcement in just a bit jason trennert is joining to us set up the market ahead. check out the meme stocks. amc in the spotlight yet again after doubling last week amc down marginally this morning.

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welcome back to "squawk box. cnbc acorn investing in you partnering with the chamber of commerce to learn the goals of

how they handle their and obstacles they face on gender identity it addressed topics of emergency savings to business plans. kate rogers is here with more on all of it, kate, good morning. >> hi, andrew. good morning to you. so interesting findings here we polled more than 2300 adults from certified lgbt business enterprises on a variety of topics for just about every small business out there, we all know it's tough to find workers. our poll found that owners say they're struggling to hire right now for a variety of reasons 42% went into workers not returning due to enhanced unemployment benefits. more than a third said that workers found alternative employment 19% said their workers were demanding higher wages and just over 3% were afraid of covid nearly 18% think it will be easier to find work once the pandemic benefits run out.

and the biggest impact for lgbt businesses were loss of revenue, decreased budgets and temporarily closures less than 1% said they had to close permanently which is lower than we've been hearing across the board. now, overall, more than three quarters of lgbt business owners are expecting a full recovery in 2022 nearly 40% so that government stimulus would be the one thing that can continue to help their small business in 2022 and beyond. we're talking about all of this with suze orman on june 17th at 1:00 p.m. on linkedin live you can register at cnbc.com back to you. >> before you go, what percentage of owners got government aid >> so, andrew, just over 35% of the business owners we surveyed said they got government aid and just under a third said that they didn't get enough aid, which is interesting many were able to access this. like we're hearing in the

broader small business community. many small businesses said they didn't quite get enough as needed more aid would be the thing to help them recover moving ahead >> thanks for that report. appreciate it. to read more about the series go to cnbc.com/invest in you. nbcuniversal and comcast anchor investors in acorns. still to come on "squawk box" this morning, jason trennert will join us to talk futures. and the dow is up 40 points that would put it at a new record if it were to close at this level closed by 21 points shy on friday s&p is down by a point only about three points from its all-time record close. nasdaq indicated down by 24. also, later, reaction to the announcement from jeff bezos earlier this morning he is headed to space. july 20th is the date. we'll talk more about that in just a little bit. "squawk box" will be right back.

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welcome back to "squawk box. futures right now on the dow indicated up about 33 points nasdaq down 30 and the s&p off, a little over 2. lots of bitcoin buzz over the weekend after the first major in-person crypto conference took place in miami the mayor of miami who was on the show last week, kicking off the conference, saying in his words, this is not a movement. -- this is a movement. what was that again -- this is not a moment -- okay this is not a moment, this is a movement speakers and investors and scholars talked about crypto's rapid growth and future. elon musk is in the crosshairs of the bitcoin faithful after he tweeted a broken heart and a bitcoin emoji. >> did you see what happened here max keiser, watch this >> host of the keiser report with a session mr. musk

>> elon! [ bleep ] elon >> we're not selling >> and some words about elon >> and steve ballmer came out -- no, he didn't. i saw him doing crazy stuff at the clippers game. he's a very -- >> -- emotional. passionate >> -- passionate musk took to twitter after the video saying -- tweeting, bitcoin is a hell of a drug. and it works both ways, i guess. it's worked on him and he's going through withdrawal, i guess. he's going to rehab. >> yeah, in the interview, max keiser did an interview with cnbc africa. you got to see -- >> he wanted to come on here >> unbelievable. yeah >> really wanted to come on -- >> you mean not seven seconds away, but like a minute, just to handle what's going on >> it's even on cable? >> even on cable --

>> yes >> i mean, we've had say few clips here no, this was like nothing we've seen before. >> what's the worst thing we could say? >> well, i heard him say something there. >> yeah, but we bleeped it out >> right but if you say it repeatedly over and over again, over a minute, you can't bleep it out fast enough. >> okay. all right. our next guest says he's very bullish on value stocks. it's very hard to be bearish right now given the fed's monetary policy. joining us jason trennert, chairman and ceo of trennert research the entire world to think about, jason, is the fed one of your -- one of the primary things that dictate what you're trying to do in the markets >> joe, i would say unfortunately, it's just about the only thing that -- certainly, number one, and number two, and maybe number three would be the biden

administration's budget later this year. but, listen, m2 is up 30% over the past year. and the fed balancing is up 90%. and so it's playing a very big role in pricing of assets. there's no two ways about it so, there's no sense in fighting it by the same token, if you're trying to, it's not so easy to do it's a lot of fiscal and monetary policy in the system. >> okay. so what's the relative importance of fiscal versus monetary policy right now? would you say monetary policy is much more important than fiscal at this point? and then i'm going to drill down on that because i don't know how many people would want to time

manchin and his latest vote -- his latest comments, his latest editorial, about the national voting rights bill and what that mean for biden's plans writ large in terms of fiscal policy. but someone like you, who probably isn't thrilled with some of these proposals, do you become more bullish given it's a harder trek now for some of these things? or do you think they definitely do reconciliation and do whatever they want >> listen, joe, a lot of questions there. so, listen, i would rather see this be a bipartisan bill. i think a bipartisan bill would need -- it would mean somewhat less spending but it also would be somewhat less taxes and so i think that's good and i think -- i don't think we quite know, obviously, what the economy is going to look like on the other side of this, because we are providing liquidity, the last bill that we passed in

march seems like an aeon ago was 90% of gpdp it was $1.9 trillion the trump tax cuts were about $750 billion over ten years. so we're kind of in an outer stratosphere type of approach in terms of, again, experimenting with fiscal and monetary policy. and it's hard to know what the economy looks like when you remove that experimentation, when you remove that support >> how about the global tax? and, you know, obviously, global is not -- you can't say global let's say people that have a global perspective, they're tripping over themselves this is the greatest thing in the world. we had mohamed on earlier, oh, this is beautiful, finally get coordinated with the rest of -- maybe we can adopt all of europe's social policies, too,

and we can all be one big happy world. do you think this is ever going to happen? are you excited about this latest proposal? >> i'm not excited about it at all because i think it ignores, you know, kind of one big moving mart in democracy which is like of these countries and i happened to see secretary yellen over the weekend, she said this will stop competition of a race to the bottom in tax policies you know, from my perspective, i just have a different world view i like competition i think competition breeds success. it breeds productivity it breeds innovation and so this has an air about it, you know, we have no control, really -- we don't have as much control as we want we're just going to make rules in our favor so that central planners get to make more for the economy. and if you have my point of view, you tend to like free

markets making those obligations, that you tend to think they're better over time they're not always perfect, of course but they're better than having small groups of people, especially unelected people, make these decisions for the rest of us and i'm a little surprised, candidly because i feel very strongly there's so much very much a populist street in global, and global politics. i'm not so sure this is going to be so easy asked it's easy to get a group of people at a summit in some fancy place in europe to discuss this. but then selling it to your individual constituents may not be so easy >> okay, jason this is just another -- another thing to throw in the mix. global tax love it. love it. any kind of taxes are good, i think. just let's go. i just can't get enough of it.

you're so '90s or something, competition, huh you think competition is good, instead of -- well, that's just great. that's just great. >> competition works it clarifies >> why else would you watch your ps and qs? why else would you -- actually -- anyway, see you, thank you, jason trennert. >> yes, sir. >> i want you to spend some money on your audio because i had to listen really hard. >> okay. >> you got a big company upgrade that crappy system >> we'll upgrade that. >> i can't understand what the hell you're saying, never mind see you later. bye. >> okay. >> whew. when we come back, collectible markets are booming, robert frank takes a look at the hot spots and what's driving prices sky high. got a good guest and then jeff bezos set to

make it in space we're going to talk about what that decision means for amazon stock price and much more. inflation rising and currencies falling. but i've seen centuries of rises and falls. i had a love affair with tulips once. lived through the crash of '29 and early dot-com hype. watched mortgages play the villain beside a true greek tragedy. and now here i am, with one companion that's been with me for millennia; hedging the risks you choose and those that choose you. the physical seam of a digital world, traded with a touch. my strongest ally and my closest asset. the gold standard, so to speak ;) people call my future uncertain. but there's one thing i am sure of...

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everything from whiskey to watches are being flipped and traded to higher and higher prices and robert frank has a look at whether this is the bubble of all bubbles. is this a mania, robert? >> a little bit, andrew. you can call it the gamification of checkables. a new crowd of young traders driving up prices and taking their cues from social media look at car auctions, there used to be four or five auctions a year now, they're almost every hour, collectors buy porsches and jeeps online and flip them for 20% or 30% prices from ferraris up 30% from last year. sneakers, nike air jordan trading onsites, they show the daily price, many up 50% for the year then a bottle of 1926 mwhiskey

sold for $1 million. that's part of a new waive of vintage spirits trading online watch sites. seeing digital collectors buying and trading popular model, like the rolex sports watches, the daytona, those retail for 15,000, or $20,000 but being sold online for over $50,000 and trading cards. those have seen the biggest frenzy eight of the ten most expensive trading cards ever sold were sold this year sports cards, ufc, nascar and pokemon setting records. babe ruth's sports card sold for $5 million it's securitized on collectibles newt surprising all of the liquidity. it's just incredible the quiet corner of the market, now exploding with the new

traders, guys. >> it is amazing, robert thanks, for that report. coming up, bsjeff bezos -- this is amazing, headed to space. making the announcement earlier this morning we're going to talk about it after the break. "squawk box" coming right back (vo) while you may not be closing on a business deal while taking your mother and daughter on a once-in-a-lifetime adventure — your life is just as unique. your raymond james financial advisor gets to know you, your dreams, and the way you care for those you love. so you can live your life. that's life well planned. ♪ ♪ ♪

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welcome back to "squawk. jeff bezos set to go into space. yes, you heard that correctly. bezos' spaceflight company blue origin announcing that bezos along with his brother mark will join an auction to first human spaceflight that's going to happen july 20th >> from space, it changes you, the relationship with this planet, humanity it's one earth i want to go on this flight because it's a thing i've wanted to do all my life. it's an adventure. it's a big deal for me >> okay. >> it's surprising it's new you said that you got some new details. >> morgan brennan has more details on this. we were asking details apparently it's an 11-minute trip from space and back on the fourth day, they have the launch after three days of training 11-minutes round trip.

>> just 11 minutes total >> total >> would you do it >> no. >> no? >> we've got sarah fisher here of access media. and michael from the cnbc space report would you do it? >> never, never. that's crazy no i'm not going to space, no. >> are you going to space? >> i certainly would if i could take the opportunity and apparently, there's a couple seats left on this first one, so, i'm not counting it out. >> obviously, here's the question, we all wish jeff and his brother well we want this to be as successful and safe as humanly possible but is this a new risk, and i hate to ask it this way that sam zahn amazon shareholders need to think about, sara? >> absolutely. all of these tests have been done in secret however if jeff bezos feels he

can take the risk bringing his brother along with him i'm sure he feels pretty safe i know i'd be on the edge of my seat if i was the amazon shareholder, sure. >> michael, you live in this world, what do you think of the risks, the safety profile, of taking this trip >> well, there's a couple factors here the first and most important is how many times they've conducted this system, over a dozen successfully landing it over and over again this is one of the most space spacecraft flying currently. and also it's not going all thet it's reducing your risk. you're not going in the atmosphere it's a little more straightforward. and the system has been tested quite thoroughly and if you're putting yourself out there, this is one of the best you can be doing. >> michael, this is also one of

the greatest advertisement in history for blue origin if this is a successful spaceflight. the number of people that will want to buy tickets, how much is this going to cost and how quickly is this going to ramp up >> the cost question is still unanswered they've opened up public auction for one of the seats on this space spaceflight. that stands at $2.8 billion. that's not a clear idea of how much they're charging. the virgin galactic, those tickets sold between 200,000 and $250,000 those are creeping up into the $600,000 range i would expect blue origin to price their tickets in the sub-1 million range, closer to galactic. >> sara, in terms of doing this properly, do they have any idea how to do this to put this in

space for 11 minutes? >> that, we don't know that is one of the things about blue origin being wholly owned by bezos himself we don't have an idea behind the scenes cost structure, how much each mission costs to get up and bring back down. however, the big advantage of the system is that it uses a reusable rocket booster. so, they land the rocket booster, they put them together and clean them and launch them again. that reduces your overall cost which is the traditional way of launching a rocket which is to throw away the booster after every mission. >> sara i want to talk to you about the amc and the apes that seem to be out in force. do you have any new reports on where this is heading? obviously, the price is 4$46,$4 they were out over the weekend talking up the stock once again? >> well, there's two things, the

ceo of amc, he's much more inclined to use this to raise capital. we see last week he was going in that direction which is good maybe he can pay down some debt which he has to do the other thing we're starting to see retail investors taking to his offer to get him some seats. we saw last week reaching out to the investors. i was wondering is that going to change the confidence in the play are they going to like that? turns out they are liking that amc had good momentum this past weekend. we saw the theater is coming back a little bit. the retail investors on reddit this morning, they seem pleased with the outreach. as long there's no s.e.c. violations it seems to be working. real quick, on facebook, i know you had say piece on that trump, the ban on trump for two years. do you think it's a two-year been or longer than that

>> i think they're hedging it being a longer ban the language in the blog post is pretty strong warning donald trump if you do anything to trigger against our policies we will not back off. donald trump has to be very careful when he comes back in two years. >> greater regulatory pressure as a result, or less >> greater it's always going to continue to ramp up down here in washington, andrew >> sara, thank you michael, thank you appreciate it. >> thank you when we come back, the national security council's anne k neuberger will join us out of washington with the cyberdefense surge in hacks and later, don't miss interactive brokers fodeunr and chairman thomas peterffy "squawk box" will be right back. ♪♪ hey, you wanna get out of here?

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what they're saying in response. and the clock is ticking in infrastructure in washington president biden expected to speak to the leader republican negotiator and a top administration official says democrats are getting ready to move by themselves if necessary. the final hour of "squawk box" begins right now ♪ yeah, july 20th. >> july 20th. >> a little more than a month. >> a month >> enough to -- >> it's two weeks. >> enough where i've got bu butterflies already. yeah, just in general. for 200 grand, i'll buy the plaid and drive it really fast, you know >> yeah. >> and take my chances take my chances and put it on autopilot and drive it really fast even before i -- whew

good morning, welcome to "squawk box" here live from the market site on times square, i'm joe kernen along with becky quick and andrew ross sorkin nasdaq has paired some of its earlier loss never who significant. 60 or 70 points at one time this morning. now, the s&p is actually in the green just barely. let's get you caught up on stories investors are talking about today. congressional democrats are beginning to move an infrastructure bill towards a vote on wednesday even if it doesn't have republican support that's according to u.s. energy secretary jennifer granholm who spoke to cnn yesterday for his part, president biden is expected to continue his negotiations with west virginia senator shelley moore capito today. and $300 billion in infrastructure spending. china is strengthening a crackdown on bitcoin trading and mining

on the we bo platform over the weekend. bitcoin up by $581 a gain of 1.6% also announced a partnership with digital wallet company stripe to modernize via bitcoin technology this news came in a video message broadcast at a bitcoin conference in miami over the weekend. and deal news, blackstone, hellman and friedman agreed to by the company for $30 million speaking to "the wall street journal. this would be the largest leveraged buyout since the 2008 financial crisis and three more stories that investors are looking at joining us, with the crash, josh

lipton and mike santoli on the markets, what we're doing with elon in washington with the tax developments good morning >> good morning, andrew, finance ministers of the g7 have endorsed a tax of at least 15% treasury secretary janet yellen said the move would put an end to the waste at the bottom in corporate taxation and allowing companies to invest until recin the pandemic >> we need to have to raise sufficient revenue to invest in public goods and respond to public crisis. and make sure that all citizens and corporations fairly share the burden of financing government >> now, under the plan, countries would also get rid of those digital service taxes aimed at u.s. tech companies however, they would still be able to tax 20% of the profit of

the largest multinationals that have at least a 10% profit margin the u.s. argued that this new rule applies to a broader set of businesses and provides for more certainty. and facebook at least seemed to agree. vp of global awares tweeted, we want the international tax reform process to succeed. and recognize this could mean facebook paying more tax and in different places now, the g7 agreement over the weekend ramps up momentum for a final deal at the g20 next month, comimplementing it could take longer. now to josh lipton on the apple conference >> inches, yalan tim cook is going to try to convince people to keep spending time and money building apps for his platform suggesting if they want to reap consumers the products are the smart way to do it

today, apple is unveiling new versions of its system, ios 15 and multitasking with the ipad it's been a winner for apple as people, played, worked from home and as for hardware, loop venture said it's possible we could see new macs today, mac book pros, muenster says and apple faces complaints from high-profile developers including that fortnite maker. apple standing its ground. and that competition is alive and well on the app store. mike santoli, over to you. >> thank you very much we have a quiet start to the smas market guess what, it's been quiet for

some time which is in contrast to the volatility and attention in the market. seven weeks, top of the range we hit on friday on jobs day. obviously, pretty sturdy, regular rotation going on under the surface. you wouldn't necessarily know there is a meme stock frenzies going on out there individual stock, interactive brokers to blackrock, it's obviously more about buy and hold index investing, ishares, etf. interactive had this peak in january, february, march that is when you had really the hype of increment retail trading by the way, half a trillion dollars net flow into equity index product very plain vanilla ones this year massive flow it's not speculation

it's the plain vanilla folks engaged. for the better or worse, the volatility index did give you a better sense back in january and february the gamestop and the risk flight among reference funds was having an effect. that was this spike right here we're not seeing anything like that right now, certainly, we can get there, but it's not necessarily driving big institutional portfolios to step back to hedge aggressively to play the downside on the overall market and tvix. and not necessarily the smaller stock. >> mike, before you go, what is all of the activity you think on overall market sentiment today >> you know, first of all, the public is very much all in close to stocks whether they're doing it by flipping the speculative name and options or just trying to play the economic cycle by buying index funds but i don't think in general it's an overly

speculative tone in the core of the market because what we've really seen is the cyclical stocks basically taking their lead from macro data have been outperforming you see the growth in tech stocks back up in other words, very orderly and relatively national activity going on in the core of the market you have moderated the sentiment surveys offer the bullish highs. i don't think we can necessarily assume because we have mwild activity going on that everybody is in speculative mode >> thank you we're going to get more with thomas peterffy in just a little bit later this hour. when we come back, the biden administration urging businesses to ramp up their defenses after a state of high-profile cyber attacks. u.s. deputy national security adviser ann newberger will join us

and jeff bezos going to space on blue origin's flight. what should investors be thinking as we go to break, tesla cancelling the plan of model s plaid plus elon musk said the high performance of the regular plaid set to be released next week made the plus version unnecessary. that one has a range of 190 miles. stay tuned user watching "squawk box. 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. do you struggle with occasional nerve aches in your hands or feet?

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♪ ♪ le following a growing number of recent cyber attacks including the solarwinds breach and the colonial pipeline and jbs hacks the white house is now urging businesses to step up their digital defenses in a recent memory deputy national security adviser for cybertechnology anne neuberger

wrote, executives should convene their leadership teams to discuss the ransomway threat and review corporate security posture and business and make sure you have the ability to secure operations. anne neuberger is going to join us in just a moment to talk about this >> all right that will be literally -- she will be with us in just a moment >> we had our own technical problem. >> she did she will join us in a moment coming up, amazon founder jeff bezos putting his money where his mouth is, i guess you could say it that way, planning to take a trip to space next month on his company's first passenger rocket we'll talk about this story straight ahead stay tuned >> putting his life where his money is >> ptiutng his life where his money is you're watching "squawk box" on cn cnbc

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♪ coming up, when we return, details on jeff bezos' planned flight to space. the billionaire amazon founder set to go up next month. we'll talk to walter isaacson about that plus, meme stocks and how

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well, we mentioned all of

those recent cyber attacks just a few minutes ago. the white house ramping up pressure on companies to protect themselves at this point the national security council's anne neuberger joins us right now, anne, i have heard this compared to the other pandemic we're dealing with right now, cyber attacks. just how bad have things gotten? >> generally, we've seen an increase in ransomware over the last three years with a rise in cryptocurrency and the company's allowing employees to telework we've seen a rise in random ware and intensity of the attacks that's why the administration is so commit with working with international partners and the private sector to address it >> at this point, the government has said, the white house has said that businesses have a distinct and key responsibility to step up their systems do you think these attacks are happening because businesses are lax with these thing or is it because the united states hasn't done enough to

push back against nations like russia and china that are harboring some cyber attackers? >> to really address the ecosystem takes a partnership between the private sector and the government as much as we say, in our own lives from a security perspective, we have locks on our doors, we have alarm systems, as well as the police force. we need the private sector to ensure that the cyber security defenses are adequate to meet the threat and on the administration side, we're committed to working with our national partners and the private sector on a four-part ransomware strategy, disrupting the ecosystem, building an infrastructure, to countries that harbor, and addressing the significant rise in use of ransom ransomware, and putting in place cohesive policies that disrupt the ecosystem in the long term >> a lot of businesses do spend

quite a bit of money on cyberprotection, though. the recent attacks we've seen, let's say, colonial pipeline, jbs, is that because those companies didn't do enough >> the first step in any successful ransomware attack is finding vulnerability that can be compromised in order to enable encrypting the system so a part of the letter that we issued was to say there's a small number of high-impact cyber security steps that every company must take. if those steps are taken, it's far less likely that a ransomway attack will be successful against that company >> i'm just asking is this something that the companies that are attacked should be about shaiched because they didn't do what will they were talking about? >> to ensure that every company has the adequate defenses. and the i think the first question every company should ask themselves, if their compromise and even well before this each of the steps we

outlined, is there a multifactor authentication in place because we see so many compromises happening through reuse of passwords through spearphishing and individual users and that is what's happening in a number of successful ransomware attacks. rather than name and shame, we want to be proactive and call on ceos and say let's end the scourge of ransomware together we at the administration are focused but we cannot be successful without the partnership of the private sector this is what we need the private sector to do that. >> anne, can we talk about crypto and how you think about it clearly, janet yellen is thinking about this. the s.e.c. is thinking about this proponents of bitcoin say actually it's more traceable than cash. critics say, absolutely not. look at what's happen right now with ransomware. it wouldn't be happening if it wasn't for crypto, so what do you do

>> really thoughtful in the way you outline that there are specific aspects of crypto "a," it's an international currency "b," while the blockchain is public, it is difficult to trace, particularly anonymity enhancing cryptocurrencies and finally, around the world, there is far less regulation than there is in place for traditional currency in the united states, for example, there are rules around know your customer for crypto exchanges. and treasury has been working around the world to ensure those customer rules are in place for other cryptocurrency exchanges as well. it's a bit of both, exactly as you outlined there is a lot that cryptocurrency can engender, it's also a key risen for the rise of ransomware, and it's why one of the four lines in the administration's strategy is working with international partners to ensure there is the right oversight in place to track cryptocurrency and insured

isn't an easy tool but ransomware and host of other ways >> but is there a way for a bitcoin, for example, to be successful as something that's both completely trackable and traceable and isn't anonymous and yet still is bitcoin because so many of the quote up quote virtues that the proponents of bitcoin talk about seem to also be the downside >> as with so many areas of technology, we need innovation and security aspect. it doesn't serve any to have a currency that can enable not only ransomware but track other users. we believe it's possible to have the innovation of cryptocurrency with adequate oversight and i gave a couple of examples so we can ensure that it isn't used by criminals. >> i know the official government policy has always

been that companies should not pay these ransoms when and if they get attacked. obviously, prevention is another way of going about this. when you think about it, realistically, if the company has had all of the systems taken away what alternative do they have? specifically with the colonial pipeline if they said, forget about it, we'll find our way to do this and crippled the east coast and people out of gas for longer periods of time, i can't imagine what would have happened would you honestly have told colonial pipeline not to pay the ransom >> you hit at the crux of why the ransom policy review is underweight. it's one of the key areas of strategy, in the long term, payment of ransom drives the increase of ransomware, that's undoubtedly true however, there's a period where we're asking companies to put in place a resilience so they're not in the uncomfortable spot that you just outlined that companies, their networks are

encrypted they don't have backups so they have difficulty recovering and they look at the options and payments of a ransom looks to be an attractive option certainly, we know payment of ransoms drives the rise of ransomware, that's why the u.s. government official position, the fbi, strongly discourages the payment of ransom. but what we need is what is the government policy that disrupts the government ecosystem and also understanding and driving and encouraging companies to put the resilience in place so that they're not in the difficult position you just outlined >> anne, what percentage of ransomware efforts do you think the government is aware of meaning how often do you think companies are being pursued in a ransomware attack and companies are settling it privately, paying the ransom, not only page the ransom, but not necessarily calling you? >> over the last couple weeks we've talked to quite a number of companies and individuals across the ecosystem, insurance

companies that understand the role of insurance and insurance payouts. and individuals sometimes negotiate with ransomware actors, because to your point, we were seeing that the government has some in cases limited visibility on the breadth of ransomware. and we need that visibility in order to device effective policies to disrupt ransomware >> do you think you're seeing 10% of it or do you think you're seeing 90% of it >> from the discussions i think we see far less than we need to do really understand the scope of ransomware. that's why we've been having these conversations with other entities to piece together the full picture so that the review that the biden administration is doing now to effectively device policy to disrupt the ransomware is effective. >> and we've heard anecdotally that there are companies putting cryptocurrency on the balance sheets not as the treasury, but almost as an insurance policy if

and when there is a ransom attempt that they can pay it off if they have to? are you hearing the same thing >> that is really troubling to hear i have not heard that but it underscores why we need the national partnership with the private sector to attack this. that is troubling to hear. >> anne, i want to thank you for your time today. >> thank you both so much. meantime, the other big story of the morning, blue origin announcing that jeff bezos and his brother mark will be on the company's inaugural spaceflight that's going to hatch on july 20th morgan brennan joins us with more on the "squawk" news line making waves this morning, morgan >> certainly is, andrew. jeff bezos announcing via instagram this morning he's going to space this is blue origin's first crew flight scheduled for july 20th here's what he said. >> i want to go on this flight because it's a thing i've wanted

to do all my life. >> so this mission, this is origin's first operational flight after the new shepard space capsule. this will occur from the west texas launch site. scheduled from the apollo 15 moon landing it culminates in a day of live bidding this upcoming saturday the current is $2.8 million. 6,000 participants from 143 countries have proceeded so far. the proceeds are going to the foundation here's what bezosological experience, arrival to west texas four days for training and climb aboard that rocket system for an 11-minute round trip journey past the edge of the space, more than 100 kilometers in altitude this is a trip that went through three minutes of weightlessness and then a parachute landing

back in the desert the flight comes 15 days after bezos' ceo with amazon and richard branson whose virgin galactic is the most direct competitor in the market branson who has had public plans in place for years now expected to make his trip later this summer not surprising to see shares of virgin gallactic down on this news in general, guys, we're starts to see it, the billionaires funding space now moving to go to space >> morgan, appreciate it very much we're bringing in walter isaacson at tulane university former ceo and adviser partner and also a cnbc contributor. and he's someone who has spent a lot of time over the year with jeff bezos both the prolog to the recent book of letters.

walter, good morning >> good morning. >> one of the men who runs one of the most influential companies in the world goes to space. there's upside but risk. >> well, the risk is nontrivial. 52 years ago from the launch date, meaning in july, when bezjeff bezos was 12 years old, he was in texas with his grandfather watching those launches that led to the lunar landing the landing on the moon, and ever since then, he's wanted to do it. you have two major sectors here competing. one, as you said is virgin galactica, blue origin, branson and bezos for suborbital tourist flight that will take you up 340,000 feet and bring you right back down for that flight. and the other is totally different, is what elon musk is doing which is shooting commercial payload, including

one this week for sirius xm satellite into orbit and has taken passengers to the international space station. so in this tourism market, it's a great race and bezos, by doing it himself with his wonderful brother mark is sort of at least taking the lead in public perception of space tourism. >> do you think he knew he was going to do this when he decided he was going to step down from the ceo role this year >> i mean o, i do not know, but since i'm with you, i'll take a guess which is yes i think he knew he was going to do it as soon as he could safely do it. i think he's been dreaming about this maybe for 52 years. but certainly for more than 50 weeks. >> so, walter, when we talk about jeff bezos 50 years from now, 100 years from now, are we going to talk about him in the context of amazon? or are we going to talk about

him in the context of space? >> i think amazon and all that he's done. multiple industries. but that will probably be the most memorable thing, i think space tourism will be a fun thing. i think he has to create a commercial space outlet that would compete with elon musk, you know, spacex, if he really wants to go down in the annals of history as having made humans and interplanetary species to use elon musk's words. >> walter, i was going to ask you, they're almost in complete different ways but yet ironically doing something which is to say, elon musk talks about oftentimes planetary systems trying to create a scape valve for humans to live in these places because he's worried what's happening to earth.

jeff on the other hand does the opposite look, i want to put all of the materials, if you will, the manufacturing on other planets so we can all live on earth in the best way possible. and yet what he's doing, he's going to space, people are going to space on bezos' rockets and in a way the satellites are going into space, other materials, manufacturing materials and the like are going off on elon's rockets. >> yeah, but musk's spacex has taken passengers to the international space station. i think the first time in a couple of decades that the u.s., in this case, a private company, spacex has launched a flight taking humans into orbit and then into the international space station. we've been -- ever since the space shuttle shut down, we've been depending on russian rockets to get to the space station. and i think when you look at starship, this amazing thing that musk is building in east texas, that has the capacity at

some point to take 100 people up into space not just as tourists but, first of all, there will be the dragon capsule that will take people to the moon. but then eventually, in the next 20 years, at least some forms of mission to mars. >> what do you make of the role of government in all of this the reason i ask is, clearly, the u.s. government is spending an enormous amount of money paying for some of these flight, not in the case of this blue origin flight. but there is obviously a battle going on between blue origin and spacex for government money. i ask because there's also a big debate going on in this country about taxing the rich. and both of these companies are run by some of the richest people in the country. >> i think that what you've seen by the commercialization of space is a good thing because the launches, especially the ones that spacex are doing to take satellites into orbit and people to the international

space station and soon beyond are being done at half the price, a quarter of the price, that the government systems would have done. and i think this is the way that innovation has progressed historically in america, forever. is when the basic research and development is done by government and then the public/private partnership and contracts to commercialize things and i think this is all very good. >> if you're an amazon shareholder, how are you supposed to think about this, this morning there's risk on one side and on the other side, you could argue this is going to be a fabulous advertisement both for blue origin, but to some industry for amazon in that bezos does remain the face of that company >> yeah, this is a small sflflight a small risk, not a trivial

risk, but a small risk and bezos, it will make him even more of an international figure. he stepped down he's chairman of course, my heart goes out to his wonderful parents, becky and mike bezos, the most delightful people in the world. best and mark in that capsule, i know they'll be down in texas hoping for them. i don't worry about them jeff knows how to calculate risk he wouldn't be doing this if it wasn't safe. >> walter isaacson, we appreciate you putting this in context for everybody. you do it so very well look forward to seeing you again soon when we come back, what did we learn about the motivations of retail traders from last week's renewed meme stock madness. the stocks are on the move again this morning amc up 2.25% gamestop up 1.5% we're going to speak with

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principal. for all it's worth. wondering what actually goes into your multivitamin? at new chapter, its' innovation, organic ingredients, and fermentation. fermentation? yes. formulated to help you body really truly absorb the natural goodness. new chapter. wellness, well done. welcome back to "squawk box. take a look at the futures right

now. we're in the red on the nasdaq down five points the dow up 72 points and the s&p 500 looking to open higher as well, plus three points so marginal right now. >> things are a little calmer in the meme stock land this morning. it's not even 9:00 yet after last week's volatility we're only seeing some single-digit percentage moves in the biggest names. and the end of trading friday -- at the end of the trading friday, amc was up 8% on the week joining to us talk about the springtime return of the investor crowd is thomas peterffy, founder and chairman of interactive brokers do you welcome what we've seen on retail side of things, thomas we've gone back and forth, all of the different people on this, democratization and stock investing or gamification of stock investing? >> well, i worry about my customers, those who own these

stocks, but, of course, interactive brokerscustomers tend to be more financially sophisticated. the customers that we have reached about $250,000 so less than 2% of our customers are involved in these meme stocks so, as the longs on the average have 50,000 to $100,000 in these stocks and the shorts had about twice as much. but, of course, both sides probably started at much lower levels so, i just want to make sure that people always understand that the accounts must be margin compliant at all times and if they are not, to take immediate action and liquidate

the positions up until the margin complaint so, you know, the fact is, on the long term, stocks always approach a fundamental value, which in this case is much, much lower. so, while it is extremely tempting to short these stocks, but unless you have a huge weekly resources, at least try to be patient. because these prices can go to unimaginable heights before they settle down to a reasonable valuation. and you may have to cover on the high point and aif you do not have enough money to show the margin calls >> thomas, i might be offended

if i'm a trader. so you say you have sophisticated investors they have more money than the average investors. i guess $250,000 but only 2% are playing in the meme arena. that sounds like you're saying that consists mostly of unsophisticated traders. was that your intention to imply that >> well, look, i mean, no. the shorts are certainly i would think are the more sophisticated than the longs but, look, i mean, eventually, the stocks will go back to their value which is roughly $10 billion. in the long run with the money if -- while you may try to catch a sudden upward as a trader, i would recommend being against it >> all right

so, i'll just mention one thing, and that is this piece in the "journal" today we use the term diamond hand all the time. they talk about one gamestop loyalist he bought all the highs, $340 a share. way back in january. then when it went all the way down, he bought all the way down and held it. these people at least at this point may never sell, thomas so, how do these stocks ever get back -- it could take much longer, in other words, to get back to what you see as the fundamental value that stocks eventually return to but i mean, it's a whole new dynamic the way the buy and hold is going with some of these. >> yes, but i mean, if you are willing to sit there and hold the stock, $200, $300, $400 a share that keeps make nothing money, i mean, eventually, you know, these companies can --

it's impossible that these prices can go at that level. because more and more people are short. >> hey, thomas, you know, it's trending this morning the phrase "naked shorts. there's lots of talk in the market especially with the amc apes and the traders who believe that the system is being manipulated by professionals and the short sales are not real sales but in fact they are naked shorts in so far as there's not actual stock behind it do you believe there is or isn't? >> no, that is impossible. so these rules are incredibly strongly im ly enforced by the c you cannot short -- the broker has to be absolutely certain you

have the stock before out short the stock. we will see brokers who allow customers to sell stock which is -- which they have not borrowed. >> so tell the meme traders out there, if that's what you believe, when they seal the number of outstanding shorts effectively against a company, in some case in excess of the full number of shares that even exist, on a percentage basis, they say there's something wrong with the system. how is that possible then? i think i know the answer, but maybe you can help explain it. >> well, it's very simple. so, if you buy a certain margin, the broker is intended to lending out your stock so, you buy the margin, the broker takes the stock you just bought and lends it to somebody who will sell it short somebody else buys it on margin and it just goes round and round and round and round.

so, the position can build up. now, what the longs do not understand is that when a stock is really up at a very, very high level in price, then instead of buying more, they should sell off some, as they mn which case the broker must record a short stock, and the short has to buy into the stock and that is what pushes the stock. >> thomas, while i have you here, i have no idea how you feel about this, but you are always an outspoken sort of proponent of the american system and free market and just liberty in general coming from hungary, so just wondering what you think of, so we have a global tax system, everybody should have the same 15%, is that what that was like an idea back in

hun glare in the '60s, wasn't it that kind of globalization do you think this is a good idea for the united states. part of the idea back then, too? >> i'm generally in favor of everybody paying their taxes and not trying to look for loopholes, because i think that's an unproductive way of spend are your time and energy -- spending your time and energy so good idea or not, i'm in favor of simplifying that everybody following the rules. >> on a global system, on a global system, for the g-20? >> yes, i'm in favor of it, yes. >> okay. >> thomas, one other question i wanted to ask you is what is your take on crypto, and whether you think ultimately your exchange and others will be selling crypto, shy also note that literally just in the past couple of minutes, micro strategy, i don't know if you saw this, guys, is taking a $400 million loan out, which may very well be turned into a levered

debt on more bitcoin, because that's what micro strategy has been doing, they have been buying a lot of bitcoin, so they're buying the dip they may be buying the dip thomas >> yes, but i'm wondering who is giving them the loan so, look, i'm long gold a little bit, because one thing they're doing with the moneys, it is a question, if money is go be to be worth anything, so you know, there's a strong possibility that crypto one day will be the currency that they will all use. >> whenever we talk about it, and we say it's a reflection, there's two views, it's a reflection of all of the cheap money, because it is very speculative and there's a lot of it, but then the others would say it is the answer to all of the cheap money, it's kind of, i

don't know which it is, i guess can it be both, can it be a result of all of the cheap money but also the remedy for all of the cheap money, tom look, of course, but people believe, basically, our paper currency is only valuable as long as people believe in it because there is nothing backing it up, right but even if gold backed it up, gold only has value as people believe in it. getting very fifphilosophical he >> it occurred to me do we have the fed tightening and raising rates, can you say we knew it was liquidity, all of the excess liquidity out there or we knew it was concerns about inflation? >> right, so this is a situation

where we have to grow the economy very, very fast to digest all the money that we issued. >> all right do you go back very often? do you go to budapest often? >> i was there just last week. >> are you a buda guy or a pest guy. >> i have a great time here. >> great wonderful place. weird letters though even more clueless. >> bitcoin is moving higher because michael sailor says he's trying to get a $400 million loan, which people think - >> has it or trying to get it? >> they announced what they called a proposed private offering of a senior secured note to acquire more bitcoin >> let's get down to the new york stock exchange and check in with jim cramer. jim, we haven't seen you in a week welcome back >> thank you very much and we're down here, we got carl and david, it's like all a dream.

and we've always been here, there was this interlude, and it's so exciting to be back, you know, i don't know, it's very different, it feels like there's more energy, more animation, more of a belief that we're part of something and no more kind of like, your little cues saying carl, and carl knows to talk and david, we can reveal that now, we're back and we feel great >> and i noticed the same thing, you don't have the crazy delays to deal with and it is so much easier when you can have a natural conversation around the table. >> even david was at another desk david might walk in front of me right now and i don't think it would bother anyone. he's got a cup of coffee in his hand, he looks terrific. he wore a suit today he looks great it's so good to be back, becky it really is. >> it's great to see you back. great to be back here too. jim, one thing that maybe struck you as maybe the most important thing over the past week and the thing you're most excited to talk about today after being out

for a week. >> life insurance. the life insurance that jeff bezos has. how big? i mean it's got to be the biggest policy in history. 100 billion key man? i don't know what you would do who is going to right that >> self insured, jim self insured. >> cayman islands self insures, what, for a trillion how about a trillion the stock is up big. anyway, i wish him well and his brother well and maybe it's just like, you know, i don't know, really big flight. >> aig >> the aig's got it covered but they haven't reserved anything. >> do you think it was a term life policy. >> it will be fine. >> it will never happen. >> and how about faber kind of like - >> jim, it's great to see you, it's great to see everybody back and i can't wait to see the round table, we will check in with you guys in a few minutes, okay stay tuned, everybody.

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welcome back to "squawk. a quick final check on the markets, the dow up about 80 points this morning. nasdaq looking to open a little bit lower, and the s&p 500 up

about 3 points. we should also tell you bitcoin moving higher, as michael sailor had micro strategy saying they will take out a $400 million loechan to b bitcoin, and there's your levered bet in crypto markets today. make sure you join us tomorrow "squawk on the street" begins right now. after 15 months away, we return to the new york stock exchange, for the first time since the pandemic, and we could not be happier good monday morning. welcome to "squawk on the street," i'm carl quintanilla with david faber and jim cramer. lots of news in m&a. pharma, apple, developers conference and more. our road map begins with overhauling the global tax system, the g-7 backing the call for the minimum corporate tax. the devil is in the