>> i like uber great roping play. >> bryn. >> energy infrastructure >> keep our yeye on the narcotis too. the dow did trade above its closing high it's down about 150. that does it for us. i'll send it to the exchange which begins now thank you, scott hi, everybody. here is what's ahead apple kicking off its developer conference with tim cook set to take the virtual stage stocks near all time highs is this as good as it gets for the market one strategist says no ignore all that. he'll tell us why. same day everything. the next frontier companies have to conquer we'll give you one top amazon taker on the watch

>> happy monday. equities are lower despite it being relatively uneventful for trading. materials, industrials, worst performers i want focus on a winning sector that would be cannibas this after some positive news. amazon anoungs nouncing support federal bill to legalize pot three of the largest cannibas stocks trade flg the united sta states tesla down after elon musk cancelled the most expensive version of the flagship. >> now his rival will beat him

into space will that have any effect? >> it's possible it's the second time apple's worldwide conference is taking place virtually. t tim cook is taking the stage >> it is time for apple's big software show. that means we'll see new versions of apple's operationing systems first and foremost ios 15 we expect updates and messages where apple competes against rivals like facebook what about new hardware. that's anybody's guess right now. we might see new max with apple splash the developers conference feels different this year. that's because of the very public fight apple is having with some of the developers like

spotify and match. back to you. >> thank you we'll check back in with you soon apple's reputation with developers is taking a bit of a hit in the trial against epic games. would we expect to see apple make any changes to its wall garden ecosystem do you think it's left a sour taste about some of things that apple has been up to others say i don't know. they are talking about it like they take all the credit for the success of the app store and the things the developers do and then they don't let them do

anything they can't pick their own payment processes. they can't tell them what the rule offes of the app store are >> they are on the table part of what's happening here is the feud is with some of apple's most successful developers and just some of them and when you get all this power as a platform, you can look across at amazon whands they are dealing with with some third parties you can look across at google. some people say there's some things that aren't fair and i want to keep more of my money. hundreds of billions of dollars and had lots of developers in there saying apple is wonderful. apple is great there are always some developers who don't feel that way. this is apple's chance to trumpet at wwdc. we have new features, new innovation coming that will help you make more money and the good will outweigh the bad.

that will be their argument. >> do they have any reason to change to jon's point when you are the platform, you get to set the rules. even if some portion of the community want a bit more transparency, direct access to customers, who will put that pressure on apple? are they ever really going to face it? >> i think who will put the pressure on is the big guys. it's the biggest developers here like the roblox, netflix and spotify. >> when you go to the store, if it's a nice store, you have gone there and expect to see nice stuff, you don't want to walk into store and hang out there. you want to buy things and get

good services. the things that stocked on the shelves are important but the store experience, the customer service feeling, all of that is important. there's other players and other ecosystems they put out new features to tr to bolster its case. you might be unhappy but you'll be happy you stayed with our rules. i expect to see flexibility. apple likes making money >> that works well for them. the stock has been more of a soft patch lately. i don't want to read too much into that, as we listen throughout this hour for the headlines, what would be a big headline to you in terms either it has offered something new that developers really want or it's not backing down in terms of kind of the fundamental set up of the app store. >> what i'm really looking for is what are they going to do

with i message in is one of the most popular messaging apps and apple has never treated it like a full social network. they will make some enhancements to it today. does that wind up becoming an even bigger competitor for what's app and facebook messenger. i think there could be some interesting opportunities there. >> the whole point of i message is that enkrcryption, that security >> it's a great question it's hard to ask social features with encryption. i think there's a lot of opportunities for apple. >> it's exciting because apple is so bad at everything social have they figured it out this time or will they stay safe?

announce momentum in the developer community tuning their software if you're an apple investor that wants them to continue making profits and maintain control over their eco system, innovation that differentiates them from other platforms is how they will manage >> they were great at developing this chip which has gotten rave reviews and leaning into that. >> everybody google mobile -- >> casey explain it to me. what's mobile me >> it was an early apple effort at social that did not go all that great steve jobs had to fire a lot of people after that one came out >> that wasn't the verb of the day. thank you very much. we'll continue to watch for headlines out of that event this hour

is this as good as it gets good to see you. why does that narrative bug you so much? >> it bugs me because the narrative over the last several years not just the last several months but the last several years is that analysts have been too negative they have underpromised an overdelivered in terms of company performance the quarter ly earnings were phenomenal it's very dangerous. we looked at peak type analysis

for years. we think it's a false narrative and dangerous that people will be negative on the market. >> i'm curious what you would make of the movement and the meme stocks. people are look for early signs that the market is peaking or this is as good as it gets they might look to the more speculative plays. we have been saying it for several months here. i think it's a good, the bad and the ugly we are seeing increased focus on equities people are getting interested in

equities again this has been an out of style class for majority of this new my mellinum i think that the likelihood of equities becoming more in vogue is a good thing. the bad is, these companies that are benefitting from these trends were bad companies before all this happened, bad companies during it and i think bad companies coming out of it i think the ruls results has bee di mminishe diminished it takes awa from the overall

market >> when you say what are the good companies that are the leadership your favorite sector financials. i know if that will get anyone that excited, which is not to say ta hat tech consumers where you want to be for the next three to five years, is that our leadership through the months to come they have done well so far >> i think so. over the next 12 to 18 months we believe our clients are massively under weight regional banks are trading at a premium. i think that this financial move

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welcome back i want to give you an update on shares of biogen that are halted trades will begin at 1:30. it could be a big pop. we'll talk about what was approved under what conditions for its alzheimer's drug we're going to be speaking with the ceo of biogen at 2:30 on "power lunch." just when you thought the tlifr ri wars couldn't get any hotter,

morgan stanley says same day shipping is about to go mainstream and amazon will lead the way. how far are they ahead of the competition and what do you mean this ask about to go maine stream >> i think it's still early in the way we think about seeing delivery but it's interesting the way things have changed. we now have a lot of new players and players who are partnering with traditional retailers to bring things to people same day. one to two hours think about how you're ordering your groceries, your random items of convenience stores. you can get a lot of things in one or two hours what we thinks happen next and look at the bill they're doing in the last mile and what they are prepping for, we think a

broader, same day offering is ongoing to come from amazon. we think that will further change consumer behavior to condition people to expect things even faster than maybe now and ultimately even more share gains. >> i can go to walmart, target and do things on demand. will amazon be able to maintain a lead relative to that and what will they do to fight back >> it's competitive. this is the next battleground.

we think that the key to really delivering items to people at scale and across the banner is back end logistics how do you deliver things faster that's amazon's competitive 101. we expect them to build. we think that will be one of their advantages versus the competitors. we think that will part ner with more of these emerging companies. >> it's something to look at if you're an uber investor. two day prime began 16 years ago. maybe it's time for the upper grade. i'm going to switch gears.

i want to ask about jeff bezos going into space is there any analyst implication in this announcement today >> nothing material. space has been a large part of jeff bezos' ambitions personally for a long time. i don't think it's that unexpected the bench at amazon is very deep there's also multiple other very high caliber executives across the company running logistics that we think will make this a seamless transition even as jeff moves from being ceo to more of a higher level seat and chairman >> i mention on some level the cool factor has the help than

hurt it. we talked to dchl c. attorney general the other day who is going after them will their move into same day shipping invite the ire of regulators or argue the benefit overwhelms any concern that they might have about owning the e-commerce space >> i think there's three assertive important points you have to keep in mind the amount of job creation that amazon is bringing to the united states and this is company that em ploiploys over a million peo and they are rapidly growing point three, they are helping small and medium size businesses keep in mind the majority of the business is still third party serls who are selling items for amazon's america are the regulatory headlines

going to go away i would keep in mind utility to shoppers, job creation and utility to third party sellers for the other three things that om amazon brings to the equation. >> thanks for your time. >> thanks so much. coming up, forgotten 401(k)s. new data shows the savings being left behind my millions of americans every year and what it's costing retirees. one of the payment stocks is getting an upgrade and the analyst says it will have a vaccine recovery we're back in a moment my busin, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business... you can pick the best plan for each employee

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try nervivenerve relief. welcome back dow is down. the meme stocks are on the move again. game stock, bed bath, blackberry, cost are all up as well amc was up 80% last week it's trading under $58 a share over to rahel for a cnbc news update >> here is what's happening at this hour. a big immigration ruling from the supreme court. the justices ruling that immigrants in the u.s. under temporary protective status will not be allowed to apply for

citizenship. the decision affects some 400,000 people who have sought shelter in the u.s. from disasters. mexico, president lopez and his parties allies are expected to maintain their majority. amtrak says it's restored daily service on long distance routes along the east and gulf coast. this avenue receiving billions in emergency funding from congress teens surging into the work force in may that's the highest rate in 13 years. their unemployment rate sank to the lowest several since 1953. what sort of jobs are they get and how much are they making find out at 7:00 p.m. eastern. you're up to date. kelly, back to you still ahead, bringing in big

names in the biotech and pharmaceutical space we have the ceo joining us next to go over the latest data we're back in a moment plap if you're 55 and up, t- mobile has plans built just for u. switch today and get 2 lines of unlimited and 2 free smartphones. plus you'll now get netflix on us. all this for up to 50% off vs. verizon. it's all included. 2 lines of unlimited for only $70 bucks. and this rate is fixed. you'll pay exactly $70 bucks total.

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. welcome back take a look at shares of biogen. they are halted. the fda approved its alzheimer's drug to make it the first new therapy for the disease in nearly two decades it will reopen for trading any second now eli lilly is surging there's lily up 13.5% on a session. we'll check in to see what traders say could be a pop 30 to 50 biogen is trading at $428. it's a 50% pop on this fda approval we'll get a whole lot more on this decision, conditional decision in some ways from meg next hour when we speak with the ceo of biogen about this approval this is controversial treatment by those who say it doesn't -- i won't go into the efficacy we'll talk about that next hour. the fda's decision came as a

surprise and there you can see the investors catching up to that reality bidding the shares up 55% to 444. now after this is trading, it's a 66 billion dollar market cap company. a huge move both for the stock but also for the alzheimer's community today. we'll continue to monitor it. joining us for an exclusive interview with meg with the ceo of novartis. >> thank you so much thank you for being with us on this virtual day you were the talk of the weekend with the prostate cancer drug that uses a new technology harnessing really radiation but

in a targeted way. >> thanks a lot. we made investment and technology called radiotherapies you can take specific molecules. we link those molecules with radioactive particles. that allows us to target radiation in micro doses right at the cancer. this is the second impressive read out we have we have an approved drug this was an important milestone for us it shows this technology can be applied, perhaps, in multiple solid cancers. the data we showed on sunday with late lines of prostate cancer, impressive overall survivor benefit and effective effect on progression. we plan to take this medicine to earlier lines of prostate cancer

over the years to come >> are there other kacancers in which it would work. where else could it work in. >> we have been able to build with a serious of lientsing deals. we're taking into other solid tumors they range from various forms of lung cancer, various brain cancers. we're looking at other solid tumor types. we haven't disclosed all our targets. we already have multiple phase two trials ongoing we signed three deals to bring in more of these markers which we think will enable us to really move quickly. what's exciting is you treat

what you see first we give a biomarker and lieg up the body to see where is the tumor and we treat and see can we reduce the tumor. that speetds up drug development as well. >> we are talking on cancer research day, this decision from the fda about the biogen alzheimer's drug is massive for the entire industry. really establishing this new pathway for approving an alzheimer's drug based on clearing the plaques from the brain under accelerate aid prooufl. do you see this as an important decision for the industry and showing flexibility or creativity from the fda in what has opinion very controversial decision here on this alzheimer's drug >> it's important to recognize

that it's devastating for these patients as you noted, it's been decades since we had meaningful progress against many of these diseases one area we are focused on is huntington's disease we have a phase 2b program about to start on my mind, could we accelerate if the drug proves effective, could we accelerate the approval of this medicine and confirm it and confirm the studies. regular larts are looking for ways to bring therapeutics forward and opens up doors we have a big research and development operation and certainly we'll be putting pens to paper or on our computers over the weekend ahead to think

about how we can accelerate our own programs >> fascinating i have to ask you about covid and the pandemic and from the perch where you're sitting, what does the pandemic look like in terms of just its impact on global health but also op your business as so much of what we have seen through the health care space has opinion tied to recovery out of the pandemic which is not happening everywhere universally what does it look like now >> i had the opportunity to attend the g7 summit with ceos as well as health ministers in the uk i have to say on the one hand, tremendous optimism at the pace right now after the vaccine scale up expectations to be over 10 million doses of vaccines. i see on the one hand rapid expansion of the vaccine supply, improvements in developed countries. i remain optimistic by the early

part of next year we can get broad vaccine utilization to to the low and middle income countries which we have to prioritize we have to get the public health impact that we need. i'm also heartened to see the positive data on variants. we're seeing a normalization in almost every therapeutic area that we operate in that's really promising. we'll have to watch it carefully. one thing we'll have to pay attention to is cancer diagnosis which fell over the course of the pandemic

>> thank you so much for being with us. >> thank you, meg. >> we appreciate your bringing that to us obviously, while you're still here, can we get a final thought for this hour. we'll talk a lot more next hour about biogen it's up about 60% right now. >> that is higher than even people on wall street were expecting that the stock could go they were saying $400 on approval i think the thing that's really driving it higher is even though there's this creative pathway for this drug to be getting to market where they have to run a con confirmatory trial to confirm the benefit of slowing or the fda could pull this drug back off the market it's not a clear home run approval but in another sense it really is. the label for the drug is not restricted to any specific patient groups that is really driving the stock higher than analysts had

expected >> it could go on this surprising >> the thauz mean they could take this drug to market that people could use it until or unless further trial data comes in or would stla to get the trial data before it could go to market in. >> they can launch now or when ever they are ready to launch. this is a pathway that's been used before. they have to show the trials to say it does improve or slow down people's memory loss or trouble thinking clearly that comes with alzheimer's. the question is how fast will biogen be required to run the trial. if it doesn't work, does the fda pull the drug off the market so many questions about this news >> and the volatility has halted the stock again.

it's up just under 450% now. we'll see you next hour. thanks for bringing that to us after this quick break, 10% of amazon shares are going to space. taking advantage of the travel trends in america's lost trillion it's all coming up in rapid fire stay with us

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welcome back got a bunch of other headlines to catch you up on let's go over a few stories that should be on your radar. joining me to break down the stories are michael and deirdre. amazon founder jeff bezos will join blue origin first ever passenger flight when it blasts off next month he's call it the opportunity of a lifetime on instagram. >> 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 i invited my brother to come >> he will be joined by his brother, mark. plus the winner of a charity auction happening now. the highest bid, $2.8 million. the flight is scheduled for july 20th two weeks after he step down as amazon ceo to help quell shareholders concern i give his brother credit. i'm not saying because of who your siblings are, it's a big vote of confidence sd >> it's a big vote of confidence really speaks to the safety element. certainly it's a huge moment in what is already shaping toup be a huge year in terms of space

tourism in general we have this july 20th which is the 52nd anniversary of the apollo moon landing. the first time we saw hiem feet on the moon. that's the key to that date. >> everybody is looking to elon for some kind of response. he hasn't tweeted in almost 24 hours. sdplp no we heard from richard branson. we haven't heard from elon musk. we know he's competitive with jeff bezos we now know what is behind jeff bezos glow up a few years. he was training to become an astronaut. >> i don't know. i think he might had other motivations.

what do you think? >> probably so >> it's going to fit into it >> i think it fits into the idea of a next act, in general, for bezos after building a $1.6 trillion company it seems to be fine. i agree that the idea, i'm trying to have think of an analogy of 100 years ago some ceo decided to take a cross country flight in plane when it was considered to be a risky proposition. hard to really find fault with that element of going some place that you are asking other people to go on the frontier here >> i'm probably going to get this wrong but i think teddy roosevelt did a cross country trip in cars to encourage people to see the country and trust this new method of transportation maybe i'm off by a few decades this is this technology ready

for prime time what's been the catalyst to make four weeks from now basically, jeff becomes first person to achieve this even more branson or musk. >> the catalyst is those 15 successful test flights so far the fact that you're talk about technology that's been in development, that company started in 2000. in the case of virgin galactic you're talking about 2004. these are companies that have been developing this capability for quite a number of years. back in 2019, the expectation was 2020 would be the year of human space flight and it was given those two spacex missions for nasa in term offense the paying passengers to space because of covid that pushed to this year an it is poised to be a very busy summer.

every one's home security can stay connected customers are opted in you have to take steps to opt out if you're not interested that's got some privacy critics up in arms a washington post headline that says amazon is about to share your internet connection with neighbors. is that accurate is it my actual wi-fi connection >> it is it is a small part of your wi-fi connection to create this sort of mesh network. we did question the amazon vp of devices on this a few weeks ago. he said all the data will be anon anonymous. we know with big tech companies that that's is easier said than done and some of these privacy controls as well the couple their voices were

recorded, conversation, a private one and sent to a co-worker and that was a crack in their privacy issues. stuff like that can happen you might want to be careful and it is fairly easy to opt out my question is why have every one opt in when the privacy landscape is chainging so much in order for this to work, you need a large percentage of neighborhoods, the population where ring devices take part >> i kind of learned not to ask the questions who is asking for this when it comes to technology because all the things we now consider indispensable, nobody asked for specifically it existed in the world and maybe people bought into it. maybe they didn't.

i don't necessarily see the humg pay off. it's minor conveniences you're getting along the way. this is sort of the way. if you know your signal is bleeding out into the world any way and this formalizes and puts a little utility on it, we'll see. i think we're in an opt out world. people assume their stuff is being shared until you tell them otherwise. >> wquick last word on this. >> i don't know. i guess it's with all of these devices, the more devices we have tracking our live, listening to us, you have to weigh the benefits and the draw backs. if you're comfortable sharing a lot of your information with amazon, this might be right for you. it provides a lot of ease, a lot more coverage. your light won't go off.

you might be able to find your keys there are benefits maybe even your kids maybe you could attach that and find it in neighborhood. >> after this weekend, it's going to come to that. i take your point. it's like give me a quick last word on a major societal change we decade. sometimes it doesn't work that way. we have to figure out how everybody reacts to the new technology millions of million workers apparently forgot about the 4 40s -- 401(k) programs there's 24 million unattended accounts ploetss forget to carry over plans. capitalize says it could cost $700,000 in lifetime savings i have switched jobs and left it for a period of time and realize that money wasn't in the market

but sitting in cash and then it was like that was -- the -- how would you call it? the opportunity cost of that money was pretty high. >> i had a similar experience but trillion with a "t" that we're talking about here equally as incredible is longer the money is unclaimed some point it ultimately makes the way to the state coffers just how important it is in this day and age with certain apps and services and companies rolling out just to deal with this how important it is to make sure that you're not leaving the fund on the table. >> absolutely. michael, what did you think is most striking or important about this >> the headline number is big. but also, i wonder if they define it has balances that people have not rolled over.

in other words maybe people didn't forget but not rolled them over and seems like there should be a better way maybe there's a way to notify you with the social security number but if they study the performance of the amount the less people look at the balances and the less people play with the accounts the better they do longer term. >> trying to get people to forget i was going to say it's such an archaic process. filling out the paper forms and mailing them and so confusing. >> i know. >> make it easier. >> i'm like you. i also when i read this report thought of my first job as a gold miner and thought what happened to that 401(k). sometimes it is invested back at the company stock. i don't think i would have made anything >> you were a gold miner is that what everybody else

heard? >> i worked at a gold miner, yes. unfortunately tracks the gold price. >> exactly let that be a reminder to everybody investing right now. thank you very much. coming up, businesses are struggling to find workers a look at how the shortage is impacting lgbtq owned companies in particular and biogen open. shares jumping 42% still a big number back in a moment

[typing sounds] [music fades in] [voice of female] my husband ben and i opened ben's chili bowl the very same year that we were married. that's 1958. [voice of male] the chili bowl really has never closed in our history. when the pandemic hit, we had to pivot. and it's been really helpful to keep people updated on google. we wouldn't be here without our wonderful customers. we're really thankful for all of them. [female voices soulfully singing “come on in”]

welcome back with pride month cnbc is looking at the challenges of lgtbq owned businesses in particular, an obstacle is familiar, lack of worker just kate rogers is here with more for us kate >> hey there interesting findings we polled more than 2300 adults from certified lgbtq business enterprises. as you said it's tough to find

workers. our poll found here that owners say they struggle to hire for a variety of reasons 42% pointed to workers not returning to work due to enhanced unemployment benefits, more than a third said they found alternate work just over 3% said their wokkers afraid of covid. nearly 80% think it is easier to find workerers who the benefits wind out the biggest impact was loss of revenue followed by reduced buckets, closures, decreased wages and more less than 1% said they had to close permanently. over all more than three quarter of lgbtq business owners expect

a recovery we're going to be talking about this and much more with pro suze orman on linkedin live you can register at cnbc back over to you. >> thank you. that does it for "the exchange." "power lunch" right after this with the ceo of biogen do you struggle with occasional nerve aches, weakness or discomfort in your hands or feet? introducing nervive nerve relief from the world's number 1 selling nerve care company. as we age, natural changes to our nerves occur which can lead to occasional discomfort. nervive contains b complex vitamins that nourish nerves, build nerve insulation and enhance nerve communication. and, alpha-lipoic acid, which relieves occasional nerve aches, weakness and discomfort. live your life with less nerve discomfort

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