good tuesday morning welcome to "squawk on the street." i'm carl quintanilla, and jim cramer and david faber the new york stock exchange. ahead of inflation data on thursday, futures flat bitcoin down 7%. lots of news in airlines, pharma, retail and tech. crypto crumble bitcoin's terrible run apparently not over. tanking roughly 8% this morning. 40% the past month other digital currency also down >> plus just what it is is true tax rate for america's best known multi billionaires

shocking report out today on how the wealthiest americans avoid income taxes because of course they avoid income. >> and retoring a massive internet outage. shares of fastly down. bitcoin is going to be the story here along there is plenty in the meme universe. we're watching wendys today. >> a company i've supported many times. and had'em on air. with a fantastic quarter just may 12. and i had today pent gore on and i couldn't believe how strong the quarter was and the stock went down. suddenly david your favorite obviously. reddit >> right >> i know you always felt goldman sachs, morgan stanley, they like it i got to tell you. the as great company i want it to be higher my wife had a baconator during vacation obviously a bulk up situation.

but one thing that's amazing to me, david. >> it is not the only one. clover, originally a spac, clover merged into is another one benefitting enormously from what seems to be the focus on stock hs high short interest and/or one the chat continues to pick up. and this wall street/reddit that you referred to gets it moving

he has played to them. to a certain extent. i remember back around the gamestop when that first started. and obviously now that stock is benefitting. what's interesting here as well though carl is that in terms of looking at the capital markets there is going to be a real reluctance against some investors to short stocks >> really important. >> for a functional capital market as much as people may not like short sellers but obviously a lot of investors do as a hedge, it is necessary, jim, isn't it and if you are reluctant do it, it does throw things off balance a bit perhaps. >> the markets tend on the way too wild i think that there are a lot of people now say well i hope they go after wendys. maybe i'm the next wendy's and i know some people are saying jim you have been hyped for this you talk about the breakfast ahead of plan. the continued acceleration and global development plan. these are things that should move it a there are a or two.

>> but the fundamentals you thought with your strong and perhaps deserve torre awarded in the marketplace by a 5% move in the stock. >> the jalapeño chicken sandwich by the way, fabulous i think it means to say i want to own cds >> thinks it should be a priority for g7 coming up on the weekend. and the other is the fbi recouped part of this ransom ware out of colonial pipeline. we don't know how. we're going to be asking why for a long time. >> does seem a purpose of crypto, which is complete anonymity. have they broken the code. do they now know how to get in is the fbi going seize things? these are things people are going worry about. >> they managed to recover 2.3

something million of the four. how they did it. i don't know yeah. >> i know people are using it to hide people are using it to payoff people just came public because of colonial i never know anyone to admit hey i just paid blackmailer because that is the notion of blackmai but obviously something the fbi has either ignored or just looked the other way in the sense hey listen, that is that other world. well it is not it is now our world. when you have el saf dor saying hey listen, it could be -- miami. i think one of the persons miami with bitcoin and some different venues this weekend than dollars. >> say that again? >> the miami conference. >> the miami conference, yes. >> if you went to the actual -- the epicenter. >> yes >> there was more purchasing using bitcoin than dollars.

>> someone confronted me nft the other day and i said look. you could have bought a warhol for a couple of smackers and now how much for -- ten mill why should i laugh at nft. >> i can see this interview with anthony weiner a and the times about potentially selling nfts of the photos that basically ended his career >> anybody have any shame anymore? >> no shame. look, i think that we're in a period there was one that was a sculpture that didn't exist that was sold that went for a lot of money. can we just admit that some of this is just total foolishness now when you say that.

let's take wendy's because it is really owned by a lot of people. there should be actual sellers who come in and say you know what, wendy's at 22 i said i was going get rid of it and now it is 27. but those sellers have all learned that you are a sucker if you sell because we're taking it up and whoever the weir're is, we' taking it up. >> some point it is going reflect the true fuld value of the company which is. >> maybe tomorrow we find out. with the co-founder. >> what's tomorrow >> when they report earnings. >> so you think we're going to get a great deal of detail. >> i said last night the key was to say nothing >> -- billion dollar market value. >> you have laid out the plan

for them many times. >> i have over and over again. i have suggested their plan. i have suggest ad plan for them. nobody listens nobody listens well maybe mark pent i don't care periodically. >> delta, talking about the domestic recovery of travel playing out and corporate is next and delta is highly leveraged. >> i was witout with a ceo last night who said you are going to see explosion of travel to europe people feeling very confident and you got start booking it delta has a flight to italy. if you ever fly the emirates they give you hotel room. >> nice. >> for the price of what was coach because they couldn't get anybody to go. now it is all filled so i think people should

recognize they should book i'm not a travel agent but they should book. it is obvious southwest air knows -- >> i wish gary would call in. >> capacity now only down seven on a two year stack. >> really? >> yeah. >> business travel still in question that is the one lagging part of the business overall. leisure's come back a lot. >> yes it has. and david just so, you know, about where i'm on the means on wendy's. you asked me valuation >> yes. >> one guy who always knew, bill murray in "meat balls. it just doesn't matter. >> we'll take a break when we come back exclusive with the honeywell's chairman and ceo g a br look at the futures as weetusy tuesday morning under way. in a empty mo.

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at universal's cabana bay beach resort. to enter just say "universal parks" into your xfinity voice remote, or go to xfinityadventures.com for your chance to win! news out of honeywell this morning. for that morgan brennan. good morning. >> honeywell quantum collusions is combining to form the largest quantum computing business joined by chairman and ceo of honeywell. darius adamczyk, thanks for being on with us this morning. you are standing up what is going to be a vertically integrated quantum computing business majority owned by honeywell. you are going to invest up to 300 million dollars in the stand alone business as well brings together the hardware from honeywell the software from cqc. given that you really just

unveiled the quantum aspirations about 18 months within the company, why now >> we do this now because we really want to accelerate the quantum technology at a much faster pace. and today's an exceptionally exciting day for all honeywell, all of cqc and hopefully for all potential customers of quantum computing because it unlocks, bequeaths the world's most advantaged quantum company which brings together the bes to breed in hardware, and best to breed in software. and that is why we're thrilled we think the reason we came together here is to really advance, move up technology solutions, the capables what's possible by numerous years i really -- >> talking about quantum computing so in years now. number of companies made investments in this area as well ibm, alphabet, imq i know is going public analysts like daniel newman note

it's been a long and slow trajectory so far. what are you forecasts in terms of broader adoption in applications and thus revenue growth and path to profitability for this new stand alone company? >> well i -- the starting point is it already cqc and honeywell quantum solutions already generate revenue and the growth will be exponent but you always have to start from ground zero and that's revenue generation has just started this announcement today will revolutionize the quantum industry because it will help to accelerate the growth and speed of evolution when the pc was brought to the market it wasn't a billions of dollars enterprise either. so we're kind of still in the first, second inning here. but this combination today i'm very confident will accelerate the growth in the industry

>> trillion with a t is the plan to take this company public >> well we're still exploring all options. it's kind of one day at a time you know we formed this new company between ourselves and cqc. we're excited to serve our customers. both companies are already serve blue chip customers. we have the leading hardware, cqc has a dominate position in the industry in terms of software software configureable for systems for quantumal competing. as well as provider for applications developers b quantum computing. and this would dramatically accelerate the pace of technology and development >> i love what you're doing. local light parcel

fact you are speeding everything up to market but -- who we know may be one of the foremost thinkers about all sort of fast speeds said this last week at his annual shareholders meeting about quantum. he goes "the technology is still in its infancy and likely decades away from commercial applications is jensen wrong? >> well everybody is entitled to their opinion. but i would strongly disagree with the decade statement. we have paying customers today who are gathering value from quantum computing. same with cqc and now together we're going to have even more customers. when i say customers, the bluest of the blue chip companies out there. which have been announced and whether it is financial solutions, whether it is pharmaceutical research, whether it is cryptography, all of these are applications that are developed today. and already. and i think this is really

exciting cqc has already developed software which is usable for these kinds of applications. obviously the capability advancement of the -- will unlock further gains but ican tell you that even today customers are paying and using this technologies. to say it is decades away i would strongly disagree with that. >> all right well, fair enough. while we've got you. we are seeing some orders now of boeing, southwest air, very impressive airbus orders. we know that you are agnostic. we're getting a feel darius that we're back is that international travel is back isn't this your time if this is occurring? >> oh absolutely we've kind of told our investors that all along we're a little bit longer cycle oriented but i have 110% confident that the best days in the markets are just coming back ahead of us whether it is our aerospace

business which we see the signs of coming back and going initially come back domestically and internationally much more comprehensively. but we anticipate the next couple of years to be extraordinarily exciting for us. not just in aerospace but also in our energy businesses because those will have to go through a cycle of reinvestment. so we're extraordinarily bullish on our future. both from a markets perspective but also as evidenced today by the advancement of our strategies and technology. and i think hopefully this is yet another sign which will position long-term how we're viewed not just industrial but really a technology company that serves the industrial market. >> and i'm sure wall street is perking up hearing those comment given the fact that aerospace and energy were both in focus after the last earnings. i am curious though, darius. you have this key vantage point when it comes to commercial real estate as well whether it is the warehousing and logistics and products and

automation you sell there. whether it is offices and buildings and all of the innovation that you have been spurring on that front too that in particular is in a lot of folks as people return to wok. what are you seeing in terms of dpand and how does it speak to commercial real estate for the future. >> right before this call i was on a call with a major customer in our commercial buildings. and people are coming back they are coming back to the offices. very few, if any employers today will have a pure work from home model. whether it is hybrid or back to the offices. and people are much more interested this building technologies now more than ever. because whether it is enabling a health and safe environment for the employees, improving the occupant experience, or an other area would bring tremendous value to sustainability and energy savings

all of this is underbit by the -- reside in our connected enterprise and --. so we're actually seeing that market build and seeing very strong order rates and really the environment improving dramatically as we move forward. >> so much more we could talk about. unfortunately we have to leave the conversation there but we do hope you will join us again in the future to talk about some of the other technologies and innovations under way at honeywell including a lot on the sustainability side as well. darius adamczyk, thanks for joining us. >> thank you >> good stuff. cramer's mad dash as we count down to the "opening bell. in about nine minutes. right now, you're planning for your future. maybe it's for kid number two. or employee number two hundred. maybe it's understanding the real value of your business. or ensuring that what you've built, will be taken care of for a long time.

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all right. here we are. what do we call this place the pod? the pod. we're in the pod now >> is that like going, is basis in the pod -- >> we want to talk about marvell technology >> so what people are looking for is technology stocks that have more than one thing going for them not just cell phone, not just hyperscale computing they want everything and that is what marvell gives you. when they reported last time, when they reported last time, wow. >> yeah, works. >> but people didn't like it now they reported a much better quarter because they made a good acquisition and you are getting what i think is the beginning of

an -- i just got to show'em. this is the w, david you always say. if i see a w i want to buy it. >> look at that. that's a w feel like when you do that for -- >> well that's great but this is going higher my trust owns it when this happened, david, i was -- i don't want to say suicidal because that's extreme but i was upset. >> you were not happy. >> why because it was a great quarter and why did the mean people adopt amc when there was marvell? lot of people are going talk about that why didn't they take my stock up wendy's, why didn't they -- but marvell is giving you hyperscale computing and it does base station. and all the great stuff you need for 5g but most importantly, david is the acquisition gave us so it is not a one-trick pony if you are a one-trick pony, then people hate your stock right now. >> okay. >> they hate it. by the way the nvidia discussion

between wong versus. >> adamczyk. >> that could be something we have to watch. >> i have a feeling what you are going to support. >> -- fabulous and the building technology great and he's been amazing wealth builder but this is a battle field battleship galactic. >> speaking of wealth. how the wealthiest in this country are avoiding paying incomplete propublica digging through never before seen irs files of the top 25 richesteoinhe pple t country. interesting story. the "opening bell" just a few minutes away coming right back.

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shares of biogen gonna give some back this morning on the heels of that fda approval from yesterday. a conference call, jim, says they expect tobegin shipping i about two weeks. over 900 sites ready to implement treatment with this new drug which i think is going by the name ad.

>> let's see if they are able to get that price >> i'm just saying beware the second day story on this is wait a second, 56 gs for uncertain? uncertain? >> and 24 hours ago there were many people who expected it wouldn't go through because of course the panel put together to actually recommend or not said no for the approval and this is such an interesting process the fda ended up saying yes despite the panel saying no. >> and by the way a lot of the

wall street firms were caught recommending sell because of exactly what you said. you may in the future get a couple extra years but i think there is push back that price is -- >> there is the openin"opening " jim you know a lot about migraine -- >> i know it is going rain later today. i have -- i know it is going rain it is going start around 1:00. when i see it about to rain, i know i'm going to have a very serious high grain even though i takemigraine even though i take -- but this

preventative i popped one this morning because i know in five hours hi head is going to be hit by rebar, by a giant -- >> -- glaktically. >> the government just approved it for that. i have a very biometric pressure migraine, where if i hear a noise like my wife loading the dishwasher why are you doing this or the dog or i love dogs but i have wanted to strangle a dog. the sound is greatly amplified. >> -- every day given all those -- >> no but if i know we got a barometric pressure change coming, now that it bs been approved i'll give it a shot so i don't have a migraine when i interview fuller tonight yes. and there is so many sufferers

and so -- bio haven has been pioneer in this. -- lot of work am gen done gen done lot of work for migraine sufferers particularly, women and minorities this is a god send. although again, with anything that's -- you know, the government has to -- government's been paying >> yeah. they are not cheap none of these are cheap. >> no they are not cheap. >> you are going to argue with your insurance company i know we have >> if you flush a toilet, you got a -- like hiroshima. like the loudest sound i've ever heard. like shooting a gun off next to my head. i'm like my head is ringing. there is more information than you could ever want. >> no, we're glad there are some

method os treatment being made available. >> yeah. so this makes it i'm not a commercial for this thing. and i was thrilled this thing got approved my doctor was involved, neurologist, i dealt with dr. larry newman at nyu. and everyone was waiting for this to happen it is such a breakthrough. >> the other bits of pharma news are pfizer testing some lower doses for kids 5-11 which is encouraging for perhaps later in the year and j&j, the journal wrote the story about the steep decline in demand for their vaccine ohio has 300,000 doses that will expire the week after next governor is saying please, anybody go get and j&j vaccine. >> i think the yankees i know you are a mets fan. congratulations for a pretty good season so far. >> only june but thank you. >> there are some yankee members who had just the j&j and look, i think the main thing is that it lessens what's

happening. >> none of them got sick they got the virus but i don't believe any of them actually got sick which is again a key here to why you want to be vaccinated -- as unlikely it is it is that you will you would get the virus its effects are muted to say the least. everybody should get vaccinated but of course that is not happening in the country. >> well there is a big back lark, if you do say we don't want people who are not vaccinated, people i was -- i suggested that to someone over the weekend, and was called a communist. now, i've never really believed in communism to vaccines. >> i don't see it. >> right >> i don't see you as a commy. >> no i'm not really a commy i'm a dollar sign represented by a man. and yes, i mean, i have been stopped on the street. are you related to lenin >> of course >> why not >> but do think -- >> -- all goes back to the same -- >> -- there should be some break that you get if you have the

vaccine. like my pass, which lets me into here >> guys, the newest meme stocks, i guess we have to call them that clover health. i did see it up as much as 56% now only 47% this was a spac. there were some questions about some sec goings on they didn't disclose the stock was as low as seven, eight. you can see what's -- >> look at the volume. >> volume is just extraordinary. wendy's -- twenty something percent. now only 14. not quite a new high and the amc, up another 5% approaching $30 million market. >> is that the free popcorn. >> it is the free popcorn. but the volume numbers

20 million shares it does have 520 million outstanding versus the roughly 120 million or so outstanding this time last year. >> the one they haven't -- you know, this bed bath has been a meme stock that's one by the way where mark triten has done incredibly work but disease only 3.8 billion and did buy back lot of shares and it is also being reinvented. harmon, this bye-bye baby which is a very inexpensive part that one i get. because it is a a 33% short position people who i used in the old days call idiots who are about to get bedded and bathed and beyonded >> well speaking of retail evercore has got some interesting notes about retail pricing getting absorbed as they raise prices on things like apparel. ubs, 265

they were 210. that's an all-time high. >> reinvented target there are inner city targets there are targets places lot only people felt it is not worth a damn those people don't have money. and then cornell is saying you know what, i'm going blow up the model and put stores where people have never put stores and i'm going to offer them bargains in the form of my private label which as far as i'm concerned these private labels are every bit as good as kirkland. their private label stuff is fantastic. he's made that company into one of the great powerhouses it is not unstoppable like a meme stock but it is pretty good. >> that is a three bagger in two years on -- >> and walmart, i thought walmart was going to be able to do, be dcompetitive with amazon. it's got a good offering but walmart's been a terrible stock. terrible. >> we should also look at apple

after yesterday. developers conference. up almost 1.3% and they are all in on privacy. you see it certainly from the ads. i'm sure many people have seen them during the course of watching the nba playoffs and everything else and stressing it yet again and the implications for advertisers within the eco system itself are dramatic, as they continue to make it more and more difficult to track people >> well, i think that all of the ink -- people call cooling these incrementing moves i had t-mobile on last night but this is what you need in order to stay competitive. and lot of it is because everything that tim cook does is p incrementally better you like'em more anyone have the watch last night and they did the -- that -- last night. i am -- sold it -- oh my god i did something -- i did something

guys you must never do. >> what happened >> i said alexa set my alarm for 3:00 a.m >> awkward. >> nothing. >> that's like calling your girlfriend the name of your prior girlfriend. >> or ex-wife. always very bad. but then i said, you know, i said siri set the alarm for 3:00 a.m. and then i apologized. and i said i am sorry that i called you alexa, and she goes oh that's okay. >> nice. >> she's obviously been called that by others. >> at least she's forgiving. >> a bit of a quick diversion here before bob pisani. the fact this they were a able to get ahold of or somehow received years worth of detailed data on the taxes of the 25 richest americans, or many of them and what you see, well, of course we know it is an income tax. and those of us obviously have a lot of reported income pay a lot in taxes or can certainly.

but the richest clearly don't. and some of the numbers are pretty staggering. take a look. according to forbes, the 25 richest people saw their worth rise collective 401 billion from 2013 to 2018 and -- that's lot. but it is really only a true tax for the 3.4% of course that is because it is not income it is how much their wealth went up because of holdings of things like amazon stock. jeff bezos and others, for example. the fact that number so low in terms of percentage of income because they report so little income and what they do they are able to offset is not perhaps a surprise but when you look at the actual numbers carl, they are just -- they are staggering. >> zero dollars in federal tax from bezos in 2011 2007 musk did it in 20i7.

no federal tax paid. >> no federal tax paid and versus wage earners. it would take 14.3 ordinary american wage earns put together to equal the 1.1 trillion the top 25 people in the country were worth in 2018 and they bade -- those 14.3 million wage earners -- ask the question. can you really apply a wealth tax. is there any real way do that. >> -- stalin did it in kiev early 30s. >> but we all know this is happening. we revisit the tax code. it is an ongoing debate and will continue to be and when you have enormous wealth tide up in an company and can simply take a loan against your shares. as larry ellison does. 10 billion dollar line of

credit but the company created a fortune. >> we know that the federal government -- the rule about taxation that you have every right to do anything you can legally in order to be able to avoid taxes. you cannot evade these people are take -- none of it i think that's important. >> income tax, income or very little. >> to me it says they have got to try to change it. there are probably hundred million people in our audience who are saying are you kidding me -- including maybe the byers of wendy's. >> wendy's. >> don't you sell some -- >> -- register what -- >> i used to say it but then i had that bake conator with my we geez that's good. >> yields back to 1.53 bob pisani. >> trying to get new high bus the market is not cooperating.

the problem is the big winners this month tiny market caps they don't move the market much. tech moves the market. backs move the market but they are only up fractionally so the s&p up about a half point overall on the month still trying to break out. the s&p here, 4332 as i recall the old 52-week closing high, historic high back a while ago and we've been sideways here there is the s&p year to date. essentially sideways nearly two months we sense the market wants to go higher but there are a number of things that are sort of preventing that. the most compelling argument isn't necessarily the fed issue. it is the whole peak story we talked about this two months ago and this kor responds to essentially when the marked started going sideways remember what moves the markets fts earnings, dividends and the multiple the earnings are increasing but they are not really moving up as fast as they were. so the second quarter is going the peak of everything here. and there is a difference between earnings growing and accelerating and earnings growing but decelerating

and beginning in the third quarter, it is going to be growing but decelerating dividends are stable that's good. multiple is lower. you can't push the multiple up and it is harder to argue that earnings are accelerating at this point the mother of all second quarter earnings is about to be on us right now and that is why nobody is selling these are just spectacular numbers. look at us, up 63% for the second quarter you are never going to see numbers like this and that is even compared to what it was on april 1st up 4%. third quarter is lower decelerates. you can't go up every quarter. it is not going to work like that but that is the key part of the deceleration of the whole story. the peak everything story i think has resonance even though it is two months old lot of the discussion this morning amongst people on the floor and talking to people here about that doj seizure of bitcoin from colonial pipeline and the hackers there. they did obtain the private key

of the hackers bitcoin wallet. lot of people seem to be saying oh they hacked into bitcoin. they obtained the password the question is how did they get that the obvious explanation the simple one is the hackers shared the password among themselves and that communication was intercepted. we don't know that but that is the obvious explanation. the other is they hacked into the infrastructure of poik overall and that would be a very big story. i don't think so so. that seems a little unlikely not tora b be borish there is not a lot really obvious there. microstrategy. galaxy bitcoin base -- look at this 30, 40, 50% off highs. there is an etf for that the highs were all back in february if you look at the main one there. blok that hit the highs in february titanic volume january, february, march and carl its been down since then the

volume's dropped off considerably bitcoin still high but the investable products off the block chain not so high. >> interesting, bob. we mentioned yields this morning on the heels of trade data let's get to rick. >> down a handful, five basis points in tens you could look at the chart of the trade deficit. this goes back to record keeping in 1992. the revisional last month at minus 75 billion was the biggest negative deficit in history. but it wasn't the only big number another big number 486 billion was yesterday's parking lot. yes, a parking lot of cash called reverse repo market where it just keeps piling in. and it really does go along with the trade deficit because things are so good. there is so much money sprinkled around and our demand for imports had been skyrocketing. let's go to the charts and look

at interday ten. you can see it is in the low 150s if it closes here this will be the lowest yield close in three months back to early march as you see on the chart now, it isn't only in the u.s. that this is going on. as a matter of fact our market always lead the way and even though the trade deficit data doesn't mien as much in the uk theoretically or in europe theoretically, it certainly does mean a lot following the key benchmark interest rate for the world. as you see bunds and yields both moving lower as the data hit and david i loved your story on forbes and taxes this morning. i just have one question for you. avoidance. avoidance isn't the right word avoidance souns like a legal issue here isn't it tax law adherence aren't they following the tax law? they are not avoiding. >> we made that point at the end. there is nothing illegal they aren't avoiding it all. a it is the way the law is

written. it goes back to who knew iez mer versus mccumber in the early 19 hundreds. myrtle mccumber received a dividend in shares she didn't get cash. why do i have to pay taxes and the supreme court agreed there you have it. you only pay when you realize a gain. >> -- problem is who becomes the referee for fair and after 40-something years in congress, i would think the president understands exactly what is going on with tax laws anyway, thank you, david back to jim, david and carl. didn't mean to leave you guys out. >> all right rick. thank you very much. rick santelli. relatively flattish action as we await the big number of the week cpi coming thursday. in the meantime oil is back below 69 "squawk on the street" continues in a minute.

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y you, you. quick cluster here on wendy's. we talked about the action

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>> people are getting excited about gamestop i just simply don't understand why our man, our potential savior there should bother to say anything this came is just one of the great runs based on absolutely nothing. it's a little bit like -- >> a stock about nothing >> don't forget bill murray quarter alert. >> are your saying it's a negative for transparency? >> i just think if i were -- so far things are going very well with just the selling some stock, get the balance sheet better they have to reinvent the company, i think >> don't rock the boat in the

meantime >> don't rock the boat until you have a plan. they have to spring a plan and put it right in place. you just can't say what i'm thinking of doing is crypto. >> what possible plan could he -- the >> i'm telling you >> the fundamentals would argue for a 23 1/2 to 24 billion market value >> yes you're ridiculous. >> dinosaur. >> you're like a triceratops >> me i'm a flying car taxi. you are in a natural history museum and i'm going places. >> so you got thor >> thor is one of the motor homes. stock is up big. bob martin look at that david, that is something we'll take across country. you've never been outside the new york area. it's an amazing place.

>> like the truman show. he's never left manhattan. >> did i mention blizzard, call of duty. my friends at fema said this worked first time ever. we don't worry about that. we're fine about that. i was going to talk about ford brand-new car out. we have an analyst they are telling me i have to go >> lots of news ahead. we'll see you tonight "mad money" at 6:00 p.m when we come back, david kostin as the s&p goes red. you need a financial plan

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. good tuesday morning welcome to another hour of "squawk on the street" i'm carl quintanilla market is looking for some direction. we settled at four points to the down side on the s&p rick santelli has jolts. rick >> reporter: this is the most

jolting jolts in the history of man and women, okay. 9 million. 9 million 286,000. 9,286,000 job openings we were expecting a million less than that. here's the 2021 numbers for jolts. 7,100,000. 7.5 million. last month revised 8.2 million now 9.2 million. these numbers are huge this number series goes back to december of 2000 obviously we've been nowhere near the zip code of these recent spat of numbers what it does under score is the u.s. economy is opening for business in a huge way j. powell are you listening? morgan, back to you. i'm listening, rick. 9.3 million. wow. rick santelli, thank you we're 30 minutes into the

trading session and we'll look at three big movers we're watching this morning. starting with wendy's. shares of the fast food chain is surging. among the top trending stocks on wall street that's over the last 24 hours you can see those shares up 12.5%. plus stitch fix soaring after a smaller than expected quarterly loss folks needing new clothes and in some cases new sizing of new clothes. those shares are 11% finally vastly, reversing course that's following an internet outage including among others cnn, "new york times," reddit and some amazon sites. those shares up 4.5% >> a wild morning today. thanks meantime the ceo of the colonial pipeline testified before a senate panel on ransomware and cyber security eamon javers has the latest.

good morning >> reporter: good morning. you see some of the senators filing inthere to the senate committee room what we'll hear today is a rundown of the timeline of what happened in the colonial pipeline hack and an explanation for why he made the decision to both shut off the pipeline and also to pay that ransom, two very controversy decisions in the wake of the hack on colonial pipeline here's the timeline he'll run through as we watch senator mitt romney working the room a little bit there as they get ready to up and running they noticed the ransomware at about 5:00 a.m. on may 7th they shut down 5,500 miles of pipeline by 6:10:00 a.m. that gives you a sense of how fast all of this was very quickly from the decision-making point to shut this down to the fact that they had the entire pipeline down it took 15 minutes to shut down the whole thing affecting 260 delivery points in 13 states and the district of columbia

the ceo here will say we recognize the gravity of the disruption to the fuel supply on the east coast of the united states and he's also going to say that paying ransom was one of the toughest decisions i've had to make in my life so you get a sense of how much this bears on this particular executive both the decision to shut down that pipeline and then the decision to pay the hackers to get that pipeline back up and running. one of the questions we'll have is exactly why they felt they had to pay the hackers did they not have the capability to get back up and running on their own and then what happened to the money in the aftermath. there's some mystery on that now that we heard from the department of justice and fbi that they were able to recover the bulk of those funds and have now returned those to colonial pipeline some real questions of how the fbi did that what the legality was. the technical aspects. some answers may be forthcoming

in this hearing. >> i did see you on twitter last night retweeting someone who basically said we may never know how the fbi managed to get in that wallet. >> reporter: it's a real mystery for now. the fbi seems like they are being deliberately vague about what their capabilities are. we have known for a long time and the department of justice told me on friday they contract crypto currencies through the system the question is how do they legally and technically go back and identify those crypto currencies and then pull them back into their own wallet that they control and then get those back to the original source of the funds. i'll be curious to see what the ceo here can say on that front he might be limited in his ability to reveal what law enforcement is doing here. we're in a new era for law enforcement and aggressive new approach from the department of justice and fbi given the national strategic and economic scale of these attacks we've seen you would expect a new approach from the fbi and doj because the

previous approach just wasn't working. >> yeah. cyber, obviously bio, pharmaceutical today it's cloud services. we're on watch for all the risks we face every day. let's get back to the markets this morning and the economic recovery david kostin joins us goldman sachs chief. had a great note last night looking at the impact of a global minimum tax good morning good to see you. >> good to see you, carl thanks for inviting me >> i want to get to the bit how it might affect s&p earnings can you comment on, for example, this morning in the "journal" stories about $100 call options on crude, rising commodity prices and yet the ten year back to 153 today why? >> well the subject of inflation is one of the topics we discussed with fund managers and one of the issues for the equity market is that generally speaking equities do better in

low inflationary environment as compared with high inflationary environment and alternatively falling inflation better than rising inflation clearly the things you just mentioned, being consistent with higher inflation, this whole idea of transitory, how long will this last and if we were to put a marker on let's say the fall, september-october, inflation staying high for now through then would be a bit of a head wind for text market. that's consistent with our forecast here around 4,300 for the s&p 500 at the end of the year so basically over the next several months, carl this, high inflation and potentially rising inflation is definitely a concern and probably a head wind for text market. >> but in the long term, david, your group has said you got a note this week entitled why the economy will not overheat. you think we might overshoot potential but only briefly some of your peers on the treat have a more hawkish view on

inflationary pressures beyond the next few months. >> the issue of course is definition of transitory how long does that last? the view from here at goldman sachs it will be a more transitory experience for several months definitely having some measurement reasons why inflation is very high sort of base effects from last year questions about labor availability the issue of extended unemployment benefits. things like that are definitely at least in our interpretation of the data supportive of higher inflationary readings. but if you do some adjustments perhaps less underlying affil inflation would be more of a concern. inflation will reseeding and it's about earnings ultimately not about valuation. if you break, carl, the subject of inflation into two pieces of a think about the the earnings impact of inflation and then separately the valuation impact of the inflationary backdrop so from an earnings point of

view, higher inflation generally a positive from a revenue point of view, sort of mixed on the subject of margins we'll get to taxes in a minute broadly speaking inflation supportive of higher earnings. on the valuation side the question is about whether higher inflation leads to higher interest rates our view is as you just pointed out inflation has been -- interest rates have been relatively stable. could argue surprisingly stable. 1.5 to 1.65 range on ten year u.s. treasury that's consistent with the equity markets, valuation wise around thes levels at 22 times earnings not a story about valuation it's a story about earnings and the question that we focus a lot of attention on is taxes and what is that impact likely to be? i would argue that there's negative earnings revisions potential as you go into the back part of this year looking into 2022.

i think that's a significant >> how should investors be positioned for that. you're talking about near term helped winds for the market. tax implications later in the year what do you do >> i think you think about it, we think about it as where is some value in cycles right now the economy is getting better. all the data would suggest that. re-opening index at goldman shows 7. so we're moving towards a full opening. that would suggest cyclicals continue to do better. businesses like honeywell tend to do better later in the year transition towards more growth is the case. the handoff, value cyclicals now and longer term growth later in the year looking into 2022

a way to think about that is the duration, what time do you want your cash flow you want your cash flows sooner now and then later you look at the growth as the economy gets to more normal growth prospects, that's where the faster growing more technology generally focused areas likely do better >> sorry, david. i wonder if you could comment also on what we're seeing with volatility and mean stocks with the backdrop of the overall indices remaining calm to what degree is that a surprise or of concern to you overall forecast? >> well, it kind of flows and sentiment retail money has definitely been a notable development this year, likely to continue and that does leave some of the

stories. we talked about gamestop and others have been big focus within the public twitter sphere, et cetera, reddit and others that's likely to continue in our view there's some stories around those, more retail oriented not just the floss but the business as well. fundamentals, where do we get the better revenue growth? that's ultimately what we're looking at where the is there margin sustainability in a world of, you know, uncertainty, higher inflation, which companies can push the through those price increases that may be coming through. we're seeing lots and lots of companies announcing price increases to maintain their margins. so going back to morgan's earlier question we're looking for and prefer companies with high and table grows margins that's a reflection of companies being able to pass through their

higher interest cost that's an attribute. i know your question was about the idea of retail stocks and mean based stocks but ultimately we're looking for where the source of revenue and margin susta sustainablity. and tax rates notdom domestically but on this new out of kwurp >> do you expect the overriding dynamic of q2 earnings commentary is about compressing margins or do you think that's a bit of a straw man going in? >> i think about actual reality and then the forward so in the second quarter just like in the ft. worth quarter you had spectacular earnings both positive surprises and the fundamentals were very, very strong similar kind of a story in the second quarter as the restarting

of the economy is doing better looking forward, though, there's going to be a discussion of margins and a key component of that is the tax rate what kind of taxes should an investor be assuming and forecasting for 2022 what kind of a corporate tax rate and what kind of a capital gains tax rate when the capital gains is increased equity markets struggle in the months leading up to that increase in kidnap gains. afterwards it normalize over the next six months. that's a head wind we'll focus on the question about higher corporate taxes definitely risk. the market right now is definitely all of our investor conversations focused on earnings prospects for 2022. so, coming back to your question about second quarter results really the question with fund managers what are we looking at in 2022, where is the risk of

the negative revisions and who is more immune, if you will from that head wind and so a lot of companies, there's tax rates below 15%, lots of scrutiny going on with those companies. on the other hand companies that already pay high taxes less at risk from that context >> you've done a lot of work helping us to understand which sectors are which. david we got to a lot today. that have great. good to see you as always. as we head to a quick break here's a look at our road map for the rest of the hour bitcoin getting bashed down a half >> plus a new report on how the nation's richest citizens avoid federal income taxes and, therefore, don't pay much in taxes at all and there's a lot on the mean trade today wendy's now joins the mix. big show aadhe on "squawk on the street". don't go anywhere.

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jill, great to have you back >> great to be here. thank you. >> from a crypto currency standpoint, how big, how meaningful is this news that fbi was able to claw back these bitcoin payments we're talking about a decentralized crypto currency that's considered safe and secure and untrackable and yet this happens >> it's raising a lot of questions. there hasn't been a whole lot of clarity as to how the fbi pulled this off i mean the reality is if the fbi did have some back door into bitcoin, they a way to hack the overall bitcoin system, they have a quantum nuclear sitting somewhere it would be very strange for them to reveal that to the world based on $2 billion worth of bitcoin what we're talking about is some other sort of information or data leak or court order that they were able to use to go

after a bit of the infrastructure that was probably domiciled in the united states it does go to show the point that this stuff is not as good for use in ransomware and kidnapping and everything else that has a reputation for as people tend to think that it is. >> so what does that mean for future regulation? it's a conversation that's being had here in this country but other places as well >> look. this should be a comfort, honestly to regulators and law enforcement. if you look how bitcoin gets used criminal activity only represents 34 basis points ransomware is a growing portion of that activity but that's still only 7% of 34 basis points of all use of overall transaction volume that we're talking about and that goes to demonstrate this very fact that, in fact, bitcoin is not as good for criminal activity. we know these numbers.

fbi is able to going and trace everything that's going on because, in fact, bitcoin is a very transparent system. >> are you arguing this removes one of the skeptics arguments about the technology, that it is -- it's open, going to be used for defarious means >> it's overblown. the reality it's still 300 odd million in volume a year going to ransomware. that's a drop in the bucket in the grand scheme and there's a lot of good beneficial usages of it that we can be spending time talking about. but, there is this misconception, this notion that bitcoin is this private sort of dark market currency and, in fact, the whole thing is transparent. can you going and read the fbi report you can see exactly how they traced and tracked moments of

bitcoin across the block chain, across the under lying infrastructure >> two quick thing 34 basis point number you cited what's the source for that and second the is the move down across the board here we're look at a result of the fbi being able to hack into this wallet, do you think >> yeah. so the 34 basis point number that comes from a company called chain analysis which is one of the leaders in the business in working with law enforcement, actually, to do exactly this, to trace and track moments of bitcoin across the block chain and to hunt down the proverbial bad guys who would be users of this mow the moves in the price today i think, you know, headlines around ransomware are never going to be positive no matter what the under lying story is so i suspect that has something to do with it it's more likely broader consolidation coming off the highs of a month or two ago, i

think it will remain choppy here in terms of price action >> yeah. another day. another big trading session in terms of crypto currency, certainly no shortage of headlines. includin thank you >> next time thank you. as we go to break get another check on meme names. wendy's is off the highs and off the loss in the middle of the interrange day. gamestop has gotten new life for sure you're looking at about a three month high on gme. we're back in a moment

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texas instruments. it is up after, it beat on both the top and bottom lines for its first quarter. expecting its current quarter revenue to surpass $1 billion. first time it's gone above that number don't miss an exclusive with ceo matt murphy. that's next on tech check in the hour meantime chinese authorities are racing to beat the vascular yant -- variant covid outbreak i'm here in beijing. they were the telling us they are seeing a surge in residents here who are looking to get jabs ever since it emerged that the variant that's spreading, the trading hub from guangzhou health officials said early cases have been traced back to a

restaurant where the people who were infected were sitting very far apart, had no direct contact and much further apart than with the original virus that came from wuhan also some of the cases are asymptomatic that maengs the detection of this variant in the country will be much more difficult despite the fact that several cities have put up a thermal scanering in order to try to detect any virus spread now perhaps most worrisome is that authorities say that patients, some of them have already been vaccinated by the chinese vaccine which suggests that the home grown vaccine might not be as effective against this new variant authorities here have been quick to point out that none of the illnesses have turned deadly now the officials here are moving very aggressively in the south of the country to try to

clamp downtown virus they are aggressive since the original outbreak in wuhan they are testing 18 million people in three days imposing travel restrictions in other cities and are lock down residential communities as well as sending in thousands of medical workers. so all of this is starting to disrupt business or has been disrupting operations at some of the ports down there including one which handles one quarter of all the chinese shipments to the united states. so as you can imagine because of the lower capacity at that port the ships -- there's now this ricochet effect where ships are re-routing to smaller terminals. and the trucking costs are starting to rise as well and so right now shippers say that if you want to have something delivered to the united states, tack on another three weeks for

your waiting time. guys >> you explained so much about shipping rates and the degree to which it's hard to get stuff now in this country at least thank you. let's get a news update. good morning good morning dozens of major internet websites around the world are back online this morning the cloud surface company vastly said it had a problem that they found and fix. sites like cnn, "new york times" and british government's home page were showing an error message for around an hour earlier this morning a cyber attack is not suspected. in australia and around the world 800 organized crime suspects have been arrested in police raids law enforcement officials say it's the result of operation trojan shield. the fbi created a messaging app that supposedly provided encrypted communications but allowed the fbi to see everything, including they say discussions about crimes, including drug deals and

murders. and in washington state the government is temporarily allowing cannabis retailers to run promotions in which they give one joy to adult customers who receive a covid vaccination at an in store clinic. we'll be right back. mous vehicle is almost at the finish line today we're going to fine tune the dynamic braking system whoo, what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be a deep learning engineer to help make the world a smarter place does this come in blue? become an agent of innovation with invesco qqq

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welcome back to "squawk on the street". i'm morgan brennan along with carl quintanilla and david faber. just getting a quick scheck on markets as we're an hour into trading session. it's a mixed picture with nasdaq outperforming, s&p and dow both down s&p is down .1%. in terms of what's outperforming and leading on the s&p, it's again rack gap, domino's, also darden restaurants. for laggards, the names include

names like micron, biogen, also american electric, all lower so far in today's session david. >> day two of apple's worldwide developers conference with yesterday's keynote introducing developments for the technology giant. we have a sell rating on the stock. jeff you say in your note wwdc was a day for developers not investors. what does that mean. >> david that's a good question. i think that the message apple was trying to send was really around what features the developers should expect in the next iteration of ios. i don't think for those of us who are evaluating the stock there's a lot of messages that apple tends to send. certainly weren't any big announcements about hardware, which we expect. but not even really hints about what apple glass might look like the augmented reality head sets.

in general pretty sedate affair, coming from an investor point of view not from a developer or user points of view. >> so if i'm a developer what did i learn yesterday or if i'm just a user what did i learn yesterday that may interest me >> well, why don't i stick to the user side of that question since it's some years since i've done my software development but the thing that really stands out from all of apple's events and this includes yesterday is just how easy, how safe the eco system is and how it's always getting better i think the star example of that was imessage we already know southeast new features around voice cancellation, those have been available on webex or zoom for some time but nervertheless we e messengered from that and can't

wait to try it out >> can we quantify the business case for this push on privacy right now? >> well, i've tried, morgan. i've given it some thought i haven't made that much progress i guess i would put it this way. that many of the investors that i speak to and even many more of the company management that i have spoken, to apple and others are all very concerned about how they fare in esg investing so i think one of the things that will help apple's stock is for them to continue to be on the forefront of this privacy issue and there may be some ancillary benefits as it may help them in uncertain regulatory climate in years to come >> jeff, the other bit of news was this response -- i guess you could call it a response out of facebook, strategically tied to

the beginning of the conference yesterday, talking about the slice of the pie they would take for distribution of developer content the. do you believe apple at this point has secured developers enough to the point where they realize what's going on with the epic case and are willing to pay these ongoing fees >> again, well i'll put it this way. i feel like apple has given the developers a tremendous amount of benefits over the years where we all would be in the past couple of years if it weren't for the app towards. that's something we should not lose sight of. i think apple did spend a little more time yesterday at wwdc trying to make sure they emphasized the benefits of the eco system, more developers. yes they talked about the ease

of use and a couple of other item as well i do think apple is trying to make the case to developers for that >> finally, jeff, to the stock itself you have it under performed president that's a good call as it has under performed the broader market you think the pandemic seen in recent quarters will subside moving forward why >> i like to differentiate between a good company and a good stock this is one of those situations where we appreciatewhat apple has brought us i do worry, though, that the stock may not be prepared for some deceleration on the other side of the pandemic certainly we saw a surge in ipad sales and surge in app store download and big surge in iphone esps some of that strikes me as durable but some of it is not

durable. i worry that apple's multiple is not prepared for that. >> jeff, thank you for your time appreciate it. >> thank you all as we head to break, watch shares of againgagain -- it up 50% for this year so far l right back. stay with us because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that by taking on repetitive tasks for us. unleash your potential. uipath. reboot work.

>> brace for a cool summer bullish activity in meme stocks signals troubles for the broader market details on trading nation.cnbc.com. more "squawk on the street" ahead.

we got to take a look at some of these stocks this

morning. clover health up 83% remember the warrants issued, out of the money, suddenly in the money big. up six bucks over $10. and you go down you see wendy's participating. new participant. gamestop new interest in the 800 july calls 800. all right. cnbc -- let that sink in that's what i'm trying to do there. moving on to this millionaire survey >> reporter: good morning. majority of millionaire investors believe they pay their fair tax the survey poll investors with a million or more find a majority

support president biden's $2.5 trillion infrastructure plan and most support the plan to pay for that with a corporate tax rate of 28% the reason majority of millionaires say companies do not pay their fair share but when it comes to their own taxes 94% of millionaires they do pay their fair share or even more. now they are split when it comes to that increase in capital gains tax that biden is proposed with half opposing and half in favor. they broadly support a wealth tax and the story today revealing that 25 of the wealthiest americans saw their wealth grow by $400 billion between 2014 and 2018 but paid 13.6 billion in federal income tax. jeff bezos paid zero federal income taxes in 2007 and 2011. that was due to investment losses offsetting his income elon musk also paid no federal

income tax in 2018 carl icahn, michael bloomberg and george soros also in the zero tax club. they say they paid their taxes in the current tax code and a bloomberg spokesperson said they will use all legal means to determine who leaked this tax information that made for an incredible story that made for good nuggets and another good argument for how we have a tax code that's both so complicated and can allow billionaires to pay zero federal income tax in certain years. >> interesting story 12 years begot bezos taxes buffett also who has argued for higher taxes basically pays none that said, most -- bloomberg and soros and buffett incredibly charitable a lot of their money goes to foundation

99% of their net worth is given away charitably. so there's that part of this, isn't it >> reporter: it's worth reminding people, wealth is not income as you were chatting with jim and carl earlier today, we tax income not wealth. you can be incredibly wealthy and gain billions in the valve your stock in one year but take very little income and in some cases warren buffer fte would take $11 or $12 million income and offset of that with charitable contributions jeff bezos had investment losses there's some things worth looking at here like dividend payments for berkshire why they don't pay dividends or practice of borrowing from your stock and writing off the tint the basic from premise is if you don't take a lot of income and offset that with charitable

investments or charitable losses those are hard things to get rid of in the tax code >> to come back to some reporting you did a few backs back to the millionaire survey highest income people in the country are paying a larger percentage of the overall collected taxes, aren't they than their actual percent of income >> reporter: that's right. at the they pay a record high percentage of federal income taxes over 40% even though their share of income fell a little bit. the most important thing to remind people is we do have a progressive tax code the top 1% pay an average effective rate for federal income taxes of over 25% that compares to the middle class that pay around 7% or 8% yes there are these outliers, the richest men, billionaires pay a small shaver their income.

top 1% pay the larger share and the largest percentage of taxes on their income. >> all right great way to wrap that you want. robert as always appreciate it. thank you. >> thanks, guys. a big show coming up on tech check including ceos of marvel and coupa. don't miss bill gurley at 11:00 a.m. that's in about 12 minutes stay with us sometimes, you want speedy but reliable. state-of-the-art but dependable. in other words, you want a hybrid. so do telcos. that's why they're going hybrid with ibm. a hybrid cloud approach with watson ai helps them roll out new innovations anywhere without losing speed. from telco to transportation,

businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm. good work little buddy. ♪ ♪ ♪ 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.

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i'm deleting it. so, break free from the big three. xfinity internet customers, switch to xfinity mobile and get unlimited with 5g included for $30 on the nations fastest, most reliable network. i'm frank hol rholland. quiet outside of a meme stock minia. utilities lag. consumer discretionary stocks outperform within the group tracking travel and leisure-related names such as norwegian cruise line and mgm moving high perp same sentiment moving airlines in the industrial sector. back downtown to you, morgan. >> frank holland, thank you. just talking about trips and now talking about a different trip from cannabis to psychedelics.

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welcome back pop psychedelic company field trip health is looking to go public on the nasdaq making the company one in a growing field of names looking to capitalize what some kpaul a psychedelic revolution amidst a push for legalization. ronan levy joins us alongside special adviser and former senate majority leader tom daschle. good morning, i should say, to you both thanks for being with us leader daschle, start with you i realize micro dosing is all the rage now, ages a club kid o the '90s call me skeptical lay out the science and the case that you are making for legalization of psych demedelicn why it's an opportunity for investors? >> a real paradigm shift under way right now with regard to the research and the science people are becoming a lot more aware of the capacity for

psychedelics to address many of the challenges we mace in health especially our mental health they're look at these in a new way. fully appreciating a lot more science, a lot more research needs to be done, but all of the evidence so far is extremely promising, and field trip is leading the effort to accomplish this new precious of what we can do with regard to addressing the many challenges we face in mental health today. >> so, ronan when we talk about field trip leading efforts what do those efforts involve and what specific types of drugs, types of psychedelics are we talking about >> the specific types are drugs we're talking about now, the focus on the active ingredient in magic mushrooms in terms of street names mdma, ecstasy, a raver kid familiar with that. >> yes. >> and a number of other molecules, dmt, lsd and the next

generation which we're working on two divisions. field trip discovery, focusing on the next generation of psychedelic molecules. the current psychedelics show incredible products in efficacy. doesn't mean they can't be improved on and we believe there are a number of ways to improve. our first molecule lowers court and barriers to access incredibly important when talking about psychedelic therapies. on the other side, filtered health division developing and building out infrastructure to deliver these. psychedelics are not conventional pharma or biotech but experiential medicine. actual experience around the drug session is as important as the drug itself. a unique area of medicine evolving right now. >> leader daschle, like morgan, more of a stoner, i guess, i was, than a raver, but -- i mean, given everything

obviously we've had you on many times in terms of supporting leaguization of cannabis nationwide, where are we headed as a country team sew have a mental health crisis and seem to have availability of a lot of different things to numb people to an extend at least some critics might say. >> i think we are recovering, really, from a lot of misinformation that occurred for decades, even generations around these therapies in the past. a lot of assumptions haven't borne out. as we learn more, sciences apply and appreciate the tremendous opportunities that exist especially on a mental health side cannabis and psychedelics, i'm excited about the future and what it can bring. it will take more research and changes in public policy, but i'm confident that that will occur over time. >> yeah. i realize that we're still in the stages of research, despite the fact that, ronan, i can look

back to the 1960s, timothy leary and some experiments and research he was doing with with lsd, for example how addictive could these be >> science around this is well-established still more work to be done but we're working from a great framework already, work done in the '60s and '70s up to the last ten years. drugs like mdma, for instance. a therapy and fda phase 3 clinical trial showed that people suffering chronic severe ptsd, close to 70% had resolution of most symptoms associated with ptsd a near effective cure for ptsd which is very different than the current standard of care, which seeks to improve symptoms moderately talking really next-level

efficacy when talking about psychedelics therapies it's gets done by psychedelic assisted therapy pippen episodic the study with mdma, three sessions the others involved one session. risk of addiction is very low. also when paired and considered in light of the fact these drugs are very low-risk. >> unfortunately out of time got to cut you off come back and talk more about this as it evolves thank you for being with us today that does it for "squawk on the street. "techcheck" starts right now. good tuesday morning, and welcome to atlantic. i'm deirdre bosa with jon fortt and carl quintanilla today, the view from above the crowd. an exclusive with