♪ our troubles are all the same (ah-ah) ♪ ♪ you wanna be where everybody knows your name ♪ ♪ you wanna go where people know ♪ welcome back, america. it sure is good to see you. it is 5:00 a.m. at global cnbc headquarters, here is your top five@5 new data out of china showing how fast the prices have surged in the past year, we're live in beijing coming up. crypto push and pull after a rough day for bitcoin, ether and more one regulator is speaking out. and call it the lucky

clover the new team on wall street that has made $100,000 richer salvaging the deal an 11th hour effort of lawmakers hoping to eke out a bipartisan infrastructure plan before democrats go it alone. and new data on just how bullish investors despite rising anxiety over inflation, valuations and more. it's wednesday, hump day, june 9th, 2021. and you're watching "worldwide exchange" right here on cnbc. good morning, i'm dominic chu in for brian sullivan today. you can see we're moving slightly higher on opening bell. 3 points higher for the s&p 500, 10 points for the dow jones, and

nasdaq up 25 points implied at the opening bell the s&p 500 hitting a fresh record infraday high yesterday but failing to close at a record high any close about 4242 would be the level today. the nasdaq trying for four straight sessions as well. checking on oil prices continuing to trade at levels not seen since october of 2018 your morning cryptocurrency check after a rough day for the sector overall the bitcoin up 3.5%. 34,000 and change right now. we'll have much more on bitcoin's recent moves coming up and a wednesday morning meme stock check. you can see shares of gamestop up 1.5, amc, blackberry, all down there and to the newest addition to the gang, clover health investments, surging as much as 109% yes, a doubling yesterday.

before closing within an 86% gain, that is after a 32-% pop monday now, this morning, you can see up another 21% $26.89 the last trade there for clover health. now to some of this morning's top stories. the senate late last late passing one of the largest industrial bills in u.s. history. a bipartisan effort to ensure the u.s. remains competitive with the likes of china as a global technology powerhouse now, the bill which passed 68 to 32 commits roughly $250 billion for funding for scientific research, subsidies and shipmakers and of course, overhauls the national science foundation as well that senate moving in a bipartisan basis to pass a plan to keep america competitive. el salvador has become the first country to adopt bitcoin as legal tender yes, legal tender.

the country voting by a supermajority in law to be shown in bitcoin it also allows for tax contributions to be paid in bitcoin and waves any capital gains taxes when it comes to the cryptocurrency bitcoin up 31,183. that's the last trade. now, speaking of bitcoin, republican s.e.c. commissioner pierce is speaking out about her colleagues to override the markets. speaking with "the new york times," pierce says if regulators take an active hole it could discourage new innovation in the cryptocurrency industry and new fuel to the global inflation. our eunice yoon joins us from beijing on the latest read on producer prices. eunice, and can china with the

exporting of inflation to the rest of the world? >> yeah, that's one of the biggest concerns among people who watch the manufacturers here but in terms of those numbers the chinese prices surged to heir highest level since 2008, ppi jump to 9% higher than 8.6. part of that increase is because of a comparison to a low base from last year, when manufacturers were struggled after the pandemic also, of course, the rising costs of commodities such as coal, steel, iron ore and copper those are big factors. as i mentioned manufacturers are complaining about the rising raw material costs, as well as shipping costs, saying they might have to pass those costs on to customers. so that is what's stoking the fear that chinese manufacturers

at the end of the day would be stoking and exporting inflation. but just when you think, dom, that the policy here could change, that the government might want to tighten the reins a bit on policy, not so fast and that's because the consumer prices remained quite low. at 1.3%, missing expectations of 1. % and because of that gap, most people here with all of the economy think that the policymakers are going to keep steady with their current policy for now. >> still looking to be gated dependent. many bankers are feeling that way about the numbers around the world. eunice, while we have you is there any reaction from beijing on that $250 million tech bill last night as we mentioned it's a lot to stay competitive with china, especially in technology we know the u.s. and china have been locked in a fierce battle

when it comes to supercomputing, artificial intelligence and machine learning >> yeah, the foreign ministry officially reacted and was quite critical saying that the u.s. really should stop painting china as a threat. and is urging the united states not to promote this bill but what's also interesting is that a chinese official briefed reporters. and called the bill a big disappointment and was also quite critical of the biden approach saying that the biden administration's policies don't look as though they have a whole lot of daylight with the trump administration's policy. this official is quite critical, saying that the biden approach of competition and confrontation, coupled with cooperation doesn't really work from the chinese perspective and also added that really going forward, the approach needs to be more about engagement and if you remember, one of the

key policy white house -- key policymakers for asia policy in the white house said had that the time now is not for engagement but is for competition. and this official was quite critical of that, saying that engagement is really the way forward when it comes to china >> all right a fast race for sure there eunice yoon live in beijing with the latest there joining me is dny mellon chief strategist, alicia, you heard eunice's comments there, there's a lot stuffing in the market with how we handicap exactly, which comeconomies are going to fare better. the u.s. is trying to play catch-up with other parts of the world. is this still an area that is constructive for edge to be benefit around the world and will certain markets around the world be better positioned as a result of that >> dom, good morning, it's great

to see you back in the studio. i hope to join you soon. we think this is the sweet spot for markets globally we don't necessarily have sequenced growth here but sequential, but we're going to hand off growth. first china recovered, now the u.s., we see europe recovering soon behind in the next quarter which is great for european markets. some emerging markets will lag but ultimately they will get there. the markets are telling you, the indian and brazil markets have been steady. even brazil has reached a new high in the last week despite the terrible headline. what that tells you, policy has overwhelmed the fundamentals on the ground and that markets are good we like europe we like europe because we see the cyclical recovery and the europeans are stocked with financials and energy. much higher than the u.s. market >> alicia, it's funny, just about a year ago, there were

tongue in cheek comments coming from many parts the market about the fed not able to produce a vaccine. the fed is not the one to cure the pandemic yet, whatever central banks around the world, it seems as though whatever policies have been made have kept markets not just stable but upward trending the entire time, it's counterintuitive this is manage in an environment where there's a virus pandemic that could shut down parts of the economy. this is not exactly what we would expect have the markets now gone too far, too fast, given what we've seen in terms of economic slowdowns around the world because of the pandemic? >> it's a great point. you know, a year ago, 55% of global gdp was completely shut down and markets were rallying because of the motor it's really extraordinary. this will be studyied for a very long time and central banks have come to rescue a disaster here i don't think markets have come

too far. as i said, we think the uk and european markets look very good for inflexion here the u.s. could soften and the u.s. could soften because they're full of tech stocks. the s&p is 45% tech, it's much more than that and we do see the risk to yield higher this morning, that's not the case, the market seems pretty sanguine about whatever inflation data we're about to get, of course that sets up for another inflation scare. we see that the deep cyclicals continue to work and the reflation, right the sectors that are going to be levered to higher inflation. because even if we don't get a really runaway inflation like the 1970s which is also not our base case, you're still going to wind up in a higher inflationary world. and that has real implications for all asset classes and sectors. so we still like deep cyclicals here and deep value.

we're cautious not saying to sell your growth stocks. but just be aware they're not going to drive performance this year >> alicia, we've got a few moments left here. in the past, the way you hedge against inflation is to go towards big tech and growth oriented stocks. that was the way you'd keep up with inflation if there is inflation down the line, isn't that a tailwind or shouldn't that be a tailwind for tech and media companies because of that environment, do the traditional thoughts hold? >> it's a good point this is a timing issue as we know, it's very, very hard to time the market so i say this, i'd be careful on the more speculative names, the ones that rely on interest rates to get more modest levels of revenue. you have to focus on the economy, that are on the economy cyclical in nature and that grows regardless, cash flow regardless, margins, regardless. and those are the companies you should be owning, because if it is true, at the end of this, you

know, too much inflation could imhibt growth. so it is timing, we never recommend discretely, you should be fully allocated and have a diversified portfolio. i'd be careful on the speculative side there's nor downside here. >> alicia, we appreciate it. when we come back on the show, where's the beef the two new stocks from reddit and wall street and traders -- yes, that's the company. plus, passing on to consumers. the latest company forced to deal with raw material prices. t> and lordstown motors sinking inhe premarket down 2% right now. "worldwide exchange" returns after this break or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions

that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.

welcome back to "worldwide exchange." time now for your big money movers four stock stories of the morning. first up, sherwin-williams, the company raising its sales and profit outlook for the second quarter on a full year for strong demand for paint and other products but it also says rising costs with shares down 1% premarket. next up, amazon is fielding offers to replace jpmorgan as the issuer of its credit card. bloomberg and synchrony bidding

on it. on the portfolio that has more than $15 billion in credit card loans. third, shares of lordstown motors are falling after the electric vehiclemaker warned there's, quote/unquote, substantial doubt it will be able to continue as a growing concern. that's due to problems of funding production of its pickup truck. lordstown warned it was in being listed and wendy's up after surging 25% yesterday. the fast food chain becoming the latest popular stock toying with the mission that wendy's is a stock worth taking quote/unquote to the moon. and the shares up 5.5% on top of yesterday's gains right now in the premarket. still on deck for the show, results from investopedia latest

reader survey. and a spike in interest on meme stock and shorting strategies. today's big number -- $56.5 billion. that's how much credit card debt americans have paid off during the first quarter of this year building on a record-setting 2020, according to personal finance website wallet hub the average household balance is still over $7500 sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today.

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welcome back worries over potential bubbles in the market not stopping investors from staying the course when it comes to their investments. that's one of the key takeaways from the latest investopedia service. over at investopedia, caleb, we talk about bubbles all the time. we know investors know what they are, we know they know kind of where they're showing up but give us the numbers. just how much of a bubble are we talking about in parts of the market >> great to be with you, dom, we've been surveying our readers for the past 15 months, they're remaining bullish. they're feeling bubbles. they're bullish despite the bubbles. 53% say we're in a bubble.

59% say the market is overvalued but only a third is making changes to the portfolio so they're grabbing the wheel with both hands and trying to steer through the deal here, especially the meme stocks and cryptocurrency, but invested in both >> so, caleb, among the reader base there has to be a notion there are other asset classes out there besides meme equities or cryptocurrencies. but just how heavily invested are those particular folks over at investopedia into things like bitcoin and dogecoin and amc entertainment and gamestop >> sure, this is a pretty diverse crowd. 1880 across the country with portfolios of $100,000 or more of investable assets they hold blue chips dividend paying stocks they own bonds and crypto and meme stocks. in the past year, our readers have doubled their exposure to

cryptocurrencies only about 9% held it at the beginning of the year, 18%, 20% hold tell now, in terms of meme stocks with the portfolios, in general, these are blue chip investors who like amazon and apple, and a lot of the mega cap stocks but lately they've been adding ford and exxonmobil. in terms of the meme stocks, though, they've been looking at them and watching anxiety rise among the readers. we measure that in the investopedia anxiety index which measures their terms, with terms like naked shorting, short selling and with the meme stocks, anxiety has been rising among the readership in the past few weeks. at a three-month high, nothing like back in march, but it's bubbling up as at meme stocks go on the rise. >> caleb, we're seeing a rise in top-spiking articles over the

past week, a 7,000% increase in naked shortage and 25% of them -- by the way, can we show the chart that we showed with the anxiety index. it's creeps up but it's nowhere near the levels we saw earlier this year when the meme stock frenzy was going kind of crazy, with regard to what's happening now. is that maybe an indication that perhaps things can still go higher despite the anxiety that you're citing right now? >> absolutely, we saw anxiety in april, may, june of last year when the markets were recovering and sprinting higher out of that bear market. the anxiety goes both ways, like naked shorting, like short selling but measures terms around the economy so a recession could be in there. we're seeing right now, the anxiety is around the market-based terms because so many of our readers and people who don't regularly invest in

investopedia, what it means for it melissa lee brought that up. but there's a lot of interest in terms what can happen to the meme stocks, whether or not they're invested a lot of folks believe that the meme stocks are driving a lot of incentive in the overall market >> caleb, before i let you go, how does this resolve itself with your viewers? is this a sign of a top? >> it could, we saw it with crypto and stocks, at the beginning of it in february, this resolves itself it's going to be a washout here. our readers are smart, they're looking at what's happening across the market. as you say, they're not all invested in meme stocks or crypto they do have more exposure this is like any other cycle just a lot more heat underneath it, dom. >> heat is a relative term there. caleb silver, we appreciate it

nbc's phillip mena is in new york good morning >> good morning, president biden will begin this first overseas trip as commander in chief over the next week, he will travel to three countries and attend summits with world leaders including a high-stakes meeting with russia's vladimir putin. the cdc has eased its travel restrictions, the new ratings take the countries out of the most restrictive level 4 category the united states has been lifted as well other places that move from level 4 to level 3 include japan, south africa and canada that means the risk is still high but not an avoid-all category for vaccinated people and cicadas, billions of bugs are wreaking havoc in 15 states and d.c. and causing business problems especially for

drivers. in ohio, an amorous cicada is being blamed for a cash crash. it flew into the wind sending his car careening into a utility pole thankfully, he only suffered minor injuries get ready to rock out with the foo fighters they will play sunday june 20th at madison square garden. dom, it's been ever long, but finally concerts are coming back >> feels a little back to normal i'll say this, phillip, i just got back to a family vacation in the bahamas, it felt like everything was back to normal. masks in indoor places but other gatorl.t, it felt nma >>re to hear we have much more on the show

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information of a number of high-profile wealthy americans it is wednesday, june 9th, you're watching "worldwide exchange" right here on cnbc ♪ welcome back to the show i'm dominic chu in for brian sullivan this morning. here is how stock futures are looking. we're halfway through the 5:00 a.m. eastern time hour we're pointing towards steady, maybe even modest gains overall. the dow jones climbed lower by 2 points s&p by 2 points, nasdaq up by 16 at the opening bell two sectors to watch this morning, bio technology first, quite the run this week, the etf, xpi up 5.5% the ibb which is another biotech, up that much higher as well this on the heels of biogen's

ewing runup on the alzheimer's news this week and biogen down fractionally on premarket trade after a big run. and real estate sector ticking higher that group up roughly 24% this month. up 0.5% on the trade we're by the way trading all-time highs for the real estate sector in the s&p 500 to the morning's top stories now, a bipartisan group of hehous members are working to keep talks alive. announcing an agreement on $762 billion in new spending over the span of eight years. coupled with $487 billion it anticipated spending that brings a total package of $1.2 trillion, below president biden's latest offer of $1.7

trillion the irs is reportedly investigating the release of tax information for a number of wealthy americans. the move comes about propublica published details of income of business leaders including jeff bezos, warren buffett, bill gates and more it information is confidential and there are potential criminal penalties for irs employees or others who release this kind of information. and thor industry says it's seened demand for its products the recreational producer has racked up $15 billion in backlog orders, martin says thor is pretty much sold out for the next year of its rvs thor industries up 25% year to date, up another 1% of premarket trade.

well, the ceo of colonial pipeline is back in the hot seat again today, set to meet with lawmakers after getting grilled yesterday in a senate hearing on the ransomware attack on his company. joseph blount defending that decision to pay hackers holds his company hostage. eamon javers has more on what to expect in day two of these hearings, good morning, eamon. >> reporter: good morning, joseph blount went to the hearing on one, a decision to shut down the colonial pipeline, why he made that call. and then, two, why he made the controversial call to simply pay off the hackers here millions of dollars going to an american company to a criminal organization senators wanted answers on all of that. he laid out in the worst case scenario how bad things were on the east coast and how bad they might become here's what he said. >> we already started to see

pandemonium going in the markets people doing unsafe things like load garbage bags with gasoline. people fighting at the fuel pump the concern is what would happen if it stretched beyond that amount of time >> reporter: he also said he was worried about the availability of jet fuel for travel and concerned about availability of fuel for police, fire, all up and down the east coast. that is why he made the decision to simply pay off the hackers and get the crypto key back in order to unlock his system he said that key ultimately did work, though it was not a perfect solution to the problem he had he was also asked why not simply operate a pipeline manually, why not operate dials and valves he said there's a real generational gap. take a listen. >> a lot of those people who did operate colonial pipeline and

other infrastructure in america historic manually are retiring or gone. fortunately, we still had that last bit of that generation which allowed us to do >> it sounds like the old-timers to the rescue, dom and that's one thing companies have to be considering as we move into the ransomware era, how in a digital age do you preserve those analog capabilities to get your company back up and running, physically, manually one thing they actually advise is keep all of the phone numbers for emergency contact you that need to have keep those on a piece of paper don't keep them in your phone or computer because when you're hacked, you won't have access to any of that, dom. >> eamon, let's go from the other end of the spectrum in analog we also have reports that the fbi has managed to claw back and recover some of the ransomware that was actually paid in cryptocurrency you can take us through, or what exactly the fbi did? are they being forthcoming with how much they got back, how they

actually got it back from the darkside hackers that kind of attacked colonial pipeline >> yeah, they're not telling us everything about this. they are saying they had a court order until califin california to do this and claw back some of the bitcoin paid by colonial not all of it, but what passed legislation in form able to get it back. exactly how they pulled it off, not entirely clear but no one should be surprised that bitcoin is traceable by law enforcement and u.s. intelligence bitcoin is a public ledger you can follow the address of the bitcoin wallet to which the ransom was paid is widely available. i had sources send me the address. i'm not terribly sophisticated technologically. if i cancertainly, the

doj can get it the question is that reputable certainly, iis, they're able to get some of that bitcoin ransom back if they have the u.s. legal jurisdiction that's in the appropriate way that's not always a guarantee, dom. >> where there's a will there a way. eamon javers, thank you. the ransomware attack on the colonial pipeline is not the only one to occur this year but with other high profile companies, microsoft, jbs getting hit as well. joining us is meg king, director of the science and innovation technology program at the wilson center she's also a former information manager for the cooperative program at the u.s. department of defense meg, you've got a lauot of credentials and expertise about this how could something like this happen >> very easily all it takes is one weak link. and if you're not constantly testing your system and looking

as they say, is the community under rocks, then this is going to continue to happen, absent a couple of very important international agreements on ransomware by governments that areal allowing these actors to carry out attacks within their borders. >> i referenced this before, this was very hollywoodesque there was a "die hard" movie about attacking infrastructure as well. this is something that we're dealing with, for years, decades to come. what needs to be done? and what's the critical infrastructure that needs to be protected aside from our energy and pipeline assets? >> well, there's a long list about at least 16. and they range from the finance sector to chemicals to health care to food and water we are really a big country with a thriving private sector that runs most of those pieces of

critical infrastructure. and as referenced here yesterday and i'm sure will come up today in the hearing, each of those organizations increasingly relies on computer network so the scale is immense and complexity is the enemy of cyberdefense no more tools layered on top of these systems, with covid exponentially, it's harder it is to keep track of all you need, as i mentioned one vulnerability for hackers to get in and to make sure hackers can't get any further and some companies are getting better at that than others but we really have to change the mind-set of these companies. it's a good thing we have the ceo of colonial testifying yesterday and today. he was very forthcoming what he did or didn't do there were some things in the cybercommunity that they suggest they pay closer attention to for example, he said he wasn't

sure if they were part of one of those information sharing councils where groups share information about some of the threats that are being posed about their specific sector. and that's a really good way to make sure you are staying on top of the threats you would be facing, specifically in the food sector, in the energy sector, et cetera >> so, meg, i want to lean on some of your defense department expertise here it wasn't that many years ago that the u.s. army was putting advertisements out there about the future of cyber warfare. it kind of feels like this really hit home. and that was kind of prescient how long before we see real active involvement from the u.s. military on the front lines, publicly, defending our country against cyberthreats like this >> well, so, the u.s. department of defense is engaged when necessary, but there's a very strict line that is drawn because we have the rule of law

in this country. and unfortunately, many of our adversaries don't. we have some very strong capabilities in the private sector, as well as in the department of defense, and i think that that is something that most people forget. is that evenful we had our best cyberactors in this country, addressing some of the threats that we're seeing, we still need to sit side by side with the private sector so, i don't think the military's going to take the lead anytime soon and only until very specific circumstances. and we want to keep it that way. because of very gray line that we want to keep in place >> all right meg king at the wilson center. thank you very much for your thoughts we appreciate it coming up on the show, the reddit crowd crowning a new fan favorite stowown kate rooney breaks down ju h the burned short

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♪ i'd do anything ♪ [ dog stomach grumbling ] ♪ for you dear anything ♪ [ dog stomach grumbling ] follow me. hill's science diet perfection digestion is one of the many 'anythings' petsmart provides. ♪ anything for youuuu!! ♪ welcome back as we've discussed in the past hour, the reddit traders have found a new favorite until shares of clover health. and as we've seen before, that means bad news for those who have been betting against the stock. the shares up another 17% premarket today. after it being up nearly 200%. yes, 200%, over the last week alone. our own kate rooney joins us

with more on that story. kate, this is a crazy amount of money being lost just how bad have the shorts been burned this week. >> dom, great to see you, good morning. yeah, it really hasn't been a great week to be betting against this stock or other meme stocks for that matter. shares of clover health, this is the medicare insurance startup, jumped 84% on tuesday. it's the most mentioned stock on wall street which has 10 million members. one of the things that attracted yolo or you only live once traders, you see investors betting against the company that try to get together and prove them wrong reddit traders though this tactic pretty well after gamestop in january. and this group has been encouraging each other to take advantage of that short interest in clover. about 44% of clover shares her sold short that's according to the data from s3 partners, that is almost

double than what gamestop has. they've been adding to the position over the last 30 days, the amount of clover shorted went up 25%. shares rallied on tuesday. short-sellers lost an estimated $500 million just in a day these bears could also be adding fuel to the rally this week in what's known as a short squeeze. when the heavily-shorted stocks suddenly jump, when people against them are forced to buy back the share and close out the positions. and rallies of amc and gamestop added to recent paying for the short-sellers this year. so far, the losses have climbed to $7.3 billion for gamestop short-sellers. and $4.5 billion for those betting against amc. dom, back to you >> so, kate, i mean, clove ore i say this because clover is backed by none other than social capital ceo turned spac star

thomas p-- that he's involved in >> yes, yesterday was a big day for chamath. in that clover stock, they took through a blank check merger that is now worth $680 billion that is on paper the big question, will he hold on to his lockup period. one of the big questions will chamath and social capital hold on to shares and sell as they did in march for virgin galactic one headline called him the pied piper of spacs he's almost a celebrity when it comes to taking publics in this way. a huge day for sofi, virgin galactic and as we mentioned, clover, for example, underperforming since

february there are headlines, one short is seller's report hit and potential issues with the doj. they came out against that shares have recovered. so, he is making up ground for the losses he suffered in february >> we'll see if the hands are diamond or cubic zircon tiazirct speak. >> exactly >> kate, speaking of gamestop and investors as well, anything out of the normal, a reach-out akin to amc and what they. >> the ceo is basically saying give free popcorn and perks if you're a retail shareholder of amc? >> yeah, a lot of companies have been reachle out to the retail shareholder. for gamestop, they're individual investors, they tend to speak, or ryan cohen, the chairman, tends to speak to that shareholder base he will be voted in officially as expected today at the shareholder meeting as chairman.

there are board seats, executive compensation one of the mill things on the shareholder side on the quarterly side, the numbers don't matter here as far as the stock prices. they've been completely divorced from fundamentals since january. the reddit traders shifting from e-commerce, tech strategy, versus what happened in the first chapter. any hints of a turnaround, tech, e-commerce, whatever ryan cohen is tweeting. although last quarter, no q and a in the column. it short of changed. the reddit crowd was disappointed on what came out on the analyst call for at least the analyst call. >> kate rooney with the later thank you very much. as we head to break, june is pride month all month long we'll be spotlighting cnbc business leaders, cnbc producers. here is goldman sachs managing

director of carpet corporate communications >> the way around stigma is those around you i was fortunate when i came out at goldman sachs two years ago, i had support from my colleagues but there was one colleague in particular who sent me flowers that day it was a straight person that gesture knowing i had support of somebody at the highest level in the firm made all the difference for me.

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>> well, they're likely to be justified. with the process of economic recovery anticipated in the u.s. and earnings at, you know, record levels, of course, it's record levels, because of comparisons of last year >> so, if those comparisons are there, we know they're easy comps, investors should be thinking about that with bids in the marketplace right now. what exactly then is the justification for a bull market that hypothetically can keep going? >> well, we think that it happens to be the particular era we're in which is an era that is -- has momentum behind it, because of technology and what it does for all of the 11 sectors. it's what it does for business what it does for the consumer. and just showed us what technology can do, based on what we have seen thus far with the vaccines that were produced for the u.s. market.

as well as for the ability of many segments of our economy, not only to survive, but even thrive during the pandemic >> john, does that mean that you are a fan of technology stocks or the sector overall? because it seems that many experts in the marketplace right now are taking less of a shine to tech and com services >> absolutely. without a doubt on both counts we remain very positive on technology, we think you ought to own a diversified portfolio that represents both growth and value, essentially a barbell we'll look for a growthier value. and we will look for a growth that at a reasonable price technology, garthy we're not looking at meme or technology we're looking for stocks that may a dividend, good history of it, good product line and showed their ability to go through

tough times. so we like tech, consumer discretionary, industrials and financials of course, you got to own materials, right, when you're in a reopening phase? >> so, john, we've got a minute left here. take us through what parts of the march represent that garth or value growth that you're talkitalk talking about? is it semiconductors what is it? >> we think you've got to look within the semiconductor space we think within software you can find value it's going to be the big names, the big names that touch you when you consider where you are in business. open up the computer take a look at where subscriptions are linked to. the big names. and we still like small and midcaps because they're in the reopening phase. true, there are challenges we've got problems with the vaccine. not with our vaccine but

vaccines apparently in klchina. >> sure. >> they've got areas that they're dealing with, very concerning supply chain problems these are times that technology jn lead us out. >>ohstoltzfus, we appreciate it, sir. "squawk box" cis coming up next

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♪ good morning bitcoin recovering some losses overnight and some more big moves in the meme stocks we'll show you what's behind the volatility red flag in inflation. in china showing a huge jump we've got details. plus, new travel restrictions from the cdc, what you need to know if you're

planning a trip this summer. it's wednesday, june 9th, 2021 "squawk box" begins right now. ♪ good morning, everybody. welcome to "squawk box" here on cnbc i'm becky quick along with andrew ross sorkin joe is out today we've been watching the u.s. equity futures, things are barely budging dow futures down by 8 points, and s&p up by 2, nasdaq up by 18 let's also take a look at treasury yields this morning you're going to see right now that the ten-year looks like it's yields 1.53%. still at 1.5%. pressure going down, not up. check out the "squawk stack" this morning a lot of names to be watchin