it is 5:00 a.m. at cnbc global headquarters. here is the top five at 5:00 back on the world stage. president biden on the first trip abroad ahead of the g7 summit. ransom paid. another corporate giant bending to criminals after the colonial pipeline did the same thing. crude is bubbling up to the highest level in two years we speak with the goldman sachs analyst on oil's next move. meme trade under fire.

regulators hinting at a crackdown that could up-end markets. inflation alert. key economic data to juice stocks out of the range bound trade. it is thursday, june 10th, 2021. you are watching "worldwide exchange" here on cnbc good morning i'm dominic chu in for brian sullivan today kicking off this thursday morning with stock futures pointing to mixed action today as you can see here, the dow is higher by 47 points. 21-point loss at the nasdaq at the opening bell after the only average in the green yesterday, the nasdaq 100

is on the way for a first five-day winning streak of 2021. you can see 10-year which is at 1.496% below the 1.5% that many traders are watching the big money story is inflation. economists expect consumer prices, excluding food and energy to jump 3.5% in may that number is due out at 8:30 a.m. eastern time and comes after the inflation for april surged 4.7% year over year its fastest pace since 2008. in the cryptocurrency world, el salvador officially naming it as legal tender for the country and despite a goldman sachs survey, highlighting a lack of interest

amid boitcoin and the rest. state street is focusing on cryptocurrency to keep up with customers who boost exposure by a whopping 300% in the past several months in meme stock land glover unwinding after an 85% pop on tuesday, the stock fell 24% yesterday. it is down again as you now see. now up again in the pre-market trade. you see how volatile the meme stocks are that is because there is another name in the mix. natural gas company clean energy fuels getting retail love. you can see they are up 4% in the pre-market trade after a more than 30% surge yesterday, clean energy fuels possibly the next meme stock one we are watching today. to the top stories china and the u.s. continuing to resume official contact in the attempt to repair trade ties

damaged during the trump administration commerce ministers holding another formal phone call. the third of such in recent weeks. the two agrees to push forward on trade and investment. china says the representatives quote/unquote, exchanged views frankly and practicigmatically. the company behind the colonial pipeline is scrapping the project bringing the end to the controversy over more k canadian crude oil facebook is doubling down on the flexible work policy beginning june 15th, workers at all levels of the company, can

request to work remotely on a full-time basis. previously, only employees were eligible to request a work from home arrangement futures right now are pointing to a key move one way or the other dow implied higher by 45 points. inflation data is set to be released later on this morning joining me now is joanne feeney. we have been talking about it for a long time. interest rates reacting. is inflation something that markets should be scared of right now? >> good morning, dom inflation is on everybody's

mind with the increase we saw early they are year and pull back in the high multiple stocks like the ones that did so well last year and we saw youinvestors trg to rebound portfolios. it is not just inflation and interest rates that has people concerned, but the changes in the market depending on the reopening perceives and if you want to be exposed with the banks or industrials or certain areas of the tech market really being cognizant of the interest rates and inflation with reduce the multiples on the stocks where the earnings are farther out. >> joanne, that is certain parts of the market and maybe the meme ones and technology names. we are talking about an inflation read from the month of april which was the highest since 2008 and the markets shrugged it off and put record

highs back in place again. even just this week. do the markets care about inflation that runs this kind of heat >> you know, so far, sddom, the inflation we have seen can be explained by a couple of factors. the base effect. compared to last year seeing higher prices in terms of the level of various things and shortages which have been affecting prices the second thing with the april numbers is the used car prices were 10% higher. that was also explaining a big part of the inflation number when you take that out, inflation was running at a low level. i investors are taking a wait and see attitude is the fed arguing it will be or is there some more persistence wages have come up that is a concern. i think investors are waiting to see what the fed is going to do. will they start tapers the bond

purchases and security purchases and how that effects interest rates going forward. this time is a bit different from 2015. this time around we have a really substantial fiscal growth behind the numbers and private sector reopening that is causing growth numbers to go up. i don't think it is as much a concern as in 2015 clearly it investors are keeping an eye on. >> you are making portfolio decisions. where should investors be positioned with the back drop? >> we like to be in the reopening place. banks for example. citigroup. we like some of the logistics companies. xpo for example is well positioned to grow with the ongoing remote work. deliveries that people have gotten accustomed to and the

supply chain the amount of breakdown and where companies produce various parts requires them to do more shipping than they did before. a company like xpo is a good place to be. also a company like broadcom. >> joanne feeney, thank you for coming on. >> thanks, dom. when we come back, a big boost for boeing as one airline looks to catch up with surging demand, plus a new era for gamestop as it seeks to turn the corner and possibly justify its new found fame among investors. later on, tracking the record-breaking run in crude oil. goldman sachs head of energy research is here to weigh in we have a very busy hour when "worldwide exchange" returns after this break

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welcome back to "worldwide exchange." time for the big money movers. three stock stories of the morning. stock number youone. united airlines. bloomberg says the company is in talks to buy 100 boeing 737 max jets they are considering several models to upgrade its fleet and the domestic travel rebounds stock two. lordstown nmotors it fell 20% before ending the

day yesterday flat that came after the company is in active talks with new investors to try to reassure the market it has not run out of cash to produce the electric pickup truck the shares off 4.5% in the pre-market stock three. gam gamestop naming two amazon executives as its new ceo and cfo. that was after voting in chewy cofounder to the board shares are falling as the company plans to sell up to $5 million in shares and disclosed a request for documents from the s.e.c. about trading activity. shares off 8% in pre-market. still on deck for the show, tracking the travel rebound. why the demand surge may not be isolated to holiday weekends alone. a.b. bernstein's richard clark is here to tell us the stocks to

watch when "worldwide exchange" returns after this >> announcer: today's big p number $4.4 trillion. that's how much the national retail federation expects total u.s. retail sales will reach this year. that's an increase of at least 10.5% over 2020. ♪ i wish that i knew what i know now ♪ ♪ when i was young... ♪ you need a financial plan that fits the way you want to live in retirement. a plan that can help grow and protect your money - now or in the future. with an annuity in your plan to help cover essential expenses, you'll have the freedom to live the retirement you want. this is what an annuity can do. find the right financial professional to show you how.

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is a live shot of buffalo, new york the reason why we're showing you that as the sunlight just starts to come out is within the next 30 to 40 minutes, we could be ready to see the big ring of fire solar eclipse that everyone has been waiting for it will happen some time in phases over the course of the next 30 minutes to an hour or so we will keep a close eye on that and show you the pictures as they come to us here buffalo, new york. crud oil is hitting the highest level since 2018 before ending yesterday lower on the day. fuel demand has fallen in recent weeks and supply jumping in anticipation of the summer driving season prices at the pump climbing with some areas seeing over $3 a gallon for regular unleaded gasoline joining us now is damian

courvalin of goldman sachs dami damian, over the weekend, there were a lot of people on the roads than i have seen in a long time yes, it is typical of a normal holiday weekend. are we seeing consumers in the u.s. and around the world demanding more gasoline because things are getting back on track? >> that is the key question and the key case for higher oil prices the fact it resemblies a normal memorial day is a key factor that is what the data shows. people are back to driving the way they used to in the u.s. we are, indeed, seeing the demand which remains domestic and in the two reegions for now. as we go through the summer, that is the case with supporting higher oil prices. up to $72 for brent.

>> damien, what is the primary driver of this is it companies, corporations, governments demanding more fuel because things are getting going again? consumer demand at the retai level because of the pent-up travel demand? if it is the latter, how sustainable is it? is it a draw forward effect? do people get the travel fix and drift off to normal-ish conditions >> there are many drivers. i think first and foremost is comfort of people to move around following the vaccination rates and falling covid cases. in europe, governments are requiring the drive again. it is just a return to a normal lifestyle. it does include commuting. in the case of the u.s. getting back to school in the fall will add another layer of the demand recovery the second component beyond

daily lives returning to normal mobility is travel there is a significant pent-up demand for travel. it is well below where it used to be. when we see the recovery, it is 30% since the drop in march, we think there is more to come. flying is still roughly half of what it was in 2019. we may not get all of the international travel back. if you look at airline bookings and travel bookings, the summer feels more normal and in those countries. that's a big impulse for oil demand we are not overshooting. we are really just starting to normalize and past behaviors which we think will hold when you take into account the

incomes and savings, you can make a case this could be a remarkable ramp up in travel going forward. >> damien, you mentioned starting to normalize. that implies the early innings, perhaps, of a trend or a game. if you believe we are in the early stages of a few demand recovery, where does that put west texas crude prices? where does that put brent crude prices in the next 6 to 12 months >> higher. we think the demand recovery is top of mind in the oil market. we think the remaining increase that can take place in the summer is still under appreciated. through the winter, we probably were stuck at 95 million barrels a day. by that point, it sounds like a disappointment especially with the surge of cases in india over the last month, global oil demand increased 1.5 million

barrels a day. we're at 96.5. we think we will go to 99 million barrels a day by the end of summer. the demand increase will take place and until the last of july pushing prices higher. our forecast for brent for the summer is $80. for wti is $77.50. more than 10% above current prices what is important is to keep in mind which is the case of drawing inventory. and as we learned this year with key markets like steel, you know, prices can overshoot to the other side i think the big inventory is demand that is the driver to where we are and where we are headed with oil prices. >> all right damien courvalin at sgoldman sachs. we appreciate it thank you very much. >> thank you let's get a check of the

other top headlines as well. phillip mena is in new york. >> good morning, dom the united states is taking a step toward helping vaccinate the world against covid. the white house will buy 500 million doses to distribute around the world days before the fifth anniversary of the pulse nightclub shooting, the u.s. senate passed the bill to designate the pulse nightclub as a national memorial. it was passed officially on wednesday. this saturday will mark five years since the shooting congress member darren soto thanked the senate on twitter for taking action. the bill will go to president biden's desk. there is something that will burn, burn, burn in the skies. the ring of fire solar eclipse

will be visible at 5:30 eastern before the sunrises. it can be seen in the southeast, northeast, midwest and northern alaska if you miss it, nasa is streaming it online. it is something to look out for. it is happening right about now in new york, dom 5:32 a.m. is as good as it gets. our friends in canada have a much better view. >> phillip, we have been showing shots from buffalo, new york as you see right now, this is the live shot coming from new york city. you are already seeing that ring of fire eclipse starting to take hold it looks like a crescent moon right now, the sun does. we could see the ring that looks like the "lord of the rings" situation in the coming minutes. phillip, something we are all wat watching. >> it will last four minutes

>> four minutes. fun. phillip, thank you ahead on the show, a live report from the uk where president biden is set to meet prime minister boris johnson today. our own steve sedgwick is live on the ground with the talks. if you have not already done so, subscribe to our podcast if you miss "worldwide exchange" check us out on apple or spotify wter your podcast desire is we'll be right back.

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party like it's vestors are economic data to tip the fed's hand when it comes to taking the foot off the easy money foot pedal. move over meme gamestop? how long can that love affair last critical month ahead for infrastructure former transportation secretary rodney slater weighs in on the talks and the challenges ahead it is thursday, june 10th, 2021. you are watching "worldwide exchange" here on cnbc welcome back to the show i'm dominic chu in for brian sullivan here is how stock futures are shaping up as we are halfway through the 5:00 a.m. hour certainly a mixed picture near

record highs dow is implied higher by 45 points about 1% gains at the s&p and 28-point losses for the nasdaq we are watching what is happening with yields. interest rates on the 10-year trading near the lowest levels in about a month now currently just a hair below 1.5% a level that traders are watching right now the big money store is inflation. economists expect core consumer prices which exclude food and energy, to jump 3.5% in the month of may that is the highest level since 1993 that number is due out at 8:30 a.m. eastern time and comes after headline inflation for april surged 4.7% on a year over year basis that was the fastest pace since 2008 in the cryptocurrency world,

bitcoin is getting a bounce as el salvador names it legal tender and despite a goldman sachs survey with a lack of interest among institutions with the bitcoin and crypto space focusing on crypto to keep up with customers who boost exposure 300% in the past several months we continue to watch amc and gamestop and blackberry and the rest a close eye on clover health as well remember, after an 85% pop at one point on tuesday, the stock fell 24% yesterday it is right now down and up in the pre-market overall you see clover health up 6.5% in the pre-market trade that could be because there is yet another new name in the mix for meme stocks. california based natural gas company clean energy fuels

getting retail love. up 4.5% in the pre-market after a 30% surge yesterday. clean energy fuels may be the next meme stock to watch there also making headlines. u.s. chief of meat supplier jbs said it paid $11 million in bitcoin to end a ransomware attack hackers knocked offline the fifth of the overall meat supply and crane company manitowoc experienced a systems outage it is causing disruption for businesses federal law enforcement has been contacting manitowoc to restore the systems. and anti-trust bills to reshape big tech business models this follows a year-long

investigation over a house panel into the likes of amazon, apple, facebook and google. according to copies of drafts obtained by cnbc, the bills would limit the ability of any of the four companies to complete larger mergers raising the cost of filing for clearance and require them to make it easier for users to leave platforms with data in tact. s.e.c. chairman gary gensler says they will review market rules following the meme frenzy. the s.e.c. will examine the increase in online brokers and the role high speed traders play in the execution of the ordiordinary orders by small investors. president biden meeting with uk prime minister boris johnson today ahead of the g7 summit the two agrees on the atlantic charter covering technology,

trade and travel we have steve sedgwick on the ground joining us live steve, good morning to you take us through the state of play right now how are things looking with the u.s. and uk? >> reporter: it's a great question, dom. good to be with you. relations with the u.s. and uk have been and are in the very good place relations with joe biden and boris johnson could be telling johnson had a good relationship with the previous president and administration that relationship is absolutely key. it seems with the inauguration with the new atlantic charter, for our viewers, came about in august of 1941 between fdr and winston churchill to reignite the system and fight back. interesting that johnson and

biden will use that as a metaphor for current times he's not only meeting with the g7, but a nato meeting and eu summit we know those have not gone too well at the end of the visit, he is going to in geneva and meet with vladimir putin president biden has been talking about relations with the u.s. and russia >> we're not seeking conflict with russia. we want a stable and predictable relationship our two nations share incredible responsibilities among them, ensuring strategic stability with upholding arms control agreements i take that responsibility seriously. >> reporter: it is the first visit of president biden overseas since inaugurated as

president. the issues are relevant. you have the great communications which have failed to deliver obviously pandemic response and climate change is another big issue. we already had in the last week or so the frame of the tax agreement. the relevance of western nations and what is seen as the threat of other nations not only russia, but china that would be interesting if the western nations can come to a form of accord >> accord is the key term. just to pick your brain, steve there are certain elements and certain issues where the u.s. has a shared interest with key allies as the rest of the world. are there certain points the president can get across or certain things made with regard to policy in the initial stages as covid pandemic sporesponse o

global taxes >> reporter: all of the above. on the tax front, more progress has been made in the build up to the meeting than many meetings previously i was at the g8 when russia was involved in 2013 when mr. obama was there and david cameron was there as prime minister tax and trade. nothing happened in that meeting. it looks like angela merkel and other members of the g7 have the bair bare bones of at agreement and have a global rollout of global minimum taxes. they have accord there in terms of agreeing patterns with other countries how the west responds to china will be more difficult while europe and united kingdom agree with biden, but you have

to think germany and united kingdom, china is the largest trading partner. all of the countries will share criticism of the ughers. on the covid panic response. the u.s. rollout of vaccines has been successful has has been in the uk we will see a initiative in the u.s. which will supply doses which the world health organization is running to the african nations because it is very important these countries get vaccinated perhaps criticism of the delay >> a lot on the agenda steve sedgwick, thank you you very very much.

happening live on the screen the ring of fire the solar eclipse where the moon blocks out the sun the moon is far enough away from the earth that it appears smaller than the sun it is visible in the northern he hemisphere you should not look directly at it use special googles. this is a live shot in boston. we showed you the shot from buffalo, new york. you see the movement happening this is the view at 5:38 a.m. in boston the crescent shape happening right now. the ring of fire we will keep an eye on that in the coming minutes. back on the home front, president biden is pinning hopes on a infrastructure deal on the ten democrats and republicans. on pulling the talks, capito

this week, but some are dismissing the bipartisan approach i'm joined by rodney slater. he is now a partner at square, patton and boggs mr. secretary, i wonder if there is any hope for a deal on this i want to know if there is something as big as the eisenhower highway act that the whole project there i don't feel this is something that can happen in my lifetime we have been talking about it so long what is the biggest hurdle to getting a deal done? >> dom, as long as they are talking, there is a possibility. as long as there is a possibility, there should be hope i like to commend the president for being a visionary here and offering a big and bold plan something for the members to

content with and grapple with and debate and discuss and hopefully bring to closure with the kind of bill that represents what you are talking about an eisenhower-era measure that focuses america on the future. that is what the president is trying to do he wants this new measure to be one that represents resilience, sustainability and equity with infrastructure investment and one that allows us to compete on the global stage i'm still excited about the potential for the bipartisan bill and one that is big and bold and one that meets the responsibility and challenge of this hour. >> so, let's talk about this these talks have been happening in some way, shape or form, for decades. it has been decades they have been talking about this move harken back to your time at the federal highway agency and transportation secretary what is the big hurdle here?

it seems bipartisan. we should all spend money on improving roads and bridges and tunnels and bringing infrastructure back up to speed. why can't we get a deal done what is the biggest road block to this? >> dom, it is interesting. you mentioned a time when we got a large measure passed. the piece that passed in the bush administration. bipartisan we had the opportunity to reauthorize that measure and were able to ada additional funding to it that allowed us to move now for 30 years. we haven't moved forward in the way we should have we need high speed rail. we need to focus on electric vehicles, autonomous vehicles and the like we need to shore up the sustainability of the transportation and infrastructure system. i know secretary pete buttigieg was just in my home area of

arkansas, tennessee, at the mississippi river looking at a bridge that is now out of service because of a crack in the structure. we need to address these challenges not only in the middle of the country, but we have the brent spence bridge we have major infrastructure facilities across the country that need to be addressed. the members need to be challenged to step forward and meet the challenge of the president at this time we're looking for the moynahans and john warners we are looking for the leadership that we had in those days from a schuester and others on the house side. i think we find that if the president continues to move forward in the visionary way, we will get there >> we have a few seconds left, mr. secretary. from one secretary to another, what is the biggest piece of

advice to secretary buttigieg on the transportation front >> to stay calm as he has been lean on his staff at the department of transportation an use the skills he developed as a mayor. mayors don't look away mayors look at problems. they realize the obstacle is the way. he needs to take the moment as it is and deal with it as it is and keep everyone engaged and continue to be the advocate that the president has challenged him to be. >> rodney slater, thank you for your thoughts. as you saw, the ring of fire in the screen getting more like a ring at this stage. coming up, tracking the travel rebound and the names investors are looking at as the summer neers. and a look ahead shares of rh are popping after the retailer announced the

better than expected first quarter results. rh up 6.5% pre-market. you may have to bring your own cup the next time you head to starbucks some locations are running short on basic items like cups and coffee syrup in the wake of the pandemic a spokesperson says the shortages are temporary. starbucks has removed oatmilk from the app tesla has gone plaid the company is holding an event at the freemont factory at 10:00 p.m. eastern time to deliver the first plaid version of the model s vehicle. ellon musk says it goes from 0 t 60 in less than two seconds. plaid refers to the movie "space balls. we'll be right back.

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welcome back to "worldwide exchange." the tsa processing 1.5 million travelers per day and nearly 2 million this past sunday a far cry from a year ago. still a long way to go compared to 2019. 1 million travelers off from then here are the latest figures from tuesday from the tsa you can see 1.56 million versus

2.43 million travel checkpoint numbers back in 2019 with more on all things travel, lodging and more is a.b. bernstein's richard clark. we know the travel trade is the reopening play it is the biggest reopening trade you could have made. is it able to be sustained can we sktill see the momentum given the run-up on the hotel and cruise line stocks over the last sueveral months? >> i believe for the best stocks, absolutely you can say that we are only at the beginning of the summer in the u.s. we have a lot of reopening to come in europe still to come we will have the turn of business travel. in terms of catalyst and momentum and good news, i think there is still plenty still to play out we're hearing great numbers with weekend days and 90% occupancy at hotels.

mid week is still 30% down still reopening to come. >> richard, i just got back from the family vacation over memorial day weekend we left on saturday of memorial day weekend and the plane was jammed like sardines totally full when we came back, the plane was 25% to 33% full. i had six rows to myself in the back of the plane with my family is that dichotomy what you are talking about right now? you can expect high traffic at times and other times things die off? >> i suppose what you got there is the stay you flew out is the first day of summer for a lot of families and schools are broken up in the u.s. you had a lot of demanded for the weekend travel and multiweek travel for the summer holidays when you fly back, the transition is a combination of l l leisure and business travel.

the drive is a lot stronger at the moment i think that is what you will see for holiday weekend. a lot of demand. business travel is still to come i think we can see in places like china and parts of the u.s. where it is on its way back. you have the rest of the world in europe and countries in europe are still 10% to 15% full you have a lot to go in mainland europe europe. >> let's put a point on this, richard. you make recommendations the hotels airlines cruise lines what is poised to outperform >> the hotel and online travel analysts what we are seeing is the power of the clean promises of hilton and marriott making them more relevant to

leisure customers. t that's one powerful tool to go for. we're a little more cautious on the online travel agents given the fact that people expect them stocks have done better because they expect to benefit from leisure. in our view, this is a chance to direct travel to show direct bookings and show value and encourage people to book directly. >> hilton. one of the top picks richard clarke, i appreciate it. >> thank you we're back after t bak ept ghherehere

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and we can help you build it. but it's what you do with it, that makes life worth living. principal. for all it's worth. welcome back to "worldwide exchange." getting ready for the trading day ahead. let's welcome back greg branch at veritas financial greg, let's talk about the markets near record highs at this stage right now

are there still places you can find up side and value in the market >> there are you are going to have to be patient. so when i look at the back half, there are sectors and companies where consensus is expecting 60% to 70% of pre-pandemic earnings power. i think that is more likely to be 90% to 100%. we will see that trigger performance in the back half it is not a multiple driven. >> where is that un underappreciated story in the plays we have seen run high with airlines and cruise lines? is it other places in the industrial complex that benefit from a growing economy i feel like many of these names, greg, have run a long way in a short time >> some have i like some of the sectors you

named where we have the multiples new hampshire line to where they are average to above average. the earnings are light when you look at specialty companies like dupont that can take pricing which is an i intrinsint part. there are sectors in travel and leisure that have a very powerful outlook for the year such as casinos exposed to asia. i'm staying away from things like airlines. what we don't know is what the business model looks like. we don't know if they are coming back en masse or at pre-pandemic levels i like certain growth stories as well things like zoom where we are waiting to see approaching tough compares we are waiting to see how much of the covid gain was sticky i like the i.t. spending cycle

you look at cloud businesses we are waiting to see how much of that is sticky and how much momentum they still have i think the street is under estimating that. digital advertising is kicking off a growth cycle as well. >> with that in mind, a couple of seconds left. what is the place you stay away from most? >> stay away from things prone to inflationary pressures. those sectors that cannot take pricing and have expanded multiples and we don't know what the business model looks like. airlines fit into that on the cost side with fuel. we don't know where that is going. we don't know if bread and butter is coming back. >> greg branch, thank you for your thoughts. >> thank you that does it for us on "worldwide exchange. we are still watching the ring of fire eclipse right now. it is, as you see, it is moving

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good morning stock futures are mixed. bitcoin rallying new meme stocks on the move. we have the names to watch in the trading session straight ahead. gamestop shares are falling after a flood of news from the company. including upbeat guidance, a new management team and plans to sell stock. a big economic data point today. the latest read on consumer prices inflation expected to hit historic levels for the month of

may. it's thursday, june 10th, 2021 "squawk box" begins right now. good morning welcome back to "squawk box" here on cnbc i'm andrew ross sorkin along with joe kernen. becky is off today dow right now looks like it is opening up 65 points higher. s&p 500 up and nasdaq is falling down 31points. nasdaq saw a three-day win streak come to an end on wednesday. it remains one of the averages higher this week s&p 500, we should mention, did briefly come within a point of an