it is 5:00 a.m. at cnbc global headquarters. here is your top five at 5:00. stocks getting back on track our rbc capital markets is with us on where we go from here. getting reddit love. he speaks out over the company's latest run higher. he says retail investors quote/ quote/unquote, just get it tiktok ban take two. the white house ramping up a new

swath of restrictions against several chinese smartphone apps. back on the green as the second round of the 121st u.s. open kicks off today at torrey pines in san diego 150 golfers vying for the title and $2 million check. and juneteenth is now a national holiday we will look at diversity as it comes to boardrooms and how far we have come in the past 12 months it is friday, june 18th, 2021. you are watching "worldwide exchange" on cnbc. good morning happy friday to everyone out there. i'm dominic chu in for brian sullivan we have kicking off with modest moves. the dow is implied lower by 15 points s&p just about flat.

the nasdaq has been continuing a recent streak of out performing broader measures of the overall market it has been a rough few days dow now down for the second week in a row on the other hand, technology coming in hot after snapping a two-day losing streak. nasdaq 100 back in record territory and on pace for the first five-day winning streak since august we are watching bond yields with the 10-year now below 1.5% you can see a move higher just around 21 basis points dropping slightly. 21 basis points or .21% treasury yield. and the morning crypto check.

bitcoin up close to .50% it is about 37,866 ethereum is up as well let's get to the top stories bertha coombs is here. good morning, bertha >> reporter: good morning, dom boeing's 737 max model is set to take its initial flight today marking another milestone in the c comeback since the grounding the max 10 is the first 737 model to take the maiden flight since it was cleared in november the jetliner is not expected to enter commercial service until 2023 to provide extra leeway boeing shares up 1.25% this hour. carnival cruise line plans to resume service from los angeles, san francisco and ft.

lauderdale as soon as this fall. this announcement comes after collaboration with government officials s and guidance from t cdc which eased travel safety for vaccinated passengers. carnival shares have been on a hot streak this year taking a look this morning i can't see them yet there we go. up fractionally. .70% look at that 32% increase year to date. e-bay is set to sell its south korean business for $3.1 billion. according to the financial times, the group led by the country's largest brick and mortar retailer and internet group plans to buy an 80% stake in e-bay korea with the u.s. company holding on to the remaining 20% stake. i hope i said that right, dom. nabor or nauber?

>> we will stick with what you went with first, bertha. thank you, bertha. back to the broader markets. the next guest says the decline in bond yields, aside from the brief pop following fed this week, could be a signal major macro indicators are in the process of peaking let's bring in laurie calvasina with rbc what is the 10-year telling investors and everybody about what the markets hold in the future >> it was the number one question that we got over the past couple weeks, dom we put this piece out yesterday. you could have gotten whiplash following the last couple days and the fed rate on the yield.

this did confuse a lot of equity people the first thing that jumps to my mind and i'm an equity strategist ism and the 10-year have been tin the same cycle we care about ism because it dictates a lot of sector trades within the equity market we thought it was centric with the down tick with the ism i know the fed gave us a lot to think about. we were watching the empire survey we saw the declines and misses and expectations that boosted that ism is set for a down draft the question is what do you do about it we still like cyclicals. it plays into the classic defense like health care which has been doing well. >> lori, when we say the word

peak or trough, that is a timing mechanism. that means to say things are in the near term like you said and at the top there could be more attractive levels ahead we noticed the pull backs are shallower and shallower since the great financial crisis central banks are part of the story. how deep of a pull back, even shor short-term, would be before buyers step in to take the 6% or 8% or 10% or more discounts? >> that is a great question. i'm not sure i would do loot ab a lot about this we are sticking with longer terms with financials. we looked to another indicator to see how deep it could go. that is the rate of change in s&p 500 eps growth that is peaking in terms of the rate of change, not the dollar level, but rate of change this quarter. two of the last three times we

come out of a recession and made the early cycle growth, markets have been down six months later modestly in my mind, that is the decline we might be looking for here not characterizing the second half of the year entirely, but it will swing lower. down about that level at some point during the course of the second half. >> lori, when you put your models together and put valuation into the mix here, you mention a possible deceleration. not a total annihilation there are markets that bubblelicio us do you believe it will accelerate in the coming months?

>> we are at the top of the end of the range it depends what metric you look at most asset classes are over valued if we look at a pe multiple, we have been banking at 21.6 year end based on fairly conservativ strategists. i have a high multiple baked in the at end of the year i have a hard time seeing expansion beyond that given where we are in the cycle and the pressure we see coming down the pike i think valuations from a bottom up level are a reason to be concerned. we talk to investors who get sticker shock. they are struggling with valuation. that creates downward pressure we told people if you want to play defense, you need to think about valuation here we like something like health care in the short-term which is

giving you really tremendous valuation appeal at this moment in time. i'm wary of technology which has become the second valued sector in the s&p 500 i will tell you investors care about valuation in the way they did not in the past. you have to take that concern seriously. >> maybe not the meme stock investors or crypto areas of the market lori, i wonder from your standpoint, are there any tea leaves that you look at or leading indicators that you think could signal things as we talked about transportation stocks and companies doing that thing. we talked about semiconductor stocks being an indicator. are you keying on certain industry groups that say you should pay attention to these? they could be a leading indicator? >> i would say, you know, we always watch the banks closely after the fed announcement the other day we did get a good

move ultimately they should benefit from higher short-term rates the one thing i'm watching, i'm an old small cap strategist. we saw flattening out in the russell around march when the bond yield started to trade sideways we have seen stability small caps were pricing early on with the slowdown and the rate of change that we're plericing . small caps have the ability to give us a clue once we made it through the precarious or wary moment we're having in the market here. i think it will give us a clue when things will be on the up swings >> it did tell us something. lori calvasina, thank you very much >> you, too.

when we come back on the show, big friday money movers. one stock set to move at an all-time high. there is the mystery chart. and stacey is here with the retail picks and officially ly junetees a federal holiday. frank holland reports on that just ahead a busy morning still ahead when "worldwide exchange" returns after this break ♪ when i was young ♪ no-no-no-no-no please please no. ♪ i never needed anyone. ♪ front desk. yes, hello... i'm so... please hold.

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welcome back time for the big money movers. three stock stories of the morning. adobe. beating forecasts on continued strong demand for cloud software maker of photoshop is expecting third quarter results to come in above share estimates. next up is bristol myers striking a deal with eisai looking to develop a cancer drug in canada and america. it is in the early stages of development to treat ovarian, lung and breast cancer finally, smith & wesson says

shares surged in the fourth quarter. the company is launching a $50 million stock buyback program. still on deck for the show hot wheels nfts. a virtual pet comeback and restaurant spending boom top trending stories coming up ahead. >> announcer: today's big number $178.1 billion that's how much stock s&p 500 companies bought back during the first quarter of 2021. that's a jump of nearly 37ov% er the prior quarter.

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now an official u.s. holiday. juneteenth could memorandum rar comemorates the end of slavery more than two years after the signing of the emancipation proclamation back in 1862 the issue yof race and diversit is still being discussed in board rooms. we have frank holland with more. >> reporter: good morning, dom black representation on corporate boards tripled in

2020 28% for public and private for fortune 500 companies were black. 425 vacant board seats were kil filled 28% went to black candidates the report finds 75% of the nominations were made after the killing of george floyd on may 25th women saw their appointments decrease to 41% last year. however, the forecast is for women to make up 50% of new directors by 2023. >> more women leaders join boards we also, over time, saw more women leaders in the executive

suite. i am hopeful as we have more diversity on the boards, you get more diverse representation in the executive suite. >> reporter: companies looked beyond the suite for diversity >> you mentioned fewer ceos and cfos appointed to the boards is there a reason? they are supposed to bring the expertise. supposed to have that experience and advising on those types of matters. why the drop off >> reporter: you know, that is the traditional thinking, dom. two factors. one is people are looking for more diversity and fewer cfos and ceos who are black, latino or asian boards are looking for people to touch the profit and loss managers and lead divisions and more of the technical experience with cybersecurity or

accounting >> very much skills based there. a trend to watch frank holland, thank you very much we will see you later today talking about juneteenth. let's get a check of the top headlines with frances rivera in new york with the latest >> dom, happy friday severe weather is effecting the country. historic pre-summer heat wwave running across america as temperatures bake across the nation tropical storm warning for the gulf coast, including new orleans, as the tropical system gains strength in the gulf of mexico up to 12 inches of rain is possible victoria's secret is ditching angels and bringing in athletes as a new face of the brand. it includes meghan rapinoe and

an o others this comes after the fashion show was canceled in 2019 amid declining sales and attention for the brand. naomi osaka has withdrawn from wimbledon she is taking personal time with friends and family and will be ready for the olympics when she withdrew the first time, cdom, she had the support >> absolutely. bringing more attention to the key issue of mental health frances rivera, thank you very much have a nice weekend. coming up on the show. cheering on the reddit crowd what one company ceo is saying about the company as fame. and if you have not done so, follow our podcast check us out on apple or spotify or other podcast apps.

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feeling the fed hangover stocks struggle thing to regain ground after wednesday's policy decision black cloud over amazon. the prime day later this month could mean higher prices for consumers. plus, we'll say it again have we reached peak nft

what hot wheels and mattel are planning for the uncommon collector. it's friday, june 18th, 2021 you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exchange." i'm dominic chu in for brian sullivan we will call the dow i mplied higher by ten points and the nasdaq is implied higher by 27 points markets are continuing to feel a fed hangover three days removed from the policy decision interest rates a key focus shorter side and longer side a lot of traders caught on the wrong side of the trade with the overall yield. betting on a bigger gap with

sh short-term and long-term rates the steepening curve is now narrowing down with the 10-year and 2-year yield the u.s. dollar heading for the best week in nine months since march of 2020. the dollar index is flat 91.86 is the last trade there. gold set for the worse week in more than eight months just about 1% on the up side today. gaining background comex gold coming off 4.5% move lower in yesterday's trade gold now is down 5.5% this week and a third down week in a row. and the financial sector spdr ticker xlf. it is down 4% over the last week financials are a key focus of fed interest rates decisions to the top headlines

bertha coombs is back. >> reporter: dom, the white house is looking to collect information on chinese apps. an order to subpoena information is possible and president biden may negotiate terms for continued use or ban apps. it is to prevent foreign adversaries to gain large amounts of personal information. reddit is speaking out talking to jim cramer about the enthusiasm in his stock. >> i read a lot of the posts it seems like they get it. one thing they say is these guys at clean energy takes something nobody wants and cleans it up and puts it in the vehicle and makes money and saves the planet >> reporter: shares of the company are up more than 40% so

far this year. looks like 425% if my eyes do not deceive me in ipo news. bloomberg is reporting uber and lyft rival via is working with a bank and could go public within the next six months. dom. >> bertha, thank you let's talk about the consumer industry. amazon's prime day is scheduled for monday and tuesday walmart, target and kohl's stepping up to compete with the tech and retail giant. there is a huge black cloud hanging overa all of this let's bring in deal makers co- founder. stacy. it sounds dramatic, but cause

for concern. what is over hanging amazon prime day and the retail landscape that surrounds it? >> dom, the consumer demand is on fire. >> i think we lost stacy widlitz. we will try to get her back. coming up on the show, big names and bets ahead of the sports weekend our own jabari young is here with what to watch with the 121st installment of the u.s. open at torrey pines in san diego. and carnival cruise lines disclosing a data breach they noticed the activity in march after it hired a cybersecurity firm to investigate the breach the company adding there is quote low likelihood of the data

havin having been misused. the house judiciary committee will vote on anti-trust bills on wednesday targeting tech companies two address the size of companies like amazon and google and one bill would force companies to sell some of their businesses if they are seen to be too large we will watch the big tech trades in the market. new data showing americans spend a quarter of the time -- tv time -- on streaming services that is according to nielsen that is up 20% last year cable and network tv still account for 64%. still the jotymari "worldwide exchange" will be right back

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welcome back now to the consumer again. big retail weekend with us is stacey widlitz. before we were interrupted by broadband connectivity, we were talking about amazon prime day and issues with the darker cloud surrounding it take us through the retail side. >> dom, over the last year, we have seen retailers and brands risk inventories inventory is low out there we have seen no promotions

all of the earnings are higher gross margins year over year you think about primetime day. i don't know if they will have deals out there because of low inventory. amazon will be pushing their hardware very strongly so they can sell you more stuff. i would mention that today is 6/18 the second largest shopping festival alibaba festival behind 11/11. so many brands will be pushing internationally as china is the highest growth market. >> stacey, we spent a good amount of time on this network and it has been for a while talking about consumer prices. we are focused on things like inflation. we talk about lumber and copper prices constantly because we are seeing pricing trends go higher. however, the juxtaposition of that is the consumer state right now is still the healthiest

thanks to stimulus and savings and all things that happened during the virus pandemic. doesn't that balance things out? are people still able to buy because they built up savings and getting stimulus checks? >> re >> all of those things, dom. if we talked a year ago, we would be flooded in discounts. the consumer is in better shape than ever. every earnings report had beaten 30% to 50% in retail it is incredible the idea of offering deals around prime day or 6/18 will attract that consumer interest they will certainly be willing to pay full price if the deals are not amazing. that is what we have seen thanks to savings rates and stimulus and all of the things you mentioned. >> is it a reset for the retailers, stacey?

because we talked to you for about three or four years about this the environment around shopping in the united states, especially during the holidays has been incrementally promotional. every season it is like a price war and consumers benefitted now can retailers say let's go back to the full pricing and see what happens from here >> absolutely, dom, an excellent point. i think covid has cleared the decks. it has made a retail right their inventory and push them to a position where they have learned to chase rather than over-stock. for so many, it has pushed them to invest in the technology for real omni channel and pick up in store. the industry is more profitable. there is more full price selling. i don't know if this will last, right? retailers are always tempted to get ahead of themselves when

demand picks up. i said before, for retail, covid has been somewhat of a friend, that is terrible to say. in terms of profitability and right sizing, that is the case >> stacey, with those thoughts in mind, there are a number of retailers out there. we have seen the brick and mortar ones come back roaring. in your mind, which are the companies? which are the stocks that people should look at the most in terms of seeing any potential up side left in the retail trade >> obviously the stocks have had a huge run x xrt is up 40%. you can own target it is the new department store it is replacing the department store particularly with the private label and pick up in store. i think nike is one of the strongest brands out there globally

full price selling in footwear is still very much front and center it is the strongest brand globally they are doing well in china with the help of t-mal you can own tjx as consumers go back to the stores and hungry for the treasure hunt. >> target, tjx and nike. the calls from stacey widlitz. thank you. a toymaker getting involved in nfts. restaurant spending is booming we have bertha coombs with the trending stories on this friday. >> dom, mattel has announced colle collectibles, but digital. they will sell three unique nfts on june 22nd the auction will run for a week. the sale of digital art was an

obvious step for the company 25 years after the release, tamagotchi is coming back. it is coming in the form of a smartwatch you cancan make your kids tcry f they can't keep it alive it will go on sale in november for $68. consumers are spending more at restaurants than grocery stores. restaurant spending has been climb bing back from the lows o 2020 the census data shows a high of $67 billion in may increasing for the third month in a row and the u.s. mint is issuing ne quarters with notable american women. among those honored is the

women's program of maya angelou and the first chinese-american hollywood star and a leader in new mexico's suffrage movement. pretty cool, dom i like that. >> a great way to commemorate all of the steps we have seen happen for moving toward gender equality issues. obviously a big deal i'm curious with your thoughts on the restaurant side of things i wonder what your personal experience has been during the pandemic did you spend more on take-out or were you one of the folks who did the grocery shopping and cook and stay home >> i like to cook a lot. i'm pretty sure i cooked a lot although, that said, i did

pa pa patronize our local restaurants to make sure they survived we went back to the restaurant we usually go to every friday. we were all vaccinated and we all hugged at the bar. it was like rip van winkle all of the troubles from the last year faded. >> we have a sushi bar not far from us. they shutdown and they were only open for the take-out. we got seated again and the owner said people are coming back lo and behold, yes with the closures, people needed to come out. the place was packed. >> you want to support your

local business talk to them you know them. you know the workers there you want to make sure that they are still there and it is nice to know they were able to make it through >> fingers crossed it stays that way. bertha, thank you. see you later. it is shaping up to be a big sports weekend especially for a fan like me as the 121st u.s. open golf is under way at torrey pines in san diego. more than 100 golfers hitting the public course. looking to take home the title and $2.5 million check the first round was suspended due to darkness. there are plenty of story lines to keep glued to the tvs and screens. including the feud with brooks koepka and bryson.

and phil looking to close out his career grand slam. the only one he hasn't won i have jabari young with me here jab r jabari, i watched it last night. it is an nbc event and big weekend. what caught your eye with the story lines? i know i'm watching xander and jon rahm >> happy early father's day. i'm not a big golf afficianado like you if i got game seven on sunday with the nba games, i'll tune in and look at hockey it is the feuds. i think people have misconception that golfers don't have the best personality.

when i see stuff like that, that engages me i want to see the back and forth. i want to see the rumbling so far, brooksy is holding up in fifth place. i want to see bryson get back up there. he had a bad opening day if these two are among the finals on sunday, it can mean great things for the pga tour. >> it sounds terrible to say one of the best things for the game and industry of golf was the virus pandemic it brought so many more people in it was an outdoor activity that was socially distanced by nature a lot of people started playing and more people watched golf i wonder if you think the feud, the inner personal dynamic with bryson and brooks with the rolling eyes at kiawah and the photo bomb p that you saw there is it good to bring conflict to the game does it bring eyeballs

>> absolutely. we are talking about it right now. you turn on the highlights across other networks. you see this is a storyline. they have the player initiative pool if you bring more people to the sport, you get a piece of that $40 million golf knows what they are doing you get the young viewers back tiger is nowhere to be found he is recovering we hope to see him back on the course while he is recovering, you can't help but like stuff like this you have the match with tom brady and aaron rodgers. you know brooks will be there -- not brooks, but phil that will help the engagement. this is good for the pga tour. i'm tuned in i'll look. i may not be the biggest u.s. open fan, but this weekend, they will have my time. >> how much also is this about, jabari, you and i both know this golf has been seen throughout its history as an elitist sport.

closed off to so many people in the past 10 to 20 years, the pga tour and pga of america and r & a have taken steps to open the game to more people. do you feel as seeing the u.s. open played on a municipal course, i played it, you can play it as a non resident. you think these public venues bring a little lbit more relativity to so many more participants >> i have never been to torrey pines. i wish i was reporting to you live from torrey pines i can't say it will hurt the game what will help the game is pga tour doing what they are doing with the great broadcasts and ar when you see how far the ball is traveling and at the speed

stuff like that will help engagement the viewer, the tv viewer, is still what makes sports. if you have a fewer locked in, it can only help the sport whether going to the course or opening up publicly, i have no idea i remember when the u.s. open came here and i didn't appreciate it at that time that was when tiger was at that time i saw people that came out i was fascinated with how much was blocked off. it will not hurt, but will help is you see those personalities come to life if you see that, people will follow the sport and that can mean more viewership and more money for the pga tour >> we haven't had a chance to talk about this, but the betting aspect jabari young, we will save that for the next conversation. enjoy the sports weekend happy father's day to you as well coming up on the show, can

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welcome back to "worldwide exchange." futures indicating a stable open for stocks dow is implied about flat at opening bell s&p is flat at opening bell. nasdaq out performing by 28 points joining us now is patrick fruzzetti. patrick, the tale of the tape doesn't tell you what happened all week long. tell me, in your mind, what has been the most important development for the markets this week is it the fed and the interest rate forecast for the next couple of years? >> thanks for having me, dom two days ago, the fed raised expectations for inflation for the year and brought forward th timeframe of when they expect to raise rates given the 2023 number they gave tapering, but no

indication of timing we have seen the dollar strengthened materials and precious metals sold off a bit rea rea reality, the fed is wtalking an not walking. since the beginning of the pandemic, the fed is really bought over 50% of total u.s. treasury issuance. if total u.s. treasury issuance of $4.5 trillion, they bought over 50% that is an astronomical amount of money this is really the only game if town we expect that to continue we don't in the long run to expect the fed to raise rates. that's where we are today. >> okay, i'll take a couple of steps back here. the fed's easy money policies have been in place since the heels in the wake of the great financial crisis we have to go back to 2009 and

2010 that range it has been in place for over a decade the stock markets have made a v-shaped recovery a couple of times during that time from the financial crisis and quicker in the pandemic is there a case the fed is doing the right thing by keeping rates low if equity valuations are where they are or do they need to take a whholistic view with e asset prices in the market >> i think they would like to manage asset prices. in reality, if they need to continue to increase gdp, they need to monetize when we listen to management teams and speak to them frequently and listen to earnings calls, the number one thing that companies talk about is the supply chain. when you think about what happened during covid, supply

chains were frozen companies are willing to forego cost and efficiency for security of supply chains by definition, if you are foregoing cost, that is inflationary if you think about the fed going forward, it will be very difficult for them to raise interest rates because easing monetary policy keeps inflated prices there is no way they will influence social programs that the government would like to do and we'll see that going on for many, many years >> patrick, with all of that in mind, we have 30 seconds left here your stock picks your industry picks. what are you buying in. >> we really like precious metals the royalty and streaming company. they don't take any operational risks. they have a royalty stream of revenue with gold and iron ore

they have higher margins north of 80% $20 billion market company with 35 employees that's pretty decent risk/reward. >> patrick fruzzetti, thank you very much. happy father's day to you and yours out there. that does it for "worldwide exchange." "squawk box" picks up coverage next happy father's day

good morning stock futures are flat to start the day, but we're following the action in commodities like corn, lumber and pork. we will signal if this is a slide at the top. and a study suggesting that covid could being linked to brain tissue loss. dr. scott gottlieb said that could explain the local oss of .

and immovable object how prime day sales will hold up it's friday, june 18th "squawk box" begins right now. good morning welcome to "squawk box" on cnbc. i'm becky quick with andrew ross sorkin joe is off today we start off checking out the equity futures at this hour. this is an incredible week fed moves and other things in play after all of that, you see things evening out dow futures off 3.5 points that comes after the 210 points down yesterday and the down day the day before after the fed decision came out. all of