5:00 a.m. at cnbc global headquarters here are the top five at 5:00. stocks looking to bounce back after the worst week since october. futures are fighting off the pressure this morning. also under pressure. bitcoin and crypto facing steep losses amid crackdowns we are live in beijing. bill ackman getting in the music business that boasts a lineup of lady gaga and drake and many more negotiations over the

bipartisan infrastructure package hitting a wall as washington gears up for a fight. and it is monday, june 21st, prime day. you are watching "worldwide exchange" on cnbc. good morning i'm frank holland in for brian sullivan here is how your money and the global markets are setting up the day. dow posted the worst week since october falling 3.5% markets overall taking a drop on friday on comments by st. louis fed president jim bullard here on cnbc saying higher interest rates could come next year as opposed to projection from the fed in 2023. the 10-year is flat at 1.4%.

a two-month low for the 10-year. i want to check in on the crypto bitcoin dropped over the weekend amid the chinese mine closures and regulatory scrutiny. bitcoin is sitting under $33,000. sou down 7%. we will have the latest on the crackdown on crypto coming up. and let's go worldwide in singapore and julianna tatelbaum. matt, we kick off with you here in the u.s >> reporter: frank, good morning. you know, it was a rough start to the trading week for markets across the asia pacific. most notably led by japan down 3% we see hein asia triple digit declines with the implied open for the dow. that pressured markets across the asia pacific we had the likes of australia down 1.8%. south korea down 1%.

mainland china market closed higher with the gain of .10% china loan prime rate leaving that unchanged for a 14th consecutive month. let's go to japan. we did see the market closing down 3.3% at the close of trade. we were off 4% earlier on in the session. more than 1,000 point decline for the japanese market. at one point, investors taking a risk off the table with the japanese market. we had the yen strgthening as well trading at the 110 level strengthening in the 109 level that did not help out the market the hong kong market down 1% at close. we are watching shares of hsbc down significantly that pressured hong kong stocks after the sale of the retail business last week it will take a $2.3 billion sale

frank, it sold the business for just 1 euro. over to you. >> matt, thank you now turning to julianna tatelbaum for the trade in europe she is in the london newsroom with more. good morning, julianna >> reporter: frank, we followed the weekend holdover from asia the stoxx 600 is trading in positive territory up four points to 452. to put it in context, we saw the stoxx 600 fall back along with the drop on wall street. a drop of 1.2% more resilient than the u.s. market we saw losses come through turning to the individual markets. we are seeing gains now for the dax. it is up .30%. italian and british markets above the flat line.

italy is moving to ease restrictions in most of the country. they are imposing a five-day quarantine for travelers from the uk i want to turn to morrison's the uk grocer. shares up 30%. this is after the company r rejected a takeover bid from a private bidding war. frank, back to you. thank you. the uk government is signaling it will keep restrictions on overseas travel amid the covid infections there the country's prime minister said normal holidays would not likely be the case this year with the third wave of the virus. remarks are a blow to airlines and push by lawmakers in the uk for theloosen restrictions here in the u.s., biden

administration is looking to get more americans vaccinated. the white house is not expected to hit the goal of 70% of adults partly vaccinated against covid by july 4th. meanwhile, former fda chief dr. scott gottlieb is warning that the contagious variant could lead to a fall surge in infe infections we will have more on that on "squawk box. and bill ackman is buying vivendi at more than $40 billion. the first of the kind spac agreement, it could distribute shares to the shareholders universal is home to lady gaga and drake. turning our attention back to the markets when a rate hike could be on the line and inflation worries on

the minds of investors our next guest says those concerns are overcooked. lee baker is the owner of apex financial. lee, thank you for being here. >> good to be here, frank. >> some people like their steak rare or well done. it is hard to know what the markets are doing with inf inflation. i like the russell which is down 4% are people's inflation concerns warranted? >> it depends on whether your outlook is short or long term. we are looking out for the long term no need to be terribly concerned about we are looking at with inflation. year over year, the 5% number, yeah, that's a huge bump when we look at the trend line, we are at 2.2% which is barely

above the target that the fed set for inflation. >> lee, where are you right now? which town >> atlanta. >> i'm from philadelphia i'm in new york right now. we like to drink coffee, but i want you to read the tea leaves. they said that a rate hike could come as soon as next year. the markets are not responding to the idea of a rate hike how are we overcooked if there is a good chance one is coming next year? >> the overcooking i'm speaking of is you hear inflation i think there is inflation, but it is transitory some people suggest it is not transitory we are starting to see things that lead me to believe we are not looking for an exttended period it is not down to where it needs to be.

the housing market and things are booming in atlanta with housing. part of that is lumber prices. we have seen lumber prices coming down a bit. still two to three times pre-covid. that is something that says we will get beyond all of the inflationary pressures and the backlog. today is prime day happy prime day. you have people concerned over the ability to fulfill orders. a lot of the pressure is creating this inflation will subside. >> a lot of people concerned of the supply chain issues. if i'm concerned over inflation or supply chain issues, where do i put my money there are people who don't think the concerns are overcooked and the word of 2020 transitory is

positive >> you know, you can look at areas like real estate areas like commodities and those companies that benefit from commodity. if you think about last year, if you owned oil, your portfolio lagged you got hammered because we shutdown as we started to get needles in arms, so to speak, oil looked good and performed quite well. another area that people who have more of a conservative portfolio, take a look at treasury and inflation protected secures. >> lee baker, we appreciate the insight early on this monday morning in the u.s >> happy to be here. >> happy prime day to you. when when come back, bitcoin is under pressure amid crackdowns by china. we go live to beijing for the latest. and fed chairman jay powell heading to the hill with his latest on the economy. we will preview that testimony.

and american airlines is scrapping flights over the next few weeks. we will tell you why a busy hour still ahead when "worldwide exchange" returns of al charge on their credit card? you do. round the clock fraud protection. one of the many things you can expect when you're with amex. wait, this isn't your bed... how'd you get here? ah yes...groceries. earn points now to use on travel later. one of the many things you could expect when you're with amex.

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more regulation coming down the pike eunice yoon has the latest from beijing. >> reporter: frank, chinese media reporting that one of the country's big four banks has pledged that it is going to block access of virtual currency trades for customers the news outlets citing a statement that the bank will expand investigations and monitoring of any trading and if needed, suspend accounts, terminate customer relationships and report activity to the authorities. this pledge isn't new. the timing of it is spooking traders. it comes right after officials in one of the biggest bitcoin mining provinces in the southwest said that it is going to shutter at least 26 suspected cryptocurrency mining projects authorities say the city aims to

root out all bitcoin and ethereum mining in a year. the move is being read as a broader push by beijing to tackle cryptocurrency because of the financial risks as opposed to the environment risks the previous projects had been powered by coal. these are all hydro power. the global times newspaper said that as of sunday, the vast majority of the projects had been shutdown and that means 90% of the country's bitcoin mining capacity will be shuttered once this is all finished frank. >> eunice yoon, 90%. that's incredible. have you heard more about where the bitcoin miners may be moving >> reporter: well, interestingly enough, there have been some logistics companies in the port

city of guangzhou and they said they moved and confirmed 3,000 kilograms of bitcoin mining gear 6,600 pounds heading to the northeastern part of the united states they would not tell us which companies or areas in specific >> three tons of bitcoin mining equipment going to the northeast? wow. >> reporter: they were excited saying they made about $28,000 on this transaction. a lot of money that is part of this >> interesting northeast is not what i was expecting you to say eunice yoon, thanks. still on deck, a big weekend for the cruise industry. a key test for hitting the high seas in the age of covid taking place. stay with us >> announcer: today's big number $18 billion.

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welcome back to "worldwide exchange." bipartisan infrastructure talks hitting a road block lawmakers are divided on over how to fund the $1 trillion plan the negotiations is a key event

for washington this week also on the list is fed chairman jay powell to testify on capitol hill lots going here. for more, i'm joined by jimmy, the policy analyst at the american institute jimmy, thank you for being here. i don't know where to start. i don't think washington knows where to start infrastructure is a logical place with the $1 trillion price tag. yesterday, lindsey graham saying to the president, we can meet on a $1 trillion deal why not get that done and take it from there? >> although everyone agrees we have a problem, nothing has been passed up to this point. the white house has initially set expectations for something bigger that's a problem

democrats in congress are worried if they vote for the infrastructure plan, it will be harder to get votes for another plan that takes care of the other president's priorities after it of course, republicans are worried that if they do vote for this plan, there will be the second plan with health care priorities and other things. all of these agendas operating against each other frankly, at this point, there are not votes for any one plan will i be shocked if nothing happens? the chances of that happening rant zero. >> i have to say lindsey graham saying he is able to necessity dp negotiate with the president and meet him halfway why can't they come together with common ground and go forward with that? the economy could use the boost.

>> republicans have moved a lot to the $1 trillion bill. i think when the process started, there were huge expectations that the president set and some democrats and progressives said there is a bigger plan. instead of getting their head around it, that may not happen they may have to pass the second plan in reconciliation they wanted to do a mega reconciliation plan. the longer this process goes on and now one bill and a second and then a reconciliation bill adds complexity to the odds of nothing happening. >> bernie sanders coming out against electric vehicle fees and gas tax fees let's turn attention to jay powell heading to the hill what could he say that is

different over what he said last week or give the markets confidence futures are up today, but last week seeing the worst week since october. >> i wonder if the point now is not just repetition. the market does not need to hear more new information they will sort of take it and absorb what has happened and move on from there listen, they don't want to perceive the risks of hikes are greater. they are absorbing that information and a steady as she goes attitude is fantastic for markets right now. >> i know you say it is about repetition if jay powell continues to say the same things, wouldn't we expect to see the same from the markets? >> sometimes the market is going to incorporate the information it is a giant calculation machine of data. the question is now is this

absorbed or is that process still continuincontinuing >> jimmy, we have to talk about the anti-trust bills how do you see that playing out for big tech and will it impact the big tech we have seen the s.e.c. investigate social media companies. fines paid and scrutiny, but no big changes to the platforms >> just changing the law that you would break up one company or create a situation where they could not buy another company. those are significant changes. i would not expect the first changes to be breakups and forcing big tech to divest anything it is more far lessdramatic like increasing the funding for the s.e.c. to make that case in

a more meaningful and significant way about these companies. to go from where we are, especially when you have the china case out there, where big tech said we are your national champions against china. to go from the current situation to the more extreme bills which will force difficulvestitures >> jimmy p., big week down in washington we appreciate the insight. thank you. still on deck, retail in focus. former industry insider arthur martinez breaks down sales for target annd walmart and amazon's prime day. if you missed "worldwide

exchange" check us out on your podcast platforms. "worldwide exchange" will be right back

stocks looking to stop last week's skid. right now, it's positive. and royal caribbean trying out a sail in the era of covid. and jon rahm with the big

father's day u.s. win with a pair of clutch putts to end the round. welcome back to "worldwide exchange." i'm frank holland in for brian sullivan investments right now halfway through the 5:00 a.m. hour the dow is looked to pop 200 points at the open markets overall taking a big drop on friday on comments about jim bullard here on cnbc higher interest rates could come as soon as next year as opposed to the projection of 2023 by the fed. to the early trading in europe we have julianna tatelbaum standing by in the london newsroom i would call you the lady in red earl earlier, but i am seeing green

now. >> we had positive momentum we started on the back foot trading in the red now higher from when we spoke a half hour ago for the stoxx europe some digesting what the federal reserve shift in policy stance means moving ahead investors are taking relief this morning after the losses we saw last week. stoxx 600 ending 1.26% lower from last week we now have green across the board. at one point these regions were trading lower. we see split gains dax and german markets up 0.5% the majority of the regions now seeing an easing of revistrictio

restrictions italian policy is mandating five-day quarantine for all passengers arriving from the uk. and the news on the grocer morrison's with the rejection of the sale and now breaking out in a bidding war. frank. thank you. american airlines says it canceled hundreds of flights this weekend due to staffing shortages and maintenance and other issues american added it is scaling back through the middle of next month to ease disruption the issues come as the airline industry tries to capitalize in the surge of travel. royal caribbean is hitting the high seas. the company's "freedom of the seas" ship left miami with 600 volunteers on board.

the foo fighters bringing one of the most famous arenas back to life madison square gander garden this year. turning to the consumer now in a big week shaping up for retail today is the first day of amazon prime day 2021 as usual, target and walmart hosting their own events the huge events are not without the wall of worry. rising prices and fragile supply chains and uncertain state of the consumer all front and center this morning. let's talk about this with a long time retail insider former chairman and ceo arthur martinez ar arthur, former saks fifth avenue

chairman and abercrombie chairman we don't have time to get into all of them. thanks for being here. >> great to be here. >> let's start with prime day. the latest has been building as the supply chain is declining. do people care about late packages >> i think consumers care about the frenzy i am confident, frank, that amazon is prepared for the event. last year, i think the reports were they did something like $10.4 billion of revenue on the prime day event. of course, over two days this year, with consumers more adept at ordering online, i

think the kconsumer is ready to act. i would not be surprised to see a 25% increase of revenue. >> it is not a shock to see any of retailers with an increase in sales. i talked to a trucker and this will kickoff the basically the holiday peak six months before the holidays start as we go into back to school and summer produce season and black friday. will retailers see a big boost right now, but higher increase in cost that accelerates throughout the year? >> two things will happen. demand will be pulled forward into the proper motional days. i expect to see modest result from the revenue perspective

from the cost side, the pressure is on. wage rates under pressure. the labor force is not where it needs to be to force the extent of economic activity in place right now. costs are going to be up prices are also going up for sure as supply chains have been disrupted and scarcity drives demand one source of pressure and one source of accelerated gratification. >> let's talk about immediate gratification. you can get that when you go to the store and swipe your card and pick up your item at the store when it is available do you see people going back to the malls when we normalize and have the spector of the delta variant? >> i think the malls will continue to be under tremendous pressure the statistics on the two-year basis and you have to look at mall traffic over two years and

not compare to the quarter last year when we were in lockdown. if you look at mall traffic, it is down 50%. 5-0 percent. although things have opened up in the country, consumers are still reluctant because they learned how to transact with the brands online. i say the malls are continuing to be under pressure one issue is washington prime, the old simon malls. 100 shopping centers went bankrupt in the last couple weeks. that is foreshadowing a very significant contraction in the amount of mall retail space in america. one firm predicts 20% reduction in retail mall space by 2025 >> arthur, before we let you go. you mentioned the demand being pulled forward in retailers and other companies bringing more inventory over early right now, we are seeing record

high trucking rates and con container rates. what is the impact with consumers with back to school shopping higher prices or longer delivery times? what do you forecast >> i forecast that retailers, particularly the apparel side for back to school with delayed investment apparel receipts landed in the country are down thus far in the second quarter retailers, i think, are both reflecting the challenges of the supply chain and playing it close to vest because of uncertainty for the second half of the year because of demand. >> arthur martinez, thank you. i hope to get a hook up on be an be abercrombie jeans.

thanks for being here. coming up, a big weekend for sports we dive into what it means for the efforts to bounce back from pandemic lockdown. stay with us here on "worldwide exchange." devices. 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. at cdw, we get these signatures here, here and here. adobe sign orchestrated by cdw, automates esigining across devices to bring organizations together. protected by industry leading security sign integrates what the tools are already using so you can grab siatures across organizations

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falls on father's day. jon rahm birdied the 17th to tie for the lead and sank the 18 footer to win the whole thing and one shot ahead of louis oosthuisen great time to celebrate there. let's talk about that victory with matt. matt, thanks for being here. >> pleasure to be here >> matt, i'm not a huge golf fan and player i get the idea this is a huge event for golf jon rahm win in come-from-behind fashion and hug his wife and baby in a tiger-less fashion

what does it do for the sport? >> it introduces jon rahm. if he isn't already a golf star, he is one right now. the thing about jon rahm in how his career developed and the mi microcosm has been with the career has been remarkable at memorial tournament, he had received the covid shot and it wasn't within 14 days. he was leading going into the final round and he ended up testing positive and had to withdraw this seemed fate denied him the victory. when he had the chance to address the media, he did not blame the media. he said this is the way things go with the global pandemic. i'll do the right thing. i'll take care of myself and family and keep everybody safe it was a remarkably gracious way

to handle it when you talk about jon rahm as a person when jon came to the united states to play for golf for one tim mickelson. he is the brother of phil. there was a connection with mickelsons he learned english by listening to rap music one rap early in the jon rahm days is he had a volatile t temper that is something he has such great control over when he made that birdie putt at 17 and birdie putt at 18, he still possesses the great passion and emotion. it is amazing. it doesn't allow the anger. >> there we go here is what else he possesses due to a sponsor change. callaway club. let's talk about the sport of golf and callaway.

up 33% on the year the pandemic has been good for golf what does it mean for jon rahm to win p a major with the sponsr >> it is good for everybody. all boats will rise on the rising tide. callaway will benefit from a marquee player like jon rahm he has 51 top ten starts on the pga tour eight top tens as a major. he has instant credibility you may not know what product callaway he is playing, but you may know it is a chrome soft it is all callaway from stem-to-stern. with jon rahm, when you win a major championship, the number put on that is $100 million in terms of value from sponsors and

appearance fees, et cetera he is a young guy. over the course of his career and this is presumably just the start given his strong performance. i think it is going to be worth a lot more this has a big reverberation >> matt adams, thank you for waking up early. the u.s. open was not the only big event on the calendar this weekend you had two game sevens in the nba. bucks beating the nets hard to believe that on saturday then i don't know why the producer does this atlanta hawks coming from behind in the fourth to take down my philadelphia 76ers they were my 76ers phoenix suns won and stanley cup finals a lot of action to watch on

television and person and to bet on let's talk about this with patrick reich at washington university in st. louis. patrick, thank you for being here. >> thanks, frank >> i have to start with something personal the impact of the number one seed 76ers losing to the lowly hawks. what did that do to the betting lines and vegas? >> my sense is someone lost a bit of money i don't know what to say anything look, the game is real it impacted the sports industry in many ways i know a lot of teams are creating and building sports books in arenas because it boosts fan engagement. the technology advancements that occurred because of the increases in game of sports is

credit all of these things and lastly, i'll throw in media production more states are now legalizing sports and what we are seeing is that more media companies are having shows on gambling and incorporating gambling into the telecast >> you have to correct me. patrick rische rhymes with fish >> because of the emotional turmoil this morning, i'll let it slide. >> i'm a mess. stop me when you can i have noticed about the gamification on the telecast when we talk about technology and gaming and gambling on pro sports, we saw people to have a va avatar on screens

what is the next step in sports? >> mobile gaming is where it is right now. the one area of gaming that has already grown and soon to be the majority of most bets made is in-game betting. if we ever placed an a bet, youe before the game. on the over/under. now with in-game betting, with the advancements with access to data on the fly and companies can change on the fly and you are betting in the game with mobile that is really going to boost engagement frank, one last thing. let me tell you why engagement is important even before the pandemic across the leagues go down. the at-home viewing experience is so good nfl sundays, i'm watching red zone i'm not going to the games

we try to bring people back to the arenas and get them engaged that helps with the corporate partnerships that is why the tvs talk about the gambling deals on air. >> patrick, you may have your talking points from our pr producer he said he gambles on the games because it is more interesting i don't gamble patrick, thank you for the insight and gambling advice thank you for being here. >> thank you, frank. on deck, stocks looking for a fresh start. credit suisse lays out what to look for ahead and june is pride month. we spotlight our colleagues and friends. here is justin nelson. >> as an lgbt american that grew

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welcome back stocks looking to shake off the fed rate hike worries with futures in the green the next guest says the walk up could prove beneficial for the markets. joining me now is credit su suisse's patrick belfrey >> i think what investors are

typically anxious about is any change in the an caccommodative policy what we see over the past four rate hike cycles is stocks do very well heading into the first rate headache. they increase around 9.5% in the 12 months proceeding the first rate hike. then even after the first rate hike happens, they move forward around 25% to 26%. this shouldn't be viewed as the end of the bull cycle, but continuation to a mid economic cycle, but not an issue for the equity market. >> a lot of bears out there saying inflation is causing the markets to decline last week, we saw the dow take a dip. s&p take a dip and nasdaq flat at the same time, s&p hit a record high.

how are you perceiving this? >> the issue comes down to where you are in the market. interest rates are a great signal on economic health. when the 10-year is moving up, we want to be pro cyclical oriented think the dow jones industrial average or we want to be in sectors like financials or industrials or energy. what is happening now is with the rotation taking place as interest rates begin to potentially come in on these concerns, it will be problematic for that potential trade we don't see it ending yet the fundamentals are strong for value. we see 40% growth this year. nevertheless, we need to keep an eye on the direction of interest rates with the health of the trade. we are off 2%. we are not seeing a huge market problem. the row hetation has been severe

within the market. >> when you look at the s&p sectors on friday, they were down we talked about the markets being down since october you look at commodity prices like lumber. a great indicator of consumer lending. hard not to think inflation is not hurting the markets. i know what you are saying the data says. what is the argument to in investors this week? >> i think to keep in mind one important thing to look at as we continue to judge this reopening trade is how big consumer wallets are. when you look at the personal income savings rate that has taken place, we see wallets as high as they have been over time people have put that toward good use like paying down debt, but that clears up future spending power. as consumers continue to venture

back out, we will see more and more wallets open. services and entertainment that is really going drive the reopening trade. it is not to say going back to the issue on inflation that the russell 2000 may be getting softer as we rotate into the middle of the economic cycle, but we don't view it as a problem for the market >> patrick, one last question. today is prime day do you expect sales to top last year or decline from last year >> it is not an area i focus on. i know consumers are ready to spend. whether it is online retailers or in person, the opportunity is there across the board. >> patrick palfrey, thank you for your time. that does it for us on

"worldwide exchange. "squawk box" is coming up next you need a financial plan that can help grow and protect your money. an annuity can help cover essential expenses in retirement, so you can live the life you want. this is what an annuity can do. learn more at protectedincome.org.

stocks looking to bounce back after the worst week since october. dow futures up 200 points right now. bill ackman getting in the music business with the label that boasts lady gaga and drake and more. and american airlines is cancels flights due to staffing issues. it is monday, june 21st, 2021 "squawk box" begins right now.

good morning welcome to "squawk box" here on cnbc i'm becky quick with andrew ross sorkin and mike santoli. good to see you. a lot to check out with the markets. this comes after the dow tumble 533 points on friday it came after the st. louis fed president jim bullard spoke to us on friday you would not have known by looking at the dots. he is more hawkish he is looking for a rate hike next year. the market's interpretation is interesting. it did come on the quadruple expiration things are bouncing back this