there's interest you accrue, and interests you pursue. plans for the long term, and plans for a long weekend. at thrivent, we believe money is a tool, not a goal. to learn more, text thrive to 444555, or visit thrivent.com. it is 5:00 at cnbc here is your top five at 5:00. can monday's boom power on futures mixed after the dow posted the best day in months. jay powell day two investors wait for any words on inflation and interest rates. the word on crypto lately is down struggling as china cracks down. closing in on a deal president biden looking to meet over $1 trillion spending and

infrastructure package the needle could move today. start your engines 20 years ago, one movie franchise raced into theaters. this week, it cracked the top five highest grossing franchises of all time. can you guess it if you are not watching the video right now? it is tuesday, june 22nd this is "worldwide exchange" here on cnbc if you are watching, not listening, you know what it is don't tell anybody good morning, good afternoon, good evening from wherever in the world you are watching i'm brian sullivan good to be back. let's see how things look after the huge start to the week dow closing up 600 points. the best day since back on march

5th. a doggone good day everyone is looking for fundamental reasons for the big move this or that if you read all of "the wall street" notes, look at the 50-day chart of the s&p. look at the purple line. every time we tested it, it provided a pop of the 50-day dme. it closed on the moving average on friday night. coming into it, a nice technical set up it doesn't include yesterday's bounce i wanted to show where we were on friday. falling bond yields may have helped despite fed fears, 10-year yield continuing to drop 10-year coming on off the lows of yesterday still below 1.5% you remember, scott miner told

you he thought yields would fall and go below 1%. the trend so far is right on that call. we will see where it goes. he was right on bit wcoin as wel in asia's markets. nikkei up 3% and hang seng fell some markets are up. some are down. thus the mixed the likely market moving event of the day comes from wall street south also known as washington, d.c. fed chair jay powell back on capitol hill testifying before congress and much like last week, investors hanging on every worked kristina partsinevelos is here with what we can expect from the fed chair. >> reporter: good morning, i like wall street south you have the fed reserve chairman taking the hot seat before he testifies in front of

the house on the coronavirus crisis and in prepared remarks yesterday, powell's comments quote widespread vaccinations have joined unprecedented monetary and fiscal actions in strong support to the economy. economic has contributed to the gdp in the fastest rate of recovery powell saying progress on vaccinations have limited the spread of covid, but a slowing pace and new strains are worrying powell looks to reiterate that the recent rise in prices reflect base effect and pass through in higher oil prices and reopening demand and supply bottlenecks as the transitory abates and expected to drop back to the longer-run goals.

brian. >> kristina, thank you thankfully the vaccines are effective on the delta variant kristina, thank you. let's talk about the fed and your money interest rates play a role in the markets and your stocks perform. let's bring in chief investment officer bill stone bill, always a pleasure to have you on the program is there anything jay powell can or might say today that would change your fundamental longer term thesis? >> i suppose what would make me negative if i really thought they were going to raise rates enough to snuff out this economic recovery. that is really what the market was worried about last week. we got reprieve from it yesterday. what you saw in the markets last week after the fed and the yield

curve really flattening is simply showing the market thinks more of a chance of going into recession. i don't want to say it got to any numbers that looked like that what it really was reading through was we're worried that you will move too fast and snuff this out that is why you saw value stocks get crushed. anything cyclical get hammered and the growth side is the covid playbook, if you will, really pick up. >> everybody kind of assumes which that statement alone, bill, is very dangerous, that 10-year yields will end up above 2% they are still below he1.5%, bil what if they don't or if scott miner says move

lower? >> i hope he's wrong about his number being that low. i think at the end of the day, a move up or some sort of relatively stable move up in yield is probably just a signal that the economy is continuing to get better. it is hard to kind of square the circle if you have inflation running. i'm going to headline at 5%. there is a lot of noise in there with the base effects from last year let's say our analysis would say we're probably a legit underlining inflation rate in the high 2% or 3%. it is hard to say that is a very appropriate 10-year yield for that inflation number. >> you heard us talk with

kristina about vaccinations. is this a reason why pfizer is a good bet >> i think pfizer's interesting. you've got the -- it is sad to say, but the insurance against covid and it will be with us in some form, i don't know, for however long you have the vaccine out there they will probably have to have boosters over time it is sad to say a long-term franchise for them aside from that, the main point is a very diversified company. some of the vaccine business had been hurt. covid related did not go to the doctor and did not get certain vaccinations aside from covid. those things will pick up as we continue to reopen and they show the obvious clear experts in the

vaccine field. i think that continues to be attractive as it sells for low p & i dividend yield. >> pick there. it is up 25% a shoutout to them and moderna and other scientists and others working countless hours to get the vaccines out bill stone of glenview vtrust. a pleasure >> thank you you're very welcome. a long way to go on tuesday. when we come back, is it a lordstown lifeline details on the next potential game plan ahead. investors going hog wild for a chicken deal maybe. we'll explain. later on, bumble burnout surprising policy going into effect that corporate offices are doing with the dating app. it is making employees very

happy. dow futures are down just a touch. we're "worldwide exchange" and we're back after this. essential expenses in retirement, so you can live the life you want. this is what an annuity can do. learn more at protectedincome.org.

time for the big money movers three key stock stories of the morning. stock number one, lordstown motors the electric start up says it is evaluating strategic partners as it is searching for necessary funding for business the former gm factory in ohio.

early eier this month, lordstow said it may not continue, i.e., go out of business f it cannot get more money to retool and delta airlines will hire more pilots by next summer up to 1,000. last year, delta cut 3,500 pilots many through early retirement and some on inactive status. and stock three, sanderson farms is looking for a sale. at a time when the products, chickens, is rising as restaurants reopen because chickens are delicious sanderson rejected an unsolicited takeover offer from a private equity firm. on deck on this tuesday,

forget amazon, walmart and target those are deals. the real deal days are on wall street pwc has a new report that says just how big the deal flow is and how much money bankers might be making. >> announcer: today's big number $400 billion that's how much goldman sachs expects household net equity buying will reach this year. that's an increase of 14% over the prioyer ar this is dr. arnold t. petsworth, he's the owner of petsworth vetworld. business was steady, but then an influx of new four-legged friends changed everything. dr. petsworth welcomed these new patients. the only problem? more appointments meant he needed more space. that's when dr. petsworth turned to his american express business card, which offers spending potential that's built for his changing business needs. he used his card to furnish a new exam room and everyone was happy. get the card built for business.

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the last few years have been an investment banker's dream huge deals at&t buying time warner. at&t selling time warner grabbing headlines helping dealmakers grab huge pay days the dream may be getting dream dl dreamier the pwc showing the value, not just the number of the deals joining us for the frenzy is colin wittmer for pwc. colin, thank you for joining us. we would have brought investment banker in, but they are still up from last night working on their latest deal. how big are the numbers? >> you look at the deal market

from two perspectives. the bottom perspective and value. when you look at the volume. nearly 15,000 transactions in 2020 that was up 8% over 2019. you look at 2021, we're over 6,500 through may. as you pointed out, there is a significant story with value when you think of the number of mega deals that happened in 2021 alone, it is up now to 54, which is the same amount that was all of last year the first quarter of 2021 from announced value perspective was 780 billion. that was the previous high w watermark. a lot of stories and val hue he. we surveyed our ceos on the survey we do and 57% of them

said they have an increase very, very robust market >> yeah. you know, speaking to those in the industry both on the dealmaking side and company side and legal side, they all basically say the same thing i'll paraphrase. if i asked them how much longer can this deal frenzy go on and they will say as long as money is basically free. is that it low rates and a world awash in cash >> it is both of those low rates is a contributor to the continuation of the run. capital is another big part of the story. you know, most of our corporates went into the pandemic with big levels of cash and bounced back well they are sitting on a tremendous amount of cash to do deals private equity is a big player in the market. up to 39% of the deals that are getting done in 2021 which is

ten points higher and they are awash with capital as well as long as the regulatory environment is somewhat stable and tax rates are low and interest rates are low and inflation is under control, we have a long runway ahead of us >> i didn't mention the at&t deal, the no deal, then sell off the deal because i'm not trying to pick on at&t. it will go down as one of the worst deals of all time. colin, it is the media and telecom as the sector most involved in deals. it's been hot. >> it is extremely hot when you step back and look at what companies are trying to do with transactions, they are trying to transform their business a lot of cross industry and investment that is going into tech and media. retailers want to have an

omnichannel presence and doing a tech deal. it is permeating and driving up valuations >> there's our chart there showing media and telecom with 25% of the massive deal flow colin, welcome back. we are about ready to top last year's numbers and deal volume by halfway through the year. it's really truly stunning a lot of big bonuses paid. maybe it is good for the struggling manhattan real estate market colin wittmer, thank you take care. >> thank you, brian. >> you are very welcome. a lot of private equity and attorneys are getting paid let's get a check on the other top headlines outside of the world of money and business. for that, we go to phillip mena in new york. >> good morning.

the trump organization is taking the city to court after the c capitol riot mayor de blasio said the name tarnished the golf course name trump wants the judge to reverse the decision this brutal heat wave is fueling a fire danger in the west multiple wildfires are burning in california, colorado, arizona and oregon the backbone fire in northeast of phoenix grew to 32,000 acres on monday. it is zeropercent contained. historic day for the nfl carl nassib became the first active nfl player to become gay. he said he wants to do his part

to cultivate a culture that is accepting and compassionate. he donated $100,000 to the lgbt community. the raiders tweeted saying proud of you, carl brian, back to you >> good for them and good for him. phillip, thank you as we head to break, another milestone with air travel. the tsa numbers are in and they are big. on sunday, more than 2.1 million people got on an airplane in america. the most since march 7th of 2020 days before the first lockdowns went into effect in fact, we cracked the 2 million mark five times lately, including this past sunday numbers are still off from the 2019 peaks, but they are growing and showing no signs of slowing. once international reopens, those numbers could surpass 2019

and current rates. have you been on a plane lately? my guess is it is oversold dow futures down 4 we're backig aerhi rhtft ts. lti? at new chapter, its' innovation, organic ingredients, and fermentation. fermentation? yes. formulated to help you body really truly absorb the natural goodness. new chapter. wellness, well done.

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all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. holy monday. stocks snapping the recent selloff and printing the best day since march. crypto continues to crumble as investors bring tears to eyes.

what will today bring? call him cautiously optimistic jay powell. the fed chair set to face-off with lawmakers. and all gas and no brakes. morning rbi. the money "the fast and furious" has pulled in during the 20-year run. it is tuesday, june 22nd this is "worldwide exchange." those numbers on "the fact and furious" are big that is coming up in the rbi good morning i'm brian sullivan 4:27 in the central time zone. 5:27 in the east thanks for joining us. let's see how things look on

tuesday after a huge start to the week futures right now are not moving in a huge way. not moving much at all after the dow closing up nearly 600 points the best day since march 5th with the s&p and nasdaq surging as well. you can't expect that to happen every day. everyone was looking for fundamental reasons for the big move there were reasons, but if you missed it, have another look the s&p 500 going back a year with the 50-day moving average on it. every time the s&p tested that 50-day moving average, once, twice, thrice, fourth, fifth whatever this is the sikxth time on fridy we touched it. technically the market was setting up for a pop indeed, that's what we got

there might have been fundamental reasons there. who knows what the change is between monday and friday. i don't. there was a nice technical set up following bond yields help with the fed and inflation fears. 10-year yields continue to drop. still under 1.5% going in the other direction is oil. oil on monday is touching its highest level since october of 2018 we will keep with the superlatives, folks. a huge opec meeting on thursday of next week they are starting to talk about adding more barrels. you have a hard liner with the iranian elections. that could change the calculus of not only how iran approaches the best and president biden, but also how it administers.

the longest serving opec minister, by the way, is out stepping down and retiring a lot of changes with iran and oil. something to watch oil is down now. still at the highest since 2018. let's get more on the push for a big-time spending and infrastructure package in washington, d.c. let's look at the headlines with kristina partsinevelos she has details on that. kristina >> reporter: we have president biden set to meet with lawmakers to discuss the bipartisan proposal on infrastructure the group constructing the package is working to finalize the details on the plan hoping to wrap up talks this week according to politico, the lawmakers are sketching out a spending plan in far greater detail than previously reported. paying for the package is a sticking point jon tester and susan collins say

the tax is all but dead. the president held a meeting yesterday and spoke with joe manchin and krysten sinema on how he was encouraged on the proposal, but still had questions on how to pay for it all. he told the pair he was focused on albertbudget resolutions in senate the white house has been pushing a plan to raise funds by having the irs collect money from tax cheats meanwhile, republicans rob portman said they are looking to raise revenue from air wave sales and collecting fees from major polluters. solutions? i don't know brian, back to you. >> not minor polluters, just major. >> reporter: exactly >> kristina, thank you very much lately, crypto could use a

spending package of their own. if you are not paying attention, bitcoin down 50% almost 50% from its april 15th highs. ethereum taking a huge hit off its peak the move sparked by china's government which is trying to ban all crypto or at least the cryptos they don't create. some traders believe the markets may be overreacting to that news more insight from rich rosenblum from gsr somebody who i think, rich, in a previous life, our paths crossed in the oil markets as well commodities and oil part of the longer-term history as well. the cryptos. if you had to say what the main -- is there one main reason -- by the way, they are still well up from a year ago. context and key here

off their peak is there one thing that sticks out to you, rich >> i would say that bitcoin stands for freedom not only economic freedom, but freedom of speech. that is something we have seen that china doesn't like. autocratic country give me a break they are trying to regulate it and ban it. china is trying to ban a lot of things including the nternet. if you go to china, you cannot use a litany of different t technology companies we use here every day in america china has done it before you can read headlines that say the same thing from 2013 i'm more of a long-term trader we are down a lot, but this is frontier technology. you have to be in it and expect to be volatile i think the big drop knocked the leverage out of the system the cdc lifting the mask ordinance on may 13th is having

a big impact in the market in china because people are outside and playing sports and not in front of their phones so much. a lot of the day traders are out. the big players like gsr are still in and leaving it in the long term. >> you are right about china they are trying to create their own internet everything we use every day here none of them used there. reports are saying they are trying to create their own crypto renmimbi. that defeats the perurpose of bitcoin. they may not be able to ban that, but can ban banks that people use to send money or crypto they do have some power. >> there is some power there was some talk in 2012 where the u.s. government was

considering banning bitcoin. they could push it offshore and limit the use of it. it will be more popular in other areas. it is a exstrategic move that china will be made in block chain technology it will be left more countries like the u.s. to lead the way. >> i don't want to get too in the weeds, rich. to be honest with you, i'm not sure i fully understand it, but i'm trying to learn. on ethereum, going from proof of work to prove of state pow to pos when i first saw it, i thought pos stood for something else the shift that ethereum is doing to try to change the carbon nature of mining for that. can you give us in layman's

terms why this may matter in the short-term as far as volatility there? >> sure. i would say one beautiful thing about the technology is it is always changing. even bitcoin technology in the way it is mined is changing. my company gsr in the past few months have taken our carbon footprint to zero by having the half of the mining hydro electric and the goal on the year to be fully using renewable energy in terms of ethereum, they moved to prove a stake this is all about a centralized world where you need a bunch of groups validating a network. instead of the validation solving a math problem and bitcoin, proof of stake is ethereum and through that validation by holding it and putting it on a network to serve that validation. there are a bunch of other

methods like chia. that is using space on the hard drive. the most popular of the past year is ethereum it is still up over 100% on the year started the year at $77$700 andw it is $1,900 you can create a pattern on ethereum it will be coded >> i don't know about you, rich. that's is the first time i talked about that at 5:37 a.m. it's a technical topic an important one especially for ethereum. rich, we appreciate you breaking it down. we will get you back on soon rich rosenblum of gsr. thank you very much. >> thanks, brian. you're very welcome. if you are invested in crypto,

do not lose sight of the energy consumption. stay focused coming up, your morning's top trending stories which include more chicken news and how one wing chain is trying to wean you off wings. as we head to break, some other top stories. victoria's secret is borrowing $500 million to pay for its split from bath & body works exxonmobil pushing back on another bloomberg report that it is planning to cut 5% to 10% of its office staff every year for the next three-to-five years the oil giant is telling us the report is false and misleading and going through the annual assessments which are entirely unrelated to work force reductions. businesses are reportedly gearing up to fight the s.e.c.'s

growing push for public companies to disclose more information about how they respond to threats linked to climate change according to "the wall street journal" energy companies are easily measured. we are back in a moment. dow futures off 33 stay tuned

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welcome back it has been a big six months to

remember in many ways many good and many bad particularly as covid collapsed around the country and parts of the world. it has been big for the markets and your money check out the stunning stats that our crack team put together in the last half year. s&p 500 on pace for the best first half since 2019. not to be outdone? transports best first half since back in 1997 wow. regional banks measured by etf with the best day since 2006 on pace for the best first half ever oil on pace for its best first half since 2009. the year of digging stuff out of the ground, gold, is on pace for the worst first the half since 2019 lately, gold has shown signs of life certainly in the markets

six months to remember well, i'm back the rbi is back. the random but interesting thing could have been those stats we gave you they're good this has something to do with something lighter. the movies specifically one movie or one movie franchise that is near and dear to our hearts at nbc universal. that is nbc universal's "fast and furious. it may be hard to believe, but today is the 20th anniversary of the release of the first movie which was aptly titled, "the fast and furious." it grossed $200 million. that looks small time right now. since then, the franchise has delivered. furiously. the nine movies in the "fast" saga have grossed $6.1 billion globally according to the

numbers. in fact, just one of the movies, "furious 7" back in 2015, brought in $1.5 billion itself now the latest movie is out. "f 9." on this 20th anniversary of the first "fast" film, we are all wishing it well. if this movie takes in a few hundred million bucks, it should vault past "xmen" and "spider-man" and tuck in nicely to the james bond movies come to think of it, the bond guy drove nice cars, too not anything as cool as a hopped up dodge challenger. random but interesting good luck to "f9." let's get to the trending

stories. burnout at bumble, toyota bots and trying the thigh chicken style. kristina partsinevelos is back with more. >> reporter: thank you, brian. let's talk about bumble. giving employees across the globe a paid week off from work to combat burnout. the app shutdown offices worldwide for the 700 people that work for the company. the latest of companies relaxing requirements for employees with linkedin giving the work force an entire week off in april. toyota is developing a robot to clean your counters and taking a selfie. the research institute says the robot is designed to help the world's aging population it can pick up transparent objects and learn as it moves around a complex space all while snaps selfies. and wing stop is launching a virtual restaurant called thigh stop selling only chicken thighs. the move comes as chicken wings

are in short supply after high demand during the pandemic the ceo charlie morrison is allowing them to buy whole chickens rather than specific parts. lemon pepper to garlic parmesan and aatomic. the spiciest of the bunch. >> i don't beg much. the hot ones, the talk show, i'm ready, willing and available to destroy my tongue and my stomach. that's an awesome show i would love to go on. that said, if you are a real cook, the thigh is the most delicious part of the chicken anyway why did it take a wing shortage to get here? >> reporter: you reinvent things when supply runs out meat on the thigh.

>> wing shortages. i guess because they're easier to eat the wing. who knows? thighs where its at. kristina partsinevelos, thank you. i'll do the hot ones give me a glass of milk. kristina, thank you. up next, the fed on the hot seed ylan mui is here to talk about that. if you haven't already, follow our podcast if you missed the show any day or traveling, check it out podcast platforms. apple, stitcher, spotify and others we're back right after this. and inte u pursue. plans for the long term, and plans for a long weekend. assets you allocate, and ones you hold tight. at thrivent, we believe money is a tool, not a goal.

and with the right guidance, you can get the financial clarity you need, and live a life rich in meaning, and gratitude. to learn more, text thrive to 444555, or visit thrivent.com. ♪ i'd do anything ♪ [ dog stomach grumbling ]

♪ for you dear anything ♪ [ dog stomach grumbling ] follow me. hill's science diet perfection digestion is one of the many 'anythings' petsmart provides. ♪ anything for youuuu!! ♪ so you're finally supporting his rock star dream... because you know you have a plan to pay it off. buy now, pay later, with plan it. one of the many things you can expect when you're with amex. when sending a text at 3 am... ...is something you won't regret. craving pizza. personalized help for that late night craving. one of the many things you could expect when you're with amex. welcome back good morning jay powell set to head back to the hill this afternoon to give lawmakers his take on the american economy the fed chair is expected to give an optimistic diagnosis,

hes also expected to warn of continued threats. ylan mui with a preview of powell's testimony ylan, what do we know? >> reporter: brian, jay powell will stick to his script calling the increase in inflation over the past few months notable and emphasizing it still appears to be transitory. powell will say that the comments are from his written testimony ahead of the hearing before the house coronavirus committee. he will say the jump in inflation is due to base effects and increases in oil prices and rebound in consumer spending and bottlenecks in supply chain. as the transitory supply effects abate, inflation is expected to drop back toward the longer-run goal that is pce inflation to be back at 2% next year. powell's testimony does not mention the liftoff in the same

projections and doesn't mention rate hikes at all. he does warn about the slowing pace of vaccinations and points to new strains of the virus as the economic risk. the hearing will also focus on the fed's emergency lending facilities during the pandemic powell said the fed unlocked $2 trillion for businesses and non-profit is and state and loc businesses that prevented businesses from closing and workers from losing their jobs powell reiterated the fed is committed to supporting the economic recovery until it is complete back to you. >> well wit, ylan, before headit the hill, powell met with president biden and other regulators on monday what do you know about the meeting and the sources? what was the take away from the sit down if any? >> reporter: the white house described it as a routine checkup on the financial system.

regulators said it is healthy and risk is mitigated by robust levels in the banking system white house spokesperson jen psaki said in the press conference yesterday about the president have confidence in powell she said this is a routine meeting. status check that to me means the parlor game is on if he remains fed chair next year. >> the parlor game and the silly season where the fed is kicking off the season with the low rates. ylan mui, thank you very much. joining news is btig managing director and chief

equity strategist julian emanuel. is there any optimistic view on the markets? >> if he doesn't address this potential or narrative of transitory inflation which has begun to be tested that is why we saw volatility in the markets last week and that is why we are seeing volatility among the fed governor's dots and the fed speak. we need to see more prove that it is transitory rather than listing the reasons that will go away and i would say when you think about it, none of the meetings is routine and normal and regular. particularly given where we are with the pandemic still with us to a certain extent. the economy will grow at 7%. you mentioned fed chair powell's term is expiring next february >> you think he gets -- i know

it is off topic. do you think he gets renominated and confirmed? with would you like to see it >> i think he has done a phenomenal job i think the action he took last march set the table for what we have seen with the recovery in the economy and recovery in financial assets think you about this a year ago, we would ever expected the economy to project to grow at 7% this year and unemployment to be back down below 4% next year that is a testament to the action the fed has undertaken. >> okay. that aside, what do we do? where is a great spot if we are finding anything under valued? where is a great spot to invest right now? stock? sector crypto anything >> the debate opened up last

wednesday and we are likely to have a period of volatility leading up to the july 28th fed meeting. we tend to be more cautious. the value theme works long term. we like defensive value. that being health care which has been overlooked for the better part of the entire rally and interestingly enough a lot of interest in our clients the past few weeks they have done well. when you think about the inflation edge and something that isn't bothered by flattening yield curve or jgenty rising rates we think it's very well positioned here. >> so that's an interest rate play aren't you scared to invest in aren't you nervous about that, julian >> for us, it is to a certain

extent an interest rate play the interesting thing is they actually tend correlate to the 157 00. if we get what we're expecting which is gently higher rates, if you think about it, the move from 1% to 1.7% that we saw in the 10-year earlier in the year, did not derail the stock market that much. it is the question of how do we properly address inflation that's causing the stock market to move sideways and become more vol volatile >> any view on energy? i know that is one that tom lee and others love. i'm not talking -- what is the view on gas and oil? >> as an old commodity trader and west texas hit 40 over a year ago, we did a lot of work on the commodity sector and

energy sector. they said up it worked nicely we think there is more to go value theme is in tact it is a multiyear theme. not quarter. the economy will grow. >> we're getting calls for $100 barrel oil from goldman sachs and others i love the call. we are watching interest rates julian emanuel have a great day thank you very much. folks, just like that, the show is over. that's it for us on "worldwide exchange" aka wex. "squawk x"bo is picking up the coverage next. have a great day see you tomorrow

good morning the s&p 500 within striking

distance of a record high. now the market awaits testimony from jay powell. the crypto slide continuing. bitcoin down 20% in the last week as china continues the crack i crackdown on digital krcurrency ethereum is down as well. and americans are quitting jobs at record rate. what one company is doing to address worker burnout it is tuesday, june 22nd, 2021 "squawk box" begins right now. good morning welcome to "squawk box." i'm becky quick along with joe kernen and andrew ross sorkin. welcome back, joe.