comeback >> i've walked that road myself. >> that was the famous -- yeah we've had issues with that >> but you know that was a great marketing story. they won because they went to m&ms and they wanted to charge them, reese's said you can have them for free. >> reese's what? >> reese's pieces, have them for free that does it for us. right now time for "squawk on the street." ♪ good tuesday morning i'm carl quintanilla with jim cramer and david faber coming off the best day for the dow since march 5 and futures relatively steady as we await powell in front of the house this afternoon bitcoin down for a seventh straight day below 30,000 and lowest since january powell preparing to speak,

markets waiting. >> and policlus exxon denying a report that they will be cutting its workforce. >> and google is facing a massive eu antitrust probe over alleged ad tech abuses worth to put yesterday in perspective, it was either all or nothing >> the more i checked into friday, the more there was a very thin day where there was a rebalancing. by the way, there is a huge rebalancing coming up on friday which is the russell 1,000/2,000. but when i see these things, i think that the fed is concerned about what is going on with buying and selling of stocks the s.e.c. is concerned about pay for order fle. i think people at home want to know what the hell happened on

friday i mean like to me, most discouraging thing if you are at home investing is to say you mean like what friday didn't matter interest rates went down, people sold stocks. >> wouldn't be the first time that there was an overreaction to fed speak or things being taken a little further out of context. >> options expiration. >> yes and i wish that they would pick other days >> bullard, right. >> because this is one of the thinnest i've seen i know people trade at home, so it is not like you've got all these guys, what, jpmorgan, they're at home. the younger people are back. we have to figure out who is back >> if you are an investment banker, you are never coming back >> but monday was a do-over. and that is just not what we want to see. we want to see some fluidity, we lose people every time this

happens. i think that is what it is >> you don't think that we love this stuff >> lose people >> yes, i think that we lose people do you think the market seems gn friday and then up on monday on the same information what changed >> i feel as though it is far from the first time that we've seen that kind of reaction and to your point on bullard, and sara eisen was making this point yesterday, he tends towards big headlines of all -- even though he is a nonvoting member >> he is a soft spoken guy but we were thinking bad cop/good cop i'm just saying that no information making the same judgments. it isn't like someone came out yesterday and said that bullard is wrong nothing happened nothing happened to move the market this much >> we have powell -- transcript that went 3:3 or whatever. >> no, that is not what

happened nothing. >> no economic news. the only thing is bitcoin went down which was very interesting to have bitcoin go down. >> so where does that leave us today? is that the point? >> there is nothing going on i mean, a chip shortage coming to an end. >> gamestop sodld a lot of stoc. they now have a lot of money to do something other than being gamestop which is what has to happen. i've been with video game companies, two out of three video game companies, and three companies that are competitors and they just keep coming back and saying that ryan cohen, their ceo now from amazon, but they have to come up with something other than being gamestop >> but now i mean they have about 1.6 billion. selling 5 million shares >> but that is good. they can be something other than gamestop

>> amazing >> maybe a $20 billion bet on -- >> that is almost close to what the market cap was before all this started where was the market cap in those early days a couple bill, wasn't it >> much lower. and by the way, there was a very important discussion on -- with prof professor seigel on the judge's show and it was a thin market you know the cannon bawl >> the train to the hamptons >> i think that they headed like four cars to the cannon ball >> we need more mass transit >> no, they take blade it looks like it is vietnam, you know, like there are so many helicopters in the air >> looks like they are leaving saigon >> yes, last man out get to the chopper it was really incredible

i told my wife, i said listen, i got to wear ear plugs. i can't take it anymore. >> so if we're in an environment where it is thin markets, people are not in, fed obviously is talking about tapering, we're back in this peak inflation expectation, peak growth, that leads to chop. certainly what morgan stanley has been arguing for a long time >> did a piece this morning for real money i'll talk about it tonight on "mad money." i speak to a lot of executives and i keep asking them where are the people where are the people where are the people that they are trying to hire, what happened to them and where did the engineers go, where did the clerks go? where did the people who handle the buy on line, get it in the store? g bo b bogo, you know

everyone knows that they moved or they want more or they have stimulus money and they don't need to work yet >> goldman did a piece last night on excess retirees, over a million americans who were prodded to retire early because of the pandemic. and the number of retirees versus the number that you would have implied from prior trends given age. >> and also resignation. >> and let's not forget the people who tdied in excess of what should have died. >> above the actual -- >> right so you have 500,000, you have 1 billion, 41 spacs. you have 500% more ipos than last year. >> so an enormous amount of capital chasing. >> so isn't that what the fed has to start saying, that we're just too easy? i think that they have to wait until october when the

unemployment benefits -- how many people show up at my little businesses for say to say that e interested in working and then they get there and it is like no thanks >> still happening >> oh, yeah. >> so in september like everything else, everybody is coming back to the office, they will actually look for jobs again? >> well, my crystal ball is -- >> it is broken. >> no, it is not broken. just there are a lot of -- look, we have a combination of a level of pent up demand. every single weddings that supposed to happen last year is happening this year. every single family celebration will happen this year. the planes, they are cutting back on places, they can't find the workers. >> delta will hire 1,000 next year >> where are they going to find them >> i think they have a bunch of pilots that maybe they furloughed >> unless they retired >> why don't you blame moderna

and pfizer because they solved the pandemic well ahead of when they were supposed to. remember last year at this time, people were saying listen, it took them four years to do the p mumps vaccine. you probably never even had mumps. >> and there are -- i never had mumps. i did have chickenpox. >> i had mumps >> there are still plenty of people who have not gotten vaccinated in this country which is something that we'll get to in terms of not hitting the targets. >> a lot of executives >> who, what are you talking about? >> i'm not going to reveal, i just know. >> why >> i don't know. why do you ask me questions about things that obviously -- why would i know >> i know it is a personal decision, but the point is -- >> i could have said that and that would have been meaningless and you would have said what decision >> we're definitely seeing uptick in hospital admissions in the south. some states up 30% and speaking of vaccines, we have breaking news on that front

from meg tirrell >> we are learning that the biden administration today will acknowledge that it is not on track to meet that july 4th goal of at least 70% of u.s. adults having one shot or more by july 4th. this reporting is coming from mike memoli. we expect to get the news at the white house covid briefing midday today we are seeing that 65% of adults that have that one shot, just shy of the 70% goal. but still the white house calling this a success, saying that they have reached that goal if people over 30, they will get to it by july 4th for people over the age of 27 it is people ages 18 to 26, they say that they will need a few more weeks to get to that 70% goal and of course this is concerning amid what you were just talking about with the delta variant, in those pockets where there is less vaccination, that is the really dangerous areas for this more contagious variant to spread and we are seeing that in those

pockets around the u.s back to you. >> i think israel betwtoo, infections at a two month high >> and remember dr. topel said yesterday that the world yet to witness the variants able to break through the vaccine induced immunity so on the one hand, you have an illness that is unstoppable because of no natural immunity, but on the other hand, we have companies that is produced vaccine that work. >> and it stops the delta variant except for people who have not been vaccinated >> if you were to tell you, i was your doctor, listen, you'll get the delta variant, you probably won't die from it, but you'll get it, why would you -- why he cawould you not take the vaccine? there are probably people who take the flu vaccine which is about 60% accurate and pass on this again, a great mystery but a lot of companies did not

pressure people, a lot of people who felt that there was a civil liberties issue and a lot of other people who feel like that live free or die >> it come back to those antiviral which is are getting closer >> they want a pill. >> there will be an oral pill potentially as soon as let's call it late fall that could be approved on emergency usage by the fda that would treat all these variants if you give it to somebody very he early. it doesn't work well if you get to the hospital. >> has to be early >> maybe that will shake people up >> i think it was obvious to many but thank you, meg when we come back, google facing that antitrust probe and along a fascinating story in the "times" about their leadership

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states against google last year. they have that going on, some of the house bills, jim, they argue would reduce competitiveness the "times" says they looked at shopify a few years ago and decided that it was too expensive. >> yeah, and i know that the people at shopify have said over and over again that two large companies approached them and said look, we are a canadian jewel. and this is when the sotock was at 50 and 75 we had that segment called check please remember that? >> yes >> and i feel like that is what happens when you are a european authority and you have alphabet or amazon, check please. >> and it was october of last year the states and department of justice did open an investigation into whether it is a monopoly they filed a lawsuit against them and by the way, we've talked about this, it is amazing that it didn't seem toim p impact th

performance of the stock price >> today, i don't know if you've been on amazon, i bought a pair of sneakers that i paid twic what i just bought, so i bought two pair, but i also question s amazon's power i don't like it. no, power to the people. >> so no consumer harm is what you are saying >> i cannot believe -- i'm looking at the prices and they have deals for things that i bought in the last six months that are shocking. but i'm supposed to then be after them for not doing a good job is t job? by the way, remember the guaranteed dates are basically tomorrow what have you bought >> i have not bought anything. i'm that moron who goes and buys things three weeks before prime day and then finds them a hundred bucks less >> i think judy has been active, but -- >> it is incredible. >> i've had enough i'm not buying anything.

>> yeah, but it is half the price. >> in that case i'll buy two of them >> i'm just saying that people like alphabet, people like facebook, people like amazon so when the government goes after them, we want the government to go after the bad guys >> if the government can make a case that they are preventing competition from occurring -- >> have those companies made your life better or worse? >> we'll see it will take years -- that is not -- >> it is not a popularity contest. >> that is not what they are basing it on because you don't know what the alternative would be how many things are not occurring as a result of their competitive position, how many innovations -- that is the argument to be made. >> facebook, i mean we've already vilified them for years, aren't we tired of vilifying them honestly, this is like a seven rear net year netflix series. >> i've heard you vilify them

many times >> i'll check in right now i'm just saying that we ask why they don't stick and the answer is that they are not -- people don't regard them as the enemy that's all they regard the banks as the enemy. >> these cases take years and years to resolve, doesn't mean at some point there won't be a resolution that could be negative >> i just think that the american people do not hate these companies is what i'm saying >> so regulatory risk is a shadow, it is not happening? >> look, if you break up google -- how about the article in the "new york times," that article is people are making millions and they are like bummed okay you know what lennon said about money. what did lennon say? >> you've told me. >> he said that -- get a shot of me, please he said the rich are unhappy, it is their own fault >> right yes.

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this is where dreams become brick and mortar. find yours, on loopnet. we'll get to a mad dash now. you love to talk about ford. >> because it is a winner. >> and i've pointed out many times that you've had a great call on the stock. and you have >> this is when obviously you start talking about the chip shortage but wait a second, here is some news you know the used vehicle value index, there has been a surge in

wholesale prices for used cars that has been despaiespair ebola lil despair ebola lick and i have very good sources at the foundries and the chip shortage that everyone said would go on to the autos, it will be over next quarter. it is already easing i know that lucid was on this morning casting aspersions on gm, but saying that mary barr is doing the right thing. >> and good to have more competition because we're operating at the highest end >> but i think that the end of the chip shortage coupled with the possible decline or at least the end of the advance of used prices means availability is

coming back. that is what it is about availability i went to the dealer this week, and there is like nothing. but you should understand that if these stocks get their mojo back, this is where people want to be. >> you went to the dealer again, didn't you just buy a truck? >> no, i'm trying to get -- i have one, but i'm trying to get the new maverick because it is a city truck, it is not long. >> are you on a waiting list for lightning? >> no. that's too long a line you'll never get a lightning look, remember when farley said on "mad money," he said we will stop musk. we will bury him that is what he said kind of an extrapolation, but he intends to bury musk isn't that something do i sound like kate winslet when i say bury? >> a little bit, you do. that is a philadelphia reference

to those of you perhaps not paying close attention speaking of paying close attention, we have an opening bell five minutes away stay with us

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i think regulation will help us in the long run right now the total crypto market capi is less than a trillion and a half. less than 40 basis points of global net worth so the only way is to have institutional money to participate. and so we are going to get regulation >> that was earlier on squawk talking about regulating crypto. jim, you've been all over the chinese story and in fact now it is the pboc telling banks to crack down on trading. >> yeah, look, i think that it is very clear that the chinese do not want a currency that rivals their currency that they perceive is run by american billionaires and they feel this gets around all of the rules they are obviously not going to

let the united states have that level of power and there is a piece about invidia today, everyone using the new 900 price target -- >> i think that we'll have the analyst. >> we should ask him they expect $400 million in ethereum revenue this quarter. they are using cards that are basically scrap product. >> stock was down yesterday and obviously a very up market amd also ended the day down and this was the reason, wasn't it >> yes, concern about demand and shouldn't be trading on ethereum well, he'll explain to you it will be a very good piece but i think the crackdown is serious and i happen to like the dies very much, but i fear the prc. there is a lot of trading. i've been watching this tether i don't necessarily am happy about how they are financed. and i just think that you have

to be careful because the prc is a very potent enemy and they don't like this anymore. >> when you see no doing a bunch of heavy patterns on bitcoin, do you buy that? >> i do. i think it is a company that is break down and also by the way that there is no buyback and i am selling the last bit that i have right now. >> really? >> and i'm getting a good price for it >> while you complete that trade, there is the opening bell chinese trucking startup full truck alliance and nasdaq 2.6 incorporated >> and remember, 500% more deals than last year, chinese companies, it is incredible. like nothing's changed >> they are not listening to you. you wanted to ban them from our

capital markets. >> even navarro didn't like my hard stance, the previous trade czar so to speak last year they had some pretty good people. but i still speak to peter i've talked to him for 40 years. but i mean -- i've known him for a long time. but i thought that they should examine how the chinese companies don't have to have a joint venture. like why don't they have a joint venture -- >> so we'll go to their level as opposed to them coming to ours >> if they go low, we also go low. >> yeah. are we going to bring a knife for a gunfight because i guess that is what we've been doing? >> we have been bringing a knife and now we're bringing nuclear weapons. let's talk about it, president biden has been every bit as tough. if you read that article about solar power, they are banking on the president standing up to the

chinese. >> they are. >> i think if you look -- >> and also a lot of obviously aid for climate-related initiatives. >> yes i think that one day we are going to -- i think that dd will be huge this year. >> and what has president xi said don't you think he said what a bunch of chumps? no >> i don't know actually i don't know what heis saying. it is an incredibly important relationship there is an awful lot of tension. >> or is he saying that taiwan -- >> you bring up taiwan, that is t their number one worry >> the chinese also have been saying and talking about the notion no different from what i saw in the "new york times" in a really sad article about asian women golfers. you think that the prc is

oblivious? they have been sowing the seeds in taiwan of america not being protective of asian-americans. and i got to tell you, i don't think that we are. i think that they make a good point. i don't want that obviously. no one wants discrimination. but the chinese exploit whatever we do wrong. >> to your point about tsm, the couple headlines today, one is that they will give priority to the automakers and to apple as we come out of this -- or as we deal with the shortage and i know you mentioned the foundries, but global foundries is investing another $6 billion to expand production in singapore, germany and the u.s >> global foundries is an interesting company because they would tell you that the reason why we have a chip shortage for autos and these are called feature rich chips they call them, is because when you look at it, what is amd trying to do? high performance computing invidia? high performance computing

intel, high performance computing. so what happens is that there is no one wants to do low performance computing. so if you're global foundries, you are responsible to your biggest customers. and that is no what the they want to do is make these chips but they work 24/7 they understood the call and they were i think integral in trying to end this and it is ending, it is ending >> so if used car prices come in and lumber is down 50%, and all of these commodity declines, when are they going to start to see that relayed into cpi some don't we want to see that ratified by overall inflation metrics? >> we do, but you come in and we see nutrient, which is a fertilizer company, we see nutrient saying that things are

better than expected it means that farm equipment -- you have to see the acreage number that comes out june 30th. we need to see that complex go down last thing that we need to see is that they have to solve the pork problem because i know that if you want to -- you can pay extra and get what you need, but therefore you have to pay the price. >> yeah, there is a large backup at the ports that continues. >> it is really interesting what happened here. so trump tried to make it so that we helped force production to vietnam but the high fong harbor, those of us old enough to know president nixon, is not deep enough so the plan didn't work. it was a great idea. >> i remembemember when carl we there. >> yeah, you need deep water ports, you need great rail and they are just not there.

not to mention that they can sew, make apparel, but that is a long way from making chips >> they can't ham tndle big shis >> and to carl's point, a higher level of technological innovation >> we are a hostage, i think that our country still doesn't see it -- our commerce secretary realizes that we're too hostage. do you know her? >> i know that she was the governor of rhode island >> and she loves had moa"mad m." >> and she understands that we have to take back control. she has a very thoughtful approach but we don't outsource as much but we need to find workers. we need to find workers. even though there is 10 million workers unemployed versus 5 million in the first week of february when we didn't believe there was going to be a pandemic, and i still can't

figure out where those 5 million went what >> that reference of the first week of february, february of 2020, yes. i don't think that i'll ever live that down >> and i have a tape of it just in case. >> and i'll move on to gamestop to change the subject. this has been a favorite of your for some time. you have given them any number of different options that they might choose to follow in terms of a new business model and now they will have more capital at their disposal should they choose to do that, raising another $1.126 billion with that offering about and interestingly, their shareholder base says bring it on, we like it who cares about die solutiodilu >> and they love amc >> used to be issuing shares was not necessarily a sign of strength, but that is a

different story. >> amc, a $27 billion company. and meme people are very happy >> and yesterday you tweeted about i guess the struggles the communities has had keeping amc aloft. and then i think did you close out disney on the charitable trust? >> yes >> wow >> yeah, closed out disney >> why what have you got against disney, are you an american? sitting here talking about china and then you sell disney >> what happened to your kids? >> first time. owned it for i think since the charitable trust started i feel like right now -- you have those eyes that they have >> i do want to hear this, i want to understand why you sold disney >> i feel like it is going up a lot. it is now -- even though the company has made a good effort to try to make it so it is not a pandemic story, i do feel that

when i used to sit here and we would see espn go down and down, i think that disney plus will -- the rate of change that it is going up will diminish as people want to go out i did not see -- paris opened last week and they didn't do that big a deal about it they are sending what i regard as first run movies to disney plus >> versus amc. >> and i think that they should go to amc. saying that we're the open story and whoever wins the nba, we'll take them all down, we want them to go to disney. but i don't feel right now that -- i feel right now it is a pandemic play, not a post pandemic play because of how they positioned it i know that they don't agree with that. but i don't need a company that is a pandemic play because they aren't working they are not working >> fair enough >> do you disagree that they don't -- they seem a little bit

more like a pandemic play? i'm being broad brush here >> stock was 79 bucks a little over a year ago. >> it had a great move this year it has not moved at all. >> they do have a new ceo. >> he is relatively new. iger as chair tman will be exitn end of this year and direct to consumer is still the focus of every investor. >> i think it should be cruise ships, i think it should be paris. i think that it should be -- look, we're a great indoor story, but in the end, the ultimate destination are the fee parts. and i could write the script, they cokcould hoaire me, i like job, but i feel like they have yet to told the story yet effectively. >> we'll remember when the stock was when you exited.

we talk about disney a lot so i have no doubt that we'll come back to it any number of times >> my trust has pretty much owned it since we started. trust started 16 years ago and i just felt that it was time to move on. >> most surprising media news credit was spielberg who once tried to barnett netflix from t academy awards will start making multiple movies for netflix. >> i think that there are a lot of services now -- i know reed would say our real competition is time. you know what, time is winning now. and we're running out of time. how many things can you watch at once i only watch one thing at a time i can't multi task and watch upstart at the same time as i watch bosh bosh is really good. starts again >> we're still on like season one.

>> let me tell you what happens in season one. >> leaplease do not. >> but i mean i'm watching line of duty, a great british show. i watch every show and i have no time to even look at the dog >> your first point is the most important one, talk about time is running out, we should all be home on our couch. >> and disney plus i think that the rate of advance is in question and i don't want a company to be hostage like espn was. that's all look, i'll go back in if they somehow make it clear that it is not -- that it is an opening story. because it should be the greatest opening story of all-time that is what i'll start with >> and i wanted to end with my part on housing. it is a large deal, but not a public company $6 billion, blackstone getting back into -- remember -- >> jonathan gray is getting back in >> well, with steve schwartzman. remember after the crisis, they

quickly became largest owner of single family homes in the country. they brought them all together and then they created a company called invitation homes, took it public and then they got out of it. obviously it is 11 years, but now they are buying a new player in this market called home partners of america. $6 billion deal. they have a bit of a different approach, but similar let's call it they buy homes, they lease them to tenants, give them the opportunity to buy the home. 17,000 homes here. invitation eventually got to as much as 80,000 but interesting that they are back in it and blackstone itself, $115 billion market value >> you know what is funny, david -- >> and we've heard of asset management platform there and a lot of permanent capital, recurring fee base, they are starting to get rewarded for all of that. >> the banks owned a lot of housing and i remember speaking to michael corbett who is no longer the head of citi and i said why don't you own the homes, spruce them up, rent, and

he said look, that is not our business and it is true a bank is not in the business of running homes. regulators don't want them to have any homes so they are going back to what jamie dimon said, regulators are very tough on banks, they don't want them do things that a square or blackstone can do. they play with one hand tied behind their banks >> the banks >> the banks >> blackstone is a powerful competitor in certain areas. >> yes, they are very good report by you. >> certainly feeds worries about housing shortages over the longer term in the years to come only a couple sectors green, so let's get to bob pisani. >> happy tuesday, everybody. we are flattish on open. unfortunately, not doing a lot to advance the central debate which is is growth versus cycli

stocks materials, energy, tech down a little bit although most of the big faang names are to the up side mega cap tech to the up side the big debate is what is going on with the markets. 4255 is the old closing high on the s&p, that was last monday. and we're 20 points away from that, so less than a half of a percentage point essentially from the new 52 week high. we can debate the otation, but still essentially at new highs mr. powell speaking today. and it is clear it me he is sounding a lot more like mr. williams from the new york fed than he is mr. bullard williams said conditions are not progressed enough for the fed to shift policy stance of strong support for the economic recovery powell sounds like the same thing. in his written testimony, the debate is at unemployment 5.8%, powell is on the side of dealing with unemployment. inflation at 5%, that is the

cpi. they are letting that run hot. but he will reiterate he wants unemployment to come down a lot more and that is sort of the policy debate but clear that the support for the transitory outlook is increasing we talk to traders who are pointing out lumber prices have been coming down recently. so that is a sign support for that transitory outlook is increasing the whole market debate is where are we in the cycle. bullish narrative is that we're nid mid market and you will see the big debate is whether or not the leadership should be switching overall from cyclical value stocks to growth stocks we don't know, but some people are already making bets. so this morning barclays already said forget it, we're moving on. the recovery trade has run its course here. the important thing is they downgraded industrials, and they have up graded secular growth, the facebook, amazon, alphabet, apple, microsoft, and remaining

overweight in financials and health care. and it is going that way in the same direction commodities you see copper prices. and jpmorgan today doing the same thing, deha hmands past pe for recovery and supply bottlenecks are easing so freeport of course hormore t 20% off its highs. a lot of people have taken position on this week in that whole growth versus value debate back to you. >> i remember when richard atkinson came on a couple months ago and it was right near the highs. he was giddy thanks, bob. still to come, we'll tell you which company just announced that it is moving its headquarters out of new york city but first, how about a look at treasuries how they are fairing ahead of course of the chairman powell's congressional testimony. there is a look at yields. you can see 1.500 on that ten

year, the 0 30 year at 2.135

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i don't wanna die! philip morris international announcing it will relocate its corporate headquarters to connecticut from new york city the company says the move was facilitated with the move of governor lamont and will bring 200 jobs to the state. pmi expects the new headquarters in fairfield county to be operational by summer 2022 as companies everywhere, jim, sort of re-owe value ate their corporate footprint. >> i was with an executive yesterday who was saying that we don't emphasize enough the "daily pop"lation of urban centers, that there's "daily pop"lation i know in new york there has been, but -- >> and there's two different things new york and the neighborhoods of new york, and i think -- people have not left, but you go to the main office corridors, midtown. >> that's what i'm talking about. >> downtown where we are, and

there's still a lack of workers who have returned, and the question -- the larger question for business, which i think is fascinating right now, is what are the people who run these organizations going to go with as their future? is it going to be i expect you in the office five days a week, or it's got to be hybrid or, you know, and that -- that's going on right now, that debate and those decisions. >> do you think people -- that companies that don't offer that flexibility can't get good people >> right. >> yeah. >> i do, too. >> but if you put two organizations side by side right now that are in the same business, what would you rather, have invest in a company that had people coming in every day to the office or the company that went with the to you-three let's call it. >> i have two crazed dogs at home, and i would rather go to the office. >> you didn't answer the question. >> well, dogs are crazy. >> i know. >> well, the new dog nvidia has taken every toy, on the bed, has taken control, and it just -- that dog, like yoda, that dog is

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jim what's on "mad" tonight? >> sarah fryer, used to be at square, now at nextdoor and scott wine, they have a deal they bought a company yesterday. scott has done great things. can't wait to see them. >> it's a good show. >> splunk got a big investment and, yes, i sold disney. okay sold my bitcoin and my disney. sue me. >> viewers did notice. >> yeah. they wrote in. >> wow. >> said you are no longer invited on splash mountain. >> i've done with splash mountain i lost my glasses. >> really, on splash mountain. >> on space mountain. >> sorry to hear that. >> i've never found them apparently there's millions of glasses underneath there. >> the lost and found. >> yet another reason to sell disney >> we'll see you tonight, jim.

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good tuesday morning welcome to another hour of "squawk on the street. i'm carl quintanilla we're live at post nine of the new york stock exchange. morgan brennan has the day off we have powell's q&a that will begin at 2:00 eastern time dow is down 107 and got existing sales out. let's get to diana olick. >> reporter: carl, existing home sales in may down 0.9% to a seasonally adjusted annualized rate of 5.8 million units. that is slightly better than the street was expecting, but still the fourth straight month of declines you can blame it all again on inventory. just 1.23 million homes for sale that's a two and a half-month supply, down over 20% from a

year ago it's slightly better than april, burks still, again, way below where it needs to be and it continues to push prices higher. median existing home price, $350,000323. that's the highest price on record and the strongest price appreciation on record, but, again, we have to show what is selling and how the market is skudra homes priced below $250,000 way down homes priced between 750,000 and 1 million up 178% from a year ago and million dollar homes, sales of those are up 244% from a year ago the realtors are blaming affordability on the drop in sales. they say just look at the regions, sales in all regions are down except the midwest where homes are priced most cheaply. so, again, a slight drop in home sales, but a little bit better than expected. back to you guys. >> all right diana, thank you for that. we are 30 minutes into the trading session. here are the three big movers we're watching this morning

starting with game stop. shares jumping after competing that previously announced sale of 5 million shares. that stock is up 7% and the ceo opening a new antitrust probe of google's digital ad practices. part of the investigation will cover some of the same areas involved in a case filed by several u.s. states against the alphabet operation last year, and we'll end with sanderson farm, the poultry giant reportedly exploring a possible sale that stock is up almost 10% on the news carl >> all right meantime, as we said, the fed chair set to testify later this afternoon on the central bank's response to the pandemic elon mui has some of the details. hey, ylan. >> reporter: fed chair jay powell will call the increase in inflation over the past few months notable but emphasizing that it does still appear to be transitory now those comments are from his written testimony ahead of the

hearing today before the house coronavirus committee. he said the jump anyone flakes was due to base effects, past increases in oil prices, a rebound in consumer spending and supply chain bottlenecks in his testimony he says as the transitory effects abate, inflation is expected to drop back towards our longer run goal that's a reference to the fed's projection for pce inflation to be back at 2% next year, but powell's written testimony does not mention the earlier forecast for liftoff in those same projections, and, in fact, he doesn't mention rate hikes at all. now, he does warn about the slowing pace of vaccinations and points to new strains of the virus as a potential economic risk the hearing will also focus on the fed's emergency lending facilities during the pandemic powell said the fed's actions unlocked $2 trillion of funding for businesses, non-profits and state and localgovernments and ultimately he argues that helped prevent businesses from close

and workers from losing their jobs the bottom line, leslie, powell reiterated that the fed is committed to supporting the economic recovery until it is complete back to you. >> thanks. we'll be watching that closely throughout the day and, of course, later this afternoon but as we await powell before congress, let's turn to the markets, although these days they seem to be one in the same. you've got the s&p slightly lower, dow slightly lower, the nasdaq pretty much flat today, slightly less exciting than what we saw yesterday at this time. joining us to discuss it all is ernesto ramos, u.s. chief investment office and david speaker with guidestone capital management thank you both for joining us today. obviously, ylan gave us a really great breakdown of what to expect from fed chair powell later this afternoon do you expect that to incite a bit more excitement from the markets than what we're seeing right now? >> oh, absolutely.

there's going to be some volatility around fed -- chairman powell's testimony because there always is. people are going to be parsing every single word he says and we'll be making adjustments to their trades, but i think the long-term message will be consistent with what we just heard from your analyst and that is they are supportive of growth they are willing to let inflation run a little hotter, and just to make sure that growth comes back, and i think that's going to be the bottom line, so i don't expect that big surprises overall in his testimony. >> david, what about you do you think the market has become too intertwined with fed policy, fed speak? >> absolutely, and i think you can go all the way back to the end of the financial market and see how intertwined the market is with fed policy you called it earlier, leslie, when you said the fed policy and the markets are one in the same. that's up with of the things that concerns you. we really want to see the markets start trading on fundamentals, on earnings growth and economic growth, and that's

going to be challenging because we feel like all the good news is already priced in 35% earnings growth this year, 11% or 12 person next year but it would be nice to see the market respond to true fundamentals and not be so dependent on federal stimulus. that wake it easier to manage for fundamental investors. >> just to follow up on that, what would redivert attention to fundamentals would it actually be seeing some tapering and doing away with the rate hikes or doing away with some of the stimulus that we've seen would that help? >> yes, it would we've seen a little bit of that. with stocks at 22 times earnings, i don't think you'll see much multiple expansion, and that's really been the impact of fed policy is the broad-based multiple expansion yes, if we saw the fed signal definitively that tightening was coming, that tapering was coming, i think markets and

investors would be forced to start paying attention to fundamentals they have to look at companies that can weather through a higher rate environment, weather through a higher inflationary environment and have the ability to pass on higher input costs and prices to their consumers. those are things that investors will have to start paying more attention to and, yes, i think a change in the tone at the ned would be a significant catalyst for that. >> well, speaking of fundamentals, ernesto, you say that there are signs of bubbles everywhere you cite in the producer notes there's commodities and cryptos, real estate, nfts, spacs are these pockets a systemic issue for the markets, and what do you think corrects the price levels that you believe are too hot right now? >> well, some of them have already corrected a little bit i mean, you see bitcoin trading under 30,000 and commodity prize -- i mean, lumber prices coming down, i don't know, 40%, 50% now, so those -- some of those are correcting because the fed came out a little butt or the market proceeded to be a

little bit more hawkish in their last meeting, although i think that that -- that there will be a reassuring message from chairman powell today. i think going back to the fundamentals that will be the key and i think the reporting of the second quarter and the guidance that companies give us will establish the tone for the markets in the months to come because as -- as my counterpart is suggesting, the market is well priced and we need to see positive news and guidance coming out from different sectors of the market to establish what the new direct will be versus -- reflation versus secular growth so we need to hear that commentary, and that will probably set the tone, although we're on the side of inflation that could per seifert. you want to be tilted towards value and cyclicals and away from growth because despite the fact that the higher the yields

have come lower in the ten year we still think that they are going to go back up as the economy continues to strengthen and -- and we see that they are supportive of that -- supportive enough that have to continue. >> well, we certainly saw the redominance of value over growth yesterday. we appreciate both of your insights, ernesto and david. thank you for being here today david. >> we've got news south of the white house this, on the vaccination front, andmeg terrelle has that for us meg? >> hey, david, the white house conceding that it's unlikely to meet the president's july 4th goal of 70% of american adults having at least one covid vaccination by that independence day. they say they are going to hit that target. they are already there for people 30 plugs and they will hit the target for people over the age of 27, but they are going to need a few extra weeks to meet the target to meet the target for people over age 18. where do we stand versus that goal 65% of u.s. adults have had at

least one shot, so falling short of that 70% target it's estimate that had we get there by july 23rd at the current pace or even longer with the current slowdown the white house though is still saying they are declaring success beyond their highest expectations can you see what's happening with the first and second doses. the first doses of the shot from evercore isi, the blue line there in mid-april, and they have come down since then. now we're under 500,000 of first doses of vaccines being given every day here in the u.s. though you do see a little uptick in the last few days so perhaps things are going a little bit better. this is a bit of a concern as the more contagious delta variant is on the rise in the u.s., marl with the states with the lowest vaccination rates among with the states with the most success, more than 75% of adults in the state with one dose, connecticut, maine, massachusetts, new jersey, massachusetts, rhode island and vermont. along the vaccination rates, below 50% on that metric, alabama, louisiana, mississippi

and wyoming, guys, so really the tale of two countries based on their vaccination rates and their risk for the more contagious delta variant guys >> meg, it is a logistical marvel of what we've been able to do in terms of distribution, but the view that we might have had or at this point be looking at a higher vaccination forecast, do you think j&j, the troubles, the pause, the production troubles in baltimore, do you think that had anything to do with it >> yeah, we definitely have seen a fall-off in the use of the j&j shot since that pause. absolutely there was a problem the after the pause they never recovered. the cdc director from maine says it's really hard to tell because you were starting to see a decline in overall vaccination a one-shot vaccine was expected to be an incredibly important tool, and i think its use has been disappointing for many.

>> yeah. >> meg, we'll see where we do get especially by the fall when some argue that's when it counts our meg terrelle we'll take a break and look at the road map for the rest of the hour bitcoin below 40k and lowest since before january. >> and why nvidia is being called the semi company best positioned for growth. the analyst behind that call will join us. >> and the state of housing, a better than expected showing for that, ma home prices still hovering at near record highs. the ceo of brown harris stevens will join us

bitcoin now seeing its sixth straight week of outflows dipping below 30k and going red for 2021 as they crack down on worries about china. our next guest is not too concerned and bullish on bitcoin. chris, welcome back. good to see you. >> great to be on. thanks for having me. >> the -- the decline in value from the highs, i mean, you're talking at least 50% on bitcoin and 70% on some other coins like doge why aren't you concerned >> well, look, nothing goes up in a straight line you can't have a transformative

technology just immediately shift to an end state. it happens in stages, and those stages, if you go back over time, you know, they looked inevitable, but actually when you zoom in there were a lot of ups and downs and we saw that with the internet and even look at amazon stock so i think we have to put everything in perspective which is what a huge shift we've had so far it's not over and it's not going to be a straight line, but at the same time where do we think it's really going to get to in the next five or ten years >> that huge shift is absolutely why some argue the chinese in particular are so concerned. do you doubt their resolve in trying to rein in some of the trading and mining, or do you think they are going to change their mind or do you think we've already reached a state velocity from global regulation >> well, i think at the end of the day crypto mining and the crypto space is a lot about american values which is freedom, the ability to make choice, open access and those

aren't necessary lit things that china is trying to solve for, so their crackdown on mining is probably for a number of different reasons but ultimately the thing about mining is it can move and it will, and it's already looking at different places it can go including the u.s., other western european countries and i think ultimately it might create a short-term blip in some adoption and the way things shift around in the industry but fundamentally it will actually put us in a stronger place so i think it's really positive in the long-term. of course, in the short term there's going to be some noise and you just have to work through that. >> chad, how long term are we asking about i ask because the "new york times" reporter nathaniel popper who wrote the book on bitcoin basically pointed out yesterday on twitter that real you can kind of pinpoint every time there's been a major crackdown in china to a major selloff in bitcoin, and so my question is, you know, how intertwined is price activity with that

regulation, and when does it kind of diversify to the extent that it isn't as reliant on news and headlines that keep coming out of china with regard to regulation. >> well, the reality is that asia is a really huge market for it and china is the biggest market in asia and so we have to recognize that's the case. if you look at trading volumes, they are really significant to china. on the other hand, i think's kind of a pattern of you crack down on things and then, you know, after a while you kind of loosen it back up again so we don't know if that's what we're seeing or maybe if it's more endemic, but ultimately where do we think that this is going to be in the next five or ten years. i personally believe this is about replormg the financial system it's about how i think in 18 months almost everyone will have access of crypto through digital wallets, so that's what i think the end state looks like so if you go back to today, clearly the chinese government taking an action can affect a very large market in the world and in -- and in general and in crypto specifically, and is that's

what's going to change the adoption curve here. i personally don't believe it will actually in some ways this is a positive because it's going to force many different actors within the crypto ecosystem to go into places that embrace the rule of law and freedom in a way that they may have not in the past. >> do you think we've moved past the esg conversation are these efforts to make mining more climate friendly? are they actually bearing fruit at this point? >> i think we're actually seeing really positive developments i think's really two questions to ask here. one is where are we getting our energy from and what are we spending our energy on, and i think the first question should always lead to an answer of we want to have cleaner energy. we want more renewable energy and then the second question what do we spend energy on and here's a more important one, spending energy on having a more financial system, one that anyone can access and one that's

programmatic and creates a lot of innovation is a good use of energy how much should we spend that's an important question to have, but there are many ways to use energy that's being wave or in which it's trapped that crypto can promote green energy. we've seen this in a number of different cases where people have been making i think very clear delineations around how ultimately crypto will promote the cheapest forms of energy which in many cases, most cases actually are renewable, so i think there's really positive comments that are developing out of this and really thought processes coming from this that hadn't really been thought about in a broad sense and so that's always important you have to go through stages on a journey like this, and this is an important one to talk about. >> all right if you're right, and this is about replatforming i think you said the financial system, you know, i'm serious. is owning crypto the best way to benefit from that as an investor, or are there other ways that aren't as obvious? >> well, you know, i think

there's a couple of components i think of it in two asset classes in some sense. there are native block chain assets that are crypto and non-native block chain assets which is almost everything else so there's $1.5 trillion of crypto assets and $700 trillion of all the other assets in the world, and when we talk about replatforming the financial system how do you change how all the old assets move, and how do you use the new technology to in some part use crypto as well, and so there's a combination of things going on? when something that large, that big of a shift is happening, but we're still in such the early stages here. there's only been 100 billion of that $7 trillion that's been replatformed and we're real at a very, very early moment, and crypto has clearly created a huge community and it's also i think showing us the road map for what this new world could look like if the whole financial system was replatformed so i

think certain examples where there could be a new gold. you could own crypto that could be like ethereum where you could own the platform that the economy might be on, and then you have the fact that you have businesses that can transform how the $700 trillion of assets can be replatt formed, and an example is packsosxos that is tg to be the change that the internet is talking about. you can't tell what the system will look like if it's replatformed sorry, go ahead. >> using the internet metaphor and even the amazon price action metaphor from back in the day, chad, i guess it -- the price could go to $1,000 on bitcoin and i would assume you would still come on and make the arguments you're making about fundamental shifts it's not related to whatever price bitcoin happens to be at >> yeah. i mope, look, i've lived through

three or four price declines in crypto and in some ways it's healthy. it doesn't feel good, by the way, but it's healthy because you need, to you know, kind of wash out the gold rush mentality that kind of sneaks in a little bit when you have such unbelievable price action, but that doesn't change the fundamentals that are happening, and so i remember, when you know, bitcoin went from $30 back to single dollars, and when, you know, we saw a um in times where it went up to 1,800 and then declined again, to you know, almost below triple digits, so you had these corrections that happened and that's just looking at bitcoin, and that's okay, you know not every idea is going to succeed. the market will weed those out you kind of have these explosions and then you have a winnowing of the field and that's okay. >> chad, fascinating look at -- at the times we're living in and the way that technology is change money in general. a great as always. thanks. >> great to be on. good to see you. >> good stuff, carl, as we head

to break we're getting an early read on the amazon prime day effect and it's being report that had sales across online retail in the u.s. surspaced $5.6 billion, an 8.7% increase and the biggest day for online spending in 2021 we'll be right back. stay with us

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welcome back to "squawk on the street." let get to the etf spotlight, ticker stocks, adding on for the year, up for the year in 2021. nvidia getting another price target overed a ray j. they still consider nvidia to be the semi company the company best-positioned for growth over the long term. the chris russo joins us now god to see you. >> good to see you. >> the first question that cropped up from your note is

whether or not the company's crypto strategies are at risk given to what's happening to price action in crypto, i'm assuming you believe it does not? >> well, what they have done, and this was around earnings, and i think this is probably one of the reasons that the stock has done well over the last month is because people feel a little more comfortable with that because they have taken proactive steps to basically take crypto out of their gaming numbers going forward, so all of the new cards manufactured after june 1st have what they call lower hash rates and that's not for mining crypto, and we all know the current demand for cryptocurrency is probably not going to maintain at these levels so they have been proactive in taking them out there's still about 400 million in some clinto mining specific boards in the numbers, but those come out after -- after a couple of quarters according to our estimates. we think management supports that the reason why it's been a concern is back in 2018 when

ethereum dropped them, it caused a correction in the nvidia gaming market and we believe they learned a lesson in the steps they have taken. they helped to de-risk that. >> getting supply to gamers, as you point out and then accelerating year-on-year acceleration growth. that's essentially what's leading you into your target. >> it is it is. we can pause it on the stock for a while. we upgraded the stock to a strong buy back in april on that premise, that data center would start to accelerate more meaningfully, and it really didn't at the end of last year for two reason, one, that the hyper scalers had -- had bought a lot early on, you know, pre-pandemic that they were digesting and more importantly that enterprises is about half the data center growth and real stalled out because nobody was on premise anymore, and we're starting to see that start to come back now, and i think that's a -- a strong driver and, of course, longer term artificial intelligence is really the driver of the multiple and -- and the main element of the story.

>> it's been suggested, you know, that the supply chain could still be constrained until 2022 are you concerned that that could limit the upside and the growth potential for nvidia? >> well, it -- it's a good question, and it -- it really depends upon how much supply they get and -- and nvidia for their gaming products uses samsung for the foundry and they have been famously tight on product, but the bottom line is that there's a lot of demand the gamers, well, obviously gaming has been very strong for a while, and the gamers haven't been able to get product so we think that that demand is going to persist and people are going to wait for those boards because nvidia is the only game in town for that high-end gaming so even if you get to the situation where demand is not fully fulfilled by the end of the year, that's fine, too, because that just persists into next year and it reduces the risk of them overshipping the market

which building inventory in semis is really what you're worried about. >> one of the big calls of the morning. appreciate you coming on good to see you. >> good to see you thank you. >> tame now for a news update. the. >> hi, david, good morning here is your cnbc news update. a new government watchdog report found nursing home deaths were 32% higher compared to 2019 meaning an additional 116,000 people died in long-term care facilities during the pandemic and death rates at these facilities were higher during every month of last year the. moscow is tightening virus restriction amid a new surge in covid infections residents will not be able to visit restaurants without proof of vaccination, a negative covid test or virus antibodies officials are blaming the highly contagious delta variant for the increase in cases. a federal judge is to go out a lawsuit filed against former president donald trump and his then attorney general william barr for clearing protesters from lafayette square last

summer the judge called the claims of civil rights violations in the suit speculative and premature. and las vegas raiders defensive end carl nassib becoming the first nfl player to come out as gay. he shared the news in a video message on his instagram acun you're now up to date. "squawk on the street" will now be back after this break folks the world's first fully autonomous vehicle is almost at the finish line today we're going to fine tune the dynamic braking system whoo, what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be a deep learning engineer to help make the world a smarter place does this come in blue? become an agent of innovation with invesco qqq does this come in blue? this is dr. arnold t. petsworth, he's the owner of petsworth vetworld. business was steady,

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home prices still hovering at record highs as affordability squeezes buyers out of markets at least across the country. here to discuss is brown stevens harris ceo bess freedman new york is a different market, bess, than the rest of the country where there does seem to be just an ever-increasing number in terms of what people have to pay for putting roof over their heads. >> new york city during the

pandemic, we were super challenged and now because we have such good supply and people are coming back to the city, we're seeing people invest here which is fantastic for everybody. the problem in the other region is that there's a lack of supply and the demand has remained, so new york city is now a much better market than it was, you know, even six months ago, so, you know, we're very optimistic. we're just trying to encourage everybody to get out there today and vote we know the mayor's race is on the way, the primery you can vote up until 9:00 i voted on saturday, and i think it's so important. it is the most consequential race for new york city, and we want to make sure we put in place candidates that are going to make safety a number one priority. >> right i can see that, and that's obviously key to your business in many ways as is though something we talk about a lot here which is a return to the office still so many people not

actually going to the office now they may live in new york or they may not but it does affect i think their willingness to consider living in new york city if they actually have to go to the office every day in new york, doesn't it >> yeah, it does, i mean, during the pandemic it was great that people could work from home and do zooms and that sort of thing but we're seeing little by little that tick up. people are coming in more and more and i think people want to be together. you can't build culture from home in your sweatpants. i think you really want to be together and i think businesses are starting to support more of that companies like tiffany's insist that had people come in. we're having all of our employees come in. people are vaccinated. it's safe and so it's a new day. i think little by little you'll see more and more people return to the office. >> the mayoral primary, of course, as you mentioned, you know, i -- i mean, the business community i would assume is more

or less hoping for a moderate candidate to emerge victorious, concerned about taxes as you say, concerned about public safety, quality of life issues how likely do you think that is, not necessarily naming one name but that it will not be perhaps one of the more progressive candidates that actually wins? >> i'm cautiously optimistic i think new yorkers are just tired of what we've had for the last eightovers. we want a change we're desperate for a charges and we want a unifier, someone that can work with the community, the unions and teachers and be pro-business and encourage things like an amazon deal or a sunset park deal we want somebody like that, and i'm very optimistic. we have really good candidates that are running and are doing well and understand that they have to work with the police it doesn't mean that they can't be critical of the police, that's northern, but we want somebody who is going to bring us together and keep us safe remember, without safety we get

nowhere. if you don't have safety, you don't have your aunt from new jersey coming in to see "hamilton" and people don't open the subways and people don't open businesses. tourism goes down. we need someone who supports all of those things. we can do that so i'm counting on new yorkers to show up today and vote. it is so important for our city. >> yeah. it reminds me actually of that letter from september with the 165 business executives and leaders. they wrote to mayor de blasio about, you know, enhancing public safety, to allow more workers to go back to their offices, but another question i have involves tax policy which, of course, is front and center for a lot of people who live in this city. do you see any likelihood of a big change in one direct or another regard to tax policy especially after the city did receive, you know, a decent amount of stimulus for its post-pandemic recovery do you remember get the sense that there is some momentum to

change tax policy here >> i mean, i think tlmpts i mean, we don't want to drive people out of the city or businesses, and that's happened time and time again, so we have to have responsible tax policy that is steeped in economics, not politics, and so i hope -- i mean, we were able to. there was a tax that was looming. a lot of people got together and we were able to sort of stomp that out for right now, but i hope that we'll be more responsible so that we can keep people investing in new york city, wanting to live here if everybody moves to florida, it's going to hurt our city for the long term, so we have to -- legislators in albany have to take that into account they have to think about the future, not just the narrative on twitter, and i think that's what's happened in the last decade here in new york city. >> bess, i wonder how much you're thinking about international money. obviously it's a huge factor for tourism and broadway and we'll know a lot more this fall, but it supported a lot of real

estate at the high end how much are you looking for and hoping that the international restrictions start to loosen >> yeah, i mean, i -- i think if we get safe again. if people feel good about new york city we'll start to see more international people start to come in to invest for tourism, for all of those things, but carl, honestly, until we get the city in a better place and people feel good about just riding the subway you can't even think about people coming into the city from other places because we need to make sure that kids can, you know, get on the subway safely and people can get too and from work and we're just not there yet, but i'm hopefully with a new leader in place that we'll start to see people coming in again that's my opinion. >> i think you're scaring people more than you're reassuring them, bess i grew up here in the '70s let me just tell you right now the subway is nothing like what it was then. i took it in today and it was fine talking about public safety like we're all running for our life, i mean, we're not. no, no, i a i grow we're not

running for our lives. i agree with you i'm just trying to get us -- i just want to make sure that we're headed down a spiral and i'm trying to get us back to a better place people need to understand the severity of what we're facing. it's safety, yes, and taxes, too. it's very important, so i know it's safe. i live here. >> yeah, i know you do i know you do, and taxes are probably top of mind and our budget, $98.6 billion which makes no sense how much are prices down year over year and what did you expect a year ago and where are we versus those expectations >> a year ago i would never have imagine that had we were so busy we've had one of the best second quarters we've had in eight years so that's excellent. prices did adjust a little bit the pandemic served as sort of a catalyst to get prices corrected because we were in a buyers' market pre-pandemic and now the market is much more fluid because prices have correct if i had to guess about 10% so we're

seeing good movement in the city, so i'm a believer in the city. >> okay. good, all right. we appreciate that and appreciate you joining us, thanks, guys. >> after the break, airports getting a much-needed boost from the faa. we've got the details, don't go away obsession has many names. this is ours. the lexus is. all in on the sport sedan. lease the 2021 is 300 for $379 a month for 36 months. experience amazing at your lexus dealer. - [announcer] dearest smoke shacks, defenders of the dry rub. thank you for giving your all to a 20-pound hunk of brisket.

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as international travel returns airports are receiving help from the federal government our phil lebeau has the latest hey, phil. >> hey, leslie, this is part of a program if you go back to february and march when the federal government is saying, look, what kind of relief can we provide to different sectors for the airports, it was $8 billion. well, they are finally to the point where they will be awarding that money. this comes as passenger levels are improving, but keep in mind we're not seeing much in terms of international travel and business travel is still slow in coming back. nonetheless, when you look at travel numbers over the last

let's say month, two month, you've seen a steady increase, down about 20% to 30% depending on the day of the week yesterday's numbers more than 2 million people flew in the number of passengers compared to 2019 down about 25%. so you have passenger levels down 20% to 30%, so for a number of airports they are still not whole. they are still in many ways struggling to make things happen the way they thought they would happen back in 2019. the grants from the federal government of $1 billion will offset lost revenue, fund projects and there's a component with guarantees for employment for airport employees. how much money are different airport getting? look at the five different airports receiving money and this is based in part on passenger through-put so you've got atlanta hartsfield receiving $360 million and l.a.x. just over $300 million, is chick o'hare and dallas fort worth

receiving between $233 million to $288 million. all of this comes as the airlines are adding more flights and seeing more passengers, and speaking of passengers as you take a look at shares of the four largest airlines in this country, keep in mind that they have sent a letter to the attorney general, merrick garland, and they said that they want a more formal public prosecution of those unruly passengers when there's a physical altercation on board planes they believed that this would be a deterrent if there was more of a public presence by the attorney general in terms of prosecuting those who do assault somebody on a flight because we've had a real spike in unruly passenger behavior, particularly physical assaults within the last six months. guys, back to you. >> yeah. phil, you know, sully sullenberger, captain sully, tweeted that the alpha president, the union president was right. he said we need secondary barriers to protect the cockpit.

>> interesting. >> which says a lot about how those who work in the industry are feeling right now. >> and this goes all the way back to 9/11 when, remember, at the time, there were a number of people basically the victims' families who said, lock, there should be secondary pilot or secondary barriers right now you see a number of the airlines, they put the cart in front of where you would go up to go use the restroom and then you have the cockpit door they said there should be a secondary barrier there. that never went through. interesting whether or not that conversation is revisited now. >> all right unfortunate, phil, but we'll keep our eye on that on traffic and, of course, on some of these new grants that's our phil lebeau. meantime, tinder announcing a slate of new phones including the ability to inject videos into profiles and the dow has erased the basketweave 100-point loss we're up three points. don't go away.

welcome back to "squawk on the street." markets are holding steady right now as some traders and investors await comments from fed chair jay powell later on this afternoon as he testifies before that house select subcommittee on the coronavirus

pandemic now, consumer discretionary stands as an outperformer on the day, thanks in large part to gains in amazon and home depot but it is the financials that remain a key focus and one of the big etfs that tracks that sector, xlf, still down 4% over the last week. banks on the move, losses today being paced by a range of other companies in the sector, like asset manager, invesco, broker charles schwab and american express and aig. now back down to the new york stock exchange. >> thank you, dom. as we head to break, splunk shares soaring today after an investment from silver lake. those shares 12% now that will consist of senior notes and we'll see kenneth howell appoiedo nt tsplunk's board. stay with us we'll be right back.

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seasonal visitors. rick murray is the owner of the crown and anchor in provincetown, cape cod, he oversees several bars and clubs alongside a hotel and restaurant thank you so much for joining us rick, so give us a sense of these conversations you're having what is behind some of the struggles you're experiencing with regard to hiring right now? >> the biggest struggle is not having our j-1 student visas from europe, nor our visa workers from jamaica and mexico and other countries. the cap was hit on february 12th, so many of us that own large scale businesses do not have our staff that worked for us for probably 15 years plus. they already have been trained, they know the systems, they know our businesses and they're like family but they're not here and that's the biggest struggle that most businesses are facing now. >> and it is presumed that there isn't enough talent and

available workers where you're at right now to fill that void you know, do you feel pressure to up the wages to be more competitive or do other things to attract talent to come help fill the vacancies you have? >> yeah, we tried every trick in the book we pay our staff well, prepandemic or postpandemic, and that's not a problem in regards to our salaries and employees and bar staff and bar tenders. the biggest challenge is no one wants to do the hard, difficult labor work of facilities, housekeeping and dish rooms and line cooks, that's the biggest challenge. we don't have enough american workers that want to do those jobs that's our biggest challenge and the biggest challenge associated with that is housing. provincetown is a very upscale tourist destination, with a large gay and lesbian market and most of our property is owned by second homeowners, probably over 80% of it. it is difficult to find housing

for many of our staff as well. >> so how do you need to change your business in order to of course accommodate some of the challenges have you changed the services that you provide to people who want to visit your amenitys? >> yeah, absolutely, for example, our water front pool is just open to our hotel guests, not open to the public our video bar is now moved into our large nightclub. usually have two performance spaces for shows we built an outdoor theater last year, which we utilize 80% of the time and if we do have inclement weather, we move it into the nightclub the smaller cabaret venue has been closed last year. we can't open both of them it is one or the other our restaurant, we're open seven days a week. we have a great kitchen staff that is working extra hours and overtime because we want to be open seven days a week because of our location and all the amenities we do offer. >> rick what about guests? are you expecting as many as you can possibly have this summer?

>> well, we were all planning for an august 1st opening, not a may 29th opening so many of us have to pivot for the fourth or fifth time since last year. and that's the biggest challenge. to plan a destination like the crown and anchor in provincetown, we plan things, eight, nine, ten, 12 months out. we can't do the large scale events we normally do, beach parties, pool parties, carnival parades, we have limited capabilities to service the public when they do arrive it has been difficult for the month of june so far the demand is pretty high. it is like july. it is not the middle of june it feels like july 4th the last two weekends. >> wow well, i guess that's somewhat of a good problem to have but on the other hand, i know it is difficult from a staffing perspective right now. rick, thank you so much for being here and wishing you good weather this summer season >> thank you very much i appreciate it. as we wrap up here on

"squawk on the street," a quick look at the markets again. after yesterday's significant rally on the broader market, the s&p up another quarter of 1% the dow is lagging and the nasdaq lagging as well a broader performance of the s&p, similar to what it did yesterday. energy not having quite as strong a day either. we know that is going on with bitcoin. that will do it for us on "squawk on the street. "techcheck" starts now can you explain how i might use bitcoin? >> okay, conan, imagine you are in a snow globe, where -- every snowflake is a unique and beautiful coinpertunity. >> that didn't help me all can you tell me what bitcoin is or not >> it is a circle and everything we have done or will ever done we'll do again. >> that's a line from true detective. >>