it is 5:00 in washington. room to run. one market guru is telling clients to stick with stocks for the long haul. a deal in d.c. a bipartisan group of senators presenting their plan to the president today and it could bring back the infrastructure deal. and our company comcast taking issue to take on disney and netflix and others

the end of the era hong kong pro-democracy newspaper printing the last edition today as more companies look to leave the ones thriving city. we've only just begun. what calstrs says about exxon and the boards and ceos may have lost their way it is thursday, june 24th. this is "worldwide exchange" here on cnbc good morning, good afternoon or good evening. welcome from wherever in the world you may be watching. i'm brian sullivan thanks for joining us on the busy thursday morning. here is how stocks are setting up the day strong dow futures up 169 points.

nasdaq up 83 the s&p up 20. all ahead of the busy day for the markets and your money on tap at 8:30, the government will release jobless claims, durable goods, and third print on the first quarter u.s. gdp. at 4:30, the release of the bank stress tests in europe, an interest rate decision coming from england in two hours' time. 7:00 a.m. eastern time here. not a lot going on here in the u.s., but as well in the uk. ahead of that, stocks in europe are higher more new highs across the board and more records their markets have also kind of quietly been making new records as well. the german dax and france and cac 40 up 31%. the spanish index up more than

1% we will get more on all of this ahead, but right now, let's get to the top stories including news on our parent company. comcast. kristina partsinevelos is here with those and more. good morning, kristina >> reporter: brian, we have the biden administration late last night adding a half dozen chinese companies to the economic black list over alleged human rights violations. among the companies added to the list are hoshin and daqo new energy and gcl new energy material at least some of the newly banned companies produce a key material used in the manufacturing of solar panels. none has vastly large contracts with american companies. and comcast is set to go on a spending spree to better take on the streaming landscape in a statement to cnbc's julia

boorstin, comcast says, this report is pure speculation adding that both comcast cfo and nbc said in events that they are not in need of any new assets. buzzfeed is reportedly going through a merger through spac. brian, back to you >> a lot of media news out there or at least reputation of potential media news kristina, thank you very much. back to the markets. a man who has been right on the money with his calls the last few years. laying out the technical case for stocks even when others were nervous. he has been rewarded with more and more new record highs for the markets over that time joining us is piper's chief market technician craig johnson. craig, it is great to have you

back on. there were moments where they say it is darkest before with the dawn and things were looking grim the last few years. you said stay long and strong. you and your clients at piper sandler paid off congratulations on the calls what have you done for us lately what are you and your crystal technical ball seeing for the macro markets? >> brian, with the first half of the year done, we're up 10%. you know, when you go back through history and look at the positive greater than 10% first halves of the year, you look at how much can we get into the second half? when you go back through history, we found, brian, this market usually continues to keep pressing ahead in fact, you look back over the last, since 1928, you had 26 other periods with returns as strong in the first half and positive returns 77% of the time in the second half with an average return of 6.1%

median return of 9.1%. brian, if it plays out this way, it is a fat pitch down the middle that we raised over the last couple months >> what's the risk to all this, craig? besides stocks going down. the obvious. seems like the easy money has been made coming off the pandemic lows, literally and figuratively from the fed and easy money in the markets. what are, if any, the major risks out there right now? >> i look at it this way as we navigate through the first half the year we had certainly a few fastballs coming in with inflation we had a few change-ups in terms of market leadership in the first half of the year last year, you got a curve ball from the fed as it looked like a few of the dots changed on the dot plot the risk going forward is the market as we look at this and totalled our full count because

evaluations are not necessarily cheap. you look at the technical set up which is strong at this point in time everybody is waiting for the neck next pitch that could be the jobs numbers that could be hot and you have a fastball and swing and a miss and you will see the market have a little bit of a correction if it continues to be a transitory set up here and high and outside and you see the market continue to walk its way toward first base and work its way higher those are the main risks out there. then you go shift into washington and you have to think about if we are going to get a series of tax increases or get changes in capital gains tax those will prove to be headwinds for the market in the second half of the year >> forget goose gossage. we have to call you goose

johnson from here on out higher rates are the risk. ironically, 10-year bond yields have been going down, not up, craig. >> you know, brian, that's the curve ball that's certainly investors have been addressing last week. doing calls after the publication have come out over the last day or so a lot of people looking at the numbers coming out they are buying into the transitory argument at this point in time. clearly we all know that wages will not be transitory you can't give somebody a pay increase this week and take it back next week same with commodity prices from our perspective, this is the key to go through and watch. where we will see it happening with the jobs front. from my perspective, there is room for of the market to work in the second half from the sector perspective, you have to stay long in financials and consumer cyclicals are the

opening trade. you also have to be there with the basic materials and if i could have another sector to be overweight, three energy is a top performing sector. a lot of people have missed and ignored. >> best start to the year for the energy sector since inception. 45% coming in to this morning. leave us with the name you talked about financials. you talked about them before you are staying long and strong. pnc. >> correct pnc is a constructive chart. breaking out the highs and relative strength. that is one to buy don't forget about range resources. great long-term reversal, brian. >> throwing out oil and gas name there as a bonus pitch, i guess. goose johnson, always a pleasure to have you on, my friend. thank you very much. twins need a little help that's a different conversation. we'll catch up soon.

>> thank you >> craig coming to us live from the central time zone. he is a champ. when we come back, beijing tightening its grip on hong kong as a free speech paper now prints its very last issue we are live in hong kong next. plus, another big bank says if you want to come back to the office, you have to get the jab. why calstrs says exxon is only the beginning when it comes to his shareholder activist. more of the conversation with the man who helps run $307 billion. fureup 180 we're back after this. it's another day. and anything could happen. it could be the day you welcome 1,200 guests

and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.

welcome back yesterday, i moderated a panel on behalf of the diplomatic engagement in pursuit of the trade balance. it lasted an hour. part of it we spoke with former u.s. energy secretary. the conversations were wide ranging. we had the opportunity to ask the secretary about the pipeline and long-term impacts on the natural gas industry here is what he had to say >> i was disappointed to see the administration lax on the north

project. i'm not sure i understand the logic. i was more aware than tony blinken. i think the sanctions are important and to be continued. i can't explain the logic of the conversation i can explain the consequences of the decision. germany will become more dependent on gas and if you follow the news and care about climate, you will have seen in the last two or three weeks one of the largest methane leaks on record came from russia. we know about it we have satellite technology to allow us to track it if you are concerned about those things, i'm not sure why you increase your dependence as a gas supplier >> the big concern about the russian gas pipeline is it links russian gas to germany and continental europe and create more power for vladimir putin. catch our full conversations with the secretary on the

meridian page. i'll send out a link i appreciate the opportunity. as we head to break. a quick check on the other top headlines, including elon musk, because he doesn't have enough companies. saying in a tweet he plans to take the starlink business public when the business is reasonably predict apredictable. shares of beyond meat is down dunkin' donuts is discontinuing the beyond sausage breakfast sandwi sandwich we will wait and see what happens. amazon is back up and running after an outage that knocked out alexa and prime video services last night. according to outage monitoring web site down detecter, 8,000

reports of amazon issues no comment from amazon as is their usual. we are back on "worldwide exchange" right after isth there's interest you accrue, and interests you 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.

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wondering what actually goes into your multivitamin? 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. welcome back there is a live look at hong kong you see the clouds coming in low. the shot looks to be from causeway bay if i'm correct. looking at the world trade

center on the right. the yacht club as well a peaceful scene from above. internally, china has been tightening its grip on hong kong one of the last free speeches in the region closed doors as of midnight that is the pro-democracy newspaper apple daily. it issued the final edition. people lining up to buy the last issue. apple daily has been the target of hong kong and chinese authorities and the target of police raids and staff arrests in recent days five top editors and executives were taken into custody last week the paper's founder jimmy li is already in prison. let's get more on this with pri primrose riordan

p primrose, this was one of the last free speech papers out there. people lining up to buy the paper. what can you tell us about the final day for apple daily? >> reporter: an incredible final day. this morning, from 1:00 a.m. local time, we had hundreds of people lining up north the city waiting for the final edition to come off the presses you know, we were all feeling emotional considering how attached they are to the paper and the paper became a system dol symbol about the 2019 protests even in the central business district this morning, we had business people and people in the financial world queueing up for coffees. it was one of the last newspapers in hong kong that was

willing to openly criticize the government even its proponents would say it wasn't the most perfect paper, but one of the ones left that was willing to criticize the hong kong and chinese government it was really a symbol there and obviously, you know, some of the viewers are now seeing the shots of the staff last night putting together that final edition. some of the staff also gathered on the roof of the next digital office, which is the parent company of the newspaper, which had a turbulent time and shining their phone lights at supporters who gathered outside the offices overnight. quite a scene. >> there is the south china morning post, which, by the way i read

primrose, if you find a perfect newspaper, let me know i would like to read that. i like to check out the south china morning post they face a tough road ahead is there any paper out there, at least based in the region, that is willing to take a fair or critical view of the chinese government or kerry lam and the hong kong authority? >> reporter: it is about whether or not the imprint and the protest movement we had a lot of journalists following around the protest movement the question is who is the next target because after these raids, there was also arrests, as you mentioned, including an opinion writer when we spoke to the journalists

union here, you know, they really spoke of how fearful some of the reporters here are feeling considering the authorities here have been asked what are the rules and all that thing and what is the new paradigm that they are operating under. they haven't quite clearly defined that yes, there's a lot of fear among the press corps. as you go back to the question about it, there is still publication. hong kong was known as the regional media hub where it was free press and it was an aggressive and confrontational press here if you go to a press conference, it is hard to get a question in. it will definitely have quite a big impact on the press here and

definitely a feeling of fear among the reporters. >> south china morning post owned by alibaba was it a defiler of sovereignty? and other headline is citing national security law. afraid to express opinion. sad day in hong kong and apple daily. primrose, we are glad you are still there. thanks for joining us. take care. >> thank you all right. you're welcome ahead, calstrs ceo chris ailman with our conversation and the issues at exxonmobil and the board seats. let's follow-up ton somethig that we talked about yesterday which is so important that it triggered a number of people the news story of bts is

generating huge mcdonald's mcnugget sales ranch dressing was a great dipping sauce option apparently, many of you think i'm a heathen we put out the best nugget dip why not? 5:30 in the morning. apparently i failed you once again. i gave the options as barbecue and honey mustard and other. it was unacceptable to you sweet. mcdonald's tweeted at us saying really doing sweet and sour dirty here. huh? our colleagues scott cohn replied sweet and sour end of discussion. who knew the best news of all, being able

to do something fun like this means we are definitely coming out of the worst pandemic. can you imagine doing that a year ago no way it was all bad news. now we can have fun in the middle of the serious news can we all at least agree on that it's rch dssg.anrein we're back right after this. sru. which is why t-mobile for business uses unconventional thinking to help your business realize new possibilities. only one 5g partner offers unmatched network, support, and value-without any trade offs.

falling back in love

investors getting giddy for stocks futures are up investors in love with oil and gas. energy posting its best first half to a year ever. our exclusive conversation with calstrs ceo chris ailman and another major wall street firm says if you want to come back to the office, you better get vaxxed. that set off more controversy. it is thursday, june 24th. this is "worldwide exchange. welcome or welcome back. 5:30 on the east coast of the united states. thanks for joining us. i'm brian sullivan more on the big stories in moments. let's get a check on the markets and your money

it is looking like another record day on the street of dreams futures are higher dow futures up 186 nasdaq looking to make new record highs microsoft and others have been powering this move maybe one reason why tech is back en vogue is rates are not only not moving higher, but they have been moving lower over the last couple months especially from the march peak 10-year yield below 1.5% remember, scott miner, about a month ago saying not only are rates going to go down, but they could fall back below 1% the only person we heard say that the trend right now has certainly been his friend. bold call.

c contrarean call. that may clear the decks for technology which wants low rates to maintain. rates down tech up. right now, that is certainly the trade. great call by scott. more positives it is positively a great year for oil and gas stocks those investors brave enough to hold their nose and buy the sector last year when everybody said we don't want to own it or we no longer allowed to own it oil at a two and a half year high and the energy sector about to post its best first half to a year ever. all that as oil keeps moving higher and some renewing calls for $100 a barrel. dom chuis here with more on th red hot run. the year of pulling stuff out of the ground, dom. >> think about where we were a

year and a half ago. crazy seeing negative oil prices and how far we have come back above $70 for crude that has driven stocks higher. just like what brian said. on pace for the best first half of the year ever for the sector. just how good has it been? the overall s&p is up a respectable 13%. energy is up 45% just look at that gap between the overall market and the energy that is how big of a deal it has been for energy. so why is it not getting more attention these days energy overall is a diminished sector within the overall s&p 500. just to put numbers in context around it. statistically speaking, it is a 2.8% weighting in the s&p 500. the third smallest sector. utilities and real estate are less of a weighting in the industry and market. it has a total market value of

equity and i say that because it is a big industry. market value of equity of $1.1 trillion making that half the size of apple in terms of equity market value to give you idea of size in the overall sector. as energy prices have gone higher, those companies do the best the one whos who get it out of ground, exploration companies are up both of those, brian, out performing the energy sector still up 45% energy is a big deal brian, back to you >> very quickly, dom, a former fund manager, do you think there will be a lot of catch up trades that is a bullish case fund managers say why don't you own the oil and gas? they have to come in and buy the stocks which could lead to

another run rhigher >> there is runway there there is historical precedent for it you may look for the extra out perfo performance, the alpha to look at the beaten up energy is a massive move higher. look where it came from. a huge base effect move. we will see whether or not fund managers go that way >> base effect in my pool tomorrow on the show dom chu, always a pleasure thanks for coming on >> thanks, brian you're very welcome. let's stick with energy. we have the opportunity to speak with chris ailman. the chief investment office at calstrs. they manage $307 billion the last time chris and i spoke was just after engine number you one, the hedge fund, secured three board seats on the

exxonmobil board with the backing of calstrs he told us then about the closed-door talks that calstrs had with engine number one and exxon over the course of the months leading up to the vote. yesterday, with that board victory in mind, we asked chris if exxon was an isolated event or a start of a seismic shift and he and the industry approached activism? >> brian, it's both. we have three board members on that board which is massive. if you go back to look at may and the end of may, i think for the integrated oil and international oil industry, it was an historic day. we got three board members on exxon. chevron got told to increase their disclosure by their shareholders then royal shell was told by the regulator to up their efforts in moving to a low carbon output.

huge day the beginning of the new era it was a new day in terms of shareholder activism they will work together if the board is withdrawn and the management is willing to engage with the shareholders. exxon was laggard in the industry we wanted to get it to turn around you will begin to see that with the new board. >> chris, is it a new model for you guys or is this is a one-off? are you looking at other potential targets? >> brian, it is not a one-off. this is a new element or a new step up in the shareholder act activism we have been engaging with corporations for decdecades. mostly behind the scenes and quiet discussions. if you actually step up and get in a direct engagement and

change the board, we have the power to team up with other people and do that i think that's a landscape change not only for us, but for other institutional investors and corporations they need to pay more attention to the long-term shareholders that own their company and listen to us we have shown if we need to step up, we will do that and we will take on a board and the ceo. >> you know, this has been the number one year ever for energy. up 44% as a sector the best since the sector was created ever does it make the space more investable for you, chris, given you are able to effect change on the corporate side and the board side and maybe the long-term planning side? others are fleeing the entire industry this says, to me, you are still

interested in the business and you simply want it to change >> brian, you hit it on the head there are so many people who want us to divest. literally turn our backs on the sector for reality in life, we need hydrocarbon. look at what we are doing at our desks. plastics, cosmetics, as well as transportation we need hydrocarbon now and into the future we recognize it will be part of life it needs to be a lower carbon economy. we need to go to net zero in the next 20 to 30 years. it's a massive change. you know, brian, i'm a long-term investor i'm not just looking at the one-year return on the oil industry i'm looking long term. bottom line, brian, i don't want exxon to be the next kodak or

blockbuster. i want them to be in business in 20 or 30 years they need to change to do that >> you are a massive investor. so, the federal reserve is one of the few things that might move the needle on many, if not all, of your investments are you starting to swap asset classes around in anticipate of the fed rate hike or the bond market doing the bidding before it and if so, how? >> brian, you have to watch the fed. you have to watch the bond market it is about the signals from the bond market when you are an equity investor. the fed said we will talk about calling last call. we're not calling the last call. we're getting close. that is really significant and something that investors have to pay attention to every time we have a federal open market committee now, and certainly for jackson hole in

the summer, a lot of attention on the words they driven always have been data driven let's look at the numbers as people reopen in the fall and the extra benefits wear off, personal income will probably go down we have inflation. they acknowledged it is real if you are an equity investor, this summer is choppy. you have to watch the fed. >> quickly, what do you do if you are an heequity investor? people at home are not running $300 billion >> brian, this is june 30. you have to rebalance your account. open the 401(k) or ultra net worth and look at where your asset allocation is. if it is in equity, it has made a huge run and outweighed the asset allocation it is time to go back and remember what are your long-term

goals. remember the discussion about asset allocation asset allocation still drives 80% or 90% of your return. you probably had an asset allocation a year ago into the pandemic you need to look at that and readjust even if it means buying fixed income at a tough time readjust to maintain proper risk you are way overweight and you will be subject to risk coming this fall. >> good practical advice thanks to chris ailman of calstrs. let's get more of the top stories. including further movement on the infrastructure deal. kristina partsinevelos is back with the details on that and more >> reporter: the bipartisan group of senators working on the package and said to go to the white house to meet with president biden. the lawmakers declined to disclose any of the details.

only saying the group had agreed not only on spending levels for various infrastructure projects, but also to pay for it all. jpmorgan chase is the last major wall street firm to tell employees it will require them to get vaccinated. it is ordering workers to fill out a questionaire on the vaccination status it will be barred from offices in the new york area if they are not vaccinated. we are learning details about the death of john mcafee the founder of the software company apparently hanged himself in his jail cell there coming up on "worldwide exchange," the latest on the shipping crisis from the guest o.o picked up on it a few months wee 'rback in just a moment.

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welcome back the global shipping crisis shows no signs of abating. if you don't track shipping rates for cargo ships for fun, don't worry. we do. or at least know people who do and rates continue to rise demand is soaring.

that means money in the bank or money in the hull from any shipping companies joining us for a look at the shipping landscape and who may benefit is randy giveans randy, welcome back. you were on the show in late march of this year you recommended a couple of names. zim shipping since then, zim is up 70%. congrats can fantastic call you made your clients a lot of money. is there room to run >> absolutely. thanks for having me, brian. certainly a lot of room to run ever since, rates have gone in one direct higher that is after most people, myself included, thinking a rate pull back after the elevated levels that is not the case

there are a few things going on. demand for container goods continues to go higher there is a little bit of shipping back from goods and spending on goods to services, inventory levels across retail sectors, especially in the u.s. and eastern europe is going higher you have to restock. supply of the ships is low not much new supply growth until 2023 third, congestion continues to get worse. it started in l.a. and long beach. spread to seattle. now over in south china, you had another covid outbreak a few weeks ago. that is starting to spread in china. these ships and containers on them are tight the rates continuing to go higher we still really like zim and denounce and global ship lease

>> they literally -- i hate to compare them to hertz or avis. this is a complicated world. what i can tell, they buy ships and charter or lease out to other people on a short, mid or long-term basis. if i lock in to a five-year lease, do i make a profit or do i adjust heigigher? >> there are two ways to play it when you are an owner or lessor. you can do short-term. we saw a 65-day charter a week ago for $130,000 a day a year ago, it was $13,000 a day. most owners are opting for two

or three years at elevated rates as well. above $40,000 a day. you are seeing the durations extended and rates higher. you look at cash flow and stability, you look at the container ship lessors now, the zims on the other hand, similar to maersk. they are the ones renting the ships for two or three years and charging importers, the walmart or target or home depot, at elevated rates to move the containers, teu, across the pacific ocean and coming into the u.s. east coast and asia that is where the get the up side. >> randy, in february, you know, the covid rage went down to charleston, south carolina, and

the port and we showed people they are sending boxes back empty. it is more profitable to send empty to get in line for another load back to hong kong from the u.s. than fill it up with stuff from america incredible >> the liner companies do not want to wait for you to load cargo in the u.s. and put that container back on the ship and send it back to asia and unload. yada, yada, yada they take them, come back and pick up a full load because they are getting more money we don't want to wait. we want to keep the imports coming >> great calls on zim and global ship lease names we are watching. randy, a pleasure. thank you very much. >> absolutely. any time you're very welcome. if you have not already, follow

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♪ welcome back let's turn to the markets. dow futures indicating another good day on the street of dreams i am bringing in keith lerner with truist. we have stolen occasionally from you for our rbi. your latest is the pull back for investors with a 12-month outlook. you are not saying it is a boom in the near term, but deal with

choppiness over the summer >> first, brian, great to be with you as always yes, i think our perspective is let's look at the 6 to 12 months we think the value trade is in tact as we think about this and take a step back, you know, growth has out performed as we discussed in the past for 14 years. then last week, we saw a bit of a setback in the value trade sector has been down 5% to 10% for us, on a short-term basis, things got overboard too much confidence. you had an uncomfortable gut check. the above trend economic growth this year and next should support the cyclical areas which is still in tact i heard from you earlier about energy energy is the best sector this year, brian, with the strong

gains, it under performed at s&p 5 500 80%. there is up side as well. >> if you chart oil versus oil stocks, oil is $70 and stocks are somewhere else that is well below that mark some is mis-priced another segment that gets no attention and no love is real estate investment trust. reits. you like them. how come with rates still where they are >> good question we actually added reits for the first time in the portfolio toward the end of may. they have done pretty well they are under loved they under performed by a wide margin over the last several years. more than 20% the last two years. when you bring up reits, the assumption is the areas will be hit by the pandemic and continue

to be hit. you know, the reit index is the sector allocation with the digital economy as far as data centers and towers along with that, you have the reopening. it is a nice play with growth and value and reopening. the relative price trends have started to improve this year we still think there is up side. a lot of reaction is why would i want to invest in this area? they don't understand how much this area has changed from the investment standpoint over the last ten years >> yeah, it really has most investors looking for distribution some of the reits kick off the pass-through income. rates at 1.5% and looking for income anywhere else as well big tech let's leave it there red hot. alphabet, microsoft.

they are back en vogue again are you a believer or to your earlier point, is there better money to be made elsewhere although the names are still very loved >> we think they are middle of the pack as far as analogy you used earlier we still think the leadership is in stick with the value sector with above trend growth. >> keith lerner of truist. keith, thanks for coming on. always appreciate it thank you. folks, tune in tomorrow. remember, our friday exclusive insider buying segment names with themost buys by corporate insiders we do it every friday. dow futures up 178 "squawk box" is up next. have a great day

good morning futures pointing to a strong opening for stocks as we get ready for the busiest day for economic data specifically this week. signs of progress on an infrastructure deal. the group of senators is set to brief biden on a framework today. now jpmorgan chase is telling employees it may require vaccines in the future subject to legal requirements. we are digging into what companies can legally mandate. this is thursday we had questions about what day it was yesterday i think. today is thursday. june 24th. i think we should do the year, too. sometimes i don't know when i'm writing a check. >> halfway through, you figure it out >> 2021. >> it is >> this is "squawk box."