vaccine deceleration happening so some of the headlines to watch. back over to you, joe. >> we're going to give you a raise. that was your third appearance today, dom actually, i can't do t that make sure you join us tomorrow "squawk on the street" coming up right now. >> good thursday morning with futures pretty solid here, big day, on infrastructure at 11:45 -- our road map begins with embanks supplying the pressure

>> we've got 9 latest. comcast is calling it pure spec laze. >> plus outgoing gary kelly to step aside so it looks lie we do have a new high for the s&p, as a not of non-profitable tech has made it a pretty good. >> there was just over and over and over again darden is a great example. darden when put against 2019 but they had huge amounts of social

distancing tables having been there, so the fact they're able to do what 2019 did with social distancing i mean, i found that to be extraordinary. darden is america, okay? darden is america. walmart, there's a piece this morning saying, listen, the sum of the parts, you've got to buy wal walmart. >> what are they do as some of the parts there. >> they're looking for something to say okay david, listen to this, i know you're a naysayer. >> we're going back to darden? >> yes >> olive garden is down. longhorn is up 13.5. i went to longhorn, to my best and there were about four tables where there could have been ten

tables four versus ten, and they managed to beat 2019 >> what's going on >> they're just killing it they raised prices i didn't mean to conflate walmart. i just keep finding story after story, the only thing that's disappointing is kb homes, and i would contest that >> what that means overall for the stock market >> higher. higher. >> and that's the show there we go. >> have a great one. we'll see you tomorrow [ laughter ] no, the kb numbers are incredible prices up 13, though we got the data yesterday that average prices are up 18. >> right, but they have a --

look, their best numbers since 2007 if you asked me the problem about kb homes, they're constrained. they have a supply shortage. toll brothers, lennar were spectacular. i think the housing business is fantastic in this country. house sergeant 10% of the economy, but punches above its weight it continues to make me feel like retail is going to be strong pharma is good >> there continues to be blowback about the approval of biogen's alzheimer's drug. people were focused on statistics at the fda say it

doesn't statistically merit approval, but eli lilly comes in after phase two, andsomething looks good there david rich said this was going to happen, and i started thinking, if the analysts are all saying no, then the answer is just no-go. that was just wrong. remember, you have to -- like you should start it when you're too old already. you can get the plaque reversed. >> right. >> but a couple things that are important. prime day, people are saying it's fine. they're not rave being it, but it's fine. you're compared it against a period when it was locked down and the only thing you could do was buy from amazon. i say a dollar tree note, which basically said that the jobs cost too much, the greatest wage increases since 1995

more importantly david, this is what's going on in the economy the quit rate. people are trying to reevaluate their lives, what we do. >> we have heard a lot about that, recently. >> what do you think >> i'm not sure what to think? i don't have an opinion on it. >> people at home are watching trying to figure out your opinion. >> i don't have enough information. sometimes some of us don't withhold an opinion until we feel comfortable sharing one. >> you're so old school. >> you can't make up something to appease me? >> occasionally i will, but not today. >> you think the chinese would love to have our bitcoin >> why wouldn't they okay he's china focused >> you're a bull -- >> yes, i am. >> -- in a china shop. >> and i mentioned china, and i was referring to dishware,

and -- >> no matter he's referring to the fact we get blacked out in china oftentimes, but it's nice they take the broadcast at all. so we appreciate that. >> that's true that's true. they have beautiful china in florence >> now we're moving to florence. [ laughter ] >> coming in hot today >> i'm trying to get a lot in, because you decide there's no value. when i look at you -- >> you've got a phone call. >> i'm not taking the call. >> the question is, you put up the chart like darden, which i guess are a medium-term down trend. if mike wilson were here, he would argue when you're at peak growth, cyclicals don't do well. >> may 12th. may 12th >> yes >> the day the consumer price index was red-hot.

if we put up any chart of cathie woodstocks -- docusign, tesla, they all bottomed may 12th, 13th that was when the cpi went up and the sea change started and the rotation began, where all of these other stocks started going up >> yes what's incredible is every one of those stocks came back, because people realized it's over for the cyclicals you can put up every one, i found it daunting to think that every single shot was the same exact chart?

>> we're looking at zoom right now. when you look at arc, it's basically flat >> and you can say the same thing about a lot of travel names on june 2nd, right >> yes, absolutely these things have all happened and we forgot what you had to look at don't look at opening or closing economy any stock price to sales bottomed on may 12th. whether powell said it or not, and that -- look at this, these are all the same charts. they are all priced to sales, and they bottomed. >> the market didn't need to

hear a fed presser they got it. >> what's amazing is people at home think a bell goes off and we're going to hear jay powell no, the cpi was the absolute bell that went on. you know, people went on, this is not sustainable we are going to see a decline in the cyclicals and an increase in the cathie wood stocks, and across the board >> is that a new -- >> you have to keep the inflation go down. used cars have plateaued there was a downgrade at c carvana. right now everybody is saying, you know what? the high-growth stocks are where it is to be. they've been there since may 12th, and some of those stocks

are up 50% i'm saying if we sue a peak in used cars freight costs ared remaining costs. >> that's part of the piper note on dollar tree though kraft north america was on "closing bell" yesterday and they said they're managing to deal with inflation. >> i find that i am concerned about that note, but if we see used cars break and next week, june 30th, if june 30th acreage shows more corn planted, inflation peaked >> okay. >> okay. >> you disagree? >> i don't disagree. you're giving people answers.

>> we have to move on. >> we packed a lot. >> i don't understand why you're frustrated i'm offering you an opportunity to reply, but you still give me that stuff [ laughter ] >> i promise -- >> you're stan laurel, you're oliver -- is he laurel or hardy? >> but on a podcast there's nothing, just oliver still to come, what our parent comcast is calling spire speculation, and we'll talk with gary kelly, who is stepping down as we look for new highs on the s&p and the nasdaq this morning. don't go away. hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this...

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welcome back shares of our parent company comcast down rather sharply yesterday on a journal story, the story a long one, a detailed piece about comcast's aims in terms of streaming in particular, and the strategic direction of the company obviously after certain things are changing in the overall ecosystem, mainly the warner/discovery deal, but the story cites one person that said

brian roberts is scoping out options and ideas on the table include tie-ups with viacom and cbs, and possibly roku all of these are merely thoughts at this point, which of course comcast is always thinking this is something that brian roberts that is done and done very well for many years that is, identify potential targets, but saying in any way something is imsnent would be a big mistake, and comcast calling it pure speculation. for any number of reasons, it's hard to imagine a -- there's certainly you would have an

antitrust issue, and certainly they might want paramount, but even paramount and university may pose an antitrust issue in this environment the question is, would they spin off our parent company, nbc universal, and i'm sure that's something that's would have been thought of, of course, the warner deal did come sooner together than brian roberts thought it would, frankly. comcast thinking about so many things it doesn't mean anything will happen, but the roku part was interesting, a different pursuit, but again a company with that multiple that's moved you want to that level, it's hard to imagine how shareholders were responsibility. >> the story reads that they have to.

what journalist knows they have to >> they don't. >> this is not ett -- by the way, discover will cut numbers today. remember when they did the deal with 38 and the stock goes to 33, and they said the wag said the balance sheet was bad? how can they just say whatever they want? >> yeah, it's a good question. it's not -- having followed this industry as long as i have, there's no need necessarily. often times people get carried amp with the idea that you're strategically put in a bottom. >> this is another case you've taught me where people can write the stories and there's no journalism jail? >> i'm not saying that isn't something discussed like a

million things are discussed. >> two on the record quotes were interesting. one was diller saying distribution and contend tore married, and harper saying our toll ration for spending is not natural to our -- >> you've got to spend one way or the other, so you're better off spending through an acquisition. in terms of direct to consumer, the spending that some of the other platforms doing versus what peacock is currently doing is dramatically different. >> can we just say that the stock has been great isn't that what -- >> the stock has been strong. >> then why do they have to do something? at&t had to do something. >> they have a leverage problem. comcast was supposed to have a leverage problem, and they didn't. >> they couldn't fund both at

the same time. it was like hitler and russia and where else >> never analogize to that. >> sorry, ever. >> you're not supposed to. >> don't want to be canceled. >> it was world war ii. >> like romell in north african -- >> he was not a great general. he was a real hard-core nazi. >> i fully acknowledge they were very horrible people >> i know we have to -- boy, you need to be off the air with this declaration that the nazis were bad. >> cramer's mad dash and the opening bell a this thursday don't go away. ♪ i wish that i knew what i know now ♪ ♪ when i was young... ♪ you need a financial plan that fits the way you want to live in retirement. a plan that can help grow and protect your money - now or in the future. with an annuity in your plan

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let's get to the mad dash this morning we have about seven minutes before we get started tradeling here on a thursday i always like to set the date for everybody. >> i like when you do that. >> clorox is the name you want to focus on. >> there's research by ubs greater demand for products at home and in cleaning during covid has masked challenging underlying issues. that is true we're speaking about trash bags, kitty litter, but most importantly, david, there is an overall higher cost, okay, because of the different products they make and price wards and they have the supplements that are not working out. they have to try to figure out

how to take a hit on the supplements. i think what's happening is to sell it now, after this? i mean it's a little late. >> but there are real structural issues. >> are they also suffering from year-over-year comparisons, where people were flcloroxing their groceries? >> i question whether it's a time to sell this great franchise, if they get the supplements right, if we have a great summer, if salad -- their salad dressings, these make some acquisitions, they have a good balance sheet. if they take some of that money they made on the pandemic, then i think that selling the stock now after its decline may not be well advised. >> you obvious use this as a comparison to apple, i may remember. >> 27 times earnings. >> now that's no longer the case, or is the multiple up

there? >> it is, but i do say -- i do like the colgate-palmolive, but david, they like the pot stocks, you know, i also like -- we should one day talk about newell. >> we'll do that. >> really? >> whatever you want. up next ryelga kly will join us shortly after the opening bell that's coming up next.

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jpmorgan chase says it may require employees to be vaccinated a questionnaire is supposed to be filled out by the end of the month, so they can properly prepare for and manage returning to the office. this comes after they said that employees will be barred from the office the bank have been aggressive on this. >> why are the banks able to do

this, when other ceos say i don't have a right to do this? >> it's not a function -- it's not a legal matter they do. it is more difficult, though, for certain corporations to simply expect -- by doing it, you create other problems, is what ceos are saying >> so what happens -- >> so you have certain people who never come in, others who don't -- it's complicated both ways it's creating a lot of issues at the top level of companies. >> won't you get fired if you don't get vaccinated >> that's where i'm not sure they can actually fire you. >> is there a supreme court decision -- where is the law >> many corporations are not mandating people coming in five days a week. >> i find is very confusing that

these companies say here's the deal, i want this, i want it checked off. the other guys are saying one thing you're not allowed to do is here's the deal these companies are telling me what jpmorgan is doing is not allowed. >> not true. >> i don't know. i remember disney used to say you can't have an earring larger than a penny he work for them, they set rules. >> nobody has said it's a legal issue, but more up to the company itself in terms of the problems it will create. i don't believe it is a legal issue. >> all i can tell you is what i hear from top-level executives, if they do this, there will be such pushback from customers that they're afraid to lose them customers. >> what's unfortunate is so many people are not getting vaccinated that's what's unfortunate. >> sometimes for health reasons.

>> understood, but many times not because of hesitancy and concern about the vaccine itself. >> sure. celebrating the ipo, and confluent, maker of data infrastructure software, and we'll talk to the ceo later on "techcheck." the fas will put language about heart inflammation on the pfizer and moderna. >> i still think, are you looking static and what they're doing now? moderna had an unbelievable pipeline before covid. a lot of people feel like they were nothing until covid when you speak to people at moderna, when you listen to meg, a lot of what they do will work for other diseases i think getting out of moderna now is a mistake. >> you do? >> yes, i do these are creative, smart guys i think do people just think that he's a one-trick pony

give me a break. go look at what he was saying before covid i'm talking about holy grail against cancer that's a big rubric for many diseases, but you're getting out of this stock now, you're getting out of it without thinking they may have something else or maybe you're saying, the market is at an all-time high. >> guys than an all-time high, as you can see on the s&p 500, and the nasdaq, we are talking with cashin yet about how we are hovering right below record levels, and he wanted to see the bulls punch through. is this the bulls punching through? >> i would like to see the rails move i had a piece about csx's chart being really bad, but the rails are key. we need transportation and gary kelly, i would like to hear what he has to say. >> we're watching the nasdaq

creep up on the yearly performance of the s&p they're only two percentage point difference the nasdaq had been lagging, but my wade things started. >> i don't know how many more people -- >> there's one stock that's just been the leader here >> that stock is look at that move. this thing is almost -- it is -- frankly, it may be it goes from -- not that big -- well, look at that semiconductor company to, wow, i mean, wow, right? >> i just want to clarify on

jpmorgan, they're requiring employees to certify they've been vaccinated, not vaccinated or choose not to tell us they are not required to get vaccination. they just have to agree to be regularly check and wear a mask and socially distance. i want to clarify the news story, david >> okay. all right. >> they're not required, so anyone who says they're required, they're wrong. kind of like the comcast story >> somebody's going to cut that clip just now and start putting it on the internet >> it's important. they have to certify -- they are not required to certify. >> see, i come back to -- i think you can. morgan stanley is, aren't they >> they are the larger question we keep bringing up, do i go

with the hybrid model, do i not? do i feel like i lose something by not having people in the office every today can i do 2/3, 3/2? part of it depends as well on the ceo whether they want to enjoy the summer at their nice home somewhere, too, which i've noticed a number of times. >> i like to give david quizzes of the status of the potential takeover what is the second hottest market in the country for housing? >> second hottest market >> number one being, what, austin >> austin. >> number two is boise that's californians going to boise, because they do not feel they have to go to work. boise is the second hottest. >> have you seen frank come on our news from his mountain home?

>> snowflake is going to evision rate so many companies, and people just think -- >> it's fascinate when we do these interviews, how many ceos are not being in the office. so lovely you can't ask your employees to be. i continue to come back to the idea over a three to five-year time period, would i rather invest somebody who has people coming in today i think there will be over time, certainly innovation, problem solving, in just simply momentum, you can make arguments you need to give people flexibility and that's what they want though we talk financial -- other industries don't feel quite the same >> there's mentoring, like, i remember when i was a young kid, i went down to buy a piece of junk paper for a customer, and

david pepper ran the junk test, and he proceeded to mortify me in front of everyone i learned from david pepper -- >> at goldman that's called on-boarding. >> tepper on-boarded me okay, but that's how i lenders how do you learn via zoom? >> that's a question >> yeah. >> a new yorker conversation call >> plenty of zooming is going on. >> we mentioned it briefly at the top of the show -- >> first of mention a leader, now you're -- >> that's another term for moving quickly. >> like a lightning rod in the 8:00. >> yes, yes, as the cars whiz by on the highway, okay >> okay.

breakthrough designation >> their stock is up 9%. it seems to competent diet the development of the drug, when it may demonstrate stanch allege improvement on a clinically significant end point. now they're moving into phase three? >> it does reverse plaque. >> apparently, though, isn't that what the biogen drug do >> they're very competitive. >> it actually impacts the progression of the disease >> it's not clear. i would say this, if you take this when you're 30, you're going to possibly get a few more years, and that's important. we've got one of our favorite guests comieing on i hope it's not the last time. southwest ceo gary kelly is

stepping down from his role after more than 17 year old of brilliant stewardship. he's going to be executive chairman, still be around at least until 2026 here with us to discuss the announcement outgoing ceo gary kelly. gary, i'm so thrilled you came on "squawk on the street." it's great to see you. >> great to be back with you, jim. this will not be the last time we talk, so i'm looking forward to finishing strong this year. you are a great inspiration to many people. i think you have always addressed shut ways head-on and come out on top. how do you come on after a terrible accident? how do you come off after a huge breakdown because of covid and still be straight and tough? i want to know how gary kelly,

how you work i think you are the guy i said to be. >> well, you are much too kind hey, you know, we just celebrated 50 years at southwest airlines last week, and i think everybody, when they are young and aspiring, should hope to get with a championship team i don't know about you, but when i was growing up, i never had the opportunity to play on a championship team until i got to southwest airlines i think that's what inspires me and our people it's a great company we have a great caught we do good things. we've never had a layoff on our history, we take great care of our people, and we believe we'll find a way to fight our wait through these challenges we have a lot of experience with that i think it just builds confidence

i feel that way, but i think more importantly that's the way our people feel. we all know we're in it together as long as you feel like you're part of a team, and people you trust and believe in, and believe in you, you find a way southwest always has. >> given the fact you have found a way and you're a great leader, i see you expanding to a lot of markets that i have not thought of you to go to. can't you become the international carriering that i always felt that southwest would become >> well, i think every company needs to aspire to grow. no company should be satisfied that they are done and being stagnant you're either growing or declining. there's really no in between yes, we need to continue to

strife to grow that's the exciting part about completing 50 years. we know our history. it's very successful, very rich. we have this very strong foundation to continue to build upon, and nobody knows what the future holds exactly we have plenty of strengths to draw upon, and we'll want to continue to grow our network does that mean international maybe. i think the need thing right now, jim, with the boeing 737, just looking at north and south america, we have all kinds of growth opportunities we don't feel like we have enough airplanes for 2022 and 2023 that's just doing what you know us to be famous for. so beyond the next five to ten years, who knows that will be up to bob and his leadership team to decide, but the thing i like, you know, the

strength we had in 1971 are still there. we still have low costs competitive. we still offer low fares, we still offer great service. we still have a strong balance sheet. we still have a great business model better than anybody else, and all of those things will help propel us into the future. >> gary, two quick questions one, the decision to step down, why now? and secondly, how do you view your role as executive chairman when you take that role up and potentially have it for what could be the next four, five years? >> succession planning since i've been chairman has been something that we have done annually every single year and my goal has always been to make sure that we have candidates in the company that know our business, know our culture, and cherish it like i

do, that we have ample candidates very well prepared to take the reins and we do. we are at that point as you know, bob jordan is 60 years old. i don't want to stay in the role too long it will be 18 years next year for me i don't want bob -- it's not fair to him and the rest of our leadership team to wait too long then we just want to find the right time in terms of the environment where things are stable, we feel like we have good moment tum inned near term, and really that's where we are so bob is ready. in terms of me moving to executive chair, i'm not going to be a super-ceo. he's not going to report to me he will report to the board. it's important for all of us on the southwest board to empower hem to be the leader going forward. i will have some duties, and

will be involved in some strategies, but it will be a light touch. i want to be here to support bob and our leadership team and make them successful. you know, not perpetuate my career i think ked do -- i can do that yeah, i would like to stay i realize that's not the typical corporate america approach, but southwest is not the typical company, and we're proud of what we do, and we're proud of how we do it, and i'm not a founder i feel like a founder. i want to continue to do what i can to help the company going forward, and as long as the board wants me, and as long as the executive team feels like i can be helpful, i would like to stay involved. >> we remember herb kellerer coming on the state, and anyone

who doesn't know about southwest's disrupting origins, they haven't done their research you were back with us in april, and said it could be a long recovery, could be ten years because of the all the technology that hurts travel to say you don't have enough planes, are you revisiting that view >> not really, first of all, what's happened since march is very welcome, and i'm very grateful to see the return of travel demand. it's heavily oriented toward the consumer and leisure travel. that is unchanged since april. let's just say that the travel pie has shrunk that doesn't mean we can't get a bigger share of that pie i think we have a lot of inherent strengths that will

allow us a greater share of leisure travel even with bit travel as it's returning with our, with our new involvement with global distribution systems for managed corporate travel, we have a huge opportunity to grow that segment of our business travel business travel is picking up. it's still down 75%, plus or minus, relative to pre-pandemic levels i think it will improve from here between now and the end of the year, but it's still going to be well below 2019. it's still a guess, you know, how long it will take to recover. if it recovers faster, then we'll just need more airplanes and that's a good thing. >> there's time when i thought it was tense between you and boeing i question boeing's execution, it seems sloppier, do you agree

with me that they need to get it straight in order for them to stay your predominant carrier? >> yes and no. as a practical matter, jim, we are partnered with boeing for a long, long time, given the fact we're headed to 750 airplanes in our fleet. those airplanes will be in our fleet for a generation we need boeing to execute. we need them to be a strong partner. the 737, despite some of their missteps over the last several years, the boeing 37 is still the most successful commercial airliners in history so i believe in boeing i believe they have every incentive to improve, and the -- the 737-8 airplane is a

fantastic airplane so, yes, i do think there's room for improvement, but again, i have every reason to believe they will deliver for us. >> i have every reason that gary kelly not only delivered for us, but will continue to do so thank you for being on the show. >> thanks for having me. i'll see you next month. >> yes yes. meantime, buzzfeed announcing a deal to go public through a spac merger. it will be combining with a company. it's been growing through acquisitions, and it would provide more capital to continue to pursue that path. the ceo will join us during "techcheck." whether it's krispy kreme, buzzfield, starlink to market? >> the ipo pipeline, as you say,

spacs are back, healthy, if you want to call it healthy, and straight ipos are also very strong. >> if a company is losing money, can you do a spac -- >> if you have great growth possibilities for 2024, '25,'25, '26, sure. >> we could all dream up a company right now. >> got any good ideas? >> yeah. how about corn milk? >> corn milk >> i had corn mescal last night. it was awful but corn milk. let's bring it public. >> the favorite would be a huge year the inflection year for corn milk we will suddenly have incredible adjusted ebidta. >> i think it's in jeopardy. >> as we go to break, treasuries this morning, following last hour's release of that data, dow is up almost 300 record high s&p and a gain today for the nasdaq will be the first

four-day win since early february

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state of starbucks and starbucks i think defines what's going on in america today i can't wait to speak to kevin johnson. >> talk about a proxy for employment. >> you bet. >> and commuting see you tonight. good hour. "mad money" 6:00 p.m the dow's up 269 don't go away.

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♪ good thursday. welcome it another hour of "squawk on the street." >> i'm carl quintanilla with mic mic and david faber. morgan stanley has the morning off. new highs on the s&p finally, and the nasdaq which is going for four straight wins that's the longest streak since february or so 30 minutes into the trading session here are the three big movers rite aid shares are sinking after reporting results, earnings top expectations but revenue fell sloitly short of

wall street forecast another name in the red. kd home. revenue also falling short of expectations despite a selling price increase of 13 and new orders up 145. and we will end with lily, they received breakthrough therapy designation from the fda let's get to some of that lily news.ly news >> big news following the biogen approval eli lilly saying they got the breakthrough designation for their drug if phase two, and has started phase 3 studies. now, they say that based on the fades two data this designation and they don't say it, but assumed is that based on the precedent set by buy again, they will be filing for accelerated approval with the fda later this year this is coming earlier than analysts expected although some point out nobody should be

surprised based on the precedent set. earlier this month you can see that biogen shares jumped on that approval and so did eli lilly. it had a certain level of evidence behind it what's interesting about the moves today is that eli lilly's stock unsurprisingly is up you are seeing biogen's stock down on the news because of the potential competition earlier than expected and biogen has to run a confirmatory trial as the drug gets out on the market and eli lilly is already in the phase 3 trial. if lilly gets on the market, in terms ever getting the confirmatory evidence it's a lot closer than it may appear, guys. so this decision by the fda earlier in the month having ripple effects throughout the neurology space. guys. >> hey, meg, it's david. there have been so many questions about that fda approval of the biogen drug in terms of whether it should have gotten approval given lack

perhaps of efficacy or statistics to for that do we know the mechanism for the lilly drug are they different in terms of the approach to the disease? >> they are similar. they both target the amyloid data plaque build-ups in the brain which the fda said is could be a surrogate for suggesti suggesting see you'll see an improvement. that's a scientific debate some people don't think that has been proven. the lilly drug clears the plaques from the brain and if that is the mechanism which alzheimer's happens that should lead to benefit in that phase 3 trial and they are aiming file for approval based on the phase 2 data. >> lilly, as we're watching, up nearly 19% meg, thank you very much. turning back to the markets. they are in the green as the s&p and nasdaq set new records

intraday highs david, cio, joins us now to break down this action good morning, david. i know you go stock by stock, company by company and all over the world. i am wondering, after we have had a little bit of slippage in the cyclical and value leadership in the last several weeks, is your work taking you to different kinds of companies? do you still think it is a global reflation and cyclical dominated market for a while >> i think a break was to be expected because of the strong performance of these, we'll call them economically sensitive names. but i still think we're in the first third or first 40% of the move when you look at valuations, you look at the businesses that will benefit as the global economy rapidly expands, i think this is really the space where you are going to see the best price performance. and you still see huge discounts

on these value oriented names, whether they be industrials, financials, material companies and in many cases these are still trading at single-digit price earnings ratios going into a period of what should be very, very strong earnings growth. so i do believe that even though there has been a little pause in the spectrum, that this is where you'll get revaluation given the positive news over the next 12 to 36 months >> this moderation in that leadership in those areas did coincide with treasury yields topping out for a bit. now we have this somewhat unexpected reduction in yields a question about whether, in fact, global growth is going to remain as strong in all parts of the world, whether or not it's far ahead on vaccines. has anything change thad the bond market is indicating to you or is it more noise?

>> i think it's more noise because what you have happening is a phase opening of the global economy. and i would say, thankfully, it's been a phased opening because, if we were to flip a switch and the global economy would open all at once, as you can see already, our logistics and supply systems, there is too many bottle necks already in the phase. if we did tit all at once, it would be worse the phased reopening will be better for these businesses, better for these companies that they will be given time to build up logistics, supply networks and to be able to fill the channels through time. i think this is, you know, in a way sad for the people within the economies that are still partially closed or locked down, but it's probably better for the sustainability of global economic growth to have this type of phased reopening

so i think it will lead to more longevity and sustainability in the recovery, which will pressure interest rates, which will give us stronger growth for the immediate term >> when you mention that a lot of the industrial, materials, financial stocks still trading at sizable discounts or you might have said record discounts, is that to their own history or compared to where growth stocks and the overall index is trading if you go to value and cyclical revival in the early 2000s it was largely because growth crashed at the same time i am wondering how you characterize the valuation discounts now. >> that's a really good point because i think in both in terms of a relative and an absolute basis there is value to be had in value you certainly still have this big spread between growth and

value. there has been a little bit taken off the top, but it's still a very, very large spread. and, secondly, if you look at the absolute levels of valuations, take european financials as an example, most of these companies are still trading at barely above where they were during the global financial crisis despite the fact they have fortified their capital positions and have been able to maintain some sort of earnings growth and compounding the book value per share growth through a very benign environment for growth for european financials. so the things that were hurting growth for these companies, low interest rates, lower growth, build of capital, these headwinds are turning into tailwinds, and even with the headwinds, they were able to slowly grow. so i think these companies, which are trading at extremely low valuation, again, not so

dissimilar to where we were in 2008 and 2009 with a whole different set of circumstances, are now really poised to take off from an earnings growth perspective, which should help revalue these businesses so, yes, the valuations on an absolute basis are still low and besides financials look at some of the industrials and the european auto sector and on a relative basis, though there has been a tiny bit of progress, i think there is a lot more room to go to close the gap who is to say at some point like we saw post-2000, that that value, the pendulum could swing the other way. i suppose that's wishful thinking. >> david, on international, i noticed brazil, the number of new daily cases back at a new high on the seven-day average.

i just wonder, for a while on em it was inflation that was the boogeyman and we have this regionlized ongoing pandemic what is your outlook on international right now? >> international i think is really where the action is i am a bit more cautious on e.m. because, you know, they are not -- stocks aren't selling at fire sale prices that we saw for instance, in '97, '98 or other periods where e.m. was fire sale prices and not euphoric prices that we saw through the [ inaudible ] right in between and as you know, we are very selective stock pickers. we don't tlook for certain regions that are hot we look at companies that are selling at reasonable valuations on this basis, we are still able to find decent value in e.m. like i said, it's not like you have cascade of companies that are falling into our valuation

criteria i still believe the cheapest pocket of value to date around the world is located in european equities, which the recovery is delayed a little bit because of the slow vaccine rollout prices have been kind of stagnant the last decade, and i think with the combination of better growth as economies reopen and, don't forget, there are strong exporters to the united states in other places, i think with the valuations and the access to real growth, this is where the opportunities are. >> we see them playing along with gains today in europe david, thanks very much. appreciate it. >> thank you as we go to break, our roadmap for the rest of the hour on "squawk on the street," including amazon facing another big union vote with the group teamsters calling the company enemy number one and plus, the ceo of the national association of

manufacturers, jay timmons, will talk about the latest infrastructure labor shortages and more and how peter thiel, at mogul, turned a roth i.r.a. into a buildian dollar tax-free piggy bank don't go anywhere. it? ten-x is the world's largest online commercial real estate exchange. you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads. or these sandwiches... ten-x does the same thing, but with buildings. sweet. oh no, he wasn't... oh, actually... that looks pretty good. see it. want it. ten-x it. yum!

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senators five republicans and five democrats will pitch the president on an agreement they reached last night for a framework for infrastructure the price tag will be about $1 trillion, 559 billion is new spending but we haven't heard much yet how it will be paid for, which of course has been the biggest roadblock so far now, both the timing and the process are tricky this bipartisan infrastructure deal is a lot smaller than the $4 trillion in spending on physical and human capital that president biden had originally laid out so progressives want assurances that the rest of the agenda won't fall by the wayside if the president cuts a deal with republicans. last night senate majority leader chuck schumer said he is forging ahead with the budget reconciliation process that would allow democrats to pass a tax and spending bill without any republican votes he said it's not one or the other. it has to be both. >> can't get the bipartisan bill done unless we are sure of

getting the budget reconciliation bill done we can't get the budget reconciliation bill done unless we are sure of the bipartisan. our members across the spectrum realize that. >> now, remember, that reconciliation package is expected to raise taxes on the corporations and the wealthy a source tells me democrats are also considering setting aside $120 billion to lift the limits on state and local tax deductions as you know, that is so important to folks in new jersey, new york, california, a lot of democrats in those states are demanding it back to you. >> yeah, the salt element making news today thank you. th sticking with infrastructure and manufacturing, the manufacturing skills gap in this country could result in just over 2 million unfilled jobs by 2030 according to studidy tee light and the manufacturing institute the national association of manufacturers we are joined by the ceo of the

national association of manufacturers jay timmons. great to see you again. >> good morning. >> i want to get to the study because it is truly fascinating. on infrastructure, i do wonder what you make of the frame work as we know it right now and i assume you agree if this is going to work, we are headed in for a very complicated few months as this makes its way to law perhaps. >> you know, i have never thought that there was anything complicated about actually governing, and to your point, there are a lot of different competing interests out there. look, i think the one thing we know is that there is incredible bipartisan support for significant infrastructure investments. the president identified that early in his administration. he was exactly right and we have been supporting that all along. now, obviously, how you get there and how you pay for it is, has been the subject of contention, as you mentioned earlier, and i think that this

group of bipartisan negotiators has actually, hopefully, produced something that will allow us to move two steps forward with infrastructure investment and not push us backwards with job killing and investment killing tax increases on businesses large and small. >> so when collins says, for example, today that she is optimistic we have had a breakthrough, sounds like you might agree? >> i think so. we're all waiting with anticipation to see what they have produced, but i'm very encouraged we have said all along at the nam, we praise the president for his initial $2.3 trillion proposal we praised the republicans, their initial $600 billion proposal we have said we think we can and should get to around 1.2 to 1.3 in spending on infrastructure. looks like we are kind of headed there. i am always an optimist. on this, i'm pretty bullish. >> on the study here from

deloitte, i'm curious, for so long 'talked about the loss of manufacturing jobs in this country, offshoring, the hollowing out of the industrial base there are 4 million jobs that need to be filled in manufacturing by the end of the decade was this a pivot around the pandemic or something else >> this is not new to manufacturers. we have had a skills gap, if you will, unfilled jobs for many, many years it went to the lowest level during the pandemic that we have seen, up 300,000 open jobs in manufacturing. but today there is an astounding 851,000 jobs open in manufacturing as you noted 4 million jobs need to be filled by 2030. the way things are going, 2 million of those will not be filled that's why we have launched our creators wanted campaign to attract a new generation of those who would like to have a rewarding and fulfilling career in manufacturing let them know what modern manufacturing is all about we are going to be rolling that

out in the next few days we think this is a great way to help solve that skills gap problem. we think we can shrink that number by about 600,000 by the year 2025 and, more importantly, we think that we are going to get parents to realize what a great opportunity there is in manufacturing. only 27% today would suggest manufacturing as a career for their kids we want too get that up to 50%y 2025 and i think the campaign will help us do exactly that. >> jay, those numbers are so interesting because so much political capital or at least a lot of air has been spent talking about bringing manufacturing jobs back to this country. if we continue to do so, or if we are successful in doing so, are we simply going to be facing this gap that you are talking about trying to address in terms of skills even more so >> the deloitte and manufacturing institute study kind of takes that into account.

we know that there is a very large focus by manufacturers to invest their next dollar here in the united states to hire the next worker here in the united states we have seen incredible wage growth in the sector, 3.3%, which is the best in 21 years. we have had the highest, because of tax reform in 2017, the highest job creation rate also in the last two decades. we have had record investment. so manufacturing is going strong because of the policies that we have put in place in the last few years as well as the policies like infrastructure investment that we are, hopefully, putting in place this year as well >> jay, aside from running campaigns to persuade younger workers and parents to consider jobs in manufacturing, are the manufacturers themselves doing as much as they could on the training side? there has been a critique there is a reliance on trade schools

so what might be possible to do on that front? >> so i think if you wanted to look back a few years, that critique might well have been justified. but today you are not seeing that you are seeing this amazing investment by manufacturers in not only training workers, but also retraining the workers that are currently a part of the work force and re-skilling and upskilling them and what we call future proofing their jobs because what we're seeing in manufacturing, just like every other industry, right, we are seeing this tremendous increase in automation and the digital future, if you will. and so we want to make sure that the workers that are currently on the job are able to get the skills they need to continue to work productively and continue to have their career bloom in our manufacturing facilities

we are also doing a lot to partner with community colleges and technical schools, meaning manufacturers and individual companies. they are investing a lot in their communities fwhere they ae located. i am really excited about that, actually i am seeing so many blooms, if you will, at technical schools where manufacturers are investing not only funds, but equipment and their own staff to go in and train at the manufacturing institute and the nam. we are training on military bases through our heroes make america program, and we're training military personnel who are leaving the military in manufacturing and skill sets there. so you are seeing this all over the country and it's pretty exciting. >> another long-term problem is getting people from the armed services back into the work force over the long term jay, really quick, we are about to head into an earnings season where we are going to comb through the releases for any indication on what supply chain

pressures are doing. would you argue now they are getting better or worse? >> we are not seeing them getting better now but i am confident they will get somewhat better. our economist is predicting 6.5% growth for this year that's significant the problem we face, of course, is we're seeing rising cost pressures. that is a result of not only the work force shortage, because we don't have enough people to produce the goods that are necessary, econ 101 sttells us when demand outstrips supply, you will see rising prices that's causing bottlenecks in a lot of the supply chain for manufacturers who make the finished goods i think that part of that is temporary, and i'm hopeful that will start to see, as we continue to reinvigorate the economy, we won't see those bottlenecks in the future. but it is a problem now and manufacturers are trying their

best to teal deal with it. >> jay, thanks so much. great to see you. >> thanks so much for having me. >> all right still to come, one of the country's largest labor unions is taking on amazon. we will speak with the group's national director y whhe calls amazon enemy number one. we will be back in two minutes

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whoa. that's what i'm talking about. . now for our "etf spotlight." a look at the s&p retail sector, xrt, it is off the highs of the morning and up about 50% there year to date one name to watch is dollar tree stock was downgraded to neutral from overweight piper sandler saying the discount retailer will be impacted by rising freight and wage costs and it won't be able to pass on to customers, knocked down nearly 3% right now a new "propublica" article is highlighting how peter thiel turned a retirement account into a $5 billion tax-free piggy bank robert frank has, well, i don't

know where to start on this one. you have the story for us. i thought it was limited to 6,000 bucks, robert. >> it was, and we'll explain how he got around it peter thiel started his roth i.r.a. in in 1999 with $1700 now it's worth over $5 billion tax-free how did he do it according to the article, his firm bought shares of the new at the time startup paypal for 0.1 of a penny per share that valuation allowed him to by 1.7 million shares for under $2,000 that was the limit for roth i.r.a.s at the time. now, when ebay bought paypal that grew to $28 million all of it tax-free thiel used that short selled cash to buy more stakes in private companies, palantir, facebook, and others, all of that growing ftax-free as those

companies exploded as of 2019, his roth i.r.a. was valued at over $5 billion, and if he waits until he turns 60 in 2027, he can withdraw all of that money without paying any capital gains tax or income taxes. now, it should be said thiel did pay over $200 million in federal taxes on other income between 1999 and 2018. "propublica" saying in four of those years he was one of those billionaires who paid zero federal income taxes guys >> wow all right, so the point here his initial contribution was below the limit. it was in shares by the way, the guy didn't do a great job running his hedge fund this one of the best portfolios i have heard of. turning that into $5 billion what he started with in terms of contribution was below the maximum?

>> it was below maximum, and the important and controversial point is the valuation of those shares when he bought it again it was less than a tenth of a cent. it's called stuffing, which is when you take an asset and perhaps, and this is under dispute, you undervalue it and then you -- it explodes in value within the i.r.a so the question here is the valuation and again at the time 1999 valuing private companies is not the science it was today. so he could have made a case that that's what it was worth. >> all right. >> that makes it a more difficult question and a riddle. robert, thank you. in the next hour, one of the authors behind the "propublica" piece will join us at 11:00 a.m. eastern time dow's up 282 a news update with rahel solomon. >> good morning. let's begin in florida where at least one person was killed

after a building partially collapse inside surfside, florida. it's unclear how many people are missing. the cause of the collapse is not known. during a news conference this morning the mayor abspoke about the destruction. >> when the building came down it pancaked. so there is just not a lot of voids that they are finding or seeing from the outside, which again is -- that's a tragedy. >> the military confirming it was responsible for an airstrike that killed more than 50 people in the country despite the attack taking place in a busy marketplace, they say they did not target civilians. e . and california's democratic governor gavin newsom will become the second governor in the state's history to face a recall election. a petition was signed and was verified by the state's election fials. you are up to date back to you.

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tech, another eunization push at amazon the international brotherhood of teamsters set to vote on a resolution to organize amazon warehouse workers and divers defeating a campaign at its alabama warehouse. teamsters national director for amazon randy korgan, appreciate your time. >> thanks for having us on. >> interesting, very important convention week for the union. i wonder whether or not you think the alabama vote was truly reflective of the overall sentiment at amazon and rank and file >> well, i think that what the alabama vote, what happened is it brought to the forefront issues happening on the shop floor at amazon and throughout the industry as a whole.

our union represented this industry for more than 100 years. we have dealt with a lot of the issues that have gone through this industry. we transcended lots of technological changes. you can go back to a time in which teamsters drivers have horses in front of them and reins in their hands we have seen things come and go. our millions of members in this industry have dealt with the impacts the of this industry the last 100 years have successfully moved themselves into the middle class by having a voice at the table and having a discussion. the workers and bessemer did a great job of bringing the issues to the forefront regardless of the vote outcome, a large percentage of the workers that worked at amazon were concerning as far as how they were being paid and the safety and health conditions happening on the job and amazon's having to respond to that. >> i wonder, your list of complaints about company practices is long and you mention wages. you mention job security

work environments. is it largely about money or is it something else about the nature of the jobs >> well, i think what we found in this last 18 months is that the general public does respect how goods movement works, how things get to their doorstep, and what's happening is what we found is that workers' primary concern is what is happening on the job in their safety and health amazon's track record of safety and health, you know, you characterize it as if it was -- hour list of concerns, our concerns are the workers' concerns in the industry that has been demonstrated more than 100 years and it will be demonstrated for the next 100 years at the end of the day, we have been dealing with these workers and helping these workers over 100 years that have been dealing with impacts in this industry and those worker concerns usually start with safety. they also bring up the pay issue because at the end of the day there is individuals doing the same job as them in the industry making two to three times more than what an amazon worker is

making most workers that work at amazon, it's their first entry in the industry. they are unaware that u.p.s. drivers make more than double than what an amazon worker makes. individuals that work inside the operations at u.p.s., great health care packages and retirement plans obviously, u.p.s. is a very successful company at the end of the day, they can share in the wealth. so can amazon. >> you know, we have had this discussion regarding big tech companies as it pertains to antitrust on the hill. that is, how do you light the fire under these kinds of companies when public opinion about the company is relatively high they have grown quickly because they are popular, they bring convenience, in a lot of cases low prices, customer choice. do you think it's going to be a challenge to get nationwide public opinion outside of the work force behind you? >> well, i think what matters is, is making sure that the public understands what's

happening to the work force itself and i think that stuff is being well documented currently right now. when you see injuries two to three times in the industry, when you see people's neighbors, their friends, their family are impacted by what's happening on the job, and then they do care about how that package gets delivered to their doorstep. most people have a really good relationship with their u.p.s. driver or their postal service driver at the end of the day, they want to have a good relationship with their amazon driver. how can they have that relationship with that driver if that's a high turnover job, people can't stay inthe job fo a long time? there becomes a situation where there is no connection and no relationship with that employee that works for amazon. >> well, that's actually an interesting aspect of this is the high turnover that amazon, its work force undergoes now, and how much of a challenge

is that to try to organize those employees if they don't necessarily view it as a longer term job i have gone back and i found articles from 40 years ago about the teamsters attempting to represent walmart workers and that never really happened either so how tough is it going to be to get traction there? >> well, definitely creates some challenges it also creates some opportunities. as you said, amazon has got a lot of public support and one of the reasons it does is because it hasn't proliferated into the transportation industry like it has now. now you look at it's become a very dominant force in the transportation industry and it's actually just trying to lower wages and save labor costs some may think that's good on the bottom line, but that's money out of working people's pockets. we can see oworkers in america are struggling you can't keep taking aware health care benefits for dumping the costs on them, strip away their retirement plans and can't start paying them -- expect to be patted on the back for $15 an

hour when you look at the person next to you delivering packages and they are making over $30 an hour doing the exact same to job and that company is profitable at well. it's about the workers it's not about the teamsters versus amazon. i think amazon by moving into the transportation industry is taking on a situation that they didn't really understand in a right way. we understand this industry. we have been representing this industry for 100 years we have been working with these workers, our members are part of the community every single day, helping this community move in a positive direction making sure that it operates, making sure people get what they need we represent everybody from airline pilots to zookeepers at the end of the day, good middle class jobs support a healthy economy. what amazon presents on this large scale like they have in the transportation industry doesn't do that. our history shows that we started helping these workers in this industry over 100 years ago when there were no protections on the job, no health and safety on the job, and those things

were won over decades of time and then those jobs in the middle class were created in transportation as a result of what the workers did we don't want to see a degradation of that. neither do the workers who are working there. >> finally, randy, i wonder, does it make a difference who is ceo? does the conversation between the company and the union change w whether it's jeff bezos or andy jassy? >> i don't think so. i think at the end of the day whether, regardless who it is, they need to recognize -- and i think amazon has seen, they have made changes as a result of these pushes that workers have brought to them. a couple years ago they raised the -- excuse me, they raised the job to $15 an hour we said, wait a minute, don't you think that should be $25 an hour, $30 an hour? that's a tough job and we need to respect that. regardless who the ceo is, know need to hear the workers and understand there need to be advocacy for what's going on

specifically on the job and they need to listen to that. >> randy, appreciate it. as we continue to homonitor this randy korgan with the teamsters. by the way, we reached out to amazon for comment we have yet to receive a response all right, a look at the biggest gainers in the s&p 500 this morning led my eli lilly on that alzheimer's treatment news, up almost 9%. tesla up 4.5%, up 10% this week. the stock at the $600 level. don't go away.

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it started with books, but now you can buy a newly built home completely online but can you return it? our diana owe lek has that story. >> reporter: 28-year-old houston residents emily moore just bought her first house from a home builder entirely online and she one of the first ever to do

that >> a few years ago people laughed at big a car online and i just bought a house online. >> reporter: at least two major home builders recently piloted new programs where buyers can choose, design and finance a new home online and put it in their shopping cart. moore bought from taylor morrison. >> part of it was with the pandemic, with everything going on, it's just easier that way. that, and it was really convenient >> what our industry needs to do is catch up with the world of e-commerce and what every other industry is doing. >> reporter: they are not alone. >> it's going to ask for a debit card. >> reporter: they just launched a similar 100% virtual home buying program you pick the lot, the homestyle, the floor plan, and finishings, you can even apply for a loan through polty mortgage and click go. >> consumers have gotten significantly more comfortable making big decisions behind screens. >> obviously, a house is not

like a pair of shoes you can't return it if it doesn't fit or you don't like it they say they are keeping in closer touch with virtual buyers to make sure they are satisfied. as for closings, they vary state by state some allow e signatures on title and other documents and some do not. carl >> fascinating evolution in basically e-commerce, diana. thanks. coming up on tech check, don't nis buzzfeed's ceo jonah perett ck bzfd, 11:00 a.m. eastern time we'll be right back.

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♪ ♪ ♪ ♪ jpmorgan is requiring its employees to report their vaccination status as that company prepares to open its office doors on july 6th the ceo says he strongly urges all employees to be vaccinated with the potential for the shot to be mandated in the future

bill, it has been interesting to sort of watch how the financial services firms in particular have responded to work from home, or frankly work from the office, vaccines also included in all of this not uniform approach, even in that industry at this point. >> well, look, this is something that has to happen because, first of all, the vaccines work. and so everybody should want to get one regardless of where they work and secondly, i think more important, you know, the financial services industry, especially inside investment banking, and private equity and hedge fund, this is an apprenticeship business f you're not inside those firms, soaking up the culture, soaking up the know how, soaking up the knowledge from your colleagues, especially if you're younger associate or analyst, or vice president, you are really missing out on really among the few great benefits of being in this industry.

so you have to be in the office, you have to be around your colleagues you have to soak up that knowledge. and you can't do that working from home. >> yeah, i agree with you. i think many of the people who run these businesses do. although again, some of the smaller firms i know, not nearly as strict in terms of expecting people to come back to the office certainly brokerages, you know, where that's not really the expectation, but, bill, what are your expectations for these firms when people don't come back, are we going to start to see people be dismissed in part because well, your view of our culture and our view of our culture don't match? >> it may not happen that explicitly, of course. but, yes, i mean, i think there is a lot of peer pressure on wall street, a lot of peer pressure in investment banking if you quote/unquote don't conform, too much of a renegade, you can find your career occur tailed for any number of reasons. i think this is not really something that young people at

these firms should be overly concerned about. they need to get back to the office because that's where you're going to learn and that's where your career is going to advance. if you don't care about your career advancing, maybe it is not the right profession for you to begin with. i think that will be meted out, that justice will be meted out over time if you're a refusenik. >> granted these firms kind of almost have to be largely about their culture, they have no patents. it is obviously all about people however, is there another aspect of it where the large financial companies are so invested in this idea of all being together because you have to allocate credit and blame for things, you need a lot of eyes on some sensitive trading or, you know, agency brokerage type work, and, you know, jpmorgan is building a new headquarters now they're all in this idea everybody has to be in one place for better or worse.

>> i, again, i agree, goldman has been right at the forefront of this, right they have a nice new headquarters they want everybody in there again, i just -- can you go back to the fact that this is an apprenticeship business. if you want to learn, you have to learn from your colleagues and peers, you may not like them, you may not like what you're doing, you may be working long hours, but if you want to rise in the organization, and get to the level of managing, director, partner, you got to learn how, you know, the sausage is made. you don't learn that remotely sitting in your apartment or in new jersey or montana or wherever you work for the last year it has been a nice last year in that regard, you know if you could avoid covid, obviously a lot of people suffered greatly, but if you were working in these firms and you were able to sit in montana or cape cod or something, that was much nicer than maybe being at 270 park but you're not going to learn the business in the way it needs to be learned if you're remote so you got to be in, and i

support the management of these companies to get these people in there as best they can >> yeah. 270 park now is just a construction pit but are you surprised, bill, at how slow everybody has been to get back to work >> well, it seems to me that the timing is pretty much right at the moment you know, people -- more and more people are getting vaccinated, the rate of vaccination has slowed, most people who are in the new york area have been vaccinated and it is just time to say, hey, let's just do this, let's get this done, you know, david solomon at goldman said put the line in the sand, everybody get in here and everybody is there and jamie dimon is doing the same thing and i think that it is just going to, you know, everybody is going to do that soon. againapprenticeship business >> you got a heck of a tan

there, my friend you don't get into the office much. >> i'm getting ready to presend i i'm going to the sun valley conference with andrew. >> andrew is big there bill, thank you. bill cohan that will do it for us on "squawk on the street. "techcheck" starts now my old piggy bank, i found you at last. my own, my very own piggy bank >> shall we dance? good thursday morning and welcome to "techcheck. i'm deirdr