welcome to allstate. here, if you already pay for car insurance, you can take your home along for the ride. allstate. better protection costs a whole lot less. click or call to bundle today. it is 5:00 at cnbc here is the top five at 5:00 welcome to the club. the trillion dollar club as apple, amazon, microsoft make room for the newest member. big banks, big deaf de dividends. wall street cashing out. and cathie wood has up her sleeve to get the retail crowd fired up

six months to remember transports and more. one market watcher says do not get caught up in the frenzy yet. drop the needle. amazon going retro with a new subscription service we will tell you about the vinyl club on this tuesday, june 29th. 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 here on this tuesday here's how your money and global markets are setting up the day futures are setting up their day little changed little higher. that's the good news on the dow. dow futures up 27. nasdaq futures down exactly 27 all that after the broader markets hit another record high on monday. s&p had a record close

not saying a huge move in the futures right now. we do want to watch oil the next couple days. of course, it has been on a march higher all year. it hit $74.50 yesterday. opec has a big meeting on thursday the opec technical committee meeting begins today that's where they get together and crunch the numbers and make recommendations on what to do. the whisper out there is opec plus is likely to add 500,000 to 1 million barrels a day on to the market beginning in august waugust oil could be one to watch with countries on lockdown again. little changed for opec right now. there is no opec for crypto. not yet. yesterday was a good day for the digital commodities. ethereum up 17% on monday. we are seeing a little bit of follow through right now ethereum up 1.3%

bitcoin up 1.5%. bitcoin at $35,000 gains are there, although much more muted than the big day we had yesterday. welcome to the club. the trillion dollar club, that is no, not ralph srahel solomon. >> reporter: brian, good morning. how do you know i'm not in the club big news after getting a clean bill of health from the fed. wells fargo and bank of america and jpmorgan chase are boosting payouts to shareholders. the group are raising payouts 40% from previous levels and committed to buying tens of billions of own stock as you see. they are all higher pre-market citigroup was the only to not increase dividend or buyback

plans. facebook closing above the $1 trillion mark for the first time ever. the fifth u.s. company microsoft and amazon and alphabet among them. this is after the anti-trust complaint brought on to the fec. and juul is paying $40 million to settle a lawsuit to south carolina alleging it targeted teens with marketing. the payout is the end of one of the legal and regulatory challenges facing the once hot startup. >> thank you, rahel. thank you. good to see you. back to the morning money and your first guest today says stock valuations overall are not

cheap, it is okay as long as growth grcontinues higher linda is the portfolio manager and head of the value income team at federated hermes linda, great to have you back on okay not cheap. does that mean overpriced or on the edge of being overpriced how do you see the macro markets generally right now? >> well, we try to think the market is overly priced given the level over the next 24 months the fed will start to tighten. we have considerable amount of stimulus in the market the consumer still has considerable amount of fire power with the savings employment is picking up there are a lot of positives out there. we are about to get the second

quarter earnings for companies although they will be good relative to last year, but we are looking for comparisons to them in '19. we think earnings will really drive and valuations will come into their own as the second quarter earnings progress. >> where are the earnings going to be the strongest, linda >> we do think that certainly energy will have good earnings financials, technology, materials. it is really going to be broad based and in the value and cyclicals of the market which has benefitted from. rising inflationary prices materials in copper or steel or in energy with energy prices moving higher. financials we were talking about financials returning cash to shareholders i think all of the sectors will have good, strong earnings as we

move through the next couple weeks. >> you know, we talk a lot about bank of america. that's a name i know you like that we have spoken in the past. we don't talk a lot about capital one financial. that is another financial you like why? >> absolutely. capital one is a beneficiary of the consumer spending. think about it we all have those capital one credit cards that we're spending and the more we spend, the more they make money. so right now, savings rates are high and the consumer is using its own savings. as we go through that and apply for more loans and have credit outstanding, that means more profitability for the credit card companies it is not just capital one it is jpmorgan chase and bank of america as well as american express which will benefit from global travel once it opens up

again. >> if you have seen air fares lately, linda, you know heyou he to take out a minor loan or jack up the credit card the air fares are sky high pun intended linda, throw it on a capital one card linda, thank you have a great day >> thank you you're very welcome. air fare is out of control when we he come back, ahead of ipo pricing. eunice yoon is here to take a closer look behind the uber clone didi. forget 30 minutes or less. dominos rolling out a two-minute guarantee in partnership with draft kings? we'll tell you about it. and later on, cathie wood go all-in on bitcoin and we throw cold water on crypto.

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welcome or welcome back. there are certainly big expectations for uber's chinese rival didi when it prices the new york ipo later today the app that gets 90% of sales in china is more than food

hauling or delivery. we have eunice yoon with the report from beijing. >> reporter: he picked up his latest passenger not a commuter, but a cabinet. people are more trouble than things he says. moving furniture or anything else is one special service offered by didi travel outside of china, didi is best known as a nemesis to uber a ride hailing app to call a car or taxi. in china, you can do more. book a spot on a shuttle bus or the entire bus, car pool or hop on a didi rental bike. another feature that could come in handy is if you have a big night out and you might not want to drive, but you have your car. didi allows you to hire a driver to get you home. the app tells the dpesignated

driver where you are and you are off in your vehicle. for people who own the ev, it will locate the charging station. for those who want a didi drive, it launched d1 didi dominates ride sharing here it is exploring new areas now like fintech and hot trend called community buying which is essentially residents getting together and buying in bulk in order to get greater discounts all of that, brian, is meant to have didi find a path to profit ability. >> like an uber here trying to find that path like uber, we have lyft and a couple of others does didi have real competition, or is it all about didi?

>> reporter: by and large, it is all about didi it is a major player it is the dominant player. actually there are competitors here there are 200 other brands that do this type of business it is just that they are very small or niche players because of that, they exist, but at the end of the day, didi does take the vast majority of the market >> so you are going out with your friends to a dinner or maybe cocktails on a friday night. we are seeing beijing behind you. didi is the app on your phone? i'm not saying they got the market to themselves, but it sounds like they have a giant chunk of the chinese market. >> reporter: they absolutely do. they absolutely do that's actually another reason why people are a bit cautious when it comes to investing in didi because they have the big question mark about a dominant

player why don't they have the profits to match that. there is a lot of concern of the tech crackdown here. will beijing scrutiny become a problem for didi and the u.s. scrutiny and restrictions on the accounting could become a problem if transparency is an issue with the biden administration taking on the trump administration's concerns about chinese listings >> all right it's a huge ipo coming later on today in the united states eunice yoon, we appreciate it. good to have you on again. take care. all right. still on deck. amazon going hipster and dominos pizza new two-minute guarantee it is not what you think the top trending stories are w tud. dofures up 34. we're back right after this.

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if your money is working toward the same goals, why keep it in different places? sofi is a one-stop shop for your finances designed to work better together. spend with sofi and get cash back rewards that automatically go toward your goals. like investing in stocks, etfs, and crypto. that's better together. or pay down your sofi debt sooner. that's better together. and that's how sofi is helping millions get their money right. welcome or welcome back. let's get a check of the other top headlines, including the latest on the frantic search for any survivors in surfside, florida. we have frances rivera with that and more >> good morning, brian rescue operations continuing for a sixth day in surfside, florida. 11 people have died in the collapse more than 150 people are still unaccounted for.

the cause of the collapse is still under investigation. triple digit temperatures fuelling wildfires in the western states the shell fire north of los angeles burned nearly 2,000 acres since sunday it was started by a car fire according to the national interagency fire center, there are 50 active large fires burning in 12 states. this was a decades old wish for a yankee fan named gwynn goldman. she asked to be a bat girl 50 years ago. the young lady would be out of place in the dugout, but that changed last night the current gm surprised the 70-year-old with a new letter on the anniversary of her original rejection letter inviting her to be a bat girl for the game she got to throw out the first pitch before the game. the yankees invited her for

h.o.p.e. week. you have to hear her reaction, brian. if she wasn't a yankees fan before, she he iis now it is all thanks to her daughter she wrote the letter. >> i have a feeling she is a yankees fan. i'm not a yankees fan. how could you be upset with an organization cool stuff frances, thank you >> all right all right. now, let's get more headlines for the business world including amazon going retro nfl's new slogan and gambling on your next domino's takeout order? rahel is back with more. what's going on? >> the nfl releasing a commercial showing support for the lgbtq community with the tag line football is gay

♪ >> the ad comes on the heels of carl nassib saying he is gay he is the first active player to do so. and amazon is launching vinyl of the month club. it will cost $25 a month for the subsc subscription it will feature an album from the '60s to the '80s aretha franklin and miles davis and fleetwood mac among them. and forget 30 minutes or less domino's has two-minute or lessl

less or it is free customers can bet if the average ends up being less than two minutes. 80% of the time gets you the wager of $200,000. brian. >> me thinks this may be a pr stunt. the fact we're talking about it verifies that >> that's fair that's fair. >> 25 years of doing this gets you skepticism here is the thing, rahel they say two minutes they have to let you know the pizza's done otherwise, make the order race to the store >> no, no, no. once your order is ready, you are waiting less than two minutes. i heard the story and i thought i hope they get workers some good shoes the workers have to run out and get it to you. it reminds you of the "home alone" scene when the driver runs to try to get it to you in ten minutes or less. something like that.

not too shabby a free pizza and a share of $200,000. >> the question is you bet on how many slices you eat before you get home and anger your family what happened to those two slices >> that's a very "you" problem, brian. specific to you. >> oh, very specific to me i get that pepperoni smell in the car. rahel, thank you very much all right. ahead, back to business. another black eye for softbank one of the portfolio darlings, a former darling, slashes its target for the american ipo. and a gentle reminder. if you haven't already, follow our podcast on apple or spotify or stitcher or others. dow futures up 47. we're back after this.

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the market's record run rolling forward as big tech is pushing nasdaq to more records cathie wood going big with her love for bitcoin investors continue to cool on crypto. a different story for new york city real estate. it is looking red hot. bravo's million dollar listing is here to talk about what is fueling the market

it is tuesday, june 29th this is "worldwide exchange. welcome or welcome back. good tuesday morning thanks for joining us here on "worldwide exchange. here is how your money is looking halfway through the 5:00 a.m. hour. 5:26 a.m futures are up at least on the dow. we are seeing dow futures up 51 points nasdaq futures slightly in the red. s&p flat all this coming off the record high for the s&p on monday it is not just the broader i index. here are a couple of super stats for you. 37 stocks in the s&p 500 hitting all-time highs on monday including names like nvidia and target target, at the highest level, ever dollar and inflation adjusted

going back to the ipo in 1967. the dayton hudson and cintas as well 51 stocks, 10% of the s&p 500, have more than doubled in the past 12 months 10% of the s&p 500 more than doubling. more on the markets and your money coming up. right now, let's get a few more headlines on tuesday including a push to get a bitcoin etf. rahel solomon is back. >> reporter: brian, the department of justice anti-trust investigators are stepping up the google ad business the officials interviewed competitors about the tech giant's business in the sector the more shows the biden administration is actively extending the investigation that started under former president trump. dingdong slashing the ipo.

it is looking to raise $94 million. down from the original plan of $357 million that comes after the grocery app and fresh backed by tencent plunged last week. and cathie wood is formally filing paper work with the s.e.c. they are looking to track the performance of the cryptocurrency of bitcoin. wood is a long time bitcoin fool and buying up the crypto in coinbase and basescale brian? back to you. rahel, thank you very much let's leave it there and pick it back up and stick with crypto. bitcoin continuing to trade well off the highs earlier this year and according to the recent note from jpmorgan chase, it is not

elon musk tweets or the crackdown in china bringing crypto down a bit, but the death of cash in the asset class and little interest with institutional players. the author of the report is the global market strategist for jpmorgan chase is crypto dried up or has it simply slowed down >> it dried up it turned negative in may. it is closer to flat at the moment when we look at the futures. bitcoin and it is important to highlight the slowing or the drying up of the labels started in may we started seeing before the may

correction we started seeing the way bitcoin fans there they showed an opportunity to move into bitcoin and away from gold they did the opposite. they started doing the opposite from april to may. the moment we are skilltill stuk we don't see a lot of buy flow like previously in the fourth quarter. we have the additional headache which is the potential selling of grayscale trust as the lock up period expires next month that selling pressure -- >> nikolas, let me jump in for a second

do you think the volatility and we show something like 10% to 50% drops and three 80% drops in the last number of years those are done when it didn't have the interest and the publicity that it does now does the volatility we're seeing, do you think or do you have any indication of that is scaring potential investors off maybe permanently? >> that's difficult to say permanently. it is difficult to view it as permanent. my guess is the volatility of bitcoin will normalize through here and the moment it is six times bigger bitcoin relative to gold the ratio will convert, but i think it is a problem.

i don't think it will create a long winter in terms of bitcoin markets. to me, the key here is not a problem. the lesson from the past couple of months is at the moment the bitcoin is not pricing there is interest will pick up that's more important. >> does your research, nikolaos show, a divergence of coins like ethereum or xrp or litecoin? do you think people will trade together as an asset class >> i think there is divergence between bitcoin and other cryptocurrencies back in april, there was not

only money flaming bitcoin fans to enter the gold, but ethereum fans there was also some institutional shift in april from bitcoin to ethereum now we are seeing the opposite the flow into ethereum fans is low, but as the flow into bitcoin fans has turned less negative it has improved. that remains the race which is the relative value opportunity which the investors are seeing to buy bitcoin instead of other cryptocurrencies when we look at the sale of bitcoin in the market, it was like 60% in the beginning of april. it dropped abruptly in the

matter of months from 60% to 40% by may now we are at 46%. i think the healthy number in terms of total sales of bitcoin and cryptocurrency it is 50% or above that is another indication of what is here in terms of whether they are available or not. >> we are about 50% off that high we are watching bitcoin with a lot of keen interest as well as the crypto ni ni nikoloas, thank you. hope to talk to you again. all right. coming up, a deadly heat wave out west and triple digit temperatures hitting washington and oregon how much longer can it last? bill karins is standing by with the details on when any relief may be coming.

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i'm 53, but in my mind i'm still 35. that's why i take oste bi-flex to keep me moving the way i was made to, it nourishes and strengthens my joints for the long term. osteo bi-flex, plus vitamin d for immune support. welcome back 5:38 in new york city as the sun begins to rise certainly over the big apple as well another day hot, but not that hot when you consider what is going on out west. 100 degree heat in seattle for three days in a row now. parts of washington state could hit a staggering 118 today

historic heat wave resulting in highways buckling under the weather and real fears of fires. for the latest, let's get to meteorologist bill karins. bill, day three. any sign of the break in the heat out west? >> for portland and seattle? yes. it will feel cooler, but still hot as the peak of the heat wave is pushing interior. we have to recap what happened yesterday. it just is mind boggling we have a list of all of the major cities and hottest temperature ever recorded in the cities obviously phoenix is top of the list 122 is the hottest ever in phoenix. vegas at 117 then look who makes the list now at number three in our country for the hottest city with the temperature ever recorded of 116 degrees. portland, oregon yesterday that is mind boggle thing. they were at 107 before the

event occurred to be nine degrees hotter than that is unheard of and and paralleled we have never seen that anywhere with the major climate site make a nine-degree jump on the all-time high. seattle. seattle wasn't in the top 40 on the list now they jumped up to 16 seattle now with the all-time record high of 108 yesterday that passes baltimore, washington, d.c., new york city. that is insane that seattle is now up with the city like nashville. you don't consider seattle a hot city for today, 12 million impacted in the west with heat warnings in the east, we are watching philadelphia area with excessive heat warning it is a different type of heat in the west. it is hot and dry. in the northeast, it is hazy, hot and humid. the middle of summer stuff you expect we will still see oppressive stuff today. spokane, washington should be

110 today. notice we get slightly cooler tomorrow the coastal areas are better, but the northern rockies that will still be hot. as we head toward the east, today is a very sweaty day, brian. 101 will feel like in new york city tomorrow will be the end of it we will see big-time thunderstorms. we will talk more about that in the days ahead moving through the northeast on wednesday pick your poison the northeast and northwest just brutal this week >> yeah, i saw it was 112 or something in vancouver, british columbia and saskatchewan. it is not just the u.s the good news of 100 degrees in central new jersey, bill, it is not just hot and humid, but trillions of cicadas in your face that eases the pain a bit. >> get rid of those. the fourth of july forecast is cool and rainy in the northeast. we can't win

>> one or the other, by the way. bill karins, at least the cicadas from my view, will go away soon. they are driving me nuts for about a month. as our viewers know. despite concerns of the future of the city, the new york city real estate market is showing big-time signs of life especially on the high end is this just a few big one-off deals or the real sign of another turn higher in kirsten is here with me from "million dollar listing." you have to change the name of the show that is like a two-bedroom and one bath facing a court yard in manhattan. tell us about the deals you have seen lately on the high end. is new york city back or did it

ever go away >> well, what we're seeing here is that the high end of the market has really taken off and has been in a really strong space since the last five months we are seeing 30 must contracts signed in the luxury sector for over 21 weeks now. that's a ton of contracts signed for our market that's over $4 million we are considering the luxury market. the other phenomena is the ultra l luxury market. new buildings are selling top down which is demand for more space. we are seeing new development buildings. three in particular, actually four, that sold where they are selling the penthouses in the first units in the new development buildings. specifically on the upper east side the same for the upper west side these are traits that are

between $20 million and $30 million and more throws trading before other units that are at the more approachable price points selling before the buildings hit the market >> we have seen this in the past, kirsten. you get the new buildings. some of the others get a lot of attention and buzz particularly with overseas buyers how is the overall market doing? not just the billionaire coming from around the world. for the successful and wealthy family looking to add an extra room looking to get a deal coming off the slump last year. how's that market doing? >> what is interesting about the more approachable market if you call it that, which is the family that's going to get that additional bedroom, from a two bedroom to a three bedroom or a

classic seven room we're seeing significant, significant competition in that price range from the buyer perspective. buyers are being outbid. bidding cash to get in there and be able to move quickly to be in for the schools in september i would say every single part of the market is seeing continued shrinking inventory and we're also seeing discounts shrinking before we had over 10% average discount on pricing for closed sales. now that is under 10%. we are continuing to see that shaved off to 8% and less when apartments are well priced, they go over the asking price the deals are gone and people are back new york city is back. everybody is trying to get ready

to be here for september because offices are opening and schools are opening. >> you think there will be a lot of activity in the summer. you know, jpmorgan chase and others are saying we need you back in the office all of a sudden guys in boseman, montana are going back to the city it is all happening in the next two months >> yes, it is. offices are asking workers to come back now and not wait until september. a lot decided july is the month. >> yeah. everybody i know on the street is back one or two days a week they expect pretty much full-time back after labor day very hot in new york city real estate a lot going on in the city kirsten jordan, pleasure to have you on "worldwide exchange." take care. you're very welcome. your morning rbi is back get ready to pay more not for a

condo, but a burger or a coffee or maybe a lot more. a little talk about indicator that you got to know you will hear it coming up. programming note catch buffett yan& munger they share stories of what made berkshire hathaway that premieres tonight at 8:00 p.m. we're back after this.

i'm 53, but in my mind i'm still 35. that's why i take oste bi-flex to keep me moving the way i was made to, it nourishes and strengthens my joints for the long term. osteo bi-flex, plus vitamin d for immune support. today's most random, but interesting thing has to do with jobs, costs and possible inflation. because they are all going together right now in a way that we have not seen if yn years or decades. first off, the job market is as hot as it can be many small businesses just cannot find workers. you can insert your own reason why here

overall, the job need is not a debate the conference board reporting last month the percentage of americans who say jobs are quote plentiful, is nearly 47% that's up about 10% from the month before by the way, wite get the june number later today we have it tomorrow. this is causing mom and pop shops to pay workers more. you probably heard stories of 17-year-olds to get $20 an hour that usually pay minimum wage. and on cnbc.com yesterday, $1,000 signing bonuses to show up for work at airport restaurants. many may view this as a good thing. pay them more. keep in mind, when you pay more, the costs get passed on to you the businesses are not going to eat it look at this chart for the national federation of independent businesses and

morgan stanley more than half of american companies are planning to raise prices it is not only the biggest spike in the industry's history, but the biggest spike by far dwarfing that of the gogo 2008 if the companies do what they are going to do what they say, wage inflation is coming random, but interesting. maybe a little more expensive. let's get back to stocks and what is shaping up to be the first half to remember transports having the best first half since 1997. regional banks with the best first half on record going back

to 2006. oil, best first half in over ten years. copper soaring small caps best first half since the mulle, it was mullet was in fashion in 1981 let me bring in portfolio manager and cnbc contributor first six months to remember, jenny. i guess your clients are wondering what happens in the next six months. >> i think this is where life isn't a sprint, but a marathon i think if you look at the six months, it can feel like a sprint to be a successful investor to build wealth, you need to be a marathon i'm like everyone else those are huge numbers does that mean it is over?

did i miss it? if you take a step back, it is not crazy. let's focus on the energy numbers. energy, biggest first half ever. crude up so much if you look at it from the five-year, it is different over the past five years, the energy sector is down 5% crude, five years ago, was $40 a barrel here we are five years later $70 a barrel you look at the stocks behind that things like royal dutch and chevron and mid stream companies or energy transferow enterprise if you look at the macro, you look at the esg push which pushed down supply demand hasn't moved yet. and wind and sewolar is not the yet. you can think you missed the

boat if you take a step back, there may be a long way to go. there are still opportunities to invest >> that gap between the stocks and oil prices, we have shown many times, jenny, is a huge gap. oil at $70 stocks are at a certain level. in many cases, 30% or 40% below the level. a disconnect with the commodities as the balance sheets get better. does that mean you are a buyer of a kinder morgan or royal dutch shell? >> i am. not just the buyer today we had these in the portfolio for a long time. interestingly, chevron, for example, two weeks ago we had extra cash i positioned clients in that portfolio. that's what i'm putting clients in right away because there is opportunity there. an earlier guest talked about

valuation seemed rich or not cheap. actually, that is the beauty of being an individual stock investor i can't remember anymore 5,000 publicly traded companies. you are always going to find something that is not trading where it should be that is at a discount valuation. there is a lot of opportunity in the energy sector although it had the big one in the first six months that is a comfortable place to continue to put money. >> okay. i think the only thing that is more hated than oil and gas has been new york city real estate companies. what we just talked about. a year ago, the mortgage reits, looked like they were going out of business. we were watching bonds getting crushed and equity destroyed this sounds like a few others are still money to be made in

the names which got hammered last year. >> right i love your previous guest kirsten jordan it supported the thesis we have in the portfolio two investments of the surge of real estate in new york. one is green realty and nycb sl green has a 4.5% dividend yield. got crushed last year. trading as if no one would return to any office there are others like big banks and law firms and companies that did well they are bringing tenants back by the way, they have lease terms and the occupancy is in the 90% range. we have the long runway. they have super high quality

buildings. new york comm. they have 3% vacancy rate and 6% dividend yield that should be a big beneficiary. >> given the beaten up names like oil and gas and new york city real estate maybe we should take another reality show and call it "american pickers. >> they have one called that >> oh, yeah. "american pickers 2. jenny. >> stock edition >> that's it let's do it. there we go. >> i'm in. >> i think we have a show. jenny, always a pleasure to have you on thank you very much. oil and gas names as well as new york city real estate. that does it for us on

"worldwide exchange. i'll see you at noon eastern today, we see dow futures up and bitcoin up as well "squawk box" and the gang picks up on coverage see you tomorrow right here on wex. express business card, which offers spending power built for his business needs, to furnish a new exam room. the doctor will see you now. get the card built for business. by american express. i'm dad's greatest sandcastle - and greatest memory! but even i'm not as memorable as eating turkey hill chocolate peanut butter cup ice cream with real cocoa. well, that's the way the sandcastle crumbles. you can't beat turkey hill memories. talk to me. what do we got? when you have xfinity xfi, with blazing speed... [ screaming ] a powerful connection. that's another level. and ultimate control. power us up. you can do more than you ever thought possible. yes! hold on. get a powerful and secure connection you can count on.

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good morning financials in focus. after getting the all clear from the feds, wall street's biggest banks are handing out cash to shareholders with one exception. facebook joining the trillion dollar market cap after the federal court dismissed anti-trust complaints. and cathie wood's bet on bitcoin. ark has come back. we will take a look at the