we got into some of the news of the day. a taping from about a month ago. but we talked about china. mung sir a big fan of that jack ma and what happened to him. interesting controversy there. guys, hope you can check tout and that does it for us today. make sure you join us tomorrow right now it's time for "squawk on the street". good tuesday morning welcome to "squawk on the street." i'm carl quintanilla with jim cramer, david faber on the new york stock exchange. the news flow has not let up a lot of headlines in banks, airlines, big tech, corporate bonds, energy. breaking home prices in april compared to a year ago up 14.6 according to s&p, and woodstock comeback cathyie wood, and notching new records. plus united airlines positions

itself for a postpandemic growth making its largest aircraft quarter ever. and getting the green lights from the fed big banks set to fpay out extra in quarterly dividends jim, facebook, $1 trillion fifth time fifth company to join that club on this court decision and a big test two weeks' in. >> look out. lena kahn has a road map about facebook this was a total beatdown, facebook, and the judge basically just said, trump, as you see, you guys, you got a bit of school with antitrust it was really ugly. >> and the states too. let's not -- that's part of this as well. >> yeah, but lena kahn is going to use the road map in here how to go after facebook, make no doubt about it, and she will go after them

>> a much more sophisticated. >> a zillion more. >> seem to make it more difficult, not easier for the ftc to try to make another case. come back with an amended complaint in 30 days seems to be a lot of doubt what they'll be able to base that on that's going to be able to not get thrown out of court. >> he's right. the ftc failed to explain at all how this hurts the industry bp just because you have a monopoly doesn't really mean anything i know that -- look, there's no way lena khan is going to say we're going to let this go she can't! she can't. >> i mean, facebook did make the decision to try to get it thrown out as opposed to alphabet which is going to court. >> right. >> against the doj in 2023 right now. >> you're absolutely right now the ftc -- >> they can do better. >> the judge is going to go against that i agree with that. >> don't forget. this was, i mean, obama appointed judge. >> right. >> conceivably a lot of trump-appointed judges one would

expect as well, if the ftc tries to bring things would respond perhaps in favor of distance. >> the judge goes over the fact that ftc spent a lot of time on whatsapp and on instagram. a very funny moment, by the way, and on insta, that's what kids call it. >> technically, that's true. >> yeah. insta. so i thought it was -- a ruling which says, these guys don't do any harm and you've got to find out what the denominator is. the personal social network. yes, they try and -- social network, not trying to hurt anybody else just because they block others from coming in doesn't mean you can't go to another company. i think that they gave -- look, i think khan has to go after them, but this judge is basically saying, you can't do anything about this. we're not going to break up facebook we're just not that's not a remedy. because you don't need a remedy. it's very powerful. >> a big pease in the "times"

this morning about the demand for lawyers who have corporate law. >> yes. >> expertise not this strong since microsoft in the '90s. this environment gnot going away is it xbrnc >> you know what, do the wrong thing. >> they got to do the wrong thing. listen, they're not the key people -- >> they're not key at all. >> why did you say that? >> because you didn't let me finish they are focused on transactions, okay what is now going to happen, and is happening in terms of larger m & a in particular is you're going to have a lot of people weighing in prior e to even the consideration of said transaction, not going to be the m & a professionals. going to be those who carl is talking about are getting hired left and right namely ones able to weigh in on the antitrust ramification, potential deal or p.r. road map you should potentially undertake to try to avoid scrutiny or at least combat it in a way when

it's coming at you lina khan is a big deal for the m & a. >> she is big. they're all scared, all scared she's 32. >> very young. by the way, we focused so much on technology. some people have mentioned, take a look at writings at yale on health care, and take a look at that so send that out there as well, because -- >> she is the one who is stuck. >> focused on her because she is particularly, apparently -- >> shouldn't have -- pro-mana. >> those who like to seek accommodations find it problematic. waiting on a third commissioner at the ftc expected to be somebody else, potentially more in line with khan and the ftc an interesting body. but i don't want to make light of the fact they got beaten soundly. >> they were down there giving them the business. one of those -- this was one of those things where you go to law school, and it says, did you

guys read that -- how much fun they made of the ftc they pants them. did you see that i pants you. used the term "pants." >> street commentary today, v of a to 400 from 390. iky think of a more important day of redemption for facebook than this ruling. >> that's true basically says that, zuckerberg a bit of a hero. and it's a new narrative >> but, you know, also it throws it back to congress and whether or not there's going to be an ability given there is interests from both sides of the aisle in writing new antitrust legislation. >> what do they do no remedy. how do you do it, break this thing -- >> i'm jimnin' you on people of all ages, in

particular people of younger ages you want to talk about the mental health crisis this country is having? i mean, re regulate heck out of ciga cigarettes juul $40 million. >> we killed juul. did you see how it starts? at the time of the last great anti-trust battle in the courthouse between united states and facebook, mark zuckerberg was still in high school only after arrival at -- he must have watched the movie. >> he watched the movie. >> the only people lacking, the big -- not in this right? your facebook. it's your facebook >> remember that >> yeah i do. >> jim, it's all a tailwind for the stock in light of what's already happened with growth and folds right into the story about

cathey woods' comeback how is this impacting the overall view >> turbo charge the highest growth leaving behind the lowest growth there's a lot of -- how many notes do we have about time to buy emerson, and can you, please, could you come up with something better than that i mean, we got cathey wood recommending stocks that don't exist. oent trade in her fund that's a bit facetious suddenly shen wants to do a bitcoin. saying no, but suddenly she wants to do it what does she know they don't know that they're going to let her do it? who's she -- >> cathey wood in -- >> i want to understand the terms at play. what do they know -- what does she know they don't? who's "they" >> they! them >> those guys? >> the regulators. >> those guys. >> the rich players. the regulators

we still haven't heard from secretary yellen treasury secretary gary gensler head of the s.e.c we're waiting to hear from them. they're very focused on payment for order flow which is completely unimportant because if you just say it's paid -- people can make a judgment whether they get good execution or not they should be focused on things like this. and tether, which are -- you know, our own kate rooney saying tether may be the link. >> i watched kate. >> tether is something we got to stay close to. >> yesterday talked about the commercial paper. >> yeah. >> no one i know has ever sold them any commercial paper. so, david, i want to know where they're getting it -- stock again, boy, they loved that. >> we do the woodstock we like that and, of course, our spac stuff. >> what about the meme did you know textron, a breakup textron piece talking about if you spac textron.

>> spacced it? >> yeah. spac -- in the spac world. >> took it apart and sent it out. >> not suggesting but i read it as, like, if you spac something, then what it would be like, david, you would need, like, a spac report. >> you would >> waiting -- trying to cue the -- >> we love it. >> there it is. >> thank you >> wait. >> i love the modulation. >> all right jim you know, your point's good about textron, but also today's citi, up csx, bf bofa. >> and fedex, by the way, u.s. one, bank america. always follow the u.s. one, dude, that's very important. the evidence lab at ubs cuts tesla's price target from 730 to 660. >> really? what's it seem >> what am i, "csi"?

what do you know be careful what are they like, gm and ford. let's remember, go look at the maverick this weekend. the one, david, with the small -- >> ford is up 70% this year. >> because they sell things people want. almost totally out of selling cars they just discontinued finance in argentina a good business. she's. how many bad businesses were they sporting? basically said, let's lose money in these 17 countries in order to prove we know how to lose money. by the way, in china, they are virtually nowhere. and gm, undervalued. every time it goes to 62 people come back and start buying tesla again. by the way, i think it's going to be vw. >> back to cathey and wrap up the market here, this move back to growth, the fact nasdaq and s&p -- >> hyper growth. >> now a -- 160 basis points apart in terms of performance

when for most of this year the nasdaq trailed significantly in terms of -- does this keep going? the growth trade keep ascending? >> until we see earnings, yeah. >> benefited yesterday -- >> now china she's close. >> and in talia and regeneron. >> she understand gene editing and getting in flows once in flows, it begins, david. it begins. we're the early -- >> bottom percentile. >> at the early part of her move. >> okay. >> by the way, i'm when i see pieces like emerson breakup. yeah, i know doordash, wells fargo. i know you're going to new geographies and new verticals in europe i have nota doordash order at my restaurant in weeks. had none this weekend. why? because the pandemic in new york is not over. what you don't want to do is order at home, watch a video game and go to bed you want to go out. >> yes.

>> spend a lot of money in liquor it's now 60/40 is the break down. >> liquor? >> 60/40 which way? food/liquor or liquor/food. >> liquor. >> okay. >> millennial, it's like you get them they say can i pay 10? this is strange. gen x people, i'll pay 50. gen z, not old enough. i don't have to worry. >> i can't keep my gen's straight. >> talk more what people are spending money on including a big order on united and from "squawk" earlier today the banks raising dividends, guidance on buybacks which are making the biggest payouts as we are three days in on record closes for the s&p and really only another point or two for one today. more "squawk on the street," backn mite ia nu.

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jpmorgan, 17% increase, bofa, 21 cents. goldman, 60% increase to $2. go on in the narrative wells obviously far higher cut substantially during the pandemic now increasing dramatically. we mentioned, of course, citi. nothing. the question, jim, though, continues to be what about the markets willingness to pay a higher multiple overall for these earnings streams will that ever happen? are we going to get away from sor sort of pays a multiple to book here and trade, what, seven, eight times? >> we don't want tuna that doesn't taste good we want tuna that tastes good. people want to see easy money. they want to see the fed raise, raise, raise let's not forget as long as the fed's doing -- they should be in there buying every share, but looking at

wells. actually hoping, they're going to do a nice sized buyback $18 billion. i was hoping for $22 billion, $20 billion. >> take you through q2. >> yes will they be there every quarter? no when they report -- look, jpmorgan could report a great quarter and i don't know if it matters. what does matter you knew the fed was going to raise you want to own these in the buyback stock and they'll do well. >> look at jeffries. >> that's different. >> 8%. 19.1%, compounded annual growth rate over the last, whatever the heck -- a long period of time. >> that's a growth bank and run by a very smart guy. >> yeah, yeah. i mean, reported -- sometimes we get a little snapshot or sense in terms what we can expect from the capital market section the big guys jeffries reported after the close last night, and as you might expect given the

preponderance of spac issuance first quarter, down dramatically capital markets, net revenues, half a bill down, but they benefited from m & a advisory, if leverage finance and traditional ipos post add very large -- >> they're smart by the way, gorman made big acquisition. gorman is doing a lot to create an earnings stream that's -- your hair looks fine stop it. gorman's doing an earnings stream, got lots of good businesses and he is no nonsense gorman, by the way, doesn't seem to be in favor of people who show up periodically >> you mean the work from home thing? >> yeah. he's into the, hey, i'm not coming in today. >> he wants people in. >> yeah. actually wants to run a bank, i think. >> well, we are coming off the biggest week of outflows for banks since march of last year right? has not been a good period. >> no. >> as we reset some of these expectations. >> but i think morgan stanley is trying to separate itself from

the pack by being an advisory to individuals including acquisition they made to advise people who create ipos younger people by the way, robinhood's going to come in. new valuation from morgan stanley. now, robinhood that will be something gensler will finalize, i guess. >> well, they should care about crypto, should care about -- i could go on and on s.e.c. has plenty on its plate order flow way down the list. >> i agree with you, but you either have subpoena power or -- >> that's true. >> just some outlier who sits at a desk and opines and has a spac >> i got a spac animation. at least i got that. all i got. >> i guess the boot's not going to cooperate there we go! >> the whole plan. boost it up!

>> we'll get kramer'sc kramer - "mad dash. on this tuesday, don't go away.

all right. we got a little less than seven minutes before we get started with trading >> people are already starting to game what's going to happen it's a guess meter one way to be able to look at it is, how are the apple suppliers doing? i tend not to like this kind of thing, but -- skyworks, barclay, skyworks, a company spent a lot of time in the doghouse yet is incredibly good company

that makes -- by the way, they're not foundry-like they actually make it. they've gn a great -- obviously now i'm talking about apple. fight club virtual fight club, i think it's ready to run went down off that position. just regular run. >> why >> because i think apple's going to do well. >> you do? >> i think apple's so big. you know i'm not in the 22nd maybe it's great, maybe it's bad. i'm saying that apple is going to put up good numbers, and it's gotten cheaper biding its time. a great stock this year. >> no. apple hasn't done much of anything, we can look, since september. if we take a look. >> doing well. they do a lot of customers doing a lot of different things, but this was -- this piece was about apple suppliers, and corevo, too. done quite well. i don't like the name corvo, too much like pervo

>> margins on that were good. >> stay tuned. skyworks has been so bad yet it's such a great company. >> all right >> there you go. >> there you go. get a look here what we expect when we open in about five minutes from now opening bell is coming right up. don't go anywhere. "squawk on the street," coming right back.

united announcing adding 200 boeing and 70 airbus jets to its fleet. largest order in the airline's his tray and biggest by any single carrier in about a decade scott kirby the ceo told us the reasons behind the order. >> upgrading our domestic experience for customers is really what this is about. the big aircraft order it's really about upgrading the customer experience with new airplanes, but also brand new interiors. the best interior, seat back entertainment and all amenities we're going to put on the airline. >> i think asia's going to lag, more interesting before they

open up and business travel still down 60%. >> yeah. the big money. i do think part of this problem is like our company. we're afraid -- we don't want to see people yet why take the risk? to go see someone when we still aren't sure about variants i feel, personally -- i'm not worried. >> i'm not either. >> why i was vaccinated. >> yes. >> why we're all vaccinated. correct. i'm not vaccinated but very worried about the delta variant. thankfully it appears the vaccines, pfizer and moderna act strongly against it as well. >> i know that i'm in the middle of pennsylvania and see people -- bump into people very proud they're not vaccinated and i tell them, listen, you're going to get the variant the variant is in the air. you're going to get it the variant, i mean, is -- >> very transmissible, indoors, of course. >> right yeah if you stay outdoors but, yeah. [ cheers ] >> there's the opening bell,

guys in just a couple of minutes here getting ready for another day of action dow futures looking to rebound still a long way to go to get that intraday high but the zp z s&p and nasdaq, about 800 points the big board today, celebration today. over at the nasdaq, energy, semiconductors. >> very good company very exciting. look, the semi business itself has been on fire i think when you look at nvidia, david -- nvidia, you know i keep believing in that deal look at the market cap on nvidia now leaving behind the whole group. >> it is half a trillion dollar market value for nvidia iron source, went spac. >> oh, a spac? >> don't even -- >> no. pointing it out, because we have seen a --

>> what do you mean about the idea of companies breaking up and getting spac >> listen, all the stocks that become spacs are looking for opportunity to, to get something done -- more now because, you know, the lack of movement in the stock price of the spac after deal announcement, help investors for a long period of time so -- that's been a little hard to unlock, the pipe market. but, yeah. spacs are alive. alive and kickin'. so is nvidia come back to that market value right around, close to half a trillion. >> sky high performance, look what jensen is up to you realize he's on another plain entirely i mean, he's solving things that aren't even problems solving the future i've got to tell you, david, while elon musk said i was -- a hologram. >> simulation. >> simulation is what he

actually said. >> tell you something. you're going teo be in a room full of simulations when he's done and say, let's talk shakespeare, talk beethoven. alone, what know what to do. five new people. wow! they love this company [ cheers ] i mean, they love this company. >> yes iron source. advertising for gaming platforms, software. rolling up a lot of companies. >> really? any other companies that do that >> yeah. there's a few. >> how about another story today about the nfl trying to, you know -- nfl, remember, if you get the games, you also have to do nfl network, which is very exciting during the nfl season and then less exciting when the season's over. because you're not gambling on the nfl. right now i'm not putting a lot of -- i can't bet, but, david, if you were to gamble in the nfl

right now you're gambling on -- who someone might draft in the your fantasy i don't know. >> you can gamble on all sorts of things. >> a lot of time as draft, who's going to be the starting quarterback. >> we don't know remember, the big issue for green bay is -- whether david's going to get the "jeopardy" job or rodgers is going get the job. >> future of the green bay franchise depends on favors, futures -- >> yeah. >> and want me to bet on it? i would go with -- rodgers. >> really? get the rodgers rate >> maybe he's going to do both. if he gets that job, he'll do both he's going to try. >> he's got a private plane. he can fly all around. >> i'm going to tell you, if that's what happens. >> focus speaking of media, morgan stanley has a piece out about our parent comcast. >> oh, yeah. >> reiterating overweight. taking their target to 70, jim which is going to be 25% upside.

>> and the foe debate. at&t and a more affordabl aable broadband competitor now when i read this, i -- david, i respect -- you know, the at&t -- a false dichotomy. parent company of our network do you think they're sitting there saying i'm worried at&t a former broadband competitor no >> more capital at their dis disposal not at worried about enormous leverage on balance sheet. not fighting a two-front war, as i put it, fighting media and wireless you could argue, jim, they'll be a for formidable competitor on broadband and wireless wireless becoming more for the -- >> not derailing comcast growth. still see 20% for the next four years. >> exactly let's understand that in any

industry other than this industry, it -- it's not zero sub. i mean, you don't ever read, if facebook does well, you know it's going to kill google. it's not like that but in this industry you say something good about vox or viacom, it means comcast is buying viacom. >> not happening as a matter of fact, they said on cnbc, quoted you, david. >> no, they didn't. >> the company relayed through cnbc. >> oh, relayed >> relayed to cnbc, pure speculation. basically saying. >> oh, really? >> that you -- >> by the way, i will make it clear. >> do you an operator? >> our parent empty is the worst in communicating at all. i have much better relationships with every other media company than i do our own. >> david, that may be the most ill-advised position to take. >> what are they going to do toe seat. >> see, you work for -- i'll give you advice about careers

later. >> i love our company. >> now, now! >> i love them all the love is so deep. >> i was going to suggest eli lilly and biogen have something -- >> coming up later in the program. >> how about walmart private labeled insulin. first and only offer -- jim, walmart saying customers, about 3 million, could save up to 75% off the cash price. >> we worried about amazon moving in. i mean, no worry about walmart, and walmart, by the way, is recognizing the number of people with diabetes is terrible. take a look at the glucose monitor announced yesterday, another winner is david going to talk about, david going to talk about the alzheimer's drug >> about what? >> david ricks >> alzheimer's or insulin. >> everything. >> li lilly on the 10:00 hour. >> ah.

the next story. >> got a lot of good questions. >> yeah. >> yeah. >> just pointing that out. by the way -- >> you're 0-0. >> continues to be a big story as in lilly, if in fact they get approve ford their alzheimer's drug, operates in a similar way at to the biogen approved drug and the question enormous price tag of these drugs the u.s. government through medicare and/or insurers as well willing to pay $56,000 a year. >> look, they can reduce plaque, but we don't know what that necessarily does does it delay alzheimer's? get additional couple years? i don't know. >> meanwhile, estimates of the total cost, i mean, are -- half of d.o.d.s budgets. >> chinese can invade taiwan and we can't fight nap was blocked out. >> it would be an enormous potential court and raises this issue, because, again, the fda was very divided whether to approve the biogen drug given

the data presented with. biogen stock backed off from the highs it saw on the initial announcement. >> none of the hmos could have paid that. look, a lot of the people -- got to ask david about this. some of the research herbs, of course, resigned. >> still a lot of controversy around that decision >> by the way, i think dugan heim today takes biogen down 455 to 446 just some of the cloudiness regarding this approval process, jim, and ability to pay for this drug down the road. >> look, i know that when david talk and this, this going to be approved a lot of analysts downgraded stock went from 212 immediately to like 180. now look at it that's because this is the holy grail of illness, but i just don't think that the country can afford that price. >> meanwhile, jim, just a quick note on the cusp of 4,300, s&p which is a year-end target for some.

>> i was going to say. how many of these strategists are are going to have to come in on monthly, when july starts say you know what? we got to raise our price target. >> yeah. there still is at least, as of yesterday, 10% to 20% correction in the second half of the year still a -- >> and morgan stanley -- >> you know home people are dying to get in if that happened so many people cashed out, didn't believe oh, biden comes in that's going to be bad for stocks got to take the capital gains now. those people have remorse. they have sellers' remorse, david. >> they do now we mentioned top of the program. facebook remaining a trillion dollar company just a bit above that. so what we got, apple, facebook, alphabet, amazon and microsoft all well above a trillion. two of them up $2 trillion amazing. >> well, it happened it just happened. >> i can remember when oapple

approached $1 trillion. >> wow look, this is a market that every day they find new things, skyworks is up $4. well, you make a comment, dave, and -- stock goes up hey, the way this kind of -- boeing gets an order we knew boeing would get an order. still matters. >> your point yesterday about dilution today, xpo issues 5 million shares. >> brad's stock. >> carnival yesterday. salesforce going to pay for slack, a lot of any issuances. >> doesn't seem to matter. people ready and waiting >> this is a group of people that really have a, a big ticket i love the way they've taken over good like the old days. a little excited. >> it is like the old days nobody's masked. everybody on the floor. >> right. >> they're probably vaccinated. >> 1118.

grading already. >> probably vaccinated. >> yes, everybody vaccinated who was not wearing a mask that is a rule. >> interesting again, that's very -- we're trying to remember what is -- what are you allowed to do can you demand it or not >> you can. but you may not. >> perfect. >> by the way -- >> it's a meme stock, david. i mean, meme >> speaking of demanding, back to work. may have soon uber, the latest company. sort of try to follow these to some extent. uber saying you want to work half your time out of the office okay a report from reuters, by the way. setting sources, apparently going to announce it i don't believe uber is out with the announcement, if they have been. >> now, a lot of our viewers will say, of course they're out. >> need to spend at least 50% of their time there implies it's been 49% of your time at home. >> 50% of my time in florida, how do they come up with this stuff? how do they come up with -- come

on let's just return to the office. the water cooler, talk about netflix. go back to that. >> these are going to be consequential decisions made by these management teams because they're going to be years that they're look back and see. were we as productive, innovative, as focused on problem solves did we have so cohesion or lbec we didn't have people together. >> and bring in the smartest, most selective smart people? years before we know the answer to this. >> absolutely right. can i attract the people i want? to your point. because they don't want to work in the office. >> you'll know ether the drug works before you know whether they'll be productive. >> enormous experiment going on now. >> a lot of people going to boise. i mean, do you want to go to boise? >> and you do not need to come

in because i'm not coming in >> i read sluman's book. >> part of the -- >> some organizations starts with the ceo i don't want to come in so i can't ask anybody else to. until other organizations it's the opposite solomon basically never missed a day in the office at goldman sachs the entire pandemic, like, where is everybody >> right in advance of goldman, a sense maybe ought to show up don't just put your chair on the, you know, your jacket on the back of the chair. be there. >> you can't sight a safety issue anylonger if you're an employee this is a lifestyle issue. >> in terms of travel. tsa today, jim, 2 million yesterday passengers cleared the tenth day this month with a 2 million-plus. >> wow how about international? still really low i thought it was very interesting what the asian comments, remember, there are a lot of companies that send cargo

that, in the -- belly's planes not just in big ships. that's a big problem not enough space in the belly. that he cull it the belly, i get t it. >> i got to tell you, completely -- went to erasmus. amazing school in holland. i wrote my thesis on erasmus a funny guy. >> do you have that? i'd love to read it. >> i wrote this my senior, my capstone. >> how long have we known him and still learn new stuff? >> the things we learn. >> yeah. >> so deep >> and erasmus. >> swiftman and erasmus. >> so we got record highs on the s&p and nasdaq before settling back a bit vix at 159.5 .5

get to bob pisani. >> help from the banks, look here banks are increasing payouts all up 1% to 2%. a nice help there. energy and materials, industrials leading. you see tech lagging back and forth between growth and value, story of the month continues. still no clear winner, although growth has been a little better recently a little bit of concern about delta variants around the world. reopening stocks were terrible yesterday. the thing i point out is these stocks topped out. a long time ago. an old trade march, april most of these stocks hit their highs marriott is 15% off its highs. delta 20% off of its highs may be concerns out there. again, this story is pretty old here buying and reopening stocks. what's not old, what's going on with growth. very over bought nvidia please amazon, facebook, even apple these things monsters the last few weeks. dramatically overbought. i think due for a little bit of a pullback at this point

i was very impressed with dividend, payouts for the banks. morgan stanley was the big surprise 3.2% now what they're effective yield will be now. twice what it used to be over 3%. less than 20% of stocks in the s&p over 3% dividend yield morgan stanley in territory. everybody else in line with expectations pretty good. problem, dividends are terrible because prices have gone up. s&p dividend yield 1.3%. 1.3% slowest since 2001 not because they're cutt payouts they're there. tech pace the most dollar basis and prices of all, big ones gone up yields down. apple used to pay close to 2% believe it or not. 1.7% back in 2019. now it's 0.6%. give you an idea of the influence that these big tech

stocks here. look at that same with microsoft. 0.6 -- 0.6, 0.7% used to be 1.8% as well. next, inbox filled with people saying cathie wood, file for a bitcoin. everybody who messages me. guy, get in line she's got eight firms followed her to bitcoin that's the one, firsts in line august 3rd thumbs up, down or kick the can down the road. gensler already said i want more regulation of crypto exchanges concerned about fraud and manip manipulation none a slam dunk none of it cathie wood is getting in line activity on now you saw. busy on ipos 18 ipos over $100 million. filed for this week. of course, didi files tomorrow priced tonight trading tomorrow postdate talk about all that. david, 18 ipos this week filed for more than $100 million

that's one of the biggest weeks we have seen in a long, long time talk more how the second half will look tomorrow david, back to you. >> those de-spacing so to speak as well. bob pisani. still to come, eli lilly ceo dave ricks hear what he has to say about his company the alzheimers treatment. phase two trials in there. first, give you a look about trading. await consumer confidence data due out top of the hour. you want to see yields are up across the board a sign that five-year note in particular 904. we'll be right back.

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and get unlimited with 5g included for $30 on the nations fastest, most reliable network. let's get to jim and stock trading. >> citi says it's going to be an upside surprise. and that would be a major thing because the stock has been not a great performer. if you get an upside surprise you'll have a pretty good semi season let watch this it's crucial tomorrow night. crucial. >> the commerce secretary again leaning on congress to get the federal funding done by august. >> secretary mondo, she understands the issue. of course, the problem is that it takes so long to build all of this you've got to get moving now we need boundaries now in this country so we're not hostage to the pr situation. >> how about tonight

>> paychecks, we'll find out if wall street journal or "new york times" is right. and shopify. >> harley is the man. >> 2 million jobs, 2 million companies. really making people's dreams come true. i really believe that. like etsy, they've empowered people to create this system we never had this system before. i love that. it's microcapitalism at its best it's working i salute him sho shopify. >> last five years he was saying, listen, this stock doubles. >> harley wants trade -- sorry, travel to start more aggressively. >> i was supposed to have dinner with him in toronto last year. and it was -- i'm going to go up

there. >> brain foundation. that thing is the brain foundation. >> that's how wealth is created right there. >> you, you, no one can stop you. holy cow. >> from the master, jim. >> david, you're a meme. >> i am. >> there you go. >> i always wanted to be a meme. >> there you go, david. >> go read your thesis. >> it's a great movie. >> stand on the corner. >> great book. >> see if people show up. >> we'll see you tonight jim cramer "mad money" 6:00 p.m. slightly off the highs here. dow is up 80 back in a moment

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indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. good tuesday morning welcome to another hour of sq "squawk on the street. markets did set new highs once again for the s&p and nasdaq got close to 4300 s&p. vix is subdued and consumer confidence numbers

are out. >> on june consumer confidence, this one from the conference board. 127.3. we're expecting a number a bit under 120. definitely much better than expected it is a post-covid high. present situation, it also zoomed 157.7 and what lies a ahead. >> everyone should read diana olick's write up this morning. the year-over-year number was the highest record they're going wild morgan, back to you. >> hot, hot, hot that's what we're going to kick off this hour rick santelli, thank you. 30 minutes in the trading

session. three big moves we are watching, tesla, uvs cutting their target on that stock while maintaining a neutral rating, noting increase in competition. those shares down 1% right now textron, based on a rebound of the use of business jets as well as prospects for electric vertical takeoff of vehicles shares up 3% finally, ge. goldman named the stock on part of upbeat view of their prospect as industrial sector continues its recovery those shares are also at 1%. carl >> another name to watch, morgan, will be facebook, newest member of the trillion dollar club coming off yesterday's highs. let's get to mike santoli with more mike >> first hit half a trillion dollars october 2017 less than four years straight-up chart of facebook,

showing price gain of the ipo. big stumble out of the gate. facebook not sure if it would be get out of its own way looks like an aggressive angle right here if you looked at the kind of precovid trend line here, it actually isn't even deviating that much from it. just have to come down what's interesting, too, valuation wise, much more tame on a pe basis than it has been for much of its history. take a look at facebook pe on a forward basis, that doesn't account for the fact that there are 50 or $60 billion in net cash people would like to deduct that clearly it's settled into the zone where the overall market is trading 21, 22 times it will earn $40 billion in net income thereabouts over the next 12 months. it was a matter of when, not if. it shows you the profitability of the elite big tech platforms.

one final note, guys, there's actually now kind of a big gulf between facebook at a trillion dollars and the next largest companies in the s&p, berkshire hath wra way and tesla there's an elite and a subelite forming below that top five. >> mike, i'm curious are we in the midst of experiencing deja vu where you have tech stocks that are. >> it's favoring that. huge tech stocks on a net basis were flattish. they've started to surge at the same time cyclicals and small caps have taken a bit of a pul pullback it doesn't mean dangerously so but when this market kind of gets into a defensive posture, it usually means buying these

big reliable companies and that does push up its valuation we're not at the peaks of last labor day where the top five were accounting for the record but we're tilting that way at least. maybe we'll see if that summer has more of that for us. >> mike santoli, thank you a clean bill of health following annual stress test our next guest say ing the rise in inflation was expected with fast reopening of the economy and price pressures. the president and ceo of td bank joins us now greg, good morning. >> good morning, morgan. thank you for having me on this morning. >> i want to get to the inflation piece of the pule we just teed you up with. on this news today, we do have the largest u.s. banks basically boosting their capital return plans and sending those stocks higher td, one of the biggest banks in the u.s., how does this position you as we come out of these

tests and out of this pandemic >> well, i'll tell you, from a td perspective, i think for the industry, it's further evidence that the banking industry really handled this downturn remarkably well as you saw for most of the large bank throughout the country, capital levels remain very, very high whether the issue from a credit perspective and certainly all the operational issues that many of us had to face from a work-from-home and still take care of our customers. i would just comment that as the economy does reopen and has been reopening the past several months, we're certainly seeing a lot of activity across td, across various segments in industries from an activity standpoint i think this bodes very, very well for the coming quarters. >> when you talk about that activity from a consumer standpoint, also from a business standpoint, are you seeing a shift from goods to services >> yeah. well, i think that's a really good call. just look at the spending numbers in may and you saw a little bit more of a tepid month

around the consumer. it was really a shift. some of the shift happens to be the reopening trade that you saw with restaurants really reopening across the country and in full steam. and you're seeing customer choices return to some of those activities but i also would say some of the main numbers you saw and some of the slowdown in other segments was a result of really a shortage of supplys, raw materials and just getting inventory back on shelves in certain businesses i think for the most part, generally you just commented on consumer confidence index which was very strong. and i do think you're seeing a very strong consumer with a lot of balances in their accounts, checking accounts and a lot of pent-up demand that i think you'll see strong results. >> what's your take on housing right now? obviously we have a fed that has become or leaning more hoggish or i should say less dovish. we've got talk of tapering on the table as well now. everything that's playing out in

terms of interest rates and the yield curve. and then, of course, a really hot -- another really hot housing price number just this morning. how would you gauge the health of houseing right now? how would you expect that to evolve over the coming months and into next year >> yeah. the housing story certainly, you know, is kind of the last 15, 16 months, a migration away folks wanting more space and room and now reversing a little bit as you see people repopulate in major urban areas. some of that hot housing number due to supply, demands and lack of inventory quite frankly that's on the market i think this bodes well across the housing and across many industries rates are still relatively very, very low i do think that you're going to see more demand for the relatively little supplies that out there in the market. >> grg, i'm curious about your branch network in theu our viewers may know the bank in

part because you expanded so quickly a number of years ago. that has obviously changed in particular, you mentioned urban areas. what's your strategy in terms of keeping certain brarchl branche, closing some >> we've got nearly 1,200, we call them stores, not branches, from maine to florida. yeah, awe few stores could clos from tum to tum -- time to time. what you really saw was this whole discussion played out well for us on the digital properties and capabilities we've invested in the last several years. from digital capabilities has been certainly enormous. as soon as markets started to

reopen and people started to begin to go back out you saw the flood back in to branches, every day advice to new capabilities they were looking for and support. i still believe that the strategies are evolving. maybe you don't need as big of a store or locations and certainly they have to be wired for the latest technology but branches will still be part of the narrative for us. >> you talked about digital, new capabilities are you inquisitive right now? how are you thinking about the landscape as we see the lines blur between banks and fintech, especially since they're not beholden to the same regulations as banks >> certainly that's a question we get asked a lot it's also because of our strong capital position on liquidity and our growth desires in the u.s. first, i just comment on fin tech before i even get to the m & a conversation, from just a

partnership standpoint i think that story has evolved the last few years certainly from one of disruption to partnership. we've got great examples of partnering with fintech on new capabilities and solutions we were able to roll out much more nimble bey and quicker they've been terrific across a number of businesses we think about m & a, we've always said for the right transaction, we want to be in the market and certainly coming out of the last 15 months we believe there's disruption or the need for further scale and you should consider us, certainly look at all possibilities in the market around that. >> greg baca, thank you for joining us as we head to a quick break, here say look at our road map for the rest of the hour first cnbc interview with eli lilly ceo david hicks, what he has to say about the alzheimer's treatment and more >> plus, united airlines netting

big on the post-pandemicic rebound. cathie woods ark invest, crypto trades having a pretty good day today as "squawk on the street" continues.

david, thank you so much

eli lilly ceo joins us have you big news at a diabetes conference this week, but i have to start by asking you about always hierms. the picture in that disease has dramatic atly. you're going to file your drug for alzheimer's later this year. tell us about that decision to file based on more preliminary data have you had interactions with the fda encouraging you to do so >> sure, meg we do want talk about our diabetes efforts, being profiled today at the american diabetes association shall but on alzheimer's, obviously, as you know, this is an area we've been working hard on for over 30 years, spent billions of dollars researching this area and have a very promising later stage program that clears plaque from the brain very rapidly, as many as one in four patients, after six months, and most patients after a year no longer need the therapy. that's how well it clears

plaque what changed with the fda isn't our program. we had phase two results, very encouraging, started a phase three program which we'll finish enrolling soon, trailblazer two. the fda did change their thinking and are accepting plaque clearance as efficacy under this accelerated approval pathway. another drug company's product was approved that way. after receiving breakthrough destination last week. details aren't worked out. but we do plan on submitting by the end of the year. >> you've got new drug for type two diabetes you're talking about this week. what are the results you're seeing there and how could this change the treatment paradigm for folks with that disease?

>> like alzheimer's, we've been working in diabetes for a long time, almost a century our scientists at lilly along with our collaborators have developed a deep understanding of how metabolism works and unlocking the potential of changing this horrible disease which 34 million americans suffer from by changing metabolism at its root level we're using proteins called glp, which has been out there for a long time. lilly's trudrug trulicity works against. two of these proteins regulate metabolism at its core the results are profound the highest dose 60% of the patients were able to achieve hba1c that was normal, 5.7 or less that has never been demonstrated before we never bothered looking because it wasn't safe to do so.

at the same time those high-dose patients lost up to 28 pounds in one year and that's a tremendous benefit for a disease driven by this metabolic dysfunction in obesity. super exciting data today. being highlight ed at the ada conference. >> another area you're in with diabetes, of course, is type i diabetes, with insulin and that has been just a poster child for drug price criticism in recent years. there's news today that walmart is launching a private label insulin for $23 a vial with your competitor does eli lilly have any plans to do anything similar? >> we welcome all solutions that can lower out-of-pocket costs. as you know, meg, there's a huge difference between what the manufacturer charges and what the patient has to pay that spread has been a huge problem here any efforts to smash through that and deliver better value to

patients i'm for lilly launched half price generic of our own product at half price and last year, during the pandemic, we began capping automatically out-of-pocket costs for all patients regardless of insurance at $35 a month. so, we already have very good programs out there that cap rapid-acting insulin pricing we welcome anyone who lowers the price of insulin we'll look at further options if we can reach one more patient with affordable insulin, we'll try to do that. >> this is david faber speaking of pricing, i'm curious as to how you view what may be the pricing for your alzheimer's drug if and when it gets approval the $56,000 a year on biogen's drug is meeting resistance, given concerns about the lack of efficacy for the drug itself and conceivably for the idea that it could swap medicare and insurers

as well. when you enter that debate, how are you going to frame it? can you start to do that for us right now? >> we won't be able to announce the pricing today, david we're not even submitted to the fda. big picture, there's calls for regulation and oversight and so forth. we think the market usual ly sorts this out a great historic example is hepatitis c. a break through was launched by one company and two others entered. price points for those medicines are fractions of where they started and competition is good for patients, good for industry and is how these problems can get solved we plan compete in three different ways, develop better products clears plaque faster than anything we're aware of. and if the goal is to have an easy-to-use therapy here shall patients potential ly be treate for less than a year we know these infusions can be difficult for patients we compete on data and last summer we started a phase three

study. our data, which will prove the benefit of the plaque chlorine, will come before the end of 2023 and then finally, we compete on value as you're pointing out we plan to do all those things as we come to market, hopefully, after submission later this year and approval following that by the fda. >> david, certainly going to be amazing to watch it's meg tirrell again i'm sorry for being a disembodied voice. i lost my power but my mic still work bes i'll ask you some questions. >> sure. >> it said it would stop distributing your cocktail because it doesn't have activity against the b 151 and the brazilian variants here in the u.s. are you surprised by that? how much of an effect will that have on lilly? these drugs had $850 million in revenue the first quarter. >> thanks for the question, meg. we support appropriate use of antibodies against the strains

where they'll work our antibody combination works eventhively against alpha, b.1.1.7, original uk one, and now delta, the indian. the way to implement that, though, we've had a lot of discussion with the fda and federal regulators they use a standard of more than 10% in a given geography of variants that aren't directly arrested by antibodies that's -- we have some disputes with how they do that. i will say we support appropriate use for appropriate patients it's important to note that probably in a few weeks the delta variant will be the predominant one in the united states we retain activity against them. we didn't get into this antibody business to create a permanent medicine or even to make a lot of money we did it because we had a raging pandemic and we chose to move very quickly with the most volume we could to help

patients and that's what we did, through the teeth of the worst spikes, fall and winter, lily antibodies helped and we estimate we saved more than 10,000 lives in the u.s. case rates are dropping so use is dropping. that he good news. just a public service message, get vaccinated tas the with an out of the pandemic and if that results -- >> absolutely. >> -- in fewer antibodies being used we're happy to go on and work on diabetes, alzheimer's, cancer and all the other medicines we're helping patients with. >> thank you for being with us today, covering a lot of topics. thanks again. >> thanks, meg bye-bye. >> thanks, meg great stuff. cathie wood making a big bet on bitcoin but also this name in the defense space. we'll fill you in with what it is after the break hey lily, i need a new wireless plan for my business, but all my employees need something different.

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welcome back to "squawk on the street." we are taking a look at cathie

woods arkq autonomous and robotics another name to watch, krato's defense, the mystery chart we showed you before the break with the arkq buying up wards of 62,000 shares yesterday, making unmanned arial vehicles, drones. systems like valkerie, focused on drones that can swarm a battlefield. this is very much in focus right now as are some of the other drone makers, including aero environment, which reports after the bell and also in this etf. given everything we're seeing play out on the iraq/syria border, retaliatory air strikes by the u.s., iranian-background

militias that have been using drones to attack u.s. troops in the region perhaps not surprising to see these names trading higher on this i also would note that kratos had run up an anticipation that it could be a take-over target until we saw that company buy aero jet rocket dyne you'll be interested, this name is not in the etf. we are seeing succession take place as well, l3 harris taking over as ceo for bill brown that company in that merger of equals a couple of years ago, that succession plan stocks higher. >> the future of war fare, the thought is what you're talking about here in terms of drones. >> unmanned systems in general, whether it's in the air, whether it's under water, whether it's on land. this is what you hear contractors talking about, where

they're putting their money to work, including the d.o.d. itself a lot of the new programs it's working on, thing focused on ai, which has obviously continued to get more attention, focused on new technologies around ai this is the future of war fare it's very sci-fiesque and very much becoming a reality now. >> as for ark, taking a technical look at formation in thea ark fund. that profit taking would not be that surprising. if there's another high or low in the next week or two, a much bi bigger, bullish formation could then be visible. i'm sure cathie wood is quite interested in seeing something like that happen. >> yes i like to see the endless photos of cathie wood. >> we play a lot, don't we >> we do, i don't know that we do that as much for any other

etf. there we go, cathie in all her various poses. >> i like how you pause. >> i pause to watch. let's go to rahel solomon. she has the news update for us. >> search crews are entering day six of the effort to find possible survivors of the around 150 people still unaccounted for. confirmed death toll is now 11 minutes ago as he was leaving the white house, president biden said he hopes to go to florida as soon as thursday. authorities in a kansas city suburb were trying to determine what caused an explosion that flattened a duplex last night. several people, including two children, were injured. and calling this the lava fire, groing and fueled by strong winds a painting by pablo picasso

has been found in athens nine years after it was stolen from that country's gallery main has been arrested and authorities say has confessed. you packed a record 1.1 trillion transistors into this chip i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you become an agent of innovation with invesco qqq - dearest burger joints, (knife thwacking) our royal fryness, thanks for keeping your cool when the kitchen is not. we promise to serve you with the respect you deserve. (upbeat orchestral music) (pleasant piano music)

airplane every three days. i don't know an airline that's come close to that as we come out of covid and have confidence in the future, being able to rapidly change the airline for customers. >> joining us this morning, research analyst elaine, welcome back always good to talk to you.

>> thanks, carl. thanks for having me. >> mid february you were on with us and said i think there's going to be a jail break you were optimistic about sustained at the time 1 million passengers a day, which clearly we're doing double that now. talk about how this has led to an order like this one from united. >> so, first of all, thanks for having me back on and, yes, we're seeing regularly 2 million passengers a day, which is a little more than we thought. if you back into the numbers, you're going to see ta business traffic is down about 60, 65% right now verse 2019 that's improving 4 to 5% a month. that's something to think about. international is starting to open, albeit very slowly but it's down about 65%. through april it was down 57%. so you add those two numbers together in terms of what business and international are flying, that's about half a

million people a day of the roughly 2 million, about 1.4 to 1.5 million are domestic leisure. i think what you see united doing is filling a niche that they needed to fill, right they have one of the oldest aircraft fleets in the u.s. airlines they haven't had an aircraft order to address the old 757s, 777s, 67s. they have some of the original 1990s vintage. if you look at their hubs, i don't know if scott mentioned this this morning, but if you look at their hubs, they're pretty capacity restricted there's no place for growth, right? there's no place you can newark airport is right up against the new jersey turnpike. you can't add another runway all can you really do is add bigger aircraft. so, in order to grow internationally, and that's what we expected that they would do,

and that's what they're doing. >> right. >> they're replacing this old fleet to theoretically improve relia reliability. >> right where is your head on international? he did say this morning he thought asia would lag quite a bit. said probably not coming back for 18 months. but on europe, and we had this discussion yesterday, talking about boeing's wide body demand. are you expecting us to do a stair step higher on the international in, say, the next six months >> i hope so i'm getting pretty tired of not flying internationally, i'll say that as countries reopen to vaccinated travelers, you're going to see that same jail break going across the atlantic, especially, i agree, that asia is going to take a long time to come back. the olympics in japan, no

visitors anyway. but i think europe will reopen and -- at least we're hoping it reopens. and we see the same kind of demand that we're seeing in the u.s. maybe they're four months behind us i think it's hugely disappointing, though, that the uk isn't open. new york is one of the most profitable routes in the world and the fact that it's closed is really disappointing i heard yesterday that they were thinking about reopening in mid-july, but i feel like it's one of these delays, right every 30 days, they push it 30 more days. so i think that's not helpful. that's what i would say about that. >> just to take a step back and look at the stock charts of the passenger airlines over the past month, down double-digit percentages, almost all of them. similar story to date. why the depressive sell-off and

what is it going to take catalyst wise to see a reversal? >> that's a great question, morgan i think there are two major reason maybe why they're down so much first of all is the -- we were just talking about the idea that the reopening in europe, especially, hasn't occurred. you haven't had worldwide opening and there's a lot of concern about this new delta variant. you hear about it on the media there are openings and then there are closings, and i think people are concerned about whether or not there's going to be sustained openings or whether we're going to spend a few years going through this open/close, open/close, which is one of the things that is weighing on investor minds i think the other thing is just in terms of the number so, everybody was expecting a really good summer and united said yesterday also that they were going to be profitable in the month of july on an adjusted basis a and, you know, you didn't specifically ask about the fact

that when these airlines are updating, stocks are also going down we're looking at really 2023 before we get back to 2019 levels of profitability. so, that's a long time to wait that's 18 months to wait so, you can see why maybe the stocks are trading and the last point i would make is with respect to capacity. united talked about big capacity growth, right? these are not insignificant numbers. replacing larger gauge aircraft. not the 200 c. those are going up the waterfall or up the curb if you will 100-seater replaces a 76-seater and so on. you're seeing more seats added in united's case they're adding more premium seats and lot more international. they're obviously expecting business traffic to come back.

that's the only way that's going to make it work. for us to get to that next level, to go from 2 million passengers a day to 2.5 to 3 million passengerses a day we need international and business to come back we can see these guys marking time for a while in here. >> right right, yeah. it's a discussion we have a lot in terms of how much is necessary for the client and given what you can do remote halene, fascinating picture. very nice directional calls this year halene becker. >> thanks for having me. didi set to price tonight. it could well become one of the largest ipos we've seen this year eunice yoon is live in beijing. >> thanks, david probably best known as a rival

to uber where you can hail a private car or taxi but in c china, can you do a whole lot more pibing 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 to shing here you can book a spot on the entire bus or the entire bus, car pool or pop on to a didi rental bike. another feature is if you have had a big night out and might not want to drive but you have your car didi allows you to hire a driver to get you home. the app tells a designated didi driver where you are moments later you're off in your own vehicle. so people who own an ev, closest charging station on didi's

ever-expanding network for those who want a didi ev ride, d1, electric vehicle custom made for ride sharing. didi dominates ride sharing here it's exploring entirely new areas like fintech as well as another hot new trend called community buying, essentially helping residents get together and buy in bulk so they could get better discounts and all that have is meant to help didi find a path to profitability carl >> tomorrow will be very exciting thank you, eunice. eunice yoon in beijing. moderna says covid vaccine showed promise in the lab against the variants, including the highly contagious delta variant. searching mrnl use in india.

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>> welcome back. bitcoin up over 5% gaining in part as cathie woods ark invest to move for a bitcoin etf. we've seen a number of proposals. what is the trajectory timing to see this come to the market any time soon? >> having another dog in that

fight is never a bad thing for the industry having a big name, cathie wood, behind that, all of that is positive that said as you point out, we saw this many times before i don't know that there's any reason to think that right now will be the moment that the s.e.c. comes through to approve an etf finally hers behind a product like this is great for the industry, nonetheless. >> meantime, we have seen outflows for crypto currencies, specifically on the institutional side what reverses that how do you assess that situation given the fact that there is all this talk about a crypto winter taking root again? >> yeah, that's right. there has been weakness in the market over the last several weeks. last week we dipped below that 30k bitcoin price resistance level. that seems to have been real capitulation on the retail market on the institutional side, which is what you're asking about, it

seems that things are subsiding and tapering off outflows continue. grayscale investment trust other etps out there and it's been outflows, outflows, outflows for weeks now. but again that pressure does seem to be subsiding also if you look at the on-chain data, likes of coin base, et cetera, a lot of the big institutions use, it does look like outflows from those are subsiding as well. part of the beauty of bitcoin crypto currency is that we have all of this on-chain data we can look at and analyze on this in real time. >> i want to go back to what you just said about retail investors. is it fair to say you've seen retail investors flush out of this market somewhat right now are we still seeing so-called diamond hands? >> we are definitely seeing the flush. you know, if you look back, there was one big capitulation event back in may, first big

letdown from the 65, 60,000 price point all the way down into the 30s and then last week, we saw another capitulation event if you look at what short term holders are at in terms of their gains versus losses, the vast majority of those short-term retail holders are under water right now and have been for a while. and that's what we saw flush out last week. so, there's reason to believe that the market is in a healthier place now than it has been from that perspective again, as we see hopefully here institutional pressure also tapering off, there's reason for, i would say, cautious bulli bullishness. >> we'll keep an eye on those flows. jill carlson, thank you for joining us. >> thank you. >> on tech check, a lot more to facebook's march to a market cap and judge's dismissal of the anti-trust case. we'll talk about it with the

private officer chris kelly when we are back. don't go way salute to veterans independence day terry bradshaw: hi, i'm terry bradshaw

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welcome back to "squawk on the street." stocks are higher today with communication services lagging and energy among the relative outperformers. we want to look at action within the materials sector we're tracking notable gains now in the medals and mining stocks, free port, mcmorn and new core as well. both of those climbing higher. after a strong start to the year, these stocks lagged in june, particularly as we have seen volatility in the commodity market, copper, for example, is heading for its worst month since march 2020 send it back to you downtown, morgan dr. copper, we'll keep our eyes on it thank you. tonight, we take you inside one of the most successful business partnerships of all time warren buffett and charlie munger sat down with becky quick to discuss their six decade championships. the first deals they did together and what they say makes berkshire hathaway stand out among the pack this premieres tonight at 8:00 p.m. eastern we'll be right back.

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as the stock market continues to ascend, so does the gap in the nation's wealth our robert frank has that story for us robert >> good morning, david the stock market has become far and away the biggest driver of wealth in america. of the $25 trillion that americans gained over the past year, 15 trillion of that came from stocks and mutual funds that is also the largest and fastest wealth gain in history yet this market rally has been special top heavy. the top 1% gained $8 trillion in stock wealth over the past year, more than half of the total. their stock wealth increased by 74% during the pandemic. now, the bottom 90% of americans, they also saw some gains, they were much smaller, though, with their stock wealth increasing by $1.5 trillion. rather than becoming more democratized, the stock market has actually become more concentrated during the pandemic the top 10% now own 89% of all

stocks and mutual funds, that is believed to be a record high meanwhile, the share of stocks owned by the bottom 90% has fallen by nearly half since 2002 from 21% to 11% in the first quarter. now, middle america has also benefited from a rise in home prices, real estate wealth for the bottom 90% increased by nearly $2 trillion as demand for homes push up prices, guys back to you. >> robert interesting numbers there. particularly because we have spent so much time talking about the introduction of a so-called new cohort to the market, that being retail investors using robin hood and other apps to access stocks. i guess that just doesn't add up to much in terms of dollar terms. >> it is a mystery to me, david, because you would think that would have increased the share of stocks owned by the bottom 9 0%, just a little bit. and if perplexing that in fact it went the other way as millions of new americans and investors opened accounts and

started ed trading maybe it is not enough to offset the gains at the top but it is a puzzle >> all right, well, we'll keep thinking about it, figuring it out. robert, thank you. later today, just a short while, elon musk is set to speak at the mobile -- world mobile conference congress conference, she said. and the focus there, it is not tesla, it is spacex. specifically starlink with global service expected to start as soon as this fall of course, this is very much in focus for spacex, it is a multibillion dollar bet by spacex the expectation is that if and when they get this going, it could be spun off into an ipo in the coming years so musk's comments watched closely. it comes as it is one of its most direct competitors, one web, just announced this morning it is fully funded with a new $500 million investment from rt global

$2.4 billion in total funding there as that company gets ready to launch more of its satellites so the connectivity conversation -- >> it is a big story glad you're following it closely, because it impacts a lot of different -- obviously an ipo of that size, broadband which we follow closely and whether they compete in a real way, it is fascinating. >> infrastructure talks in focus. that will do it for "squawk on the street." "techcheck" is right now. you don't know how big it can get, how far it can go this is no time to take your chips down a million dollars isn't cool you know what's cool >> you. >> a billion dollars make that a trillionar