i'm evie's best camper badge. but even i'm not as memorable as eating turkey hill chocolate chip cookie dough creamy premium ice cream and chasing fireflies. don't worry about me. i'm fine. you can't beat turkey hill memories. it is 5:00 a.m. at cnbc global headquarters. here is the top five at 5:00 wall street on record watch ahead of the holiday weekend the jobs report out at 8:30 a.m. eastern time. indecision at opec oil continues to trade near two and a half year highs. surging growth at robinhood as one of the most controversial companies of the year lays the ground work for ipo. trouble for tesla's sedans.

and heating up a fever pitch as richard branson ups the ante to jeff bezos it is friday, july 2nd, 2021 you are watching "worldwide exchange" on cnbc. good morning i'm seema mody in for brian sullivan kicking off friday morning with a look at stock futures. we are being led higher by the nasdaq which is up fractionally. the dow lower and the s&p higher ahead of the holiday weekend, the sa&p is coming off a high. the nasdaq is trying to cap off a seven-week win streak. the dow is about 1% away from the all-time high. the headline today will be the

june jobs report numbers out at 8:30 a.m. eastern. economists looking for employers to add 706,000 jobs in the past month. for the unemployment rate to tick down to 5.6%. let's get to some of the morning's top corporate stories. bertha coombs is here. good morning, bertha >> good morning. j&j says the single shot covid vaccine shows promising signs in a lab study of protecting against the delta variant. in testing, the company said the shot triggered a strong immune response how well the j&j shot fares has been closely watched by health authorities around the world shares right now flat. up about .60%.

and business as usual despite the fiery comments from xi jinping the u.s. will do everything we can to make sure our u.s. companies are treated fairly and able to access the chinese market adding that the u.s. will make sure quote the chinese play by the rules and protect i.t. and chinese billionaire jack ma is pledging huge chunks of the stake in alibaba in exchange for significant loans from investment banks according to documents reviewed by the financial times two men made their pledges to ubs and credit suisse and goldman sachs and others in an effort to unlock large swaths of cash tied up in the shares in share pledges, banks accept stock as collateral for loans, but the borrower retains own

irrelevowner ship >> very interesting. with knowing jack ma stepping down in 2019 bertha, see you later. let's get straight to the markets and your money futures muted at this hour investors awaiting the june jobs report our next guest says consumers are in a strong position as stimulus evolves and the delta variant makes its way across the u.s. joining us is cnbc contributor lindsey bell good to see you. >> great to be back. >> while the u.s. may not have seen a surge in the delta variant cases, but south korea and israel and japan looking at restrictions and attempts to lockdown if needed how are you approaching this potential risk as an investor?

your thoughts? >> it is certainly a risk we have to be aware of in the second half of the year. especially as we get into the fall as more and more people return to offices. people will be gathering more inside at that point in time it is something we will keep in the back of our minds. the reality is we are over 50% vaccinated here in this country. at least with one dose what we are hearing from experts like dr. scott gottlieb that come on your network is there will be portions of the country that will be more significantly impacted by this we're not expecting to see as big of an impact as we did last fall when we got the search last year from the investment perspective, we are focusing on earnings. that is what it is all about over the next several months as we expect the reopening to continue to accelerate i don't think that is priced

into a lot of the earnings numbers for many of the sectors and stocks out there right now sdpnow. >> that is interesting you are using the stock guidance from last year the variousant is a bigger riskd let's add to the stay at home names which had a pretty good run-up already this year, lindsey. >> yeah. that is one way you can play it. i do think that a lot of the reopening trade names that have started to take a pause could see a little bit more life over the next couple months as the numbers come in better the consumer is in a strong position going into the second half of the year we still have a very high savings rate at 12.4%. we have $17 trillion in cash de deposits at banks. we saw consumer confidence

strong you heard from consumers saying they are still willing to spend on high-ticket items and they are planning to do that. automobiles, homes, appliances they are planning more vacations. intentions to spend are still high as we go into the second half of the year that is what keeps me optimistic about what sales and earnings can look like in the second half >> you talked about the strong consumer spending we have seen in recent weeks. now the question is the jobs report and if that is reflected in the unemployment rate what are you expecting and how are you trading with the jobs report >> this is going to be an important report because over the last couple of months we have seen moderation in jobs added. to that, that has actually been a positive for the market. the fed is keenly focused on the jobs number as we move forward it is really dictating monetary

policy if the number were to come in hotter than the expectation, that could maybe make the market nervous. assuming the fed will move sooner rather than later if it comes in cooler than expected, it may be seen as a positive for the market. it is a number we have to watch today. as i said, it will dictate monetary policy going forward. the market is very antsy and nervous around monetary policy the fed in the past begins to tighten interest rates and normalizing, it can ultimately lead to peak in the market i would note that doesn't typically happen at the beginning of rate tightening cycle. >> imf says the fed needs to start hiking later next year interesting call there we will count down to the jobs report thank you for your insight ahead of the report. lindsey bell >> thank you when we come back on "worldwide exchange. a wild day of first trade for

crkrispy kreme for the return to the equity markets. the travel for fourth of july could the delta variant cause a problem? and jeff bezos versus richard branson. a very busy hour just ahead on "worldwide exchange. ver. one that's been tamed and one that's forever wild. but freedom means you don't have to choose just one adventure. ♪ ♪ you get both. introducing the wildly civilized all-new 3-row jeep grand cherokee l. ♪ ♪

time now for your big money

movers three stock stories at this hour tesla vehicle model s plaid caught fire outside philadelphia the incident happened three days after the top of the range car was delivered. the attorney says the driver was initially trapped in the car because of the electronic door system failed. tesla has yet to comment this comes as tesla is set to report second quarter delivery numbers today. it is expected to have sold more than 200,000 vehicles. shares are flat in pre-market trade. krispy kreme pulling back after the doughnut maker had a choppy return. it opened higher below the price of $17 a share it rebounded closing up nearly 24%. it is down 3% in pre-market. in technology. apple and intel are reportedly

the first customers to use taiwan semiconductor's next generation chip technology the companies are testing chip designs with tsmznano meter technology the production of the chips is expected to begin in the latter half of next year. nba nft and vaccine holiday freebies those are the top stories ahead when "worldwide exchange" returns. >> announcer: today's big number $1.9 billion that was the total revenue for the u.s. consumer fireworks industry last year according to the american pyrotechnics th nrlatn. ateay doubles 2019 sales and a new record

let's get to today's top trending stories which include vaccine freebies and crackdown on ads and another sports crypto partnership. bertha coombs is here with that. >> seema, more companies are handing out freebies this weekend. you can start with breakfast at panera giving out free bagels the freebie is based on the

honor system not requiring customers to show vaccine card then for happy hour? that calls for free beer from anheuser-busch it is starting the give away despite the u.s. not hitting the 70% goal that is today through monday upload a picture with yourself with a beer and get a digital $5 gift card. pinterest will no longer show weight loss ads over concerns of body eating disorders. they developed the guidance from the eating disorder association. pinterest is the first social media app to ban the ads coming com comp completely and the first cryptocurrency sponsorship. the team's jersey will have

stormx willhich will be the tea first nft. it will start to look like the soccer players with the logos and sometimes they don't have the team natme just the logo. >> portland is my hometown i'll watch that closely. bertha, good to see you. let's turn to travel this july 4th weekend 47 million americans are expected to hit the roads according to aaa as more check into hotels, the delta variant is making the rounds here is what dr. scott gottlieb said >> certain parts of the country will be prone to other parts of the country in the northeast or pacific northwest where san francisco's vaccination rates are high they will not see the same level of spread. they are largely impervious to the past spread.

the south and rural parts of the country, you will see outbreaks and more virus spread. you will see more consequences >> for how this could impact travel and what you should know about traveling during the weekend, let's bring in u.s. travel association president and ceo roger dowd roger, great to see you. >> always a pleasure, seema. thank you. >> you heard dr. scott gottlieb talk about the outbreak. how could this shape up as people travel? >> people will travel in a tremendous member. the cdc said don't travel and the travel numbers went up the next day i think americans are used to handling this. we have to watch the science and numbers. yes, we should be concerned about the delta variant. the numbers are small as far as hospitaliza

hospitalizations the travel industry is ready and people are ready to travel. >> i know travel executives like yourself and marriott and expedia have been pushing the biden administration to lift international restrictions when the delta variant is spreading is that wise >> it is wise. we can handle this the numbers are small. i'm not trying to minimize it. we have to bring back international. that is 41% of the $1.7 trillion travel budget. if we don't get travel back, that is $90 billion we lose per year uk, eu and canada alone will lose $1.5 billion a week and 10,000 jobs. we have to bring it back we can bring it back smartly let's watch the science and be smart. we have to bring it back or the economy can never come back. >> from the timeline, you are

involved in the discussions around travel with the biden administration and some of the biggest companies here in the u.s. it was expected that rest restrictions would ease in may here we are in july. what are you expecting by the end of summer? could we see international restrictions lift? >> we certainly hope so. we thought there would be an announcement at the g7 that is when the delta variant came up in the uk. boris johnson delayed opening until july 19th. we are saying to the biden administration let's get a date specific nothing happens. building a home or taking a vacation, you need a specific date let's move toward that it takes the airlines to get the planes back online and people time to plan we need a date expspecific we have to get that going or lose a summer season when europeans love to come to america. >> talk about travel this is the perfect time to go to europe among other places

is there a way to pitch the biden administration to not just lift international restrictions j just for those vaccinated? especially with the latest news with the j&j small study conducted whichprotects agains the new delta variant. >> as the travel industry, we are open to that as a first step if they want to say vaccinated people, let's get international open seema, over the past six months, 2 00 million people have gotten on the planes in the u.s. and not one traced to covid. let's open it with vaccine or maybe pcr testing. you have to start somewhere. i think the u.s. needs to lead >> more companies are offering inn centives for employees i know people can get vaccinated

in the airports. should on hotels do the same >> i think many airports that i know of, you can get vaccinated at the large airports. large hotels are doing that with employees. here is another thing to watch the number of people who travel, vaccination rate is higher for the average american as you said earlier in the south, problems in the rural areas. these are not the international tra travelers. i would say it is well up over 80% to 85% >> have you heard of any states considering new restrictions the way israel is and south fkorea? >> i heard in california they are going back to mask recommendations. each state is doing their own thing. that is a problem. with we have to make sure we don't have a patch work. we need consistency in the u.s.

and around the world. >> a great point it makes it harder to plan travel as well when you don't know if restrictions will change that is the world we live in roger, we appreciate your insight today. thank you for joining me roger dow. >> thank you, seema. let's get a check of the morning stories. phillip mena in new york good morning >> good morning, seema after nearly 20 years, the u.s. military has left bagram airfield once the epicenter of the war. two told the ap that the airfield was handed over to the afghan security and defense force. one top u.s. commander in the country retains the abilities and authorities to protect the forces it is a clear sign the last of the u.s. troops in afghanistan are nearing departure ahead of the september 11th deadline. the legal battle is getting under way for the trump

organization prosecutors rolled out criminal charges against the trump organization and allen weiselberg the 15-count focuses on tax schemes to avoid paying taxes through rks like luxury cars and rent-free apartment and private school tuition. and cori gauff cruised to a second-round victory at wimbledon. the 17-year-old will become the youngest olympian since 2000 seema. back to you. >> i love it i love coco. wishing her the best of luck phillip, thank you >> all right straight ahead, details on what is likely to be one of the most controversial ipos of the year leslie picker is here with the details on robinhood. if you haven't already followed us, check us out on apple and spotify or other

podcast apps we will be rig bk.htac 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.

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forget kurt versus khan. it is bezos and branson for the final frontier. and indecision at opec what it means for prices ahead. and to-go booze ban. restaurants across new york state urge albany to reinstate

the financial lifeline for the struggling industry. it is friday, july 2nd, 2021 you are watching "worldwide exc exchange" on cnbc. >> welcome back. i'm seema mody in for brian sullivan here is how stocks are looking for the 5:00 a.m stocks slightly higher ahead of the jobs report. nasdaq is higher by 15 points. dow up by 3 and s&p up by 3 points the bond yields are lower. the 10-year is 1.45% in europe, spain is lower by .30%. germany is higher by .20%. let's get to the top stories. bertha coombs is back.

>> seema, qualcomm's ceo thinks the company will have the chip laptop makers the world is looking for to compete with the apple custom m1 chips introduced last year. the apple chips are smaller and efficient and boasts longer battery life than anything on the market from intel or amd. in an effort to compete, qualcomm hired engineers from previous products. and didi will be joined to the equity index on the s&p. ftse russell said earlier that the chinese ride hailing company will be added to the index on july 8th didi shares jumped 16% yesterday. one day after the debut. the biggest u.s. listing by a chinese company since 2014.

and shares of richard branson's virgin galactic is surging this morning after plans to announce that branson himself will board the first manned flight into space on july 11th weather permitting that launch would be nine days before jeff bezos' planned to take a blue origin rocket into space with his brother and an unnamed third passenger. in a statement, blue origin chief executive said, we wish him a great and safe flight, but they're not flying above the carman line. it is 62 feet above sea level. a boundary bezos plans to cross on his flight on july 20th the billionaire trash talk, seema. >> the story has everything you

want the war of words and competition. the race is on look at the stock and how it is responding up until 27% in pre-market virgin galactic is the stock of the day. bertha coombs, thank you another thing to watch is oil. inching lower after ministers from opec delayed a meeting over the plan to add more supply to the oil market wti crude is jumping 2% from yesterday to the highest level since october of 2018. saudi arabia and russia are backing a plan to add 2 million barrels a day the second half of the year that is met with resistance from the uae. we have more from our head of energy aspects they agreed on oil why is this one country not joining the chorus >> the uae is the stumbling

block. saudi arabia and russia and opec agreed with 2 million barrels a day. that is to extend the end of the deal which is march 2022 that is where the biggest issue is for uae they are effectively saying if they consent, they are demanding a higher quota underlying all ts is uae which is putting more money and cap expense into the production and launched the futures contract. there is a bigger push from the uae to raise production versus the other ws who are focused on the stability of the market.

>> for americans, this is the weekend to travel. fourth of july weekend upon us and no deal reached at the opec level. what does that mean for gas prices which are above $3 right now? >> i think this is the most critical question that you asked. usually if you think about it, opec meetings are about cutting production when something is going wrong and prices need to be shored up. this is raising production if there is no an grgreement to raise production, there is a dea deal in place through 2022 to your point, demand is rising sharply. actually, a no-deal situation is extremely bullish for oil prices you expect gasoline prices to go up i think the market is confused about what is going on a lot of people fear no-deal is a return to april of 2020. there is already a deal in place. it is you fall back to that.

>> it seems like every quarter there is in-fighting with opec leaders. it is never a simple meeting where they come to consensus and delivery to the market and a nice response. given what we see play out with the compancompanies, what does n for the oil giants who have seen stock prices boom this year because of the resurgence in oil? >> in the short-term, if there is no deal, prices will go up. that means higher share prices and generally more reward for the companies. at the end of the day, this does need to be resolved. otherwise, you will have a lot more opec plus oil on paper, 5 million barrels a day. a lot of countries lost capacity coming back all at once in april of 2022. you have uncertainty with iran clearly, there could be softness in the market later this year or early next year. there will be volatility around

the share prices as well. >> oil lower right now thank you for joining us >> thank you now to one of the most anticipated ipos of the year robinhood. company revealing details on the finances and plans to go public. in the s-1 filing with the s.e.c. leslie picker is joining us now with what we need to know. leslie >> reporter: seema, robinhood disclosed the prospectus yesterday. nothing short of high popping growth the company has more than the entirety of the accounts added at the end of 2019, for the whole year the company quadrupled the top line generating more than $500 million. robinhood with $1.4 billion loss

that was entirely to the discount over emergency fund raising over gamestop mania. robinhood agreed to pay a fine due to outages in march of 2020 and misleading communication with customers and investors in the prospectus, it is the rfk f risk factors that were top of mind robinhood may not grow at considerable rates, but many in the country are returning to offices. the bulk of the business is transaction base the payment for order flow that is money robinhood receives for routing transactions this is under scrutiny by regulators robinhood needs to maintain requirements and many are not hypothetical it came to light during the

gamestop saga. shares will ultimately be listed in a month or some time later this summer under the symbol hood >> robinhood ipo puts a spotlight on gamification on investing. this is to the without controversy. the feds are looking into the phone records of the ceo with a can you tell us about that >> this is interesting the timing of the ipo is interesting. it is clear they are trying to really tie up loose ends or legal issues we saw the finra fine announced the day before they filed the pros prospectus they revealed in the ipo filing that the ceo vlad tenev talked with authorities as part of the investigation into the whole

gamestop saga situation. this is a company that no doubt has a lot of regulatory hair and regulators looking into this company and has a lot of legal hair there were reports that they settled a lawsuit with the 20-year-old who wound up committing suicide after realizing that he had losses in his portfolio. so there are a lot of things this company is trying to rid of uncertainty for the market settlements are one thing with finra and the family and then still some outstanding issues such as regulatory that inn ve investors have to grapple with >> despite that, not stopping the company from pursuing its

plans to go public leslie picker, thank you coming up, a boost to go it was a pandemic lifeline for the dining industry. the program ended in new york. bars are restaurants are fighting for the right to takeout. the debate when we come back i'm evie's best camper badge. but even i'm not as memorable as eating turkey hill chocolate chip cookie dough creamy premium ice cream and chasing fireflies. don't worry about me. i'm fine. you can't beat turkey hill memories. 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.

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cynthia suarez needed to buy new laptops for her growing team. so she used her american express business card, which lets her earn extra membership rewards points on purchases for her business. now she's the office mvp. get the card built for business. by american express. in a blow to the industry hampered by the pandemic, new york announced ending to-go

alcohol sales in the state with 24 hours notice. the last announcement made last week left bars and restaurants scrambling for the crucial lifeline over the past year. for more, let's bring in owner of the restaurant in brooklyn. how big were the lifeline for the to-go orders for restaurants and bars in new york >> about 30% of our sales during the pandemic so, like anyone else that sees that return, we invested in it we bought empty bottles and canning operations we made for labels to be printed and we put all of our time and energy into it it paid off until last week when it suddenly stopped. >> you know, what is the message to new york and city and state offi

officials? should coto-go cocktails be phae out? >> florida and georgia made it legal permanently. they could follow the lead of ohio or -- i'm sorry illinois or washington state that made it legal for a period of time. there are many other ways to do this i think that we need to reinstate it as soon as possible and then debate the issue for a period of time and come to conclusion it is too quick. >> i hear you. a dozen states that actually made to-go cocktails permanent not just a temporary fix interesting it is to the happening here taking a step back how would you say demand for business is in new york where vaccinations are increasing and restrictions are easing as well? >> demand is really high for

restaurants. people are dying to go out again. people are hampered by the long-term debt to go through the pan pandemic i would say the industry is not whole. far from it. we still need help from the government to make things right sdp >> i hear you there. what is your timeline to get back to normal >> i think we could be back up to pre-pandemic levels by mid fall you have to deal with that long-term debt on your books for an industry that struggles to show a 10% margin, it takes a long time to pay that stuff off. >> of course, the industry similar to the hotels which i covered, is getting hit by the labor shortage many people are experiencing when they go out to eat.

longer time to get your table or customer service how is it impacting your restaurants? >> that is for sure. we probably -- my restaurant opened on april 15th we would probably be serving lunch now if we had the staff to man those shifts i know of other restaurants that have actually cut back services that were serving brunch, but now don't because they can't find people to fill the positions. >> yeah. it is an important reminder and the industry that is hit hard by the labor shortage thank you for joining us today best of luck >> thank you, seema. coming up, stocks trading on record highs today's test for the market is the june employment report we will get ready with tom berculli. if you haven't seen it

yestyet, check out our podcast on spotify or other podcast apps.

welcome back to "worldwide exchange." a few stocks on the move this morning. raytheon is winning a $2 billion air force contract for a cruise missile. designing and manufacturing of the missile is expected to be completed in february of 2027. verizon will continue to support low-cost wieshlsreless service if it is able to complete the track provider tracfone and the wall street journal val values fintech apollo gloep at

$1 billion. and the unemployment rate expected to fall to 5.6% joining me now you is tom porcelli porcelli >> good to be with you >> to get a better sense of inflation is transitory. your thoughts there? >> i think there is a lot going on with the transitory conversation beyond wave pressure as it relates to the payroll report, we think the wage will move in a dynamic way. we know companies are struggling to bring people on as a result, they are paying people to come on. we expect wage pressures to build. look, we are not looking for a particularly robust jobs gain today. we will get that economic back drop which is incredibly strong.

we think there is a host of technical issues that are really stopping the labor back drop from showing up in a strong way. at least in this report. we do expect a modest gain overall for jobs i would say as it relates to the transitory inflationary idea we think prices will be stickier you can be well into 2022 and have a handle on inflation we said this many times. we are sympathetic to transitory transitory is defined as at least one-to-two years of sticky prices and not a shorter window which assumes the fed is looking f for. >> we look at payroll. that is led by the hospitality sector

does that continue tom? i think -- i don't know if you heard the last question. >> you broke up. >> hospitality sector. can you hear me, tom >> sort of >> i'll repeat my question. >> i'll guess what you said. >> hospitality sector. is that reflected in the jobs report >> yeah. better connection. we don't think you are necessarily going to see some big surge in leisure and hospitality space. the area with the biggest shortfall in jobs to the january of 2022 level. it is by far the biggest sub component of the jobs category that's lacking real job growth

i think one of the challenges there is that is one of the sectors where the generous unemployment insurance is, i think, probably having an impact you know, relative to the average weekly wage of $400 in that sector. people collecting unemployment are making 25% more. i would stress that's the only category where this is very big out size gain relative to what you would normally see from the weekly average wage rate you know, i know a lot of people are making a big deal of generous unemployment and not having a big impact on the overall job sector we believe that's true we believe it is mostly in leisure and hospitality. >> if the unemployment ticks down and inflation on the rise, imf says the fed will need to

start hiking late next year. is that your consensus as well >> yeah. you broke up a little bit. do i think that once unemployment insurance that will have an impact i do i think it will have some impact we know that general us ui goes away in september. sure, i think if that sector, specific to leisure and hospitality, sure. you could see some increase in jobs i would stress it is not just that i think there's a lot more going on certainly i think that's creating something of a challenge for that sector in particular >> all right tom, we will leave the conversation there i appreciate it. tom porcelli all right. one more check on shares of virgin galactic. check out the move pre-market here up 27% as richard branson

looks to beat jeff bezos into space with a flight on july 11th nine days before bezos' is due to take his flight into space. that, of course, exciting the market with shares up huge here in pre-market. that does it for us on "worldwide exchange. thank you for joining me i'm ema mody "squawk box" is next

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good morning we're back on record watch for the dow. other indices are already there

as we await the june jobs report the dow is 1% from a new high. your move, jeff bezos. richard branson scheduling a space flight days ahead of the amazon founder he will join us this hour. spaced out i don't get it plus, robinhood opening its books as it paves the way for the ipo. it doubled users from march of 2020o march of this year with the meme stocks. it's friday, july 2nd, 2021. we are hurtling toward the three-day weekend. not fast enough. "squawk box" begins right now. good morning welcome to "squawk box" here on

cnbc i'm becky quick along with joe kernen and andrew ross sorkin. the three-day holiday weekend. look at the equity futures things are flat right are awaitt before everybody takes off for the weekend. s&p set another record high yesterday. the dow is 1.3% away from the high nasdaq is closer to its all-time high which is within 1% of the all-time high. you are watching treasury yields nowhere near all-time highs. in fact, the 10-year at this point can't get back to 1.5% 1.444% two years at 0.295%. let's look at the squawk stack health care doing well yesterday. the biggest addition to the dpou

w dow was unh. the health care sector closed at a record yesterday energy is the leader up 44.8% for the year to date. utilities is the laggard joe, we threw in wti energy closed above $75 yesterday. >> definitely buy below zero. at 35, we thought, 35 is reason a reasonable 75 our hair's not on fire >> no, but this seems different. it has sticking power. saudi arabia and opec are stubborn about what they are willing to put on the market and there is damage done with the shale oilfield big oil companies cannot afford to do it and won't do it