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

shareholders want dividends and buy backs. they wouln't put money into digging oil out of the ground. >> people go what the hell happened it happens immediately we wanted a price where the marginal produceris still producing. you don't want to cap the wells. we immediately see -- what are we 85% fossil fuel globally still until we slowly transition, en if it is inevitable, in the meantime, we don't want people turning their thermometer in the house up or down. >> you see in new york city yesterday where it has been so hot. >> how hot was it? >> it was so hot a warning saying you shouldn't

use the microwave or dishwasher or washer or dryer wait to do those things. turn your thermostat up so we don't have rolling blackouts at this point >> you are allowed to use the hair dryer >> for you >> okay, hair 'do. >> andrew has it made. that is just a wet wash cloth? you keep it high and tight >> you know, can i be honest i'll tell you something, joe you taught me this the hair dryer adds volume i use the hair dryer >> the slick look works for you. in general that's the haircut that you police refer. i like yours longer.

you like it longer. >> i'll work onthat. >> you guys both got haircuts yesterday? >> i don't think andrew did. >> i got a haircut about a week ago. >> i did >> both looking tight. >> everybody's hair is looking good here. >> long piece goes back in the closet short piece goes back on people get fooled. i have four sizes that i slowly -- people think that. that's the sad thing let's get people caught up it is jobs friday. some of those getting hair cuts are creating jobs or getting back to work forecasters expecting an increase in non-farm payrolls in june the unemployment rate is expected to fall from 5.8% to 5.6% those are the numbers to beat. full coverage of the jobs numbers leading up to the 8:30

a.m. data release which we will be all over. we'll play a little game of guess the number and maybe price is right rules are in effect we'll see. johnson & johnson said its vaccine shows a promise against the delta variant. think about that the vaccine triggered a strong immune response in blood samples taken from eight vaccinated people interesting way of doing it. certainly positive, but this is not going to hold up in court, i'll tell you that much. it is to the a peer review study. it was released. it is good news. not peer reviewed, but wasn't released on how it worked on the blood of eight people they tested you are glad to see that separate studies show pfizer an

astrazeneca show protection against the delta variant and maybe years we will know what happened here. hospitalizations are fewer if you are vaccinated and death is rare symptoms are rare. dr. gottlieb thinks it is unlikely you are shedding the virus. not that likely to give it to someone else all of the data points >> remember the story with the yankees where they were supposedly all vaccinated and eight in the clubhouse got it. if multiple people in the clubhouse are getting it, while supposedly all vaccinated -- >> right >> that's odd. close quarters maybe not a huge surprise. if you are in close quarters with people at home, maybe you spread it there, too a step forward for the biden administration's proposed global minimum tax rate officials from 130 countries met virtually and agreed to the broad outlines of the

international minimum tax. all of the g20 economies now the governments will seek to pass laws ensuring the company headquarters pay a minimum tax rate of at least 15% in each of the nations in which they operate. that's a trickier thing than it sounds the countries may agree, but getting the laws passed in each legislative body is tricky we will see if it is capable of passing here. right. the billionaire space race got more interesting and competitive. virgin galactic announced the launch of the test space flight soon on july 11th. sir richard branson will be on board. that is nine days ahead of blue origin's planned launch which is carrying fellow billionaire jeff bezos.

i thought bezos said he wanted to be the first. i'm not sure why virgin galactic shares would soar on this. >> history >> it's not sputnik. >> i have a theory about what is happening next sdp. >> what's the theory >> do you know a space reporter? >> i'm so fascinated to hear what becky has to say about her theory >> a crazy theory. you want me to tell you now? >> tell us now we don't have patience >> okay. this is totally made up. what if both of them lose out to elon musk who decides he is going up on july 4th >> he would never do something like that. >> beats them both to the punch. >> that could happen >> a lot of days between now and july 11th. >> i think any of the key

employees going up and i don't know why the stock goes up on the news i would withthink it is scary. >> today is jeff bezos' last day at amazon? >> that's right. we will talk about that transition it seems early the technology is good and safe and everything else at this point. we should -- it is in the back of your mind hopefully. >> i don't think those guys would take a chance. >> i don't know. i don't know all of this seems crazy to me. who am i to say? when we come back, we'll talk about robinhood opening its books as the free trading platform is preparing for public debut. we will dig through the numbers and boy are they fascinating we will talk about it next as we check out the numbers before the break. krispy kreme rose 20% in the

debut. it traded at $16.30, but ended closing at $21 this morning, we're at $20 we're right back after this. oh, i've traveled all over the country. talking about saving with geico. but that's the important bit, innit? showing up, saying “hello! fancy a nice chat?” then we talk like two old friends about sticky buns and all the savings you could get by bundling your home and car insurance. but here's the real secret. eye contact. you feel that? we just had a moment. [chuckles] who would've thought it? geico. save even more when you bundle home and car insurance. if your money is working toward the same goals,

why keep it in different places? sofi is a one-stop shop for your finances designed to work better together. spend with sofi and get cash back rewards that automatically go toward your goals. like investing in stocks, etfs, and crypto. that's better together. or pay down your sofi debt sooner. that's better together. and that's how sofi is helping millions get their money right. this is hannah, she's a posh virtual receptionist and that's how sofi is helping millions at the ready 24-7 to answer your calls and assist your clients. you can't be in two places at once. let posh answer. posh virtual receptionists. i'm dad's greatest sandcastle - and greatest memory! but even i'm not as memorable as eating turkey hill chocolate peanut butter cup ice cream with real cocoa. well, that's the way the sandcastle crumbles. you can't beat turkey hill memories.

[ "me and you" by barry louis polisar ] ♪ me and you just singing on the train ♪ ♪ me and you listening to the rain ♪ ♪ me and you we are the same ♪ ♪ me and you have all the fame we need ♪

♪ indeed, you and me are we ♪ ♪ me and you singing in the park ♪ ♪ me and you, we're waiting for the dark ♪ pay attention. tesla. porsche is recalling 43,000 electric cars due to a software

issue. if you watched "squawk box" yesterday, you knew this was coming faulty software. i think it had 900 horsepower. slow people on the road faulty software causes the battery engine of the model to shutdown i don't know what that means does it immediately -- >> think about that. on the highway and the engine shuts off, that could be dangerous. >> driving your wife to the hospital to have a baby? that's not good either >> yeah. experienced driver may know how to maneuver that not a teenage driver. >> if your car doesn't work,

that's not good. a porsche executive says it has been seen in 130 cars. no accidents have occurred as a result owners have to bring the cars in to a repair center for a software update. over the air update is not possible in the case the ceo says the fix will take 90 minutes to complete i could have addressed the teslarians on both sides you say anything and if i must my eyebrow wrong, someone on either side of the trade gets really angry and says we're all paid off by someone. they are emotional we have seen in the past with omega. they obviously, love tesla they point out with tesla, i think that is what porsche is

referring to with the software fix that they do over the air all the time where it just happens overnight. >> right. >> that's the difference >> that's the difference >> that's the difference. let's talk about trading app robinhood. filed s1 the first step to the ipo of the year the filing revealed so much. the company's rapid growth on one end offering insight to the financial roller coaster from this year after the round of emergency fund raising amid the meme stock trades. a settlement with the s.e.c. founders have a lot to address to investors joining us to discuss this is venture capitalist is jeff lewis. jeff, it is great to see you founder of bedrock capital it was like reading a book to understand all of the elements of it. the one piece that everybody seemed to be fascinated by was how reliant they are on dogecoin

in terms of the fees they were collecting off crypto. what was the thing that stuck out to you >> i think that's a very interesting comment, andrew. on the state of the market at large. on the one hand, this is a company that is executed phenomenally well. you know, dogecoin is maybe case in point of how really is company is tapped into the culture, but created a new culture around trading by d democratizing assets the name is interesting. they are driving order flow. all that said, huge credit to the company. all that being said at the same time, you got to think about what is the future hold for the markets? in a world where the huge volume -- value, pardon me -- for robinhood is dogecoin or

cryptocurrency one needs to ask questions is if the markets will accelerating with the fed craziness that is the most important question with the stock in particular >> how would you answer that question >> you know, i answer that question by starting to think about a fundamental level. one of the questions i ask is if we look at the valuation as a discount on the future, this would make sense i think $40 billion valuation for robinhood has a premium on the past and premium on how phenomenally they executed 300% growth year over year is unbelievable in many ways. yes, maybe you can get the valuation. as a discount on the future, i'm less convinced

j the coinbase ipo was a maximum on bitcoin i think the robinhood may be the top for meme stocks. a lot of the volume and activity on the app is generated by gen z traders. it is a discount on the future and i'm very worried about a future in which the fed raises rates. the qe insanity stops and meme stockstops. >> maybe we should separate them why is it clooming to a close or coming off a high >> these are cyclical. i think they come back i think retail's fully invested

at this point. i really do anecdotally. i speak with my friends in the field. i feel retail is invested fully. i think these meme-driven phenomena just feel like the end of the cycle to me it is a qualitative gut-driven thing. i don't have the data. my gut is it can't get that much crazer >> is that the same with crypto for syou? >> no. that is different. bias toward crypto that is less driven by meme and driven by the long story why in the future it would be valuable the bitcoin value narrative story is bullish robinhood is the same. i'm not a bear on the issue. i want to wait and see they executed well bitcoin and ethereum, if they

end up powering an entire finance system and you can see value there. i'm long-term bearish on the cryptocurrency i think the meme stocks or core businesses don't have great fundamental stories. the ceos of the businesses are in on the joke and recognize how absurd it is on the meme stocks. that is different from the cryptocurrency like bitcoin where there is no ceo or ethereum you can tell it is not the ceo or anything like that. >> where do you stand on coinbase a lot of people wonder where crypto will be traded or traded through every bank in america or td ameritrade. if everybody has it, is being an exchange in that space an important thing or a great business >> yeah.

a tricky question. i hate this one because i'm friends with these people. with the coinbase folks. they executed extremely well i think there are a lot of great exchanges out there. ftx has done a phenomenal job of product building several others out there exchange doesn't feel like a winner take all market i feel on the long-term climb rise, all of these can be long-term businesses, but the value may not get captured long-term. just as nasdaq doesn't capture tremendous value from the market at large >> fair enough geoff, thank you we will see what happens fun to watch. >> fun i hope the fun keeps going thanks, a lot. >> happy july had 4th. >> likewise. >> becky. when we come back, the next

generation of financial advisers may look a lot different from the last generation. we have the details when "squawk box" 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 association. thatea nrly doubles 2019 sales and a new record jerry is here! j! mate, how are ya!? it's so good to see you.

good to see all of you, yeah! why is jerry so... popular? it's been like this ever since we started using workday. what do you mean? it makes it easier to develop great relationships with our suppliers. now everyone, everywhere loves jerry. they sure do. they do. they really do. mmhmm. workday. finance, hr, planning and spend management for a changing world. finance, hr, planning and spend management tailor made or one size fits all? made to order or ready to go? with a hybrid, you don't have to choose. that's why insurers are going hybrid with ibm. with watson on a hybrid cloud they can use ai to help predict client needs and get the data they need to quickly design coverage for each one. businesses that want personalization and speed are going with a smarter hybrid cloud using the technology and expertise of ibm. nice bumping into you.

women and minorities still represent a small share of the financial advice industry. some are trying to change that

r senior personal financial correspondent sharon epperson has more on that >> hi, becky the number of certified financial planners reached an all-time high last year. with more than 88,000 industry wide 23% were female. just 2.5% were latino. under 2% were black. morgan stanley vice chair says the issue of attracting talent starts early >> if you go as a summer intern you will heighten the appetite for more people of color to go into this space and start to build the pipeline that way. >> so the recruitment of interns from historic black colleges and

universities his firm is encouraging younger employees to take on leadership roles and make an impact in their communities. >> leadership development is part of it mentoring is an important part of it. it is an apprentice oriented business you learn by doing we are starting to see attraction >> and a diverse set of financial advisers is to have advisers start out as a team rather than working on their own so they have a built-in mentor to show them the ropes becky. >> sharon, maybe this is obvious for us who have gone through it. why are teams and mentoring so important? >> in this business in particular, as carla harris pointed out. many women of color may not have the contacts to help them build the book of business it is important to offer coaching early on so advisers can build relationships and client base. some cases, new advisers may get

a salary rather than commission so there is less pressure. there is insight here about building the next generation of advisers go to cnbc.com/fa to learn more. >> sharon, thank you that makes sense good to see you. coming up, get ready for the jobs report. we will talk about the hiring disconnect why many workers are staying on the sidelines as employers struggle to fill positions it is really a job seekers' market though. it is exciting as we will see in the next interview. as we head to break, a look at yesterday's s&p 500 winners and losers >> announcer: executive edge is sponsored by at&t business our people and network will help

keep you connected let's take care of business. t. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business... you can pick the best plan for each employee and only pay for the features they need. ♪ ♪ ♪ digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that by taking on repetitive tasks for us. unleash your potential. uipath. reboot work.

don't like surprises? [ watch vibrates ] proactive notifications from fidelity keep you tuned in all day long. so when something happens that could affect your portfolio, you can act quickly. that's decision tech, only from fidelity.

good morning as we head into the long three-day weekend for the fourth

of july holiday -- everybody's in a good mood futures too. hesitant right now up right now wait to see what happens at 8:30 with the jobs number dow futures indicated up 17 points nasdaq up 21 the s&p up 2.5 points after closing at a record level once again yesterday. we will get the june jobs report in about two hours. there are as many job openings as employed. we have katharine minchew and john lasalle you approached this subject from different places, but the same conclusion katharine, i'll start with you you try to help people get jobs that might provide for a better life not just salary. everything that's included in a job. benefits or time off you are finding that now is the time to do this if there was

ever a time because i call it a job seekers' market versus employer market. we're seeing that. >> absolutely. it is a fascinating time to be a job seeker not only are employers in many cases trying to hire fast enough there are surveys that predict 52% of the work force is thinking about changing jobs main employer many employers are trying to hire in advance of the turnover. it is fascinating how they change offering and companies to compete for talent >> and tom, it takes time to hire somebody and give them benefits now they are not waiting the temporary people are coming

on board >> exactly if a company hires temporary people, they are converting them faster than we have seen at a rate which is 50% higher from pre-pandemic my company works with private equity and publicly traded companies. we are seeing thedemand for workers higher i have been doing this for 25 years. i have never seen anything like this, joe. >> accounting is the most in-demand business right now that's because no one wants to be an accountant >> everybody has spac fever. you get the companies pre-ipo. i think i'm joking a little bit, but companies are preparing their back office in a way that we have never seen before. they are having accounting and finance teams beefed up because they know things are coming. i'm not sure i necessarily agree that companies are hiring in

bulk to anticipate mass turnover we saw that pre-pandemic the engagement of employees is 67%. employees are not that engaged you don't grow up and say you want to be an accountant or analyst. you get to work and reality sets in the challenge we face now, the real challenge is how will we keep up with the $1 billion stimulus when people will get more jobs for throwing a hammer and we don't have those people >> kathryn, i'll get back to you in a second. i want tom to comment on this. if the infrastructure bill gets passed, there will be another two years of this environment we're in rightow >> i do. if a billion dollar package gets done, it lowers the chance of inflation. if we get the infrastructure packaged passed and we see the

blue collar jobs ramp up the wild card here, joe, is the delta variant and covid-19 coming back. if we stay where we are now, we get the infrastructure passed, we are looking at 24-to-36 months of the bull market. >> kathryn, with all of this in mind, what are you expecting today and how will it compare to the previous months? some have been disappointing and some better when we release the numbers on the first friday? >> it is obviously always a little bit challenging to call things on a month by month basis. i agree this trend of increased hiring and bull market is here to stay for the foreseeable future we are seeing that many job seekers change priorities during the pandemic they had time, particularly for those in knowledge worker roles or digital roles many working from home they were rethinking what they

want out of their career now they are surging back into the work force or changing jobs, they are prioritizing different things our da sws remote work opportunities and access to great benefits like full health care are higher privates for job seekers. it is changing the landscape of the employers are needing to do to access the great people the competition is great for labor, but it will drive some of the increased frenzy there is simply not changing fast enough to accommodate some of the demands from employees. >> and we have been through maybe 10 or 12 or 15-year period with wages at the low end which didn't keep up, kathryn. we saw this change now and start to happen before the pandemic. it will happen again what does that mean for inflation if it is transitory if

we see higher wages across the board? >> look, it is a balance many employers are doing whatever they can to lure people back to work without fundamentally changing wages you see this in sign-on bonuses and perks and tactics and strategies and offerings that companies are using to try to bring people back without changing wages i think we are seeing that pressure up and i would say our space and demographic is often focused on entry and mid level full-time knowledge worker we are seeing that wages increase as the competition cann cannot be stated any way else. >> is this going to get to a point where obviously we want it to happen, but will it get to be a negative in terms of

tightening for the fed >> it could be viewed as negative i disagree we are not fundamentally changing wages it may not show up in an hourly wage increase. $1,200 sign h-on bonus, that is almost $1 an hour increase for somebody making $15 an hour, that is a 66% increase these are tangible numbers of 66% increase if salary i think annual compensation things are growing the fed will have to increase interest rates for the fact we have no lever to pull if inflation goes up. it is in our best interest for that to happen i'm interested to see what happens in the second half of the year in that regard. what hasn't changed is the margin of elasticity of restaurants and hospitality hasn't grown unless we get huge inflation, they will not make more money.

chili's or tgi fridays may pay more per hour. the mom and pop local restaurant charging the same for the ham sandwich as 15 months ago and you can't go in and pay somebody from minimum wage to $25 an hour for a line cook or server in those places people are not coming back for tip-incentive service jobs, we have a crossroads to hit >> tom gimbel and kathryn minshew. thank you. enjoy the long weekend becky said that. it's a relative term >> long? >> three days. >> it's our independence day >> yeah. happy fourth of july i don't think i would say long >> longer. >> okay. >> parades and fireworks >> there is no four-day weekend.

only three days. two or three >> four is better than three. >> if you had taken today off, joe -- >> you are off next week anyway? >> i am. you have to work the days. the weekends >> you do. that's smart smart use of time. when we come back, real estate prices are surging to record highs we've got the q2 details next. and awaiting tesla numbers released anytime phil lebeau will tell us what to expect you can watch us anytime on the cnbc app we are back after this take a look at tesla on the big board in times square.

welcome back to "squawk box" prices for relal estate hitting an all-time high the buying frenzy led to fewer apartments on the market listings fell 20% from a year ago. the biggest demand is the biggest apartments more than 220 penthouses sold just so far this year. that is the most on record

according to market research a 35% increase from pre-pandemic 2019 levels. people are moving on up. becky. >> to the east side. to the deluxe apartment in the sky. >> yup. when we come back, the space race is taking off sir richard branson scheduling a space flight on july 11th. that is nine days ahead of jeff bezos. his competitor could we see another dark horse spoiler from another billionaire? we will talk about that after this >> announcer: don't forget to subscribe to our podcast you get interviews and original content and behind the scenes access look for us on apple podcasts or your favorite podcast app. subscribe to squawk pod today.

girls... the chess club has gained an edge on our bake sales. we need more ways of connecting with customers, fast. i know some consultants with great ideas. can they help us improve our digital experience? absolutely. they've invested over $2 billion in tech. that could really help us manage inventory. and save us a ton of dough. then let's take back our market share. checkmate, chess heads. girls, i said “bedtime”! frank doesn't need a posh virtual receptionist, because he cloned himself. while his clone does reception work, frank can go to meetings. visit a job site.

and even finish work early. you look really lovely. frank? frank...i trusted you! but if cloning isn't right for you, just get posh. virtual receptionists who can answer and transfer your calls, because you can't be in two places at once.

welcome back tesla model s plaid caught fire on tuesday while the owner was driving in the residential area outside philadelphia according to the driver's lawyer the incident happened three days after the car was delivered. the driver was trapped because the electronic door failed tesla can report numbers as soon as today we have been awaiting the numbers. phil lebeau is joining us now with the expectations on it. phil, good morning >> good morning, becky the street is expecting tesla to deliver a little over 2,000 -- excuse me. 200,000 vehicles for the second quarter. the estimate comes in at 203,000

vehicles 193,000 of those as model 3 and model y. the other 10,000 is model s and model x. this comes as the company continues to expand deliveries on the annual on an annual basis remember, they did 180,000 approximately in the first quarter. you'll have just under 400,000 the street is expecting them to deliver for the full year, 887,000 full vehicles. they would be on pace. you take a look at shares of tesla. this period between quarterly deliveries and when the company reports its quarterly financials, which we expect in early august that's a period where we have seen shares move higher. at least in the first couple of weeks when the delivery report comes out. when the numbers come out.

we do expect them later today, we'll see shares of tesla. that's been a nice move. it was trading there in the 580. 590 range. now in the upper 600s. >> up more than $100 >> still around, we've got another story. this one, maybe could involve elon musk too. for that, we are talking the space race virgin galactic will be on board the next space flight attempting to make it to space before blue origins founder jeff bezos he's expected to launch july 20th this may not be sputnik.

>> it is a race. this billionaire space race. this july, it is actually finally happening. bran son is scheduled to launch july 11 and bezos on the 20th. bezos announced his mission in may now they've reorganized that a little bit one really important fact in terms of the scheduling here is that the fastest time ever turned around is 71 days between

face flights still going to the edge of space and floating for several minutes in microgravity. not reorganizing anything to be taken lightly. >> surprised to see and you might be a little concerned about losing a key player that stock has played over the few years. it has been moving up and down a

lot. they haven't really started the commercial service there is a lot of major excitement. been known to move and in the completely unrelated company it looks like the people are excited about it it had its best day recently when the faa launched off the full excitement. that was a long awaited reaction >> here is the weird thing in my vant si world, elon musk launches himself into space. >> any chance of this?

>> i get no sense he's going to do that. would it be the thing people are talking about on 4th of july absolutely i guess no sense they are speeding things up to get to space. >> in the space tourism business that's different from elon musk where they are sending people to the international space station. >> you are right you are talking about a trip into or bit for days not just a few minutes. that's a huge difference those guys have launched a lot last night, elon responded to

our tweet, do they accept doge coin >> glad you've got his attention. we are watching. thank you. we'll be checking in later for those numbers don't miss virgin galactic ceo you don't want to miss it. >> coming up, a count down to the jobs report. in this case, we'll tell you what to expect from the june employment numbers. dr. gottlieb will tell us how much of a risk the delta rit vaancan be for the economic recovery. we'll be right back. modern or reliable. we want both - we want a hybrid. so do banks. that's why they're going hybrid with ibm. a hybrid cloud approach helps them personalize experiences with watson ai while helping keep data secure.

♪ ♪ ♪ from banking to manufacturing, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm. ♪ ♪ ♪

we are heading for some economic fire works wall street awaits the june jobs report the delta variant of covid spreading and the cdc's new warning. dr. gottlieb with the latest summer travel kicking into high

engineer violence in the sky surging. we'll talk about safety in the sky and airlines the second hour of "squawk box" begins right now >> good morning. welcome back to "squawk box" here on cnbc on what we call jobs friday ahead of a long or longer weekend. u.s. equity futures at this hour all of this may shift around a bit once we get a big number at 8:30, right now, the dow may open up higher s&p 500 uch about four points talking about up

beat news. saying j&j indicates the overall immune response from the vaccine lasts about eight months and the delta variant in a couple minutes questions about the tests and experiments they did u.s. auto sales surging. they did slow down some what in june as dealers were impacted by extremely low inventory outsold by the japanese rival toyota the first time since ford did it in 19898. the big question of where will

bitcoin be at the end of 2021. experts say it will be below 30,000 and about flat for the year bitcoin trading under $33,000. what would you predict >> i have no idea. pretty volatile. 30,000 i don't know i wouldn't bet on this how about you? >> i will take by the end of the year and maybe i'll be a cynic here

to say 10 years, i would take the over >> i'll take the under to take the other line >> i'm reading about karman about 300,000 feet if these other guys are talking about the space, you don't talk about the re-entry that is at 300,000 feet. that's about 100 miles that where real rockets go. someone can say i flew into space but it is more like a fancy plane, right >> 10 times as high as a plane

still pretty high. the karman, for years, i wept to colorado, i think it was goddard. >> you remember when we were missing a tile on re-entry in one of them. >> maybe we should go if it is only $300,000. >> maybe if bitcoin goes to the moon, then we can go to the moon saying 30 or 28. if that were a long-term bottom.

that would a lay a lot of fears people are worried it would go women below that. half the world would challenge the proof of bit county. you don't believe in prove of work >> the question is, does anybody value the work i believe there is work and energy being skpended you could dig a hole in the ground and nobody believes there is value in digging the hole. >> if you are on a desert island and each assigning something to do you are going to clean the

toilets. you are going to cook. not because you have a woman but because you are good everyone keeps track of what everyone else has done >> you may want my cooking or you may not. >> the question is how people value the work >> it is math. the more people like tudor jones come around, then we are building little blocks >> that's a good argument. i can think of people who want me to pay for things i don't want them to do. >> right that's happening again in the city >> that's work

we digress a very valid point we have the june jobs report joining us now with what to be watching strong payroll report. the street has not done a good job. it has been too enthusiastic in each of the past two months. the forecast looking for 706,000 jobs to be created off the last month look at those big jumps looking to average some of that competition and some is the rate for labor and bidding up of wages i did people there 692. beating the wages. here is the consensus on your

left there action economics there on the low side morgan stanley right there in the middle. there is our friend at over a million. this is 500,000 between forecasters we follow closely. how much each forecaster relies on alternative or high frequency data becoming a big job now some of this data lays the golden egg and sometimes it just lays an egg. home base attracts higher hours of work. sees strong gains in all three categories between hours worked and number of employees. that was behind the seven-figure

forecast getting back to a long way to go. focusing on that wage growth and whether or how much they should be worried about inflation talking about those numbers in terms of data inflation. what do you think of those resources? >> he's a big fan of home base i followed him thinking about home base. becky, this stuff is really interesting. but we are in very early days we don't have the track record. this weird thing, the pandemic and the pace and external factors that have to do with

bringing people back including the unemployment record. we have no forecast rebounding jobs we turn to the alternative resources for the high frequency information. we are getting it but we don't know how it comports the government itself, we don't know how 5:0accurate it will be. we never go back and say we were right, the government was wrong? >> 100%. they could come back and readvise one thing you'll want to do is listen to companies who may be

hiring those wages are up which would suggest a demand for labor another interesting thing. talking about the economy isn't doing well or is it having trouble finding people to do those jobs excellent questions. i'm glad you are here today. we are talking 1:20 so the count down is on thank you. >> thank you coming up, a warning from the cdc. the some what longer holiday weekend. dr. gottlieb will talk about the spreading delta variant. seeing some green. the continuation we'll see drift higher we'll see the ulvat trade. we'll be right back a.

a fund that invests in the innovators of the nasdaq-100 like you become an agent of innovation with invesco qqq

[ "me and you" by barry louis polisar ] ♪ me and you just singing on the train ♪ ♪ me and you listening to the rain ♪ ♪ me and you we are the same ♪ ♪ me and you have all the fame we need ♪ ♪ indeed, you and me are we ♪ ♪ me and you singing in the park ♪ ♪ me and you, we're waiting for the dark ♪

. welcome back the cdc issuing a grave warning saying the number of infections rose 10% now found in all 50 states

dr. gottlieb as families gather tell us what we should be knowing and thinking >> in most parts of the country, it is relatively safe. i don't think people should be too concerned in some part gs of the country you are seeing things rise. missouri, arkansas, nevada the rest of the country looks very good. you are seeing decoupling of places with high vaccination rates and low rate easy. and cases and death and disease

at this point, you'll see enough and not see extreme out comes from the virus in parts of the world where vaccination rates are high that said, we have pockets we still need to worry about and still need to get the vaccine more equitably delivered around the country. >> can you talk about the cdc and the study they've done your initial impressions. >> consistent with the variant

where we have test tube evidence, it shows pretty good neutralization looking at how protective thevaccine is we don't have clinical evidence just yet because we don't have a lot of variant because that delta variant let me get back in that part of the world. certainly consistent with what we've seen from the b 117 and the original wuhan strain of

covid. there is no reason the jj vaccine would perform any different. >> is this like in vitro it just seems likes that not a study of a clinical out come. they looked at those antibodies in test tubes. you are right. they just looked at the cases in people looking at this long enough, we understand the core relation

i think that this is a good result >> good chance and positive. if you are a total purist, you'd want more info to be sure. i guess. >> that's right. with the jarchd j vaccine, i think it it is 11 million people it will take more time to see how it does with the delta i think this is a good result. i would feel confident looking at this data >> scott, finally going back to my first question about july 4 in terms of people getting together, most people do it outside. there will be some children not vaccinated others that are. older kids and whatnot how should families even think

about that >> look, i still think people should take prudent precautions where you can and it won't be disruptive where you can do more safe, i would opt for the more safe option i don't think people should hold back on gathering with friends and family they know they feel comfortable because of covid right now. there is very low pref length. you have to judge based on where you are. in connecticut, i think there were 230 days reported in the whole state. i'm still looking for opportunities to exercise caution. if i go to a restaurant and there is an option to eat outside, i eat outside why not? i wouldn't hold back on gathering with friends and

family this holiday because the virus is spreading in low numbers. if i'm in misi think you should exercise more caution because there is more infection. >> great have a great long weekend. >> so just use the old reasons to not want to associate don't use the covid reason anymore. use the old stand by are you washing your hair tonight? >> got to wash my hair jeff bezos stepping down on the day the company was incorporated in 1994, july 5. a look at what his ceo brings to the table. a look at bitcoin, what we were

talking about earlier. turns higher on andrew's skepticism, i think. we'll be right back. >> announcer: time for today's trivia question. what restaurant chain is credit the with being the world's first the with being the world's first hamburger chain. (wincing) oooh, right in the wallet! ouch! aflac! aflac would have paid jill cash directly to help with expenses health insurance doesn't cover. hold on, i think she's trying to give us a side-eye... because she can't turn her head! (laugh) get help with expenses health insurance doesn't cover. get to know us at aflac.com ok, at at&t everyone gets our best deals on all smartphones. let me break it down. you got your new customers — they get our best deals. you got your existing customers — they also get our best deals.

everyone. gets. the deals. questions? got it. but, why did you use a permanent marker? because i want to make sure you remember. i am going to get a new whiteboard. 's not complicated. only at&t gives everyone our best deals on every smartphone. like the samsung galaxy s21 5g for free. sofi is a one-stop shop for your finances designed to work better together. save, spend, borrow, invest, and earn cash back rewards, all in one app. that's how you get your money right with sofi.

this is ashley. she's a posh virtual receptionist. she'll make sure you never miss a call or an opportunity to grow your business. you can't be in two places at once, let posh answer. posh virtual receptionists.

>> white castle, in 1921, claim to fame is the invention of the slider >> i haven't had a white castle in a while in the meantime, robin hood unveiling details with plans to go public. added 5.5 million fund accounts in the first three months of the

year robin hood reported a loss thanks to a discount given to investors in the emergency fundraising with game stop. still to come on the amazon empire ahead jeff bezos's last day. a look at new york's real estate comeback. "squawk box" will be right back.

welcome back we are about an hour away from the june jobs report futures have been in positive territory. dow futures up and nasdaq up by

34 s&p set a new record the dow is only 1.3% from a new record the nasdaq talking about gains even with everything we've seen and ahead of that big jobs report. it looks like that yield is still under pressure yielding 1.444%. awaiting to see what's in that jobs report as well. you've got oil prices which continue to climb. down ever so slightly but notice the handle on that 75.

75.06 a barrel virgin galactic, don't miss the ceo michael colglazier for the first on cnbc interview at 9:00 eastern. jeff bezos to formally step down on monday. aws boss will take over as chief. shares up more than 200% since the ipo in 1997. as bezos prepares to launch to space what will amazon look like without him. jeff bezos was an early investor in business insider in 2013. you've got a long running relationship with this gentleman. kind of a nuance relationship, you could say.

henry. >> if you would describe it that way, yes >> i've been acquainted with him for a long time. they are rare. men like him i think. >> i think you are right combination of smart not a lot of people who are smart and bold and wise. i've always asked myself what is it about him and amazon and what they've done he has said imself- they are willing to be publicly misunderstood and criticized for a long time. they will stick by things a lot of peoples won't he has a big tolerance for embarsing failures that would lead to the firings of other ceos you think about the fire phone what he said about five years ago, look, it just doesn't

matter you need to keep coming up with great ideas. it is extraordinary about how far that philosophy has gotten now. >> you have to be a little off to think of some of this stuff you can't be afraid of failure obviously. you have to think you can do anything i thought they sold books? >> that's what a lot of people thought in the late 1990s. some very smart people wagging their fingers at me saying, this is crazy it is a book store maybe in the beginning and with a vision much bigger than that.

>> enabled its whole new business model based on whole new revenue with zero bottom line allowing a stock price to fund all of that with no inherent value. >> i think you can step back and say that the company had the ability to be profitable out of almost any time but chose continually reinvest everything in growth. i thinks that the lesson where you are not just burning money and youer confident that at the right time, you can say, okay, we'll start to produce cash flow and effectively trying to reduce the bottom line. every time i hear it is only about profit, all you have to do is call up the amazon stock

chart in that 10-year period where they are not profitable. stock is doing well over time. i remember having one of their biggest share holders complain in 2012, 2013 saying why is amazon stock doing so well they said, listen, if you strip out these investments, the core business itself is pretty profitable and you are not buying at a particularly high multiple that has helped them a lot the way the company is right now, and we can go back to look at really charismatic founders you can do the apple experience where that wasn't what was needed you needed steve jobs to come back until there was a great

visionary. >> andy jassy, is he a once in 100-years type of individual >> i don't think that's needed i don't think they needed the type of innovation the good new for share holders, i think the changes will be very slow andy jassy has been there a long time he ran sws that's where a lot of the profitability has come from. yes. over time, they need to continue to be bold there are a couple of big business opportunities they are going after. they'll be in good shape it is an issue companies do have to go after

change they've reported that a lot of senior people have left at amazon this is a big turnover of management >> they've got regulatory issues and labor issues they'll have to deal with. all kinds of stuff maybes that fine for him they need more warehouses, more people more logistic support. what do they need? is he going to be called upon to be a great ceo >> he's been tested. he knows amazon cold it is not like he's coming from the outside and wants to change everything they need to do what they've been doing year after year, they would layout the plans and take their

margin projections down. it would be a short-term freak out. they would make these aggressive investments and a year or two later, they would be in much better shape they need to continue to do that >> we now know that 300,000 feet is below the line where there is an atmospheric friction. we now know 520,000 feet is where you get into or bit. what constitutes space do you know? >> i'm not going to make the scientific determination he is going way up there as is richard branson. >> that's all you'll give me >> he's going way the hell up there. that's great that's about your analysis on

bitcoin. what i told you, there is no way to determine the value last time we talked about it, you were wagging your finger at me saying, you'll be poor if you don't get into bitcoin >> must be nice to have a range of a dollar to a million >> it is nice. you can buy the s&p 500 which has been terrific. >> nothing has performed better. even at 30,000 >> fair enough great to see you thank you all. >> you are welcome on this some what longer weekend. >> we've got breaking news now shares of didi after the china cyber space said it would conduct a cyber security asking didi to stop new user,

which means they are stopping new users. if you didn't have an account, you would not be able to open an account. we are seeing the regime in china really cracking down in a major way. interesting to see whatit will mean to those companies and the global landscape we'll talk more about that when we come back after the break when we return, the new york real estate market is coming back and coming back big inventory dropping bidding wars ramping up. robert frank with a preview. >> good morning. math manhattan apartment sales seeing the best quarter. tell you why penthouse sales are setting a new record coming up after the break.

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.

welcome back to "squawk box," second quarter was the strongest. buyers took to the city and took

advantage of the supply. robert joins us with more. >> good morning. this was the strongest quarter for manhattan real estate sales. buyers are finally returning to the city what started as a come back has turned into a frenzy taking advantage of the large supply. prices are starting to climb again up 2% over the last year the average apartment now costing $1.9 million a year ago, this market was flooded with supply. now less than 7 months of inventory. this is a market being driven now by the top penthouse sales have exploded. there were over 220 penthouses sold in manhattan so far this year, that is far and away a

record it has 14-foot cellings. since this is a penthouse, it has a 500 square foot terrace. you can see the atlantic ocean on one side. and central park and probably connecticut on the other side. price for all of this, $59 million. >> the real question is how quickly do you think that apartment you are standing in will be sold not only are we seeing these prices go up but seeing the stuff on the market sold a week,

two weeks later. >> what is fascinating, typically when developers build a new building, they sell the penthouses last. now, the penthouses are selling first. already one in this building that sold for $29 million. many other apartments have yet to sell. a lot of these buildings selling the penthouse with the rest of this building still empty. i don't know what the price will be they are asking $59 but there is demand at this point >> before you go i'm always asking myself, who are these people there are only so many olegarts in the world >> this is not the traditional saudis, wealthy chinese.

these are wealthy families new york finance families. what is surprising is the speed of the come back and people already living in new york who are trading up >> trading up. moving on up as we said to the east side. though i think you are there on the westside have a great weekend >> when we come back, we'll talk holiday travel and unruly passengers joining us right after this break. want to give a quick shout out to the son of one of our producers. he took top spot in star power nationals. named mr. star power

a kicker the day before, he wasn't even sure he'd be able to dance because of an injury congratulations matthew. one of our very own. we are proud of you. "squawk box" will be right back. no dad, it's a video call. you got to move the phone in front of you like..like it's a mirror, dad. you know? alright, okay. how's that? is that how you hold a mirror? [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most and $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today.

talk to me. what do we got? when you have xfinity xfi, with blazing speed... [ screaming ] a powerful connection. that's another level. and ultimate control. power us up. you can do more than you ever thought possible. yes! hold on.

get a powerful and secure connection you can count on. only with xfinity xfi. and see f9 only in theaters. ♪ ♪ >> shares of didi trading lower right now after the cyber space commission said it would be

conducting an investigation on the company. didi said it will fully cooperate. you better when china says to do it shares down 6.7% we've seen some weakness down about half a percent and .8% for lyft >> they had to do it now and not days ago >> why is lyft getting hit as well i get uber we are talking fractional

decline. >> shouldn't uber be off more because they own a stake of didi >> could be. the week before 4th of july to be the busiest this weekend could bring airlines back to 90% he is a pilot himself representing thousands of pilots what are you seeing out there things almost at full capacity >> absolutely i remember being on your program last year saying we've got a problem. we are at 90% load factors it has worked. psp worked

we have one issue that hit american, southwest and delta, that's not enough trained pilots that's got to be fixed management told us they were prepared we didn't see that we are elated but ready to get the job done american management decided to furlough in the cares act. we said it takes 12 to 15 months to get back on the payroll they came back in december but management couldn't get them trained.

they are still in training now you can see all of our dreams will come true we'll get this done. they've got to think of us as entrepreneurs and incentivize and schedule flexibility. >> seeing they were willing to pay. saying they were not in that same position. what did they do differently >> not flying as much as we are now. mr. dishy, maybe he's counting the cards on the deck.

right now, we are at the table and here to win. >> we have heard situations of air rage is it a problem from the pilot's perspective too? >> always a problem. we are seeing more violent action that's unacceptable. our union and others pilots and the lobby group for airlines significant fines, and now we need to see the backing of actual criminal processes. it is not just about retribution or making sure this happens. when i hear one of my flight attendants has been assaulted or

a passenger. i'm up there flying 13,000 feet in the air at the speed of sound. we can't just pull the plane over and say get out this is really important we need the d.o.j. to step up and join us to make sure this ceases there's a secondary situation, it is something we are battling for. even airlines and others are pushing back on this >> a second dairy barrier that would keep people from the cockpit. >> a barrier a secondary board. it is the cost of one passenger

screen on a seat back. you can't afford not to do this. if someone has the type of intent, we have to have the ability to protect ourselves and the passengers >> thank you good luck and we'll talk to you soon >> the june jobs report. futures are barely in the green on the dow about 15 points a preview of the numbers in the instant market reaction is all straight ahead later, more on meme stocks and more

good morning 30 minutes left until the june jobs report. we are counting down to a number that will have big implications. robin hood filing to go public what challenges lie ahead. can robin hood avoid another round of chaos if meme stocks go

crazy. and the great space race is on two billionaires vieing to blast off within days of each other. soupds like a movie but it is real we'll bring you the details as the final hour of "squawk box" begins rightnow. >> hello and welcome back. u.s. equity futures are not the story. the s&p up seven we have the jobs report about a half hour away treasury yield prior to the release

we'll see if there is an impact. 1.444% some of the big stories the china cyber space chigs conducting an investigation asking didi to stop new user registration it just went public in the u.s. this week. we just got news as it was added to the dow jones july 12 coronavirus vaccine j&j said its shot showed promise among the delta variant with a day up mor

than 33% >> phil la bow is covering tesla and brian will tell us more about some new in fighting at opec first to phil. >> becky, we think we'll get the q 2 numbers from tesla this comes the second day of the quarter when tesla puts out those numbers. here is what the street is

expecting. model s and x accounting for 10,000 of those. they have had some chip issues that have limited function for the model x and s. they do not break out deliveries by region. i know a lot of people wish that they would if they did, they'd hope to get a little better clarity as they wrap up production in shanghai that has been growing at a steady clip. as you take a look at the annual basis. the expectation is for the company to deliver 887,000 this year good they hit the mark. add that in with the first quarter. you'd have them about 385,000.

almost 400,000 vehicles fofrt first half of the year on target to hit 880,000 by the end of the year. not a whole lot. a smidge higher. over to marge an on the space race >> speaking of another billionaire -- several billionaires who have made major investments on the space sector. b branson and bezos. branson will make his trip to the edge of space. he'll be one of four mission specialists. the fourth crewed flight to

space by virgin marking a change of plans. followed by branson's own trip bezos is scheduled to fly blue sheppard and his brother and the anonymous winner of that $30 million auction. telling us, we wish branson a safe flight but they are not flying above the karman line the flights to the edge of space, galactic travels more than 50 miles above earth but not above the karman line, after bran son's other space company

launched to or bit earlier this week when he joined me at that time, he said, quote, jeff who you can see, shares are up about 25% right now in the pre-market. we have ceo michael colglagier coming up 9:45 a.m a first on cnbc interview the next few hours are critical the opec meeting out with 400

barrels. comes down to a base-line number the bottom line is this. the uae that would effectively allow them to produce more oil then the uae came in and said, no, no we want to come in and poe deuce a higher baseline. here is why this matters for the oil markets. they are looking for a controlled increase of barrels on the market.

adding for those the market is probably bullish demand will out strip that new supply the reason oil prices are a little wobbly. sf there is concern they could not come to a deal, could the uae pull a fleetwood mac and go the same way i have sources both sides. they may have to take a tough line the meeting is scheduled to restart at 10:30 a.m. new york time we'll see if anything can get done this is a big fight between the uae and opec do not dispoint. >> when you say pull a fleetwood mac, all i can think of is the

chain. is it up to saudi arabia to say. okay, we'll eat it we'll not produce excess and continue to put pressure on u.s. shael producers chevron and shell looking to sell part of their land and return some of that to share holders. maybe adding a little more and that's probably the most normalized out come. if no deal is struck, they go back to the original deal which is bullish

the third option is the bad one. no deal. the uae walks away and decide we don't care about the deal anymore. it is unlikely but not impossible that could be bearish for oil prices >> bad news for the oil company but good for consumers >> morgan, i want to go to you too. we were trying to figure out you laid it out clearly, is there a big difference of what you feel as a passenger on one of those flights at 62 miles

versus 50? >> you are going to feel weightless you'll get to see the curvature of the earth with virgin, it is a 90 minute flight you are on a space craft launched by an aircraft. you land back down on the runway blue origin, you basically blast off from west texas. it is an 11-minute journey and a parachute landing back in the desert two different experiences. they would expect to see overlap in terms of customer base. >> i take it all back. that's not a fancy plane, that's

a rocket >> so blue origin goes above the karmen line, a little bit above. galactic is a little below either way you get the space shade i rirchsed earlier >> i think i'd rather go off the plane and then land. i'm not doing either >> i'll do them both i'll test them out i'll be the safts thank you,

morgan and brian comeling up, the tune p we'll talk about what to expect with all of these before we head to break, shares of verizon it will continue to support low cost wireless service if it's allowed to complete the deal to buy prpae-id mobil phone provider and assist your clients. you can't be in two places at once, let posh answer. posh virtual receptionists.

i'm dad's greatest sandcastle - and greatest memory! but even i'm not as memorable as eating turkey hill chocolate peanut butter cup ice cream with real cocoa. well, that's the way the sandcastle crumbles. you can't beat turkey hill memories.

welcome back to squauchl we are 15 minutes until the labor department's june job's number he says there's a risk to become a louisiana. here now, also president of queen's college cambridge. >> good morning, andrew. when demand for labor, the issue was a win win. a strong number shows that okay.

today, it's about supply the problem the labor market has providing workers with the massive demand we have for them. it gets a lot trickier as to what does the market really want you could get bad fed reactions from the marketplace from both out comes. just keep an eye on that hopefully the labor market would improve in terms of functions. it is getting really scarey. >> what does a goldilocks number look like to you in line with the expectation of 700,000. it is about the labor force number two, jobs. how many people are hired. and three, wages

how much do you need for the first increase to happen over the next few months, we'll get a better picture of how that can function you said it is getting scarey. >> supply disruptions. they are not going away as quickly as you thought what did they say? they didn't train. it takes time to get them back to the system. everywhere you look, there are supply disruptions the labor market is part of that remember, it is still early in the cycle. consumer prices and wages. we haven't seen this inflation thing go through yet that's why the quicker we get

supply how long does that situation continue how much does it make it transitory a lot of companies are telling you i'm not sure it is transitory who do you listen to, the fed or growing number of companies. it will be fascinating the message is that they are not going away anytime soon. >> you think about a furniture maker, you need to buy furniture, you can't buy it for months in some cases at some point, you would think this would solve itself. i was watching cnbc yesterday.

there was a segment about guns and ammunition you would think that would get sorted out. >> it starts out looking transitory >> this, yes it will self-correct next thing you know, it will start a train. it hits inflation expectations we haven't had to worry about these for a very long time we know it starts being transitory and isolated. we are going back to a situation

that the system is not wired for which is higher inflation than around the 2% everyone has been talking about. >> why do you think jay powell has hung on to this? >> a number of reasons one is the assessment for the risk itself. if it turns out he is premature in tightening, he may disrupt the markets. i don't think he is that big of a risk in the past, we haven't had inflation issues and who is to blame? we look at all these reasons they are captive

they have confirmation bias. they just think it will be repeated and repeated. that evidence would suggest it have more an open mind >> we appreciate your perspective. i frankly hope you are wrong but we hope you have a great long weekend and look forward to talking to you >> i hope i'm wrong too. >> you bet talk to you soon when we come back, robin hood closer to going public we'll peek to interpreter active broker's founder you are watching squawk. don't go anywhere. but we need something better. that's easily adjustable has no penalties or advisory fee. and we can monitor to see that we're on track. like schwab intelligent income. schwab!

introducing schwab intelligent income. a simple, modern way to pay yourself from your portfolio. oh, that's cool... i mean, we don't have that. schwab. a modern approach to wealth management. girls... the chess club has gained an edge on our bake sales. we need more ways of connecting with customers, fast. i know some consultants with great ideas. can they help us improve our digital experience? absolutely. they've invested over $2 billion in tech.

that could really help us manage inventory. and save us a ton of dough. then let's take back our market share. checkmate, chess heads. girls, i said “bedtime”! the boss is back baby! the difference in try and triumph... is just a little "umph"! upsees, i need upsees.

i'm sure this isn't something money can't solve? what the frittata? [ screaming ] oh my gosh, oh my gosh, oh my gosh! coming up, the big number, june jobs report our panel is ready and waiting we'll get right to them. it lksoo like a zoom call. behave yourself. we'll be right 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.

welcome back to "squawk box." >> the former chairman of the council for economic advisors and currently professor at school of finance. and senior fellow at manhattan institute.

our own steve liesman and rick santelli we have seen some weakness in the last couple of numbers that's some extra emphasis today. the s&p closed at a record level. the dow up by 12.5 12:30 on the east coast. the big number, please >> 850,000 better than the 700 plus we are looking for. looking at change in private payrolls they are up 15,000 better than expected 662 average hourly earnings month over month

better than expected an hourly earnings year over year. 3.6% average weekly hours a bit light. we look at the underemployment rate 9.8% with the labor rate holding steady at 61.6 interest rates they've moved up a basis point or two the jobs seem to be getting better and pushing back on some of those added benefits and maybe the inflation story is about services than goods.

becky and the gang, there's your numbers. back to you. >> important point there let's get some instant reaction there. let's start with you what jumps out from you or is this just a goldilocks number? >> it is a good job. adding and the government coming in strong. loobing at where the strength is i'm seeing it in trade transport and utilities. looking at professional business services tech up 33,000 some of the big numbers. there we go. there are the numbers. accommodation and food services. food services and drinking places up 194,000. that's where you'd expect to see it we still have a ways to go

getting back the jobs we've lost these are the kind of numbers you want to see. they suggest we are put fg people back to work. this rate was stable and put back to the work force >> rick said these are strong numbers but not white hot. futures moving up. >> i think this was a goldilocks number you get just enough employment gains. it doesn't really change how people think the fed might react. talking about where the sweet spot might be. these job gains of 800,000 a month, the recovery and the easing of pressures we know

could hurt margins, that's all really good news and focus on the earnings market in a few minutes. >> he made a good point of services are we seeing more when it comes to services because it is really hard to get people to work there. those risks to margin in general if they remain tight or are mismatched in the market or where skills are in a place. we are at a place where margins are incredibly strong or have expanded in early parts of recovery >> does this play into in to maybe these are transitory what do you think?

>> i think it does fl is a lot of bounce back there. a lot of the increase we saw the service sector was flat on its back for about a year. that will be a transitory phenomenon we are still well below prepandemic levels without bringing those folks back, we don't get back to the levels of employment the way we'd expect. >> what do you think explains that lower inflation rate. >> there are more job openings part of that is the virus. part is that it takes time to find jobs and a role in giving people more time to find jobs.

keeping them on the sidelines. the good news is all of those factors. that's a pace we should be able to sustain over time going forward? i agree the report is a little conflicting. the household survey found payroll went down. we look less at payroll. we can't be sure of any of its measurements the headline talking about what you see coming into this hard to look at those numbers outside of that participation

also worried about the fact that it may not be transitory you take out wages because of the supply shortage, then it is really hard to lower wages later. if service is driven by a lack of labor supply that is a lot more persistent. >> why is it a problem if people stay out does it prohibit us from reaching our full potential. what happened? does this clear up >> if we go back a month and look at the index of payrolls, it goes back up at 11% you worry about the miss machbd

supply i was looking at this to see this pressure ease it eased on the other side payroll is not what it looked like in april and may. it has tapered off a little bit. it still makes it hard for the fed and others to judge what is the potential. if it will not come back where it is different. our notion of inflation and pressure is different. getting to what is the pandemic norm is an important issue right now. >> making the point we have not seen as much inflation, they've now said for get it. we'll push wages back to work. you agree with that?

>> wage inflaks went down. those are rising at 6 percent nominal return i probably think inflation is more persistent than doug thinks it is. some shoes haven't dropped yet in terms of some shelter they will continue to be demand in access of supply. nominal wage pressures will continue the trend is still very strong wage growth. >> figuring out how it shows higher numbers and fewer going back >> the answer is yes and no. i did get a look no, precisely figure it out what happened you did have an increase in the labor force and the number of

unemployed i think dug to an extent where there could be a potential error. where we are essentially trying to put humpty dumpty back together again the idea of recreating the economy before the pandemic. at some point, the fed will have to say this is the new economy we have and what we can expect yes, we'll put people back to work and adjusting will take time you might have people who have lost jobs and it could be from changes ongoing.

14% of people are teleworking. it is probably 10% higher than previously >> if this is a fed mistake to be made. we are still watching the employment picture, it would take something like job skill training >> you said that precisely i put it in technical terms so sioux fewer people would understand it trying to problem the problem with cyclical measures keeping the foot down on the accelerator getting people back to work. when what needs to happen is geographics. some of the jobs may be in the wrong place. let's get the school spac back

open and we'll get a much better idea >> not just the schools back open but the idea of unemployment insurance ending. that will be a different picture from everywhere. if receive is right. if they continue to keep these rates low, what does that mean for the markets? >> i think it is an incredibly important point, there are some really important structural changes that got accelerated over the paind in terms of our structure and work we need to lean into where the changes have happened and not try to go back to some 2019 playbook how does the fed react to that it is too soon to know the

demand and market in the post pandemic buyer's free world. it does strike us that the strength is such that we no longer need extraordinary amounts of accommodation we believe the fed should talk about tapering sooner than later and tightening to get rid of some of the imbalances we are seeing in terms of the financial markets. >> jay, as the most recent person to leave a policy setting body what do you think about it if the fed cannot fix the problem >> i'm not sure. no matter what the data is, they won't want to raise rates.

i think it is probably the second one i think the second year will be higher than the projection i think we'll get more rate hikes sooner than the fed chair has telegraphed. >> you say that with such a nice smile. i could be wrong they say we don't need to race the rates another year they think inflation is coming down to around two next year i think they change their policy stance >> doug, another former policy advisor, your thoughts on this >> i think jason has this right. they've said transitory inflation, we don't change our

policy we've seen regional fed presidents within line of sight. those are all big changes. they can't believe it is all 100% transitory. >> allison, just this idea of being caught up in this and figure out what would you do >> i would start tapering sooner than later my concern is that the fed is playing an expectations game a lotte of inflation is based around expectations. the fed is putting some forward

guidance on this that credibility is super important. it does trouble me as pointed out that we are really within a supply shock using the handbook policy this has been the fed's playbook if unemployment doesn't fully recover, will they have the will as that changes the relationship with the fed >> a lot of our panelists seem to be agreeing with yours. >> i was going to ask the same question go ahead, i know what you you are going to say >> go ahead. >> rick, i got 50% probability overrate hike.

three our four months higher than the meeting i want to know how you read it and what you see i'm not seeing the big reaction today those are broken as far as those percentages. right around mid-2018, we are looking at these tightenings that final thought is that is something we all know about statistics and numbers it will look more like prepandemic. and anything except for entry level, service jobs. those increases and all of those

things will be well anchored there will be hire inflation >> higher? >> yes, higher >> see, joe is listening thank our jobs panel today kate, jason, doug, allison and steve. and yes, higher. >> higher. see you, guys. meantime, becky. wile we've been having that conversation about jobs. >> andrew, tesla delivered 210,250 vehicles in the second quarter. models 3 and y elon musk talked about some of the part shortages the model s and x combined only

delivered a little over 2,000 of those. in terms of the pressure you are seeing, the estimate on the street picked up those a little shy of that i'm not sure i would call this a miss estimates were all over the place from 191,000 to 230,000. but tesla delivering just over 200,000 vehicles in the second quarter. just under the consensus from analysts. >> what it means for the retail community. we'll talk to a retail trading expert next. unr omfodethas peterffy when we return after this.

welcome back to "squawk box," the labor department's june employment report showing an additional 850,000 jobs the futures in reaction up across the board, the s&p 500 up 13, and the nasdaq looking to open about 76 points higher. >> check this out quickly. i just couldn't help noticing it when we were talking about the jobs report. that's the ten-year chart.

te tenner was march 8th remember that? it's just so weird that it just stopped. it stopped going up. >> causation or with tenner >> japan didn't increase the ban. that allowed japan to become net buyers and make a lot of money for the first time in years for our ten-year, so we've blamed it on the fed that every time we issued debt they're there to buy the debt to finance all this spending, but so is japan. so is japan, so is it all just orchestrated by the fed? is it all fake or globally is money flowing in here because we have better relative yields than they do even at these low levels i just wonder. it was such a -- and the market's done nothing but go up either so that's why tepper has like a gazillion dollars and why we have to get up at 3:45 every

morning. robin hood filing to go public to talk more about robin hood is interactive brokers founder and chairman thomas peterfy. do you welcome more competition, and do you think robinhood is a good thing for society and for young people in general? >> absolutely. ro robinhood is a terrific thing. bringing 18 million people into the marketplace who otherwise would not be here is just a fantastic accomplishment it is a great service to this country. i think that so more participants in the marketplace will be just fantastic i understand that, yes, probably most of them are not going to do well at the beginning, but some of them will learn and become educated about the economy and how companies work work and it's

going to be fantastic for the future of this economy. >> any concerns about the growing pains that robinhood will need to still go through? we've seen some examples in the past six months, some regulatory steps that needed to be taken and definitely some missteps from that company. but is that all just part of a new and growing concern doing some ninnovative thing? >> obviously when you're growing so fast things happen, and -- but so i think that this is going to be one of the greatest meme stocks of the future because basically they have no -- i looked up the filing they have no equity. they have negative equity. they have roughly zero earnings, so it is -- but that's the kind of -- and they are growing very

fast, so that's the kind of thing that the market seems to like lately. i'm very looking forward to them coming into the community bringing more and more people into the market. for interactive brokers this is very beneficial because we regularly get people to looks like that many of the folks that come in basically don't do very well, but the ones that do eventually are looking for a more serious broker so we get roughly ten new customers every day from robinhood and -- but i think it's a fantastic way for people to le learn, learn about how the economy works. it's great. >> we always say that we welcome competition anywhere, and that's a prime example of how it works. you're picking up some new customers based on what's

happening. the demise of the meme sotock pr se was greatly exaggerated most of those stocks are still way, way higher than they started, so just overall that is healthy? is it unhealthy for the democratization of the market? >> well, you know, it's basically demonstrates to people, you know, i've been in the market for 50 years, but it's just -- you can never figure out what's going to happen so i think overall, it's very good for the market that crazy things like meme stocks happen but -- so you have to be careful when you're shorting you have to obviously -- as for

robinhood discussion, the payment for overflow is an interesting prediction that will come up, and i read that they just dropped the margin rates from 5% to 2.5%. now that is still about higher than interactive brokers charges. they have 2,000 employees. well, you know, the rule in the industry seems to be that you need about customers thousand accounts so based on that need a thousand more people. >> yep, but it will be fun to watch and interesting. we'll come back to you as all these issues come to the fore with robinhood, and get your comments and look forward to them in the future, thomas thank you. >> thank you very much, joe.

you're welcome >> andrew. the other big story we're watching, shares of didi, they're trading lower after the chooip cyberspace administration saying it will conduct a cybersecurity investigation of the company. no new users can be addedment d didi just went public. >> hi, andrew this is being discussed widely here in china everybody is saying wow, nobody saw it coming and for the most par part, they are focusing on the fact that the investigation has cited three laws which is highly unusual here and that the investigation is going to come under the national security law which is really seen as the highest law of the land. in terms of the motivations, most people are just speculatin at this point, but the consensus so far seems to be that this was a political decision because the timing came right as the

communist party was celebrating its 100th birthday and it was seen as inauspicious joe. >> thanks, eunice, we've got to run, but thank you for joining us happy early independence day, everyone we're -- and i use that in the loosest sense possible, only me are back here next tuesday please join us then. "squawk on the street" is next good friday morning, and welcome to "squawk on the street." i'm david faber along with morgan brennan and mike santoli. we're live from the new york stock exchange let's give you a look at futures as we get ready to have the last trading day of the week here you can see where things stand we are strong, man we're strong let's get to our road map. it does start with that june jobs jump. stock futures as you just saw, they are rallying after the u.s. added a better tha