5:00 a.m. at cnbc. here is the top five at 5:00 stocks kicking off the week at all-time highs. is $5 a gallon gas coming? opec still stuck as the group tries and fails to put more oil on the market. we will talk about what is going on. china cracking down as they are going after a big-tech name. from russia without love another criminal computer attack comes from the country we will tell you who and what.

and air travel milestone over the weekend you may not believe what has happened it is the rbi on tuesday, july 6th. this is "worldwide exchange. good morning, good afternoon or good evening. welcome from wherever in the world you may be watching. thanks for watching. i'm brian sullivan hope you had a great fourth of july happy birthday, america. let's get to the markets and your money stock futures are up, i guess. dow is in the green. nasdaq down a couple of points let's talk that flat whatever the futures are doing, we are starting the week off from strength. s&p, nasdaq and nasdaq 100

trading at highs as far as sectors go, technology has been hot consumer discretionary is hot. health care remaining in record territory. there is no change in bond yields we show you these because of this oil, we'll get to in a moment. it is likely bond yields could come down. we are seeing the 10-year at 1.43%. all of this ahead of the economic data. the ism services number out today. the jobless jolt number is better than the jobless claims number at 10:00 a.m job labor and turnover survey. 10:00 tomorrow how many open jobs in america. millions as many as 8 million we are seeing changes in the job market the states with unemployment benefits we will see if that narrows the

gap in the open jobs jobless claims on thursday and wholesale trade on friday. the economic week ahead. we get the fed minutes on wednesday. now to the top stories it is a developing one for the global energy market oil. surging to the highest level in three years. price of wti crude up 2% right now. all this as opec failed to reach agreement on new production levels over the weekend. despite extending what was supposed to be a one-day meeting last thursday. all of this morning, there is no new date for a third meeting in fact, they were supposed to meet yesterday, but did not. as of now, current output levels will remain the same they did not reach a deal to raise output no new oil coming on to the squeezed market any time soon. what is happening under the hood of opec is complicated the main issue you is twofold

the disagreements over the starting level the baseline the length of time over how long to extend the baseline levels. the uae is the only holdout inside of opec that is enough because under the opec charter, all deals must be unanimous. what is next according to nearly every piece of research over the last couple of days, oil is likely headed up because with no new deal, that means no new barrels being added to the market. with demand up and no new supply inter from opec, some called for $100 a barrel in the months ahead that could mean $5 or more per gallon of gas. there is another scenario. one where the united arab emirates ignores the opec deal

and beginning pumping more barrels on its own or decides to leave the group opec all together that is unlikely and sources i spoke within the emirates over the weekend told me that is not their ideal situation and they do not want to do that it does remain a possible outcome, however small if the uae does begin pumping more barrels, other countries may decide they need to do the same or risk losing market share. if that happens, and a small chance, but if it did happen, it could result in a 2020 market share battle and tumbling oil and gas prices for its part, the biden dbiden house stood up and taken notice to get a deal done

antony blinken will get involved because nobody wants $5 per gallon of gasoline big oil has been winning and they could reap the benefits where with refiners could be a group to watch chevron and occidental with shares higher in the pre-market. let's get to the other top stories. contessa brewer is here with those. contessa, hope you had a great long weekend i saw the dog in the basket. >> reporter: you know, a bike ride on the holiday weekend is a good idea. you know what is keeping security officials busy? cyber attacks. they are working to contain what is called the single largest global ransomware attacks on record russian group revil blamed for the attack which targeted the

vendor products are used by i.t. management companies revil is demanding $70 million in bitcoin to decrypt devices. as many as 1,500 businesses have been affected. it met with the fbi on the matter several u.s. tech companies are producing to pull out of hong kong. facebook, twitter and google they could pull certify obviobvious services over the law over malicious sharing of information online it represents apple and linkedin and others the rules could put staffs at risk for criminal investigations or prosecutions related to what the firm's users post online.

the first half of 2021 is a blockbuster for global equity funds. according to the financial times, $580 billion added to the sector during the period strategists say if the pace of flow continues for the rest of the year, equity funds could take in more money in 2021 than the previous 20 years combined can you believe that, brian? >> you knew the numbers were big. i didn't realize, contessa, they were that big. the amount of cash out there is estimated at $4.5 trillion to $5 trillion th those are staggering you wonder why stocks go up. more buyers than sellers contessa brewer, we will see you

in a few minutes thank you. when we come back, shares of uber of china are sinking. a live report on why from china ahead. more on the opec impasse and the possibility of $80 oil maybe $5 a gallon of gasoline. helima croft is here. and air travel is back in a big way. with airlines keep up with demand with pilots and crew? some will decide to stay home. we have more to do dow futures up a tick. bitcoin up 700 we're back after this. it's another day. and anything could happen. it could be the day you welcome 1,200 guests

and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.

[ "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. good morning we have a big story developing in china cracking down on big technology companies. u.s. listed didi global shares decimated right now. down 21% after the company is forced to pull its app from app stores in china. now two more companies in the crosshairs shares are sinking let's get what is going. eunice yoon is live in beijing with more. good morning, eunice >> reporter: good morning, brian. outside of the training center for didi drivers drivers are concerned about the impact of the investigation can have on the business

for most of us, the app is still operational. the authorities here are extending cybersecurity reviews for two other companies. two units of full truck alliance which is uber for trucks and online hiring platform those two companies are being investigated out of concerns for national security from the authorities. and what the state media tell us, the main concern that beijing has is data sovereignty. the argument has been the u.s. could now potentially get their hands on sensitive data that is collected by chinese companies listed in the united states. for example, the pressure for congress likely will make this scrutiny more possible in addition to that, beijing is

pushing to tighten controls on data and get it out of private hands. the global times said data standards must be in the hands of the state and didi data trove in combination with the u.s. ipo is a risk to national security other chinese media pointing out didi and ytm and the reason they are targets. both are critical infrastructure providers. that didi not only has a lot of information about consumer habits, but highly accurate maps of china ymm has details of logistic networks and toll collection centers. all of that is raising a lot of alarm bells among beijing authorities. within the tech community, brian, they are getting a different message. the message is not only do they

have to be concerned about beijing trying to get information out of their hands, but they might want to think twice about listing in the united states. >> i would say, eunice, when it comes to maps being accurate is important. highly accurate maps may be an oxymoron when you think about the united states, have you looked at google maps? you can see what kinds of dogs some people have with screen shots on the street view level it sounds like what they're worried about in china is stuff we don't think about here. >> reporter: right they are worried that the u.s. government would be able to get access to that level of detail of china it is that sensitivity and the fact that the s.e.c. for example from what i'm hearing could

potentially ask for access to didi vendors or where equipment goes to as part of the accounting review. that kind of thing that information could get in the hands of the united states and right now with the relationship with the u.s. and china, it is not necessarily the information the chinese want the u.s. to have >> i guess what i'm getting at, eunice, what they are worried about there is stuff widely available here our government, not that i know of, seems that concerned about it it is basically super public information. it sounds like what the chinese government is scared of is stuff that every day citizens in america can access any time they want here. >> reporter: brian, you are assuming in america, there may be a consensus as to how the maps are laid out

in china, there is not consensus of where lines are and what different areas look like. also, a lot of sensitivity about exactly how to pinpoint maybe sensitive locations in the far west, for example, or to have drivers and logistics centers in different parts of china where they don't necessarily want the u.s. to know about that's what they are sensitive about. >> i got that. i'm trying to find out where that yinchuan city is in china where you are standing right now. eunice yoon, thank you very much didi down 21%. eunice, take care. the end of the era at amazon as jeff bezos waves good-bye as ceo. we will take a look at what to expect under new ceo andy jassy. .

business was steady, until... gogo-foodco. go check it out. whaatt?! overnight, users tripled. which meant hiring 20 new employees and buying 20 new laptops. so she used her american express business card, which gives her more membership rewards points on her business purchases. somebody ordered some laptops? cynthia suarez. cfo. mvp. get the card built for business. by american express. there's an america we build and one we discover. 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. ♪ ♪ 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. osteo bi-flex, plus vitamin d 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. welcome back the u.s. hitting a major travel milestone over the long holiday weekend as the number of people getting on the plane friday was more than the same day two years ago. we'll give you all of the numbers in the morning rbi ahead. with the optimism, there are a few big problems number one, many airlines are struggling to find the crew to run any new flights. two, the most profitable flier,

the business traveler, still staying home joining us now is pan am and aloha air ceo is david dan bammiller. have we reached critical mass because pilots and crew took buyouts and they are not coming back >> good morning. thanks for having me again, brian. as i was flying, i always like to talk to the crew. one of the captains told me on the way back to ireland, he is flying 100 hours a month that's the max that will go on for a long time. there will be other repercussions for that the training requirement for pilots, obviously, is extensive. the airlines and industry and

traveling tourism got caught flat footed in a way under typical parameters, we can forecast in advance days and months and traffic pattern and demand this caught everybody by surprise tsa short 6,000. travel and tourism industry looking for check-in agents in hotels and check-in staff. they were offered early outs and furloughs which were modest. people took early retirement the end result is scrambling especially on the 737. >> david, what do i know why was everybody caught off guard? i'm just a talking head and guest. one of my predictions in december was travel would boom even would want to get out you don't need to be a genius to see that americans love to

travel and the vaccines were rolled out and they would get back on a plane. why is the airline industry so bad at figuring out, to be honest, a bunch of non experts seem to have in hand >> brian, you offer a fair point. pent-up demand was extraordinary. july 4th weekend you saw the curves in the right direction from 2019. the hardest job in the industry is the vp of planning. he has to forecast in advance traffic patterns and demand and competitive issues and maintenance issues the numbers they were looking at were out of touch. the airline business is a hard business on a good day not just the airlines, brian, but if you look at everybody else, they didn't see it either. my view and i'm not an expert in

this stuff in terms of the medical piece, it came together vaccines moved in quickly and people felt safer. hotels were open and theme parks were over. then all of a sudden, let's go by the way, i mentioned before, international travel is not there. we are talking domestic. southwest was full american was 20% full. european rules and regulations and quarantines will make that hard for a long time to come >> that's the key. that's what makes the numbers, by the way, so amazing, that we'll talk about later on. there is almost no international travel because of, as you noted, the quarantine restrictions. i had a buddy of mine fly to singapore from los angeles there were seven people on the plane not including the crew more crew than passengers because of multiweek

quarantines. no matter what you think of masks, i have no issue with masks. been wearing them for years. a two-hour flight with a mask on is a lot different than a nine-hour flight with a mask on. it's confusing with the rules. you can eat. pull it down shove the food in. some people leave it down for three hours while they eat and drink. there is still a lot of work to do >> there is. one more point on the airline side you know, just to be blunt, we missed the mark for the summer traffic in terms of forecasting. we did a lot of people did. i'm not making excuses for the industry it is a hard job on a good day we missed the mark we are catching up we will catch up the first one, of course, in the queue are the pilots and pilot training which will be robust for some time to come. >> david banmiller

author of the book "turbulence." you made it to ireland with multiweek quarantines. we'll get there, david it may not be tomorrow, but we'll get there. i appreciate you coming on >> come on over and see us, brian. >> i would love to love the people of ireland as a sullivan, i have reason to. >> good for you. >> cheers. now to the very latest on the serious and sad story from florida. officials are forced to bring down the rest of the champlain towers in surfside beach as so many families grieve phillip mena has that and more >> brian, good morning rescue workers wasted to time to get back to the search for survivors after the rest of the building came tumbling down. that controlled demolition was key to expanding the search

efforts. so far, 28 lives lost and 117 still unaccounted for. tropical storm conditions lashing the florida keys elsa is bringing the gusts and torrential rain to the coast of florida after land in central cuba it had sustained winds from 60 miles an hour. tampa bay to the panhandle are bracing for storm surge. and a new study is calling this 51,000-year-old neanderthal carving one of the oldest works ever found it is an engraved toe bone of the giant deer discovered in a cave 150 miles of berlin that is art we're looking at from the ice age how about that >> i'm trying to figure out where the art is it looks like did somebody slice the deer's toe >> it is like a chevron pattern.

you see on top of that bone. brian, it is 51,000 years old. what do you expect >> that's true the only chevron i know is an oil company. that would be a non-fungible token able soon. >> thank you. can opec come together and make a new deal or could $5 a gallon gasoline be ahead helima croft is here to layout the ramifications to the market and what it means to you with the opec impasse stick around 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. ready to shine from the inside out? try nature's bounty hair, skin and nails gummies. the number one brand to support beautiful hair, glowing skin, and healthy nails. and introducing jelly beans with two times more biotin.

[ "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 ♪

the opec standoff as talks collapse and oil prices are on the rise is $5 a gallon gas on the way? helima croft is here. more russian backed hacking leaving companies around the world skracrambling to figure it out. new era at amazon at andy jassy takes the helm from jeff bezos. it is tuesday, july 6th. this is "worldwide exchange" here on cnbc

welcome or welcome back. good tuesday morning 5:31 here on the east coast. thanks for joining us. here is how your money is looking right now. we are just about halfway through the 5:00 a.m futures are down a touch we are starting the week from a position of strength strong like ox s&p 500 and nasdaq and nasdaq 100 trading at record highs. dow trying for the fifth winning session in a row we don't know what will happen, but if it goes up, that is five in a row let's look at the crypto they have been weak and volatile a move higher in bitcoin today bitcoin is up to 34,240. ethereum at 2,277. the single big stock story of the day is didi in china.

they continue to crackdown on the tech sector. this is the uber of china. the big ride hailing company and shares are down 22%. they just went public in america. this after reports that regulators in china called on the company to delay the u.s. ipo and force the company to pull the app from app stores in china over the weekend several other companies in beijing are in the cross-hair there is you heard eunice yoon talk about it earlier if you did not, it is about the detail of the mapping software that the companies have. we have google maps here nobody cares in china, their mapping software is causing companies maybe not get shutdown, but pulled from the app store. let's get the other stories this morning contessa brewer is back with those. what do you have for us? >> brian, we are seeing concern about the fight of covid

the pfizer vaccine is less effective in keeping people from getting the virus in recent weeks amid the spread of the delta variant. the vaccine is 64% effective amid infection among those fully vaccinated previously the number was 94% effective. the silver lining, the data indicates a slight decline against the worst effects of covid. if you get sick, it is likely keeping you out of the hospital. pfizer is off in extended trading. morrisones is becoming a takeover company it has not approached the grocer's board yesterday the board recommended an $8.7 billion takeover bid led by

softbank's fortress group. and andy jassy takes over amazon jeff bezos hands over ceo to his former cloud boss. jassy is taking over at a great time for the ecommerce giant it is facing pressures in the mounting anti-trust crackdown in the united states and abroad bezos transitions to executive chair of amazon's board. he will focus on his blue origin space endeavor capping off a 20-year run since amazon went public in 1997 when it was just books. now it has taken over our lives. brian. >> that number is not incorrect. 234,000% gain for amazon since that time. truly a remarkable run contessa brewer, thank you look at that now to the big global story. the epic impasse with opec

the group scheduled to meet again yesterday, but called it off at the last minute and saudi arabia and russia declined to participate in the meeting now it is complicated. the issue is the disagreement for the production level for the uae and the length of the new deal the opec plus group had agreed in principle last week to raise production by 400,000 barrels a day for the next few months. the uae agreed they did not agree to the other part of the plan which was tied to it. that is to extend the current baseline production level for each country through december of next year. 2022 the uae production abilities have gone up significantly since the baseline levels were established in 2018. the emirates feel the baseline level should be higher something the saudis and others do not agree with because other

countries argue they need to do the same this is all very complicated especially at 5:40 in the morning. the bottom line is, as of now, there is no new opec from production deal. let's try to make more sense of this with one of the few people who truly understands what is going on helima croft what is the under/over on the number of text messages that you and i shared over the weekend? what holiday a couple hundred did my explanation make sense, helim isn't he helima what is the main story >> the origin story of what happened in april of last year with the epic collapse in prices driven by the covid situation and the price war with saudi

arabia and russia. they had the emerge as i meeting with the production cut in opec history. they assigned baseline uae and a number of countries had a baseline of october of 2018 several others got an april 2020 baseline they went forward with that agreement and they were not happy. uae said they do not want to have the old baseline extended to the end of 2022 that's what they are pushing for right now. they want to decouple. there are other issues deterioration with the uae and saudi arabia very close countries the question of oil being tied up in the broader dispute. we have an all-hands on deck situation to try to once again put opec plus back together.

the white house has gotten involved calling the key stake holders to try to put this arrangement back together and get the production increase done. >> adding to the complexity because geopolitics is not enough, helima the uae spent billions raising production capacity. they want to use that. if their baseline doesn't go up, they will take a bigger hit. they will produce a lot less than they could relative to other countries. they got a new oil contract which trades and they need to monetize it. if you have a futures contract, you need barrels bottom line, do you think opec works it out >> there are question marks of uae membership in opec since the launch benchmarks need barrels.

they spent heavily for capacity. this is a fundamental issue for the uae. they want the benchmark reset. if you give uae a higher benchmark, iraq, complained about the agreement since november of 2016, they will also demand a baseline increase i do think there is a broader look at the benchmark numbers. it may not happen this summer. they may decide to do it in december that will be core to put this back together. they have to find a way to resolve the dispute or uae will walk >> for their part, his royal h highness salman has said we don't know where this delta variant will go. >> absolutely. >> there could be renewed lockdowns or shutdowns that we can't assume because things are

good in the u.s. right now, that demand will be there that's their opinion. >> right his point has always been you need to be cautious. he was the one in january of 2020 he was very concerned about the covid story. he has always said you need caution. he likes the monthly meeting structure to be flexible. we need to extend to the end of 2022 venezuelan barrels need to come back we need the ability to deal with the unforeseen situations. that is why he is saying this is not a secondary issue. you have to extend it to year end of 2022. >> what is amazing, helima, all of the other stuff aside, we're talking about a deal to potentially raise output by 400,000 barrels a day. keep in mind, the united states was producing 2 million more

barrels a day than we are right now. in large part, the huge reduction of u.s. output has given a lot more price making ability to opec, has it not? that's the story we're not talking about enough >> oh, absolutely. opec is absolutely back in the driver's seat of the market. this is remember with the shale revolution they the main story in the oil market that's why the white house has to now become involved in energy diplomacy. they have to pick up the phone and call abu dhabi and riyadh. they are not getting the barrels out of the permian. >> the u.s. producers are showing no signs of adding more barrels. they threw more money in the ground for a decade. helima croft, thank you. i appreciate it.

coming up, the very latest on the massive and global data breach eamon javers is here on just how big this fallout may be and if there is any way to stop all of the cyber crime that is going on lately dow tus e wnfureardo 1 we're back after this.

it has happened again. more cyber crime it is big. security officials around the

world are working to contain the single largest ransomware a attack jbs is behind the strike eamon javers is joining us by phone. what do we know, eamon >> reporter: brian, it hit over the weekend. it was designed to catch people off at the beach and not paying attention. what we know is this attack initially hit keyseya. it hit more than 1 million systems from the attack. that statement revil is looked at as the exaggeration they would not have known how many systems they have gotten into here. they are also saying they want $70 million ransom paid in

bitcoin. again, experts say that number could come down significantly. some of the folks i talked to over the weekend said the ransom might be $25 million revil group says all companies can decrypt within an hour if they get paid. here is what kayseya is doing. they have an update in an hour from now they say 60 customers were compromised. the update is 1 starks 500 bus 1,500 businesses they are working with the u.s. government >> okay. a lot going on there by the way, was your camera hacked eamon? we saw you online.

what happened? did they pay the ransom again? this is becoming now a weekly event. >> reporter: it is this is in the wake of that geneva summit with biden and putin where they were negotiating on this. biden might get putin to tell the criminals to back off. that did not work. the question is do you pay if you can negotiate down to $25 million, is that worth it to get your customers all back to square one that's a big question for them there is some indication, brian, that some of this might be recoverable on the part of the victims here one of the cybersecurity experts i talked to over the weekend said a lot of the cases, this ransomware doesn't destroy the back-up systems. that gives the victim another option to restore without paying maybe victims can get away

without paying off ransom >> eamon javers, we appreciate you coming on. thank you very much. >> thanks, brian. on deck, stocks looking to keep the record highs coming as they are looking to the fed for the next policy move. if you haven't already, follow our podcast if you missed a show, check us out on spotify or stitcher or others leave a review we would do it for your podcast. we're back right after this. 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. ready to shine from the inside out? andtry nature's bounty hair,ng skin and nails gummies. the number one brand to support beautiful hair, glowing skin, and healthy nails. and introducing jelly beans with two times more biotin. wondering what actually goes into your multivitamin? at new chapter, its' innovation, organic ingredients, and fermentation. fermentation? yes. formulated to help you body really truly absorb the natural goodness. new chapter. wellness, well done. ♪♪ is that gouda shaped like a foot? or maybe you're just projecting your own insecurities? what? (sniffs feet)

ohhhh yeah keep your feet fresh with gold bond foot powder. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. today's most random, but interesting thing is to do with flying and the booming travel economy in america right now something amazing happened last friday the number of people getting on a plane in the u.s. was more than on the same day back in

2019 not more than last year. that was still lockdown central and almost nobody was flying we're talking about as many as more than 2019 before anybody heard of covid. tsa numbers show on july 2nd, 2.196 million people went through the airport checkpoint on july 22nd, 2019, 2.184 million. okay i do know that all you sticklers out there will say, sully, july 2nd was on a friday ahead of the weekend and july 2nd, 2019 was a random tuesday you are right. number one, you heard international travel is nonexistent. domestic travel beat both domestic and international flights from two years ago

and you have to start the recovery from somewhere. once international opens couldy this year where 3 million or more people get on a plane something that has never ever happened that is assuming the airlines can find the crew. random, but interesting. back to the markets. kicking off a short holiday weekend. key for investors is fed minutes. latest look at the next policy s steps on wednesday the jolt number is out on wednesday. let's bring in hall reynolds. is it the fed or something else? >> good morning, brian it is the actions the central banks are taking taper talk is limited. no doubt the asset purchase with a huge impact on the equity

markets. the encouraged risk taking and lower the risk people yum. i t premium. there is more with the discussion on air travel earnings growth is more robust than a quarter ago 60% year over year earnings growth into the u.s. more startling is the expectations have gone up 10% in the last three months. that's never happened before guidance walks earnings down the exact opposite is happening right now. there is a lot of fundamental momentum in the stock market >> i know the good news is the mrna vaccines are effective against the known variant. the delta variant is scaring

everybody. the peruvian variant is coming out. are we under pricing risk? we talk about at opec and worried about more lockdowns crushing global demand they are worried about adding more barrels are we under pricing that risk, hal? >> that's a good question. vix is close to long-term average. vix is a short-term measure of anticipated risk it is backward looking i think you are right. we're still seeing between 300,000 and 400,000 cases a day globally the trend down which was in place for some time has ceased temporarily. i think inflation risk is not fully priced in the market i think the asset purchases play a large role here.

you look at u.s. where in the last meeting the fed said 3.4% this year. you are getting 1.4% in the 10-year. the real yield is negative it is distorting prices. i think risk is not fully priced in >> if 10-year yields stay where they are or lower, yields can move back down if oil moves up is that giving the all clear for short-term stocks? >> absolutely. we saw that in the second quarter. in june, they out performed the market by 5% to 6% you are right. short-term expectations drive valuation. >> hal reynolds, pleasure to have you back on a short week, but a lot packed in we appreciate you making sense of it for us hal, have a great day.

>> good to speak with you. thank you. that does it for us on "worldwide exchange. we have futures not doing a lot, but a lot of news under the hood opec and crypto. cyber crime. a lot to talk about. "squawk box" picks it up next. we wl ilsee you tomorrow on wex. have a spectacular day business was steady, but then an influx of new four-legged friends changed everything. dr. petsworth welcomed these new patients. the only problem? more appointments meant he needed more space. that's when dr. petsworth turned to his american express business card, which offers spending potential that's built for his changing business needs. he used his card to furnish a new exam room and everyone was happy. get the card built for business. by american express. ♪ watch the olympic games on xfinity ♪ ♪ root for team usa and feel the energy ♪ ♪ 7000 plus hours of the olympics on display ♪ ♪ with xfinity you get every hour of every day ♪ ♪ different sports on different screens, ♪

♪ you can watch it anywhere ♪ ♪ and with the voice remote ♪ ♪ you never have to leave your chair ♪ show me team usa. ♪ all of this innovation could lead to some inspiration ♪ ♪ and you might be the next one to represent our nation ♪ ♪ this summer on your tv, tablet, or any screen ♪ ♪ xfinity is here to inspire your biggest dreams ♪

good morning good morning a developing story in the opec markets. failed to reach a production deal crude prices jump to a three-year high. shares of didi sinking after the crackdown in china.

and jeff bezos is preparing for blast off and new era for andy jassy it wasn't just a long weekend, but longer. "squawk box" begins right now. good morning welcome to "squawk box." i'm melissa lee. andrew and becky are off today >> we are in times square. not on this level. >> not on the ground level this is big leagues. >> very quiet today for you. what did you do? >> cleaned it up >> sweep of the area you made everyone do into the hotel. let's chec