flowers are fighters. that's why the alzheimer's association walk to end alzheimer's is full of them. because flowers find a way to break through. just like we will. join the fight at alz.org/walk it is 5:00 a.m. in new york. here is your top five at 5:00. risk off stocks looking to bounce back after the worst day in weeks bond yields under pressure our conversation with guggenheim's scott minerd. breaking news. the white house taking on big tech with a new executive order looking to put the hammer down ylan mui is standing by with more. a third shot pfizer taking on the variant saying you may need another jab

and soon american lawmakers calling for answers as china is tracking down on big tech as well butter that popcorn. movies making a comeback with "black widow" out today. all this happening on friday, july 9th this is "worldwide exchange. good morning, good afternoon or good evening. welcome from where every in the world you may be watching. i'm brian sullivan thank you for joining us there is so much to do on this busy friday. let's start with breaking news the biden administration taking another big swing at big tech with a new executive order let's find out what's in it. ylan mui with details from

washington ylan >> reporter: brian, the new executive order reining in big tech the administration will argue the companies are using dominant positions to lock out competitors and extract monopoly and exploiting your information. the chief economic adviser tells me he sees a direct link with increased consolidation and declines innovation. >> those platforms are right they have brought innovation to the economy and improved services they also created significant problems problems for users in terms of privacy and security problems for small businesses in entering markets >> reporter: now the executive order calls for greater scrutiny of tech mergers with the focus on serial mergers and impact on privacy and known as killer acquisitions of competitors. the white house is encouraging

the ftc to crack on rules how they are collect data and user s surveillance these moves are part of the government wide effort to reframe the debate around competition, brian this is not just about price this is wages and job wmobility those are the signs of the healthy market and economy back to you. >> okay. ylan, the white house wants to do all of these things can it actually do them on its own? even being the white house >> reporter: so this is an important point because the short answer here is no. what the white house is saying is that it is encouraging strongly the ftc to write these new rules and that's important because the ftc is an independent agency it can decide which ienforcemen

cases to bring up. however, the white house installed lina khan as the critic of big tech she is looking for a broader way to move beyond price and consumerwelfare and think abou wages and other things and other ways that these tech companies might be bringing power to the marketplace. >> well, we know that amazon has asked that ms. khan be removed from negotiations. they think she made her position on their company known that she may be, for lack of a better term, bias coming in. do we know how other technology firms feel or the ftc itself may feel about this really, really literally multitrillion dollar topic, ylan?

>> reporter: you know, lina khan's namesake was called in the anti-trust paradox her views have been out there for a while. for her to recuse herself, one of the commissioners has to ask her to do that that hasn't happened yet clearly, tech companies are watching this because it does signal the scrutiny of mergers past and present >> ylan mui with breaking news on the single most important sector, maybe not just for the u.s. stock market, ylan, but the global stock market. see you later on today thank you very much, ylan. now to your money and how the global markets are setting up their friday. a nice bounce back we are higher. not up on the nasdaq up 18. dow futures up 165 all this after the markets took

a turn down on thursday with money coming out of nearly every part of the market unless we get a big move higher today, and we could, the dow is set to drop this week. it is down over 1% right now bond yields have come down mightily in the past couple of weeks, as a matter of fact yields on the 10-year note are holding steady at 1.33% they fell as low to 1.25% yesterday. that is the lowest mark since february the markets may be skittish, but perhaps that could be good news, if you are looking to take out a mortgage or refinance your current home mortgage rates should tick down. let's stay with bonds and yields we partnered with scott minerd

from guggenheim. >> i don't really see any significant resistance for the continuation and decline of yields until we get to 1%. then, i don't think that is that significant. meaning, you know, there is a support for yields if they don't go lower it is not exceptionally strong and technically, it looks like we're going back to the lows which would be 65 basis points >> we will have much more on our conversation with scott later on in the show. let's stretch it out and talk with portfolio manager and advisors at advisers capital management joanne feeney, good to have you on are you surprised rates have come down on far so fast in the last few weeks regardless of thereaction, wha does it mean

>> good morning, brian great to see you it has been a price that rates have come down this much as a portfolio manager and economist, i can tell you that longer term interest rates are driven by fundamentals including two things inflation expectations and the second part of the interest rate is dependent on economic growth. we are in a period of high economic growth as we emerge from the covid-induced recession. if you look at global growth at 1.5% to 2% and after the initial growth after the recession takes a long time to unwind. we are seeing a rush to safety as some of the risk factors are elevated whether by covid or the g20 meeting and the talk about raising corporate taxes around the world in developed countries.

those are two important risk factors that are perhaps right now driving investors to safety. we talked to clients and we hear the fears and fears of inflation coming back up again we do expect that rates will eventually have to reflect those two key fundamentals higher inflation and the real economic growth that is out there and is likely to continue at el evated levels for some years now. >> isn't that the paradox, joanne we want good economic growth you need me on that wall we want all these things, but we don't want them too good too good means massive inflation, shortages, wage pressure where are we right now is it as good as it will get or is it sustainably or dangerous >> i don't think it is so dangerous. we are seeing the shortages that come from a quick restart of the

economy when supply chains are somewhat fragmented because of what is happening with covid around the world you know, we are seeing it pick up in manufacturing and pick up in productivity as labor is slow to come back to the work force with the way we see it, we have gone through phase one of the reopening. the initial reopening here in the united states. we are looking now into phase two which is the post-labor day return of the work force kids are back in school. extra unemployment benefits run out. more vaccination nos in the u.s that will not lead to the pick up in the growth rate. obviously the year over year growth rate is as high as it has ever been than it is going to be we look at phase three of the recovery the international recovery for that to happen, we need the vaccinations to ramp up around the world. when you looked at advanced environments, we are building in more international exposure than

we did before because we think that phase three will be a nice afterburner to the recovery that is starting here in the united states >> that's a theme i've been reading a lot about in notes coming out macro notes from big banks euro maybe a few months behind us that means vaccinations and recovery that may make europe better markets than the u.s what would you say to that, joanne >> you see that as well, but there are risks with the international exposure the u.s. economy is a former fle fle fle flexible agile economy you know, in the u.s., you also have plenty of companies to invest in that are

multinationals whose customers are spread around the world. we find it a useful thing to find that international and investors may want to have a separate account that is purely international. cyclicals is a place to be technology for growth and dividend and international exposure that is what we built into clients' accounts and we continue to focus there. >> we talk about vaccine passports. maybe an investing passport. have your account ready to go. international. joanne feeney, great to have you on thank you very much. >> you, too, brian you're welcome when we come back, more of the exclusive conversation with guggenheim's scott minerd. the conversation on bitcoin that was correct. what does he see now with cryptocurrency and plus denim in demand

levi's crushing it on earnings better days are still ahead. and one of the valuable start ups taking the first step to going public. a busy hour still ahead. "worldwide exchange" returns with the dow fur uutesp 160. a turn around friday, perhaps, ahead. which lets her earn extra membership rewards points on purchases for her business. now she's the office mvp. get the card built for business. by american express.

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welcome back you will witneed a third vaccine shot and maybe soon. that is if pfizer has any say. we have kristina partsinevelos with more. good morning, kristina >> reporter: pfizer and biontech are developing a booster shot. studies on the third shot will start next month pfizer is saying waning immunity from the two-shot vaccine amid the rise of the transmissible delta variant. executives from pfizer and biontech have said people will need a booster shot within 12 months of getting fully vaccinated china's security regulators are setting up a team for ipos abroad

companyingies looking to offsho business will need the approval. and here back in the united states, two senators are looking into see if didi misled investors ahead of the ipo last week the two sitting on the senate banking committee revealed the move to "the financial times" said they should see if investors were misled at all and shares of levi's with a strong second quarter thanks to the demand the company revealing that 35% of customers in the united states have changed waist size during the pandemic. some up. some down. forcing people to go out and update their wardrobe. no comment, brian. back to you. >> that's what we talked about summer of apparel. some up. some down.

the data, kristina, mostly they are up a study a couple of months ago that the average american gained, unfortunately, a fairly significant amount of weight over the last year or so the clothingmakers having a big summer >> reporter: we are all getting back into shape watching cnbc on the treadmill. >> watching cnbc right now on the treadmill or exercise bike >> reporter: somebody is doing that right now we're talking to that person. >> not us. >> reporter: not us. >> that's half the battle. kristina, thank you very much. a lot of people needing new wardrobes out there. on deck, after months of pandemic delays, "black widow" spinning her box office web this weekend. will this summer be the summer of going to the movies we'll talk about the big screen ahead. dow futures up 178

happy friday we're back after this.

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>> brian, good morning tropical storm elsa sweeping across the northeast new york city seeing serious flooding and more rain is on the way. pools are forming at subway stations some roads had to be shutdown. this storm caused a summer hail storm in new jersey. all this ahead of the arrival of the remnants of tropical storm elsa to the area. the phoenix suns scorched the bucks in game two of the nba finals much like game one, it wasn't enough to stop the backcourt of devin booker he scored 31 to give the suns the lead game three is sunday in milwaukee. we have a new scripps national spelling bee champion she is a true ground breaker >> that is correct

>> 14-year-old zaila is the first african-american winner of the 96-year history of the contest. that's not all she holds three guinness world records for dribbling basketballs. she hopes to go to harvard and play in the wnba that young lady has talent my goodness. >> i'm trying to picture six balls as once and reverse juggling that sounds hard >> sounds very difficult so does spelling that's out of my element at this point. >> i'm an idiot. i stayed up and watched the game last night i'll pulling for the bucks i have a lot of friends in wisconsin. every player in phoenix is throwing up balls and it is going in they look hard to beat.

>> it could be their time. the series doesn't begin until the home team loses a ball game. we'll see. >> as they bring it back to milwaukee. phillip mena, thank you. appreciate it. after being locked out all last year, americans are going back to the movies and in a big way this summer. hopefully. all those movies that didn't come out in the last year, are starting to rollout right now. the big debut this weekend "black widow" from marvel. hitting the big screen and disney plus today. expectations are high. let's talk about it with eric davis with fandango. eric, it is coming out on disney plus and the movies. do we have any idea how many people will go to the movies and spend $20 on popcorn and soda

versus staying at home and watching that 85-inch flat panel they bought during the pandemic? >> which would cost you $30? that is the up charge. we have the top pre-seller of 2021 on fandango it sold more tickets before release more than "f9" and topping "spider-man homecoming. forecasts are $80 million and $90 million. this is going to be the biggest opening we had so far since march of 2020. yeah, it will do well. >> does it matter how well it does i mean that in the sense, erik,

it used to mean everything we are would not watch new movies at home we watch them six months later when it comes out on whatever. are the numbers equal anymore? do we have a metric or has everything changed >> i think everything has changed for the moment at least. we are still coming out of this thing. it is not a light switch where you turn it on and everything is back to normal you will have an up-side of 4,000 theaters this weekend for "black widow" which may mark the most amount of theaters the movie has been in post-pandemic. everybody still has to come back some people don't want to come back or hesitant we are seeing that with "f9" or "a quiet place." those movies that were supposed to come out last year and people

are still anticipating them. the movies are there and climbing with each movie coming out. >> how many movies are in the bac backlog, erik? >> there's a lot it doesn't necessarily feel that way. there are definitely from here on out i call it an endless summer as we get into september, because of the backlog, you will feel like there's still a big blockbuster coming out every weekend. if you are a movie fan it is all good news for you. if you are a studio, there is a lot of jockeying with release dates that have to happen, especially with the films on imax screens because there are a limited amount of them james bond is coming out this fall "dune" coming out this fall. four marvel films coming out this fall. a lot to look forward to. >> i'm looking forward to the "dune" movie

i'll not lie i just revealed myself to be a certain fan of certain science fiction. erik davis, thank you. >> take care still ahead. more of our exclusive conversation with guggenheim partners scott minerd. why he is standing by the call he made on this program two months ago dow futures up 182 oil is up. crypto is up glad you're up we're back right after this. gu. the number one brand to support beautiful hair, glowing skin, and healthy nails. and introducing jelly beans with two times more biotin.

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turn around friday stocks looking to finish the week on a high note. don't get too complacent in your conversation, guggenheim's scott minerd could say more could be restored in the months ahead >> we may soon have a correction and i think it is coming, we are a long way from the end of the bull market. the china fight heating up as the biden administration set to add more chinese companies to its blacklist. we'll tell you why. and stripe's next big blockbuster ipo. it is all happening on friday, july 9th this is "worldwide exchange.

welcome or welcome back. good morning 5:30 on the east coast thanks for joining us on the busy day let's hit the markets and futures are looking a lot better than this time yesterday this time yesterday, we were like they are down 150 now down 200 now down 300 today, we're up. not as much as we were down yesterday. we lost 225 on the dow dow futures up 188 right now all of the major averages well .75% yesterday concerns of the global economies and delta variant or more sellers than buyers. you heard jon tell you it was a huge bet in the options market flows were out, not in today today, they may be in, not out dow futures up 188 the bond market is the big story. yields are going down. off the lows from yesterday.

still low. 1.34 on the 10-year. at one point yesterday, 1.25%. the lowest level since february. we will get more on this from guggenheim's scott minerd in a moment. breaking news from china china announcing it is cutting banks reserve ratio requirements what does that mean? in a simple way, kind of a form of quantitative easing stimulus banks are able to hold less money to lend out more that move just announced by china's central bank about ten minutes ago. unexpected move cutting the reserve ratio saying to banks, you can lend out more money. you don't need to hold as much a way to open up credit and stimulate lending and maybe stimulate the economy. that just happening moments ago. you see the yuan/dollar combo.

let's get to the other top headlines, including the breaking news on big tech. kristina is back with those. >> reporter: that's it we had ylan mui just bringing us that breaking news earlier this hour the white house will announce a new executive order aimed at cracking down on big technology. among the headlines, the order will call on regulators to enact reforms such as increasing scrutiny of tech mergers reuters is set to announce ten more chinese companies added to the biden administration blacklist. that move could come today and announce the move of five other companies and chinese entities added to the list of allegations of forced labor and human rights violations in the western region of the country reuters reporting that stripe has taken the next step to public the online payment processor hired a law firm on to help with preparations with the expected ipo. the company was valued at $95

billion following a fund raising round in march making it one of the most value you ing start ups. and a key threat to the global pandemic. she added lagging vaccine campaigns could have negative ramifications for the united states brian, back to you >> get the vaccines around the world. mrna hospitalizations are still way down we will see how that plays in. kristina, thank you very much. let's get back to the markets and your money and the wild moves in the bond price the last two weeks we don't say wild moves and bonds in the same sentence yields on the 2-year, 10-year

and 30-year. trading at the lowest level since february 1.24% right now. two months ago when yields surged above 1.7% on the 10-year. guggenheim's scott minerd was the only person calling for lower yields by year's end it was a contrarian call at the time he is starting to look right on the money. we caught up with scott late again yesterday. we started our interview by asking him what was happening in bonds and who is buying bonds that is pushing the yields down? >> you know, brian, you may remember in early march, i wrote a piece called "a drunkman in the snow." i talked about the meme reversion and the 35-year plus bond rally had not ended the down trend was solidly in

po place. until we had something to indicate we were breaking this trend and our expectation should be rates should come back down there are other factors that, you know, i talk about the treasury would spend down the cash balance to force a lot of cash in the market which would force banks and other institutions to reach out the yield curve to find any kind of yield. it seems to have all played out that way. >> is that who is doing the buying in your mind? wall street banks? pension funds or foreign sovereigns >> i think it is all of the above. a lot of money coming in from overseas we are still, you know, perhaps the highest yielding market in the developed markets. there's pension fund money that has to be put to work and, you know, as you know, we manage a

lot of insurance company assets. flows coming in from insurance companies, especially for fixed annuity products, is exceptionally strong you know, it is amazing. the little guy out there is, you know, who is willing to make sure they have income for retirement and trying to lock in something now because they are afraid they could get to a point where they are not getting paid anything. >> you still think we could end the year where 1% or under 1.5% >> i think we will end easily under 1.5% you know, we are sitting here around 1.25% i put out a tweet this morning we are reaching technical levels here where we need to start to think about the longer term view i just did some charts before i came in the room and i don't really see any significant

resistance for the continuation of the decline of yields until we get to 1% then, i don't think that's that significant. meaning, there is a support for yields if they don't go lower. it is not exceptionally strong technically, it looks like we're going back to the lows which would be 65 basis points. >> wow is there some hidden risk to the rates, scott i don't want to get too in the weeds. but mortgage convexity or bonds or tied to rates is there any under the hood risk to the levels? >> first off, the convexity argument, brian, if anything, mortgages will premium pay that money has to get redeployed that puts pressure on rates.

the seasonals at this time of the year are favorable for bond yields or bond prices, if you will, to see them go higher. of course, there is always what i think of as the exogonous factors. before we go there, i remember alan shaw, who i studied technical analysis back in the '80s he is a great dean of the technicians. he told me a story how he once working as a fundamental analyst had a call with the company and they said, they responded to the ceo of the company it couldn't be any better. they hung up the phone and older analyst instructed alan to write a sell report. he said it couldn't be any better that is the case with the

economy. it couldn't be any better. if it can't be any better, you know, things will be slower in the future and growth will start to slow down and the base effect on inflation will start to show reducing inflation candidly, the market is not set up for that. >> that is an interesting anecdote is that a risk to equity people think of you as a bond guy and you can do whatever you want low rates are good for tech stocks valuations can stretch is there a rate on yields that suggest that things are risky and bad for equity what do you see for stocks >> you know, trees don't grow straight to the sky. we had a great run here. ned davis associates has done a lot of work in this area we should expect in the second year of the bull market that we

could get something like a 16% to 18% correction. the seasonals and stocks have turned negative at the end of may. you know, the adage of sell in may, go away you know, i think people at this stage of the game are fully invested you have to wonder where the next dollar is coming from i think that we are prone to seeing the setback in stocks i want to be careful, brian. the current valuation of earnings of 22 times on the s&p is just about fair pricing based upon where long-term rates are if long-term rates continue to fall, we have room at some point to see another leg-up in stocks. if you believe ed's estimates of $250 of the earnings number. put up 20 multiple s&p's at 5,000 although we may soon have a

correction and i think it is coming, we are a long way from the bull market. >> short-term, couple of months. ed's research, look for a possible correction. long-term, you are still bullish as long as rates stay where they are or move down fair to say? >> fair enough. >> it is not just the rate call. you made a call on bitcoin a couple of months you are not a crypto expert. you don't claim to be. you said cryptocurrency is prone to a 50% investment. that is what we got. congratulations on that call any view on crypto now the interest seems to have w waned. >> when i did my work on crypto, you know, bitcoin and other cryptocurrencies have been parabolic. that is impossible to sustain.

a normal correction or sell-off would be 40% to 50%. you know, when we look at the history of crypto, and we look at where we are, i really do believe this is a crash and a crash would mean we would be down 70% to 80%. that is between 10,000 and 15,000 you know, brian, the market is trading heavy. it's very hard to get this thing to reverse i don't see any, you know, reason -- put it this way. i wouldn't be in a hurry to buy bitcoin. i don't see any reason to own it right now. i think the risk is -- if you are a speculator, speculate it is heading lower >> thanks to scott minerd. do not miss the full interview with scott we talked more than we had time for. i asked the greatest risk to global markets right now

his answer had nothing to do with covid or variants it may surprise you. it is something i have not heard anybody else talk about. his answer to that and more on cnbc.com right now. we're not done yet coming up, are you dreading going to the airport this weekend? crowds got you down? your morning rbi is ahead. it has stunning stats on just how well the other half really is living and flying ugh. we're back in a moment

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it is time for the morning rbi. a few days ago, we talked about the return of air travel how we surpassed 2019 levels of fliers on july 2nd shame on us. we should have been more clear about what kind of air travel we were talking about according to flight aware, one type of flying is not just above pre-pandemic levels, but 50% above pre-pandemic levels. that flying is the rarified air of flying private. the average number of private business flights per day, not including cargo. personal jets and prop planes was over 12,000 a day a couple of days ago. that is an incredible 45% above where it was before covid.

in fact, as you can see, it never really slowed down the most popular business airports, by the way, no surprise teterboro, new jersey in terms of traffic and palm beach, florida and then dallas love field. the citation xl and embraer phenom and hawker 700 are the three jets used. the pandemic caused private travel to pop. it was all about people going back and forth between new york and south florida, apparently. dallas thrown in on the side not a bad life if you are afford it everybody but us folks, apparently is flying private random but interesting see you at the airport on deck. turn around friday futures surging as buyers come back after the flow driven

sell-off if you haven't already, follow our podcast download it, stream it leave a nice review while you are there. we wou ditldo for you dow futures are up 150 we're back after this. 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. this is dr. arnold t. petsworth,

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welcome back when it comes to stocks and markets and investing, we talk about a lot of stuff and why things are up and down one thing we are not talking about enough are taxes they are likely to go up for working families and k corporations how does it all play in? welcome jill garvey. it is one of few realities death and you know what, jill, if you believe what the white house is saying. we will get higher taxes on certain income levels. should it change the way we think about markets and

inve investing? >> absolutely, brian good to see you as always. good morning it is amazing that individuals do not put as much an emphasis on taxes the single largest expense we will pay over our lifetimes. brian, what will happen to potential tax changes? we think there is a high likelihood of ordinary tax rates could go up you as soon as next year couple that with the corporate tax rates may not go to the 28% that is proposed, but 25% is more likely. capital gains tax rates increases. we are luke warm on that, brian. that is factoring into the decisions that clients are contemplating and recommendations we're making we work with multiple business owners in the midwest and the

great lakes region we're encouraging them to consider selling if they have not already and try to get the sale closed pfbefore the end of the year to hedge your bets. >> selling their family business or stocks or both? >> great question. selling family businesses where it is appropriate and it meets the family's goals we work with a number of executives with concentrated positions. where it is appropriate for them, we think they should out of cost which is their concentration. >> okay. so sell the family business. that is a big job. that's a big story from the equity market p persp perspective. if you are in the higher tax rate, that means you are the investing class as well. we are cnbc, so we are talking about that do you lock in capital gains

if i own amazon for 12 years, should i sell some now >> i think it makes sense to do that, brian. we know what rate we're paying now. the risk of the capital gains tax rate increases retroactive to the beginning of the year we think the risk is low or april 28th, the date of announcement with the past several capital gains rate increases have been the date of enactment or prospective it is a good idea to look at when you can lock in rates and look at the economics of the stocks you hold as well. that is what the great adviser can do for you. >> do you think it is enough to bring down the overall markets >> i don't think it is enough to bring down the overall the markets, but it is a factor and consideration of how we are guiding clients. as an example, the corporate rate going up to let's say 25%

rate and the talk of the global minimum tax rate which still has a long way to go that is going to put pressure on certain companies. certainly those with international exposure the other sectors are really uncertain as to what the effect will be. i think this week has shown us in the market that there aren't necessarily any new trends we see forthcoming. we want clients to remai broadly diversified. when we can, trim positions and take advantage of the volatility yesterday to add into our post recessionary positioning >> you are one of the buyers that is bringing the futures up right now, jill. >> that's right. our equity analysts are looking to see when we can buy and we saw is some interesting things happening yesterday with certain sectors such as industrials which for post-pandemic and

post-recessionary positioning is a good day for us. >> who is buying on the dips jill garvey. buy low, sell high jill garvey, thank you very much we appreciate you joining us have a great weekend take care. tell steve we said hello that does it for us on "worldwide exchange. always nice to say enjoy the weekend. crypto is up big moves in bonds move in oil which is higher. opec l a lot going on i'll see you at 5:00 meantime, "squawk" is next take care. 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

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good morning breaking news. the biden administration planning an executive order to rein in big tech. pfizer working on a booster for the delta variant. how that could impact travel stocks. and elizabeth warren blasting wells fargo over hurting the customers. a sad day for all of us here last day of melissa being here i'll try to get over it. "squawk box" begins right now. you seem fine. >> just fine good