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 morning

welcome to "squawk box" here on cnbc becky and andrew are off today i'm melissa lee along with joe kernen we are witnessing a turn around from the action yesterday. s&p 500 is up. dow is up 151. yesterday, the dow was down 530 points s&p 500 with declines. it paired the losses with the severe losses when it comes to sectors in financials and materials and industrials. that driven by the move in treasury yields which you saw first thing yesterday morning. breach of 125 set the move for the markets. we saw the turn around 10-year is now yielding 1.34%. bouncing off the 200 moving day average and finding support of 1.3 as we close out the week, joe. >> we didn't do 400 yesterday or 500 yesterday.

that's the dip that's the dip 200 points now this morning when you woke up, you said what is happening there we go. triple digits. >> a continuation of the reverse we saw in yesterday's session. >> what did you say? you will be back this is not good-bye forever today? >> it really touches me, joe, how this is affecting you. >> gripping sarcasm. sarcasm is the domain of losers. from that movie. i have problems. we have problems i know you'll be back you'll be back in august >> yeah. let's get to the news. the white house announcing a new executive order today aimed at reining in big tech. the administration will argue that the companies are using their dominant position to lock out new competitors, hurt small businesses, extract monopoly profits and exploit your

personal information the order calls for the scrutiny of tech mergers and impact on privacy and what is known in the industry as killer acquisitions of compecompetitors. the white house is using for new rules how platforms can track data and collect information and wants to bar unfair competition on marketplaces to protect smaller businesses president biden will encourage the ftc to reinstate net neutrality rules to make it easier for consumers to comparison shop at 6:30 a.m. eastern as we take you live to washington, d.c. for the executive order announcement it doesn't include censorship. see who wrote the story today?

why i'm suing big tech by donald j. trump i looked to see who he was mr. trump was the 45th president of the united states we haven't heard from him very much >> because he's been banned. >> exactly >> right. >> whether you think he should be banned or not or two years is a right amount of time for whatever an egregious things you think he orchestrated. the left, you think this really was an attempt to overthrow, that's what i read all the time. an attempt to overthrow. lame one, obviously. that's what they are selling at this point. if you believe that. he has been muzzled. it is unbelievable that's a powerful thing to do. >> right to be muzzled across platforms >> yeah. didn't you wonder when you get an airline ticket and it is like, okay, here is $346.29.

over here, it is $346.29 i'll check this one. $346.29. what are we implying it just happens that way when it is all said and done breaking news from china in the past few minutes central bank announcing it is cutting bank reserve requirement ratio. banks are not required to hold as much money and can lend more. yesterday, it intimated this would happen. in the meantime, wells fargo customers outraged after the bank announced it would end personal lines of credit the revolving credit lines let users borrow $3,000 to $100,000. they were ways to consolidate

higher credit card debtor. the bank decided to discontinue the product and close all existing accounts. the closures may have an impact on their credit scores customers were given a 60-day notice the accounts would close. the regular balance would require the minimum payment. elizabeth warren said not a single wells fargo customer should have the credit score suffer because of the scams and incompetence sending out a notice is not good enough wells fargo needs to make this right. it does seem unfair to customers. no doing of their own and have the credit scores dinged. >> wells fargo, is there a bank to fall from grace more quickly? you create a couple of accounts

to pay out >> forced insurance sales when people don't have a car. >> they lost their way they go through ceos quickly >> it is a turn around story at this point the fda partially reversed the decision of the controversial approval of the alzheimer's drug from bioniogen. now narrowed the recommendation to only those with mild memory or thinking problems that would likely reduce the number of americans eligible from 6 million to 1.5 million. the initial approval was controversial. many scientists and the advisory committee said there was not enough evidence that the drug worked three members of the committee resigned in protest after the

drug was approved. it doesn't prevent doctors to prescribe the drug for patients. it sends a strong message that doctors need to know more about who should receive the drug and who is covered we will talk more about this with dr. scott gottlieb at 7:30 a.m. eastern we know about off label scripts i'm opposite of the anti-vaxxer. >> you need a booster. >> i want one. ten times the number of antibodies when i had the opportunity, i have to think about this i'm trying to figure out that whole mentality. it is the government needs to stay out of every aspect of my life getting the vaccine is the government getting into my life. you go from deathly afraid of

the horrific disease which kills people in the 40s and 50s who are totally healthy. you can get a vaccine that takes that off the table i ran to the place i ran for the second one >> as soon as you can sign up. >> the good news is i got the vaccine. the bad news is i was one of the first eligible i got over that. the other thing that is exciting, because you read about mrna technology and people who don't understand what gene therapy is versus this technique. they are worried about crazy things this is very nimble for when a new strain could theoretically come along we have done it once it would take the testing. you go through the safety prot protocols. even if the next is more virulent or transmis transmissa.

dhou how do i do it? pfizer working on the booster shot to combat the variant we will talk about the push to contain the spread and impact on the travel industry. as we head to break, here is a look at u.s. equity futures. they are rebounding. yesterday was the sell-off that is the biggest correction we had all year. we'll be right back. dad! hey, son! 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. i think you're going to like it here.

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san francisco fed president mary daly is warning that the spread of the delta variant is a threat she said lagging vaccine campaigns abroad are constraining economic rebound and could have ramifications for the united states. joe. i'm sorry. >> sorry to interrupt. there are two stories here booster that the company can do right now of the same vaccine. they are also working on something more customized to delta variant which they will start testing in august as we talked about it last segment it is separate this is what it says here. meantime, pfizer and biontech said they are working on a covid-19 booster shot to help against -- i don't think that is

a booster. it works the booster helps with the delta variant, but also working on a separate vaccine that actually addresses some of it you think they take the mrna and customize that and make an anti-body that is more customized to the delta variant. the company cited evidence from israel that the efficacy declined six months after vaccination. the delta variant was dominant strain they continue to believe the third dose may be needed 6 to 12 months after the two you get clinical studies -- see, this is where we're mixing things up clinical studies of the booster could begin in august. i think they are talking about the delta vaccine in august.

>> the authorization for the third. the fda and cdc issued a statement yesterday. saying they don't believe a booster is necessary at this point. they will look at pharma data, but not rely solely on the data from pharmaceutical companies. >> when we had gottlieb on he is looking at it. it's not as rigorous as you would like to throw a lot of weight and make a lot of decisions about what you do with that information let's talk about the impact of the delta variant on the travel industry joining us now is collin scarrolla. airline analyst. out of tokyo, initially, collin. they said no fans whatsoever that affected some of the financial markets. did it affect your thinking on

travel related issues? >> not in the u.s., joe. good morning, by the way thanks for having me i think it's the uk model is a good model they seem to be having a wave of delta cases. when the stadium was packed on wednesday and the deaths are not going anywhere in the uk right now. that's a good model for the u.s. i think we can maintain current levels of airline traffic which have gotten to 80% of 2019 the next leg is to see international opening up and the state department and cdc restrictions coming off international travel i think that is going to get the best of the last leg >> how do you decide on things like this, colin do you talk to medical professionals? this country is definitely different than other countries we know what can happen de

depending on the percentage of the population that's been vaccinated whether delta can be a major problem or just pockets in different areas where you can put out the fires in the few areas where it happens is that what you do? talk to medical professionals to decide >> i don't talk to a lot of medical professionals and i'm not one myself i gather as much information as i can and make a rational decision i think if you go back to last year, all the medical professionals seem to agree if we could get a vaccine that was over 50% he hefficacy, that woub enough for herd immunity the studies show delta reduced the efficacy from the 95% range, but it is still over 60% that is still great news to me

i also point out that in terms of how travelers will react to delta, i think people who are unvaccinated is a big overlap with the community that was willing to travel throughout covid anyway i don't see people watching covid now or seeing these pockets where the delta variant might be surging i don't think they're going to be holding back on travel or activities i think in the major cities where vaccinations are high or major economic centers of the country will look a lot like london on wednesday. people are carrying on with their lives. >> can you look at which companies are most effected by travel to areas of the world that are still questionable versus places -- this country, you saw over the july 4th weekend record levels.

>> it wasn't record. it was still down 20%. it was a huge jump. >> from the peak pre-pandemic. >> we are still down, but it is an uptrend i think the variant, delta, where it poses a risk is prolonging the point to where we get international travel back because right now if you look at the u.s. 15 top trading partners, the state department has only cleared 1 of the countries of the 15 that is safe to travel. that is south korea. they have a lot of restrictions on testing when you come back even if fully vaccinated u.s. citizen. there is huge disincentives for intternational travel

delta and american are closer to 30%. that's huge. as these variants continue to surge in different parts of the world, i don't think the u.s. government will be comfortable lifting restrictions i don't think the delta is a big issue for domestic travel here that's my view it prolongs the point to where we get international travel is okay and businesses kind of saying, okay, i can finally get my people back on the road >> colin, thank you. happy friday >> thank you >> all right it's raining it is friday we have that going for us. thanks coming up, expanding waistlines are benefitting one company's bottom line. the company getting a boost from unhealthy pandemic trends. and look at the cryptocurrency

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it matters who you travel with. shares of le vv strauss are higher the ceo revealing on the earnings call that 35% of customers in the united states have changed waist sizes in the pan pandemic some up and some down. i'm betting mostly up. forcing people to go out and update wardrobes also styles have changed >> i'm hanging in there.

>> skinny jeans are out. >> that's good i got lululemons >> those have elastic? >> no, no. a zipper for your wallet in the back they give a little you give a little, you get a little i was going to share something with you that is because i went back to my guy at lifetime the trainer. we compared actual weight. when you factor everything else out. it is three pounds >> you gained? >> yeah. it's not bad with each year, with each passing year, you gain a pound when you get above 50 years old. >> is that like in dog years, it is gaining 50 pounds >> i feel fat. i will tell you i was fat before >> no. >> i'm not morbidly obese. i come close to qualifying

it is much harder. >> standards >> it's not the end of the world. >> if you were to wear jeans -- >> i wear jeans every day. >> i thought -- >> in here i have skinny ones i still wear. some 7s. >> do you have acid wash >> you said ass. >> i held long on the first syllabel coming up, president biden planning an executive order to rein big tech. we go live to washington and take a look at some widely held tech stocks perform. as we head to break, s&p big winners and losers we'll be right back.

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good morning checking the futures dow is up triple digits. nasdaq is down lower 23 s&p headed up 13 it's early we'll see what happens 10-year could also do something. >> fall. rise it's steady right now. 1.34. the white house rolling outs an executive order targeting corporate consolidations and corporate behavior ylan mui has the latest. >> reporter: melissa, the white house is rolling out sweeping executive order over decades of consolidation that is driving up price and stifling innovation. there are 72 actions across a

dozen federal agencies this is the fundamental rethinking of the nation's core anti-trust laws. >> this is not just about monopolys. it is about consolidation more generally. the lack of competition when you have a limited set of market players. we see evidence that suggests that wages are lower up to 17% in markets that are more concentrated than less what the impulse for the executive order is where can we encourage greater competition across the board >> reporter: the executive order calls on the ftc and doj to focus anti-trust enforcement on labor markets and the aeg industry and health care and tech sector. that could mean locking future mergers or going back to challenge bad ones other directives on the order are more specific. such as asking the s.e.c. to reinstate net neutrality rules

guys, the framing here is all about fighting the concentration of corporate power to unleash benefits for consumers guys >> ylan, thank you ylan mui in washington for us. joining us to talk about what this means is dan miner and sylvia jablonski good to have you both. dan, i'll kick it off with you big tech has faced anti-trust regulatory clouds and the stocks don't really move too much on the back of that i wonder if you think this time could be different there could be actions in the works. >> i think in some ways, the walls are caving in in terms of the anti-trustand folk used on m&a. that is big with facebook and potentially amazon and as well

as other big tech players. the investors shrug shoulders because it is the bark worse than the bite. until we see teeth in terms of regulation, that is where this has an impact. i believe this is about 5% to 7% overhang on tech stocks. $20 overhang on apple. investors will think the bark is worse than the bite. >> you say 5% to 7%. you mean trading at a 5% to 7% discount of what they should be trading at because of the headwinds? >> we believe 5% to 7% in terms of right now, that overall anti-trust overhang we are seeing i can tell from investor feedback, i have gotten more calls in the last 60days than the last year. the battle will continue to play

out. >> sylvia, we have seen a lot of action from the state level. the local level as well. this is federal. this is driven by the biden administration do you feel this could have more bite >> i think it could have a little more bite i think there is concern here. what is interesting is as dan makes a great point. we have to see if this has teeth. there are a lot of unrevosolved issues with the monopoly issue these companies are targeted because of the user base they don't have a power grid or some type of device or cost that keeps others from entering the space. they have grown so big and the largest user base. i can see the arguments for working on privacy issues and ce censorship and things like that. breaking up big tech would hold back innovation and disrupt growth and competitive advantage

in foreign markets there is a bit of an overhang until that is resolved. >> dan, are there things that big tech you feel is handcuffed from the potential being realized because of the regulatory overhang or is there something they can do to propel growth higher? >> that's a good question. right now it is about the clouds arms race. microsoft and google and ibm and others i'm smiling because microsoft. whether it is platform applications, but with microsoft, we saw nuance and they can continue to ultimately bulk up their platform one area is in the clouds arms race with google and amazon restricted from ma&a

>> we did see the stocks recently with the contract and started this new one open to bidders. sy sylvia, do you think there are some that are more exposed to regulatory risk than others and has that changed as the view of anti-trust has changed >> i think it changes depending on the day i think it is the hot topic of the week with the app store purchases and apple on the chopping block and perhaps google if it is cloud, google and amazon out there with censorship with consumer privacy data it changes with the direction of the wind they all have potential h headwinds from regulatory issues i hope the policies considered are more reasonable and in line with the data topic and not trying to break up monopolies

that don't exist in the space. >> dan, switching gears here seeing what is going on in china and the drag on china tech stocks because of the regulatory overhang over there. do you think that is moving to u.s. tech? has that helped the tech stocks hit record highs recently? >> that is a good point. that caught investors by surprise the big brother in beijing and didi and the focus on alibaba and others you have seen more and more of the chinese money focus now on u.s. tech stocks the lack of consensus is the best thing that can happen for big tech that is why an a lot of the sts continue to move higher. you see the rotation and you have tesla and apple, which are caught in the cross-fire they heavily focused in china. one eye focused on that to see

the retaliatory. the bark is worse than the bite. especially with apple. >> sylvia, what are you seeing with the flows away from tech and you do go to fundamentals and go to alibaba and say it is trading down 40% over the past 12 months? >> i think it is a great point when some of the dust settles, the alibaba will go back to rallying i think the parts are worth more than the whole they will adjust to the company as a whole with or the subsidiary i think what china is doing with the regulations is setting back innovation and construction. you saw the ipo and the fine for alibaba and the didi ipo this is bad for the market if china wants to be the second

largest world economy and the gdp growth, there has to be reasonable policy around tech and not this policy that feels too restrictive and has u.s. and china down >> dan and sylvia, thank you we appreciate your time. coming up, sun valley week you know, not everybody thinks that it is. this is, if you didn't know -- >> you hate sun valley. >> i love sun valley i love idaho i love sun valley. it's okay. i don't care that means media deals we will tell you about new agreements in the streaming business next. later, i'm glad brian and geoff, for them i think it is great. i wouldn't be criticizing them

later, we twill take you live t sun valley with the interview with the iac ceo joey levin. you can tch waus live anytime on the cnbc app. we'll be right back.

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filming gaining merchandise and live events. rhimes has a four-season commitment with "bridgeton." why are you aughing? >> what do you call it >> steamy. terms of the deal are not disclosed. rhimes is one of the highest paid creators at netflix >> that brings people in if you tell me that, i'll watch. >> what part of steamy, historical drama draws joe kernen in? >> the fact you called it steamy if there is ever any question about whether anything was going on in the olden days you know what i'm saying it was it was >> well, the fact that we are all here in the modern age indicates that something did go on

>> you know what i mean. did you watch "versailles" did you ever watch "dangerous li a l liaison" the victorian era clothes are hard to get into it makes it steamy >> a lot of steamy for 6:45. >> the windows are really steamed up it is cold in here amazon signed a deal with comcast to air universal picture films on its prime video streaming service. you heard we will do it on peacock. that will continue the releases from universal will premiere on prime after a four-month run on peacock.

comcast streaming service. they stay on amazon for ten months and return to peacock for another four months. the deal starts in 2022. it is expected to generate about $2 billion for universal we got to go did you read barry diller's comments the movie industry is over he has a lot of things he said streaming has ruined it. they are churning things out there have been horrible movies they churn out he says people used to make movies for a reason. to tell a story. then you intro with a three-month publicity. it opens in theaters >> i don't think it goes away. >> the big screen. 75-inch plasma was supposed to end movies the demise barry wants better films i do, to will they make "the graduate"

again? no, they make "g3. coming up, sudden moves in the treasury yields have impacts on the equities in the past few months we are digging in what the rest of the year could look like next with jim grant we had mark yesterday. we have jim grant today. what if you could have the perspective to see more? at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley.

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the 10-year u.s. treasury yield fell continuing a sharp

reversal and gone totally against what should have and was what happened? >> oh,yes. seen more that rates are too darn low i would say that with respect to any economic out come and those have no business being so low

anymore. something is messing up the normal price discovery can we just a describe it. based on getting our better yield. is it just the fed or that the fed was all these international buyers >> so redundant is taking in those unneeded dollars called

the reverse repo facility so there is a lot that doesn't have that particular short-term build. that's another thing is the simple fact of the 40 years of condition and inflation that has not been the serious threat. bond yields have been falling since 1941 i think people have almost come to think that inflation has come to a physical impossibility. whereas, it seems to me, that it is in fact with us and certainly a fer owe shus inflation of wall

street so we'll see the house price inflation is out and fannie mae is out with a recent research with study of the rise of rents i think wall street's attention span is famously short and people have lost interest in the so-called narrative. >> is you think bonds are overvalued and they think the lasting effects should be based on the transitory. >> a fellow like me ought to not

have a dogmatic place. safers ought to get something in excess for deferred gratification and putting money aside. the fund's rate ought to be 4, 4.5. bond yields are way, way outside the fed work by the imagination of wall street i think rates today are so extraordinarily low maybe this has to do with one's formative

experience the idea that these would turn into those securities as nothing a trillion of a half of crypto the none dividend paying stocks, whatever people are searching for, it seems not to have yield but what i think are searching for is a main chance, capital gain a quick money or profit. sos that what is happening in real-time in front of our glowing screens. in the slower moving background. >> we have to go we are both, i guess saddled with our boomer thinking, jim. i hear that all the time from

people >> okay. i wouldn't have it any other kind, joe. >> my feather but we are talking 6 trillion more, jim you are talking about the fed. >> they si that like, why don't we do another six? great. we have to get with it >> thank you, boomer he's even more aged senior boomer than i am coming up, the delta variant of covid picking up steam in the united states. what that means for vaccine boosters and travel and an exclusive interview. you won't want to miss potential media deals. stay tuned our forward-looking views of the market. (other money manager) but you still sell investments that generate high commissions, right? (judith) no, we don't sell commission products. we're a fiduciary,

obligated to act in our client's best interest. (other money manager) so when do you make more money? only when your clients make more money? (judith) yep, we do better when our clients do better. at fisher investments we're clearly different. at cdw, we get that even as we return to the office, collaboration is still evolving. it's time to make collaboration better, seamless, secure. with cisco webex orchestrated by cdw, get ai enabled automatic transcription and translation, and easily share documents, notes and even whiteboards from anywhere. so even if you're not in the same room, you can still say, "go, team!" for evolved collaboration, trust cisco and it orchestration by cdw, people who get it.

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good morning welcome back becky and andrew are off today futures are bouncing back slightly up 190 points. breaking news this morning a new executive order now. with the details good morning, again. is. >> good morning, well the biden administration is cracking down on an order of competition arguing that industry concentration is costing

consumers an estimated $5,000 a year but that price shouldn't be the only way we measure the health of a market. >> when an ee coconomy is worki properly, there should be lower prices and more for families >> calling for greater scrutiny of mergers the ftc and doj should also challenge previous bad ones. >> are there mergers that have already been completed you think should get a second look

i would say certainly this executive order would reinforce, that the policy needed >> so the white house does want the ftc to write new rules on how data can track their users the industry should bar unfair competition on privacy and so-called killer acquisitions. >> as we look at the consolidation and power of the big tech platform as it raises serious concerns and the impact on consumers and individuals one of those levels is privacy the other is innovation. several actions across agencies today, the white house is liking this to the trust busting in the

1900s and the slew of cases brought by the fdr administration asking if businesses should be nervous. >> you don't think this is a disincentive for businesses to grow >> no. i think it is more about consolidation and growth when it goes too far, it stifles the principal job creator in the u.s. economy, which is new business, small business, emerging businesses. >> prices, wages, those will be the new metrics used to judge whether companies are competing

fairly joe? >> are there things that this legislation is unable to do? >> march r that is stalled by the house especially the democratic caucus in california over how to move foerds. come out of the support in the builds that don't go quite as far as the legislative we've

seen in order to find the areas where we can move forward. >> thank you we'll check back let us know. >> i want to pick up right where i left off that will be key and businesses shouldn't really worry too much about any of this. >> showing, yes, this is a industry we are interested in the i think the facebook check

and these companies and their ability to buy other companies that is going to have to come changing the current law making it very difficult to do that this doesn't change the consideration unless congress moves. >> this does mark a visible and tangible change. in terms of not just technology and monopolies, there is also a report they want a harder stance when it comes to potential financial mergers. something we saw a lot of in the

past and i wonder what you think in this coming forward, just the environmental change for business >> right if you are going to judge us by whether companies have screwed up in the past couple of months, that will happen that sort of corporate power would result in action by regulators making it hard to require new companies with a closer look at acquisitions of competitors. it really wasn't for issues of corporate power and issues of bias and things like tla it is about corporate change and

more about its decision. >> what is going on in the tech industry and here. the concern is the same in respects of its data here it is the privacy and the data when it comes to the government's access and the ability to keep that in china as opposed to the united states if you think there are ramifications to these two countries its taking it to their tech sectors >> yes i think there is a coaling tech data getting back to the big tech in the united states. the idea that chinese company are competitors being very

careful with these tech companies and those options fur fundamentally changing options >> you don't think these companies should be broken up but in terms of doing a deal >> they may think twice. down the load, regulates will take a closer look

or looking to force a change of how apple is forced to run the april world. or looking at breaking up google or instagram or we'll have google north and google south. >> makes a big headline. >> aei coming up. propublica releasing another part of the zeke receipt irs file bomb shale. how sports owners are using their teams to avoid millions. let's get a check on the markets some say this is my greatest challenge. governments in record debt; quickly. we'll be right back. centuries o.

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dr. gottlieb about this and more in a few moments. shares of levi strauss higher thanestimated amazon signing a deal the deal starts in 2022. >> coming up propublica releasing another part of their irs bombshell. >> good morning. when it comes to taxes, real winners in sports are team owners saving them hundreds.

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now the answer to today's aflac trivia question. what was the first car produced by chevrolet the series c classic six the car boasted a 6-cylinder engine and a top speed of 65 miles per hour . explaining how billionaire sports team owners save billions by owning a team robert frank joins us now. >> good morning. sports team values have quintupled claiming to the irs that their team values are actually

declining. the latest shows steve balmer reported $700 million in tax losses for the clippers between 2014 and 2018. david tepper owning the panthers and dan gilbert lowered his taxable income by over $400. their secret is a loophole in the use of am ertization normally you can deappreciate the use of a mash or vehicle team owners were able to get a special rule applying to sports teams to amor ties or expense much of the purchase price of that team over 15 years. ballmer's case, he can reduce the $2 billion he paid for the

clippers over 15 years following the rules that this buy teams that don't always make profits. it becomes attractive to owners and expensive to taxpayers >> that's why you pay high-priced accountants. the spirit seems different than the letter of thelaw i don't understand why you'd appreciate the team. and ballmer, was that tripled? our friends at the bucks bought that on the cheap and now they are in the finals.

>> players are deappreciating? who is worth less? >> look at the media deal that nfl just signed. to your point when they bought the clippersin 2014 they said he vastly overpaid if you can start amor tiesing that cost over 15 years, especially if you have other sources of income that you cannot only write off the profits from the team but also help to offset your other

income it is just so attractive and why not overpay. >> if you are a billionaire, you sit on the sideline. hang out with those guys and go in the locker room $2 million for 15 years. sign me up for that. >> we may buy the local intermural baseball. >> i can't even afford to buy that >> still to come, an update on the spread of the delta variant and our kplusive interview from sun val que. you are watching kwauchl on cnbc jerry is here! j! mate, how are ya!?

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getting caught up on what's happening in pre-market trade and what's happeningmidsummer.

you know what else didn't last long, the meme stock pull back amc was way down and it just surged people are still playing that game for sure and it seems to be broadening out it was not supposed to go down but it went back up today. bitcoin has been in a range. we talk about it being down 8% it had gone from 31 or 30 back to 35 or above 35 and back to

32 i think we are in that range again at 32, under 33,000. interesting if you look at a charge how far back in an areaia that seemed to make up its mind on the view. i feel like it is a little bit heavy like maybe cramer thinks and if it gets down to the support. >> like a crypto winter. >> you are like the onset expert on crypto. >> i don't know anything on the

other stuff. >> just bitcoin. >> just block cane >> i understand just enough to be dangerous covid cases in the midwest are the delta variant and there is a spike in missouri >> for missouri, the delta variant is like a perfect storm. spreading among low vaccination rates. cox health systems has ramped up again but it is different now with the delta variant >> walk through the icu and you are seeing young people in their 30s, 40s, 50s, you wouldn't have

expected >> the cdc rates dozens of counties in the owes 5:0 region at high risk through for 2/3 of the county. neighboring arkansas are right up there a lot of red on that map frustrating hospitals, they say less than 5% of these new patients are vaccinated. >> nobody thought we'd be back in this position nobody understands what impacts the vaccination rates. >> begging for more and now bracing for a most holiday surge we saw last summer

talking more about this. pfizer wants to consider a booster shot maybe a third one because you are seeing some signs of wayning immunity. the company will start developing a modified version a member of the pfizer board, we have to point that out you got the first pfizer shot and then the second one. is this just like getting a third one after that emergency use. >> you don't need to develop that, that's ready to go

also to clear things up, there is different things. there is also talk about the new version that you need new safety trials to begin in august. right. there is no belief you need a new vaccine as a booster against delta. you have to presume every company, delta included, the companies work on developing con instructs. just like they developed varying vaccines as these emerge, you will work on constructs in case you need them the prupgs right now if you do get boosters in the fall, it would be a third dose of the same vaccine.

a deeper antibody response and you are developing antibodies against more parts of the virus. bottom line is this, two things we are concerned about from a public health standpoint one is protecting against any infection or the disease and hospitalization. in the older cohort when you look out 6, 7 months a lot of individuals are 6 or 7 months from being vaccinated

you do see a decline you are siege infections where older populations are declining and being susceptible. >> you know, what protects against any infection is the level of antibodies. the memory b cells and the t cells. those take time to kick in people can become mildly infected it takes a few days before their memory b cells and t cells can kick in. in older cohort, you want to maintain higher levels you don't want them to get any infection. we've had this discussion many

times. i think boosters are an option for older individuals vaccinated a while ago heading into the fall and winter to neutralize antibodies >> you told me how much worldwide have been administered >> probably about 3 billion doses. 180 million people in the u.s. have received vaccinations >> 3 billion >> that includes chinese vaccines, russian vaccines hundreds of millions have

received these mrna vaccinations globally as far as approval, my belief is that fda would approve within about three months of receiving the applications if i remember correctly, pfizer submitted at the end of mae by the end of this month, it would be when pfizer came up it hasn't been a long time i do believe the agency will move quickly but i do believe we need to give them some time. we are looking at stability and data and how they will maintain

stability when they sit on the self-in the doctor's office. that's where the fda is spending a large part of their time not on the clinical portion which they've been assessing all along. >> i was going play a sound bite, you've answered a question also illustrated why when we talk about the fda and how long things take, it can make your head spin. you always want to have an abundance of caution

le you could have it ready to go immediately. pfizer has said they could develop a new vaccine in 100 days it is pretty much plug and play. in earning land, we found the vaccine was 88% protective against any infection. 96% against hospitalization. the longest time period we were looking at was individuals vaccinated within two to three months in scotland, they found the

protection against any infection. that was the longest time period n cab nada, we found 80% protection we found 97% against protection at 2 to 4 months 83% at 4 to 6 months in israel, they talked about the 64% was protection against any infection. they are testing asymptomatic people and turning over those cases. in israel, you are looking at people vaccinated 6, 7 months ago. those post vaccination are predominantly older individuals vaccinated 6 or 7 months ago

>> this speaks to why you might want to obtain a booster against any infection and older individuals. dr. scott, thank you >> i didn't get a third one. a third one sounds good. how can i get a new one? so far the data looks very strong what will end up happening is

that boosters with the exiting dose will be authorized and available and for some people older and more vulnerable to covid will get a booster it will be available remember, the people most vulnerable, particular the nursing home patients, we vaccinated them in december, january. for an older vulnerable person, you probably want to give them extra protection to guard against any protection at all given protection in an older individual >> doctor, thank you coming up, a lot of letters coming up. iac, ceo and check out some

leaders this morning in the major index of gm. one of the names leading higher this morning shares are up almost 1.5%. pin duo duo. at lth'sike four, isn't it >> we'll be right back

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let's get to dom with the morning market minute. >> good morning. let's look at the interest rate complex. the basis points or .21% that interest rate trade played out. a lot of them markedly lower

jp morgan chase shares and citibank and wells fargo up as well a decent size rebound and recovery here. let's take a look at some of the reopenings stock things getting back to normal. american airlines caught a bid yesterday. norwegian cruise line up about 2% on the oil and gas side, we'll use exxon oil. prices are higher as well. freeport with regard to materials and commodities up 2% reopening trade and catching a bit of a bid, the question now is whether it stays that way certainly something to keep an eye on >> certainly is, dom

happy friday we'll see you again. we'll talk more then >> coming up, we'll head to the allen and company media conference and meet with lowy ceo and a loo closer look at president biden aeds stance and business policies. news on an executive order we'll be right lack. with a hybrid, you can do both. that's why manufacturers are going hybrid with ibm. with watson on a hybrid cloud factories can use ai to automate the little things so they can focus on the next big thing. businesses that want to innovate at scale are going with a smarter hybrid cloud using the technology and expertise of ibm. keeping your oyster business growing has you swamped. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately

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let's get to the allen company conference with julia. >> good morning, i'm joined by the ceo of iac thank you for talking to us here >> before we get to your business and everything going on with iac's various port polio that president biden is working on the executive order and attorneys general suing google over antitrust this big push, what does it mean for you as you compete with google and facebook and other

giants it will be good for innovation if they can get it right it will be tricky to get it right. >> you compete with these much larger companies do you think these restrictions could impact your ability to buy companies and grow >> i don't think so. we have spun off and we are a smaller company again. all the markets we compete in are so enormous. and i look forward to that problem at some point.

you've come out in support of apple and this epic lawsuit and why think it is unfair to be taking those fees. >> sure. i thought it was interesting google's defense on the 36 ags that sued them that said well apple is worst and i think they are right i think in many ways they are worse and the fees flow through to everybody >> how do you see this lawsuit playing out? >> my guess is that they split the baby in some ways.

maybe they allow developers to point to other solutions but don't necessarily force things it is hard to predict these things >> the other issue is lobbying the care economy for the infrastructure bill. why is it so important encouraging people and basically at most simplest level allowing people at pretax dollars to pay for care.

i think that was double and that was higher than pretaxed dollars. those now being pre-paid on the booms are safing taxes and everyone reaches their full potential. what is happening right now in terms of consumer wealth >> consumers are spending. we are out and free and realize there's a lot of things we want to do people are out wanting to do things.

do you see pushing further into that space >> it is a 30 to 40,000 industry we love the off line and down line conversion that will continue to happenen it is well run and a great time to be in vegas >> i understand you have an incubator where you are working on smaller ideas it created tinder many years ago. >> we'll look at anything. we are talking about that now.

focusing exclusively on things involving blockchain and smart contracts looking at ways to transform in our industry, web, mobil i look at what can happen and that will be a big exciting new way things are formed. we'd like to start experimenting there. >> so the blockchain could be one of the key features. >> back over to you. thank you, as long as you don't call it yaki used to drive him nuts lots of ee lit operation

we'll talk president biden's crack down check on futures with the bounce back it is across the board in green. we'll be right back.

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>> joining us with today's big market themes. the white house prepares an executive order going after big business sweeping plans the final hour of "squawk box" begins right now >> okay. now it is getting a little too close one hour left four days

and four hours 3:30 alarm >> 2:45. >> the nasdaq is up about 14 and the s&p. treasury yields have been the story. for a couple of weeks as they come down from 165 all the way into the 1 shall 2 area. getting ready forred trading day ahead. >> talking about how the futures would open up. converting back and where we bottomed yesterday as morning. just a little bit of the shake

out when bond yields got the track too. going below those levels in may or june where we had one of those brief shake outs and the market ended up rotating back to those highs you want to talk value versus growth still retaining a lead and will start to break down leadership all these things look similar.

we have seen title change and really the force of inflation as well good to look at it in terms of price and yield terms that a really powerful bounce and really coming into the down trending resist anance and counr yield. maybe tougher to go lower from here considering trading dynamics have a lot to do with how treasuries have traded and how the economy has been going

>> reopening the pandemic and because people haven't gone on vacation for so long >> it seems like things have improved volume would pick up the machines are there they are going to trade the movement that's been going on for a while now. the interesting thing is the dog days of the market are uneventful starting in mid-july and august, historically, that's usually when you've seen more chop before setting up. that means the juniors trading up the desk. you might see some of this action here. i thought it was really

interesting that basically to the penny to that level, testing and then bouncing higher it followed that playbook exactly >> on the short-term basis when it was moving it was just an obvious place and buyers of bonds saying maybe this is enough now so i think it is a little more noisy we'll get less of a supply and issue ens. i could think it makes sense but

does it always go according to the diagram, i don't know. amazon has been an interesting move it is up 6% despite concerns coming out of washington and it seems like it was time to take a little roll of support amazon and apple have been the big contributor. the markets would be able to hold together than others would. >> bringing in the new head of equities at melon. what do you make of this week's

action >> this was really the culmination of the fear of the slowing of growth rates and the rolling over here. we saw the full culmination we saw yesterday. still suggests the yield can be on the up trend. i wouldn't ignore the yields here we are moving into a lower period of growth not bad growth, just slower. and that's what we've seen across the sectors >> taking it the hardest and maybe no surprise. wondering which were the game should be sustained and there shouldn't be a request of whether or not slowing or

normalizing growth would impact them we think health care can move really well in this environment. a market where a lot of different sectors can dowell what we then saw and then

consolidated almost nine months. we are seeing now these dproej stocks that got ahead of themselves that rate has slowed it will be a step higher but not a stair case higher. i think that will show in the trade. stillout performing the tech sector in many cases energy and financials are still

ahead. you could see a path to one. that would test one and putting sick tors to investment. >> this move lower would have to do with inflation or maybe the funds buying trading on the yield no longer 20,000 years going forward to tend to keep declining. for the short to intermediate

term here where they'll continue to have steam. seeing amazon break out and another stock like netflix relative laggards like mentioned. i like stocks with a consolidation, you have to be there. you think about tech, tech is about 35% of the s&p right now i thinks it reasonable to assume in the next 7 to 10 years, we'll get to 50%

so, you should be there. you need to be there because that would be the engine of the market going forward when they go in and go on sale, you should get your shopping list out i think this inflation is dead that would be a signal we should all pay attention to i think that inflation is transitory and shorter is a tough bet here there has to be some health of inflation going forward. >> thank you >> thank you >> we'll look at the p big name stocks berkshire hathaway ceo invites

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♪ me and you, we're waiting for the dark ♪ >> welcome back. the dow bouncing back. 250, maybe something more. snaz dak indicated up 22. >> that was fast treasury yields also and now the higher yields not too hot. not too cold >> if you haven't seen eight straight day's losses, you haven't seen that in 20 years. >> gains on the 10-year

principal on the losz yields going down >> bank stocks kind of getting back and most more than 2% and almost getting it back coming up, the top story, president biden said to crack down on business big including tech boosting across the board with implications on companies and

stocks when "squawk box" comes right back

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are there mergers you think should get a second look. >> i would say when this executive order will reinforce

is that it is the policy of the united states and looking at carefully the question of mergers and whether they will have a benefit on the economy is part of that overall effort. >> joining us now to debate policies impacting the community. a little nervous the heart of silicon valley. we go way back i follow you on twitter. we are kind of like tv buddies you are unreasonable since i started following you on

fwiter, i need a displamer i don't know who you are >> let's start with withthis >> i believe the president struck a balance look, i think tech is innovative we have to have a balance but they shouldn't be taking the exclusionary conduct and that's

after the policy strike that balance. from all the things i see you tweeting about i don't know that's kind of a bipartisan thing tech has in the crosshairs you can comment on that and then all the other stuff it is like senator elizabeth warren's twitter feet. >> let's start with this question what problem are we trying to fix? this incredible economy we are in the fact that i can't even hire anybody, there is such huge demand for employees

the fact that we enjoy the highest number on earth versus no tech. what exactly is wrong where america right now that we need to bring this heavy hand of l legislative, i don't know what this is, pure politics the chance any of this gets through congress is zero given that we are so close to midterms so how much do you want to try to jam through even democratic politicians would they want to bash. it is not just tech. we are going health care and

other sector is it broken. i didn't think so and why now? >> let me guess, i hear elizabeth warren getting more press. arch oc, my good friend bernie sanders, they get all the press. so biden has to take care of all of that noise. >> i told you. >> a lot of gooses laying golden eggs >> of course $11 trillion of market cap the fact that rural nups across this

country are going out of business and some sort of content. a lot of this is put on their site the main stay of these towns 20u7bs with less than 50,000 people have seen declining wealth let's have sml business and communities. a lot rely on digital adds i'm not just saying break up these digital companies. i'm saying we needmore growth

you get his true colors coming out on that. >> as smart as politicians are, do i feel they know more about the market than the market itself the ip ovation happens at warp speed, market driven the market does a very good job. months ago, i didn't spend a dime on tiktok, i had no idea what that was. the market saw it coming it embraced its that what makes

america great and that's why it is working >> you call it all infrastructure i just think you are trying to sell something under a different name i believe at a certain age, k through 12 education isn't enough instead of being 20 years in afghanistan where we spent $700

trillion we could have provided an education for every person in this country up through college. health care. these aren't big things. look, i admire kevin's success he's one of the great entrepreneurs of our time. we just have to have rules let's have clear market rules to promote competition. make sure you have that policy with a leg up. >> i would love to see the

skinny infrastructure passer 9 massive spend makes me nervous we just don't need any other government support let america do its thing i don't disagree that's behind us now the american economy i just want a report on the another. it is on fire like it was in the late 50s we haven't seen a renaissance like this. i beg the politicians debt it do its sthing get me back to gridlock right

after the midterm. pliez. let's loose a few seats in the house and get back to gridlock that's what the economy needs. 136 trillion is the net wealth of households what about all of the folks that have been left out or all the small toubs you and i v gone to. they need to that area we have to focus on how we are going to build the economy there. saying we'll have those copper

fibers >> now you you are talking now i love you let's go together to china to shut those guys down giving access to their courts. they steel my ip and more proi ducts. i love infrastructure. i like broadband everywhere. things degree agree on 60% of our jobs from small business they need technology, tech, social media leave it alone >> kevin, i agree. i studied economics university of chicago he wrote a paper said single biggest thing that drives economic growth is human capital. that's not my insight.

there is wasteful spending those government programs don't work they have the shot you had and i had. more people with basic skills so that they could succeed. someone that goes toe to toe >> i'm just an investor trying to scratch out a living. i have a dollar in this hand and this hand, i ask myself to do i want to give my dollar to american business or government. i want to give it to business. >> you tone it down. i've already been on your tweet.

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welcome back some of your early morning movers on this friday morning trade. we are watching some big moves general motors stocks are up after getting initiated with annout perform rating and $$85 price target chinese internet stocks and 3%

with each of those down large for yesterday's trade. one of the most popular stickers continues to be the 10-year note yield shows how how much in the top 10 global amc entertainment. now over to meg with news on pfizer >> potential booster shots the company saying it has tested a third dose of the original vaccine against the older train of the virus to encouraging levels also seeing how that

original shot against the delta variant. they are going to file for emergency authorization for a booster and develop a delta-specific booster all of this after seeing data from israel, noting efficacy against serious illness was high this is what health experts in israel are saying as well these were high. seeing this since december 20. those are the ones being more positive for the virus

it was to have boosted before pfizer and modern could produce their vaccine. >> the fda and cdc coming outlast night saying americans who have been fully vaccinated do not need a booster at this time their decision will be made on schiens and not rely on former pharma companies >> it will be interesting to talk to dr. scott about the final fda approval there are things that don't play into the conspiracy. my eyes glazed over stuff like

can you please stream line this stuff. and that seems to be the only thing holding it up. it actually notes that full approval can be noted. it isn't even completely in and accepted it is at that point the clak starts clicking. all of the procedure al things and thinking about pediatrics

and it is just a lot on their plate. you've got the other side that say they think there is some reason they are not doing it or the safety and side effects. fs very weerld where can i get one now. they don't even have to test it. i want 10 times the antibodies i think knees disease is like hell >> i like to smell things and taste things i like my lungs. the long-termers we heard so much stuff

coming up, the deal news in the morning. taking crypto bullish public first taken to e commerce partnership private. stay tuned, you are kwauching "squawk box" on cnbc with a hybrid, you can do both. that's why manufacturers are going hybrid with ibm. with watson on a hybrid cloud factories can use ai to automate the little things so they can focus on the next big thing. businesses that want to innovate at scale are going with a smarter hybrid cloud using the technology and expertise of ibm.

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down to the new york stock exchange jim, you are like jimmy stewart, if you weren't around, a lot of things we talked about today are things we talked about yesterday. >> you are very kind we heard your question where is your final approval or is it just what we know about? if we were to give this, they'd say fda is off the rails they approved a drug of unknown efficacy for alzheimer's

sf you were to make it approved, every company in the world would say you have to have it. we know there is a lot of people, joe, that say i'd rather get this variant than take the shot >> i don't know ifs that a wise choice >> i don't understand. i see a lot of conspiracy stuff. >> a lot of people don't have background in nucleic acid and we've worked so hard and we are seeing the benefits. it is very clean just the spike proten.

it is a very el enter. it is incredible how well that works for all the reasons you said most say i should leave the earth, i don't find the delta variant has so much more of the delta. you don't seem to be pro the delta variant. >> i have people that are not really doing the bring on the

delta variant. these guys that follow me are pro covid. they are drawn to my mentions column how dare you keep me from getting the delta. >> your twister followers, not so the i want you to look up how many you almost beat me i'm almost at 5,000. >> i've zbt a buy at 5,000 he's got the electric chair and a lot of creative ways to take me out of twitter.

>> society is moving forward >> bring it on breaking news. a deal to take bullish public valued at $9 billion the details, tom will will be the ceo of the close. also joining us the founder of the blockchain block one and incoming chairman of bullish great to have you both tom, i'll start it out with you. bullish is not actually an operational exchange in a few weeks you'll be launching a pilot program. what do you see about bullish that made it so attractive >> good morning. as you probably know, certainly joe from all of our conversations, i've been bullish on digital assets since 2012, and made an investment of about $10 million on behalf of the new

york stock exchange into a very successful digital asset exchange and have remained bullish, and today i'm quite literally bullish. i'm very excited there's an interesting business plan here to combine what's best of centralized exchanges with the most interesting innovations in what's referred e to with dfod and specifically the liquidity pools and automated market makers in d5. we have a unique offering in that respect brendan has a team of 300 mostly tech geniuses who have been working on this, first have an idea around about three years ago. now as an actual product for a couple of years, and we're excited to bring it to coming w >> when it does come to light in this pilot program, tom, what do you think you'll discover? what are you hoping to see at that point and why do this transaction even prior to the pilot program. >> you know, melissa, i've been

around exchanges a long time the number one thing traders look for and institutional traders is reliable predictable liquidity. i give brendan a lot of credit he's an aspiring entrepreneur and a smart guy. he and his team came up with this concept of taking the liquidity pools that provide this more reliable liquidity and turbo charging it with a $9 billion balance sheet which is round about the balance sheet we'll have day one when this business closes. for your viewers this isn't an opportunity to invest early in a digital access i believe it has a lot of rewards. i'm going in as ceo of this business full-time certainly any business with significant potential work has significant risks and i encourage your viewers to study those as well. i think this is a big idea as time has come. digital assets are here to stay. digital assets are solving very important problems anybody who tells you they know

exactly how it's going to turn out is lying or delusional in general, you're going to see more and more interest as more and more dollars go into the space and being able to provide predictable liquidity with a $9 billion balance sheet and teaming up with this visionary entrepreneur who i referred to feels like a really great opportunity to me. >> brendan, how should viewers view bullish in relation to the companies they may be more familiar with like a coin base et cetera? >> bullish is really focused on passing a lot of the beneficial interest to those that actually provide the underlying request idty that creates the network effects of exchanges we're combining kind of the market architecture and bringing that to the high performance central limit order book we're kind of bringing together the third party beside and ask you would normally find on exchange and augments it with that deep liquidity that acts as a portfolio rebalancing function

for those they're depositing into them. the whole space is really converging around this concept of automating and integrating layers and driving value back up to those that create the network effects of these platforms that's what we're trying to do here with bullish but in a regulated environment where big institutions and advanced retail can feel that their capital is safe and they're not in possession of any other types of money that they don't want to be in possession of >> brandon, why go public via spac and i ask this question in light of what tom has said to us before, and he has said -- and this i believe, is a quote or an proximate quote, the crypto world has created a back door to ipos, he's a non-blockchain company, can't list token, skip the whole pain of going public was that ever a thought in your mind, that there was a way of raising money without using the traditional financial markets?

>>. >> absolutely. and it's a great question. as you mentioned, the crypto thesis is all about allowing people to have economic exposure to the projects that they're associated with, and so that was really important to us that's why we're going public simultaneous with our launch when it comes to why did we choose to do this on the nyse as opposed to just issue a token, there's a lot of regulatory uncertainty around the status of some of these tokens which creates some jurisdictional hurdles and exclusions of certain types of parties and a lot of regulatory uncertainty for the companies but also the investors. we thought this was a tried and true avenue that would unlock new types of capital for the business but give retail investors the most protection and access to holding a piece of our company. >> in terms of the investor base, who are you hoping are the investors? i mean, i had a stock strategist on the other day from btig and one of his favorite areas in the market was crypto related equities there aren't too many of those

around coin base is the one that you think of i asked brendan about that, but should bullish exist tin that sort of bucket >> in terms of the types of investors we hope to attract are the same investors we already have attracted, melissa. as part of the transaction not only are we bringing our $600 million that's cash in trust in our spac with really great investors, but we also raised an additional $300 million pipe, and that includes kind of a who's who of investors, many of whom we've named in the press release, for example, black rock, galaxy digital, many of whom are bullish investors, including many luminaries and institutions so we feel like we've already attracted -- because of exactly what you just cited, melissa, there just aren't a lot of opportunities to get exposure to kind of adult well-run compliant com companies that care about carrying themselves the right way. that was one of the first things that impressed me about brendan.

he has the law firms and bankers and the banks he had on this transaction, jpmorgan, jeffries, coupled with my friends at wells fargo. it's really just kind of a good -- kind of a good mix that creates a trust that will attract -- >> we've got to leavite there thanks so much >> thanks for having us. here's andy listening to my goals and making plans. this is us talking tax-smart investing, managing risk, and all the ways schwab can help me invest. this is andy reminding me how i can keep my investing costs low and that there's no fee to work with him. here's me learning about schwab's satisfaction guarantee. accountability, i like it. so, yeah. andy and i made a good plan. find your own andy at schwab. a modern approach to wealth management.

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we got no time thanks for this week. >> pleasure. >> and andrew and becky will be back on monday, but you'll be back we'll see you again and "fast money" is at 5:00 tonight in case you were wondering. join us on monday, "squawk on the street" is next. good friday morning, everybody, and welcome to "squawk on the street. i'm david faber along with jim cramer and we are live from the new york stock exchange. carl has the morning off let's give you a look at futures as we get ready to start the final trading day of the week. the dow powering to potentially a higher open. >> i don't really pay attention to the dow, you know, let's get to our road map this morning it does start with