- [narrator] as you get ready for what's next, custom gear from custom ink can help make the most of these moments. we've developed new tools to make it easy for you. custom ink has hundreds of products to help you feel connected. upload your logo or start your design today at customink.com it is 5:00 a.m. on cnbc. here is your top five at 5:00. the rebound rolls on stocks looking at more gains as markets up on the week even after the monday meltdown maybe it is solid earnings numbers have been strong today, you will hear from at&t, intel, twitter and many more it's a bitcoin bounce on comments from high profile supporters but covid concerns remain around the world with las vegas sands running into trouble in

singapore. and maybe, just maybe, the most surprising rbi of the year. you will not believe what dying industry is suddenly booming once again it is all happening on this thursday, july 22nd. this is "worldwide exchange. good morning, good afternoon or good evening. welcome from where every in the world you may be watching from san diego to singapore who knows? i'm brian sullivan thanks for joining us. trust me today's rbi you have to hear it may shock and amaze you it did us. all that ahead right now, to the markets and your money futures are higher right now across all three major averages. not a lot. dow up 69. nasdaq up 16 they are in the green.

now check this out even after monday's big drop, remember that? down almost 1,000 at one point delta concerns and economy going to shutdown. everything is terrible we are now actually positive for the week we on the show talked about it monday and tuesday the wall covid variants grabbing the headlines. that was not the reason for the drop options and voluatility markets gone wrong that may seem why we have bounced back strong although nothing has changed with delta or lambda or the next variant may be in the world. and lower yields can bring buyers back into stocks. right now, the 10-year yield is still low. 1.3% likely not what anyone out there, minus a few, may have

expected all right. let's go around the world in the asia markets closing higher hang seng in hong kong jumping 2% and in europe, the fed and ecb in focus with the policy decision around 7:45 a.m. eastern. and spain up more than 1%. we will get more on the markets and your money in a minute. first, to the ongoing infrastructure debate in washington over trillions in new taxpayer spending. a story the investors are following and so are we. we have tracie potts live with more good morning >> reporter: brian, good morning. new spending means new debt for the country. we talk about raising the debt limit every year or congress talks about raising the

department limit to pay america's bills. now they don't want to do it president biden was pointing fingers accusing them of not paying the bills their president created. as president biden meets with union leaders on creating jobs, republicans announced they will vote against raising the debt limit to pay america's bills mitch mcconnell says if senate democrats want to raise the debt ceiling, they have to do it them themselves >> i am not going to let anybody take our economy hostage my view is when you incur bill, you have to pay them >> reporter: the debt debate is happening as negotiators inch toward a deal to fix america's roads and bridges and expand transit and provide high speed internet to everyone >> yes, we will. >> lawmakers are aiming for a

deal before the august break >> i'm optimistic. >> reporter: the republicans voted no on debating infrastructure now >> this stunt is set to fail >> the yaes are 49 nae, 51. >> reporter: they want to wait to hear details. when we talk infrastructure, we talk two things. roads and bridges legislation and the $3.5 trillion package the democrats are working through dealing with climate issues and education and improving medicare that is something they will do on their own and still working out details. brian. >> the whole thing together, as many said, may become the largest combined bill in the history of the united states a big story in many ways tracie potts, thank you. have a great day. now to the other top headlines. including the closing in

singapore over covid concerns. a trend we saw about the same time last year bertha coombs with the key headlines, bertha? >> reporter: continued disruption, brian. good morning the marina biased sands casino is closing for two weeks for a deep cleaning. the move after a covid cluster at the las vegas sands owned property look at this chust lvs down 9%. mgm off 7% trending lower this morning as well sands china and galaxy down in hong kong trading. shares of bhp jumping in asia. the company announcing it will supply tesla with nickel that is a key raw material used in electric vehicle batteries.

general motors will halt most of the pickup truck production next week the automaker forced to make the move with the chip shortage. consulting firm estimates it will cost the global auto industry $110 billion in revenue this year. gm will get back to work the first full week of august. it is not a huge slowdown, but it's amazing >> it is you look at the local car dealership lots. they have cars, but not as many, bertha you talk to people and say where are all the cars you say it is because they can't get the inventory to sell because of semiconductors. >> yeah. you are seeing bidding wars on cars, too. are you are not going to get a deal on a car used or new >> a computer with wheels on it. bertha, see you in a few

minutes. thank you very much. all right. right now let's get back to the markets and your money you got stock futures higher in fact, afternoon monday's meltdown, the averages are higher on the week huh? joining us is piper sandler chief market technician craig johnson. he has macro views and maybe one or two single stocks that look good to him. craig, on the macro side the monday meltdown. delta variant and economies shutdown wait a minute. now we're higher the delta variant is still around what do you think is going on? what happened monday >> brian, from is really c simplistically of bond yields up early in the year. we are seeing the correction now back to the rising 200-day moving average the initial selloff caused

concerns with people again, the kind of narrative that is floating around the market has piqued for everyone that has led to concerns you layer into that the delta variant that you mentioned and is that going to lead to not necessarily shutdowns, but delays in terms of really getting in the supply chains up and running again. keep in mind, this is a market that has been making new highs every 3.5 days this year so, we're on a record pace similar to where you were in 1995 a lot of people are looking around and saying does it get better than where we are right now? >> okay. you may have given us a future rbi, craig we like to steal people's stuff anyway the market is making new highs every three and a half days? we're grinding higher.

is it peak everything? does the market have anymore room to run? >> brian, we established a 4625 year-end objective we have 6% more to go. what is interesting about this market right now is when you look at the popular averages, the mag stocks microsoft, apparent, amazon and google, they represent 20% of the market they are well performing stocks. they look constructive in terms of the charts. what is interesting is when you look underneath the surface and the market is rebounding over the last couple days the internals of the market peaked in february you made 293 highs inside of our work in mid-february as of this week, you are down to single digit readings. if you look at the model which looks at any stock in the form of an uptrend, you have 40% in the form of the uptrend. for a market making new highs

every three and a half days and the waning participation, to me, this is a sign that the die is getting cast for deeper correction and i honestly thought that would have started on monday. this looks like an interesting rebound. the levels we need to watch on the s&p 500, we need to watch that 50-day moving average and uptrend support line that is the level that we bounce off of and put it in terms of the russell 2000 that is 2130 that will be something we need to watch carefully >> yesterday, gouggenheim's scot minerd said that >> i would not be surprised at all as well. if we would correct back toward the 200-day moving average, that would get you another 10% or 11% from where we are right here

nobody really knows the extent of the challenge we could be facing with the delta variant or other variants with covid. if we see challenges, my initial mind set is why not trade back to the highs we were pre-pandemic given the very sharp advance we see in the marketplace. now, there are still things to be done, brian we still need to make recommendations to clients we need to be overweight basic materials and overweight in cyclicals and financial sector we want to be underweight. utilities and staples and health care as we continue to see divergence in the charts with the weak performance there are things to always to be >> a little contrarian view. on the consumer side always reading your must-read research with the covid variants, you

like the big names one of the stores mandated to be open during the peak of the lockdown, costco and our kids getting out playing sports dick's sporting goods. >> absolutely. brian, costco is trending well in the charts. if you think about food inflation and prices for everything really going up and they say there is no inflation costs for everything are going up some of that could be supply-rain related. costco is a spot that a lot of shoppers are going to be going to looking for a deal. then if we think about shifting work schedules for people in the new post-covid world, i think more sports and entertainment will take place. you know, charts like dick's still look constructive at this point in time. >> as we have learned. stay outside do things outside. maybe buy some bats and softballs and dick's sporting goods and filets at costco

craig johnson, pipe sandler. >> thank you, brian. happy birthday. >> thank you very much, craig. my birthday week wow. all of this getting started and when we come back, all aboard the earnings train. we will bring you the big money movers, yeah, including that guy. csx. look at lumber prices. maybe the craziest market in the world this year. having a huge surge. a giant slump. now futures are back up 12% in about a day. buyers in canada forcing prices higher yeah, there is an etf for that invesco global etf trading higher as a result warehouse and verizon. lumber is still not the hottest

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welcome back time now for the big stock stories. stock number one we showed you the train. csx. railroad operator with better than expected second quarter results. the ceo says it is doing all it can to ramp up the economy with

the challenges stock number two texas instruments. revenue for the and loalog and embedded chip. most estimates are concerned about the ability to meet the soaring demand and t.i. shares down after hours and stock three. posting a wider second quarter loss for kinder morgan this comes months after the company raised estimates following a surge in demand for gas during the winter storm in february which knocked out half of texas power plants. kinder morgan down 1% right now. in other investment news, aflac. i'll not do the duck sound announcing a $2 billion deal

with denham capital. infrastructure and energy reso resources. aflac says it helps meet commitments and long-s h-term strategies our own contessa brewer asked the chief investment officer of the return on the investment >> we are just starting a new business with them of sustainable infrastructure, clean energy, power projects we think this is huge for the future the world, as we know it, over the next 50 years with transportation and how we heat and cool buildings, commercial and residential, how we get to point a to point b is entirely changed. we see that as an investment opportunity. >> aflac will take about $100 million in equity in denham to leverage expertise in the

sustainable infrastructure all right. on deck, no secret the richest area in america, long island's hamptons, remains red hot. new numbers out this morning may take the big numbers to the next level. we're going to bring them to you when "worldwide exchange" rolls on yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today.

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welcome back the shot of new york there actually looks lovely. we had a lot of air quality concerns in montanhattan you would not know it from that view at 5:15 in the morning. sun coming up. everything looks peaceful from that view. let's get a check of the other top headlines and the view inside the news with phillip mena in new york with that the air quality has not been good that view looked gorgeous. phillip. >> i wish it was like that all the time brian, it has been surreal lately wildfires out west continue to spread oregon's bootleg fire, the

nation's largest wildfire, continues to grow. now more than 390 acres in size. camp fire ban will go into effect today for parks and forests east of interstate 5 smoke from dozens of western fires are moving across the country from space the air quality dangerous for new york and new jersey as a rule surreal. attorney general merrick garland stating communication with the white house on criminal matters must be limited. garland says those are to protect inappropriate influence. this order reestablishes norms often broken by president trump who called for investigations into his rivals. a soccer game in bolivia interrupted with a dust devil. luckily no injuries or damage.

just a reminder, dust devils are small whirlwind picking up debris they are often mistaken for tornadoes. brian. >> yeah, don't mistake them with tasmanian devils that spin crazily. >> that is important to remember i do remember them fondly. that's nice. >> i want to make sure we know the difference in the types of devils also a hockey team in new jersey didn't give us the final score of the game, phillip >> i hadn't watched. i needed to take a day break. >> go milwaukee. love to see the small market team thank you, phillip >> you got it. aside from bolivian soccer dust devils, let's see what else

is happening with super luxury homes and robot beach cleaner. those are all, bertha coombs, normal things. what's going on? >> cocktail party fodder in the meantime, a 1973 job application from steve jobs is up for auction this time the handwritten document has gone up for action before. recently in march when it sold for $202,000 the sale is to highlight the difference of perceived value of digital and physical hamptons home prices are surging to record highs as demand continues to increase for the luxury long island houses. according to a report from miller samuel, the median price in the second quarter jumped 30%

increase over last year. there were 675 deals made in the second quarter 21% of which went for above the asking price one microsoft-backed start up has a way to remove cigarettes from beaches with a robot. beach bought or bb for short, can identify cigarettes with the artificial intelligence system autonomously picks them up the company behind the robot hopes to expand the cleanup for other waste in the future as it learns it seems like it should pick up all sorts of trash, don't you think? >> yeah, or don't smoke on the beach. let's go back to the hamptons, bertha we have great viewers out there. many of whom are successful with a private house. i don't want to insult people. i have never been to the

hamptons i doubt i ever will. i don't have friends i probably won't be invited. >> never >> never been. i went to coag i don't understand the money if you are super rich, god bless you, don't you want to go away from the people you see in manhattan? isn't that the idea of summer? am i crazy maybe i'm resentful because i could not afford the outhouse of the houses we're showing >> the beaches are beautiful you know, most every beach is beautiful. it's close to get here and it's a beautiful place like most beach communities are. it does get very crowded and there is that one road in that makes the traffic really difficult. a lot of folks like gathering, brian. they like to be where their

friends are and vacation where their friends are. i like the mountains >> again, no-knock on anyone the money is what i don't understand spend that kind of money to be around the same people monday through friday i guess i'm a lunatic. bertha, thank you. that might be it that's probably it in my old age now. coming up, call it the joe cocker crypto comeback bitcoin bouncing after getting by with a little help from its friends. that's the baeatles elon musk, jack dorsey and cathie wood. what they're doing. if you are stuck in traffic in the hamptons and you need something to listen to, we appreciate being on your

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the big bounce back rolls on futures are higher as investors shakeoff covid concerns and buy the big names. bitcoin bounce elon musk and jack dorsey and cathie wood showing crypto love and it may be working. this is random, but

interesting. we will tell you how a dying industry is suddenly booming once again and has become the hottest trade in the world the video is kind of a hint. it is thursday, july 22nd. this is "worldwide exchange" here on cnbc welcome or welcome back, everybody. i'm brian sullivan i love the hamptons. it's just fantastic. gorgeous old man yells at clouds. crypt cryptocurrency bounced higher with the b-word conference with jack dorsey and elon musk and cathie wood. talking about adding them to the balance sheets jack dorsey said he hoped bitcoin can bring world peace.

what elon musk confirmed that tesla most likely resume accepting bitcoin to buy a car who would do that? he confirms he owns dogecoin and ethereum he wants the price of crypto to go up, but he is not trying to push the price up for his own gain really, he's not >> i might pump, but i don't dump you know, it's not a case of -- i definitely do not believe in getting the price high and selling or things like that. i would like to see bitcoin succeed. >> by the way, jack dorsey's pe beard is epic. let's bring in rich rosenblum. he is head of trading at gsr he said it i may pump, but don't dump

do you think crypto has a math h path higher? it has been a rough 90 days. >> it is rough if you zoom out a year, it is pretty good. we were worried dropping below 50,000 now we are worried of it dropping below 30,000. if you think about the cycle like the nfl season, it is like we're back in february at the super bowl halfway through the game, tom brady decides to quarterback for the chiefs instead of the bucs elon was bearish and making fun of the space deparidn't feel go. each tweet to have a 20% impact. the thing people were focused on the king of bitcoin is back and supportive of the space. he says he owns it, but spacex owns it. that was the dynamic if the rally wasn't more than

low double digits and only part of it helped, the fact we are above 30,000 and back in the summer space mode is giving the market stability >> i mean, it has been quite the run for bitcoin. 60,000 down below 30. we had boom the last couple days i guess a couple of days is a boom, rich the reality -- again, not my opinion. you read all research. there's too many coins too many options do you think the market will consolidate or condense or come out kind of like the 1999 internet market. you had thousands of companies whittled down to a few winners and those ultimately won does that have to happen in crypto >> i think it is already happening. for now, we see seasonality.

especially after a bullish period and one where people are stuck inside for not just a winter, but a year and a half due to covid people are out there spending crypto. also not day trading not in front of the screens. that dynamic will take hold for another few months we are already seeing strong tokens that are grabbing, not just price action, but network and daily users. i think we are past that '99 internet bubble and going beyond the implementation phase and deployment phase there is room for crypto and bitcoin to go higher there will be more up side it may not have 10,000 coins, but hundreds of other coins get into the hundreds of billions. >> who are the next winners, rich, besides bitcoin? >> polka dot is winning. you can look at the size of the networks and market caps we have a handful.

there are some others that are popular and still up there i think it is more just through history of being out there the dow versus what has performed over the last year or year and a half, you see winners come out and go from flight to quality. >> some new names for us, rich what is going to be the driving factor is there another catalyst on the horizon? i know it is summer and people have to spend their money to get out to the hamptons. once we come back in the fall, what is next for crypto? >> recently, there are different themes in the market icos in general. then defi. six months ago, nft. when you look to the next period, gaming and esports it is a parallel ecosystem to

tech and finance it is recreating things in a way which it decentralized and you take out the company all together and put the governance and put it back into the people's hands >> rich rosenblum. thank you. polka dot. thank you. coming up. we will shift gears and talk about biotech. what about biogen? we will get a critical view of that company coming up as we head to break. check out coffee futures many of you right now in america are drinking your coffee and waking up. we love you. thank you. by the way, stock up on your sanka now. coffee futures up 16% this month and soaring this year. the jo, j-o, get it?

soaring because of the drought in brazil. coffee up 6% you are watching "worldwide exchange" here on cnbc dow futures up 90. we're back after this. what's on the horizon? the answers lie beyond the roads we know. we recognize that energy demand is growing, and the world needs lower carbon solutions to keep up. at chevron, we're working to find new ways forward, like through our venture capital group. backing technologies like electric vehicle charging,

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about biogen much, we need to. a huge debate over the massive alzheimer's drug which faces scrutiny and road blocks some large hospitals desiciding not to use it after the controversial approval last month. biogen shares down 18% let's talk more about it with laura chico at wedbush securities laura, i can't remember a company the size of biogen that has had that kind of news and that kind of pop and then that kind of reversal you may see it with start-ups, but not a multibillion dollar corporation. where does that alzheimer's drug stand to you right now >> thanks for having me, brian the introduction under scored this is unprecedented territory.

it is a devastating disease and we need new tools to treat it. we have taken a cautious tack given the controversial around the drug and the issue with reimbursement and access >> yeah, apparently a lot of the discussion or the debate has been around the cost $56,000 on this drug and there's this big debate about not only how effective the drug may be for alzheimer's, and not about whether it is worth the money, laura, but whether it is worth, i guess, paying that kind of money for the level of results that the trials have shown where does -- and i'm trying to be sensitive to everybody involved a serious disease. a lot of people suffering from it they want it to go away. where does that debate fall to you? where should it fall

>> you know, it is a really challenging question to answer, brian. i think therein lies the huge challenge. we have certain declinclinical outcoming evaluated in the t trial, but translating that into the real world outcomes is the issue. you have it is not cost effective and the price to be considerably lower for it to be effective. that is going to be the persistent problem going forward. translating it into the real-world benefit is a problem. i think the alzheimer's association, kaiser, estimated the impact of alzheimer's in the hundreds of billions of dollars. making that decision is a challenging one for patients and families medicare instituted a national

coverage determination we should get more clarity on how they handle reimbursement of the drug by early '22. >> so where do we fall in the stock? you have a neutral rating. any reason to own biogen >> our estimates have been below consensus. we will continue to see more of these headlines pop up and the controversies will not abate we are staying cautious. pairing that with the back drop of the increasing generic competition and the competitive environment in the sma space is a challenging time for us, we are sticking to the sidelines on biogen. >> laura chico of wedbush securities a big and a lot of money on both sides of the biogen story. you say stay away for now. neutral rating laura, thank you >> thanks, brian.

on deck, the doctor is in. dr. jon najarian is with us. by the way, the rbi we have been teasing all morning. the industry that we said was dead is now bouncing back. you have to hear this. follow our podcast on all of the available podcasting platforms dow futures up 88. we're positive on the week we're back after this. sofi is a one-stop shop for your finances designed to work better together. save, spend, borrow, invest, and earn cash back rewards, all in one app. that's how you get your money right with sofi. tailor made or one size fits all? made to order or ready to go? with a hybrid, you don't have to choose. that's why insurers are going hybrid with ibm. with watson on a hybrid cloud they can use ai to help predict

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that's right coal hard to believe. coal prices have soared in the last nine months coal futures were trading around $50 in september now they are trading at $129 for a gain of 150% in less than a year coal futures at prices not seen in over a decade it is not just futures prices of physical delivery from places like australia are surging as well. china has been in a fight with australia. chinese demand is so high, they are willing to pay nearly anything to anyone to get coal to their nation. it's been really hot in china. people there, like everywhere, want to blast their air conditioning nonstop which takes a lot of energy. if you have ever been in the hong kong summer, they he call it honkers you get it coal is hot, but it is downright frosty compared to the few

stocks left in america look at shares of peabody energy that stock up 165% in 90 days. if coal and coal stocks soaring in 2021 isn't random, but interesting, i'm not sure what is coal who would have thunk it. let's go to the man who knows about commodities, maybe not coal, but steel. jon najarian veteran of all things traded in chicago. maybe had a cameo in "zoolander" who knows? jon, what is on your radar and are you shocked about that run maybe i will ask you >> i am shocked at that run, brian. what doesn't shock me is anything energy related because, of course, as you covered, we've got crude oil, west texas

intermediate and brent, peaked by the beginning of july i'm sure you know the event that caused them to peak around that time then bled off. now, they are making a pretty considerable rebound to see any energy alternatives, for instance, coal, making a move like this, brian, doesn't surprise me as much. it surprises me more how well it has done for the year. i have a couple of stocks in the energy sector you would like to hear about >> i tell you what a deep tease in the biz. i'm getting on the plane on sunday and getting back on the road tuesday, i'll be at a mine i don't want to give it away i'm not mining for what you want to talk about. i'm not going to vancouver or wherever uranium is mined. uranium has been on fire

not literally, thank god >> that's right. two stocks in particular are seeing a lot of activity one people would have heard of more than the other. camco. c ccj is the symbol. there is big speculation it is about a $17 stock. they are betting up to $25 in december a 47% appreciation from here to there. that would be on top of the game that camco or ccj has this year and those are big bets that camco goes higher. a $55 uranium stock. uuuu four us. that is pretty good upside speculation. i don't know if you will be

impacted with those mines, but clearly pulling this out of the ground are doing well. >> i like to see that on "wheel of fortune i like to buy a vowel. "u." you just solved the puzzle these are not widely traded names, jon based on the options that you are seeing, you said they are big players. do they look like big players to snu you? this is probably a big risky bet. >> that's true there is a huge amount of demand that is what people are betting on obviously coal for a host of reasons. uranium because except for the disposal process, brian, it is probably the cleanest energy other than sun, wind and geothermal that you can get a hold of and really pays dividends for generations

because they can generate power at a very low rate cheaply with uranium. apparently big demand right now and they think big demand in 2022 and beyond. >> which is interesting because nuclear. nobody has whispered it as part of the conversation around the energy in the united states. demand for power goes up because everybody wants to live in phoenix and crank their ac i can't let you go without the view huge down turn on monday options out there on the market. now we're up for the week. what going on? >> it is all about speed it was about that at the beginning of the year, brian how fast we went up in rates and then obviously how fast we went down in rates on monday. that was a big part of why people got nervous and when they got nervous, they went to cash

not fully into cash, but obviously every percentage they go into cash means there's less money sloshing around chasing stocks we went down hard. i think that was really the story this week. we can take slower we can't take faster >> very well said. jon najarian jon, we talked about coal. we talked about uranium and coffee futures i think our work here is done. >> brian, my pleasure. see you next week. >> with chicago, we have to talk about the commodities. if that is not a random show, i don't know what is jon najarian, i appreciate you joining us on "worldwide exchange." reminder i'm off the show next week, on the road all week. bringing you, i think, i hope, really cool stories. one of those is from a mine. where it is hot.

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good morning rebound is continuing so far futures pointing to more gains at the opening bell with all of the major indices positive for the week despite the monday selloff. the parade rolls on. we expect to hear from dow, at&t, southwest airlines and american airlines. stop me if you heard this one. comments from elon musk moving cryptocurrency we will show you what the tesla ceo said about accusations that

he is pumping and dumping. it's thursday, july 22nd, 2021 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and andrew ross sorkin. equity futures let's look at what is happening. two days in a row we have seen gains. dow futures up 86 points s&p up 7.5 nasdaq up 17 it is almost like -- it is like monday never happened. we have seen two days in a row of gains at this point, all of the major averages have seen gains for the week, too. before the green arrow