good morning welcome to august. that means a new month of trading. futures are pointing to solid gains for the dow to start the month. new over the weekend the biggest every buyout of an australian firm and biggest for square acquiring a buy now and pay later company for $29 billion. plus the infrastructure bill moving forward in the senate what about the house we'll tell you where it stands it's monday. we said august 2nd let's get the year right 2021 "squawk box" begins right now.

good morning welcome to "squawk box" here on cnbc i'm becky quick with joe kernen. andrew is off today. let's check out the markets. joe mentioned this is the first trading day for august check things out right now dow futures indicated up 170 points s&p futures up 26. nasdaq indicated up by 85. this comes after a down week for. markets last week. it is not really telling the picture completely you did see the dow and s&p 500 down three of four sessions. when you look at acknoverages, are spitting distance. down by less than 1% of the all-time high. you are really talking about the markets continuing to plow higher even with last week with a modest decline treasury markets is something to

watch. the yields have not picked up. 10-year is only yielding 1.227% this morning yields down on the 5-year and 2-year note. joe, if you are watching things, it is quite a time to not be involved in the stock market >> we missed you >> missed you, too >> nice spot where you are nice soft glow it's great i'm looking at myself. i don't have the same feeling when i look at that other shot of me. that's okay. >> lighting is everything. >> we talked to judy shelton we talked to so many people about the 10-year. i have given up. i guess it's technical it's delta >> it's powell saying they may not make changes come the next

month's meeting in jackson hole. a lot of things. >> better than what you can get anywhere else and safe and everything else. do you understand this australian company >> a little bit. a little bit. >> no interest are you sure there couldn't be a problem down the road if everyone buys stuff. >> i will gladly pay you tuesday for a hamburger today? >> it is you have four payments to finally do it. let's talk about it. square is buying australian fintech company afterpay for $29 billion. all stock. they are using their own currency that translates to 30% premium .

pay four interest free installments and only charges a fee if they miss a payment an. 16 million customers will manage installments directly through cash app i was reading how square has done well, becky, in the things they offer did you read where it was all about people putting their stimulus checks and it found its way to crypto and meme stocks and nobody is paying any rent. the deal is expected to close in the first quarter of 2022. shares of affirm, the competitor, also getting a boost this morning up 6%. >> there are a couple of things. first, this is an arena that some of the big players have started to get more active in.

apple and goldman sachs teaming up for credit card and going after allowing people to do. i was thinking of lay away it is not. you get it now you have to continue to pay down the road more like a credit card. this gets into thequestion if square would eventually get into a credit card offering or something along those linings, too. >> the way they make their money is the merchants depending on how much the item is and the percentage of that and some type of fixed fee people, i guess, young people again, and i'm always trying to understand i look at the world and there is a lot of don't understand. young people are eventually in charge of everything millennials will eventually be in charge of everything. we are seeing it now crazy stuff happening. it will happen for a while, they didn't like credit cards nobody does. you get charged interest

>> 15% or 18% interest. >> this is no fun. now credit cards are making a comeback usually what is old becomes new again. we'll see. >> this deal -- >> i'm trying to figure out how you this goes sour i can think of a lot of ways it can go sour. people would say if you got the thing and if you don't, you know, you get charged a fee and you can't do it anymore. >> the idea you don't pay a fee for doing this i take issue you wiwith that. there is no such thing as free lunch. >> you can do it once. >> you can do it once or until there is a bigger problem with the economy and not as much cash and you are not as flush and everybody is caught as once. the issue is how big is the purchase and how often does it happen and what credit extension do they eventually do? that is the bigger question.

with so much liquidity, it is a good deal. afterpay's high from earlier this year. it was higher. even than the premium they paid. >> yeah. is there hope? putting some of the hope -- what is after the millennials z? >> gen z >> the same with your parents looked at the baby boomers >> it wasn't anything like that. >> okay, archie. >> right i have a charicature let's get an update on the bipartisan infrastructure bill in the senate. after a rare weekend session, lawmakers finalized the text of the $1 trillion bill

it will be inn trtroduced to th senate it will build roads and replace lead and water pipes it will pour billions in bridges and public transportation and broadband and rail and airports. chuck schumer said it is part of the two-track strategy. >> bipartisan infrastructure bill is definitely necessary to many of us, it is not sufficient that's why soon after this bill passes the senate, democrats will press forward with a budget resolution to allow the senate to make further historic vitally important investments in american jobs, american families and efforts to reverse climate change change >> here is republican senator mitt romney. >> i know members of both parties have been miss characterized efforts as somehow linked to paving the way to the democrats' $3.5 trillion wish

list if you don't think our democrat friends are going to push for that mondstrosity, then i have bridge in brooklyn to sell you this is a separate piece of legislation. i love this one. i hate that one. these are two very different things and there will be an effort, obviously, to stop that bill from going forward. this is not perfect. this is paid for >> the finalized text is offered as a substitute amendment. then the senate can vote on additional amendments. senator dan sullivan will join us in the 8:00 a.m. hour joe, if this gets passed, the big question is what happens in the house? nancy pelosi said she won't bring this unless the secondary bill is there and you have ocasio-cortez saying one branch of government should not do this looking at the senate to do this without getting the house to sign off and they have a narrow

majority at this point three seats. >> we talked about that last week you need bipartisanship in the democratic party >> right >> to get it done. they are not there yet i don't know whether you will make good on their threats they said they are not going to bring this one up until the other one is passed. i don't know how you handicap it at this point. you can see how defensive republicans are, though, about it because the republicans that are not part of that 17 that moved it forward and you know are probably going to be voting for the bill in the first place. the ones that don't like it are saying what are you doing? you are greasing the skids they don't want to tie it to the next one you are giving a win here. that is why romney say it will happen anyway. i want to do this. if that is going to happen anyway and there is good things here for bridges and roads and

broadband. the more cynical members that are conservative and don't want to spend money are saying you are hurtling toward $1 trillion. then you see analysis it is closer to $5.5 trillion when you look at everything else. >> there is not a ton of new spending here. >> in the trillion >> they plan to sell oil from the strategic petroleum reserve. unspent money from the covid re relief bill. there is not a ton of new money committed here it is being committed to things we know are projects that are important. $110 billion for roads and bridges. if you look around the country and drive around the country, you see the troubles and issues we need to have infrastructure spending on. >> on thursday, in fact. it was fun i have the whole thing planned out. stops planned out.

>> did you take my advice on hotels >> yes and no. yes and no this time it is easier we don't have pongo. pongo is not coming. it has to be pet friendly. he has to stay home. he is 15 or almost 16. i digress. tmi. i'll tell you everything on what happened an american won gold in golf xander i had that it was close the south african anwho is now slovakian won second coming up, another big week for earnings and for the olympics i don't care what they are doing. i can watch it becky, maybe not curling even curling we'll run through the big names set to report after the break. that's winter, i think

ice. as we head to break, check out the price of bitcoin $42,000 and change now down 4%. below $40,000. we'll talk about that. >> announcer: this cnbc program is sponsored by truist securities experience expertise. execution. that's great, carl. but we need something better. that's easily adjustable has no penalties or advisory fee. and we can monitor to see that we're on track. like schwab intelligent income. schwab! introducing schwab intelligent income. a simple, modern way to pay yourself from your portfolio. oh, that's cool... i mean, we don't have that. schwab. a modern approach to wealth management. wondering what actually goes into your multivitamin? at new chapter, its' innovation, organic ingredients, and fermentation. fermentation? yes. formulated to help you body really

truly absorb the natural goodness. new chapter. wellness, well done.

your family is on the move, so keep up with t-mobile - america's largest 5g network. right now, new and existing customers can add lines to their family plan for half off! that's less than $10 a month for additional family lines! only at t-mobile - the leader in 5g.

we have another busy week of quarterly results.

today, we hear interactive and we get numbers from eli lilly and uber and many others for more, let's bring in valerie grant at allalliance bernstein valerie, you watch the markets push higher even with a down week last week you are still talking about the dow and s&p 1% away from the all-time high. it makes you wonder what knocks the market down. >> what would knock the markets down is weakness in earnings that is not what we're seeing. earnings season so far has been strong we had 59% of the and disruptio

business models. that is what we are seeing in the numbers. >> so, we have the fed we know the meeting next month at jackson hole. jay powell seems to have said not so fast. that may not be where we announce something that is the one thing that would shake confidence if the fed would move sooner than later. >> it could have an effect on confidence that is very difficult to forecast i really try to stay really close to the fundamentals here what we are seeing, regardless of how rates are progressing, companies are investing in their businesses and looking at future growth opportunities and adapting to the changing environment. as we look ahead this week, i'm focused on what is happening at

general motors given the strategy focus on electric vehicles and i'm also hoping to get an update on the chip shortages there. if you look at cigna, it launched a new telehealth initiative they are focused on future growth strategies and i'm looking forward to the future guidance and eli lilly with an alzheimer's drug in development. people are interested in that given the biogen drug that was controversial. i try to stick to the fundamentals difficult to forecast what the fed will do. if you maintain a reasonable diversification, you should be fine >> valerie, do you own those three stocks >> yes, i manage those. >> you will listen and check in to see if you will continue to own or buy more? >> correct that's generally what we do.

>> you made a bold call. you said you don't have a year-end target for the markets at this point which is smart it is craze toy to get out there in terms of not having a target, but a general direction? >> i think c constructive on the markets. there are opportunities across sectors and styles of investing. we are seeing an environment that is quite rich for stock selection. by that, dispersion among companies and creates an attractive environment for picking stocks and picking a portfolio that has interesting idiosyncratic characteristics. >> valerie, thank you for being with us today. >> thanks, becky take care. news breaking overnight. simone biles will compete in the

balance beam finals. the latest from the olympics next. > d whead to break, here is the look at the pre-market gainers in the s&p 500. ♪all by yourself.♪ you look a little lost. i can't find my hotel. oh. oh! ♪♪ this is not normal. no. ♪♪ so? ♪♪

right? go with us and find millions of flexible options, all in our app. expedia. it matters who you travel with. (vo) while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned. (vo) introducing 48 square centimeters of earning potential. flawlessly designed. undeniably versatile. unlimited 2% cash back. this is the card built for... ...real life. (dad) she's gonna be a drummer. (cashier) yeah she is. that's gonna get loud. (dad) right?

(vo) the new wells fargo active cash visa credit card. unlimited 2% cash back on purchases. that's real life ready. ♪ ♪ ♪ ♪ ♪ ♪ hey google, turn up the heat. ♪ ♪ ♪ this is hannah, she's a posh virtual receptionist at the ready 24-7 to answer your calls and assist your clients.

you can't be in two places at once. let posh answer. posh virtual receptionists. new this morning, usa gymnastics confirms s simone bis biles will take part in the balance beam joining us for this is jabari young on cnbc sports business reporter i read that and i felt in my stomach butterpflies.

it will be highly anticianticip. >> welcome back, becky joe, i woke up like you with the headlines. i'm great to see she is returning and we see the face of the olympics complete one more time before this is all said and done you know, the second thing is you hope she is ready and you hope her mental health is where it needs to be to compete and us enjoy seeing simone biles at the highest level. this is another athlete raising concerns of mental health. obviously, naomi osaka speaking out over mental health issues. it is great to see her back. she is the face of the olympics. i hope that increases the viewership i hope it will from the gymnastics standpoint. nbc with 16.8 million viewers.

great headline and what has been an extraordinary olympics so far going in with covid and other issues heading into the games. >> i did not realize that the 2016 bronze that she won on the balance beam is one of the things that she covets and cherishes the most i'm not sure if she wants to get gold now it may not be as many twists and turns, i guess it is the scariest for me. it is is so narrow she has made a name and is called the greatest of all time because of how difficult the things she does. you imagine she will do difficult things on the balance beam maybe not as many twists because i don't know what the twisties are. i wouldn't know.

i said i get twisties with a somersault in the air. when you are doing all of these moves, if you don't feel comfortable in terms of what that condition is, you won't feel better on the balance beam, i don't think. you have to do a big dismount, too. >> listen, all of that goes into gymnastics i'll won't pretend to be a gymnastics pro, but seeing her compete and she is the face of the olympics as michael phelps was the face a few years ago it is good to see her return to competition. i'll be tuned in a lot of people will be tuned in the story where you want to see her get her mental health issues correct and make sure she is comfortable and see the competition. great headline to start the week from the olympics perspective. >> golf was interesting.

jabari i like the two guys sharing the high jump medal. a lot of great things. i like watching. what can you run the 100 meters in, jabari i'm 40 seconds honestly i would be out of breath i could do it once it's amazing to watch. >> i had a krispy kreme doughnut before the show. i ain't running nothing right now. i am not running the 40. you mentioned golf xander one of the better story lines. this is the dreams of the father were fulfilled and the land of the mother's family. that is pure poetr yory to me. i'm a word guy his mom raised in japan a

and taiwan this is the story from the olympics that in a few years somebody can make a movie out of it rory mcilroy was chasing third golf had a good few days usa women's soccer falling just now before we got on the air deaf fitly not the same story lines we have been used to seeing from usa, but still good ones out there xander was one of them >> and having -- >> xander. >> having the par. he had to hit a wedge. forget it. no way his father, i guess, the decathlete a horrific car accident prevented him from his olympic

dreams, but now xander i don't think he would trade this for any major all right, jabari, thank you >> this is still a great event >> it's up there no doubt i'm sure he will win majors. he is still young. he has to get past collin. >> i'm a fan i'm a fan. >> very good thanks, jabari next time jabari has to bring crkrispy kremes for us you can't tease and taunt us about what you had for breakfast. that's right when we come back, a double whammy for chinese companies crackdown by chinese regulatregs now the u.s. s.e.c. is looking at chinese companies listing in the united states. that story is next

"squawk box" will be right back. this is the sound of low cash mode from pnc bank, giving you multiple options and at least 24 hours to help you avoid an overdraft fee. because we believe how you handle overdrafts should be in your control, not just your bank's. low cash mode on virtual wallet from pnc bank. one way we're making a difference. all the things, all around you... where you learn, work, and fly... we help make them healthier. we are the people of abm. for more than 100 years, we've been a leader in making spaces cleaner, from the things you touch to the air you breathe. today, more than 100,000 of us are innovating

to ensure spaces are more efficient, healthier and safer. abm. making spaces healthier for you.

good morning welcome back it is monday, august 2nd first trading day of the month of august. as you can see, we're off to a pretty strong start. futures up substantially

dow futures up 168 points. nasdaq up 85 s&p indicated up 26. s.e.c. cracking down on chinese companying hoping to list shares in the u.s gary gensler talking out about the clamp down on the tech companies. joining us now is dewardric mcneal policy analyst and cnbc contributor. we see a lot of different shoes falling. it is almost a millipede, dewardric. for me, the after school business in china, i didn't know that was on the list of the next things to come when it happened last week. were you aware of the dissatisfaction of the chinese

leadership and the way that business is conducted and the social ramifications of what is going on you are an expert. was that right for some type of regulation now i kind of understand it, but i now think it opens up the new ideas of what china is trying to accomplish in that one sector. >> you are absolutely right, joe. we should look at this clearly for what the chinese are trying to do here this is largely about consumers who felt like prices were out of control for education. >> okay. >> and you can't do that if people think they are unaffordable >> dewardric, we're taking some hits on your feed. we'll try some more. hope it was just the one time

and we'll be fine. i'm reading something now that explains it in terms of xi and what he is looking for national security which includes greater control of data and technology then common prosperity we talk about here a lot in this country. it aims to curb inequality in china and follows on there is stability which is tamping down discontent with the middle class. this is the ccp staying in power. i'm cwondering how much they ca hurt their economy and whether they're willing to do that based on maintaining control and sort of stamping out dissent like we know they do >> hopefully you can hear me now, joe sorry about the audio. this is absolutely about communist power andtrying to

stay in control of power also, they are very serious about trying to tame what they consider to be out of control capitalism to make sure there is some equity. i don't think that's possible, but i think the party is certainly trying on the question about education, this was largely about trying to make sure that consumers are not gouged by companies in a sector that is so important for chinese pro progression. that's education they want the economy to grow. they want people to have more kids they can't do that with the cost of education the way it was. the next shoe to drop may be housing. if you look at the prices of housing in china this is another factor that has chinese citizens very upset and parents or people not willing to become parents until they do something about the costs. i think that's another sector that if i were an invest or, i

would look at that sector. >> how about health care, dewardric? >> absolutely, joe health care is another place less so than housing, but that's a place i would start to look for risk if i'm invested in those sectors. if i can say one thing, i think what's important for us to note, though, is the chinese are trying their best to signal that they are not going to stop ipos coming to the u.s. at all. what they are trying to do is control how these things come to the u.s. and this meeting that happened last week between the vice chairman of the chinese commission and wall street banks was the attempt to calm the waters on. that i'm not sure if it was

completely successful. >> dewardric, xi has a tough needle to threat, if you will. when you look at the gdp growth if china, their entrepreneurs in the economy has out capitalized us in terms of capitalism. they have shown us how it can be done when you get 8% or 9% gdp growt the planet you can't do that without capitalism it is not state owned. i dguess they have a weird hybrd form i find it odd they are pushing back against the thing that put

them on the map. they are killing the ghoose tha laid the golden eggs and what brought them to the middle class. >> i think they have done a fairly decent job of that over the last 40 years. the vierdict is out. the strategic environment has changed. people are not willing to go to china without understanding all of the risk. the model of the capitalism with the chinese characteristics is out for a verdict here ray dollard said the move by the chinese regulators is not anti-capitalism. it is pro party. you can make as much money as you want, as long as you do it within the limits and as long as it happens with party control. i think we are in for a ride here, joe, to see if all of these things can happen. ag again, we are not sitting still

in this country. we are also, as you noted at the gi beginning of the segment, to out raise how chinese comes to the u.s. market. >> we have our own issues here i chaff a little bit with capitalism $3.5 trillion. if we do that in terms of expanding government, you don't want to crowd it out here either maybe we're more similar than we think to what is happening thank you. good to have you on. >> thank you, joe. thanks, joe. when we come back, surprising box office numbers from disney's "jungle cruise" movie over the weekend. and don't miss our interview with bill newlands from constellation brands remember, you can watchus

anytime on the cnbc app. it was my dream to be an entrepreneur based upon the examples that i had growing up. and that was important for me because you can't be what you can't see. the ey entrepreneurs access network has a tremendous impact on my business and other african american and latino entrepreneurs across this country because they give access to networks, business opportunities and capital.

welcome back u.s. equity futures are solid. solid start to the month of august considering it is august 2nd. nasdaq indicated up 80. s&p indicated up 25 points or so becky, what happened to august

of 2020? i don't know everything -- august of 2021 already. do you believe that? >> i heard you say that at the top of the show. you are right. this is about the time of the year when i figure out which year it is for checks. zoom, which is, big part of everyone's life now. says it will pay $85 million to settle a lawsuit claiming it violated consumer rights class action lawsuit claims the company shared personal data with facebook and linkedin and allowed disrupters to interfere with meetings with zoom bombings this settlement is trial requiring approval by the district judge if approved, you can receive 15%

discount on the sub descscriptir $25. >> what about the situation with inappropriate material happening from the people on the meeting doing it themselves? >> i'm not familiar with any of that oh, i know what you are talking about. that was the guy who happened to get caught everybody's doing it >> not also, we should tell you about walt disney's "jungle cruise" sailing to $34 million at the box office. $30 million paid in streaming on disney plus. the film secured $91 million in the first three days the movie, which stars emily blunt and dwayne "the rock" johnson will be streamed and in

theaters at the same time. the big "black widow" alleging by releasing this online at the same time and you were cutting scarlett johansson from revenue. >> i agree with that, obviously. is $30 million good? >> it seems pretty good. we paid $30. it is $30 to stream it online. we coughed up the cash we have done that for every new release. >> you give it a siskell & ebert? i want to see "stillwater. >> i fell asleep we had to watch it again the next night >> did you have wine >> no. it was a long day. we were at the beach >> a contributing factor

i i saw "the rock's" outfit. >> popeye? i thought emily blunt was great. >> go get me a safari outfit they brought it back with the hat. i don't know >> my kids loved it. >> they did? >> yeah. >> does that include matt? >> yes >> big kid >> right when we come back, last week saw a flurry of companies announcing a mandate for vaccination for those returning to the office and mask mandates for stores. as we head to the break, check out the price of cryptocurrency pushing over the weekend, but now bitcoin back down 3.6%. we'll be right back. i feel like they might have a better finance system than we do.

workday. how do they make better decisions faster? workday. it's got to be something workday. i think i got something. work... hey, rob, you're on mute. hello! hey, rob, there he is. workday. the finance, hr and planning system for a changing world. 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. my retirement plan with voya keeps me moving forward... into strategies even after paying for this. love you, sweetheart they guide me with achievable steps that give me confidence. this is my granddaughter...she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. come on, grandpa! later. got grandpa things to do. aw, grandpas are the best! well planned. well invested. well protected. voya. be confident to and through retirement.

me disney joins a growing list of employers who are mandating vaccines in order to return to work for more on this, let's welcome tom gimbal it's not just disney, you have walmart and facebook to do the same do you expect this to be the norm of the future >> yeah. the overwhelming feeling was that the majority of companies are going to come back and say vaccinated only at the office. over having people mandatory masks in the office. >> because they'd like to let people in the office be

comfortable. what's been the holdup to this point? was it the emergency use or was the tipping point the delta variant and widespread we're seeing >> the tipping point is the delta variant. most people are concerned that now that people who have the vaccine are showing they have covid symptoms and so they're saying what do we do to make sure that people feel safe the overwhelming concern when polling employees is that i feel safer around vaccinated people than nonvaccinated people with or without masks what employers are trying to do is appease everybody you have to look at it the needs of the many outweigh the needs of the few and do what you can do to get as many people into the office as once. >> that's all fine and well but even the companies that are mandating it are saying you have a couple of months to get this taken care of. by then do you think the delta variant will have died out >> obviously i'm not dr. got

gottleib my feeling is i have a real problem with companies saying this is where we're going and we're not starting it for six weeks. employees have had months to get the vaccine and it's been readily available. if you believe this is what's best for your employees, start it today the fact they're saying another 6 weeks or 8 weeks is prolonging the opportunity for people to be spreading it within their walls. that i have a little bit of an issue with i understand why they want to give people time, start mandating it now as soon as people get the vaccine, they can come back. >> there's so much back and forth over this. as you said, employers want to appease everybody and there's no way to do this where does that leave snem especially right now when you're talking about a real demand for talent and an employee's market >> that's the big challenge we're facing right now this is the greatest -- i'm in the jobs business.

our company finds companies people that they need for white collar jobs. what we're seeing now, this is the best labor employment situation that i've seen in my lifetime at almost 50 years old i think of all time right now. what we have is companies are focusing on life with covid. they're not worried about in the office or out of the office. they're saying the government is not going to do a shutdown we are eventually going to be in the office i've seen the shift, we want people everywhere. hybrid or not, they're coming back in the office that is a little bit of a shift in this employment market where there's 9.5 million jobs and they say we want people in the office two to three days a week and we want people home, the majority. >> are those in urban areas as

well that may be where you get more push back. >> no, most definitely we're seeing it in new york, chicago, san francisco, l.a., miami. in urban areas people are saying you're coming in the office. there is the exception if you can get somebody, great, who lives in the middle of north dakota, that's great that's rare. if we're paying the same dollars, it's a huge thing, you have to pay the same thing in san francisco or tulsa, oklahoma, the answer is if you have to pay the same dollars, they're going to say we want you closer to home. >> fantastic tom, always good to see you. >> big numbers on friday big numbers on friday. >> that's right. looking for it >> coming up, much more on the rise of the delta variant. that sounds kind of weird. almost sounds like a movie or something, rise of the delta variant and the return of the

mask mandates. dr. scott gottleib is going to join us. constellation brands bill ndwlands on the company's post paemic strategy. you're watching "squawk box" on cnbc hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business... you can pick the best plan for each employee and only pay for the features they need.

[music plays.] ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪

frank doesn't need a posh virtual receptionist, because he cloned himself. while his clone does reception work, frank can go to meetings. visit a job site. and even finish work early. you look really lovely. frank? frank...i trusted you! but if cloning isn't right for you, just get posh. virtual receptionists who can answer and transfer your calls, because you can't be in two places at once.

good morning and welcome back to "squawk box" here on cnbc i'm joe kernen along with becky

quick. andrew is off today. u.s. equity futures are looking pretty good for august 2nd first trading day of august. and as we've noted and as i noted, it is jobs -- it is a jobs day first week of august get a big number on friday seems like we just had a jobs number here's what's making headlines square is buying an australian fintech company called after pay. jack dorsey's company announced a $29 billion stock deal it has a premium to the price. national ban expired saturday night president biden set off the scramble last week announcing that he would allow the eviction ban to expire instead of challenging a supreme court ruling signaling this would be

the last deadline. in late june the court allowed the broad eviction ban to continue through july. the white house would like to extend it because of the delta variant. there are concerns that challenging the supreme court could lead to a ruling restricting the administration there's a lot of money 40 billion and only 3 billion has been sent out. t"the wall street journal" op e page has a big piece on this just saying the recession ended a year ago we've got a couple quarters of 6.5 gdp growth and big job gains and it's one of those programs put in during a crisis that is almost impossible to take away once the crisis has passed that's what the journal says dr. anthony fauci said he does not expect the u.s. is going to return to lockdowns despite the growing risk of infections of

the variant. dr. fauci said he believed things would get worse as there are 100 million people in the country who are eligible to be vaccinated that aren't getting vaccinated the average number of new cases reported each day has doubled in the past ten and the number of hospitalizations is surging. the vaccination race is increasing we'll have more on the covid front with dr. scott gottleib in the next hour. dr. scott said he figured there's a million people a day getting infected nobody is getting tested you don't know they're vaccinated, asymptomatic and it's going to be endemic and we better understand, it's going to be akin to the flu that we see every year and it's something that we'll have to -- i again saw now that the fda is

scrambling to do pfizer by september which would certainly help they think 30% more people would get the vaccine. >> pfizer turned theirs in a little while ago. >> pfizer is going to be by september. maybe that would -- i'm not sure. >> look, it's that and then it's also the approval to get kids under the age of 12 to get the vaccines too once you do that, that will probably come in october i think the data from pfizer will be done in october. i don't know how long the fda will look over that information too. at that point you can say this is the same thing as trying to deal with the flu when you have vaccines available to everybody and when you have the therapies as you mentioned it's probably something we have to live with if that's the case, if there are a million people a day getting it now, you have to wonder when it burns through the entire population. >> trying to figure out the

whole reticence to get vaccinated because in a lot of ways i identify with a certain side of the aisle on certain things and the side of the aisle that's identified with that, do you remember -- i was allowed to get it when i got it because of my age but i got it like the first day that you were allowed. my dermatologist was able to get an appointment i didn't want to admit it. i could not get there fast enough after the year that we were through, the year and a half and the symptoms -- what you read about. it's like -- it was like a get out of jail free it was like the great he was thing i've been able to get. >> i know. >> i understand messenger rna. i was trained in molecular biology. i can sift through the complete crap that i read but for me it was like -- i was so excited and it was so liberating. >> i don't understand why it's been politicized when the

leaders of both parties have all rushed to get those vaccines themselves, too. this is not -- >> you've got -- just such a load lifted off of your shoulders when you know you've taken the worst case scenario -- >> it was emotional. it was emotional, being able to do that. by the way, yeah, science, look what we can do in a span of less than a year to get the vaccines rolled out. >> what we're going to continue to be able to do with that very great, facile, adaptable technology. >> very exciting. let's take a look at what's been moving early this monday morning. dom chu is here. what's happening >> what you were just talking about with regard to the vaccine positivity is one of the big reasons why the markets have been on this general up trend for quite some time and certainly during this period since the virus pandemic since the lows of march of last year if you take a way the things

have developed with the small cap story versus the large cap story, the orange line is the large cap story of the s&p 500 the white line is the small cap stocks that's been really reopening and part of the reopening trade overall. if you look at that particular trade, the white line has been outperforming the orange line and now you've seen a little bit of under performance in the white line or the small caps stocks we closely associate that with the reopening trade. if there is a little bit of negativity out there now, it's maybe because this delta variant could derail some of the positivity around what we've seen so far. if you look at the way the sectors are broken down over the course of the last month, it has been some of the more defensive oriented sectors like real estate and utilities that are leading the way higher meanwhile, financials and energy by far the worst performing sectors in the one-month span speaking more to the vaccine

trajectory notion. just a few stocks to keep an eye on if you look at shares of right now capri holdings, levi strauss and and estede lauder, levi gets initiated over stiefel and looser fitting denim, that could be a tailwind. up 1/4 of 1% and estede lauder gets downgraded. >> dom, i love you that's so much information crammed into such a short period of time. you're the best. >> i do it i heard you're here just across the building at some point i'm going to have to say hi. >> you sound like you have a cold stay away. >> you've got it

>> i'm vaccinated though i will say that. >> me, too feel better, dom we will see you in a bit. >> joe, did you hear what dom said skinny jeans are out wear the looser ones. >> i've got all kinds. i've got dad jeans. >> mom jeans. >> some skinny i've got skinny that are elastic which are a big help not totally elastic. >> they're called maternity jeans. i had them too >> that's a sore subject my kids are getting old but i never lost the weight. after the first two pregnancies. >> i feel your pain. >> i never lost the weight >> they wouldn't give me an epidural either on either one of them which i needed the ceo of constellation brands on inflation, delta variant and the business of booze check out names on cryptocurrency

robert frank will have the story. "squawk box" will be right back. ♪♪ the ey entrepreneurs access network has a tremendous impact on my business because it's given me networks, access to capital, and access to opportunities. the level of coaching that i get has had a tremendous impact. it allows companies like mine and others to grow, and it closes the wealth gap in this country.

our next guest says inflation is in fact transitory and that shopping markets could be ahead joining us now, ron dietrich from lpl financial ryan, i saw a piece today about not new employees, not recently

hired employees but about everybody up the food chain that sees the recently hired employees getting this much and right across the board everybody wants to be paid more for their services based on where entry level employees are getting paid why doesn't that eventually go into the bottlenecks that we're seeing that are causing the here and now inflation, why doesn't that become long-term inflation? >> yeah, joe you think about it, we just had a decade where inflation was about 2% coming off of the worst recession we've all seen in our lifetime, a little bit higher inflation makes sense. 1970s style inflation, we just don't think so when you look at all of the manufacturing, technology the cell phone, the amazon effect run away inflation, we're just not worried about it joe, i will add. i gained weight when my wife was pregnant and didn't lose it either. >> didn't lose it afterwards i think that's a -- they should

do a scientific study because it's not your imagination. i do really think that that does happen i don't know, ryan the bottlenecks that we do see coming out of the pandemic, that does make some sense to me but in terms of long-term 3.5 trillion here, another trillion there. we already did 1.4 trillion, doesn't any of that ever translate into the debasement of the dollar or the currency that eventually -- and the fed. look at how accommodative the fed has been why doesn't that -- that's what some of the inflation hawks are referring to they're not looking at near term, bottlenecks. there are things and policies that in the past has resulted in sort of secular inflation. >> yeah. let's be honest. ten years ago people thought with all of the stimulus and things we would see run away

inflation and didn't talk about u.s. dollar, we are on a major structural down trend. for whatever reason every 16 years the dollar is a major peak the dollar tends to go lower, 6 to 8 years of the major structural peaks we think we're at a potentially lower dollar environment all of the spending and things, budget deficits, trade deficits. all suggest a lower trending dollar what benefits from the lower dollar potentially materials. some of the cyclical names can do well. >> when we talked about the response to the financial crisis, do you remember the number, the shovel ready number? do you remember what we agonized over for the next three, four, five years 800 billion. >> 800 billion.

>> six times more, at least the rally. >> we do that before breakfast in washington these days it's like -- it's a completely different animal, what we're seeing right now you don't think there's zero chance that we engender some type of '70s style wage inflation from this spending >> well, you know, i can't say zero percent and i'm not allowed to make that guarantee i've told you for a while, joe, this is the first year ever in history where the s&p was lower in january then up the next six months this is rare air when you're up six months in a row, historically after that stocks do well higher 18 to 21 times up 12% on average. we get all of the concerns but all of the spending and the resurgence in the economy, this

is only a year old expansion we're still young. those are concerns but we still think being invested in stocks leaning towards cyclical value is the way to be in the next 6 to 12 months here. >> the other leadership in the marketplace doesn't seem like you're really talking that way are you out of tech? are you not a fan of fang at all? do you like the nasdaq here? >> we are neutral tech we've been neutral tech the last couple of months i'm aware tech has done well we still think when all is said and done early in the cycle, look at earnings, earnings are obviously strong we still think the cyclical values, industrials are doing better we have slightly overweighted values >> the end of the year target and the end of next year target, you see 10% just in the cards for the s&p.

you don't see any type of long-term issue with financial assets given the move they've made already, ryan >> we are near-term concerned. september is the worst month after 98% rally we think it would be perfectly normal to consolidate, have a little pull back history would be on the side we're over 17% joe at the end of august you look back in history, 11 out of 12 times after you have 17% the rest of the year was higher. historically when you have a good start to the year, we're going to have pull backs we'll be a buyer upward trajectory. it's still in play buy those dips >> brian dietrich, lpl financial. thanks >> thank you. >> becky, you got this tweet, did you? the one about what men over 30

wearing skinny jeans look like >> that's the one. >> love it my favorite tweet of the week already. it's only money. >> i don't know why i resemble that so much i resent that and i'm going to -- >> i'll retweet it so everybody else can share in the joke because it's a good one. >> it's similar. >> i've already sent it out to a couple of people it looks perfect. >> there's my legs. >> i'll tweet it out so everybody can share. it's perfect >> i'm never wearing them again. >> i knew exactly which tweet you were talking about caught my attention, too well done. >> perfect. >> it is. when we come back, taxing bitcoin. the infrastructure bill includes a measure going after bitcoin that's expected to raise $30 billion a year we're going to get the details from robert frank, our own reporter who covers everything taxes for us that's going to be right after this break then later the ceo of

nslliocoteatn brands, booze business and more. check out this tweet you've got to see it ♪ there she is, miss america ♪ ♪ there she is, your ideal ♪ ♪ with so many beauties she took the town by storm ♪ ♪ with her all - american face and form ♪ ♪ and there she is ♪ ♪ walking on air, she is ♪ ♪ fairest of the fair, she is ♪ ♪ miss america ♪ ♪ there she is ♪

what happens when we welcome change? we can make emergency medicine possible at 40,000 feet. instead of burning our past for power, we can harness the energy of the tiny electron. we can create new ways to connect. rethinking how we communicate to be more inclusive than ever. with app, cloud and anywhere workspace solutions, vmware helps companies navigate change. faster. vmware. welcome change. the latest draft of the infrastructure bill includes raising $30 billion a year from cracking down on crypto tax

evasion. i think it is evasion. robert frank, joining us with more if you don't talk about it, don't pay it, that's not avoidance, that's evasion. >> that's right. yeah, that is evasion. that's what they're going after here the crypto industry fighting to remove part of the infrastructure bill that would crack down on crypto taxes the draft bill reports new reporting rules for crypto traders that would raise an estimated 28 to $30 billion over ten years from identifying those tax evaders. right now very few exchanges actually report taxable transactions to the irs since the laws right now are very vague. the new bill would impose tighter rules on businesses handling crypto. they would have to report the purchase prices and the sales prices for crypto sellers. secondly, it would expand the reporting requirements for brokers. so it would apply to, and this is important language, any business that facilitates the transfer of digital assets

so that is much broader definition than just broker. also require any digital asset transactions of $10,000 or more to be reported to the irs. the blockchain association saying these rules pose, quote, an imminent threat to the budding crypto industry. the industry arguing that it is not widespread and won't raise the extended revenue charles reddit saying it is one reason uncollected taxes now total up to $1 trillion a year, joe. >> wondering what it looks like in terms of how you would round things up. if your wallet is on coin base or something like that, it seems like you're going to need regulation or need some -- at least some guidelines for what these exchanges do

look how well coinbase did on the ipo. they got plenty of money they have to start making it easy for everyone doing business there. they don't generate any information at this point for year-end taxes, robert do they do that yet? >> some of the exchanges, coinbase for instance, say that they provide information to the irs. it's largely voluntary it's unclear whether it's completed. the other issue, apparently crypto holders move their crypto from one exchange to the other quite often so you might buy it on coinbase but then switch it to binance and binance doesn't have a record of what your cost base was this is taxed at a capital gains. so you need to know what you bought it for and what you sold it for so unless all of these exchanges start reporting it, in some cases the exchanges don't know what their crypto holders bought it for that's why everybody has to be

on board >> right usually doesn't stop me but i don't want to sound stupid, but there's a lot of people that just -- that just have their -- they don't even do it with exchanges now. how the heck would you be able to follow their movements in the crypto world if you were the irs? >> yeah. no, that's why janet yellen and charles reddick have said they don't know what the size of the tax evasion here is with cryptocurrency, but they think it is one main reason why the tax gap, the amount of uncollected taxes has soared so much so until you get this forced mandatory reporting, you just have no ire dehow much evasion is going on. but it's likely quite a bit given that taxes are one reason that people like bitcoin and they like cryptocurrency. >> hey, robert, if they can't figure out how much is missing from something like bitcoin and other things, how confident are

they in the tax gap numbers themselves what are those based on? >> well, they're not the broad tax numbers are very unclear and you guys have talked quite a bit about that on the show when it comes to cryptocurrency, that's why this $28 billion number which originally came from the joint committee on taxation is being challenged by the association which says, look, you know, we think it could be a lot lower others on the other side think it could be higher $28 billion is just kind of a guess right now in terms of how much uncollected there could be. it could be a lot more could be a lot less. >> robert, great to see you. thank you. >> thanks. still to come on "squawk box" this morning, dr. scott gottleib will join us to talk about the need for vaccine boosters continuing spikes in cases and much more. plus, constellation brands ceo bill newlands is talking to us about how the delta viaarnt

could impact sales "squawk box" will be right back. you have the best pizza in town and the worst wait times. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

countries like england and germany eyeing booster shots for the most vulnerable populations. joining us is dr. scott

gottleib he serves on the pords of both pfizer and illumina. his new book "uncontrolled spread why covid-19 crushed us and how we can defeat the next pandemic" is out in september. scott, let's start with where we stand with the delta variant in this country, how bad are things and where do you think we stand? >> well, look, i think we're further along on this epidemic wave of what we're measuring i wouldn't be surprised if there's a million infections happening a day or more. a lot of people testing at home. a lot of the positive cases that are occurring aren't being reported to the extent they are happening in people who aren't vaccinated or younger people developing milder symptoms, i don't think we're turning over a lot of the cases that are occurring if you assume there are 90 million people vaccinated and 40

million have had covid in other waves of infection, that leaves about 50 million who are unvaccinated who are elg again for vaccination. 15 million have already been infected with delta wave, you have another 15 million that are going to get infected with the delta variant before this stops spreading in the velocity it's spreading now. when you look at what's happening in the south, the rt, which is the rate of transfer, it's still above 1 in a lot of southern states which means you have an expanding trend but it's going down that's pretty directional. goes up and heading down florida, louisiana, mississippi is a suggestion it's running its course in those states hopefully we'll fall below one meaning you'll have a shrinking

epidemic. >> meaning we are at the height of this in a couple of weeks or we already are at the height >> might be petering out in certain states tennessee is one example of a state that had a dense wave of spread and now has an epidemic that has turned the corner i think you're seeing science sort of petering out in those states maybe another couple of weeks to go if you think there's about 1 million infections a day, maybe more than that, you think there are 15 or to million are going to get it. the problem is the south is the epicenter of the epidemic. florida is the epicenter of the epidemic the south will come out of this in a couple of weeks cases will pick up in the north. you've seen that in the north. i don't think the wave is going to be as dense because we've had higher infection and higher vaccination rate you will see cases pick up

it will give the specter that we're going to experience a wave of delta as well that's going to coincide with the restart of school. i think it's going to complicate things this is a big country. this epidemic wave is going to reach it you'll have regionalized waves reach across the u.s. as well. much like b 117 as well. >> have you seen any data that you think is reliable that indicates this is a more lethal or more dangerous -- well, dangerous could imply more transmissible but anything that shows the outcomes are worse or the hospitalizations are more frequent with the delta variant? >> yeah, it's really hard to tease that out the cdc, the data that was leaked to the washington post, that slide deck, if you look at the slide deck, the cdc had a suggestion in there that they think it could be more

pathogenic not more than b.1.1.7 but where they place it on the continuum of different viruses, they place it in a category that could suggest it's a little bit more pathogenic than they're thinking i don't understand the thinking behind it. >> do you think the cdc has relied on any data that has been maybe not completely reliable? just overall do you think the cdc could be as effective as it could be in messaging about it i don't envy their job but it's certainly been -- would you call it questionable, some of the things that -- the way things have been released or even decided on >> i don't question the ultimate judgment i think the agency hasn't released bottom line information and spoken to the public in a way that helps us understand our own risks. cdc has a retrospective mind

set. that's not what you need in the setting of a crisis. you need actual information that can form decisions that individuals and policy makers can make waiting several months for an mmwr report to tell us how bad the delta variant was, that's not what we need it's almost antithey y t theantithetical to their culture. >> let's talk about booster shots because it doesn't seem to be something that's really moving forward in this country but you have israel already giving shots to anybody who's 60 or over and brittain and germany are going to start doing it soon too. why aren't we? >> well, i think we will you know, my guess is sometime by september or october we will be giving booster shots to older individuals. cdc met recently, advisory

committee met recently to discuss booster shots for people who are immunocompromised. they seem to be open to that i think we're on a slower path here quite frequently. it's unfortunate i believe people vaccinated pack in december or january should be contemplating this that slide deck leaked to the washington post,they analyzed an outbreak in a nursing home. they found 61% of the nursing home residents were susceptible to infection the vaccine was still protective against severe disease in that setting. the fact that older individuals who were vaccinated back in january and december seem to be more susceptible to the infection right now, even mild infection is concerning. they can have break through in developments and i think we should be actively contemplating getting a booster to older individuals. it may be a case after a third boost you get a durable

immunity it may be spacing out the first two doses gives you a more durable response remember, this was designed to get immunity into the population very quickly so we gave the shots three and four weeks apart. we didn't contemplate trying to give them as long as possible. we contemplated to get as much immunity to the population because it was a raging epidemic these may be optimized i'm on the board of pfizer it's given the first two doses shingrix, the second dose is given two to six months after the first dose we may optimize how we deliver the first two doses when we have the luxury of time to do that, when we're not in the throes of a raging epidemic. >> is the booster shot going to be a different shot than the ones we've already gotten or is it going to be a second or third

version of the one we've already gotten >> yeah, it's going to be a third dose of the vaccine that's already been given to people barring any sudden change in this view tlaus would, you know, rent the current vaccine prevalent. there is one circ can you lighting in south korea, 619 but we haven't seen one emerging that's that concerning the booster will be a third dose of the existing vaccine. the u.s. government has purchased enough vaccine to give boosters to the entire population for people who think this is a zero sum game and giving boosters to americans is going to take vaccines away from other countries, those vaccines have already been purchased and a lot have been stockpiled they exist they're not going to be used unless they're used by the u.s. government they will maintain a stockpile as a national security measure they won't deplete all of their

reserves they're with the united states government or soon will be. >> i guess i just keep hearing and reading more about people who are kind of doing it themselves either with their doctors or without going out and getting a third shot because they're older, immunocompromised, some other issue that worries about that. how risky is that? >> well, look, there's data now available to inform the third dose pfizer, again the company i'm on the board of, put data out and is filing with the fda for approval of the third dose israel has started giving a third dose there's talk germany will do the same it needs to be fully explored and the fda needs to review that data we'll have real-world data coming out of israel

pretty soon we'll have a lot of information to inform those decisions. >> scott, thank you. great to see you we will talk to you later this week. >> thanks a lot. coming up, constellation brands, the stock has doubled since the lows of the pandemic we're going to talk booze inflation and what's driving the growth in the alcohol beverage industry we have the company's ceo. as we head to break, here's a look at this morning's s&p winners and losers we're coming right back. i think you're going to like it here. umm, why is everyone... throwing things at me? look, as cfo it's my job to be ready for whatever's next. that's why i have my finance team, randomly hurl things at me. it's also why we use workday. it gives us insights, so we quickly pivot our strategy, people, planning, you name it. sorry, sir. i will aim straight at your next step. see that you do. would you like some coffee? workday. the finance, hr, and planning system for a changing world.

♪ for a changing world. my son romeo has sought counsel with some strategic advisors. they suggest that we marry our fortunes with...the capulets. blasphemy! fear not. these advisors managed one of the largest mergers in history, creating billions in value. billions? plus, they have experts in global trade. this merger shall be a boon for our spice business. and set a course for growth. here, here! friars, send word at once. yes, m'lord.

this past year has felt like a long, long norwegian winter. but eventually, with spring comes rebirth. everything begins anew. and many of us realize a fundamental human need to connect with other like-minded people. welcome back to the world. viking. exploring the world in comfort... once again.

welcome back to "squawk box," everybody. last week was a down week for the markets, but this morning it could see the futures are kind of off to the races. dow futures up by 122 points by the way, the dow is only 236 points from an all-time high, at least an interday high s&p indicated up by 21 points. it needs 35 to be sitting in an interday high itself the nasdaq indicated up by 76 points we have much more on the markets coming up at the top of the hour with mohamed el erian. up next, the ceo of

constellation brands and we'll talk about the alcoholic beverage industry and how delta variant could impact sales. and then senator dan sullivan "squawk box" will be right back. this is ashley. she's a posh virtual receptionist.

she'll make sure you never miss a call or an opportunity to grow your business. you can't be in two places at once, let posh answer. posh virtual receptionists. team usa is ready for the olympic games... ...and so are mike and eddie! show me the olympics. they easily catch every single event with the award-winning xfinity voice remote. show me bmx racing! show me swimming. track and field. shot put. skateboarding. water polo. climbing! discus. surfing. dressage. dressage? it's horse dancing. magnificent.

with the best of the olympics, and everything else you love, it's a way better way to watch! cheer on team usa with xfinity x1. say "show me the olympics in 4k" so you can watch in stunning 4k ultra hd. the alcohol industry a big winner throughout the pandemic as at-home beverage sales spike but with restaurants and bars

reopening, how will that impact trends joining us is bill newlands, constellation brands i'm looking at a chart here, bill it's been a bit of a stall just in the last, i don't know, six, eight months after a nice rebound in the middle of the pandemic there are some headwinds maybe it's cost pressures. maybe it's -- i don't know if you don't have as much at home, do restaurants and bars make up for that >> our business has been very strong, joe. we saw double digit growth both top and bottom line in our first quarter and as you pointed out, the opening of the on premise has really been a boon to us we saw a 250% increa and that'sn

good for us. >> do people order hard seltzer out of bars? >> they do but you see traditional beer as the strongest growth play. >> even though that's been a bright spot, but more of it's consumed at home or you buy it at a supermarket >> yes. >> still not -- but beer's been a real bright spot, imported beer specifically, i think. >> it has. it has that's been driven by modello. modello is recently the number two selling beer in the u.s. and it's certainly our biggest growth driver. it's on a tremendous trend it's had double digit growth for 30 plus years. this is going to be another one. >> the spirits and wine business needs to come back a little bit. is it supply is it -- what are the issues

demographically? i don't -- explain it to me. >> you saw a lot of channel shifting occur around the pandemic in the wine and spirits business people changed how they bought it so you saw much more amazon and insta cart and grisly. so it's still a lot of different dynamic in terms of how people are going to buy and how they're going to buy longer term, but that really doesn't change the dimension or premiumization. with other brands, we're in a great position to take advantage of that growth. >> ecommerce, the e side of things has not always been the strong suit for this sector, for alcohol, but it now is and the pandemic changed all of that >> it changed it a lot, joe. you saw much more interest in direct to consumer buying. our business was up more than double what it was in the prior year in that channel alone

because people were looking for safer ways, particularly at the height of the pandemic, to buy some of that behavior we think is going to continue it's why we invested a lot of money in our capabilities and three tier ecommerce and digital transformation >> what about -- in your input costs, what should i think about there? where has the big inflation been with the producers or are there other areas where you're seeing it where it's hurting margin >> there's certainly inflationary pressures with that said, we don't expect it to be material because we're heavily hedged we co-own our glass plant with bowens which provides much of the glass that we have for our beer business for example. certainly there's pressure it's also a better pricing environment and it's easier to price this year than often is the case because of some of these inflationary pressures.

>> big market cap for constellation. do you still look at some of the upstarts just to add to your stable i don't know if it's tequila i don't know how many celebrities can start tequila companies that are very, very successful i don't know whether it's the shape of the bottle, the marketing. how does that work you still would bring more brands into the stable, more premium brands >> we might do selective ad-ons, but we're very focused on our cart portfolio our modelo has great up side some of the wine brands i mentioned are continuing the double digit growth drivers. we're very focused on returning money to shareholders. we made a 5 billion commitment in the next 18 months to get to shareholders and we're well on our way with our share buy back program. we're very focused on what we've

got. we think there's a lot of growth profile remaining in our growth business. >> any issues on the horizon that are troubling out of d.c. the only reason i bring that up is i have a real problem with people that categorize all buybacks as bad. it just drives me nuts when i hear politicians say ceos doing buybacks reduce the price. i'm not sure what the rationale is it is kind of -- it's a loaded term right now you just said that you're fully selling the idea to shareholders that you're going to return money through buybacks how do you address the perception that this is somehow financial maneuvering or, i don't know, a way just to boost the -- i don't know why boosting the stock price is necessarily a bad thing either considering shareholders across the board. so i don't really understand you hear it, right elizabeth warren what is that about >> you do hear it.

our focus remains bringing great returns to shareholders. that's going to go by the growth profile of our brands but also returning money whether it be through dividends or through share repurchases. we think that's good capitol allocation we can do all of that and invest and put capitol behind the business and invest for our future growth. we think that's a good play and we're very focused on it and do that in spite of some of the noise around the edges >> crazy if buybacks are bad, people should issue stock keep issuing more. get to 10 trillion shares outstanding. >> right. >> that's the opposite mentality but it makes you wonder, doesn't it, about people in charge bill newlands, appreciate your time makes me want to have a drink. it's a little early. >> it is a little early. >> for me. appreciate it. >> thank you. >> little too early. little too early

not quite at 8 a.m. on the east coast yet. >> bloody mary >> yeah. monday bad case of the mondays. i know we're out there. i liked what you said though, basically when it comes to share buy backs, if loving you is wrong, i don't want to be right. there's a song written for you, joe. let's get a quick check of the markets this morning because on this first day of august you are looking at great arrows. the dow futures indicated up by about 126 points and the dow and the s&p less than a 1% from their all-time high. the dow needs 236 points to get to its interday high s&ps up 21 it needs 35 points to get to its interday high. thank you for that information, peter shapnau. if you check out what's happening with the 10-year note you're looking at the incredibly compressed yields. 1.224% still below 1 1/4%

the 30 year is at 1.9% 10-year at 1.20% right now oil wti is down by a dollar 1 1/4 percent. when we come back, mohamed el erian will talk about what's moving the markets this morning. plus, alaska senator dan sullivan the chinese tech crackdown and what it means here in the united states and be what he'd like to see the sec doing. stay tuned, you're watching "squawk box" and this is cnbc. save, spend, borrow, invest, and earn cash back rewards, all in one app. that's how you get your money right with sofi.

new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

good morning it's the first trading day of august futures are pointing to a higher opening on wall street they pulled back from their best levels of the morning. the s&p is on a six-month winning streak big step forward on the bipartisan part of the infrastructure plan in washington senators finishing up the text of the bill next we'll see if they can get it passed. and a huge deal in the fintech sector we'll tell you about the move jack dorsey's square is making as the final hour of "squawk box" begins right now.

good morning welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen andrew is off today. u.s. equity futures off to the races this morning it's monday morning but that's not slowing things down. dow futures look like they're up 128 points s&p up by 21 nasdaq up by 79. if you check out what's been happening with the treasury market, the treasury yield still under pressure right now the 10-year yield at 1.222% let's get you caught up to date on some stories that investors are going to be talking about today. first up, payments company square is planning to buy fintech company afterpay in a deal of $29 million. it's allowing purchasers to pay in installments. the payments are in installments

but there are penalty tis if it is late. square shares down by 4.5% afterpay indicated up by just over 18% don't miss a first on cnbc interview later this morning on "squawk on the street" with square cfo and afterpay's co-founder. the senate taking a significant step towards passing a large bipartisan infrastructure bill. it runs 2700 pages long and it spells out how roughly $550 billion in new spending will be allocated over five years. there will be billions for road upgrades, led pipe replacement and ev charging stations combined with $450 billion in previously approved funds, that package totals $1 trillion next up the legislation will be introduced in the senate and then democrats hope to get to work on their own $3.5 trillion plan to fund social, health and environmental programs more than 300,000 robinhood

users bought shares in the company's ipo last week. that's according to "the wall street journal." that level of interest represents about 1.3% of el eri, allianz and grammarcy's advisers mohamed, when you saw the comments last week from fed chair powell, what did you make of his approach at this point? can you say or do you feel that the fed is in sync with where they should be or behind the curve on inflation >> so i think they are behind the curve, but what i think doesn't matter, joe.

it is what chair powell thinks that matters and the marketplace has now embraced an even more dovish approach going into the press conference we're talking perhaps we're going to have an announcement in august or september about taper. now people are saying it won't come before november or december and that's why the market feels comfortable with continued liquidity injections from the fed. >> do you think at this point for fed chair powell, i mean, if we do see inflation in wages and you're seeing that starting wages are going up, you're seeing that across the board with people that are already employed there, do you fear a wage price spiral is being, i don't know, just not a fear anymore because it's been so long >> i don't think people quite understand how inflation works

those of us who live through inflationary period are seeing what i call the cost push and demand pull inflation demand coming in. on the cost side it's not just about higher wages that's a good thing wages are coming up. it's also about higher transportation costs, also about higher import costs. on the demand side, you have the massive demand also adding to the inflationary pressures those who have seen the process know there are lags in the system joe, i can talk to you about this until tomorrow morning. the minute the fed starts saying transitory is not just a few months or a few quarters it could be one to two years, it becomes -- the whole notion of transitory becomes meaningless at this point and the risk we have is that inflation will get embedded into the system >> do you think that the delta variant played into -- it gave powell some more time. it gave limb some cover for what

could have been a policy mistake that looks like it was prescient. >> yeah, i think there isn't any doubt that the delta variant may act in slow activity it amplifies supply disruption talk to people supplying themselves from vietnam, they'll tell you they're having disruption it acts on both sides. the more the delta variant spreads, the more people will start talking about this awful thing called stagflation i don't think this is a destination for the u.s. economy. it could be part of the journey. so the delta variant does slow growth down but it makes supply disruptions worse. >> do you think powell gets another term, mohamed? >> i don't know. all weekend we started having an interesting compare and contrast between chair powell and

governor brainer it didn't come on monetary policy, it came on elevated asset prices and it came on digital currency so it's interesting to see that we are starting to see more of a race than we had before. >> where do you factor in the developments that we've seen china's ability to lead the world in growth. >> the pmi manufacturing overnight. it came down from 50.9 to 50.4 people are starting to see the chinese economy slowing. i'm less worried about its impact on global growth because i believe europe is going to accelerate more than people expect however, there's another story happening. people are asking themselves, is china uninvestable we're seeing a major crackdown

happen we're seeing people who didn't know they were investing in china, for example, the eem index which has almost 1/3, over 1/3 chinese name so we are seeing what are called the index effect contagiant that people normally worry about. >> you think the fed will reassert the other mandate it has in the back of its mind that it does have a dual mandate but at this point it's either handcuffed or not concerned enough about price stability it's just all about the 10 million jobs that are still missing or whatever it is. 9 million. but, you know, pointed out that some of the reason we're not getting a return to the work force, whether it's evictions, whether it's unemployment, whether it's whatever. and the fed is enabling a lot of those programs denying all of the debt it seems like it's part of the problem rather than part of the

solution >> yeah, joe you have two big economic puzzles out there. you have the employment puzzle, the labor market puzzle. how do we have such high vacancies. growth numbers if we have so many people who still aren't back in the labor force. and then you have the price formation puzzle and the old fed that you and i know would talk about two-sided tails. talk about ensuring against both tails. that has gone out the window they have a framework that is not forecast based but outcome based relative to inflation so the secretaond mandate is reduci importance by the time it becomes important, it will be too late because the framework is backward looking >> mohamed, do you have a new normal 2.0 based on the way the world looks after reopening? you had the first one based on how we looked after the financial crisis what is the new normal -- the

new new normal look like to you for the near -- let's say the next two years, three years. >> so i hope it's not a new, new normal let me explain why coming out of the global financial crisis to call it the new normal was that demand would be deficient that you had structural problems with demand and until we addressed that we would not be able to grow in a high and inclusive manner coming out of covid, we don't have a demand issue. we have every element of demand pumping in a lot of demand we have private sector households sitting with massive savings and there will be spending we have governments with trillions of dollar in budget deficits we have companies with very strong balance sheets that are starting to invest we don't have problem with demand so the new normal as you and i defined it no longer exists but the new new normal that risks beginning is deficient supply.

that is problematic. i hope it gets sorted out because i don't want that to be a new normal a new normal with supply problem is stagflation neither the market nor the economy will welcome that. >> hey, mohamed, just to kind of circle back with something joe was asking you about in terms of jay powell kind of looking at things this way, do you think there's any case of politics involved here if he hoped to set up and maybe start talking a little tougher about things, sounding a little more hawkish, i think it probably decreases his chances of being able to be renominated in that position do you think that that's at play i know we always say there's no politics, the fed is apolitical. when you're looking at something like that, i don't understand how it makes its way at least in the thought process. >> so i leave that to those who understand politics better what chair powell has done is he has pinned himself over and over again to the transitory inflation call it has become a conviction, an

absolute conviction. he keeps on repeating it so the risk he faces is is he may be complicating it may. he may be reappointed before we see whether the inflation is transitory or not. may be complicated by that call. he has completely pinned himself to that and to the new framework which is co-inflationary >> but what you just mentioned, that whole idea of the problem being that we don't have enough supply, not enough demand, i mean, that gets you into a situation where inflation would not be transitory because it's these chip shortages and everything that goes along with them that leads to a higher inflation problem, at least part of it. >> i listened very closely to what you do. they are telling us transportation remains a problem. workers, we can't find them. import costs, they're still going up you know what, we have pricing

power. when you hear companies say that, you know that there's more inflation in the pipeline. the problem with the fed, i think, it is dependent on macro models and the macro models are not as yet capturing what's happening to the supply side >> mohamed, the mets are the only team above 500 in that crappy nl east, and you think -- i mean, do you think -- since the all-star break they're like 500. do you think the mets are any good they're six games above500 you know who else is six games above 500? >> the reds. you guys took the series over the weekend. you now have exactly -- you have one more win and one more loss than us. but you stayed with us and yet you're not in first place. i thought, joe is not going to like that. look, it is amazing we entered august with the mets in first place. most of us did not expect that to happen. our expectations are pretty low, joe. they're not as high as yours.

>> .528 is the reds average. to .529. the reds are at .529 good series. >> and both of us are behind on the wild card so remember that >> exactly did you see saturday's game? what a killer that was for me. oh, my god what a killer. you came back -- >> you've got sunday you've got sunday. >> sunday we got sunday we got. i needed over 8.5 runs and you saw how many there were. becky, it's hard it's hard work thank you, mohamed >> thank you, joe. thank you, becky. >> hard work being addicted to gambling. >> it's hard -- yeah exactly. there's a lot of disappointment. there are some high points. >> five bucks? >> it was five exactly 5 but i would have won 20, 22 i had the reds winning and the over >> so close. >> 8 1/2. >> yet so far. when we come back, we're going to dig deeper into something

mohamed just mentioned a moment ago. the fed evolving fight over chinese companies listed publicly here in america and what it means for u.s. investors. alaska senator dan sullivan will join us. he's calling for much more accountability from chinese firms and he wants the sec to get involved. first though as we head to break, check out shares of ge. $100 a share is not a misprint on your screen ge completed its previously announced 1 for 8 reverse stock split and will begin trading on that post split basis today. check it out $102.93 right now. stay tuned, you're watching "squawk box" and this is cnbc.

young woman whispering: hey, did you bring the... the condoms? young man whispering: what's up? young woman whispering: condoms father: condoms charlie. she wants to know if you brought any condoms. young man: yeah i brought some. ancr: eargo a vitually invisible hearing loss solution with high quality sound and lifetime support. eargo 5 is here. our latest device that allows you to personalize your hearing experience.

get yours today. and if you're and active or retired federal employee you may qualify to get eargo at no cost to you. and there you have it - wireless on the fastest, most reliable network. wow! big deal! we get unlimited for just $30 bucks.

i get that too and mine has 5g included. impressive. impressive is saving four hundred bucks a year. four bucks? that's tough to beat. relax people, my wireless is crushing it. okay, that's because you all have xfinity mobile. it's wireless so good, it keeps one upping itself. welcome back to "squawk box. futures have been up all morning. first trading day of august. 124 points nasdaq up 78 s&p up about 2 points, becky. thanks, joe. the u.s. government is looking to shine more light on chinese companies that list right here in america on friday sec chairman gary gensler outlined new rules they are going to be seeking.

this follows crackdown on education and tech companies last week a group of senators including our next guest called on the sec to get together to get tougher on chinese corporate transparency joining us right now is alaska republican senator dan sullivan. senator, thank you for being here first of all, let's talk -- >> thanks, becky >> china has been cracking down. it has met a lot of volatility in the share prices. you think u.s. investors are at risk what did you say to the sec? >> well, look, we wrote the chairman and spoke to him over the weekend. i think this issue, the didi issue raises investor protection issues but it also highlights other broader strategic u.s./china issues. but with regard to the investor risk issue, i don't think our investors fully understand when they purchase a chinese company

on an american exchange what they're actually purchasing. it is almost always an off shore shell company. no equity that is subject to the whims of the chinese communist party. that's what you're purchasing. i don't think a lot of our pension funds understand that so i was glad to see that in the guidance that chairman gensler put out on friday, he said that they're going to focus a lot more on what -- these are called variable entity interests. variable interest entity issues. thank you. vies >> right. >> they're going to focus a lot more on these and it's important. >> it's a mouth full and it's definitely something we've been watching too. >> didi raised $4 billion. most of that came from u.s. investors. the guidance that we've heard from the sec, from gary gensler on friday, does it go far enough in your opinion? >> look, i'm glad they're

focused on it. the ore thing i talked to him about and we put in our letter he needs to fully and expeditiously enforce the holding foreign companies accountable act. that was a bipartisan bill passed in the senate and house unanimously this past december and it's a simple bill it says if you're a chinese company that's listed on an american exchange and you do not go -- undergo the same audits that an american company listed on american exchanges undergoes, then you're going to be delisted you have three years to do that. i'm very doubtful that they're going to do that that bill also requires disclosure of these chinese companies ties to the chinese communist party, to the military so it's going to be very interesting to see if they actually do undertake these audits that american firms listed on american exchanges have to do and if they don't,

they should be delisted. that's what the sec is going to do i believe the clock is already ticking on that bill becky, interestingly enough the senate is focused on that. the clock on this should be two years. >> is there any scenario under which you'd like to see a chinese company listed on the u.s. exchanges because what you laid out is something nup of them need. >> well, look, it's not -- it's asking a very simple requirement. if you're going to list on an american exchange, you should be subject to the same rules that an american company listing on an american exchange should be that's not asking a lot, actually, at all it's been almost two decades that we've kind of looked the other way to enable these

companies to do this investors are probably not that certain that when they invest in these companies, listed on american exchanges that what they're getting. they're not getting equity in the company at all the other thing is, i think this is the tip of the iceberg. there are other companies, the foreign practices act, that my view is we should subject chinese companies that are listed on american exchanges to these same requirements. we'll level the playing field for what other american companies that are listed have to undertake i think it's an issue of fairness and leveling the playing field. >> senator, are you supporting the bipartisan infrastructure plan >> so, joe, you know, i have been a no on the two votes to proceed to the bill and the simple reason i'm told my constituents back home in alaska, there hasn't been a bill there's been no text and we

finally got text last night so i'm going to dig into this with my team. as a matter of fact, i'm already doing that and i'm going to be looking for some important issues one issue that gets overlooked is how much serious permitting reform is in this legislation. it's an issue i care deeply about. you know, in america it takes almost nine years to permit a bridge, 9 to 19 years to permit and build a highway. we had a gold mine in alaska that took 20 years to permit you could have a $10 trillion infrastructure bill and if you don't fix the broken permitting system in america, you're not going to be able to employ this capital. that is very important to me you may have seen the business roundtable put a statementout saying serious permitting reform could bring up to $400 billion of private capital into infrastructure so i'm going to be digging into it, but until last night we didn't have a bill to actually read >> senator romney said that the

3.5 trillion is coming either way. i don't know whether you know, obviously you can't -- you don't know what speaker pelosi is thinking does that make sense to you, that you might as well get some good things done in a bipartisan way? i'm speaking for senator romney and because you can't -- it has nothing to do with the follow-on 3.5 trillion do you agree with that >> look, i view them separately. you've been hearing speaker pelosi she views them as tied together. you were talking about inflation in your last segment you know, between the american recovery act, that was 2 trillion purely partisan in february. and if they're talking 3.5 trillion, we're talking over 5 trillion in partisan spending and if chairman powell p and others don't think that's going to not juice inflation, i don't know what will i have a huge problem with that bill a

>> andy: we're seeing it. the permitting >> i'm going to look at all aspects. the infrastructure >> i'm going to be very interested to see how far it went i'll tell you this, democrats have almost zero interest in that issue the one good thing that's come

out of here, if there is good permitting reform in it, i can guarantee you it's almost exclusively driven by the republicans who are negotiating this bill. >> senator, i want to thank you for your time today. it's good to see you >> thanks, becky thanks, joe. >> thanks, senator. coming up, calling all digital defenders. we're going to take you inside the shortage of cyber workers in this country and tell you which sector particularly. it says here are hard up stay tuned bcx"n watching "squawk bo o cn jerry is here! j! mate, how are ya!? it's so good to see you. good to see all of you, yeah! why is jerry so... popular? it's been like this ever since we started using workday. what do you mean? it makes it easier to develop great relationships

with our suppliers. now everyone, everywhere loves jerry. they sure do. they do. they really do. mmhmm. workday. finance, hr, planning and spend management for a changing world.

millions of vulnerable americans struggle to get reliable transportationnagement to their medical appointments. that's why i started medhaul. citi launched the impact fund to invest in both women and entrepreneurs of color like me, so i can realize my vision and give everything i've got to my company, and my community. i got you. for the love of people. for the love of community. for the love of progress. citi.

u.s. companies have suffered through a series of high profile hacks this year. colonial pipeline and the meat supplier jbs are just two examples spotlighting a big problem for corporate america, the federal government not enough cyber defenders out there. eamon javers joins us with that story. eamon, it's the end of a weekend. the next one will come soon enough. >> joe, even as american companies are getting clobbered by the hackers, they're struggling to find enough people to defend themselves demand for cyber workers hits an historic high according to psych ber seek there were more than 183,000 job postings for cyber employees that's an all-time high. of those well over 700,000 jobs were in government and more than

175,000 were in the private sector last weeklawmakers on capitol hill lamented this shortage saying it's hurting america's ability to defend itself the situation is even worse for the federal government which has to compete with the high paying private sector employers >> computer scientist graduating college with a four year bachelor's degree can earn $100,000 the entry position in the department of justice is $63,000. we can't insenttive advise that year over year. >> there aren't a big enough pipeline going into cybersecurity careers which can be a lack of awareness or the fact that four-year degrees are required for what are essentially technical jobs the potential bias in job descriptions and an industry far too heavily white and male what's more, workers with high student debt can't afford to wait around for slow federal hiring processes which can take as much as a year.

the federal government does have one big competitive advantage. that's from david forcy of the aspen institute. take a listen to this. >> if you work at the national security agency, you might actually be implanting code on foreign systems which, you know, has a sort of sex appeal for many people in cybersecurity >> now the other big draw for the federal government is that it grants those all-important security services. they want to have that security clearance for the government before they go out into the private sector where they will be in higher demand. the overall problem is a challenge. there aren't enough bodies to fill the jobs that are available right now, guys. back over to you >> i wonder -- we're always waiting for -- you keep a phone next to your bed, eamon? >> yes >> how often are we seeing -- when's the next big ransomware it will be within a month, don't you think? >> i mean, they're happening every couple of days you get alerts of these little, small companies that no one's ever heard of.

we don't do a lot about those in the news every day i get an alert about a new ransomware attack. >> do you see people seeking out the right type of firm to come in and set up some type of fire wall i mean, that must be going on behind the scenes? >> sure. yeah, look absolutely the big challenge for executives and ceos, a lot of this is a black box. these are not people, executives who came up through the ranks. they don't know what the technology is. it's hard for them to take a look at what a cybersecurity consultant is offering and decide between brand x, brand y, and brand z. they don't understand what's in the magic box. for executives this is particularly difficult and they're deciding on price or familiarity with a certain team, it can be a real problem for people to try to understand what it is they're actually buying when they're buying these services. >> do you think if we regulate bitcoin in some way to permit this, will they find another

way, is that the issue >> if you just do bitcoin there are a million other cryptocurrencies out there if you do cryptocurrency across the board, in some way to restrict it, yes the question is, what is that way, right cryptocurrency is the way right now that the attackers are getting themselves paid. if they have to go back to duffle bags full of cash at the bus station, that adds a lot of sand in the gears with this process. it makes it a lot harder for them if they have to deal in cash or a regular banking system which is regulated and traceable. what do you do if the united states puts in cryptocurrency regulations, there are countries all around the world that won't do that because of the international nature of this crime it's not clear that a u.s.regulatory regime will be able to stop all of the payments. >> all right, eamon. >> thank you >> you bet. >> stay tuned. keep that phone -- don't put it on silence.

when we come back, we've got the very latest on the spread of the covid delta variant as cases rise and more big-name companies mandate vaccines for their employees. "sawbo wl rwhere. quk x"ilbeight back.

welcome back to "squawk box" on cnbc. moderna and pfizer both raising prices for the covid-19 vaccines in their latest supply contract. that's according to the finance. "the wall street journal" reports the fda is under pressure to give both vaccines for approval and that this could happen within the next month for pfizer and biontech. we just go with biontech now, beck i think they meant biointech they messed around finally we said biontech >> we say it our way now yes. >> dr. anthony fauci saying over the weekend that the united states won't lock down again even as the delta strain of

covid spreads, but he predicted that things will get worse before they get better meg tirrell is here for that she joins us with the latest on cases around the country meg. >> reporter: hey, becky. in fact, they are getting worse right now. just to go back to your biontech point, i've asked the ceo and founder of biontech that question, you can pronounce it biontech, or biontech but not bioniotech we're on a seven day average of 72,000 cases that's up more than 400% since july 1st as of july 30th we reported more than 100,000 daily new cases new hospitalizations are also rising now to 6,000 people going into the hospital with covid every day. deaths have also risen since july 1st 40% to an average of more than 300 people dying of covid every day.

this is not an equally distributed in terms of severe effects. we are seeing the highest effects still in parts of the country in terms of louisiana, florida, missouri. hospitalizations still highest in those areas the number of counties counted as high or substantial spread you can see is increasing. so cases are really going up almost everywhere, but where you're seeing the severest effects are the areas with the lowest hospitalization rates we had a cool graphic to show you and i'm not sure it's working. evercore isi is looking at what's happening and we're wondering if we'll see the peak in the u.s. that they're seeing in the u.k if you look at southwest missouri which is where a lot of the early delta spread is happening, they can track it almost identically to what's happening in the u.k there is hope delta comes through quickly, surges and comes down and that maybe we'll see that this is a big country and we're

seeing the peak happening at different times around the country. some good news, we are seeing vaccinations tick up perhaps amid concern about delta's spread, particularly in states which are seeing the highest infection rates. you're seeing an increase in the number of people getting vaccinated 30% overall nationally week over week the increase in people getting their first shot so we'll see if that continues guys >> meg, one of the things we talked about with scott gottleib earlier this morning was that point you were just mentioning, that maybe we would see some sort of a peak and then drop back off he pointed out that in places like the northeast it's probably going to keep picking up from here because the cases had been lower relative to what we've seen in some of those southern states and that it's going to get mixed in right with the opening schools across the country. i think that is an added factor, too. a lot of people hoping we can go back to a normal school day, no masks, feeling better about things just kind of throwing a wrench in that. >> absolutely. the delta variant has just

changed everything so much more transitional and so much more transmissible. it doesn't happen all across the country. we see these waves happening regionally it's likely we're going to see that again. >> in terms of vaccinations for kids, i think that pfizer is going to be turning its data in, at least for kids ages 2 to 12 by september, at least that's their hope at this point what would that potentially mean in terms of how long the fda looks at that and when you might see vaccinations getting out there? >> yeah. so when pfizer reported earnings last week, there was some thought that perhaps they had delayed their time lines for kids, at least, you know, sort of in the upper age groups maybe down to age 5. they're still saying september for seeing the data and shortly thereafter for younger kids. in terms of how long it takes the fda to look at that, obviously it's weighing the urgency of it against needing to look at the new dosing regimens. these are not the exact same

vaccines as for adults they are lower doses so it's a little bit different we'll have to see what the data look like. there's been reports that the fda wanted bigger safety at that data and they're trying to expand that. there's hope around the end of the year could be when we're looking at this. we have to see how it goes. >> meg, want to thank you. great to see you this morning. >> thank you >> really question that, becky beyo, why would it -- >> bebeyond bio. >> it's b-b-i-o. biointech. >> you disagree with the guy who came up with the name? >> yeah, i do. >> coming up, jim cramer's first take on the trading week ahead another big one for corporate earnings wednesday morning right after earnings don't miss our first on "squawk box" interview with gm chair and ceo mary barra

great. stay tuned we'll be right back. made to order or ready to go? with a hybrid, you don't have to choose. that's why insurers are going hybrid with ibm. with watson on a hybrid cloud they can use ai to help predict client needs and get the data they need to quickly design coverage for each one. businesses that want personalization and speed are going with a smarter hybrid cloud using the technology and expertise of ibm. nice bumping into you. usaa is made for the safe pilots. for mac. earnings don't miss our first on lucia. who announces her intentions even if no one's there. and sgt moore. who leaves room for her room. with usaa safepilot, when you drive safe... ...you can save up to 30% on your auto insurance. get a quote and start saving. usaa. what you're made of, we're made for.

that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you can close with more certainty. and twice as fast. if i could, i'd ten-x everything. like a coffee run... or fedora shopping. talk to your broker. ten-x does the same thing, - but with buildings. - so no more waiting. sfx: ding! see how easy...? don't just sell it. ten-x it.

let's get down to the new york stock exchange. jim cramer joins us now. jim, you've got square later on "squawk on the street. it's down, i don't know, 3, 4% that stock on the pandemic lows, jim, it's up like eight times in value. so the currency it's using, is

this a good move, do you think >> yes, i do because the currency is very -- is heightened the analysts all love this deal, joe. people just feel the millennials love buy now, pay later. if you don't offer it, you're going to lose customers. the traditional banks have been very slow to do it once again, what you get is a couple of companies that absolutely want to be in and rita is very, very smart they know this is not going to hurt the stock and the quarter was good the quarter was noisy but wall street liked it. joe, they just like these financial tech companies they don't seem to be able to do anything wrong. >> so you're saying millennials like instant gratification i hadn't heard that, jim >> yeah. millennials, they want to do anything that wall street wants them to do

wall street is pandering to them i know that buy now pay lateri better than being charged interest because you only get a fee if you miss a payment so people love that they think that that's -- >> you can only do it once if you're not going to pay, you can only do it once. that's not a problem if there were to be a slow period or downturn in the economy. >> that's what we have to ask. i will say that you and i talked about it >> okay, good. so we probably -- the demise of the credit card is probably greatly exaggerated, too i don't think i'm ready to short any of this. >> master card had an amazing quarter. they're saying millennials are coming back. i think millennial co-hort is up for grabs. there's trillions of dollars at stake. so amrita and square do believe they'll get something from this. they think it's better than

buy buying affirm. >> this week the top three companies you're looking forward to hearing the past quarter and the future are what? >> well, i mean, i'm looking at believe it or not under armour is important that's very important. on semi was a monster quarter. auto and then the rest of the reception is a quiet week. we're about to get retail. we're about to get walmart walmart's the one i really care about. is walmart a beneficiary of amazon or is walmart being hurt by the online business which doesn't seem to be growing >> and then we have the jobs number do you think the jobs number is as important as the earnings you're an earnings guy. >> yeah, i do think right now because there are so many people

like mohamed el erian that are saying the fed is buying the curve. it doesn't matter what he thinks those are the numbers that make it if the fed is behind the curve, well then i think people are going to start saying it's out of control >> jim, i didn't get a chance to talk to you last week, but just on this thought that the fed may not start to give us more of a tightening picture next month -- or this month it is already for jackson hole, that kind of surprised me i know that's been conventional wisdom for a long time do you pie it? do you think that's really the case >> i'm thinking about what dr. gottleib said and the next four weeks are crucial but also the next four weeks could be a self-imposed shutdown. nobody wants this. people don't know how to stop it there's too many people -- 50 million people who are all hurt, those of us who have been vaccinated why not wait one more month and find out what's going on and

then you can do it i thought powell was right because delta is pretty scary for a lot of people. >> jim, you favor and qu quintinilla dad jeans? >> i like the levis jeans that have that stretch appeal yeah, i happen to wear -- i wear everlane and i wear levis. >> what about skinny jeans just walk around in those right. >> he's "jeopardy!" he's a show boat. >> exactly that's only from here on out. >> we're not on "jeopardy!." >> we may be wearing skinny jeans underneath that podium >> he has no choice. he's too cool. >> carl, i don't know about carl >> whatever is the right thing carl will be wearing >> exactly hamptons wear, i think thanks, jim, we'll see you in a couple minutes coming up, we're going to get you ready for the monday morning opening on wall street

ed ttrades and trends that you neo watch as august trading begins when "squawk box" comes right back go aflac!!! what the heck, troy - that's not your kid! the aflac duck is just covering for sophie. same way he got me money to help cover her hospital bill when my health insurance didn't pay for all of it. but this isn't fair! that's exactly what i said! but then i learned health insurance isn't even supposed to cover everything. wait...for real? for real real. luckily i had aflac. aflac!!! get help with expenses health insurance doesn't cover. go aflac! !mm-hm! get to know us at aflac.com.

a little more than half an hour until the opening bell on wall street, august 2nd, summer doldrums, dog days, august

all these things going on, dom, right? >> well, maybe not that much going on, but there's always stuff happening here at cnbc, joe, so let's kick things off with a look at shares of uber and doordash premarket, uber up about 1.5%. doordash fractionally thinner. trading higher both stocks getting help from analysts at gordon hack et uber gets a $65 price target they cite underappreciation of the ride sharing giants, and dash gets a $206 target price citing potential growth of its international operations both those stocks ones to watch here. a check on shares of ge, just to get your eyes used to the new price levels you'll be seeing ge down fractionally, 150 shares of volume. the industrial conglomerate has completed its eight for one stock split. does nothing to change the market value of the company but it does reduce the shares outstanding and boost the share

price eight fold to the $103 you're seeing. it closed friday at $12.95. as we do customarily, a premarket check on some of the most popular ticker searching on our website cnbc.com from this past friday. amazon takes the top spot. the ten-year treasury yielded, robinhood markets fresh off its ipo, and tesla and apple popular all over the place in the top five, and of course i've posted the rest of the top ten as i always do. other notable tickers on my twitter feed if you want to check out the top ten and other highlights from the top 50 searches on cnbc, those are on there back over to you guys. >> thank you, domino. >> you're very welcome. >> joining us right now for more on the markets is sarat acsepi he's a cnbc contributor, also gene munster who's a managing partner at loop which a tech

investment firm specializing in research things are looking pretty bullish these days how healthy do you think this bull market is >> i think, becky, we're going to see a little bit of a crack in it. things are a little too good everywhere interest rates are low investors are robinhood went public i think there's a little froth th here i would expect a little bit of pullback companies have done well in earnings season, but the valuations still high, and i think as we go through the summer and see the jobs report, and we see the economy actually, i think actually improving over time, i think the stock market's a little bit ahead of itself not to say by the end of the year, i think we're going to do fine and i think the market's going to be up investors have become a little too complacent and every time there's a 1% pullback, people i

are stocks out there you can buy, companies you just mentioned, uber's off its peak down more than 10% we like the american expresss, morgan stanleys of the world i think they're going to be good long-term holds. >> gene, let's run through some of your favorite picks right now. you think apple is best positioned at this point why is that? becky, three quarters of apple's revenue has a tailwind multiyear three to five-year tailwind. this is the iphone, the mac, the ipad of course this comes from work and learn from anywhere what we're seeing right now regarding delta, i think that that is just reinforcing to people to always be prepared. and then you have the 5g catalyst that's a multiyear upgrade, less than 5% of the globe is on 5g that's going to go to 50% plus

there's also a new term catalyst with apple with their event coming up here in september. i think when you put all of this together, this is a $200 plus stock in the next couple of years, and even though it's so obvious there's other big categories coming for apple of course, health, wellness and auto and just quickly a second company i would be very focused on, gets a lot of attention, but still i don't think at full potential, which is tesla. they have their artificial intelligence day coming up later this month this is a quick fun takeaway is there is a lot of talk about the two-year growth rate in the last big tech earnings call tesla is the only company of big tech, microsoft included that is seeing a remarkable acceleration from where they were growing at the end of 2019 going from 20% to 40% growth.

at the end of the day, it's very simple no one's going to compete with amazon less than 15% is bought online today. this is things we always know. it seems painfully obvious, but i think amazon has a wonderful opportunity. they also have 1.2 million employees. there's a huge opportunity to bring in more automation to finally. i've been waiting ten years plus for this to improve their margins. >> sarat, very quickly, 20 seconds we showed the uber chart. you didn't get a chance to say why you like it. why? >> i think you've got an option value here with the economy opening, business travel coming up, and in the fall when you've got more people back in the work force who are going to be using it, we're still short on autos uber's in the right space, like we said, we also talk about freight and you've got a whole bunch of things coming that i think are good tailwinds for

this company. >> sarat, gene, thank you. appreciate getting specific picks. it's good to see both of you. final check on the markets before we pass you on to "squawk on the street. right now we are in the green. it looks like right now the dow futured are indicated up by about 111 points the s&p futures up by close to 20 the nasdaq up by 71. joe, i will see you back here tomorrow >> i'll be here. don't skip leg days, becky that's the moral of the story. >> yeah, check out the doggie. anyway, make sure you join us tomorrow right now it's time for "squawk on the street. good monday morning, welcome to "squawk on the street." i'm carl quintanilla with jim cr cramer, david faber at the new york stock exchange. shanghai closes up 2%. we've got an infrastructure bill, big m&a day and another crowded week of earnings our road map begins with a new month. stocks are going to look to pick up where the