i'm no priority over everybody in u.s. swimming, so, yeah, i've got to make the team first and then we can talk about paris. >> well, you made it fun for everybody back home. caeleb dressel all the best, good luck to you and your family and thank you for your time. >> yes, sir. thanks y'all. >> and safe travels. if you're just tuning in for men's volleyball or skateboarding, they are coming up and we hope you'll be with us tomorrow night for "the news." right here on cnbc at 7:00 p.m right now, lets the games begin. it is 5 a.m. at cnbc global headquarters and here is your top 5 at 5 dealing with delta the fda preparing to grant full approval for one vaccine at the center of the fight against covid-19 this as the cdc unveils its own plan to help struggling families hit hardest by the virus pandemic covid concerns not doing much to stop wall street's record run. futures search for direction this morning after another

record breaking day. back from the brink. shares of robin hood surging in the pre-market less that a week after its less than stellar market debut and a new boom for bitcoin. how the $1 trillion infrastructure bill could help millions, yes, help millions of crypto investors when it comes to their taxes it's wednesday, august 4th, 2021, and you are watching "worldwide exchange" right here on cnbc. ♪ ♪ good morning i am dominic chu in for brian sullivan the dow is implied lower by roughly 44 points. the s&p would open lower by 3 to 4 points we'll call it relatively muted so far this morning. the s&p 500 is coming off a

fresh record closing high while the dow jones industrial average, the russell transportation all seeing their worst first day winning day in three days check in what's happening with the treasury market overall. you can see a slight move in yield but not by very much a slight tick higher in the benchmark by 1.18% meanwhile, the benchmark currently stands about 17.5 basis points or .174%. now a number of sectors are on the move this week as well while infrastructure may be treading water on capitol hill, on wall street some big moves over the past few days as you can see there in infrastructure related type companies u.s. steel up 7.5% others just moving on this stock. better than expected results

from solar edge. that's up 24% over the last week enphase is up. trading in europe is well underway we have the early action from the early side of things. >> good morning, dom another fresh record high for the 600 and the german dax index. we have it coming in at the highest level and it's bowding well the focus has been on the earnings season. very strong so far you can see the ftse 100, home builders doing well in the u.k. index. up .4.

stelantis there. very strong results yesterday. xetra dax. some of the key industrials are weighing in. two names we're focused on today, the first is commerce bank down 5 percentage points back into the red posting a bigger than expected net loss of 527 million euros for the second quarter. this as the bank is undergoing a major restructuring under the new ceo. another stock that we're also very focused on pod is hugo boss it's reported 42 million euros after the sales doubled in europe it now anticipates revenues to increase as much as 35% from last year's lows it has been a steady climb

up a decent amount in the last couple of months or so, but the bottom line is, dom, the earnings season has been very, very strong for these european thorough breads. year over year 127 points. >> thank you very much back home, a fast-moving situation around covid-19 and the delta variant. our own bert that coombs is here with the latest. >> good morning, dom the approval could come as early as labor day 14% still adamant against that

previous targets for full approval range from early fall to january of next year. meantime, the cdc is issuing a new 60 day eviction moratorium schumer says fines and jail time for violations will cover 90% of the country. data is showing 6.9 million renters are behind on payments as of june with that action, mass evictions could lead to an even bigger spike in new cases that according to the agency new york city meantime has now become the first major metropolitan area in the country to require proof of vaccinations for dining and concerts. this as florida whose governor has banned the vaccine passport has become a new national epicenter of the virus with a positive test rate more than twice the national average

state officials there call the surge seasonal and when it comes to boosters, still no word from the cdc or fda top officials in san francisco aren't taking any chances. they are now moving ahead allowing patients who have received the johnson & johnson single dose vaccine to get a second supplemental dose of pfizer or moderna. this is something a lot of folks have been looking at around the world. folks who are anxious might want to roll up their sleeves. when we come back on the show, a ceo exit product pipeline in jeopardy and $3 billion wiped off the books a very sad story for one recently hot ipo. plus, retail traders to the rescue for robinhood later, buy now pay later north of the bordetwr o surging

stocks on the heels of that bit of news. very busy hour ahead when "worldwide exchange" returns after this break this is how you become the best! [wrestling bell rings] [music: “you're the best” by joe esposito] ♪ try to be best 'cause you're only a man ♪ ♪ and a man's gotta learn to take it ♪ ♪ try to believe though the going gets rough ♪ ♪ that you gotta hang tough to make it ♪ ♪ you're the best! around! ♪ ♪ nothing's gonna ever keep you down ♪ [triumphantly yells] ♪ you're the best! around! ♪ [ding] don't get mad. get e*trade and take charge of your finances today. ♪♪

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that's a live shot right there of new york city times square in particular where in just about 50 minutes time some of our colleagues at "squawk box" will be taking to the air to give you the latest news of the morning today.

time now for your big money movers four stock stories first off, lyft, the ride sharing company reaching a milestone posting adjusted quarterly profits three months ahead of the target. lyft says it will remain profitable on that basis going forward but it warned revenue per ride is expected to decline and worries of the spread of the delta covid variant. lyft president and co-founder john zimmer will be on "squawk box" 8:45 a.m. eastern time. a must-watch there activision blizzard shares are higher after the video game publisher reported second quarter results and third quarter guidance the company announcing the head of the blizzard entertainment unit are leaving the company following a lawsuit filed last month by california regulators over gender bias and allegations of harassment. stock number 3, robinhood.

the meme stock due your is up after soaring 20% yesterday to trade above the ipo price of 38 bucks per share. robinhood was one of the top five stocks. up another 7.5% premarket. the biofacturing company losing 2/3 of the market cap the major target is not working out and the ceo has stepped down by, quote, unquote, mutual decision zymergen went public in april. still on deck for the show, a scented candle for the swedish chef in all of us. new vaccine incentives and elon

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that's a live shot of our nation's capitol right now 5:15 eastern time. still a lot of debate going on about what's going to happen with infrastructure and spending in this country. let's get a check on this morning's other top headlines. nbc's frances rivera is in new york good wednesday morning. >> hi, dom good morning to you. president biden is joining a chorus in fellow democrats in calling for the resignation of new york governor andrew cuomo after a scathing report accused him of sexually harassing 11 women. the allegations range from inappropriate comments to inappropriate kissing and groping. cuomo is strongly denying the allegations and vowing to stay in his job. a couple brandished guns at people in front of their st. louis mansion. they pleaded guilty to misdemeanor assault and

harassment charges in june. the multi-state lottery powerball says it is adding a third weekly drawing on mondays which will lead to larger, faster growing jack pots powerball drawings are held on wednesday and saturday they added mega millions on tuesdays and fridays more chances of you adding all of those zeroes to your bank account. if you win small detail if you win. >> you've got to be in it to win it i guess it's $2 and a dream these days. >> there you go. >> frances rivera, thank you very much for that. let's get to some of today's top trending stories including a big vaccine incentive. a new space documentary and a very meaty scented candle. bertha coombs has the latest >> meaty i see what you did there thanks, dom. vanguard is offering 1,000 bucks to employees who get vaccinated by october and that offer applies even if you've already

gotten the jab before this announcement vanguard is not allowing unvaccinated people to enter its u.s. offices and recently announced a hybrid model allowing most staff to work remotely on mondays and fridays. meantime, those are the companies all paying to get vaccinated ours is not one of them. a new netflix documentary will follow spacex's first civilian mission this september. the five-part series will follow the four launching into space for a three-day orbit. if you've ever wanted your home to smell like ikea's swedish meatballs without having to heat them up, you're in luck. the furniture warehouse is offering a new scented candle that smells like the iconic swedish meatballs.

it's aimed at recreating the senses which i said to that one way long hallway you have to get out of they don't let you walk through that store. >> they put the cafeteria near the exit. >> you're starving by the time you get there. you've worked so hard. >> i know. by the way, bertha, talk about the notion that people are getting paid by their employers to get that vaccine. >> i know. >> it's an interesting move here you wonder how many people will find the financial incentive enough to go and get that particular shot to kind of get things moving in that particular direction come this fall >> yeah. it may put some people over the finish line to actually get the shot who may have been hesitant. i was talking with some clip

anything officials who said they're actually offering some incentives and for some of their patients who are lower income, it really could make a difference you know, if you work at a lower paying job like at a mcdonald's, they give you $100, that $100 could make a big difference. >> it could be a big difference for a lot of folks out there you want to see whether or not the growing list of companies gets bigger if we know the delta variant is going to have more of an impact down the line. thank you very much for the top trending stories. straight ahead on the show, fairley's katie stockton lays down the case for stock to keep trending higher. and if you haven't done so, follow our podcast choke us out on apple, podcast, spotify. "worldwide exchange" will be right back

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stocks find themselves in a holding pattern after the s&p 500 once again hits a new record high the fda looks at new timing given pfizer's covid vaccine approval -- full approval as state and local leaders roll out new steps to try to contain the delta variant. and janet yellen taking a summer trip as she hits the road to

sell president biden's economic agenda it's wednesday, august 4th you are watching "worldwide exchange" on cnbc. welcome back to the show i am dominic chu in for brian sullivan here's how stocks look it's a mixed picture as we just mentioned for the s&p 500. it would be implied lower by roughly 4 points meanwhile, the dow is implied lower by 40 points the nasdaq higher by 3, call it flat at this point a few big money movers this morning. you have live nation seeing sales surging. this, of course, comes as live events return. you can see those shares up 2.5% meanwhile, avis budget posting

better than expected revenues. those share expect its complete fleet of ships to be sailing by the spring those due out 1/4 of 1%. worries about the delta covid variant slowing global growth and china's crackdown on the big technologycompany. gets' get more insight with katie stockton from fairley strategy the path of least resistance has been the up side for the market. is that still the case right now? >> well, certainly from a technical perspective.

they face no resistance and they have no peaks. the only one left is the russell 2000 index that has seen momentum improve and relative strength improve as market breadth or participation improves we'll see the russell 2000 index follow the new ip did i sees sometime soon that will happen that will expand the momentum is there from a long term perspective. >> you mentioned small caps. a place traders have been looking towards for some kind of signal or confirmation about record highs in the offing again. another place, katie, people are watching is the transportation stock. those have been lagging pretty markedly over the shorter to

medium term. are they in any way indicative >> i don't use the transports as a barometer. the airlines are under pressure for good reason. now when you look at the benchmarks like jets which is an etf representing the airlines, we see oversold ratings and also support nearby the worst may be over there and not from a contrarian perspective. we try to be mindful of them we haven't really seen that on a broad basis yet. we are seeing it in the broader sort of cyclical arena we have seen some signs of life in relative strength terms and also from a momentum

perspective. also in basic materials. we are even upgrading financial perspectives because their phase of underperformance has generated that over to near support. >> if you go back towards the pandemic lows of last year, many of those sectors that you've mentioned have been the leadership we understand that they're the ones that were the hardest hit during the economic downturn and they're the ones that were recovered the strongest. is there any perhaps caution out there to this notion that over the bast month we've seen real estate as well it takes away some of that luster away from the industrials you were just mentioning the fact utilities are doing well, is that something we should worry about >> the utilities are doing well. they had a pretty strong july considering it was such a strong

july, we typically would expect more defaction out of the utilities. if you look at the long-term relative strength, it's very much to the down side. the ratio of something like the s&p 500 to the s&p itself. that relative and from an intermediate term perspective. yet, you can make a case for some of the stocks in absolute terms. they certainly have support. the xlu has a benchmark held up under the 200 day average. you can make a case for them certainly but i tonight think it's another barometer to be bearish about. >> katie, as you're looking at your overall coverage universe, i know you look at setups. bullish setups or whatever that

caught your attention that may be poised? >> there are a lot of breakouts from the bottom up we get reviews of the s&p 500 looking at stocks one by one certainly through the earnings season it's seen more breakouts than breakdowns. tesla has pushed out of a consolidation phase and that follows an intermediate term turn around within the longer term up trend. there's really a lot of those out there. >> tesla shares certainly ones to watch for sure. katie stockton, we appreciate it. >> good to see you. delta's new details regarding janet yellen's first domestic trip as treasury secretary. she will meet with local and political leaders in atlanta later today. ylan mui has the details on what she will say with that agenda push what can we expect to hear,

ylan >> reporter: dom, treasury secretary janet yellen will warn president biden's package is essential. she will deliver it in atlanta we have seen a copy of her remarks that say we've become useful to america as the preeminent power with these investors we will stay there we aren't destined to stay that way. it's currently being debated in the senate as well as a $3.5 trillion spending package that democrats want to pass all on their own. yellen is one of fivecabinet members the president has tapped to sell the project. and she's trying to sell it.

republicans would like to add the pa looning national debt her biggest questions are what are the risks of making the bins big investments or what is the cost >> so, ylan, yellen used to get out of her way to stay out of politics as the federal reserve chair. it's an apolitical position, we know that. how is she adjusting to a new role in an administration where she has to deal with head on, head first the polite ral a aspect she isn't one in the room. what she has recommended, her economic gravitas, she's briefed

lawmakers, taken it to the public she has taken heat to those in the aisle. she talked to house democrat tis. why wasn't at that at the time to be ongoing. she faces republicans who have questions to restrictions around state and local aid as well as why she wouldn't testify sometimes on capitol hill. she has found herself now the target of some of those political attacks that by and large she sees her role as someone who is almost the explainer in chief and really trying to underscore and highlight those okay no, ma'am mick policy. >> janet yellen comments coming later on. to the ongoing state of the covid-19 pandemic. they're getting ready to grant

full approval of the pfizer biontech vaccine could come as soon as september. this as the cdc is issuing a 60 day eviction moratorium in high levels of covid reception. this will cover 90% of the country. in mandate news, new york city has become the first major metropolitan area in the country to require proof of vaccination for most indoor activity, lining dining, gyms, concerts this as florida has become the new national effort. state officials do call the surge, quote, unquote

they're trying to help boost their immunity for more on all of these headlines, let's bring in carlos dell rio dr. dell rio, thank you very much there is so much to sift through here let's talk about whether or not the covid delta variant is worrisome from a longer term perspective. we've seen evidence that there is a time frame at which the peaks will happen and then recede do you feel as though the u.s. is on that same path >> you know, dom, it's very hard to predict what's going to happen with the virus. if we look at what has happened in india, the u.k. variant, we may see this huge peak if we look at this, you could predict in six to eight weeks

the delta variant may be gone. >> if that is the case and we do have jurisdictions like new york city imposing what are in essence vaccination passports for deaning enit's all out of an abundance of caution because we don't exactly know what the at the time at that variants is going. we have dealt it and others come it will not be over until we close it globally. new york is making a very smart decision the reality is if, you know, knowing people are vaccinated and allowing people vaccinated more abilities, more freedoms to do things will probably be the right thing to do. >> there's been a lot of talk

about this notion that we might need further vaccines possibly on a more regular basis to kind of keep this thing in check. i think to myself every season as part of this norm normal basis because of different types of variants that will develop over the course of the next several years? >> you know, dom, it's hard to predict again. the flu and delta variant are different. you may need additional vaccination once in a while. annually i don't think that's

the case one vaccine covers all current and future variants. that may be the way you think about it. >> how safe should americans field. should we feel as though we have to go back to the type of lodge lock downs but that's a worst casey narrow >> yeah, exactly that's the case i think that because of vaccinations, lockdowns are off the table. we have to get more people vaccinated the reality is there are still about close to 100 million americans who are eligible for vaccinations today and are currently not vaccinated we have to get more people

vaccinated you look at people with high vaccination rate, you have not a lot of problems with delta southern u.s., florida, other places where you have lower vaccination rates. you have a very high service in delta. what they're doing is trying to get people vaccinated. at the end of the day getting people vaccinated is key. >> doctor, before we let you go, you mentioned the number of people who are not vaccinated or choose not to get vaccinated going forward, what does this country face in terms of a trajectory of this particular virus and future variants. very likely. therefore, those people are

going to be tegded and immune. a lot of people will be hospitalized and slick when hospitals are overwhelmed with covid patients, that impacts patients with heart attacks, strokes, many other conditions that cannot get the care they need at the end of the day you don't have room. mortality is up and a lot of pain sufrm for everybody as we go through the surge. >> thank you for your thoughts weappreciate it, sir. >> happy to be with you. coming up on the show, bitcoin and infrastructure robert laying down the crypto. crypto investment. your other top stories the department of justice is

reportedly weighing a lawsuit to block united health nearly $8 billion deal to buy leading action to prevent the merger. apple and a sfirm are holding -- reportedly holding talks about upgrading new buy now pay later report that's according to a report from bloomberg the plan will be from apple device purchases in canada as part of the jet public alaska arctic national wildlife venue the secretary said she found multiple legal deficiencies in a prior review that give the

information. shares are higher after they topped expectations with a second quarter it continue. it's up 2 to 3% in the free market "worldwide exchange" is back in just a moment. birth. 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. if you're 55 and up, t-mobile has plans built just for you. switch now and get 2 unlimited lines and 2 free smartphones. and now get netflix on us. it's all included with 2 lines for only $70 bucks! only at t-mobile.

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exchange." provisions could provide for crypto investors robert frank has the story tell us what exactly can crypto investors expect with this particular move. >> well, dom, bitcoin losing about $75 billion in market cap just this week on those taxes. that's because the draft infrastructure bill would require bitcoin exchanges and other companies to report their customer crypto activity to the irs which is bad for people who evade crypto taxes for investors who pay crypto taxes, you can comply with the rules crypto tax forms known as 1099-bs. they send those to their clients. now you have companies like

coinbase, gemini, binance, they would have to start producing these 1099s if this bill goes through. it would help crypto holders maximize tax losses. when you move it from one space to another and a lot of crypto holders do this, the price information is not transferred so you don't have a record of your cost basis. with the new rule you want and only sell the ones with the largest losses investing wise this is positive. yes, bottom line the rules will force many crypto holders to pay more taxes because they'll be more compliant some may end up paying less. kind of a mixed bag.

again, 10% in the last few days. what impact could this have on u.s. investors >> it's so fascinating the entire crypto investment ecosystem is like the wild west. people are trying to figure out what exactly are the standard operating procedures government entities are trying to figure out what they are trying to do to regulate it. take us through what it means for some of the wealthier clients who do have the crypto holdings do you think it will alter managing those gains and losses. >> i think they might take a more active approach when you look at the institutions, family offices and wealthy who are buying crypto, more and more of them are, tax fears and gary gensler's statement last night and today saying the fcc will regulate

crypto as much as it can within its powers, i think those insti institution, it makes it easier to hold, adult crypto holders. do they feel like the whole point of crypto is to operate off the grid i think that's why you're seeing sort of a mild effect so far on cr crypto the institutions are happy we're seeing regulation and taxes and seeing this. it could make it a strong ens city tuesdayal investment. >> if you are making money, the government is going to want its fair share of taxes.

>> thank you for that update. coming on deck for the show, tocks searching for direction ashe s&p hovers. what investors need to watch coming up. keep it right here on "worldwide exchange." ♪♪ 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.

check out what's happening on cnbc later on today we've got a massive slate of huge interviews you will not want to miss gary gensler, head of the sec chairman, exclusive interview. mary barra john zimmer, brian cornell karen lynch. the parade goes on and on. big day. keep it right here on cnbc let's get you set for the trading day ahead. joining me now is brian leavitt, invesco north america and

katarina siminetti let's start with you, katarina as we talk about markets at record highs, do you still feel comfortable on behalf of your clients being long or committing more capital to this market? >> dom, thank you for having me on this market certainly keeps investors on their toes. they can't ignore the fact that we had such a big run up to get a short time time frame. now in additionally with higher corporate taxes and investors are worried and the question is what would you do? would we advocate for our clients this rotation to quality? currently we favor health care over cap we favor consumer staples over discretionary. financials is a good place to be do you risk the portfolio? what we're expecting is some

sort of correction in the context of the bull market this market is going to continue to grow. it's very well stimulated. >> they're not exactly the ones that are the leadership that we've seen over the course of the last several months here do you feel as though it is the case where you want to go back towards the quote, unquote high quality? because it feels like a market at these levels where you keep wanting to go back towards the whole tried and true, which is tech technology, which is communication services is it team to go back and play the contrarian play? >> no, exactly this is a market that's gone higher if you think about where you

are, that's cyclic calls that's where you want to continue favoring your own cyclicals. if there's some type of volatility, then you want to be more defensive that volatility is not going to last for very long this is a market that is primed to go high er. >> that's going to play out for multiple years they should be assessing whether this is an economy that's going to move to a new higher sustained growth or whether it's an economy that's going to stabilize. i'm in the camp that it's going to stabilize that environment you want to go back to earning the true growth companies wherever you can find them similar to the way the market played out from almost the middle of 2011 through the

end of 2019. >> so katerina, one of the reasons i've heard why you want to stick with that technology trade is because interest rates are so low the 10-year government u.s. treasury note yield is just about 1.18% right now. that should be voiding certain valuations out there do you feel as though the interest rate story has played out or do you feel it has a very big mac crow influence on what's happening with snarkts. >> dom, absolutely we're watching federal reserve we might see some kind of a runoff what we're advocating is being very close to valuations they are attracted to valuations

and delong in the portfolio. we see a lot of run ups in the sectors and valuations that are not going to be supported by earnings that's what we're cautioning investors on they should take a close look at their portfolios and evaluate it for quality and position it for growth a lot of market choppiness it's getting us through the space on the market. i agree this is going to be here >> so, brian, we'll give the last word to you here. what derails this rally? >> it depends if you're talking about over weeks or if you're talking about over the long term if you are to think about it in the long term, usually some type

of vol lun tari but clearly concerned around policy, how open the policy could be but i think the bigger questions investors need to ask themselves, what could derail this cycle cycles in the united states tend to play out over multiple years. the last cycle played out over ten years. >> gotcha. >> i would say we're very early in this cycle. what could derail that inverted yield curve >> brian and katerina, thank you both very much that does it for "worldwide exchange." "squawk box" coming up next. ght? is that how you hold a mirror?

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o. good morning robinhood shares surging if you missed it yesterday, 24% gain we'll dig into the big moves straight ahead meantime, lyft hitting a profitability milestone. a run through the numbers with a first on cnbc interview with the company's co-founder plus, news on the covid front. new york city will require vaccine proof. wednesday, august 4th, 2021. "squawk box" begins right now.