good morning welcome to "squawk box" here on cnbc i'm becky quick with andrew ross sorkin joe is out today we are watching the u.s. equity futures. a down day yesterday for the s&p and dow. dow was down 1% yesterday. it regained much of the decline with the gain of 99 points this morning. it did lose 324 points yesterday. a decline of close to 1% this morning, s&p is indicated up by 12 nasdaq up by 40. yesterday was the third of the fourth sessions that the dowwa down the dow transports and russell the nasdaq was up 19 points. we will continue to keep an eye on things this morning if you are watching the treasury

market, this is the place to watch. 10-year note is yielding below 1.2% 1.184% we will keep a close eye on that as well. the additional pressure on yields yesterday after the decline in the adp that was about half of what the street had been anticipating we get jobless claims at 8:30 a.m. the weekly tomorrow is the big jobs report for the month we will watch closely, too andrew, over to you. let's talk about robinhood because this has become -- i don't know if you are watching this, becky. am i supposed to say it feels crazy? maybe it isn't i don't know >> a wild ride. >> a wild week of trading. it has become a meme stock the stock now jumping 54.4% yesterday. i got calls from family members ask if i should own robinhood. you know this is a problem

bringing the weekly gain to 100% surpassing the ipo price on tuesday. the market value is $58 billion. the sharp moves coincide with the robinhood debut in the options market cbo saying -- this is where it is 300,000 contracts traded by the afternoon. i don't know if you remember we asked vlad. what happens when you become a meme stock he said he had never given it a thought. you are seeing it move options are where it's moving. whether it is moved on among robinhood customers themselves, i don't know then, by the way, we had the debate, joe and i and you were all talking in the last week or week ago now about whether goldman sachs priced this thing right or made some grand mistake. >> on the day it came out, it

actually dropped it looked like they priced it too high on the initial opening day. all bets are off once you get into this meme stock territory it is retail investors moving this if you look at the options trading. small options trading. it tells you this is the retail investor that is behind the options trading. a board member who spent $2 million buying shares just at the beginning of the week, too >> but, and this goes back to the goldman issue. a lot of people give goldman sachs a hard time for the initial fall on day one. do you measure an ipo and the pricing of the ipo on the day one action is that the appropriate measure? do you measure a week away do you measure a half a year away a year >> these are the questions where it wasn't enough given to retail investors and that's why it changed so quickly i don't think anybody would bet on this.

i didn't think we would guess we would be here this point in the week >> i think this is an options story. it is reflective of amc and gamestop in terms of how the options effectively moved the stock, if you will, because of what had to happen on the underlying stock itself. >> the other question is can the company take advantage of this is there anything they can do? a convertible debt offering or quickly to capitalize on this? >> the question is how much more money would they like to raise i don't know i'm a little baffled we're going to talk more about this throughout have a number ot who will speak to this and offer insight perspective on maybe what is happening behind the scenes and what should be happening. we will see. meantime, uber shares. talk about going the opposite direction. lower. the company posted earnings of 58 cents a share

the beat coming because of an unreal eized gain of didi and t sale of the save driving unit. they spent more on incentives for drivers to come to work. uber affirming it will reach profitability on adjusted basis by the end everof the year. we spoke to the co-founder of lyft they reached that milestone. it adjusted the number we will talk to ceo dara kho khsrowshahi at 8:30. uber is an international business ford and chrysler parent

company stellantis planning to announce today by the year 2030, between 40% and 50% of vehicle sales will be electric that will be announced at the white house this afternoon the detroit's big three will call for government assistance to help meet aggressive targets and pete buttigieg will join us later this morning to discuss that event then elon musk pointing out that tesla was not invited to the event. becky, talking to elon musk. i don't know if you saw the other news elon musk making it official that walter isaacson, friend of "squawk" writing his biography i think elon is not getting out ahead of it, but --

>> pointing to -- >> pointing to the one he is hoping will be more reflective of his life. >> walter does it better than anybody with looking at inv inventors and showing the magic and where it happens and how it fits into history. it will be something that we will want to read, too back to the electric vehicles and announcement coming from the white house today i'm still a little unclear they want billions of dollars in government aid for what? build out infrastructure to make sure there are places to charge these cars are there other things they need in assistance in terms of doing that they have the goal of 40% to 50% of cars being electric vehicle sales by 2030. what happens if they don't hit it if they have taken billions of dollars of government aid a lot of questions >> you are asking all of the right questions. the great news is we will have pete buttigieg with us to

hopefully answer them. >> yes we will be looking forward to that. we should talk about shares of etsy. getting crushed. earnings of 68 cents a share beating estimate revenue beat revenue growth slowed to 23.4% year over year that sounds pretty good, but look back at the last four straight quarters. sales growth above 100% as people were locked down in pandemic times and not going out or spending on events or travel. they were spending it on etsy. the guidance disappointed the street pointing to signs of a stall in the pandemic ecommerce boom. stock down 12.5% the ceo josh silverman is on "mad money" tonight to talk about what he is seeing. and fastly reported lower than expected revenue in the most recent quarter and proper ticketed deeper losses for the coming years

that follows the massive outage on june 8th. it resulted in fastly giving credits. the ceo says one of the top ten customers have not returned traffic following the outages. and others deployed payments because of it. the third quarter and guidance came in below expectexpectations that stock down almost 22% this morning. we should show shares of roku they are falling as well earnings of 52 cents per share beat estimates streaming dropped by 1 billion hours from the first quarter totally 14. -- i should say 17.4 billion hours in the second quarter. roku said tight conditions and shipping constraints raised costs faster than expected becky, the idea that 1 billion

hours of less viewing speaks to where we are in the -- >> outside >> summer. outside. pandemic things are changing. there are so many industries that we see hit by that in so many ways. we should -- >> that shows the question would our behavior change and the companies see a surge and would that pull back it is a mixed picture. you heard from electronic arts this week. their stock did really well. people were still playing games. so many questions have been out there. that's the next story. never mind what a great segue i was going to say at least one of the sorkin children played electronic arts games. we helped. is the pandemic still going? >> yeah. the fourth wave? >> we're still here. we are here. the video game makers earnings topping wall street and raising

outlook along launches of games and also live services i don't know if it is a tale of two cities or world? >> it is weird some companies have managed to hang on to the increased interest from consumers whether that be shopping sites or whether that is peloton. we are still trying to figure out what the new normal looks like and what the return to normal activity will finally show us. it is a case by case basis. when we come back, we are watching futures in the green right now you look at the dow. up by about 90 points. s&p futures higher pi 12 and nasdaq up by 42. we are weaker for the week we will talk strategy right after this huge lineup still to come this morning the ceo of moderna and duke

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welcome back to "squawk box. earning pouring in today and the monthly jobs report tomorrow for how that impacts markets, i'll bring in kevin simpson and the senior managing director as

well as cnbc contributor good morning to both of you. i want to try to understand, guys, what your sense is of what we just been hearing i want to talk about robinhood, if i could joe, i'll go to you first. i don't understand it and if you were listening to the conversation becky than i had. the stock price versus the options. >> well, the options clearly traded at a level we have not seen for recent ipos with facebook that is indicative of the retail community. andrew, you asked the question to vlad and the robinhood management team a few weeks back do you want to be a meme stock i think that has to be the question that needs to be addressed here in the moment if they don't, the immediate strategy has to be ways to figure out raising more capital

and taking advantage of the price appreciation whether that is secondary or other form of raising capital. that is the way to defeat the meme stock andrew, i don't think they want to be a meme stock that will ultimately do discourage institutional investors and take the object, the atteattention, away from the fundamentals of the company which is all about volatility. >> you think the answer is not to say we don't want to be a meme stock we are basically going to fleas i fleece investors is that how you do that? >> you have to do that if you are looking at the long-term future you are not thinking of the next 6 to 12 minutes. you are thinking where you want the business to be in the next 12 to 36 months. do you want to be considered similar to nasdaq or interactive

brokers or ice exchange. the answer is yes. you have to defeat the short-term mentality and dampen the volatility and bring the spotlight back on the fundamentals of the company which aren't so bad. >> kevin, i want to come to you for a second i want to follow-up with joe on this to do that, you have to effectively take advantage, perhaps, of your own customers, right? that's what you have to do the question is that's a very difficult dance. >> it is to a certain extent did they leave after gamestop? you would have thought that you would have seen the active users begin to decline they actually grew the active users in the wake of the gamestop debacle i'm not necessarily sure if you are going to see your customers flee with that type of, what i

think, is prudent management you might disagree, but why would you want to be a meme stock, andrew? that makes no sense to me. >> look, it depends. there are arguments to become a meme stock if you can take advantage of the stock myprice t a higher price kevin, do you want to weigh in on the issue of robinhood? >> joe and i talked about this a little bit off the record yesterday. i appreciate what he is saying i think you have to be careful andrew, i agree with you if your client based is based on the meme theme, you don't want to alienate the client base. i'm excited to see how it plays out. >> let's go broader. i know everybody is talking robinhood, robinhood, robinhood. kevin, we have uber earnings and etsy and electronic arts

we are looking at unusual picture of earnings where you have some true winners and also have some losers, but clearly the growth is not holding up how do you make the distinction between those two right now? >> for us, it is a question of companies that make money. if you have increased earnings, your stock price can go higher here we sit in the heat of the second quarter earnings season that blows away anything we have seen before. even more so than 2008 into 2009 90% of companies, ni'm just talking s&p, andrew. i know there are lots out there. 90% beat estimate. the bar is set low and you can beat estimate. that is no big deal. the way they are beating them. the numbers are 85% year over year yes, the height of the pandemic shutdown 85% growth rate. that blows away what analysts were expecting at the start of the quarter.

a 54% year over year number. you cannot ignore it as good as it gets absolutely the companies can generate additional earnings. q3 and q4 in 2022. s that are the stocks you invest in maybe the stocks you mentioned and wall street sell the news. that is what we are forecasting moving forward there are lots of opportunities out there. >> kevin, let's throw names in here joe, jump in as well roku is off 8% off what looked good news except the 1 billion hours of less television fastly, the numbers are not bad. they are not terrible numbers. that stock is down the question is did all of these stocks overshoot to begin with >> i think so. when we're talking about a

pandemic shutdown. becky said it. where are the viewers? outside. you are seeing these things build up and selling on news it makes sense people take profits here. >> joe, you in the same place? >> yeah, i would agree with that kevin's spot-on here you have to look toward earning where there are low expectations i would point toward health care which is the leading sector in the current quarter. p for per fforming well 52-week high came from the health sector. you have edwards life science, bristol myers. eli lilly. all of the names are beginning to gather positive momentum in the environment where the earnings he can expectations we muted. >> we will leave the conversation there kevin and joe, i appreciate it we will talk to you soon

when we come back, the white house making a big push on jobs. i spoke to the secretaries of commerce and labor about the new initiative the interview is coming up we will make it a hat trick. transportation secretary pete buttigieg is with us "squawk box" will be right back. [engine revs] now let's go borrow a boat and make some bad decisions. [engine revs] time to go incognito. [zippers fasten] [engine revs] i love you, ricky! i love you, cal! what's the next stop? it's time for your extracurriculars. ¡vámanos, amigos! woo-hoo! ♪ music ♪ ♪ dream, dream when you're yourfeeling blue ♪ars. ♪ dream, dream that's the thing to do ♪

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welcome back to "squawk box. commerce secretary and marty walsh are teaming up for work force development. i spoke to the two secretaries wednesday afternoon followin the round table they hosted at

the new office in new york i asked marty walsh showing the deceleration of jobs in the private sector here is what he said >> we have seen the last five months an average of 600,000 new jobs per month in the last two months, we are seeing the largest gain in hospitality and restaurants. i hope to move through the summer animal, we will see more people go back to work in saying that, if we have to shutdown again, we will have problems mall b small businesses will have problems that's why it is important for people to take care of your personal health during this time >> i asked commerce secretary gene romano about how much better or worse things have gotten in the past month >> you are seeing a little bit of improvement, but not much and not enough there is no quick fix to that

one. the long term solution for that is, i think, for congress to pass the chips act to incentivize more domestic production of semiconductors i'm not sure anybody predicted how disruptive covid would be to the supply chains. i spend time every day talking to businesses and there are massive disruption in the supply chains where it is medical goods, food, the fact our ports have been disruptive the fact we don't have enough truckers with the skills shortage i think that we underestimated it >> we got into a conversation about the skills and labor shortage taking place. i asked secretary roimando about the future of work she actually thinks looks like. >> you will see more flexibility. more companies allowing folks to work from home

what i am quite sure we will see is just an even greater premium on digital skills. cloud computing skills, data skills, tech skills. we have an urgent need to make sure that everybody has access to those skills. women and men. people of color. people in rural areas. you know, it is still the case that cities and the two coasts and urban areas, folks with college degrees do better in a more digital technical economy and that means we have a lot of work to do that's why the secretary and i are here working together. >> becky, we spoke about the prospect of zoom cities. cities in certain parts of the country that were not considered cities given technology and potentially the retraining of

the work force could emerge in ways we haven't expected that may transform the landscape of the country we got into the issue of vaccine mandate. they both spoke to the issue of vaccine mandates i thought they would be more vociferous on vaccine mandates they said businesses could, but you could tell they didn't want to go so far as to say businesses should. i thought that was pretty interesting. >> it's tricky and saying to businesses, you do it it is a tough position i don't know anybody wants to be in the business of you absolutely have to do this businesses in different parts of the country may view you this differently. we have seen businesses step forward and say we will require you to be vaccinated before you

come back or weekly testing like the government is doing or offering big incentives. that carrot and stickargument has been interesting i have not seen anybody who had a bigger carrot than vanguard saying we'll pay you $1,000 to do it. >> the carrot version. the stick version is >> you are fired or don't come back. >> fired or no paycheck. >> exactly right. interesting times. stuff that is changing quickly i do have some empathy for the administration trying to watch this and read local politics and read regional politics and see where things are changing as quickly as they are with the delta varioant and what comes next we will watch this on a daily basis. >> i'm sure we will. when we come back, we he w will talk about the cdc with the

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welcome back to "squawk box. take a look at futures dow up 66 points nasdaq looking to open higher. 33 points. s&p 500 up close to 10 points. 9 points right now moderna reported quarterly earnings profit at $6.4 6 a share. revenue topping forecasts. stephane bancel joining us at the top of the hour.

becky. thank you. the new moratorium on evictions. it is covering areas with high levels of covid-19 which is a high percentage of the u.s. right now. some are breathing a sigh of relief others are saying otherwise. mick mulvaney is the chief of staff from president trump and julian castro. housing and urban secretary under president obama and political analyst. secretary castro, this is an issue that congress could not get past this week it is something the white house is not sure won't face a lot of legal challenges why do you think this is the right move >> thanks for having me. good morning it is the right move because we're not out of the woods just a couple of days ago, in florida, as everybody knows, it was announced that florida shattered their record for the

number of covid hospitalizations and hit a record for cases we're seeing this delta variant surge across the country last night on my phone, i got an alert here in san antonio, texas, saying the risk of covid spread is severe we're not out of the woods the cdc put this eviction moratorium in place specifically for public health reasons. we have about 7 million folks out there, renters behind on rent, according to the latest poll survey. 80% of those folks live in areas where the coronavirus is surging. on top of that, our economic circumstances are uncertain as your interview with the labor secretary touched on a few moments ago. good example is the auto show in new york is canceled to suggest we are in the clear, i think, that misses the point

>> mick, we are looking at a surge in the delta variant that has really up-ended things and changed quickly in a matter of weeks at this point. what is wrong with the moratorium extended if it is only for two months? >> becky, there is a difficulty connecting the number of people in a hospital in florida or the cancellation of the new york auto show and saying for that reason people don't have to pay rent we will extend the moratorium. i respect what the secretary has to say, but those in his party don't agree. the moratorium started on a bipartisan basis it started at the height of the covid crisis and under the trump administration now the democrats have left washington, d.c. they do that because they don't have the votes and the secretary knows that as well as i do i think folks are starting to realize there were measures that were necessary when covid first came in and we didn't know what was happening and didn't know how to do it or didn't have a

vaccine and it is no longer appropriate. that is now getting bipartisan support. it doesn't have support back home everything the secretary said is correct. it is a causal link between that and needing to extend the mora moratorium >> there are questions if the moratorium is a temporary one and if it will be lifted on october 3rd. landlords are holding out and have been trying to help the rental assistance passed on the federal level has not made its way down to the state and local level at this point. in new jersey, a small portion of rental assistance paid out and made its way to landlords who are holding all of this over the ones taking the hit. if it was passed out $700 million in new jersey and

it will cover back rent, but let alone the future rents should landlords suck it up and take it on the chin? >> you have a good point others have pointed out landlords are on the hook as well that's why as the administration pointed out just yesterday, the funds are available to landlords. this money is ultimately going into the pockets of landlords because the programs at the state and local level are set up to make sure the tenant and landlords are requested and distribute to the landlords. the funds have not been distributed as they should this is a clear example of government living up to the worse reputation being too bureaucratic and too much red tape and not getting the funds distributed quickly enough we see that with the personnel and cutting out the red tape and

get the funds in the hands of the renters and landlords more quickly. let's not kid ourselves. pi by one estimate, there is $23 billion in back rent with $3,300 owed per renter. this is not solving the entire challenge, but it gets us through the continuing emergency we have in the country and allows for people to stay in their homes instead of getting kicked out into the street works with landlords a lot of them are mom and pop operations paying on their own note so far, this has been extended the cdc eviction moratorium extended by the previous administration and also by this administration for good reason because it is still needed >> do you think there is a chance it iwill be extended pas october 3rd? >> that depends on the circumstances we face on october 3rd.

there is no question the supreme court looked at this a few weeks ago and looked somewhat disapprovingly at it it did not actually strike it down that gave the biden administration an opportunity to refashion it and rework it and specifically focus on those areas where covid is surging our hope is that, of course, all of us hope we will be under different circumstances and we see this delta variant subside more people get vaccinated and more people able to catch up on their rent it is true as labor secretary walsh said we're going in the right direction now with our economy even though there is uncertainty. more people will have more money in their pocket to pay their rent that's going to make a difference you know, i'm optimistic i think we can all work to be under different circumstances on october 3rd. >> mick, what do you think longer term? what are the potential concerns you have

>> with all due respect, secretary castro may be out of touch with certain elements in his own party. more centrist is how i describe him. there are some in his party want this permanent there are so many in the provision we put in there. tax credits, increased credit score. all of those things proposed to be made permanent in the bernie sanders wish list stinfrastructe bill there are certain members in the p party who want these permanent the fair question to ask is do we want this permanent that is the debate that should be happening now that is not because congress has gone home for the summer >> i would distinguish between eviction moratorium and investments we need to make.

in the reconciliation package, there is afford aable housing w need in the country. we had rental affordability crisis we had before the pandemic this specifically versus investments in child care that allows people to get back and get the economy going and get back to work and affordable housing investment, we need to make those investments >> mr. secretary, there are. there are $47 billion appropriated for this moratorium eviction that hasn't been spent. we should spend that money before the $100 million. >> gentlemen, we have to leave it here. mick mulvaney and secretary julian castro. we appreciate your time. >> thanks. becky, as you were speaking, we have news from robinhood. it speaks to what we have been talking about all morning. it filed to sell 97.9 million shares over time this is key. the company is not receiving proceeds from the sale

it will go to certain selling shareholders >> what? >> this is not a secondary in the context of raising new capital. these are investors, prior investors and capital venture firms that were early in this is intent to sell i'm looking through the list 9 yard capital sigma river holdings a number of entities that have owned shares when the company was a private company. looking to sell and we will see over time what that does to the stock in terms -- >> no wonder the stock is down 10%. if you are raising additional funds for the good of the company and say we will do what amc has done we will put that money back in use to make sure the company is using it properly and rewarding the shareholders coming in

if you sell it to make sure the early investors are made good because they don't want to hold on tothe price that raises another question if the early venture guys who came in saying this is high. i want my check and get out now. that's a different story. >> my only other thought on this is as we are weighing both sides of it is at some point this was going to happen. the question is did this come sooner -- >> four days in? >> than expected that is the question often times as you know the venture capitalists who were in, many years ago, in some cases, some appear to have doubled down as you know when the gamestop challenge happened effectively the company was near solvency or liquidity moment you knew they would look to get out at some point. they typically don't hold shares

for any huge length of time. six months or a year four days may be sooner than some expected. i don't know is that a pull forward >> you have to remember the stock is up 100% this week a pull back from 111% there have been big gains. we look at the gains and say what do we make? is it something that is sus susta sustainable? you say wait that's a really good price check me out that raises concerns they were going to come at some point. they might like to see proceeds of that coming coming so quickly when the stock has behaved erratically going from down off the ipo price to jumping and soaring and up 100%. >> do we think, becky, this is doing what joe terranova was

suggesting if you don't want to be a meme stock, you have to try to sell shares to actually tamp down the enthusiasm >> i don't know. i don't know by the way, what was vlad's answer what he thought about being a meme stock >> we'll grab the tape he said he never thought about it which was surprising. >> everybody else on the planet has. >> has developed a meme. i thought about it enough to ask the question we'll grab the tape and show it to you in a little bit when we come back, we will talk about the delta variant and delays of bringing people back to the office. the big issue these days. don't miss the interview with senator ted cruz over the delta variant and the crackdown.

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citi. welcome back to squauwk we want to talk more about getting back to the office we've been trying to figure out when the return to quote/unquote office that time line appears to have changed over the past week the boards you've been on, how does that change the timelines for the companies you've been with >> thanks for having me. the increase we are seeing the surge in hospitalizations, et cetera. companies are watching and looking at the data everyday we are seeing more companies delaying return to work plans and/or adjusting those plans as you focus on the health and

safety of employees, customers and suppliers. >> the other divergence we have is a bunch of companies saying we are going to mandate vaccines for p our white collar workers but for what we call our blue collar workers, we are not going to do. that is causing a rift and some questions. can you explain it >> i can't explain it. the companies i work with have not separated their workers in terms of blue collar and white collar the health and safety of all employees are important. looking at the mandate and beyond how much they have to interact with others and whether they can be safe with masking, testing,

et cetera. >> the issue is. you have a company like tyson, which is mandating it, you would describe those as blue collar workers. walmart doing something different. those in our offices, we will mandate for. i would argue they are doing that because they can get compliance the people who are going to interact with the most people. the people in the stores and who work on the shelves, logistics we are not going to require it because we are so squared if we were to, they'd walk off the job and we'd have a supply chain problem. >> there is a balance companies have to make as they try to determine the health and safety of suppliers and customers as well as an able environment in which people can operate they are trying to thread that

needle and where they can institute masking and regular testing. in all candor, this is a hard thing. it is all changing daily a couple of weeks ago, plans were dropping. improving and coming back. companies are scrambling to figure out how do we do the right thing by everyone. >> but, what do you personally think as somebody who is a leader in the business community? we have a business community who said part of our mission as companies should be to help society, which i would imagine in part should be about keeping societies safe and frankly alive, yet, we have a situation where some are taking this unique leadership position and others aren't. >> i think we need to be

encouraging as much vaccination as possible. as the fda starts to approve we have the pending approval i think we'll see more companies actually mandating vaccines and/or consequences such as regular testing or masking for those not enabling people to come back to work. one of the things we haven't talked about is the fact that people not returning to work has other ramifications. most people want to be good at their jobs and do that, you need to collaborate and make friendships. that's really difficult when you are remote most studies show outside your immediate family you are a part of, it is through your co-workers you have social interaction. loneliness is already a problem in our society

we need to figure out how environments are safe. the more we can get people vaccinate itted, the better off we'll be >> there is a bloomberg report out that said there was a poll showing employees will be willing to take a pay cut to never go back to work. there is a huge number of people who actually don't want to go to the office >> i'm not surprised honestly, i don't believe it will sustain think about it how do you get developed or known for what you do and interact and collaborate if you never come back. initially because of all the fear, you know what, i don't want to come back. i get that they'll interact with others and

be promoted for doing so >> shelly, always great to see you. hope to catch up with you soon as we continue to talk these issues >> i love that talking about how workers want to come back because they are lonely but how many are willing to take a pay cut? when we come back, some huge guests coming your way the ceos of moderna, dirk energy and uber we'll be right bk.ac

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>> rising covid cases and the push for vaccines. talking about getting more jabs in the arms of americans the need for booster shots and the possibility of more variants the push for more vehicles breaking news from robinhood the company just announcing a secondary offering guess who it is going to payoff? the latest on the move the second hour of "squawk box" begins rightnow. >> dow up about 60 points now.

dow up 36, 37 points higher. amid all sorts of earnings news. s&p 500 up about eight points. the big news just hitting the wires, coming in from rooun. filed to sell 97.9 million shares doing this over time it will go to certain selling shareholders sharing up over 50%. it has now become a meme stock you've seen that stock drop about 10% this morning as what we are going to see the exit of a lot of private shareholders

on the verge of a liquidity and getting straight over and talk about moderna we'll get to meg tur relevant who has a very special guest this morning >> thank you, the ceo of moderna joins us now you've got a lot of news this morning. particularly about your covid vaccine. let's talk about your six-month results showing 93% efficacy durable all the way out six months we saw data from pfizer showing their efficacy at six months drops to 84% are you saying moderna stays at 93%. >> good morning.

at 93%, we are showing very good duration if you think about it. with the studies at the time, we are very happyabout that a few things to think about. which vaccine. then of course, the variants a very different virus than we had designed we'll also have to think about boosting the share and we'll review later on the call about

8:00 a.m. and those coming days. we have shown those through the same vaccine currently used in the u.s. we have received a very important increase in south africa, you get 32 x increase you get 43 x through the public officials about where to go and what to do with it in order to

enable more access and calling on companies in particular to priorities and get those doses to lower and middle income companies. how is moderna responding to that call? >> that would stop because it was put in place as those companies would have to decide very different and we have to remind you as we go higher >> some of the information we've heard about pfizer's durability and different age group has convinced me booster shots are the right call especially for

older americans. when you are talking about 93% efficacy after six months, that's not a huge argument for a booster shot are there age groups or demographics that show a bigger decline or might be more likely to need something we have been investing in vaccines for years this was not our first vaccine it was our 10th vaccine we want our boost tore be used and those

vaccinated with the vaccine with that duration that we are growing as well. >> with a very high level is that less an efficacy as they are older. >> i don't understand the need for a booster ifs that the case but you are saying maybe that is for people who got the other shots. some saying they aren't going to offer j&j in other stores. >> i'm not the clinical person,

so i cannot make the recommendation through six months of data and the boost. you look at the time frame that was not yet present. that u.s.-based chemical study even that which was set up is going to be important. we don't think the delta is the last variant we are going to see. >> i'm wondering or thinking about delta changing the picture so much. the cdc revising its mask guidance to suggest people in high or transitional areas to wear masks in doors because of the potential to be contagious i visited you at moderna, nobody

is wearing a mask. you believe in your shot is that going to change for you? >> what we have done is to follow cdc guidelines. we think it is a responsibility. it is nothing to do with how strongly we believe in our vaccine. we need to show leadership and the example. the cdc is asking people to mask, we will mask indoor. >> showing the need for the booster there as the delta variant. the pfizer numbers for efficacy. doing that i think south africa was a place they were doing it would you say it is an apples-to-apples comparison. people will say is moderna giving me better coverage than

pfizer >> i think the study was mostly done in the u.s. for pfizer. i did not run that study >> some in south america too >> i don't know the number of people or the ratio. >> i think we have to wrap up here >> thank you very much meg, thank you for bringing him here we have so many questions. meg will be following up and listen in on the call with updates later. when we come back, cdc revealing americans believe inflation is a bigger problem than unemployment. so are the fed's priorities focused in the wrong areas >> and transportation secretary

pete buttigieg or transportation and energy you can't be in two places at once, let posh answer. posh virtual receptionists.

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>> putting the central bank at odds with the public that is far more concerned about rising prices the cnbc all-american showing 60% of americans creating unemployment the policy that leads in favor of the public mandate over inflation mandate. it is not just one group driving the numbers. there are differences. every single demographic are worried about inflation. 56% of democrats think unemployment is more concern than republicans majority still pick inflation as the greater worry. job market is improving. upwards of 96% of americans have one.

maybe natural inflation is seen as a threat. even looking at those who are not working, the survey shows a concern. those who are not employed fed chair jay powell prioritized making the fed more responsive than average americans that was a lesson where kcritic accused they favored banks on the wealthy. pursuing full employment at the expense of inflation >> thank you for obvious reasons, i'm not going to ask a follow-up question we'll see you back later this morning. tomorrow, the big job's report andrew >> yes, it is. friday job's report friday. >> the ceo of duke energy will talk commodities and quarterly results. we'll check in on shares of

robinhood after yesterday's wild session. it filed to sell 97.9 million shares over time the company is not receiving any proceeds the money will go to certain selling shareholders looking at the stock down 13%, 14% after rising 50% just yesterday. we are right back after this >> announcer: time for today's aflac trivia question. what year did the olympic rings what year did the olympic rings officially debut 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.

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now the answer, what year did the olympic rings officially debut. the answer, 1920 based on a design by pi pierre de coubertile, first created in 1913. >> duke energy released the quarterly results. joining us now is lynn good. thank you for being with us.

it looks like you came in with an adjusted number of $1.15 versus $1.10 the street was estimating a little better than expected. tell us why that is. >> becky, we had a very strong quarter and strong start to the year we are beginning to see the economic recovery. you may recall the second quarter last year would have been the hardest hit part of covid. we saw 6.5% increase in our volumes coupled with investments that are driving earnings contributed to the strong results in the quarter across those on track delivering for the full year and grow at 5 to 7%. on o and m, we were putting the

breaks on a lot of spending. and so we are restoring some of that reinstituting maintenance. rehiring we had a hiring freeze last year some of that is getting back to a more normal run rate with the capital expected to be deployed where is that going to go given the focus we've seen on renewable and clean energy 70 to 80% will be focused on that the clean energy the investment on the grid we are excited about what it

represents it not only allows us to reduce carbon emissions but produce growth for our investors we are aggressively pursuing this clean energy transition >> there has been a number of cyber attacks on infrastructure. it raises concerns on absolute necessary infrastructure like energy what are you doing to make sure you are safe what have you all done >> cyber is front of mind all the time, becky. it is in the news all the time with duke, it's 24/7 operation in our grid the the delivery is the area of additional

investment we are drilling and working as a industry with our partners as well to make sure we are using best practices so it is a 24/7 operation. >> for anyone spending long-term expenditures, we have had some swings one administration laying out guidelines biden laying new guidelines. if the administration changes, how will you respond >> a very good question, becky as you know, we operate a long-cycle business. we are operating capital that should be in place today serving in 2030s and 2040s the alignment around carbon reduction and clean energy is something we've been pursuing for a decade and will continue to pursue. >> i look at the works that under way.

talking the capital spending between now and 2030 the research and development around technologies we believe we'll need in the 2030s and 2040s. we are moving as rapidly as policymakers and our customers will permit and our regulators there is a lot of opportunity here as we continue to pursue. >> you are the focus of the active management that has put up a pretty large stake. elliott wanted you to split the company up you said no at that point. they said they'd like to see additional directors with more focus on florida and indiana not just the carolinas where they think the company is too focused at this point. have you spoken to elliott management at all? >> a good question we are regularly engaged with

our shareholders and elliott management is no different as ideas have been presented, we have thoroughly reviewed i cannot talk specifics. we have not been able to find common ground. we remain open to dialogue and will continue on the con instruct of value. at the same time we are focused on delivering to our customers and bringing strong results. >> did you say relative to the peers you are likely to perform. you don't like their ideas >> we are always open to ideas i would look to the duke energy performance. we are performing above the uty. our industry index we continue to look at each of these ideas. continuous improvement and cost. i look at the success we had in

2020 taking out $300 million of o and m. continuous improvement is something we focus on to keep prices low for our customers >> you said those prices went low in 20 because we were shout shutting down. are there long-term cost custody cuts is. >> we are carrying forward about 200 million of those we announced in this quarter, a resizing of all of our real estate foot print, reducing here and taking advantage of hybrid work and what we've learned from the pandemic it is an on going focus at duke and we are finding ways to work more efficiently >> thank you for your time today. earnings came out better than

expected adjusted earnings $1.15 versus $1.10 the street anticipated still to come, transportation secretary pete buttigieg talking about president biden's latest push for electric vehicles. and robinhood with its second offering paying off venture capitalists that stock down 11%..2 stay tuned you are watching "squawk box" on cnbc

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welcome back exxon considering a pledge to cut carbon emissions to zero 5:0 selling efforts to cut emissions. targets announced by european rival saying they weren't backed by solid plans to achieve them now he may be looking at the same objectives. >> president biden setting a

target that 50% of vehicles to be electric sold in the united states by 2030 joining us now, secretary of transportation pete buttigieg. i'm glad to have you here because i'm confused by this is this an executive order or a voluntarily thing? >> let me help break it down it doesn't function as a mandate but it does create conditions to meet that goal we have got to act transportation sector is the biggest part of our economy. cars and trucks are one of the biggest parts of that. this goal is urgently needed you've got the executive order

that sets that the policy and it challenges all of the different agencies including mine to take steps that are consistent with that including things we have been consistent on since day one, which is new corporate average fuel economy these are ambitious and aggressive and feasible and require the increase meanwhile, you've got epa. basically you have all of the different pullies and levers working in the same direction. >> we just spoke with the ceo of duke energy. one of the points i made to her was that administrations come

and go spending lots of expenditures 0 going into this. maybe what is more important is what it has proposed to do you've got gm, ford and stellantis saying their goal is 50% ev sales by 2030 if the administration makes it happen is that something that will happen making sure there is actually electronic vehicle charging stations throughout the country. that's a big difference. >> that's right. you really need to have policy industry and labor pulling in the same direction that's what you'll see today in the white house. industry is stepping up recognizing a business and moral

imperative to do something we are setting the tone and regulations and seeing workers looking at how more jobs can be created in this transition to ev it is clear this transition is going to happen and where it is going the big question is how much will happen here. is the electric vehicle future going to be built on american soil with american workers that competitiveness piece is a big factor here. there's been a lot of whip sawing the the previous administration acted to weaken the standards already under way. what we have now is making clear this administration being aligned and a lot depends on how quickly we can get to the future state of greener, cleaner cars

we estimate about $900 savings over the lifetime of a vehicle for the family that purchases it thanks to these higher expectations we are laying down. >> you mentioned constituencies. i didn't hear anything about consumer demand. do customers actually want these things you can find a charging station in a lot of different places they had a lot of reporters in different parts of the country trying to use different vehicles over a month and see what happened in a lot of situations, they couldn't find a charging station, so it took hours to charge or they were in cold places like michigan and the batteries didn't work or weren't as effective when dealing with cold situations we can set this up but is this

going to be something consumers want >> these vehicles are incredible you look at the new electric pickup trucks coming out that have superior torque one of the reasons why the bipartisan infrastructure package is being finalized as we speak. it takes billions to charge that network. it is partly up to industry to market these it's up to us at a policy level to make sure we are driving that adoption one thing is going to shift. you'll see more and more of is more interest in electric vehicles in rural areas and more spread out areas these are areas you are more likely to have people living in stand alone homes, which means the charging structure is already there. maybe you want to up great and

get a faster charger most have the thing plugged in overnight in the garage as we did in my own household. we had the ford that was electric the first 20 miles. charging was just an ordinary plug you've got rural drivers and suburban drivers >> we'll see some interesting shifts and dynamics in the market for these vehicles in the coming years it starts with the president establishing the national priority that's what this executive order really means >> there is one car manufacturer that seems conspicuously absent. that is tesla. i'm curious why? >> i'm not sure. you are seeing so many leaders of industry. you've got knewer companies and

legacy companies both saying we have to move in this direction part of what is exciting is to see some of the oldest most traditional names in u.s. auto manufacturing and the newer companies on the scene all acting at the core of their business to go electric. >> did you see elon musk's tweet. he said, yeah, it seems odd tesla wasn't invited >> i haven't seen that we are making sure americans can drive electric vehicles in the future we are moving to a future that is all across the market i don't want this to be a perception that this is a luxury thing or just for cars you use to zip around cities we are talking everything from

the kind of cars you see on the market to pick up trucks getting more and more attention. this is the future of the entirety of the light vehicle market >> in terms of those saying they are willing to make this pledge of 40 to 50% of their sales being ev there are some environmentalists pushing back saying wait a second why are we making sure they'll actually meet this >> that's where the regulations come in. we are partnering and setting some very clear enforceable targets here epa is acting on that sales side nitsa within my department is acting on the emission standards. these are aggressive targets

after some very thorough going analysis believe they are achievable and out for comment over the next 60 days and will be finalized where all of these things need to come together just a nationwide whole of society effort for our climate and economy. >> secretary, thank you for joining us today when we come back, from tastytrade on the robinhood wild ride we'll get his thoughts on the wild trading swings including the announcement this morning that company will be selling more shares not for themselves but insiders effectively may be selling a little earlier than

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welcome back robinhood filed to sell 97 97.9 million shares but will not receive any of the money from the sales. i asked the idea of becoming a meme stock >> with what we've seen. it started with some of the

airlines, retailers, movie chains and brick and mortar. you had retail investors coming in and boosting them up. i think fundamentally, it is a very good thing. we are excited to be a part of it >> has the maker of meme stocks become a short-term meme itself? >> the runup we've seen is absolutely justified in robinhood. i note any ofs are out it is coming from establishment brokerages and the game stop trades with a grudge.

>> and that's great. if it is so easy, why was robinhood the only one that pulled it off in the crowded field. facebook took off. uber took off with the dawn of smartphones and gps. rooun has a market cap of about $59 billion. and just about six billion

monthly users. given the a audience, robinhood could up sell. a couple of years from now, $70 a share or even $60 a share will seem cheap >> jon, robinhood does expect things to drop in the first half which could take the shine off a little bit >> good point. robinhood isn't worth anywhere near $50 million from a housing bubble, you don't save yourself from overspending by looking at the comps. also opened up pandora box with an option tool and people that don't appreciate the risk.

i know you'll say how dare you talk the invest yorz and we have the benefit of history that shows when the market is hot they want to make a quick buck robinhood makes money when users trade a lot right now, the company is priced for hype >> thank you for giving us both sides of the story we'll bring in another expert

voice the founder and co-ceo of sink or swim it may look like a short-term trade. why did you do that? >> i didn't close it yesterday i closed it the day before i missed that move i butt the stock after the opening ipo. i didn't paurt pate in the ipo i bought the stock because i thought it opened too cheap. i thought they priced it right i like the way they did the allocation and pricing i only took a couple bucks out of it. i'm a trader i don't have a long-term perspective. >> tom, speak to the news this

morning. to be able to sell what do you make of that by 10% on that news former ceo of publicly traded company, i would not like to make the announcement we were floating stock to make it out. i wouldn't read too far into it in this way before rooun went public >> how do you avoid being a meme stock or is that a good thing? >> saying, look, if you don't want to be a meme stock, you

need to do a secondary to stamp down the stock so actually the meme buyers get out of the stock. >> i don't know if robinhood's case, you want to say what's that mojo worth can they become and reach the valuation. i think yesterday's move was something a little different i think there was regular lori clarity. the street and the meme stock

players look at robinhood positioning themselves as a crypto power house that's their two major sources of revenue i think that had a little to do with yesterday's rally >> do you think they'll be able to hold their margins? >> no. crypto is highly incorporated to implied volatility now it is running about three times. you lose volatility. people buy crypto to make two or three. crypto volumes have fallen off the map.

not that many that offer crypto in their platform. they have a really dominant position right now >> real quick, just want to get your sense of this how much is being pushed on options. >> no question when they launched options yesterday, they traded actively. as the day went on, those things got higher i thought they did a really good job and i think you are correct and think a lot of yesterday's moves were tied into the first day of options >> always great to get the insight on all of this and

figure it out. great to see you >> when we come back, texas senator ted cruz joins us to talk about the infrastructure. the uber ceo talks his company's latest result and the impact of the delta variant. an interview you don't want to miss stay tuned to "squawk box. this is cnbc

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good morning robinhood out with news of a big share saeld. giving back in of the monster gains and uber shares the company losing half million in the second quarter but still on track for profitability year on out. >> we are going to talk about the $1 trillion infrastructure bill making its way in the senate texas senator ted cruz final hour of "squawk box" begins right now.

>> good morning, everybody joe is out today but there's a lot happening. you can see right now dow future is up about 85 points. that loss of about 325 points. treasury market, you'll see right now, the 10-year note is yielding below 1.2%. a lot of stories investors are talking about today starting with robinhood shares there tanking after the company announced it would sell about 100 million shares over time those shares will come from v

various selling stock brokers. the company will not receive proceeds from that sale. meme stock traders swap the stock back and forth covid vaccine maker, moderna beat the street's latest expectations out with news its vaccine is 93% effective six months out jing us to speak about the vaccine's efficacy and potential booster shots. >> we have shown with the vaccine, the same used in the u.s., you see a very important increase of the quantity of antibodies you get 42 x

we think the boosters are going to be very helpful to keep people safe for the long term. >> once again, check out moderna's shares right now uber reported a surprise profit of 58 cents a share for the latest report. beating top line expectations as well with those shares uber had shared don't miss four first on "squawk box" interview. >> large part of the infrastructure bill slowly

making its way joining us now, senator ted cruz of texas you have call thd bill a bait and switch >> it is rather high with a price tag of $1.2 trillion somewhere between 10 and 20 republicans. we'll see where the final number runs out if this bill were being offered in exchange for the massive $3.5 tax and spend bill i think you would get very widespread support for this bill it is knots being offered in exchange past the $1.3 trillion

and don't pass the $3.5. instead they are saying is pass this they'll turn around and pass the 3.5 on top of this that will be beyond what we passed a couple of months ago. the spending levels have gotten way beyond where it is responsible. it is harmful in the inflation we are seeing and in that the 3.5 frillon people coming next includes trillions of new taxes that i think will hurt working families across the country. >> senator, is there a way to get to yes, as they say? assuming this bill -- let's say this is not a stand alone bill

part of the $3.5 that my be coming down the pike that you would agree to so, no not that bill. it is really a liberal spending wish every taxes and corporate taxes going up if it were offered in lieu of that, it is not. it is just adding on taking.

the story i faulk about is roads and bridges. i agree with that. those are popular. it is a good thing if you want to talk about a bill and have people support it, tell them it is about building new roads and bridges. >> the proponents of this bill are selling this same bridge over and over again if they

introduced the clean overwhelming boost, they don't want to do that because that's popular and a reasonable investment because they are using that to pass trillions more in spending and taxes and i think that is profoundly harmful. >> that bill has $550 in new spending $39 billion is transit it is not infrastructure spending that really goes to make all of that up. >> i think this first bill focused more on the infrastructure issues.

but, my point is, the roads and bridges is a relatively small part of it $110 million less than 10% of the total price tag. >> that other spending is stuff that would go anyway the other senators who have kind of signed off on this have said they don't agree with the big spending for the second bill pelosi has said she's tying one to the other president biden has walked that back if this got passed and put to the vote if the house put up with that, would you be in favor of it? >> what you are raising are the arguments we are having at lunch ever day when the senate is in session every tuesday, wednesday, thursday, the republican snartz

have lunch together. we have vigorous conversations the last two weeks, what you and i have talked about dominates the conversation they'll say we were able to direct the spinding in more responsible ways that's not the deal chuck schumer isn't preventing this deal. it is like lucy with the footb

football the next thing is teeing up the agenda he's doing it minutes later these have helped us when you look to republicans about inflation. i'm hearing more and more texans about the concern of inflation the price of food, gas, lumber seeing the price of an average home going up substantially

we have had a decade essentially history forgot today's policymakers don't remember what that looks like but you are really inviting that punishing inflation. >> pivoting to vaccines and masking requirements and mandates you've been against mandates, i know businesses such as walmart and others now mandating for employees. >> i don't i think it is a mistake. my view on covid, it is a serious disease. we've taken serious steps. we've also imposed enormous harms on our economy and people's lives and livelihoods

and families we need to balance those appropriately. my view on vaccines, i believe the vaccine. i've taken it. my wife has, my parents have heidi's parents have taken the vaccine. i encourage people in taking the vaccine. i also believe in individual freedom. i don't think anyone should make you take the vaccine i don't think the government should or your employer should you should be able to make your own choice i have faith they will weigh with pros and cons i got to say it has been very troubling seeing democratic politicians announcing vaccine mandates the government is going to make. >> as a former lawyer, how do

you feel about the legality of private enter prize. making these decisions clearly, they are making these on behalf of the companies they could argue if every employee is a key man, you want to keep them healthy and alive >> i think it is a mistake for companies to keep mandating. the litigation so far has not largely been successful. in houston issued a mandate to employees forcing them to get vaccinated a number filed a lawsuit and that got thrown out of court i've introduced legislations that would provide civil rights

protectio protections as employees you work at cnbc how would you feel if cnbc had a series of medical procedures they demanded you do as a standard of your employment. you may make a decision in consultation with your doctor about the things that make sense but it is not their job to force it on you. >> at the same time, we have to respect the idea that we do not want to injury our colleagues or others who have every trite to stay healthy and asking you've been against masking mandates a governor in your state has key a -- created a rule saying you can't mask in side schools the governor in arkansas did the same and now says that he thinks

it is a great mistake because of the delta spread >> that's not exactly accurate the governor in texas did not say you can't wear a mask, you could. >> you can't mandate it. >> we should have no covid mandates no mask mandates, no vaccine mandates or passports. we shouldn't step into a regime where the government says show us your papers if you want to do the basic things of life there is a lot of self-righteousness in this argument the argument that those unvaccinated are the unworthy, unwashed wreckless people.

as i said, i've taken the vaccine. i believe in them and encourage people to voluntarily take it. if somebody doesn't take the vaccine, they pose relatively little threat to me or someone else that is unvaccinated. they may pose a threat to someone else unvaccinated. they made that choice. if you smoke cigarettes, we give people to make decisions about their own health even if they don't approve. >> i understand your point there are valid questions especially under emergency use those kids underage 12 let's move on to that. back to the mask issue as well

this is not greatest generation challenges if a private business or even a local school district decides they would like to have people mask up. this is not a medical decision you are asking them to subvert their doctors to make. this is low-tech stuff what's wrong with that >> i agree with that if a restaurant or store has a mask policy. as a customer, i comply with that if i don't want to, i may choose to go elsewhere. in houston, one store in houston that required masks was the apple store which made me laugh out loud at the time, the cdc was saying,

if vaccinated, you don't need to wear a mask. i asked. they didn't have an answer >> why but are you okay with a private business doing it but not a public school? >> the public school is a government force the government is forcing you to do it. when it comes to masking in schools, that is one of the most profoundly anti-science recommendations you've seen. we've seen a serious death toll, this is a serious disease. diabetes and compromised

immunity there are other diseases where children are particularly susceptible to for children, the rate of catching disease and among children is exceptionally low. and the studies i've seen is an exercise of political power rather than prudent science. >> i think there's a larger question about the science the variants may be a different story now we are in a different place. you can look around states including your own where kids under 12 not vaccinated are getting it widespread. i do think it is an issue. i hope we'll have an

opportunity. >> let me say briefly if i have a moment >> i'll give you 30 seconds. >> two things. one, our girls are 10 and 13 we've chosen not to vaccinate them because at this point, the risk to kids makes sense versus a new and untried vaccine. we think different for a guilts looking at the biden mandate, it was driven by the teacher's unions i think the cdc has done enormous damage by behaving as a political entity it is not good for the cdc or anybody else

>> senator, a there was an argument made the cdc was politicized under the former administration as well i look forward to talking about to you on that uber's ceo coming up on squawk

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. welcome back to squa"squawk box. a new target price hike on wall street boosting their 2021 target the move where earlier upped its price. saying the combinations of earnings and rates on the lower end of targets

head over to cnbc for more on the biggest calls as well. check out shares of tesla up fractionally bernstein analyst is out keeping the current underperform rating and price target looking at the issue of whether elon musk will still be the ceo in the next two to two years tesla board share disclosed millions of tesla stock. >> the most popular ticker searches top spot robinhood the 10-year note yield in number two spots. general motors, moderna and

etsy a lot of meme stocks in there as well we'll see how those shake out the trade. over to you. >> i raise the idea early on that this was something likely going to come at some point anyway as you go through if said, given the price was at least 50% greater than the ipo price for a certain period of time up to 97 bot r.9 of a million shares of stock held by these parties we now know about, these private parties that would be unlocked yes, news this morning is happening. it should not be surprising news

those two triggers if the price would soar above 30% 10% would open up. the second trigger was over 50%. i thinks that where we are right now. they don't seem to indicate unless i'm not looking at the right page clearly does appear to be in the perspective. >> quickly, we have rick standing by from chicago with breaking economic data take it away >> yes some historic data we look at the june read which

is a trade deficit at minus 75.7 75.7 billion which userps mark it seems to be lead and would take the record number of imports and something to pay attention to jobless claims very close to expectations and not far from the twin of $368,000 and the last week of june which are the post covid lows continuing claims. drum roll please breaking the $3 million.

$2,930,000 on continuing claims. this is something important to pay attention to especially after the dismal adp right now, interest rates are virtually unchanged. yesterday, we had a double bottom at 112 on an intraday basis. that is something to pay attention to back to you. >> in terms of traders which one of these is more important. >> in my opinion, the most important thing. the continuing trade is very important. giving much information and it

means the domestic demand is strong taking out that pour of many in the market and economists continuing to think the reopening will gain speed. i'm not so sure tomorrow's jobs data will incorporate with the gdp. >> steve, what do you think about the numbers? >> i like the discussion on the trade deficit. you do want to see strong imports. i'll get to the export side in a second what needs to happen, you need to see the shelves restocked we need to have not just the stuff on the shelves to sell, you need the inventory that has been running historically low.

that enables you to bring down the price and not charge as much because there is something in the back room you need to move as well. getting back to a normal level of inventories on the price increase on the unemployment and employment side, bouncing around the 370 to 400 range in what would be the normal job market still 12.97 million americans getting some form of unemployment insurance through the various programs we have work to do here. good to see it coming down as for the job's number tomorrow, a

lot of data on the weak side >> thank you we'll see you later. when we come back, we are live with uber ceo. don't go anywhere. we are back after a quick break. if your money is working toward the same goals, why keep it in different places? sofi is a one-stop shop for your finances designed to work better together. spend with sofi and get cash back rewards that automatically go toward your goals. like investing in stocks, etfs, and crypto. that's better together. or pay down your sofi debt sooner. that's better together. and that's how sofi is helping millions get their money right.

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welcome back to "squawk box. initial jobless claims ticking

down you heard that with rick and steve as well. take a look at the markets yesterday after the adp report came in after a disappointing level. you did see an immediate build off for the futures. and right now, it looks like the treasury market yielding 1.180%. everyone will be looking to the jobs report. you are look at futures hanging in there at this point we've heard a lot from goldman sac. raising to 4, 700. looking because they raised their earnings estimate for the

s&p 500 for both years 2021, 2022 hopefully we can talk more about that in a moment we are going to go to break but before we do, you had asked the question about robinhood and this lockup period 20% of the shares that get unlocked i thought you would have had to stay there for 9 or 14 consecutive days clearly maybe not. we'll try to dig into it with control over how those triggers start to work a little more color on that news in other words in their hands. making it happen or if it just happens. these investors i think can sell over time at will. we'll come back to this. >> uber ceo will join us live as

we dig into his company's second quarter results. stay tuned on "squawk box" on cnbc ♪♪ ♪ 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 ♪

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kel welcome back on the top and bottom line adjusted ebita basis

bringing drivers back to the platform joining us now, ceo of uber. talking about this quarter and about what the future holds given that you have a remarkable pulse not just what's happening in the united states and in other parts of the world as well you did beat on the top and bottom line. the amount you had to spend to bring drivers back to the platform >> it was a purposeful investment we saw the demand grow from mobility and supply. wait times were longer prices were surging, et cetera we consider that un unacceptabl.

we brought back over 420,000 drivers and couriers to the platform we added 110,000 couriers. now that we see driver supply coming back and with driver earnings making over $40 an hour including tips, we think we are in a very, very good position for q 3 and q 4. we said we'd do better than $100 million a year ebita sometimes you have to invest in this case, we wanted to invest in the consumer experience >> got to spend a dollar to make a dollar how much more will you spend on drivers continuing to go

forward. >> we spend incentives to get drivers to the right direction we'll spend incentives to get drivers to drive at the right time balancing the supply and demand when you push that button and uber shows up in four minutes, it's effortless. there's a lot of magic behind it the good news is in july, we are able to pull back incentives and target much more precisely at the same time drivers we brought in july were up 30%. now that we have the flow coming on boarding, it is much easier we are able to pull back incentives they are still able to earn and the experience is getting better and better >> what do you think about those

with or without employment benefits >> we are seeing in states that do not have unemployment benefits florida and phoenix, et cetera the balance of drivers coming back is better it is hard to tell if the cities are opening up more. i can't correlate the cause and relationship if you look at the delta variant, are you seeing a distinction on the ride hailing side >> not really, we are seeing the effects if the city closes down. we have seen the natural health of the business. that delivery business is at very, very high rates. overall uber in sydney is up 30%

versus june of 19. in other cities, it is very difficult to parce out what is going on related to the delta variant. >> asking about the didi stake one of the reasons you were able to report a profit it is a weird accounting change. didi shares are down i guess sophisticated investors are pointing to this does it concern you at all to have these unrealized gains. b., how do you feel about the business with didi given the crack down we've seen from china? >> we don't see much attention on the quarterly gains our cfo is in charge of

maximizing the value of those investments to maximize the value over a period of time. we don't pay too much attention to the reporting as far as what we are going through, it is a difficult situation and why you really have to bring safety first and be in constant dialogue with your stake holders and governments on a state and local level. it is a reminder that this is a business that has a real impact of people living in those cities and comes with a real responsibility >> wanted to go back to the issue of delta you pushed the reopenings back a lot of questions about vaccinations and whether employees should be vaccinated there is this interesting thing

where white collar workers in some cases are being required but blue collar workers, ee essentially drivers are not. can you speak to that? >> it is a tough situation white collar workers, you are spending time in an office together eight to 10 hours a day. in terms of the health concerns, it was an easy call in with blue collar and with uber, it would only be fair to require vaccines with riders and drivers. these are people, in a car, in a small face we have pushed for safety, masking. open windows we think that the push which we've completely support should be for the government to get

people vaccinated, everyone vaccinated as quickly as possible so we can get back to life >> could you see making a decision all drivers and passengers should be vaccinated? >> i think it is something you can think about based on the circumstances us and governmente certainly play our parts to push vaccinations we've had free vaccinationis. we've got partnerships with walgreen's and others to really get the vaccinations up. >> do you think that part of the issue is that on the white collar side there's a view that there will be compliance or enough compliance to continue to operate but that a lot of companies, including your own maybe that don't feel compelled or feel that they can mandate vaccines on their own, employees or in this case contractors, that there would be effectively a new supply chain problem because that's something that you hear constantly from at

least privately the conversations i've had with ceos of very large companies that seem to be having this sort of two views about it one in the office and -- and one -- by the way, i would argue to you that there's more people in contact with more other people in what might be described as the blue collar jobs. >> i think that's possibly true. i think when you get to the numbers in the hundreds of millions, which is what we're talking about as far as riders and drivers go, to put that responsibility and that kind of decision-making power on company i don't think is right i think these mandates if they're pushed should be pushed by local or federal governments and that's really the direction that we're going with. and then whatever mandate is put forward we are doing our best to support. >> and then finally, path to profitability, you've talked about being adjusted ebitda positive by the end of the year. you still think you're on track?

>> yeah, absolutely. we think q3 is looking good in terms of drivers coming back, the july margins that we've seen are very, very constructive, and we think that's going to lealead u to a q4 -- >> what do you think about a non-adjusted ebitda positive when do you think that's -- >> yeah, listen, well, we were non-ebitda positive this quarter based on our investments, right? for us it's much more about the fundamentals and ebitda positive is a step -- the much more important step for us is what is our growth path over the next five to ten years. we're the biggest mobility player outside of china. we're the biggest delivery player outside of china. these businesses are helping each other in very, very profound ways, and it's ab out the growth for the next five or ten years that we think is the

story here and we're very well-positioned. >> final question, how did you feel about the maureen doud position >> it was fun having her come in and meet the family. the kids just loved her. >> for those who don't know what we're talking about, maureen doud wrote i don't know how many words about dara in the sunday times a few weeks ago and it was quite a read nice to see you. >> nice to see you as well thank you. let's get down to the new york stock exchange. jim cramer joins us right now. been waiting all morning to ask you what you think about the latest from robinhood, this new stock sale >> well, it's crazy, but you know what, it's not dilutive i wonder whether the apis just don't come in and start buying it furiously they did buy a huge number of august calls, the apes being shorthand for who the hell they

are. it's not dilutive. they may come -- >> here's the question, though, i wonder, lying ifike if you ara retail investor do you feel like i'm getting duped because the guys who are more institutional want to sell out to me or do you feel like they're suckers. >> i think that the apes think they're idiots and morons. this is a class warfare struggle here they probably think yes, what a bunch of suckers yesterday i was gleeful at one point, carl and david said jim, i think maybe you're a little too enthusiastic all that meant is i'll have to hire extra security. >> yeah, this has been such a weird one to watch we're still kind of digging through the prospectus, trying to figure out what it means. they can do this if the stock was above 50% for a certain

number of days or a period of time, this could happen, but man, this has been a weird one we went from joking about this being a meme stock to it become ago meme stock in a matter of 48 hours. >> it looks like -- i mean, how much money do they have, trying to keep up advanced micro and this the only way they've been able to do it is they have to sell gamestop and they have to sell amc. amc still reports next week. we still don't know what ryan's plan is over there at gamestop i guess they don't really care i think the apes have to keep this ball in the air it's vital to have to be able to stick it to the man. i haven't seen anything like this, these guys are amazing do they know that they're communists do they know that they're marxist? they hate the rich. >> the one thing i hadn't thought of is the idea that there's only so much money to go around you got to pick your bets.

which one's going to get sold if you're running to robinhood? >> i think they have to sell amc because the new -- i think that the new variant makes it so you're not going back to the movies again you got the big screen tv. the hope was that the variant would go away. we all know too many people who have had breakthroughs >> thank you we're going to see you in just a few minutes. love to talk to you about. >> planet of the as, wpehen we come back, what you need to know ahead of the opening bell on wall street. stay tuned

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welcome back, everybody. let's get a final check on the markets. we are looking at green arrows this morning with the dow futures indicated up by about 62 points we've cut our gains through the course of the session. s&p is indicated up by about seven. the nasdaq up by 24. if you're looking at the week to date, the dow is down by about 0.4% a lot of that coming when the dow was close to 1%. the ten-year right now looks like it is yielding let's say 1.199, almost back to 1.2% look at the heights we've been watching this is going to be the number to watch, especially tomorrow

when we get that big jobs report jobs report hits tomorrow at 8:30 we will be covering it live and see if it's a reflection of adp or not if this is a disappointing number you can bet there will be more pressure on the ten-year. if not, who knows. that does it for us today. andrew, we got a lot to talk about tomorrow more stuff on robinhood, more things to come on this we'll see you right back here at this time tomorrow right now it's time for "squawk on the street. good thursday morning, welcome to "squawk on the street." i'm carl quintanilla with jim cramer, david faber gnat the new york stock exchange. futures pretty steady here after the dow's worst drop in a couple of weeks earnings are a big story uber, etsy, roku, moderna along with covid concerns as u.s. cases now at a six-month high. jobless claims are in line ahead of the jobs number tomorrow. our metric ends with robinhood's wild ride after yesterday's 50% surge, the company's filing to sell up to nearl