latest. a judge siding with the cruise line over the florida law that prevents from having about the vaccination status details ahead. it is monday, august 9th, 2021 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm melissa lee along with andrew ross sorkin becky and joe are off this morning. >> welcome so much numbers with the jobs and markets. it's something. >> as you mentioned, equity off the lower. the dow opening down 88 points s&p 500 looking to lose 76 treasury yields. we hit a two-week high on the

jobs report. the 10-year abating at 1.285 crude prices are falling oil fell 7% last week. the sharpest decline in nine months andrew. >> it's time for the "squawk planner. we have the latest on consumer prices are wednesday and ppi prices owe thursday and import and export prices on friday. we will hear from tyson foods this week and amc entertainment today. softbank and coinbase with earnings tomorrow. wendy's and e-bay on wednesday and disney on thursday as well as airbnb. a lot of business news to chew

on for last quarter and what will happen going forward. some of the companies, of course, could be impacted by delta. i doubt we see that in the past numbers. perhaps we get guidance going forward. >> disney or amc, tonight, andrew, that should be interesting given the status of the reddit favorite and opening of the conference call to retail investors which make up 80% of the shareholder base >> it is fascinating to understand what they think the delta variant does to them you haven't seen it yet. you have seen it in the box office numbers in a big way, but not curtail. i don't know what you will hear from adam about that >> the commentary will be key here. federal judge ruled to halt enforcement of the florida law from requiring to show proof of vaccination. the cruise line was seeking to

require customers to provide vaccine documentation. the cruise line was able to request that information as it had heads to trial it requires all guests to be fully vaccinated infections in florida have risen 51% in the last seven days according to john hopkins. cases rebounded not seen since the last winter surge. cases surpass 100,000 per day on average. the head of the teachers union reversed her view on jabs. now in favor of mandates in favor of educatoreducators. >> we will meet this week and reconsider the policy we passed in march

my members stepped up. 90% of the teacher members have gotten the vaccine i do think that the circumstances have changed and that vaccination is a community responsibility >> melissa, as a point from last week, i communicated with randi. i tweeted about this she came back and said she was changing her view at the time she wasn't thrilled with the view i espoused. they have a special and unique rol role in our country to push this the teachers union head said they were effectively against vaccine mandates, at the time, i was arguing was effectively a terrible signal to send to the rest of the country. it will be interesting to see what the rest of the union says about this 90% are vaccinated

i would assume as a union and group, they will push forward for a full vaccine mandate given the situation and kids are not mandated or not mandated, but under 12 can't >> not allowed to get vaccinated this population that deals with children, vast majority of which, cannot be vaccinated. i don't know what's the problem requiring vaccination? teachers or anything else. the vulnerable population that have no choice in vaccination at this point >> you would think and the teachers wanted it and i argue they should have been first in line with the health care workers. there was a year of school in places that happened all remotely we should mention -- >> a cruise line or restaurant,

that is mind boggling that you can't require that for a teacher in a school. >> right and the masking issue. you talk about the cruise line issue in florida a number of states now -- by the way, the governor of arkansas -- they also had a no mandate mask law. he said he regretted it. they pushed for that law it is interesting to see what happens over the next couple weeks as some of the schools could potentially challenge some of the laws. we will see if that happens. amid all of this vaccine push in the country. over half of americans, we should mention are fully vaccinated and 60% have received at least one jab at least from the scientists say -- i don't know if anybody talks about herd immunity. you need to get to the 80s in terms of percentage before you can really reduce the spread the

way you need >> we have a way to go still a way to go. new this morning, canada now allowing vaccinated americans into the country li lines of cars waited to cross the border the border is open for one-way traffic. canadians are still banned until august 21st. coming up, we take you live to washington where senators held rare weekend sessions we will have the latest next. in the 8:00 hour, one of the negotiators, senator rob portman joins us here on "squawk box." we are back after this >> announcer: this cnbc program is sponsored by truist wealth. where we focus on person-to-person connections so you can focus on what matters most

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welcome back to "squawk box. an update from washington where the senate held rare weekend sessions to discuss the trillion dollar package we have ylan mui with more >> reporter: good morning, andrew they voted to end the debate by early tuesday morning at the latest

now, they could wrap up before that if every single senator agrees a republican has been holding out, bill hagerty. he has been questioning the revenue raisers. senator todd young came out against the package in part because it is linked to the $3.5 trillion spending plan here is the problem withhol holg out. democrats won't allow more amendments to come up for a vote if republicans block it. that is important because the crypto industry is lobbying hard for irs reporting requirements elon musk weighed in on this over the weekend this is not the time to pick technology winners or losers there is no crisis that compels hasty legislation.

sin thre cynthia lummis says there is no time on the block. andrew >> where are we? >> reporter: we are where we are when this started. back in the language of the bill that says crypto brokers must follow the enhanced reporting requirements to the irs. attempts to change that by senator warner and senator wyden. the crypto industry has been mad about that because you cannot exempt one part of the industry without the other players. that is what elon musk says that the government is picking winners and losers they want clarification to the bill without amendments, they won't get it >> ylan, i have another one for you that may be more compli complicated. is there any disclosure? do we know how many senators or

congress members own crypto currently that may have a vested interest >> reporter: i do not know i don't know, frankly, andrew. i can tell you lummis told me she does own bitcoin there are a lot of provisional confusion issues there is haggling from the lawmakers over the weekend >> thank you we will get the progress from one of the architects of it all. senator rob portman is going to join us in the 8:00 hour. >> melissa, what do you think? if you are in senate or congress, you should disclose? >> absolutely. all investments.

>> and currencies generally? this is considered a currency of sorts. we haven't said you should disclose how many u.s. dollars. >> they have to report taxtaxes. there is disclosure there. when you are involved in asset class, there should be disclosure. >> i'm in the same place sdp sdpplace. >> you can ask senator portman cryptocurrency regulations slowing down the $1 trillion bill as debate continues through the weekend. joining us is the founder and president of the chamber of digital commerce thank you for joining us what is your interpretation of what could end up in the legislation? will it be the original language or will there be a deal?

>> at this point, it seems that the senate has not been able to come up with any type of agreement to allow for votes on amendments if that is the case, which we should know later today, that would be disappointing because we will be stuck with what is in the base text. there are a number of issues with the base text the definition of a broker of who is required to comply with reporting requirements is still broad. what is concerning is the minors and those operating the technology could be looped in on the definition we will have options going forward to get clarity we are working with the members of the senate on other types of legislative history and what they put forward for the record to provide that clarity. this still has to pass the

house. there may be opportunities there. and the industry will have the opportunity to work with irs directly on the regulation crypto is not going to be at an impasse at the end of the process if there is no an amendment. there is still an opportunity to f finesse this >> so when elon musk tweets the winners and losers, perianne, is this a group that is stymied from growth or put out of business >> what he was tweeting about is a competing amendment that senator warner, portman and sinema offered on friday night that competed with the wyden, toomey and lummis amendment.

multiple amendments by multiple senators to bring clarity to this one, actually two of them, were not written in a way that is technology neutral and was largely criticized by the industry us at the chamber of digital commerce opposed that particular amendment. because it was not written in the technology neutral way that is what everybody is saying it is picking winners and losers that would be disastrous it seems like there are opportunities to move away from that that's not really a proposal that seems to be likely at this point. what seems most likely is not a vote on any amendments which means we are back to the base text >> the base text would mean what then, perianne in terms of the vagueness around the definition of broker and who is subject to reporting the

transactions was at the heart of the criticism of the base text how do you think that clarified itself if iimplemented >> people have to fight for clarity in other ways in the n form of legislation history and record senator portman gave a speech on the floor last night saying it was not his intent to include miners for note operators in the scope of the bill. that is a good step forward. again, the industry will have to continue to get that clarity in other ways if it is not in the form of an amendment >> perianne, i don't know if you heard melissa and i talking before you came on we were tossing around the idea of disclosure. do you believe that congress and congress people should be disclosing their ownership of crypto >> i absolutely believe in

disclosures. i also believe this terms limits one of the biggest issues we have is people do not understand what we're talking about one of the biggest learning lessons for everybody is that congress does need to step up their game in terms of understanding advanced technologies like block chain. the block chain industry needs to step up in education and public policy. one of the things we talked about before, andrew, is members of congress accepting cryptocurrencies for their campaigns. last year, the chamber of digital commerce, sponsored where we helped members of congress and campaigns understand how they can accept this we look at it from the new payment mechanism. this is no different than people can make donations to campaigns in the form of a check or credit

card and now they can make contributions in the form of cryptocurrency we believe the more members of congress have the opportunity to be educated on how this technology works, they will be better prepared to debate on public policy issues impacting one of the most importpimportan technology ecosystems of our generation >> perianne boring, thank you. goldman sachs with the call on w on china details next. we have the small business playbook designed to give you the most on the economic recovery we will talk to kevin o'leary and aaron rodgers decision to support small business you can get more on

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goldman sachs is downgrading the growth forecast for china as the efforts to slow the covid-19 outbreak hurts the economy goldman sachs saying it expects the full year gdp growth to hit 8.3% down from 8.6% the change says goldman sachs should come in at 2.3% down from the estimate of 5.8% melissa. >> all this assumes the chinese government will get control of the delta variant outbreak chinese ecommerce giant alibaba accused of firing a

manager over the sexual assault case she said her managers took no action after being assaulted on a business trip. coming up in a little bit, pollster frank luntz has data about the politicizing the vaccines in the middle of the pandemic. and a new peek of the primetime program of "super heists." melissa, i'm excited about this. i'm excited about heists of all kinds. movies and books this one is up my alley. anyway "squawk box" returns after this. >> announcer: executive edge is sponsored by at&t business our people and network will help keep you connected let's take care of business. my something different.

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good morning let's check on the futures for you as we kickoff monday morning. the markets are easing off record highs from friday

s&p looking to lose 8 points financials and materials led the way. dow jones industrial average looking to open 108. nasdaq opening higher. here we are. doubling back on the losses. andrew. thanks, melissa. new look at the political divide of vaccines and covid-19 in the country. joining us is pollster and is strategist frank luntz frank, you asked these parents how big of a deal covid-19 is to them personally. explain what you found >> the key here is it is not just a political difference. not a partisan divide. it is a casym you can tell if they are

vaccinated if yyou ask who they voted for. andrew, this is a business story. not a parental story it is not just about back to school it is back to work businesses right now as we speak are planning strategies for what they will do here is the problem. if the kids go back to school and they get infected because they are not vaccinated, what does it mean to the parents and how they work and commute and how our families function and our businesses function? i'm concerned because this is the last great opportunity two things coming up to likely get more people vaccinated number one is kids going back to school and the fda, is imminent, that the fda will give its official full approval for one of the vaccines. these are happening right now or over the next few weeks. >> frank, here is the question

ceos across the country are considering whether they should mandate the vaccine for employees. there is a view among some on one side which is no paycheck or no vaccine, no paycheck program. others who are not willing or willing and want to take the step in part because they believe their employees in certain businesses will walk off the job. literally walk off the job and the supply constrained world, that becomes a supply problem, if you will the question i ask you is do you believe and i can make up the company. if walmart or amazon or fedex or u.p.s. were to say, you know what you can't work here unless you are vaccinated what would happen? >> we looked at that answer and we have been examining that over last few weeks

if you want the entire story, go to the debeaumont foundation number one is that most people would accept that. you have 10% to 15% who will not. number two, you have the great rethink. we are deciding where we want to work and how we want to work and where we want to live and how we want to live even if they don't issue that mandate, the fact is there are some people who will not even consider going back to work. they moved they decided they he want to lie in another place you have the numbers up. 59% with more than one dose. 50% fully vaccinated we are barely in the top ten right now. only because of the delta variant have people started to get vaccinated again the key for businesses, first,

is they need to use the right language which means respecting the decision of employees. secondly, they need to offer an alternative. you don't want to give them a yes or no. they need to be able to make the choice themselves. that's what makes us americans and now i'm basically channelling joe right here third, in the end, the public believes the workplace should be safe, security and healthy if you can't guarantee that without the vaccines, the people who are vaccinated demand, absolutely demand, andrew, to have a safe, secure, healthy workplace. they will incsist on it if workplaces fast a backlash, so be it >> so they cannot or should not mandate the vaccine according to what you found >> no, i'm not saying that i'm saying that their success

and i'm willing and here is the offer on national tv i'll work with the businesses to give them the right messages to talk about the empathy and understanding for those who want to make choices themselves they have to make the right choice this is about personal responsibility there is actually a list there is actually a lexicon for this that businesses need to use and, yes, we will have this problem. it will be a crisis for some of these particularly medium size businesses it is up to the ceo to communicate effectively. number one, this environment will be safe, secure and healthy. number two, it is your right it is your choice. understand that choices have consequences >> frank, here is the challenge. if you believe the 10% or 15% of employees will walk off the job if required to get the vaccine >> could >> businesses on a scale, that's a lot of people. that poses a potentially

existential threat to their business >> but the truth is, they have it anyway. when these businesses start to require people to come back to work w we looked in the financial services industry. 10% of those businesses welill o come back. people will continue to work from home. they he mmay go in one day a wek he took a lot of backlash for that you will have 10% of the employee work force already reexamining if they want to return, not just to their physical job, but return to that employer anyway. this great rethink will cause the highest level of instability in the business community than anything we have seen since the great recession of 2008-2009 andrew, no way to avoid it you have to navigate it as effectively as possible. >> if we can make you king for

the day and you can try to get the whole country vaccinated and persuade them to do so, you can use politicians or business people or celebrities. do whatever you want what would you do if. >> i would take the medical community and ask them to do a video to talk about the importance of getting your kids vaccinated how to get those 12 to 18-year-olds how to get the 12 to 18-year-olds vaccinated. at least get the first shot before they go to school number one, use the medical community. number two, use advertising that is non political and non-partisan there is less divide with the kids than parents being sflakt vaccinated it means some parents are engaged if keeping people safe

look at the numbers. 23% of republicans say their kids are likely to be vaccinated 40% of democrats these are among kids not vaccinated yet it is almost 2-to-1. the third thing i'll do is focus on the red state communities because that's where the challenge is happening it is happening among trump voters it is happening among those who live in small towns and rural communities. i'll focus on them and the language for them. lastly,we haven't talkedabout grandparents and engaging their grand kids that's the strongest familial relationship having grand kids involved i want the pharmacists people trust the pharmacists more than any other. let's get them to do videos to the people they serve. 60 seconds asking them to make the right decision reminding them it is their

decision >> frank luntz appreciate your perspective. the new numbers. fascinating moment that we're living through in this country right now. i appreciate it. >> thank you >> andrew, when frank talked about the period of great instability for employers. we were talking the 10% to 15% that may not want to come back to the office. it may not overlap the percentage of vaccinated you think it is greater than 10% to 15% who might not return at all. that is staggering for any business to face. >> right and that is the conundrum. you talked to ceos many will talk about the issues privately. i tried to bring as many on air as possible. for those who are unwilling to either mandate the vaccine or -- they are all encouraging it. walmart, doing it for the corporate office with high

compliance, but not the workers in the stores. the reason is the genuine worry that a large percentage or large percentage may be 10% that would walk off the job and that creates a supply chain problem. >> this supports the case for sustained wage inflation which is negative for businesses going forward. interesting issues here. coming up, the nation's third largest poultry producer in talks to sell itself. details after the break. and later, domino's pizza ceo will join us to talk about the surge of deal ilta and reopn of business. a reminder you can watch us anytime on the cnbc app the “make way, coming through”... great. the storm alert... dad. and the subtle but effective ding. that's why we created low cash mode. the financial watch out that gives you the options

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welcome back good morning u.s. equity futures looking to ease off from the numbers on friday s&p losing at the open dow down 114 nasdaq higher by 6 sanderson farms selling for $4.5 billion. according to the wall street journal, the company is in talks with cargill for a sale that

co could come as early as this morning. and primetime of "super heists." reviewing crimes from the master minds and those who seeked them. here is a sneak peek of the premiere tonight >> it's monday morning at the united california bank in laguna niguel, california >> the bank manager walked in doing the typical monday morning activities >> the essential step for the day is unlocking the bank's main vault. >> he is looking to good about his day and dial the combination and turn the handle. the vault is open.

>> it won't budge. it was stuck so they brought out an expert who had trouble opening the door when he couldn't get into the vault through the door, he went to the roof to see if the alarm was working. that's when he noticed the roof has been breached. >> someone had somehow blasted a hole through the concrete ceiling of the vault without alerting anyone. >> the rebar is broken dust everywhere. safe deposit boxes broken open money, valuables, someone had busted up the place like a rock star in a hotel room >> okay. make sure you catch "super heists." tonight at 10:00 p.m melissa, my kids may kill me for saying this.

we read -- my kids can -- some of our viewers know i have 10-year-old boys they like heist stories. at night, we read heist stories. that's what we do in the sorkin family i don't know what it means it means we're saving money for college or for bail is what i'm thinking >> money is fungible you can use it for either. >> a good heist story requires cleverness by the criminal it is a crime. we do not want to encourage heists that's why i'm not allowed to talk about it. >> i didn't know you were a heist enthusiast >> "oceans 11. how could you not love that? when we come back, how could you not love the olympics? the olympics wrapping up over

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welcome welcome back to "squawk box" this morning the summer olympics have come to an end with the closing ceremony capping off two weeks of coverage we'll look at the winners and losers and whether the games were a win for our parent company. want to welcome jabari young and cynthia littleton. jabari, let's talk on the sports end of it before we get into the media side of it the winners and losers from your

perspective. >> good morning, andrew. hello, cynthia, how are you doing? the winners all around for me why the athletes i think the story lines that we saw, you can go from allyson felix, sydney and the worlds of track and field certainly winners. the u.s. team on the hoops side, wo women's basketball, men's basketball i enjoyed story lines of it. i enjoyed watching it when we could. ultimately they were the ones that won they were able to pull this off and set the world records in the process and establish their brand. it's not going to be like other olympics it's not like where you saw 27 million people tune in what it was, it was a very unique olympics during a pandemic year, during a year where sports consumption changed. i thought the athletes did a great job and did a great job pulling these things off. >> cynthia, winners and losers and let's put it in the media

context this time. did nbc win? >> i think it was -- there's no question it was a tough olympics this year for all of the reasons that have just been discussed. i think you could say that they won in that it didn't have even more problems. i think once they finally got to tokyo they seemed to be relatively smooth, although there was a lot of drama with the athletes that kind of maybe in some cases over shadowed the performances, but i think this was a very tough year for nbc and the olympics your parent company has to be evaluating the long-term commitment that nbc has historically made to the olympics it may change in future cycles. >> explain that. what do you mean by that and do you -- you believe that inside nbc there's a conversation about the commitment longer term there is -- there are contracts

for the next i believe what are we talking three or four olympics >> that's true i don't want to suggest any lessening of interest in the -- under the current contract, which runs through the games in 2032, but in 2014 nbc and comcast sat down and committed almost $8 billion to games going out more than 15 years i doubt very much that you will see a new cycle contract that go quite that far out >> all right has this been a game changer -- >> let me jump in here for a minute maybe that changes but, listen, nbc won. they made over $1.2 billion. that's what they brought in for rio. you win from the money we're cnbc and they won from that perspective where else are you 2350i7b8dfin8 billion. people are going to say, that's just talk. they're trying to cover up for a

loss yeah, they didn't draw a lot of viewership this year compared to other olympics, very true, but at the same time all of the other events before that olympics, 19.6 or something like that on a sunday, was nfl playoff games. maybe a show in between. where are you finding that many viewers? i think nbc did win. they didn't win like they did in the past but they surely still did win. i looked at this report from play 5 sports which is a marketing firm they sent me some stuff. listen, the only sports that did okay, they still fell, was mlb from a regional side so everybody was still paying attention to the olympics though it may not have been what it was in the past. >> but i would say that this panoramic was a clip business. people came to check out a particular moment, a particular athlete and having a viral clip

was great but it can be hard to monetize, especially at the scale that an nbc universal needs to monetize the olympics. >> cynthia, real quick, what you do think the impact is on pea peacock? i know there was big expectations about trying to grow the base of viewers for peacock. and do you believe the olympics are now so fragmented or that media is so fragmented we're not going to continue to have these type of shared experiences >> well, i think the olympics at its best is one of those things that can bring the country together for shared experiences, of course, especially when there's the american athlete i think it's really tough, just like the super bowl isn't what it was, just like the oscars isn't what it was. there is a lot of fragmentation and that's why i think one thing that nbc always says is the olympics is also a great experimental training ground for the most advanced broadcast

technology, and i do think that there is real value to the company in that and they will find ever more ways to slice up the package into discrete bundles of sports that people are interested in. i think the macro all you can eat model, that may be changing. >> yeah. i mean, it does seem to be in fl flux right now, cynthia. when you say it was all clips, that's the way the world is, jabari it's going to the clip model people aren't watching anything really live as you go as much as they used to in the past, jabari i'm wondering in your opinion, what does that do as you look at the future sports events whether the olympics or other sporting events, how do you think this changes in terms of how people consume, how people broadcast and where the monetization happens? >> i mean, listen, it's still hard to predict, you know? i could sit up here and tell you one or two things that this is going to be the new model, or

that people are going to totally dismantle tv i don't think we know yet. i think we'll find out as this new decade, we'll find out as time goes on once the new olympics comes in paris and then in l.a., if those ratings hop back to what they were before the pandemic, we can look and say it's an anomaly at the same time, i don't know if it's all the way streaming. i watch the olympics on my tv. friends of mine still value watching it on tv. that may go down but at the same time where else are you going to find that amount of people tuning in to watch the olympics. 16.8 which is the last day average. i don't know where you find that many except outside of nfl. >> as an nbc man, i salute you and hope you're right. goldman sachs's katie coleman is coming up and whether

a pull back is too soon. we'll be right back. ecision tec. only from fidelity.

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good morning under pressure covid concerns mount dr. scott gottleib will be our guest as we talk about return to work, school plans, masks and mandates the second hour of "squawk box" begins right now good morning and welcome back to "squawk box" right here on cnbc. i'm andrew ross sorkin along with melissa lee and joe and becky are off today. it's just the two of us this morning. take a look at u.s. equity futures at this hour after big friday jobs friday. those numbers coming in quite better than people were anticipating dow this morning off 123 points. nasdaq looking to open slightly higher 4 points higher. s&p 500 off 9 points we should mention oil prices are under pressure again as well

wti with the sharpest weekly decline in nine months expectations on the move for the federal reserve. senior economics reporter steve liesman is with us this morning on how that outlook may be about to change or not what do you think, steve >> well, i think this bigger than expected jobs and upward in expectations of more large payroll gains to come, andrew. they've introduced the possibility of afaster fed, quicker move to tapering the $120 billion in monthly bond purchases. michelle myer of b of a writes the july jobs report leaves september in play for a taper announcement with contingent on another very strong jobs report next month strong job gains well, that's what they're calling for for the remainder of 2021 goldman writing we expect further solid job gains in the rest of the year

we see further help from reopening and the return of in-person school the wild card, of course, was schools and everything else, the delta variant. that can introduce new lockdowns, but so far expectations among the economists for new round of restrictions is not the base case here's a series of potential taper time lines here. it could be september. could be november. i'm seeing more folks saying november is when the taper is announced. december or january when the taper begins isi and evercore's khri khrishna guha, the question, how much fed chair jay powell has the committee behind him in holding off the taper until next year a lot of fed speak this year we'll get from jay powell and other fed officials, a lot of them here on cnbc, live from

jackson hole in a couple of weeks. >> okay. we are looking forward to seeing you there. how about rate hikes and when are those priced in, do we think? >> so i'm not seeing much change as a result of the jobs report it still looks like the first full rate hike is priced in december, sometimes it's january. depends what morning you wake up january 2023, sometimes it's december 2022. what's going to be interesting, andrew, is to watch the projections thatwe're going to get in september right now 11 call for no change in 2022. we might have more instead of calling for a rate hike, we might have more for a rate hike camp when we get the september forecast. >> sorry about that, andrew. it's interesting to see how economists are getting so bowled up about the economy when the latest fed data point and the jobs report doesn't necessarily reflect the delta surge we've seen more recently it seems like it could be

another cycle before we see the full impact and before any time line should be moved forward, moved up closer to us. >> first of all, you're right, melissa, and i want to just sort of give people the technical behind that. it looked like we got most of the concern about the delta variant in the second half of july and of course the jobs report and the surveys around it come from the first half so just want to get that out there so people understand what we're talking about. beyond that, what i'm reading is that there's not an expectation that we have a huge round of new lockdowns. it's going to be a lot of people watching the school calendar we'll be talking about some of this data, i think, maybe later this week. how many schools are opening how are they opening is it in person? is it still remote what's the story behind that that's going to determine the availability of workers who are parents getting back to work >> steve, two other questions. one is inside the committee

itself how divided do you think they are? >> so we got the first inklings of a divided committee when we had waller and bullard there are people who want to move faster. before those guys spoke up it was sort of like everybody was speaking from the same playbook. right now there's a couple who have gop the other way i'm very interested to see what we hear and get in and how much division there is. that will be very important. i think there are a couple of normal hawks on the committee who have been very quiet given the political pressure from guys like manchin, the data about how much the american public is concerned about inflation as well as the idea that some people on the fed think they're a little bit out over their skis, we might get more division. powell has done a good job keeping the committee in line

speaking from one voice. that may change in the coming weeks. >> steve, finally, this goes to what melissa was talking about in terms of what the delta variant does in terms of shifting the view, you're still going to the jackson hole event, right? they're still going to do this in person? >> you know, as far as i know. day to day i think -- first of all, the people in kansas city who do this have been working really hard to make this happen they think it's very important where people who are involved in the setting of monetary policy get a chance to actually meet and talk and hold an actual conference they've been working hard to make this happen what's going to happen, andrew, it's up to the rules governing the national parks this is held in one of the most majestic national parks in the country, maybe in the world, and if the national parks changes that rule, then kansas city fed will change. >> okay. steve liesman, we will keep our eyes on that event, but the reason i asked is there is a lot

of other events you're starting to see get canceled or turn into virtual events that means, of course, convention centers, catering companies, airlines, hotels, all of it, and that's where it would be very interesting to see what happens this fall. >> i think you're right to watch that, andrew, because it's symbolic, as you know. what the kansas city fed does, people are going to follow like when the government does something it matters more than when the private sector does it in terms of being symbolic. >> okay. thanks, steve. >> melissa. >> maybe symbolic for the markets. meantime, we're looking at gold prices, they are lower this morning. off the worst levels of the day. the precious metal plunged dropping $60 an ounce in a matter of minutes near the start of asian trading christina parks nevilis is following this strong dollar story. >> i'm going to get to that. in the past 24 hours we've seen a burst of selling in gold future contracts right now

that sent gold prices to a low of $1,677. that's almost $100 lower than friday's close some calling it a flash crash. so gold is now recouping some of the losses but we're heading to some of the levels we haven't seen since march of 2020 1750 that was a technical support level. that triggered stop losses we saw. silver also following a similar pattern. you're seeing with platinum as well selling off what happened? that's what you're getting at. starting soft, a spike in the u.s. dollar and surge in yields after strong economic data came out. the strong jobs report stoked concerns of sooner than expected fed tightening and liquidity. liquidity was low because there was holidays in japan and singapore. some traders are playing catchup today and recouping some of those losses you're seeing that movement could continue to

change on wednesday specifically i know steve liesman was talking about this, when the consumer price index comes out, we get more data with the coronavirus and as well as the infrastructure bill. this all plays a role in the movement for these precious commodities. >> thank you for that. we will keep our eyes on gold. meantime, by the way, we should mention, do you believe -- is anybody coming out of gold to bitcoin? bitcoin is having a nice run >> that's a great point. often you'll see some type of movement gold is down, bitcoin is up. if you look to the twitterverse and the sim twit people, it's not necessarily the same crowd it seems to be a crowd that is really bullish also on silver. so i don't know, i can't necessarily say it's going from one to the other but often the two do move together >> fin twit crowd. i like that. coming up on the other side of this break, big event

investors need to be watching this week ahead. but first as we head to this break, it is official. cargo and continental aigrn company are acquiring a big transaction for $203 billion in cash stay tuned they're acquiring sanderson they're acquiring sanderson farms. i'm dad's greatest sandcastle - and greatest memory! but even i'm not as memorable as eating turkey hill chocolate peanut butter c with real cocoa. well, that's the way the sandcastle crumbles. you can't beat turkey hill memories. ♪♪ it was my dream to be an entrepreneur based upon the examples that i had growing up. and that was important for me because you can't be what you can't see. the ey entrepreneurs access network has a tremendous impact on my business and other african american and latino

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andrew, if you take a look at the last month in the markets, we know we hit record highs for the s&p, dow and nasdaq if you look at the last week there's a bullish and bearish tug of war the sectors are leading the way higher over the course of the last month a very economically sensitive sector in energy has been the worst performer down eight months in one month span that is due in large part to what's happening with oil prices as of late just over the course of the last week or so here. there's been a little bit of negativity over the last year. positivity there, but just look at this area here. that's where we've seen a move lower. today we got it lowered just about $65.15 for u.s. benchmark crude oil prices that gets you to a level where there might be some support for

prices around the $65 mark a lot of traders watching what's happening in crude the delta variant causing more, fresh, economic concerns coming about with regard to whether or not we could see fuel consumption tailor back. we've seen that play out in the past over the last year. wti crude one to watch there then the upgrade of the morning so far, we are seeing positivity pre-market in tesla shares up roughly 1.5%. up 1% on year to date basis. here analysts over at jefferies are upgrading this stock, tesla, to a buy from a hold they've upped the target price through about $850 a share it was 700 before. they think this is going to be earnings acceleration, melissa, coming up because of capacity being brought back online and everything else. tesla shares catching a bit of a bid in the pre-market trade, melissa. >> dom chu, thank you very much. katie, great to have you with

us want to ask you about the overall market levels. s&p 500, dow just off of record highs hit on friday. does that mean we've priced in the worst case scenario for delta that we've priced in the risk for inflation what's your view >> we believe earnings have to come through to support equity markets at these levels. so i think the focus you have on this morning and in general on the delta variant is well placed we need to make sure that the economy continued to have a strong growth rate, that that growth rate can translate to earnings and that the earnings will support equity markets. if there's one variant we're focused on here, it is the delta variant. >> are there sectors that concern you more than others >> one thing i would say taking a step back, it's worth taking a look at the earnings season we just went through which of course was one of the best we've had in 20 years. actually, you had strong earnings across all sectors and you've had about 86% of companies reported at this point, close to 90% of them

beating expectations the big three themes that come out are inflation, continued digitalization of those companies and some of the covid winners retracing a little bit in their strength. overall it's been a strong season with strength across all the sectors. that company management team continued to be quite constructive so unlike some of the economic policy makers who are saying that this inflation is going to be very transient, we're hearing something different from our companies which is they're not economists but in their mind they need to see some degradation in demand and they're not seeing either. so inflation is a concern. >> i want to hit on that point a little bit more, katie we heard particularly in the auto sector that commodity inflation will persist until next year. on the wage inflation side, we are having a conversation with frank luntz, the pollster, about the delta variant and what employers can do

it sounds like employers, you know, it's a worker's market, if you will, in terms of where they can choose to work and whether or not they can get vaccinated because of the shortage of qualified and skilled workers out there and so in your mind, is inflation really worse than what economists are predicting how do you factor that into your view of the market >> this is of course really important because so far not only have we had these great spells and economies but companies have been able to maintain margin. they can translate those sales into earnings. in order to continue to keep doing that, they are going to be able to pass through the costs to the end consumer. you have to question around wage inflation. we know wages have been reset to pull labor back into the market but inflation of course requires continued upward pressure on that that's a data point we need to monitor. i will say some of this is quite healthy because we know we do have an issue of equality and we

want them to be strong it is a worker's market so that's good news on average this should be good if the consumer is healthy and can pass through the cost. when we look at companies across sectors at this point, the parts of the market that are probably the most vulnerable are some of the industrials and stay through companies. they need to identify the ones that can maintain margins in the face of high inflation. >> i want to get to the areas of the market, the areas of the world that you like, katie what interested me was china and you're liking e.m. and china in particular i'm wondering what you're thinking of the regulatory crackdown that the chinese government has imposed not just on technology but on a broader sense which has spooked investors around the world. >> we are bullish on emerging markets.

i'm going to answer this directly but i want to take this back a step. valuations are very demanding for u.s. markets we're also very big believers that the traditional 60/40 portfolio for investors, 60% equities, 40% bonds is broken and people are going to need to think about investing in a new and different way. they need to get out of the u.s. markets, especially the market cap weighted part of the u.s. market, more invested in forward looking innovation around climate, for example the future of health care which there are fantastic opportunities there. more invested in the small cap space. finally, we do like the emerging markets in china i'll end by saying my experience in investing, every time people say something is uninvestable, that's the moment to give it a look people are saying that about china. yes, there's regulatory issues which you just eluded to they're not just in tech they're impacting all china.

turns out at 7 to 10%, some of these regulations are seeing improving the quality of life in china. i will end by saying you can access this market and emerging markets generally at big discounts to the u.s. market with active management you can find companies that are on the right side of some of this regulation the government, in fact, is quite transparent about the parts of the market that they are going to regulate and what we're searching for in china is two buckets. number one, companies that are beneficiaries of chinese self-sufficiency stock exchanges. more stuff trading locally on the stock exchange and then i would also put the other bucket there forward in terms of companies in china that won't be really in the cross hairs of regulations. chinese liquor company is not going to be caught in the cross hairs of any of it other companies going to be focused on increasing the quality of life in china the green economy pops up as something that's worth focusing on there. >> i have to say the government has been transparent, katie.

clearly judging from the reaction of the stock market, not transparent enough to score some investors in the education companies or even in a lot of the technology companies, which tacked investors had no idea that the crackdown would be as deep and wide as it was or has been >> picking up on education actually, if you go back and look at the news flow, they warned many times that the burden of education, of housing costs, for example, and also frankly of health care, were just way too high on the average chinese individual and they're very concerned, rightfully so, and the birth rate falling and the demographic profile in china. so i think you read the local news and are engaged in it, there are a lot of hints to the investment community that they are going to start to focus on these issues perhaps the speed and magnitude with which they did it surprise individuals, but there was a great alpha opportunity there. if you were listening to what

those regulations might come through. >> katie, pleasure speaking to you. thanks >> great to be on. >> meantime, we've got some breaking news from washington right now. want to get straight over to ylan mui and comments from treasury secretary janet yellen. >> reporter: andrew, treasury secretary janet yellen is calling on congress to increase the debt ceiling through regular order with bipartisan support. in a statement that was out just moments ago yellen said that failing to increase the debt ceiling would cause irreparable harm to the u.s. economy and the livelihoods of all-americans she said that increasing the limit is a shared responsibility now this is important because gop senator mitch mcconnell has said he will not support increasing the debt ceiling and he's called on other republicans to withhold their support as well they say the democrats should try to do this on their own through the reconciliation process as they pass this $3.5 trillion spending plan however, we are expecting to see

the text of that spending plan come out sometime today. i was told that it would not include an increase in the debt ceiling and now secretary yellen also waiti wading into this ande bipartisan support >> we will see are we going to be hearing from her directly 4rlater today or ti week >> reporter: we do not have her full schedule yet. the latest we have from her is this written statement >> thank you appreciate it. coming up when we return, we're going to talk about the delta variant. dr. scott gottleib is going to join us on the rise of covid cases, vaccine mandates and the return to school and a look at this morning's biggest premarket winners and losers ay tuned you're watching "squawk box" on cnbc p for your finances designed to work better together. save, spend, borrow, invest, and earn cash back rewards, all in one app.

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million. >> our senior lender, he's at 2 million and then the balance is about -- >> 3.7 so the total liabilities are 8,174,000 and the total assets are 1 million. so we have a short fall of 7.2 million. all the things that we talked about today, it almost seems inconsequential. >> the business is insolvent >> make sure to catch the full premiere tomorrow at 10 p.m. eastern and pacific. still to come, dr. scott gottleib joins us to talk the surge of the delta variant and concerns for children, the school year. later domino's pizza ceo gives

us a state of the pizza industry and struggle to find workers stay tuned, you're watching "squawk box" on cnbc

welcome back to "squawk box" here on cnbc let's take a check on equity

futures. easing off the record highs set by the s&p and the dow on friday we're looking to lose 106. down 6 for the s&p -- up, excuse me, 20 for the nasdaq. 10-year note yield is right now a little bit lower from friday 1.278% is your 10-year 2-year is up .3. bitcoin in relationship to gold, we are seeing it higher by 4.6%, andrew meantime, the surge in the delta variant leaving many parents worried about vaccinating their children in the spring and the spread of the virus in schools joining us is dr. scott gottleib former da commissioner cnbc contributor and he serves on the boards of pfizer and illumina and he has a new book out in september great to see you as always but the numbers over the weekend

continue to concern lots of parents and lots of individuals around the country and i'm thinking specifically about states in which there are now laws effectively that prevent mask mandates and what you think should be done in those states >> well, look, i think we should be leaving discretion to local officials to implement measures based on local spread. different parts of the country, certainly different states and regions. even different localities are experiencing this pandemic in different ways to tie the hands to respond to local outbreaks is the wrong step right now, especially as we contemplate reopening schools. the goal has to be to get schools open and keep them open. we can't expect to change all of the behaviors with what we're doing with respect to mitigation especially with the new delta variant which is more contagious we are taking sort of an alpha mindset into a delta world it's not going to work we're going to see this delta

variant is more difficult to control. we may need to start the year with the schools with some form of mitigation in place we're having masks, distancing, testing. we can't expect to get the same results in terms of being able to control the infection. >> scott, you've long explained depending on what kind of mask you're wearing, my mask protects you and your mask protects me, perhaps maybe unless i'm wearing an n-95. if you get into a situation where you have half a classroom, for example, not wearing masks and half a classroom wearing masks, how protected are the kids wearing masks >> depends on the quality of the masks they're wearing. it's hard for a child to wear a higher quality mask. you are talking about a kn-95 mask which slips behind the ears

and a kf-95 mask which will afford more protection the idea of wearing a mask is it cuts down the likelihood that someone will transmit respiratory droplets if everyone has masks on, they're less likely to transmit the infection. cloth mask or procedure mask will afford the wearer some protects from the virus but not a lot. about 20% for high quality cloth mask, maybe as high as 40% for higher quality level 3 procedure mask but most people don't wear those masks well, don't fit them well obviously with a kn-95 mask you're getting 95% through transmission now that we know it's being spread through aerosols and not droplets, wearing a higher quality mask is more important. >> steve liesman is expecting to spread out to jackson hole for a conference there are a number of events coming up this fall.

some of which are now thinking about whether they need to change course and go virtual, if you will the auto show in new york, obviously canceling its show already. what's your perspective on that? >> well, look, we had talked about this many times, that we were going to have a final wave of infection that swept across the country. we thought it would be with b.1.1.7 and when people got back to work and back to school we thought it would be against a back drop of people more vaccinated i think this is going to be a difficult period right now we're going to see an infection streak across the country. the south is showing an indication they're starting to peak that may be more self-evident. now you're seeing a pickup in states like indiana, north carolina, it will spread north people with events planned for the fall need to think about how they can implement additional steps to protect the venues.

you can acquire vaccination and testing. you can protect the congregant setting. you have to take additional measures than you might have had to take if we didn't have this wave or infection. >> just to put a fine point on it, is that a situation where you're going to have to, whether you're vaccinated or not, everybody ends up masking up or do you believe you can have 500, 1,000, thousands of people together collectively if they were all had a vaccine passport, if you will? is that enough given what we now know >> yeah, look, i think that there are ways to create a setting that d-- where you can bring people together and protect the venue. you look at cruise ships, norwegian, they're requiring everyone to be vaccinated and testing everyone before they come into the setting. people do get follow-up testing as well. you can create some semblance of a bubble around a venue. it depends what you're prepared to do. if you are unable to do that,

then you need to implement additional measures. it's possible to bring people together in a vaccinated setting. they are not becoming super spreaders. most of the spread we see from vaccinated individuals is from close contacts that comes from the real world evidence out of israel most people we think are becoming infected from unvaccinated people. you are unlikely if you have a fully vaccinated venue where a single individual can introduce the infection and spread to a lot of people. what appears to be the case is vaccinated people are transiently contagious contagious for a brief window and they fight it more quickly when they do spread the infection they spread it more quickly to close contact within the household. >> with that in mind, how should parents under the age of 12 think about how they go about their business there are increasing demands for

travel and going into the office >> i think in a high prevalence setting, even if you're vaccinated, you're not impervious to infection. you can become transiently infected you can be an asymptomatic carrier. you can be mildly infected and not recognize you have covid you're not vaccinated and likely to think you have covid and bring it into the household. depending on your circumstances, if you have young children at home or young people in the household, you need to be more vigilant even though you're vaccinated in a high prevalent setting you could develop a mild setting that means testing, wearing a mask potentially if you're out in a setting where you can potentially come into contact with the virus we're talking about a brief period of time where we need to take these precautions i don't think covid is going to be epidemic through the fall and the winter this is the final wave and final act assuming we don't have a variantemerge that pierces the immunity this is probably going to be the

wave of infection that ends up infecting people that need to be vaccinated it's going to stop circulating at this level at this rate so, you know, we have a couple of months ahead of us, particularly in the north as this starts to spread up here that are going to be difficult we have to continue to take measures as we get on the other side of that, i think the prevalence level is going to start to decrease again. >> just for a follow-up for a parent of children under 12, particularly under 2 who won't wear masks because it's nearly impossible would you rethink or would you bring those kids in terms of public venues, restaurants, stores, et cetera? >> yeah. again, i would be mindful in a setting where the prevalence is high that's the setting we're entering into now. when we're in june or july, the prefr va lens was 2 cases per 100,000 people a day where prevalence was low, that was a different situation than now where you see 20 cases per 100,000 people per day in states

like connecticut and new jersey and going up we may go much higher than that as the delta infection starts to spread most of the states in the north have higher rates of vaccination and higher rates of prior infection. so we have more immunity in our population even if we have 75% of people who have some form of immunity, absolute numbers, there are a all -- still a lot of people who could be infected. if you have the infection spreading amongst that large of a cohort it will eventually impact people who are vaccinated. >> doctor, i'm hoping before you go you can address this. there is a raging conversation that seems to be happening online among both those who are hesitant and potentially in the anti-vax community that are looking at the numbers in israel, looking at the numbers in iceland, looking at the numbers of other countries that are highly vaccinated and they are seeing spikes in those countries and are pointing to that and saying, look, this

doesn't work what do you tell those people? >> look, when you have a situation where 95% of the people are vaccinated and you have some spread among the unvaccinated that gets into the vaccinated population, it will look in a percentage basis that a lot of vaccinated people are becoming in effected in absolute numbers, the infection's being controlled in the vaccinated population in the countries. even if you look at israel, yes, you see some infection spreading into the vaccinated population, but the vaccine is largely impacting those who are unvaccinated finding its way into some small percentage of people who are vaccinated in a country where the vaccine has been rolled out effectively and the vulnerable people who are likely to become susceptible as it spreads among the unvaccinated population. >> doctor, we appreciate your perspective on this as always and look forward to talking to you very, very soon. >> thanks a lot. coming up, the billionaire versus the broker. robert frank says there's a big

fight in the world of charitable giving check out shares of tyson foods. they're raising the full year revenue forecast and strong beat demand shares are higher than 2% in the pre-market be right back. it's so good to see you. good to see all of you, yeah! why is jerry so... popular? it's been like this ever since we started using workday. what do you mean? it makes it easier to develop great relationships with our suppliers. now everyone, everywhere loves jerry. they sure do. they do. they really do. mmhmm. workday. finance, hr, planning and spend management for a changing world. [music plays.] ♪ ♪ ♪ ♪

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welcome back to "squawk. there is a push to end an increasingly popular charitable giving robert frank has the story this morning. robert. >> good morning, andrew. about 1 out of every $8 given to charity in america goes to donor advise funds they hold over $140 billion in assets that is quadrupled and now they are under attack by billionaire philanthropist john arnold donor advise funds are a huge tax break for the wealthy while they underfund charity say you give $1 million to a donor advise fund at fidelity or schwab, you get the immediate deduction of up to $370,000. it grows as an investment and avoids capital gains taxes and there is no deadline to give it to charity so it can stay there for

eternity arnold says the funds have, because of that, become tax free warehouses of cash and his crusade has now led to a bill in the senate that's sponsored by independent senator angus king it would require donors to distribute the grants within at least 15 years or they can choose to delay the distribution and the deduction for up to 50 years. now opponents say the bill for donor advise funds, that these funds give out billions of dollars a year they also encourage giving fidelity is saying that grants to charities last year jumped 24% to over $9 billion we will be talking to john arnold today at "the exchange" about all of this and this controversy. guys >> robert, just to put a fine point on it. the money eventually has to get to a charity you get a tax break but it's not like somehow you can get the money back >> no, you're absolutely right

you are giving up control of the money, but there is no time line for it to be given or granted to a not for profit that's the issue. >> right >> arnold and others are saying, look, if you are getting a deduction now, that should go to a charity now or at least within 15 years >> right robert, looking forward to that interview a little bit later appreciate it. coming up when we return, we're going to talk about meme stocks they're in focus with names like amc posting quarterly results. 'll hear from rich greenfield. we're going to do that next. and all the ways schwab can help me invest. this is andy reminding me how i can keep my investing costs low and that there's no fee to work with him. here's me learning about schwab's satisfaction guarantee. accountability, i like it. so, yeah. andy and i made a good plan. find your own andy at schwab. a modern approach to wealth management.

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comcast nbcuniversal is investing in entrepreneurs to bring what's next for sports technology to athletes, teams, and fans. that's why we created the sportstech accelerator, to invest in and develop the next generation of technology that will change the way we experience sports. we've already invested in entrepreneurs like ane swim, who develops products that provide hair protection so that everyone can enjoy the freedom of swimming. like the athletes competing in tokyo, these entrepreneurs have a fierce work ethic and drive to achieve - to change the game and inspire the team of tomorrow.

>> rich, great to have you happen it. >> basically it's going to a penny a share. whether or not amc, after all of these capital raises.

movies are coming back getting a lot of people excited. the point is you can't really generate meaningful box office the top movie of the year, black widow, is around 170ish million dollars. changes in the lenders and the last time amch precovid box office. just looking at the numbers.

looking at it. there's just not enough box office attendees or movie theater attendees. it looks problematic for amc it will be interesting what they say tonight on the earnings call all things point to the fact that they're not going to be able to meet the covenants in q4. >> i'm glad you mentioned the earnings call, rich. shareholders make up about -- 80% of shareholders are retail investors, 4.1 million of them according to adam aaron. as an analyst on wall street with a sell rating on the stock, do you have the same access you had before to the company and to asking questions on these calls? >> amc was not taking our questions before or, you know, after. they sort of shifted to focus on

their retail shareholders. i think just the important thing to remember is there's been sort of a lot of questions or a lot of story out there about sort of these quote, unquote diamond hands of these retail investors sort of attacking the short sellers and the reality is short interest has really dried up this is -- the crazy thing now is you have a lot of retail shareholders to buy the stock while they're clearly dumping the stock. the stock is up from its highs it shows you retail is selling and, you know, the reason they're selling makes a lot of sense to us. the reality is, the box office is very underwhelming and movie studios, i think the single biggest question over the course of like the remainder of calendar 2021 is if you're a movie studio, you don't have a streaming strategy like an hbo max, disney+, do you put the big blockbuster out into 2024 or put

it into 2022 putting it out in movie theaters, it doesn't seem like there's a lot of people to go. it seems like financial suicide. >> rich, that gets to a different point outside of amc have you rerated, if you will, any of the media companies that have big studio films as a result of this >> no, because, remember, for most of these companies that's not their core business. their core business, you could say disney if disney was just literally going out there and burning every film, putting them out there and killing them, but i think what disney is doing is increasingly leaning in. you saw some, there was a major shareholder who pushes them to go more the hbo max being included with disney+ versus charge an extra $30 the other day. we obviously have been fully supportive of that strategy for a long time. i think disney is moving more and more towards leaning in. so there's no -- i think from the standpoint of a pure play, even lions gate is more about

stars than it is about lions gate anymore the core movie business is really not the reason you invest in any of these large cap media companies. it's really now all becoming about streaming and that really flies in the -- that's the heart of the short thesis on amc the movie studios don't care about theaters, they care about making money on the content. if you're trying to make money on content in 2021, streaming is where the world is going and it's what investors are going to reward you for, not box office dollars. >> rich, thanks. rich greenfield. >> thanks for having me. >> okay. coming up when we return, senator rob portman is going to join us to discuss the latest out of washington on the infrastructure bill. he worked the weekend. we'll talk to him all about it we're going to talk to the ceo of domino's pizza. the state of the business and his company's latest free food promotion. who doesn't love free pizza?

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futures mixed as we make our way towards the opening bell on monday morning the dow posting losses after a

record high but the nasdaq looking like it would open positive and the senate advancing towards final package of the infrastructure bill the stamp of approval could come early this week. we're going to speak to the main republican negotiator and maybe we can stomach certain types of labor shortages brought on by the pandemic when it comes to pizza, it's personal in just minutes we've got an interview with the ceo of dominoes in how he's navigating one of corporate america's biggest challenges these days. the final hour of "squawk box" begins right now. good monday morning. welcome to "squawk box" here on cnbc i'm melissa leah long with andrew ross sorkin joe and becky are off today. take a look at u.s. equity futures. we are leaving behind the

records for the s&p and the dow. we have been stable all morning. the dow looking to open down 97 points s&p looking to lose 7 at the open nasdaq looking to gain 16. treasury yields have gone down from friday's levels we are stable at 1.282% 2-year note and crude oil, this is really the story of a stronger u.s. dollar. four-month highs wti crude is down by 3.5%. brent is down by 3.5 as well andrew. >> we have a couple of big stories investors will be talking about this morning the u.s. senate getting closer to upgrade the nation's roads, bridges, water pipes and broadband. we could see awe final vote come early tuesday morning. still a lot of confusion over whether the cryptocurrency industry will face new tougher irs reporting requirements we'll talk a lot about that and

even more with the chief republican negotiator. ohio senator rob portman quarterly results out from warren buffett's berkshire hathaway operating earnings 21% from a year ago up by businesses from energy, railroads rebounding the company bought back $6 billion of its own stock in the quarter bringing its 6-month total to now more than $12 billion. some deal news to tell you about. sanderson farms has now agreed to be acquired by cargo, agricultural investment firm continental grain, $4.5 billion. representing more than 11% premium over friday's closing price for sanderson farms. melissa? >> let's get back to the markets here just under 90 minutes away from the monday morning opening bell on wall street cnbc's senior markets kmem tater mike santoli still interesting for earnings not the bellwethers. markets sitting close to highs

>> i was away from the screens for a week and looking back at what's going on. the consistency and persistence of this rally is what i take away from it when you look at the s&p 500 at the index level all along the way with the reaction to a good jobs report on friday, you basically had whole chunks of the market have corrects you've had the kind of lower yield beneficiaries in growth area hold things together. if you consider this to be, you know, kind of the general trend path, it shows you a little bit of room. you kind of hug the top line of that from time to time up to about 4500 in the s&p and it's allowed the s&p to so far with stand the seasonal headwinds in late july the market has flattened out i think it's a tentative return to the cyclical recovery take a look at the 10-year treasury yield that's part of the story if you look at the chart of the 10-year over the past year, does this seem like some kind of decisive low in the yield and

maybe we kind of withstood this decline that went down towards the 110s unclear. we spent very little time. we spent very little time on the way up in that zone. it seems like people were positioned for this idea that that was going to hold, we're going higher i still think you have to have plenty to improve. what's interesting, there hasn't been a direct connection between lower treasury yields and expectations for a true economic slowdown a lot of other factors are at play semiconductors always a pretty good tell in terms of bellwether in terms of risk appetite and cyclical recovery. here you have a breakout after months and months of not much going on in the xoxx however, nvidia amd doing a lot of the work. it's a little bit of a kind of uncertain return to this idea that we're back in recovery mode despite delta, despite everything but i think you still can't deny we're still in august and sometimes those headwinds can

catch the market off sides. >> it's interesting, mike. we were talking to steve liesman earlier this morning he was saying how economists were pulling forward the time line for a taper which would seem to be possibly market negative and at the same time we've got the markets with record highs and facing the concerns about delta so it seems like we're in this push/pull which may be goldilocks in terms of maintaining the markets in the channel. the deftly drew free hand. >> don't hold me on the angles it's sort of just the right amount of wrong i think is the way you might want to think about how the markets have been unable to basically say, hey, maybe we were afraid of over heating a few months ago in march, april it was going to be an inflationary spiral. that has been tamped down. you can't deny the markets have come a long way. earnings have supported this move to the point where market's less expensive on a pe basis than it was. that's helping us weather this

idea of both tapering for the right reasons presumably as well as maybe a little bit of a stutter step in the growth story because of delta. >> mike, thank you mike santoli joining us right now to talk more about the markets last friday's jobs report and so much more, allianz adviser mohamed el erian. is this a goldilocks moment or do you look at the jobs number and think the market has to pull back >> it comes from a supportive top down and bottom up top down has been continued and with bottom up strong earnings that has powered the markets through all sorts of things. when you get to the economy, the concern here is inflation. and we're going to get a cpi number this week and the wage numbers in friday's report were really good for the u.s.

economy. were less good for import costs. keep an eye on the inflation story. if the inflation proves to be tame, then you have the goldilocks on the economy as well, andrew >> what is your gamble though? is it going to be tame or is it going to be sfwhield wild? >> i think we're going to continue to see high inflation trends, higher than what the expects. higher than what most people expect i think there is a combination of factors, both demand/pull over the lestening but cost push as well. when i look at this i think we are underestimating the inflation sweat and inflation may prove to be more persistent. i'm not going to say it's going to last forever because it's going to exhaust itself. it will exhaust itself on a much longer time frame than what the expects right now. >> but does that mean that the fed effectively increases rates sooner than -- sooner than

perhaps the market's already baking in or not >> so as you know, i think the fed is late already. i think the market continues to believe that the fed will hold out from tapering as long as possible and, therefore, will not raise rates for a while. and they are going to be a very dovish for very long they've already proven it. we are seeing some movements and that's why steve liesman is correct in saying there's some bring forward of the taper expectations to maybe december from january, february, maybe, maybe november, but the fed is late it should have started tapering already. >> right >> how do you think the markets are really thinking about the delta variant? i don't know if you're in the u.k. or on the west coast, but if you look in the u.k. you're seeing the delta variant rates drop materially. that would be a very positive sign yet of course in parts of the united states it's rampant and the market has seemed to take all of this in stride thus

far. >> it has. i think we're learning to live with covid and the fact that infections came down in the u.k. is encouraging. but you didn't mention the third area, asia that's a real concern because what's happening in china, what's happening in vietnam has two influences on the global economy. one, it means lower growth and, two, it means more supply disruptions. so keep an eye on asia what's happening in asia is particularly -- you can sense this from the commodities market the commodities market picks it up this morning. they recognize what's happening in china, the surge in infection, the travel restrictions so asia is as important to keep on your radar screen on covid as the u.s. and the u.k. are. >> but then when you're thinking about equities and you're thinking about mix between the sort of growthy kinds of tech names which have had a lot of success and then some of the smaller caps that every time we think that we're past something

there's a view that those -- that's where the real acceleration is going to be, where do you want to be right now? >> so i prefer to be in tech for two reasons. one, well known. tech and a half have i gates better these changes in mobility and economic activity that are covid related. we've seen that over and over again, but there's a second reason and that is linked to my inflation call tech is impacted a lot less by the inflation in the pipeline. so they have a revenue advantage and they have a cost advantage and, therefore, they have a very strong earnings advantage. >> mohamed, i wanted to get back to your thoughts on asia and china specifically you know, going into the pandemic and coming out of it, china has always been sort of the leader because they were hit hardest. perhaps things are different now in terms of the vaccine profile of each country and the kind of vaccines we have gotten. still over the weekend we got goldman sachs coming out dropping its gdp forecasts for

china in the third quarter and lowering it for the full year. i'm curious from your standpoint you have not only the delta variant hitting china but you have a huge regulatory crackdown which is having financial impact on the markets there what do you think the overall impact is on the growth of china? and that region. >> and you have a third element, if i may, melissa. you have the ppi number today. 95% or 8.8 last month was 8.5 you have an inflation issue over there as well. look, i think there's two issues going on in terms of growth, it will be somewhat lower than the 9% that people expected but it's not going to be dramatically lower why? because they have policy levers they can pull and they are pulling them in terms of us having to do the financial market, have you to take seriously the fact that the central government is reasserting control over the private sector we've seen it in one segment after another.

the reasons are either data concerns or social impact but the message is very clear. the government is reassertin control and that has an impact in terms of share prices one last thing, china is showing the world that it doesn't need western capital. it is confident in its ability to raise capital locally so put all those things together and what you get is this disconnect in the opposite way from what we've seen here. here the disconnect has been elevated asset prices and a somewhat less dynamic economy there. it's going to be the other way around asset prices are going to lag what's happening in the economy because of this government intervention >> hey, mohamed, final question for you as we head to break. we're going to have senator rob portman on to talk about the infrastructure bill. what's baked into the cake in the markets right now and what isn't? >> so the real issue is on the bit coin part. i'm glad you raised it before

the earlier break. the market is looking for bitcoin trading today. there's sort of relief that it's not going to be as bad as they thought it would be. in terms of infrastructure, the market expects a physical infrastructure program it doesn't expect a human infrastructure program which is a shame. >> okay. mohamed el erian, always grade to see you and get your ideas especially on a monday morning like this. thank you so much. see you soon. >> thank you both. a lead republican negotiator on a bill inching its way through the senator. we'll speak with rob portman live attention small business owner, cnbc's small business playbook is coming this wednesday featuring a star studded lineup to give you the tools to make the most of the economic recovery. we'll get kevin o'leary and aaron rodgers and his game plan to support small businesses. you can still register at

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it's taken a lot to get to this moment. ♪ grew up at midnight - the maccabees ♪ dreams are on the line. you got this. refresh... it all, comes down, to this. ♪♪ welcome back to "squawk box. taking a check on futures. dow looking to open lower by 117

points s&p down by 8. nasdaq looking to gain about 8 points right now pretty stable throughout the morning. we just got some news from draftkings a deal in the making contessa brewer joins us with the details. >> good to see you, melissa. draftkings buying golden nugget online $1.5 billion. they will get .365 shares in the newly formed company a company that will also get a new name new draftkings just roles off the tongue draftkings will shoeld the shares for a minimum of a year it says golden nuggets 5 million customers are essentially important because of igaming those are customers we just heard jason robins say in the earnings call friday that draftkings has lagged in

attracting also he gets a foothold in houston rockets, landry's bricks and mortar business. they expect $300 million in cost savings from the synergies that come here. analysts tell me this was really the golden nug gets owned option since it only had significant market share in new jersey it didn't have the balance sheet to compete elsewhere jason robins and tillman fertita will be on today the analysts say they need a vacation this is the latest in what has been a bam, bam, bam deal making week in august >> particularly for draftkings, contessa weren't wejust talking about last week about a data deal? >> yeah. >> really active here. >> yeah, they sure are they are trying to make sure that they are marking out their territory when it comes to not just the sports betting world, which they are the major player with fan duel in almost every

state and market they're in. this igaming customer, i can't stress how important it is because it's multiples higher, more important to the bottom line than the sports gambling customer and they really have not been able to make head way in trying to attract those customers onto the draftkings platform. >> did you say new draftkings is the name of the entity >> yes. >> new draftkings? >> yeah. >> they couldn't think of anything better? >> they didn't ask my input. >> contessa, thank you contessa brewer. >> sure. >> okay. coming up on the other side of the break, how staffing shortages we've heard so much about are impacting the restaurant industry and we've got a special interview with the ceo of domino's pizza. stay tuned, after this

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friday's government employment reports showing an addition of nearly 950,000 jobs in july, that included more than 250,000 in the food, services and drinking places category big struggles remain for restaurants. joining us to talk about the industry's struggles, ritch allison. >> thanks. great to be with you. >> how difficult has it been for you to find workers? >> it's been the toughest staffing environment, you know,

that we've seen in a long time over the course of through the late spring and into the summer. we're starting to see some pickup again in application flow coming through, but it's been a tough staffing environment, melissa. >> dominos has always been on the forefront in terms of employing technology and finding efficiencies there are there ways to further increase your technology to offset some of the pressures from this tight job market >> you know, we're working on a couple of things first, as it relates to the jobs themselves, in our corporate store business, you know, we've done significant amount of wage increases over the course of this year and we've got more to come we've also been looking at the jobs themselves and really trying to take, you know, out through technology and through changes to our operating procedures to take out some of the things that team members don't enjoy doing and keep them

focused on, in the example of drivers, delivering pizzas to customers which is where they make the most money. and then technology is also helping us as we think about how we forecast, how we schedule, how we staff, how we route deliveries many other aspects of the business to try to get more efficient with the work force that we do have. >> so wages sound like they have gone up. they may continue to go higher depending on what the market bears. i don't know about what your food costs, your input costs are. at the same time you've got the opposite impact in terms of technology increasing you're fish ensis how do you think about margins in this environment? >> i talked about this a little bit a couple of weeks ago. our margins in the corporate store business were higher than we'd like to see them in the second quarter a lot of that was driven by the fact that we wereunder staffed in many of our stores. so i do expect us to see, you

know, some margin compression there as we get back up to staffing levels. and most certainly labor costs have risen this year and are going to continue to rise. as far as food costs go, you know, we've got a fantastic team that manages our commodity purchasing we run our own supply chain in the u.s. business for dominos, so we've not seen significant increases in input costs with the exception of a few proteins this year. looking into next year, obviously that could change as, you know, we're seeing some increases in things like corn and soy and wheat, but it is -- you know, it's always in the restaurant industry, melissa, always a battle. costs are always rising in terms of food and labor and we're always driving operational efficiencies and innovation to help offset that >> so consumers are going to have to pay more for things like toilet paper, rotisserie chickens at costco, they're not going to pay more for pepperoni

pizza at dominos, ritch? >> well, we stay focused constantly on value and making sure that the all-in costs of having your food delivered to you from dominos is as competitive as anything out there. now we'll have to take a look at pricing, and we do that -- you know, we do that every year to see, you know, where we may need to move up in some places based on, you know, some of the cost inputs in the business, but we've been able to hold very consistently in fact, you know, our $5.99 mix and match delivery offer has been in place for more than ten years now. >> gosh, i mean, i think more -- much more because i think i can remember that back to my college days wondering how you think about expansion for dominos. it's almost implausible to think about a town or city without a dominos location or where you can't order dominos. are the new opportunities in new

unserved areas or increasing your penetration in existing markets? >> absolutely. yeah, we just in the second quarter passed 18,000 stores globally we've got more than 6,000 here in the u.s. and almost 12,000 outside the u.s. we've still got significant space to grow. we see a pathway to at least 8,000 units here in the u.s. and really, you know, we don't have a limit out there in terms of what we think we can do outside the u.s. markets like china where we just recently passed the 400 store count. there's opportunity for thousands of additional units there and in places like india, brazil, indonesia and many of the emerging markets in particular around the world. >> are your employees required to be vaccinated to return to work, ritch? what's your stance there

>> we have not put that in place. we're watching what's going on across the economy it's not a step, melissa, that we've taken at this time. >> do you think you would lose workers? going back to the labor shortage question, do you think workers would walk off the job or not apply if that were a mandate >> it is a concern i don't think there's any question that a mandate would cause some folks, you know, probably to opt out and move on. we're in an environment, i think, now broadly across the economy where you're seeing as much job switching as you've seen probably since kind of '08, '09 time frame we take those things into consideration, but first and foremost when we think about our stance, it is all about the safety of our customers and our

team members we're watching things unfold, you know, here with this delta variant and constantly keeping an eye on what's going on and reassessing our position ritch, thank you ritch allison, dominos. >> coming up when we return, ohio senator rob portman on what appears to be the home stretch for president biden's infrastructure and we'll talk about it and what it means for the cryptocurrency. do not miss the premiere of "super heists. i am super excited about it. it cracks open the case files of master thieves from their perspective and from the view of the investigators who pursue them it all starts tonight at 10 p.m. eastern time rht higere on cnbc. "squawk" returns after this.

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welcome back to "squawk box" this morning right here on cnbc. take a look at shares of tesla this morning jefferies upgrading the stock

from buy to hold it's based on what the firm fields is a more improved ability by auto manufacturers to increase profit margins over time that stock up a little over 1% this morning, melissa. >> you might have thought inflated auto prices were a pandemic era problem think again. phil lebeau joins us with more on this. phil >> hey, melissa. this is the new normal if you thought you were going to wait maybe six months, a year, you'll see a substantial drop in new cars or prices, you're not about to see that. take a look at transaction prices and what they've done over the last year $42,258. this is a chart that shows no sign of slowing down that's the average that people are paying at a dealership three things are driving this. one, you have limited pro production the chip shortage will impact auto production at least through the end of the year. still, the demand remains

strong you have the supply and demand in balance then you have low interest rates. people who are looking for a new car are saying, you know what, halfway decent deals are out there for gm, ford, stelantis. they are prioritizing their chip production for pickup trucks and suvs high profit, high margin in demand vehicles right now. as for the auto dealers, we heard from a number of them over the last couple of weeks as they reported their q2 results. you are likely to see a fairly tight inventory through the remaineder of this year. those vehicle prices going over $25,000 on average for a transaction price. there's a little bit of good news here. while, yes, the price is up 26% in the last year it has started to moderate a little bit it was down 2.6% month over month. there's a little bit of moderation when it comes to used vehicle prices, guys we are not going to see a big decline in vehicle prices that some people thought we might

see, what, a year and a half into this pandemic >> it seems like, phil, perhaps there are dynamics within the auto market which is making the situation worse. i mean, if you think about, for instance, somebody who owns a car on lease and then they're faced with giving up the car and trying to buy a new car -- >> right. >> -- at either record prices or long wait because of chip shortage, they don't turn that car in and that car then doesn't go to the used car inventory which drives those prices higher. >> yeah. >> like a big cycle. >> correct right. and the interesting thing is the retention rate in terms of leasing. in other words, i turn in a lease vehicle and i turn around and lease another one. that's been impacted as well because people are looking at the relatively tight supply for new vehicles and that does impact how many vehicles are available for leasing and they're saying, why should i do a lease deal again if it's not exactly what i want? i'll just buy what i have. so it is, as you mentioned, melissa, it feeds into this entire situation and is really

hurting the used vehicle supply. >> and we've heard about the chip shortage potentially lasting into next year, phil are there any estimates as to when things will go back to normal in terms of pricing >> no. no i've talked with a couple of analysts in the last couple of weeks. really at this point the most they can say is we think that the chip -- the true chip shortage that we're seeing, it ends early next year but remember, melissa, they thought it would also end by the end of the third quarter, fourth quarter. it keeps getting pushed out. then the question becomes do the automakers truly ramp up production to levels we've seen in the past or do they sit there and say, look, we get high profits right now. we have discipline when it comes to production, discipline that's being forced on them do they keep that discipline once they have the supply of chips that they want >> phil, thank you phil lebeau. >> you bet up next we're live with one of the key players hashing out details of the new trillion dollar infrastructure bill ohio senator rob portman

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go aflac! !mm-hm! get to know us at aflac.com. welcome back to "squawk box" this morning the senate moving slowly towards passage of president biden's $1 trillion infrastructure bill with an important vote yesterday. ylan mui joins us. >> reporter: andrew, the senate is inching towards a final vote on infrastructure with

potentially big implications for crypto this is scheduled for early tomorrow morning democrats and republicans hoping to reach a deal to speed up that process in exchange for the chance to make additional changes to the bill. now among the biggies, explicit c carve outs for the crypto industry there's a lot of debate whether it applies to minors, software developers and some of the biggest names in fintech are weighing in. ryan armstrong tweeted, quote, history will not be kind to any politician who tries to block american's access to new technologies americans have a very low tolerance for taking away our rights and harming economic growth in addition twitter ceo jack dorsey wrote, this bill has so many issues and he said one of the amendments from senator mark warner only makes it worse and elon muskeven weighed in saying, quote, this is not the time to pit technology winners and losers there is no crisis that compels

hasty legislation. now over the weekend senators on both sides of this issue did appear hopeful they could come up with a compromise that satisfies the industry and irs to make that happen, republicans and democrats need to figure out how they want to wrap up work on the broader bill back over to you >> ylan, how much influence do you think the jack dorsey tweets or brian armstrong or elon musk have actually had on these discussions? >> well, i'll tell you that the administration's position and democrats' position has been that the original text of the bill was just fine but i think there is now some growing awareness that maybe the language in the bill could be construed to be overly broad and certainly there was indications that senators understood those points that they were making they wanted to make sure that they exempted or sort of carved out the right parts of the industry, that this wasn't just a blanket requirement that new reporting regulations be

required of every single part of the industry that may not even have a hold on that information. so i do think there is a sensitivity that the language could be better. the question is how are they going to get the chance in order to make those changes? okay thanks so much, ylan appreciate it. joining us to discuss all of this is the lead republican negotiator, rob portman. senator, good morning to you how close are we to the finish line >> we can see it. >> we're having a little bit of trouble getting your audio, senator. we are going to take a quick pause for a moment i think we should maybe -- i don't know, melissa, if you think we should take a quick break and try to come back to the senator so we can have a discussion with him. we're going to see if we can get him back, but in the meantime, actually, we're going to try to

go down to see our good friend, jim cramer, who's down at the new york stock exchange this morning to get his sense of perhaps ways to think about the markets on this monday morning jim? >> you know, it's interesting, andrew you have a deal like draftkings and what happens is initially there's just hesitation. then the stock starts going up and we see these things and we say to ourselves, that is just definitively bullish behavior. we had a bunch of deals canceled last week which means there's going to be less supply weighing on everything, which i like, too. you know, i just keep coming back to instead of just talking about, well, what are our biggest concerns, maybe we have to give this market the benefit of the doubt and think, okay, what could cause it to go even higher and i think that's the jay powell, the deals like the sanderson deals or the draftkings and i think just this overall under investment that i keep seeing from the trillions on the sidelines it's kind of a positive environment even though both of us would probably expect that it

should turn down >> jim, we're going to be hearing from amc later today after the market and we were having a conversation with rich greenfield this is the meme tomorrow of the moment what are you expecting >> well, it was funny. still using that penny a share target doesn't seem right what i do think is that the people who are involved who like the stock, i know that rich greenfield was saying that they're dumping. i'm not so sure they'redumping i just think what's happened is the short pressure has ended that said, the apes love -- i can't believe i'm calling them that the apes love adam aaron adam aaron has been able to pull a rabbit out of a hat. if we do get what dr. gottleib said, we get a peak, then i think you can start talking about better next year and it'll keep it alive even though there are many people who say this is where zero is. why don't you call it zero i will not do that

adam aaron is a very resourceful person >> okay. >> jim, how many -- >> jim -- >> go ahead. >> how many ceos would kill for a shareholder base 80% who have alleged diamond hands? you would think most companies that would be a dream come true. >> well, i think advanced micro, she's probably wondering at what level does it make it so that you're making 2022 pull forward in terms of the stock? fortunate it got this. i think they're increasingly, melissa, diamond hands tend to become a threat to a ceo who's just trying to do the job well because it takes a stock to a level that is unsustainable. >> okay. diamond hands jim, we call you paper hands, whatever you would like, whatever you would like. >> great show this morning >> thank you we're looking forward to your great show >> meantime, we're going to get

back to senator rob portman in just a minute. first we have news breaking from ylan mui this morning. ylan >> andrew, senate democrats have just released text of their $3.5 trillion budget resolution they say it is fully paid for through a combination of higher tax revenue, health care savings and long-term economic growth. that budget resolution does make investments in what democrats are calling human capital such as child care, education, climate change as well, but those tax increases included in the bill would include corporate and international tax reform, higher taxes on individuals, enhanced irs enforcement, health care savings and a carbon polluter import fee. another thing that is a he is dr.ed is the cap on state and local deductions is calling for that to be raised or lifted in some way it does not include instructions, however,to raise the debt ceiling at all. we just heard from treasury

secretary janet yellen saying that should be done in a bipartisan fashion rather than through a democrat only bill democrats releasing the full text of the $3.5 trillion budget resolution back to you. >> ylan, thank you for that. joining us right now to talk once again about the bipartisan infrastructure bill working its way through congress is ohio senator rob portman. i think we have the audio fixed. senator, great to see you. >> andrew, thanks for having me on >> so help us understand how close we are on this in your mind >> can you hear me >> i am. are you hearing me >>. >> it's right around the corner. yes, i've gotcha now it's right around the corner we have a 4 a.m. tomorrow deadline when the debate will be over we'll probably vote it about 9 or 10. based on the test votes in the last four or five days, it appears as though we'll have about 18 or 20 republicans joining most every democrat to pass it. so it will be a big bipartisan victory and we'll be able to

move forward with something that has only been talked about here in washington for decades, which is how to give our infrastructure some needed improvements at a time when america's infrastructure is falling behind the rest of the world. we've got a lot of issues. it's an exciting thing for the country. >> senator, one of the issues that came up over the weekend in the last 72 hours has been this issue of cryptocurrency and how cryptocurrency would be taxed effectively. we've had jack dorsey, elon musk, brian armstrong, ceos in the crypto space, people who are advocates for crypto get involved in this what are the implications at this point >> well, in the legislation we do something that there's a consensus about. even all of them, all of the folks that you just talked about, which is that we need to have proper informational reporting for cryptocurrency just as you would for an investment in stocks, bonds, other financial instruments. a broker for cryptocurrency should provide individuals a 1099 to be able to know what

their basis is in many cases to know what the gross proceeds are this is great for everyday cryptocurrency holders because right now as you know you have to figure out your own basis option although some brokers provide it, some don't it's standardizing the process i think if there's a consensus about that across all party lines and certainly in the cryptocurrency community, the question is how do you do that without bringing other people into that reporting requirement in addition to brokers i think that's a very serious issue and we must address it treasury and the joint committee on taxation believe that the legislation as it's written handles that properly. i think a clarification is needed that's why we've worked on amendments, colloquies, worked on ways to address that not bringing in, say, minors or stakers or folks involved in software or hardware so that's their concern. i share that concern and i think we can ensure that that happens through a number of ways one is i gave a speech on the

floor yesterday about this where we talked about that very issue and ensure that people understand that is not the intent of the legislation. so the congressional intent, the legislative intent needs to be clear. treasury also needs to help us i hope they'll issue something soon to clear that up. i think it's an important step forward in terms of ensuring cryptocurrency is treated properly but it's not overly expansive. >> senator, what step forward to ensure that cryptocurrency is treated properly. >> what kind of divide is there in your party, do you believe over this bill i mentioned over the we'llend bill hagerty called it a socialist debt bomb, reportedly took a phone call from former president trump on sunday morning about this bill and went on to give a speech in the senate, as he was trying to slow things down. >> the time bomb is the $3.5 trillion tax-and-spending

extravaganza this is a $548 infrastructure package, about one third of the size president trump proposed, and it's something that does not have any new taxes in it, it actually helps the economy because it's investing in long-term investments. it also deals with something there's a great consensus on, to ensure we're focusing on the digital divide with regard to broadband. it provides an historic level of investment in broadband to get to communities like many in ohio that are underserved or even unserved with wi-fi. there's a lot of great things in here i noticed earlier you said president biden's infrastructure package is one he supports, but one that came out of a process that was total by bipartisan we picked up a lot of legislation that was purely bipartisan, for instance, the

surface transportation act that came out of the energy and power committee. this was a 20-0 vote this will help create more job it's counter-inflationary. most won't be spent for year because it's for long-term capital assets i give president trump credit. for republicans, he kind of put this on the radar screen he's a developer he gets the need to have strong infrastructure we have fallen behind. we're in and out ranked 13th or 14th in the world, based on a survey that's done periodically. and this needs a shot in the army right now the treasury secretary janet yellen out calling on a bipartisan vote for raise the debt ceiling would you be part of that vote >> well, i think the democrats

are able to do that with their own votes since they added $1.9 tri trillion, and talking about attic more to this tax-and-spend package. they have the ability to do it through reconciliation that's what they would like to jam republicans on again, as they did back earlier this year with regard to the covid-19 package, most of which was not for covid-19 i think that's something they should do on their own, because they have pushed this debt to the point where it's getting dangerously high >> what is your sense of what's going to happen to what i think what you described or maybe has b been -- hagerty was describing >> well, i don't know what he was referring to, but i know that's where the issue is. this is something that republicans i think will be

unified about. i can't tell you the outcome, because it will depend on an handful of democratic votes, and those will be those who realize that the high taxes will hurt, that the spending time bomb is for real, so they're going to be the ones who make that decision. my hope is we'll end of something that does not hurt or economy, and does not create the inability for us to compete globally earlier you talked about how it will increase the taxes, and someone -- one of your commentator said international tax reform it's not tax reform. it's tax increase. also, wages went up, lowest poverty rate since we started keeping track of it, historic

un -- if you change that international side, you make america's workers less competitive again, and the tax increase they had in the infrastructure bill actually increase taxes five times more than taxes were cut in 2017. it wasn't just getting rid of the tax reform, it was adding new taxes to american workers. my hope is they don't go down that road. it would be terrible for the economy. >> senator, before you go, we've been talking all morning about the delta variant spreading across the country and the numbers remarkably high, especially in some republican states businesses considering mandating vaccines would you support businesses that want the private sector -- that wants to mandate vaccines for employees?

>> i think that's something that the private -- i don't think there ought to be a mandate by the federal government or state government, for that matter. i think for private competes they can make that decision. i will say if you get vaccinated, you're going to be a whole lot safer. so as i've had said, i'm in the johnson & johnson trial, as you know i got vaccinated early, and the data is unbelievable we just had in data come in from how. if you're vaccinated, the chances of hospitalization and certainly death, are extremely low, almost nonexistent with regard to people who have lost their lives. this vaccine does protect you. it's incredibly important that people get vaccinated to protect their families and communities, and to get back to school and life >> senator rob portman, always good to see you. thank you. squawk returns right after

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welcome back we want to give you a quick check of what's happens bitcoin prices the highest level we have seen in about three months

coinbase global, and blockchain up as well. andrew, a lot of movement n green. back over to you guys. >> dom chu, thank you for hanging out, melissa see you tomorrow "squawk on the street" begins right now good monday morning. welcome to "squawk on the street", along with jim cramer and david faber. kind of a wild morning dow futures are week goldman sachs cuts its china forecast our road map begins with under pressure