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

we'll explain wine plus an upgrade for tesla. this is over at jeffries the shares have been moving up lately. a win for norwegian cruise line a federal judge ruling it can ask passengers for proof of covid-19 vaccination we'll start with this crazy day of commodities action. jim. >> do you think it's all tied to the goldman china call >> but bitcoin goes up, that's our store of value, so what do we sell? we sell gold they seem to relate to each other. i don't really -- remember, i'm a believer in crypto i totally get it, but i used to think when you pick up inflation like with the employment numb, that's -- gold does well, but interest rates goes up that tends to make gold go down. gold is in a world of hurt

i think people are reassessing it. >> mark bristow will tell you that the idea that something that was just dreamed up could replace thousands of years is fanciful, and don't get caught up in it >> okay. he will say that, but what do you say? >> i think -- >> does it revert to the norm that's been the case >> no. i think there's too many

companies that are looking to get in it, too many banks that that now want to offer it. >> you're talking about crypto now. i'm wondering whether gold -- there's a decoupling from inflation. >> that's a great call i think it only replaces about 1% a year. i would hold on to gold, but when you listen to the show that preceded us, the trillions being printed, trillions, this has become bitcoin -- i don't want to say bitcoin -- crypto rob port man says we're going to do this, chuck schumer says we're going to do this i'm going to take my money out of the money funds and i'm going to b buy -- as for inflation, j, the jobs number friday, still a

lot of discussion whether that's a reason to justify higher rates today. jpm does cut i yearend targets remember, i'm very pro-fed, but that is number was without domino's this morning was talking about maybe there's a break, but can fed create new people is jay powell able to create new people >> not yet, no >> quantitative birthing or something like that? >> no, we haven't gotten to that level of gene geneomics.

why isn't dr. gottlieb president of the fda no one even know -- they're a black box -- he was fda, but now just head of cnbc medical. >> whatever title you want to give him. >> an adviser. by the way, can we just point out that who did he advise the region cruise lines. everybody listened to him. he advised frank del rio it's sort of an odd -- he sued to have the ability to test everybody. >> not only test, but require them to be vaccinated. >> not have any kids, either we're going to discuss the judge's decision in that case, but as for gottlieb, he talked

about this wave that could get the to populationwide exposure. >> we're talking about a brief period of time really where we are going to need to take these precautions. i don't think covid will be epidemic all through the winter. i think this will be the final wave assuming we don't have a new variant, infecting the people who refuse to get vaccinated, and we'll have it stop circulating at this level, this rate. >> and then jim tweets -- covid will peak. >> i don't know if the people who -- my column has been hijacked by the anti-vaxers, but he's saying, everybody gets it or everybody gets the vaccine.

no one has immunity. >> and gottlieb has been the -- we all agree -- >> and what he's seen coming. >> the one scary thing is his addendum, unless there's another variant that pierces your ability to fight it off. that would be obviously -- and hope that doesn't, but by the way, the more people that are unvaccinated, the more chance for mutation, and that scenario is something we have to continue to be concerned about. that far right was complete lid unpreventable. >> you're making that statement and you'll get heat for that. >> i will, and i don't mind. >> i have deb farland on tonight, c ceo of aventis.

that's a world of kind of like the xanadu of vaccines so they're safe. that's safety t. >> by the way, gallup had data out friday of the unwilling who believes they could not be convinced. and the number turns out i'm not willing to get it and you're not going to change my mind. >> if someone in a room has it, it's very chickenpox-like. >> it was quite transmissible. >> if you're not vaccinated, you have a high, high, high likelihood. >> people are start to go wear masks. >> i do it regularly

>> if you know you're in a place where everybody is vaccinated, trance mission is possibly not likely. >> how do you ask them there's possibly there's some people in your midst that you think are vaccinated, but they're not. >> possible, i suppose, and who you're with, and whether you know them. >> it's a global story oil's action today is ostensibly about china's ability to fight the variant. >> i think the fact that whatever vaccine they gave in china, h. you, it's like the flu vaccine. that's not enough. >> no, 40%. >> that's not going to get them done >> you work close together in a big factory, the fact goes down. >> inflationary upside risk. >> there's a malaysian set of factories for semiconductors

that really hurt general motors. the quarter was missed, i think real incredible. >> listen, tesla is mandating masks again in their plants, but to your point with manufacturing -- >> amazon, we're in a situation where the employers having wailing for the fda to say that they have full approval, now they're not waiting anymore. they're league the heck with the fda, and let's go do it. that's why norwegian. a federal judge has ruled that norwegian can ask for written proof of vaccination >> i'm in touch with frank a lot. i was going to take a cruise on frank, you know, a norwegian cruise i think what people are missing

is when frank del rio, when he came on the air and said, look, here's what i'm going to do. i'm going to mac sure everyone is vaccinated, no kids this is the way for people to feel confident then he was undermined by the governor, who said you cannot make people be in a situation where they cannot get covid. >> the cdc says you have to have at least 95% vaccinated, otherwise they're not going to advise you to travel the case itself relying both on interstate merit and first amendment as the least likely tellers for a win, but don't you think -- that's what judge -- i know this is a district case, but don't you think it's an opportunity that it's got precedent? >> i'm not a lawyer, i don't even try to play one on tv, but the issue has kids, because frank is going to not have kids

on, because the vaccination issues with kids, but others are not as -- frank has changed the thing. they'll appeal, and if you get a law of land situation pretty close to the supreme court, then you would have a much before chance of people saying, like, get out the disney is very tough. they want to vaccinate workers, which i think makes sense. >> i think it always makes sense unless there's truly a reason for it. >> we don't have it yet. someone who is an anti-vaxer, okay, what is the issue? the issue is compelling us to take it when the fda hasn't approved it. he said, listen, big shot -- what's the fda done?

if it was really good the fda would have approved it. >> that was scott's point. once you get full approval, maybe you'll see a wave. >> i was on my heels on that one. i don't have a reason why they haven't approved it. do you >> time. >> they're just working through their -- >> a quarter of a billion people have had it, do we need a bigger sample how about the one that we're not supposed to do anything? >> they're hard-working agency that we rely a great deal on maybe they haven't covered themselves in glory. neither has the cdc. >> no, i'm just saying these are people working hard, trying their best >> well, by -- how about it's labor day? maybe september 15th >> don't you think that person

will come up with another reason why they don't want to get the vaccine? >> of course maybe they're afraid of needles? remember theranos? she was afraid of needles. >> billy, are you in there i got him. >> ground control to major tom take a look at futures this morning. we'll cover some of the berkshire earnings we have an upgrade at tesla. of course amc not. some big names disney airbnb, doordash. we're back in a moment sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding]

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the $1 trillion infrastructure bill clearing key hurtles in the senate. it puts the bill on track for passage in the coming days, maybe as early as tomorrow morning. the bill goes to the house rob portman says he sees 18 to 20 gop senators in support. >> look, this is a bill -- you're talking about internet to be equal in this country at one point we didn't even understand why you need that now we understand that may be a big issue with equality with people in this country that's something that still works. david, when you hear somebody say, listen, i want to make sure kids are equal in the country, that's a tough thing to fight.

broadband is an issue, but during the pandemic it's become more evident. >> and everyone knows what our roads are like in this ountry. what the heck? >> not getting what they originally wanted, the administration, certainly on climate. and the u.n. report on climate change comes out today. >> also blamed for some of oil's weakness. >> dixie fire -- >> now it's the worst fire in the history of the state. >> and it's still relatively early in the fire season interstate 5, the grapevine, a huge interstate. i was on one side, and everyone said, listen, we're okay, it's a great barrier, and then you see

what fire can do it can leap over an interstate without a problem. or you've got -- there was mangrove canyon, where, again, it blows up. it just blows the trees up i think people don't understand -- this is just tragic >> it's devastating. firefighters are totally overwhelmed. we've also had the oregon fires. some are in remote places in parts of states that are -- have a great deal of national forest, but it's horrible. >> my daughter, before she moved to spain, spent time in oregon talent, oregon we'll talk more about the bill, especially some of the crypto t raxevisions a lot more "squawk on the

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eight minutes to go before we start trading let's talk stocks against. we turn to the mad dash. olive garden, if you look at this stock, it broke down to 38 after the pandemic, because people knew that they had the shot, but when they reopened, a lot of places didn't reopen. darden took a wallet share of america, but now, david, costs

2022 evercore downgrades because of increasing cost precious dampening our view on darden this is what the fed has faced 2022 a lot of people say they'll be out of control, so let's get out now. >> i kellogg comes to mind, where we asked the ceo about inflation. he said temporary, at least 12 to 18 months is that temporary for you? >> snow -- no. i would say thepicture is weak or insecure. and then -- i mean, come on, david, who are the judges who say -- >> you're referencing the last game of "jeopardy" i hosted where we had to change, because a correct response was weak, but

deemed incorrect initially they said, sure, but then when you go to the dictionary, two or more of the definitions are the same, it's correct. >> one of the most exciting moments. >> you're funny. >> i watched of second, because you were so fabulous at it. >> i'm going to miss our "jeopardy" mad dash, but we'll bring it back every so obvious. >> johnny gilbert every night. >> of course, of course. >> you were most gracious to everybody, and the questions are a little silly. >> they're all fun keep watching. joe buck is up this week. >> joe would be good. >> and maddy is still strong >> he's a ph.d. candidate.

>> in new haven, connecticut, a little school there. >> youtube, you can see it every single night david has a three-minute version of the impact on his life. i think everyone should watch it just put in "faber jeopardy. >> i'm going to take him everywhere i go. open bell in five minutes. remember, by the way, you can catch us anytime anywhere. you can follow the "squawk on the street" opening bell podcast. we're back in a second

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keep your eye on tesla in the premarket. there's an upgrade, increased margins over time. 24th did say less capacity

constraint. >> look, i think there's -- it's always interesting when you see a stock that's been so hot and people are just trying to jump on it, but it's not been hot lately again that is a very quizzical piece out of bernstein, where -- i had a professor who was a formerly a jesuit priest, became a dean of harvard, and everything was you have to look at both sides. others felt that a proven was good i wanted a definitive one, but tony raises many questions, and then gives us his take, which is on the one hasn't or the other i founded it quizzical when i finished, it was like, now i have no idea what to do. >> yes, that's a whole separate

story for jeffries they were at 85. basically more than most firms >> yeah, i also feel mandating -- >> yeah. >> there's the opening bet celebrating the acquisition of diamond international. the nasdaq with a home styrene, a national services company. jim, i know you want to touch on amc -- >> and i hope tomorrow on the morning show, on our show, i think it's important, because adam aaron has been a wizard at trying to use -- trying to use some of those people who get riled up

using the finance, but over and over again, even though he's raised about $5 political on, you've said that's not necessarily enough what has been certainly optimistic expectations for a return to movie theaters broadly speaking, jim. the question is, is there enough money to keep up >> gm, amc then the meme of the day. >> another 6.5%.

remember, the company went public, what, only a week and a half ago >> if they -- it wasn't particularly well place d. >> it was up so much that it was a convert that you could sell. it didn't impact supply does not -- usually supply in this market is a negative but here it's been getting demand >> they potentially can. >> but this is without vlad coming out, talking it up. a lot of people say -- you know, it's he's got the right demo that they want.

>> and then, yeah. >> you're doing the whole tesla comparison >> yeah, that kept people out. >> one gm. >> and you're right. >> a lack of imagination people were saying, it's larger than all the books ever sold.

>> they jacked it up, and real sellers came in for heaven's sake. >> i think if you presided over that kind of suction, and you've been rewarded, you're not overly happy watching your stock move like that, not on fundamentals. >> lisa sue is a rational individual, who wants the stock because of earnings, and this was post-earnings period i get at least some people that are happy for their stock to go up will issa sue wants it to go up, because she's done a great job by the way, not because intel had a bad quarter. that's not how she is. she is not a gloater she is a power who trying to every day go to work and demonstrate tremendous abilities for the shareholders these people are not necessarily the shareholders that she -- >> well, it's got from 84 to is 22 in less than a month. i did notice that vemo gets off

the fence. >> we admiss that we're wrong. it was self-flagilation. and on the railroad what company is this? >> excuse me give me the correct response >> $580 billion.

>> you're absolutely right reported over the weekend, you know, i don't typically include -- you forget all of the businesses this company owns you get a good snapshot of, which is your good business. all the in-related businesses beyond geico, and geico itself, but $is 44 billion in cash even at facebook, but mr. buffett, who bought back, what -- still sitting on --

>> followed by b of a. >> i think, of those, axp with a quarter -- was taken right to 200, i mean, just in a straight line >> that's nice but well above perhaps levels that you might have thought over things -- >> we were concerned about their debt they have taken some actions that make it so that it's not as vulnerable >> i think i'm asked about twice

a week. >> but in a broader context, and obviously we also have to deal with, you know, who is good going to take over at some point. >> you're very hard to put a new pipeline up. , to l in g, also great. it's a small deal, but it's worth mentioning, because it also reflects since the -- with the draftkings deal draftkings

we had him on friday , but you can see they have goated that transaction, as jim set, it's all stocks, talking 0.365 shares of draftkings remember fertitta owns the rockets, these online gaming, had, what, before the pandemic about $680 million aee ebitda that went to essentially zero, and managed to work through it, $5 million in debt, but managed rescue financing they loaded debt on the gaming, because the one area that was actually still growing then it got taken public through a spac that was, i think by the way, this is a spac that works.

>> but it was down very badly. 37% this year? i think what's interesting about this deal -- >> i go the it up 37%. people view it as landlocked it just hasn't taken off on national. >> across those assets, and that puts so s. important deal poten

potentially. >> we didn't talk about that. >> >> we didn't. >> look, i think i happen to love -- they think, wait a second -- yeah, there's a couple reiteration for sales. >> and delta >> because these are all right-to-work states, and you do end up with a disastrous scenario, where a lot of our manufacturing, a lot the people who really make things are in the worst areas.

it's interesting i think port notice was shocked that the shock didn't act better, because it was a pretty good deal. you can track moderna stock with delta. >> up almost another 5% this morning. almost -- >> what are they going to see after this, a second act still to kim, we have an exclusive, first, though, take a look at the bond report, see how treasuries are faring. pretty much on the note, we'll be right back.

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power, revenue was up 83% year over year some of it has to do with margin pressure and supply-chain issues joining us now, one of the most exciting guests you have, andy marsh. andy, welcome to "squawk on the street." >> thank you, jim. a pleasure to be here. >> help us, this is a gigantic infrastructure bill in washington apparently had has a lot for high roehydrogen, which is your strength what does it mean for your business >> we expect the business to be $1.7 billion in 2024 without this infrastructure bill this billis. >> with the flood power to do

that that. >> to roll out what we really believe the impact will be i think it will be substantial >> are you getting the tax credits that you need, because you know you've got to be competitive with your green, which, by the way -- will the government make it so you can be more successful with green hydrogen or blue hydrogen? >> at three cents a kilowatt

hour of electricity, and you can buy that, we are competitive on top of that, with the reconciliation bill, there's a tax credit $3 a kilogram and there's also work going on to make, you know, a ten-year extension of the investment tax credit, which is used by solar wind and fuel cells, so, you know, i think the opportunity is much, much bigger than we previously expected, with the aggressive posture that the federal government stated. >> can we catch up to europe to china to south korea >> well, i'm -- you know, democracy is dirty, but i can tell you in the u.s., it bottles up it's consumers, companies that drive government to drive this

type of policy i'm excited about europe, but i am convinced, when you look at the technology leadership that the united states has had in this technology, the department of energy has supported for a long time companies like plug are well positioned to be successful in europe and in asia in europe we're working with our jv with renault, for on-road vehicles, and this will close our joint venture with sk this quarter, and look, these companies came to the united states to get the technology, not the other way around >> you used very aggress -- the one that stuck out for me is the world is going to change much more rapidly than people can imagine about green hydrogen there's a lot of people very suspect. can you explain this, why it's going to change more rapidly >> well, jim, when i look at it, at three cents a kilowatt hour,

it costs about $1.50 to make a kilogram of hydrogen that's online with what you can get with natural gas, especially natural gas with carbon capture. i think people have the equation wrong, and i think we're well positioned with building out our gree we just broke ground on a plant in georgia just last week. >> well, i got to tell you, the other side for a second. your biggest -- well, listen, your provider, you switch from air products for your basic, for your hydrogen, and on the conference call last week, what did they say they think we are far away from what you think they are talking about a roadmap that kind of three to five years because they don't feel like we have enough low-cost renewable energy lindy, you would think they

would be at war with you about the rapid use of green, but they're not. >> well, jim, i guess i heard your previous commentary about amazon in 1999 people have different views. i have actually built a team which really understands the solar market, really understands the wind market, really understands the grid, it comes down to the cost of feedstock and your audience knows where the cost of solar and wind is going. and i think that gifs us a competitive advantage. >> i think that's fair i know, andy, you have been a great spokesman for the industry and i wish you the best of luck. it would sure help our country and the world. >> thank you for having me this morning, jim. >> absolutely. see you soon. >> see you soon. a bit of a spill at the open here s&p down a few points. dow's down 90. most sectors red and the vix back above 17. "stop trading" with jim after a break.

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time for jim and "stop trading." >> carl, one the companies that has been a victim of covid strikes back today, tyson. and tsm. this is the summary of results beef is better, why?

due to strong demand they say the same thing about pork and the same thing about chicken. but it's the beef they are making a fortune on beef congratulations to them. they were really struggling with covid. >> yeah, they have instituted some mandates on vaccine and they are now saying on the call that aggressive pricing is going on. >> yes, this is again the problem in america, which is that when you go to the supermarket this is stuff you see. you can't believe how expensive it is. it is kind of amazing. i have a friend in montauk last week, everything is, you know, lobster roll sandwich 25 bucks. >> that's a bargain. >> really? >> it's a sandwich. >> isn't there one out there $88? robert frank does -- >> he does that, yeah. >> all things expensive. >> cheeseburgers are $950 in some stadium i don't know what it is. >> basically, people are just throwing money out of their -- >> yes we are all paid so much more, we

have no problem -- oh, okay. >> tonight, jim? >> i have deb, the largest of the senior -- a lot of -- rusty br brazil and we will talk hydrogen if green hydrogen wins, this planet will be a better place and stitch fix, elizabeth spalding, i think they have a great model. >> we have a lot of wood disney, airbnb. >> i think that people don't understand how important this week is because it is the last earnings week. for all these newer companies, there has been hundreds of companies created. >> hundreds. today is one of the rare days when isn't an ipo at the new york stock exchange. i can't remember a day we haven't had one. >> that's because they cut the size so dramatically. >> from the 40s to 18 million. >> five failed what kind of full -- actually

good for the market. full at last right? >> sure. you say is so. congratulations. >> thank you. >> well done. >> did you and matt go out for a beer after >> no, i don't know him at all of course not. there is no consorting with the contestants. >> not even -- >> no. >> some of the ones -- >> that did poorly >> no. >> see you at 6:00, jim. "mad money" 6:00 p.m. eastern time when we come back, mark bristow with the dow down 100. at build'e trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you can close with more certainty. and twice as fast. if i could, i'd ten-x everything. like a coffee run... or fedora shopping. talk to your broker. ten-x does the same thing, - but with buildings. - so no more waiting. sfx: ding! see how easy...? don't just sell it. ten-x it.

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♪ good morning welcome to another hour of "squawk on the street. i'm carl quintanilla with morgan brennan and david faber live at post 9 at the new york stock exchange a bit of risk off play on the reopening trade. dow's down 120 here as we get covid cases at a six-month high and goldman cutting their china gdp forecast rick santelli's got it >> well, i wish i had it it wasn't out on my screens a few moments ago. but we are expecting what would be the third straight handle of 9 million. this series goes back to december of 2000 and we are 2

million plus above pre-covid levels when we were around the 7 million mark my goodness. >> this is a historic day. we have popped over 1 million. 1 million -- 1,730,000 this is huge this is huge so we are now over -- sorry. 10 million we are over -- 10.073 million, over 9 million that was the record. obviously, this is a record. there is a lot of zeros here how are we suppose to interpret this we have a matching problem nothing seems to work. many states have extended benefits program canceled don't seem to be bringing forth as many jobs or matching any better so we'll continue to monitor this but 10.073 million unbelievable morgan, back to you. >> unbelievable. matching problem and also more

oe openings and people looking for jobs we will see how that continues to take shape. rick santelli, thank you. 30 minutes into the trading session. the three big mfrs we are watching this morning. starting with tesla rising in early trading after jeffreys upgraded the stock to buy. it could rise 20%. you can see the shares up 2% right now. sanderson farms soaring after agreeing to be acquired for $4.5 billion or $203 per share by privately held producer cargill and continental grain to create a bigger poultry player amid the soaring demand for chicken parts and chicken products shares up 7% and a retailer that is in the red. dollar tree downgraded to holds from buy at deutsche bank which is expressing concerns about the impact of increased freight and labor costs on profit margins. you can see those -- the stock

though is down now, it's down 10% year to date david. the strong jobs report friday has some in the market rethinking the timeline for the federal reserve. senior economics reporter steve l liesman with changing fed expectations >> the bigger than expected payroll gains and that jaw-dropping jolts report plus july revisions to the prior month's forecast for more large payroll gains to come have introduced the pocket of a faster fed the chance of a quicker move to tapering its bond krchs. former fed official now at ever core writes we tweak our base case so the fed, still deciding in november, starts the tapering process either right away or in december rather than waiting until january. he also sees a faster tapering michelle meyer of b of a writes that the jobs report leaves september in play for a taper announcement but contingent on another very strong zwrobs

report next month. so here is the new taper debate that's out on the street september or november for an announcement december or january for taper. hold on. the fed's open market committee has comesome who want to go faster three fed officials are the hawkish once, robert kaplan, jim billiard chris waller. the vice-chair expressed sympathy last week, but didn't endorse them although the hawks are unlikely to have support of fed chair jay powell and others, among them are those who want to taper as soon as september or october that's the actual reduction. so here are the keys strong jobs report, you've got to have another 900,000 or 800,000. what is the impact of the delta variant? does fed asset purchases even help that at all and does inflation show any sign of being transitory when we get the next report wednesday, by the way. all of this heightened expectations for jackson hole in a couple of weeks. we will have several fed

interviews and powell will give the keynote speech it's going to be up to powell in jackson hole to make september a real possibility for a taper announcement or take it off the table. i am looking at these jolts numbers here hires up 700,000 and the quits number up 200,000. that's the sort of thing people do when they feel confident in their job. so at 3.9 million quits on the month. that's june. we will see if that impacts off of the rolling off of some of the unemployment benefits. >> yeah, fascinating labor data. it's actually a good place to start with the next guest. bob and valerie. good morning, guys good to see you. bob, good to see you, especially it's been a while. i wonder whether or not you thought the jobs number does move the needle in terms of a taper announcement timing and whether or not that's positive or negative for equities.

>> i'll go one step further from steve. i wonder if the fed behind the curve. i think that's the question we have to ask. remember, rates are zero, and the hourly number from friday year over year has now crossed 4% i am worried that the fed is going to lag the curve too much and needs to get started i would think a strong hint in september and probably starting before the end year >> valerie, markets primed for that kind of calendar? >> i think we have look at some data that's actually going be coming out this week someone just mentioned we will get the consumer price index data this week and also, importantly, the producer price index, which will give us another indicator of inflation then on friday we will get a forward looking indicator of how the consumer is doing in the michigan consumer sentiment survey so i think that the challenge we have is that perhaps two months ago everyone would have said all is well, we really see a clear

path, you know, out of this economic situation, but the delta variant has, quite frankly, change that i think it's much more of a severe impact than people expected i don't know if ultimately some segments of the economy will have to shut down in order to control the virus and give the healthcare system some time to recover. but i think all of those are variables that will have to be taken into kconsideration the remainder of the year. >> taking the variables into consideration, you made the comment about the fed potentially being behind the curb we know a taper is coming. the timeline we have to see. we know it's coming houchlt does an investor position themselves given all of these risks >> so i think investors that have enjoyed this 100% move off the bottom in the last 18 months can afford to take a little money off the table, morgan. i am not bearish i just think it gets choppier from here.

everybody knows how good the economy and earnings are, but not a lot of people are focused on the fact that 22 estimates are starting to come down a little bit, that a third quarter earnings will likely be below the second quarter even though we will be healthy above last year's third quarter so it's mostly positive. there is no alternative argument but i think it gets harder and choppier from here >> valerie, we do have at least one big desk today cutting their year end target on the ten-year as jpm goes to 1.75. goldman cut their last years we have our first 5,000 s&p target out of credit suisse. a lot of the street is counting on lower yields and higher targets for equities. >> right i think, you know, the lower yields is a reasonable base case forecast you have to be reasonably diversified in this situation. we know that growth stocks have

performed exceptionally well in the low yield environment, but if we have a pivot, you have to be prepared to have exposure to other areas. i think that a reasonable level of diversification makes sense i think corporate profits will continue to be strong, although, quite frankly, i think at times the buy side gets well ahead of where management can deliver and people are forgetting that we're still lapping some steep comparisons on last year's numbers. so i think that getting through this will, to a more normalized environment, will take time, probably until the back half of 2022. >> finally, bob, looking at recent inches. nvidia, adobe, oracle. does that mean you are favoring growth over value, or not? >> no, prefer value over growth. i think the trade, carl, that's being against the trend has been towards growth, toward lower yields, toward defensive stocks,

and towards growth i think that's temporary and that the main trend is the economy is doing reasonably well despite slowing and that inflation is not totally transitory and come back to where we started, that means the fed has its work cut out for them in the months to come. >> yeah. hopefully, we learn a little bit more in the days and weeks to come guys, appreciate it very much. good to see you. bob and valerie, thanks. >> thanks. as we go to break, a roadmap for the rest of the hour, clouding the gold crush. the ceo of bark gold on this morning's flash crash. bitcoin trading at the highest level since may. we will speak exclusively with a cryptocurrency billionaire the ceo of trading platform ftx. and tesla as an underperform, jeffreys upgrades the company stock to a buy why he is holding out on stla. that's next. ghbahetrt"ilbeee wl rit ck

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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 on the street." tesla shares up 2py 5% this morning. this after an upgrade from jeffreys bernstein reiterates an underperform raiding citing growth obstacles and political precious urs out of china.

tony, always good to have you. tell me what you think is going on in china where it's a more competitive market perhaps than we have certainly here in the u.s., maybe even in europe, and you are seeing, what that they are starting to export out of china, meaning they don't have a great growth trajectory there? >> yeah. so the question that we receive most frequently following earnings was tesla's overall revenues grew 10% from the first to the second quarter. china revenues were down by about the same amount. unlike the u.s. where tesla has been raising prices, tesla introduced a dramatically lower-priced model y in china about $11,000 lower in july, and they also cut price on their model 3. so, you know, the question is, why does this seeming dichotomy exist between what's happening in the u.s. and what's happening in china that's really what we were trying to address today in our note the purge line, i think, as you suggested, is ultimately that the chinesing market is

dramatically more competitive. there are over 100 domestic evs being offered in china today there are only about nine u.s. domestic evs being offered in the u.s. today and so tesla last year at 60% ev market share in the u.s. only had about 16% market share in china. so we have a level of competition for evs in china much more advanced in the u.s. >> you think tesla's capacity will be absorbed as the chinese market conditions to grow? >> absolutely. i mean, the ev market -- [ inaudible ]. >> so there is going to be tremendous growth in the marketplace. so i'm not - >> tony, yeah, tony, we can barely hear you. i don't know if we can make that a quick -- tony is still

talking. we can't hear him. as you heard, we lost his audio, or at least most of it we will try to get that back up momentarily. otherwise, we won't. >> yeah. all right. well, still to come, he is one of the crypto nomads surfing the world for risk and profit. an exclusive interview with the ceo of ftx, that's coming up, and we'll be right back.

welcome back welcome back to tony as well we have the audio problem fixed up there tony, let me re-ask the question because i don't think our viewers heard the answer you say in the long run you think tesla's capacity will be absorbed as the china market continues to grow. why is that? >> yes, thanks for bearing with me through the technical difficulties the ev market today is 3% of all cars sold today or electric vehicles we believe globally by 2040 it will be 75%. so the ev market is going to

have tremendous growth and tesla will benefit from that and right now tesla, you know, may have built more capacity than it needs in china in part because the chinese market is very competitive and it's in its early innings of adoption. but clearly goingforward we ar going to have much more ev demand in china and globally, and tesla will participate in that i think our contention is that the chinese market will be more competitive domestically there is a risk that the chinese government may, over time, put in place policy that may be favorable for domestic manufacturers, but tesla will still benefit from the tailwind of rising ev adoption in china and in other geographies over time >> tony, if we are talking about an ev market that's going to experience tremendous growth weather in china or globally in the coming years, why are you taking with a $180 price target

on this stock? you have been wrong for the better part of two years, i'll say. >> yeah. so, we lowered our rater to an underperform last summer so prior to that we were neutral on the stock and clearly that was not the right call i'd say inthe last ten months, actually being underweight, the stock has been valued creating for most investors now, as to the price target and our belief in tesla, our belief in tesla has -- is not that, you know, the company is not going to be highly, highly successful. it's really all about valuation. and i underscore that there is a difference between a great story and a great stock. tesla is a great story we are not sure it's a great stock. the market capitalization is $700 billion it's worth almost as much as all traditional auto manufacturers combined they make 80 plus million cars per year tesla will make eight or 900,000 cars this year they generate billions, tens of

billions of dollars in cash flow today. tesla may generate tens of billions of dollars in cash flow in the future. so our valuation is simply a projection, and we think tesla may sell 8 or 10 million cars a year between 2040 and 2050, but those are cash flows that investors will be getting in the future so again i underscore that our underperform rate something not because we don't think tesla will do well we believe our job as a research analyst is to evaluate stocks and the context of their valuation relative to their fundamentals >> you know, tony, i get that. and i bring this up a number of times recently because it may be informative. i remember people looking at amazon years ago and say it's larger than the entire market for books. you know, lack of imagination, lack of understanding of the different things that platform was going to enable amazon to do who thought of aws, for example?

isn't that programs a similar argument that could be made for tesla in terms of the businesses it may be moving into, autonomous, solar, whether it's energy production that you are failing perhaps to account for >> absolutely, david i think that is the right question to be asking, and i think that is the bull/bear debate on tesla longer term, is if tesla is largely an automotive company, i think even bulls would concede that the stock is very richly valued. i think bullish investors would say tesla is a platform. it's not going to be a car company only it will be an autonomous driving, a raid-hailing company, it will have energy storage business and a solar business that will be very significant and the one company that can integrate all of those together. and that is ultimately the most

important debate our contention is that most of the value that you would ascribe to these scenarios would largely be through high, soft, or attached largely in terms of full self-driving sales. i think if tesla sold full self-driving for cars at $10,000 a pop over time, the valuation would be deserved and potentially too low. i think our contention is, over time, tesla will not be the only car company that offers full self-driving and tesla nor anyone else will be able to charge $10,000. 15 years from now, that may be $2,000, in way case it's more difficult to justify the valuation. >> understood. and a conversation that i know we will continue tony, thank you. >> thank you for having me. we did get some wild action in gold early this morning dropping almost $100 below friday's close as the dollar and yields remain pretty firm in light of that favorable jobs number friday. joining us to cause what they

are calling a bit of a flash crash and the company's results out this morning barrick gold's ceo mark bristow great to see you. >> great to see you guys. >> i hate to ask you about every twist and turn of the market, but i do wonder about your thoughts about this morning's price action and whether or not it's a comment about the market's view of gold as a value in light of what we think may be changing priorities at the fed. >> so i think what it highlighted for me is what i have been saying for a long time mining is a long-term business you see -- and really it reminds us all that gold price goes down and not up and not necessarily in that order. i think fundamentally the world is battling with how to position investments on the back of the unforeseen and unrealized damage of how the pandemic crisis was

managed, and also the impact that it has in the global economy, which really hasn't b materialized yet so i think without a doubt you still need -- i take this as a buying opportunity and you should still have a 5% or so part of your investment in gold. >> right where is your head right now in terms of the ongoing story of whether or not cryptocurrency is truly stealing mine share away from gold from those who are worried about all kinds of things that might go wrong >> so i think, i mean, there is no comparison in cryptocurrency. if you want to really invest in cryptocurrency, one of the things, gold is in any portfolio, is it's a stabilizer against volatility and certainly the delta, as you have seen in the crypto, are enormous the critical thing, you can't just create value and really

what you are buying there is energy, if you listen to the crypto guys. so i think what it is telling us is no one believes in the fee at currencies and everyone is desperate. there is a lot of money around in the hands of people who didn't lose their jobs and they didn't need to lose their jobs, so they have more to invest and we have seen -- i saw earlier in the -- in a program about, you know, the tesla and the evs. the whole issue here is everyone wants instant gratification. everyone's really concerned about how do you store your value that you have seen grow, and we are going to see a lot more volatility, as we saw in 2009,' 10,' 11, post the global financial crisis this time more so because a lot of the quantitative easing resulted in real money, excess money into the developed world's

economy. the meernling adeveloping world economies are in dire straits. >> it's morgan how does this affect the other commodity that you invest in and mine, copper as gold production was falling last quarter we saw copper production for your company increase how does that strategy continue to evolve and take shape as you see, for example, wall street firms cutting china growth forecasts? >> if you believe in the importance of looking after our planet and moving away from the sort of hydrocarbon energy to more renewable energies, copper is an absolutely strategic metal. as we do in gold, our focus is the long-term. you are going to always have cyclecality. the key, can you unhook opportunities to consolidate and grow that way or do we have to

invest in organic growth we are committed to doing both and we are making sure that we are ready to be able to exploit both opportunities that goes for copper and gold. >> mark, we hope you continue to come on, talk more about those growth projects, exploration, investment, production, and more appreciate the touch today though good to see you. mark bristow, barrick gold. >> have a good day let's hit our "etf spotlight. we are looking at energy, speaking of commodities. xle in the red this morning as oil prices slide following new measures in china to combat the spread of the delta variant as well as the u.n. report on the impact of climate change top holdings chevron and exxonmobil feeling the painful shares down more than 5%1. we'll be right back. stay with us

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>> welcome back. i'm rahel solomon. a code red for humanity. that's how a united nations report describes the threat of global warming it says in ten years temperatures will be above the threshold world leaders have been trying to avoid they say cutting carbon emissions can prevent the worst scenarios. in california the dixie fire the largest wildfire in state history covering 765 square miles. it threatened some 13,000 structures in the area. chuck schumer says that he plans to immediately move to a budget resolution right after the bipartisan infrastructure bill passes this week. democrats plan to use the budget reconciliation process to approve $3.5 trillion in spending increases and tax breaks for social and environmental programs the maneuver bypasses the threat

of a republican filibuster. and organizers of the new orleans jazz and heritage festival say they hope the event returns next spring. louisiana now a covid hot spot, plans to hold it this october have been scrapped it hasn't been held in more than two years because of the pandemic and re learned that the new york auto show was canceled hate to see that this is becoming a trend we will see. >> we will definitely keep our eye on it. yeah, that was sad news about the auto show. thank you. we are about an hour into the trading association on this monday definitely a bit of a risk off trade on the reopening oil below 66 today you have got really the only sectors that are positive are health care and consumer staples. the vix above 17 off of a two-week low but the ten-year yield pretty steady around 128 and new highs on the nasdaq, especially microsoft, adobe and xpi. >> look at crypto. specifically, bitcoin. crypto continues the recent

surge. bitcoin hits a fresh new three-month high ethereum also higher today as well this comes as cryptocurrency regulation is being discussed as part of the infrastructurebill with more on all of this, joining us is sam bankman-fried, crypto billionaire and ceo great to have you on the show. good to see you. >> thanks for having me. >> all right there is three different essentially three different potential pieces of legislation that are in conflict right now when it comes to the infrastructure bill sitting in the senate in the u.s. it would be focused on creating tax reporting requirements then two amendments. everything is essentially a gridlock and so much hinges on what the definition of a broker for thisse assist set class wou be break this down from your standpoint given the fact that you are the head of a key cryptocurrency exchange. >> totally so, you know, the clearest context of the bill is that u.s.

crypto exchanges like coinbase, kraken, like ftx, the one that i run, would have to send 1099s to the u.s., reporting trades on behalf of their u.s. customers to help address underreporting of taxation. and that is totally reasonable that's going to happen no matter what that was expected. the exchanges are filling a role like e*trade would fill for equities trade however, the original language of the bill was fairly vague it basically applied to anyone who was making some money and as part of that was doing anything to facilitate a blockchain transfer so that could apply to something like coinbase or ftx, but that could also apply to someone who makes wallet software for people or a bitcoin miner that is getting paid small bits of bitcoin to mine a blog which contains some bitcoin movements

in it. that might be trade. it potentially could touch almost everyone if the crypto industry there are amendments to define what is this meant to apply to which actors in crypto are supposed to be reportingtaxes on behalf of theirusers, which don't have users to report taxes on behalf of that is the central question of these amendments. >> senator portman, one of the architects of that infrastructure bill in the senate and is also one of the lawmakers who has proposed and amended at the crypto industry is pushing back on had this to say on "squawk box." >> we need to have proper information reporting for cryptocurrency just as you would an investment in stocks or bonds or other financial instruments a broker for cryptocurrency should provide individuals a 1099 to know what the basis is, many cases to know what the gross proceeds are standardizing the process. i think there is a consensus about that, you know, across all

party lines and certainly in the cryptocurrency community >> all right so saying similar things right there to what you just laid out. but of course the devil is in the details. so what would you be, i guess, in support of? what would be, from your standpoint in this industry something that wouldn't stymie innovation and wouldn't send some of the key aspects of this technology overseas from the u.s. >> if i were writing this bill, i would make it explicit look, u.s. centralized cryptocurrency exchanges, that u.s. person has to report 10990s to users and the irs that's it. we i really do think some of these are tricky and complicated but if you want to try to get into some of the weeds right now, i think some players clearly should be excepted from this one of these is miners or blockchain node validators they are basically like the

internet service providers of the crypto what they are doing is sitting there validating bilolocks to confirm they are legal including the transactions in sort of like a decentralized basis. they are not running an exchange th they don't have customers to know they don't know anything about taxes that like a third party looking at the blockchain. they should not have anything to do with this so when building software for, like, non-custodial wallets, like managing your private keys, that person doesn't know about your trading so that clearly shouldn't be involved and some of the amendments, especially the loomis amendment have made it clear this is not meant to apply to those. the word broker keeps getting put in here because that's the equivalent in, like, the equities reporting land. one other important thing is just some language including these, like, that's all broken means here this isn't meant to, like,

accidentally -- people to be brokers for -- purposes. >> yeah. even as we are having this conversation, in the near term, uncertainty how this takes place in the u.s., we are seeing prices for bitcoin and ether and the other cryptos rally today. why? >> that's a good question. a lot of people might guess that crypto would be going down on the news there might be sort of unclear regulation coming out of the senate one the reasons, it might be completely unrelated to this you know, second of all, there has been a surprisingly large pro-crypto stance taken in the course of this even if it loses in this particular amendment, a lot of senators have ex pilot italy taken stances that never said anything about crypto before publicly it's showing a bigger presence in washington of, you know, cryptocurrency interests than i think people expected going into this

i think in part markets are probably reacting to that and reacting to the fact that, like, you know, crypto is going to get serious consideration and have some allies on capitol hill. i don't think that was obvious before all that being said, it's not what i would have guessed would have happened. >> yeah. sam, mine, you have said that you spend hours a day focused on regulation i mean, western talking about what is happening state side this is, obviously, a huge discussion and it's having ramification on this asset class in other countries as well i guess more broadly, do you feel that lawmakers understand cryptocurrencies and if you had to point to a certain country or a certain, i guess, group of individuals that are involved in regulations, who is getting it right so far >> yeah, it's all over the place. like, some senators have -- it clearly shows they understand it others haven't thought about it, which is reasonable. there are a lot of things to think about in the world but it's just this wide spectrum when you look globally at which

regulators have been proactive about crypto, singapore goes to the top of the list. they are really proactive about cryptocurrency regulation. they are trying to be industry friendly and building out a comprehensive regulatory regime. i think the cfts is crypto savvy as far as regulatory agencies go i think they have a long track record of understanding it, making state, public statements that show the nuances of it. i think, obviously, gary gensler has a strong background in it. he has sort of come out on crypto, but i don't think that's sort of is, you know, necessarily his goal i think he is trying to build a regulatory regime in what he sees to a little bit of a chasm. i do think that fairly inform -- you see pockets -- >> okay. >> gibralter has been proactive about this. >> all right sam, we got to leave the conversation there thanks for joining us today. >> thank you

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why the stronger than expected jobs report may not move the needleon the fed's taper timeline that story and more at tradingnation.cnbc.com and more "sqwkn e re" ead.ua othstet

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the state. it's a preliminary injunction and the case, of course, will then head to trial as for the call for valuations that continues to be front and center as delta spreads rapidly throughout the united states a growing list of companies are requiring employees to be vaccinated for more an what companies can legally do we are joined by lawrence depositen, o'neill institute for national law, and yani taylor, society for human resource management. thanks to you both lawrence, starting with you, is it legal for companies to man mandate vaccines and if this goes to a higher court, assuming it ends up at the supreme court, what do you think it's likely they will say? >> you know, the truth is, is it's entirely lawful for a business to require a vaccine as a condition of employment. the department of justice office of legal councsel just ruled tha as its opinion

so did the eke kwul opportunity employment employment i think they are on strong ground a federal judge held up the university of indiana's mandate. they are on very strong ground it's going to be tricky in states like florida where the state itself has banned vaccine passports. >> why >> well, the reason is, is that, you know, states are permitted to regulate businesses and even if their regulation of businesses is, you know, irrational and even if it causes them -- the businesses to perform less safely, they probably have the right to do it the reason why florida's losing on norweigian cruise lines is that florida or no state, in fact, is allowed to regulate an interstate and international carrier. cruise lines go from state to state, country to country.

no single state has the right to regulate those kinds of carriers >> johnny, where do you come down on the human resource perspective? specifically because they can mandate vaccines if you go to the office then eventually you might get fired if you don't come back. >> yeah, we all forget, we talk about what the department of justice has said as well as the oc, its equal employment opportunity commission there is also osha, which says that employers have an obligation to do its best to eliminate, if not significantly minimize, known hazards. and what we know is that people who are unvaccinated, presenting known hazard in the workplace, via covid, and the delta variant in particular, therefore employees are saying to us, for the first time ever, to the tune of about 70% of saying i want my employer to mandate vaccines because i want a safe workplace

>> lawrence, the fact that we are talking about emergency use authorizations for these vaccines, i realize that could change with pfizer in thenext couple of weeks would. we are expecting model to go through that process soon as well is there any kind of precedent that exists for us to be in this sort of limbo place and for companies and businesses to income a limbo place where there isn't full approval from the fda but mandates are in play >> yeah, i mean, no. we really are in unchartered territory. i mean, we have never in the united states utilized a vaccine so widely under an emergency use authorization and also mandated it but the eeoc and the department of justice both specifically said that under an emergency use authorization businesses could require it i'm certain they can and, you know, if you think about it, you know, we don't act

like this an emergency use it's being recommended as entirely safe and effective to every geligible american. as you say, within a matter of weeks, pfizer is going to be fully licensed soon after we are going to see the moderna vaccine and then after that j&j. so so this is -- employers are on rock solid ground and, you know, the truth is that mandates work. there is really strong behavioral evidence that they're highly effective >> yeah. go ahead, johnny, i want to come to you as well and give us a sense where you think this all ends up, particularly from the perspective you have you mentioned osha, the eeoc, where do we end up when it comes to business mandating vaccines in your opinion? >> employees are going to be required to do it. i think we have seen the evolution. first strongly encouraged for

employees to become vaccinated, then incent them, motivate them, and increasingly we're seeing employers say enough's enough. you're going to do it or you won't work here. people continue to forget in this country, the law of the land is employment at will which means you -- we can control the terms and conditions of employment, good employers don't want to mandate these sorts of things. at this point, it is, you know, we're not in -- to use the term emergency authorization, six months ago, but to this point, we're sort of past that, 60 plus percent of the population, adults in particular, have taken it while technically we're in emergency use, we don't enough about it now, we don't have enough experience where employers on solid ground and are headed that way. >> all right, gentlemen, we're going to continue to watch it. very important development overall. appreciate it, johnny and lawrence thanks to you both. >> thank you for having us

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to achieve - to change the game and inspire the team of tomorrow. welcome back to "squawk on the street." i'm dominic chu. stocks are trading lower with most sectors in negative territory, but there is a bright spot within consumer staples that's thanks in large part to tyson foods, which handily beat profit estimates fueled by stronger demand for restaurants and reopenings and that sort of food the executives did note a aggressive higher pricing saying there is already significant pricing at food service segment and you could see retail pricing be in the market by around the september 5th area so keep it right here. tyson foods up 6.5%. "squawk on the street" is back after this quick break don't go away.

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welcome back to "squawk on the street." it is a new reality for car buyers, as higher prices look like they're here to stay. our phil lebeau has more hi, phil. >> morgan, it used to be if you asked somebody how much they're going to pay for a vehicle, transaction price of 35 grand

was high look at where it is now. the average transaction price, the price paid at a dealership, record high, over $42,000, three things are impacting what we're seeing with new vehicle pricing. first of all, you got limited production, we talked at length about the chip shortage and how that's going to continue at least through the end of the year the demand, however, it remains strong as the economy continues to add jobs, the new car demand is not slowing down. low interest rates are also helping as well. for the big three, they're prioritizing pickup truck and suv production and that's because those are in demand, those are the high profit vehicles so as much as possible, that's where they're prioritizing their chips when it comes to production. in terms of pricing and the dealership stocks and the automaker stocks, for the big three, this is going to continue and this helps especially in north america, look at gm, and ford and look at the auto dealer stocks, used prices are not going down either. now over $25,000, though there

is good news, they have moderated in the last month, remember, the incentives far lower than they used to be now down year over year more than $2100 morgan, back to you. >> such a key conversation to have, especially as we await another inflation reading this week with cpi on wednesday phil lebeau, thank you for joining us a quick check on the markets, it is a mixed picture with the nasdaq higher the s&p and the dow lower. that will do it for "squawk on the street." "techcheck" starts now good monday morning. welcome to "techcheck. i'm carl neequintanilla with jon fortt and deirdre bosa stocks like riot, coin base and microstrategy following suit we