♪ ♪ welcome to allstate. where everything just seems to go your way. ♪ ♪ you're in good hands with allstate. click or call for a lower auto rate today. it is 5 a.m. at cnbc global headquarters and here is your top five at 5. covid versus infrastructure. investors caught in the push and pull with stocks sitting at all-time record highs. when it comes to delta, three major u.s. air lines this morning say they will not mandate covid-19 vaccines for their employees breaking with a wave of mandates to the contrary the end of a legacy. new york governor andrew cuomo says he will resign his post amid allegations of sexual

harassment and misconduct but his legal troubles may not be over just yet. wood doubles down on china as the beijing crackdown continues. crypto back on the rise again after one major exchange says its profits are up nearly 5,000% from the same time last year it is wednesday, august 11th, 2021, and you are watching "worldwide exchange" on cnbc good morning i am dominic chu in for brian sullivan today kicking off your wednesday morning with u.s. stock futures hovering slightly, slightly to the down side here you can see right now the s&p 500 and dow are implied roughly lower by 5 points apiece so roughly flat, especially for the dow. and thenasdaq implied lower by

40 points. the dow and the s&p are coming off fresh record highs their 40th and 56th of the year respectively speaking. not so, however, the transports and small caps despite closing higher yesterday, the dow transportation index is more than 9% below its most recent 52-week high and the russell 2,000 small cap index is more than 5% from the most recent 52-week high certainly something to watch there. possible leading indicators for other parts of the market. another sector of note here. infrastructure coming off some big moves yesterday as you can see the senate approved the bipartisan $1 trillion measure, names like csw industries, u.s. steel. top build, new course steel all up very big this week. exchange traded funds, by the way, tracking the sector are on the move the global structure etf and u.s.etf are up higher on the 55

year to date year. crypto, by the way, also coming off a big day and looking stronger still in the wee hours of this wednesday morning. currently bitcoin prices just a hair above $46,000 that's up 1.5% ripple up 7% ethereum and litecoin up 7%. julianna tattle balm is live in london >> dom, good morning to you. we are off to a positive start with european equities extending gains. yesterday the stock 600 rallied 0.53% but it was the seventh positive session in a row. green across the board here. fairly broad based across the different regions. from a sector perspective, here's the picture in europe we are seeing outperformance in insurance, media, construction and banks each up 1/3 of a percent. on the down side, travel and leisure is the key under

performer. pulling back 0.9%. worth noting yesterday travel and leisure outperforming. the european union would not reinstate travel restrictions on nonessential travel from the united states. the sector got a boost on the back of that news. a few names starting with one in the cybersecurity world. norton lifelock is acquiring the european rival worth $8.6 billion. shares of avast are 8.6 higher significant selling this morning of thyssenkrupp. it was driven by high materials prices and autos if the stock is under pressure as they warned on free cash flow for the full year, the company, just to remind you, in the midst of a long running restructuring

aimed at streamlining the program. ahold delhaize expects to grow the full year can dividend it's 1.8% higher this morning. >> julianna tatlebaum, thank you very much. on the heels of the bipartisan approval of the $1.2 trillion infrastructure package, which now heads for an uncertain future in the house of representatives, the senate in a voterama session this morning took the first steps in passing a $3.5 trillion budget plan. nbc's tracie potts joins us now from washington with the latest there. good morning, tracie >> reporter: hi, dom good morning two different things but they're related. lawmakers were up until about an hour ago 14 hours overnight working on this

this is not a done deal but it's a first step and an important one in the senate to deal with these democratic priorities. so now everything heads to committees while they try to write up what $3.5 trillion of social spending will look like. >> mr. president, thank you. my colleagues, let's cooperate and finish this up. >> reporter: overnight lawmakers voted on more than 3 dozen changes and approved a framework for the human infrastructure plan it's a first step to create free community college, universal preschool, expand medicare and address other social priorities. republicans argue it's a $3.5 trillion spending spree that will lead to higher gas prices >> this is the worst thought out idea i've ever seen. it's a nightmare for working people >> it seems almost certain to be the largest peace time tax hike on record. >> reporter: the all night voterama comes after they approved a trillion dollar

traditional infrastructure bill. >> it's an investment in fixing up our roads, bridges, water systems, railroads, ports, broadband network and expanding that. >> this bill is going to put people to work modernizing our roads, our highways, our bridges. >> thank heavens it still is, but it's not the end of the story. >> house speaker nancy pelosi said the house will not consider the infrastructure bill unless the larger measure comes with it the house is now coming back early on august 23rd >> then today president biden is sitting down with governors, mayors, other local leaders and take a bit of a victory lap and then the president plans to make some remarks today, dom, about how all of this fits into his build back better agenda >> so let's talk about that build back better agenda what else is on there besides just the infrastructure package and some of the big social plans

from this budget reconciliation? >> yeah, that's going to be a large part of it it's likely the president is going to talk about where we've been and where we're going and make a big push for this $3.5 trillion so called reconciliation bill. it's not expected to get one single republican vote they don't agree with the cost of it and some of the things that are in it also, expect the senate and then the house when they get back now at the end of the month to take a voting rights. that's coming back up. they want to try to get that passed as well. >> live look at the senate floor right now. still doing some negotiating and speaking out there tracie potts live in d.c. with the latest thank you very much. to some of the other top stories as well. the ceos of southwest air lines, american and delta say they are not, not requiring unvaccinated employees to get a covid-19 shot the policy is breaking with united workers that they get vac sip nated by october 25th or

risk getting fired gary kelly says the airline will, quote, strongly encourage that workers get vaccinated but the airlines stance on a mandate has not shifted. more than $600 million has been stolen in what's likely the largest crypto thefts ever poly network said hackers exploited a vulnerability and is asking those responsible to return any and all stolen assets poly network is urging cryptocurrencies to black net the items coming from those email addresses. arc's wood says it is down and not going to come back very quickly, may even go down more wood does say she is keeping a,

quote, open mind to those chinese tech stocks. back to the markets. inflation data is expected to be a big focus for investors and traders with the july consumer price index, cpi, out at 8:30 a.m. eastern time. consumer prices are expected to ease on a year over year basis to 5.3% from 5.4% in june. it's seeing a gain of 4.4% versus 4.5% in june. a big jump in inflation on top of last week's better than expected jobs report could potentially impact the fed's timing of when to announce or begin tapering its big asset purchases. let's talk more about this with phil palumbo phil, i mean, inflation has been the talk of wall street for months now is this cpi figure going to do a lot to change minds on either side of the quote unquote

transitory argument? >> i don't think one print is going to make a difference we've been in the camp that we believe inflation is here to stay it's not so much going to be transitory we're in that camp we don't think one data point is going to make a difference it looks like it's going to go through. we've talked about that. the next leg up with inflation if you look at commodities and other moves, materials, all of this stuff, we believe, is going to continue to be inflationary and really bode well for the commodity market. >> so if that's the case, if the infrastructure bill is one of those kind of proximate causes of the next leg higher in inflation, which parts of the market are going to be the most impacted in terms of the overall investment landscape do we care so much about things like lumber and copper prices that we made such a big deal about over the last couple of months they seem to have settled down a little bit now is it food costs

is it my fuel costs? i just filled up this morning. what exactly is going to be the main focus commodity wise for wall street? >> i think it's all of the above. as investors, we believe in a balanced structure we have exposure to commodities. disrupting 7.5% that's grown to 8.5 to 9%. we use commodities to balance out. commodities with inflation rises, commodities do well so if inflation is going to be the thought going forward, then you want to be in areas like that when inflation rises typically yields will rise financials, we'll see energy, materials, industrials all do well dividend paying quality type investment stocks, those are areas of the markets that will perform well if you look at the past couple of weeks, from the yield double bottom, moving higher. when yields move up higher, what

did well oil moved. cyclical stocks moved. so if inflation is going to rise over the areas -- >> how good, phil, is the 10-year treasury note yield at being that indicator for a macro or overall sense of the market i mention this only because the chart that we just showed shows a pretty decent sized medium turn downtrend of yield which signals that inflationary fears are perhaps unjustified. why would you want to see -- how can yields be so low at 1.1, 1.2, 1.3% if people feel inflation and growth is going to take off meanwhile, you've gone up 25 basis points and what exactly is the bond market telling you? >> dom, you have to understand march 30th was the peak in yield. peaking 1.7% we saw delta variant, we talked about lockdowns, the

breakthroughs on the vaccines. so bond market said, hey, economic growth recovery story gets going here. in fact, you saw delta variant come here and forced consumers to hold back now investors are looking at and saying -- we saw dr. scott gottleib saying this could be the final act of covid in 2021 if investors look past the delta variant and say to themselves, hey, we can be close to peak with delta variant, that could be a reason why the bond market is starting to move higher in a very short term. in the intermediate term i agree with you -- >> sure. >> -- down to overall we believe the yield goes higher with the stocks in cyclical areas. >> phil palumbo, thank you very much >> thank you. when we come back on the show, this morning's big money movers including another casualty of apple's updated i0s tracking policies.

crypto coin base reports shocking, shocking income growth popping by 3% in the free market right now. later on, you've heard of buyer bidding wars now renters are getting in on that bidding up game as well a very busy hour still ahead when "worldwide exchange" returns after this break [wrestling bell rings] [music: “you're the best” by joe esposito] ♪ try to be best 'cause you're only a man ♪ ♪ and a man's gotta learn to take it ♪ ♪ try to believe though the going gets rough ♪ ♪ that you gotta hang tough to make it ♪ ♪ you're the best! around! ♪ ♪ nothing's gonna ever keep you down ♪ [triumphantly yells] ♪ you're the best! around! ♪ [ding] don't get mad. get e*trade and take charge of your finances today. ♪♪ if your money is working toward the same goals, why keep it in different places? sofi is a one-stop shop for your finances designed to work better together.

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movers three stock stories of the morning. first up, you've got poshmark. the secondhand online retailer reporting a second quarter loss as revenues rose 22% beating analyst forecast, but the company is forecasting third quarter sales below estimates and warns its marketing efforts are taking a hit from apple's new privacy controls over digital ad tracking. those shares off 7% premarket. at&t is in talks to sell warner media's celebrity gossip site tmz to fox. that's according to deadline and the information. a deal would come as at&t is preparing to spin off warner and merge it with discovery. tmz's syndicated show airs on fox stations fox, at&t, and warner brothers have not commented on that deal. and fubotv is rallying better than expected second quarter results and it expects full year revenues to more than double fubo says it's on track to launch a sportsbook.

shares up 11.5% in the pre-market trade. still on deck for the show the results are in for investapedia the top stocks and top risks according to that survey when you see "worldwide exchange" returning after this break today's big number $1 trillion. that's the estimated cost of global cyber crime according to a report from jpmorgan up more than 50% over the past two years. that's roughly the equivalent of 1% of global gdp per year.

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has longer lasting vitamin c. plus, herbal and other immune superstars. only from nature's bounty. welcome back to "worldwide exchange". stocks continue to trade at or near record highs, but is all of that about to change invest investopedia has been surveying people caleb silver is back with us to share the latest results from the most recent survey caleb, good morning to you what exactly can we say with markets at record highs? is there still optimism that the bull run continues >> good morning, dom so good to be with you call it a case of high anxiety call it a case of too much of a

good thing investors are tapping the brakes and taking their foot off the accelerator. we've been able to share the results with you only about 19% according to our recent survey can tend to put more money into the markets. about 54% say they're going to sit here and let it ride 60% say the market's over valued and a lot of them, dom, are in index funds. they're getting out of crypto and they're taking it nice and slow here because they're worried that the market gains that we've seen so far may be petering out so far. the optimism for future gains has dialed back in as investors have looked at what's going on in terms of the covid spread, in terms of what's going on with markets at record highs, worried about a bunch of things including markets and record spending we're going to get a lot more of it, dom. >> can you put the results of the latest survey in context for us over the course of the last year how has that sentiment changed

or shifted is this a real big move in terms of sentiment lower versus what we've seen over the course of the last 12 months >> it's definitely a pull back in sentiment they're kind of waiting to see what happens here. the expectations for future gains have been reined back in they only have about 20% of our readers, 25% of our readers. we think the market is going to go up anywhere from 0 to 10% we're already up 18% the gains have been robust most think the markets will stay where it is or trade a little bit lower as we go into the next 5 or 6 months of trading here in the stock market you have the little pull back. not extreme but you feel that in the sentiment in terms of what they're buying and selling and what they want to hold on to as i said, pouring into index funds. going to let it ride here. certainly instead of crypto and some of the option bets. so you see that risky behavior being dialed back in these are individual investors folks who have been in the market and they know what

they're doing. investopedia, they're getting a little bit reticent to put more money into the markets it's not extreme but it's that first part >> caleb, any indication on exactly which parts of the market, i mean, you mentioned the crypto side of things, you mentioned options, you mentioned the tilt towards maybe using index funds and that sort of thing. are there specific parts of the market, equity, bonds, crypto or otherwise that appears to be to your readers more bubbleiscious than other parts of the market >> we asked in every survey, what parts do you think is in a bubble what we thought might be bitcoin, what we thought might be doge, it's actually u.s. housing market,dom u.s. housing prices are up 13% year over year we've seen the blistering rise in sales going on across the country. we think the u.s. housing market is in the biggest bubble following that they feel like

crypto, bitcoin and dogecoin are still in a bubble. they still feel that today stocks, only rank 1/3 of things they thought were in a bubble. it's not as if they think the stock market is in a massive bubble the housing market that's got their attention right now and for good reason. a lot of these folks are thinking about buying homes. the housing market at 38% of our respondents say it's getting a little bit bubbly out there. >> caleb silver with the rest of the survey thank you very much. we appreciate t. real estate a key take away from that particular study we'll talk to you soon. >> thanks, dom. let's get a check on other headlines. nbc's phillip mena is in new york. >> good morning. new york governor andrew cuomo is resigning in the wake of his harassment scandal the move comes after months of allegations and an investigation that alleged he sexually

harassed 11 women including 9 state employees. cuomo disputed some of the allegations saying his behavior was taken out of could be text while acknowledging he has been, quote, too familiar with people and that his sense of humor can be insensitive and offputting. after a 14-day transition period the lieutenant governor will become the first female governor of new york. extreme weather threat brewing in the tropics fred grew into a tropical storm overnight becoming the sixth named storm of the season as it threatens puerto rico. the storm could hit florida in the coming days. finally pepsico is jumping into the alcohol industry. partnering with sam adams brewery and adding a little buzz to the iconic mountain brew brand. hard mountain due will have 5% alcohol by volume. expected to hit shelves early next year. dom, if the packaging is any

indication, it looks hard core. >> on brand for mountain due in the aggressive sports type i guess offering there phillip mena, thank you very much for hard mountain dew and everything else. uber under fire. the full story straight ahead. this is the card built for... ...real life. (dad) she's gonna be a drummer. (cashier) yeah she is. that's gonna get loud. (dad) right? (vo) the new wells fargo active cash visa credit card. unlimited 2% cash back on purchases. that's real life ready. i'm evie's best camper badge. but even i'm not as memorable as eating turkey hill chocolate chip cookie dough creamy premium ice cream and chasing fireflies. don't worry about me. i'm fine.

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here is how stock futures are looking this morning we are poised for just about a flat open. the s&p implied lower by just about 6 points the dow implied higher by just 1 point and the nasdaq lower by roughly 51 we continue to monitor the senate floor where lawmakers there just took the first step towards passing a $3.5 trillion spending plan along party lines. what you're seeing right now is a live look on the senate floor of texas senator, ted cruz they will spend millions on climate initiatives, paid family leave, child care, education, health care costs. it comes just one day after a rare show of bipartisanship in the passage of a $1.2 trillion infrastructure bill which now heads to the house of representatives. we will continue to monitor the votes and debate and bring you

the latest as it develops but again texas republican senator ted krucruz on the floor. cryptocurrency, shares of coinbase are higher. revenues coming in at more than $2 billion easily topping analyst expectations thanks to a surge in user growth and trading volumes despite the recent volatile stretch for digital currencies to the down side. net profits for the quarter was $1.6 billion that's up nearly, get this, 4900% from a year earlier. for more on coinbase's results and cryptocurrency as a whole. let's bring in sarah coons a disruptor. cleo capital, sarah, is a specialist in disruptive type companies. take us through what your initial thoughts were on

coinbase's report? >> it was good i think we're going to see that priced into the markets today. even with the impact of the one-time tax credit that they had which definitely helped from the direct listing, it did help some of that income, the trading volume is way, way up. not just in retail these are not just people on reddit buying more, it's institutional investors too. that's a huge question that coinbase had in front of it. the answer is institutional investors are using coinbase to move a lot of crypto increasingly 50% of the volume is not even bitcoin or ethereum, it's all of the other alt coins. >> let's go towards that point it is bitcoin and ethereum that are far and away the biggest in market cap and cryptocurrency. when i look on coinbase's platform, i see a couple of dozen other things i never heard

or know that much about. i wonder how muchof that is going to be the growth engine for coinbase in the coming months and years it's not just bitcoin and ethereum how much more do they play in the overall growth story for coinbase >> you know, historicallywe've always seen that bitcoin is what moves the market, right? where goes bitcoin goes alt coins tends to be what happens i would shy away from the idea that bitcoin and ethereum aren't going to matter. we saw this with doge a while back some of them, keep in mind, are fable coins. they're not designed to have the crazy volatility that we sort of associate sometimes with crypto. a lot -- there will always be a new coin that someone wants to buy and that someone wants to sell the thing about coinbase is as long as there's volatility, as long as people are buying and selling, you know, they make

money. so you can't forget that, that even when things are going down, if they're going down and you're selling, then coinbase is making money on that, too. >> they're the toll rope for sure just like every other online broker out there. sarah, if you take a look at coinbase as a company, right now it's an exchange they have bigger aspirations whampt exactly would coinbase look like in your mind in the next year, two, three years? >> look, i think coinbase is a neobank. i think coinbase, robinhood, everyone is running around to get people to sign up for their neobanks for a tiny bit of interest here, we have a cool app there. the reality is a lot of these big companies including coinbase are making serious moves to be your day-to-day bank if you're a gen z, a millennial you don't need to walk into a brick and mortar bank.

where you're buying and selling stock and crypto is where you're going to earn interest, get debit cards, as that happens i think we will see these products are much stickier. >> sarah kuntz, thank you for your thoughts on coinbase. we appreciate it. >> thank you. coming up on "squawk box," an exclusive conversation with coinbase's chief financial officer. 8:40 a.m. eastern time right here on cnbc a must-watch interview here. now for some of your morning's top stories. the ftc is reportedly scrutinizing a partnership between uber and gopuff over anticompetitive behavior they're looking at uber's proposed 1$1.1 million bid to bu drizly they are focused on whether the

deals with uber eats business would harm competition in the online sale and delivery of things, like alcohol and convenience store items. uber shares off 1/4 of 1% in the pre-market trade. hong kong exchanges marked the fourth straight record for first half profits for the operator of asia's largest stock market by market cap results boosted by a string of ipos by large chinese companies. speaking with cnbc earlier today the exchange's ceo discussed whether china's regulatory crackdowns are impacting the public offering pipeline >> in the short term obviously this movement will cause some to be curveful and when it's the right time to go to market when you have volatility it's less likely that people will want to rush into the market, but over the long term we're

looking at over 200 companies that are with their filings in the docket and employees from "the new york times" technology unit are planning to walk off the job today. the workers are planning the half day protest over what they see as the times attempts to hinder their unionization efforts. that's according to a report from bloomberg the plan came monday after they found out about the times management's apparent attempt to exclude staff from a unionization vote. the times has denied the accusations. as the u.s. averages more than 100,000 new covid cases per day, some hospitals are getting overwhelmed, particularly in states with low vaccination rates like texas and florida the federal government has actually sent 300 ventilators and other breathing devices to the state of florida as it combats a surge in cases there meanwhile, schools in that state's broward county have voted to maintain their mask

mandate. this despite the executive order from governor ron desantis to leave masking up to parents themselves joining us now is dr. kavita patel from the brooking insti institution. doctor, thank you for being with us this morning. how concerning is the surge in the delta variant of covid >> yeah, good morning, dom incredibly concerning, and largelycandid, i could have been preventible. we novak sin nations help to not necessarily eliminate the spread of covid but dramatically reduce the spread and the impact on hospitalizations and deaths. >> so what exactly thendoes that speak to in terms of the messaging around the vaccination process? why aren't more people coming around to this notion if we are seeing hospitals overwhelmed if we are seeing this surge in cases tens to 100,000 cases per day at this rate

why are people not convinced >> yeah. dom, this to me is still something that should and does keep me up all night because when i talk to people, even despite images of babies not having a ventilator, having to be flown out of state, et cetera, what i commonly hear back from patients, that's rare. that's not what normally happens. what normally happens is that it's mild and that you don't really get that sick and it's really just a rare instance compared to, candidly,dom, the misinformation and the lies that the vaccine is actually causing worse death and worse disease. i'm pretty stunned when i hear this and unpack it that's been a predominant theme for people who still today are not willing to get vaccinated. >> doctor, you're a medical doctor i had a number of conversations with laypeople like myself about this notion that they're like, you know what's happening in

israel, in the u.k.? they saw the surge and have plateaued off and now it's on the decline. is there a case to be made that this delta surge is one that is now on the downswing and that we don't have to worry as much about what's happening given the vaccination efforts as they stand right now? >> the people you're talking to are exactly the people i'm talking to it's not just laypeople, a lot of doctors and public health people are wondering the same thing. number one, we actuallydo know that a lot of the declines in the u.k., for example, and in israel are largely because of not just increased vaccinations, that doesn't happen right away as you know, but really because of combination of these prevention measures. not just masking remember, israel went back to masking pretty early, dom, even on the upswing of their delta

outbreak number two, we also know that travel was pretty restricted i'm not talking international travel, but they didn't have the school season that we're facing now and some of the other dynamics number three, we have seen this becoming the social network phenomenon in terms of people who are vaccinated, it causes their social networks to take awareness and get vaccinated what's different about the united states, we're bigger and regional variability in florida, dom, you have some parts of texas where there's higher vaccination rates so the transmission isn't necessarily as high. i do think it's multifactorial here's the good news we're doing 725,000 to 1 million shots a day. that will make a difference in the next two to four weeks i do think we will also see declines with it we can't stop on that trend though and we have to continue to vaccinate as many people as

possible here and in the world to return us back to that cusp of normalcy that we did feel in june i know we all felt it and it's still possible. >> sure. of course, all of that is coming as the school season looms for parents like me it's a big concern as well. dr. kavita patel, please come back and update us on your findings as well. coming up on the show, the red hot housing market spilling over into the rental side of things diana olick has what's brewing in terms of bidding wars taking shape with renters, but first as we head out to break, some of your other top stories amazon has been awarded a $10 billion cloud computing contract by the national security agency, the nsa, according to reports. the contract, which is already being challenged by microsoft as a part of the agency's efforts to modernize its repository for classified data. china has sentenced canadian businessman michael spavor after

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he had 20 shows and 10 offers potential tenants are offering several hundred dollars a month and landlords are following suit in july national rents rose 7%

for one bedroom apartments and 8.7% for two bedroom apartments. rents are up 6.6%. that's nearly four times the annual increase in may in 2020 not only is the rent rising but so, too, is the profile of today's renter >> the rental applications that we're getting right now, you're seeing higher credit scores. you're seeing applicants willing to put down more in terms of security deposit you're seeing strong rental history as well. that wasn't necessarily the case pre-covid. >> seeing a lot of renters who were trying to buy homes but were priced out and decided to rent instead with home prices still skyrocketing and the number of homes improving slightly, there

aus unlikely to be any relief for renters any time soon, tom. >> this is fascinating to me i'm a landlord myself and so i kind of follow these dynamics. how exactly though is the eviction crisis that we're talking about right now playing into rents and competition for homes and apartments we've heard a lot of stories about landlords not liking the fact that these eviction moratoriums are still in place they're trying to take advantage of the rent markets if you will. what exactly is the dynamic there? >> well, it's really supply and demand if you have renters not paying the rent and you can't turn over that property, that's taking out that supply that you need for all the renters coming thin whod have the cash to pay you have millennials, other people moving out of their parents home the job market is getting better there's so much demand and so little supply and of those renters who aren't able to be evicted, those landlords can't

turn over the properties to new renters, less supply, more demand, just means higher prices. >> it's a very tough spot for a lot of renters out there diana olick, thank you for that. john a jairian lays out where he's seeing action in the markets including some alternative energy plays possibly seeing some love from the infrastructure bill. tune in to the premiere of our new series on cnbc "money court" as mr. wonderful, kevin o'leary, presides over financial disputes and kevin's ruling is the final word premiers tonight at 10 p.m. eastern time only on cc.nb "money court." "worldwide exchange" will be back after this. 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

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>> dom, we're seeing a lot of interest in some of these alternative energy stocks, as you said stocks like plug power and lithium america. plug and lac both had really strong calls for

the several days leading up to the senate passing the bill that you just spoke of. i've got to believe people are looking at biden's infrastructure plan and the subsequent multi-trillion dollar plan coming our way thinking that alternative energies and getting people off of fossil fuels is going to drive interest into these stocks. also, a stock that doesn't have options on it, abml, and in full disclosure, i'm long all three of these names. >> so, jon, i mean, i remember during the financial crisis in the wake of the great financial crisis the american recovery and reinvestment act during the obama administration we know that that was kind of geared towards infrastructure. we kind of used that as a recent example of what we can see in terms of market impact on some of these materials type companies and infrastructure stocks is this, in your mind, is this infrastructure bill going to be more impactful than what we saw

in the wake of the great financial crisis >> hugely so, dom. again, we don't have the final passage of either this $1 trillion, you know, 580 billion in fresh money along with the rest of the money from covid, we don't have the full details of that yet nor the bigger infrastructure bill that's coming our way you can kind of read through the tea leaves and see what they're focused on, and clearly, you know, stocks like freeport, ftx -- fcx, rather, and cliffs, clf, have already been dead to the up side. the reason it's pretty clear, this is not just a one-time spend. that's going to be spent over a decade if you think the fed's hand under the market, dom, is supportive, you've got to think that a 10-year spend on in

infrastructure is likewise going to be a pretty strong hand to keep any down side at bay. >> all right so you've given us a lot of those takes. can we broaden out here a little bit, jon we have the monetary stimulus you talked about, the fiscal stimulus you talked about. we have a market at or near record highs should investors feel comfortable about being long in this market? >> i think so, dom we know that the fed's going to be as accommodative as they can be and we know that congress is going to continue to push a lot of money across the table. so companies have been throwing earnings at a dizzying pace. i think that's going to slow down the growth, of course, but i don't think that we're going to see either congress or the fed pull back any of this spending for quite a while so if you're in the market, i think it's kind of a fool's errand not to be taking advantage of it and staying in

the market i think getting out you're creating a taxable event in most cases and i think then you're just kind of chasing your own tail >> all right a case for being long the market jon najarian, thank you. > "squawk box" picks up the market coverage coming up next

good morning stocks at record high as the senate approves a bipartisan infrastructure deal and democrats pass the framework for a $3.5 trillion reconciliation bill we'll take you live from washington. a new regime for new york state. we'll tell you what governor cuomo's resignation means for businesses, taxpayers and wall street volatility in crypto helping the

bottom line for coinbase shares trading higher now and we'll dig through the numbers and bring you an exclusive interview with the company's cfo. it is wednesday, august 11th, 2021 and "squawk box" begins right now. good morning and welcome to "squawk box" here on cnbc. i'm melissa leah long with andrew ross sorkin and scott wapner and also joining us is "shark tank's" kevin o'leary who is the host of cnbc's "money court. kevin, congratulations good to see you. >> welcome, mr. wonderful. >> do you actually -- >> very exciting. >> we'll get into "money court". >> are we going to have money fights >> i am the guy. >> we have to have some money fights to ge