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 get some decisions

here we have wapner, too, who's the judge. i don't know how this is supposed to work. >> kevin and i need to negotiate something before he gets on. >> i guarantee you i'm getting the royalty. >> i don't doubt that. let's get a check on u.s. equity futures. this the day after the s&p and dow hit record highs down by 5 points right now dow looking to add 22. the nasdaq is looking to be down by 50 points tech on a relative basis was weaker in yesterday's session. we hover there at 1.371% on the 10-year. the 2-year is at .24%. scott? >> news breaking two hours ago senate democrats took a first step towards passing a $3.5 trillion spending plan the chamber approving this in a party line vote. they're krafrting a bill that would direct towards paid leave, child care, health care.

also would raise taxes on the rich and corporations. it's the first step in the reconciliation process which would allow democrats to approve their plan without a republican vote in the split senate the house will also need to pass a budget resolution before congress can craft and pass final legislation. that will happen before the house returns from the august recess on september 20th andrew >> thank you, sir. meantime in other breaking news out of washington, the white house looking to tackle the rise in gas prices. for that we want to go straight to ylan mui with more. good morning >> reporter: well, andrew, the white house is confronting the spike in gas prices by telling opec it must do more to support global production and calling on regulators to scrutinize prices at the pump here at home white house national security adviser jake sullivan warns that if the rise in gas prices is unchecked, the global recovery could be at risk opec and its allies did recently agree to increase production by

400,000 barrels a day. sullivan says, quote, at a critical moment in the global recovery, this is simply not enough until this week the president asked his national security team to speak with representatives from saudi arabia, uae and other opec members the white house is urging the ftc to monitor retail gasoline prices for potential illegal activity, that includes reviewing consolidation in the market, working with state regulators on price gouging and studying the rocket and feather effect in which prices go up like a rocket and come down like a feather. these moves are a sign that rising gas prices and the spec tore of inflation have become an economic and political headwind for the biden administration the white house is trying to get ahead of the problem guys, i do expect the president to address this during his remarks about the economic agenda this afternoon. >> ylan, these are not new issues these types of issues around

competition and fuel in this country have been raised for years. have there ever been any real efforts similar to this before >> reporter: so i would say what the biden administration is trying to do -- what they would say they're trying to do is leverage all of the tools of government around this issue we are in this position right now where even though gas prices certainly have been higher previously, we've been seeing them higher in 2014, seven years ago, we're at a moment where they say the recovery is fragile. we see the delta variant starting to surge across the country. we see the recovery perhaps starting to faulter and they don't want that to happen for obviously economic reasons but also because that's a bad look for the biden administration so we've seen them, you know, issue an executive order, executive action on competition where they try to address consolidation more broadly across the market. we've seen them create a supply

chain task force to take on bottlenecks driving up inflation and creating worry this is what they're trying to do on gas prices in particular and we are, of course, waiting for some inflation data today that could show inflation may not be as transitory as democrats are hoping. >> all right okay ylan, thank you. appreciate it very much. we're going to talk about a very different kind of politics, melissa, right >> yeah. new york governor andrew cuomo announcing yesterday that he would resign effective in two weeks because of a sexual harassment scandal that has crippled his administration. >> in my mind, i've never crossed the line with anyone but i didn't realize the extent to which the line has been redrawn. there are generational and cultural shifts that i just

didn't fully appreciate. the best way i can help now is if i step aside and let government get back to governing and, therefore, that's what i'll do because i work for you and doing the right thing is doing the right thing for you. >> lieutenant governor kathy hochul will replace cuomo. she agreed with governor cuomo's decision to step down. much more at 6:30 a.m. eastern. the ceos of southwest, american and delta airlines say they are not requiring unvaccinated employees to get a covid-19 shot. that is a notable departure from rival united airlines which mandated workers get vaccinated by october 25th or risk getting fired. in an internal memo seen by cnn, southwest ceo gary kelly said they will strongly encourage workers get vaccinated but the

airline's stance has not shifted. >> somewhat surprised by this just given united sort of took the lead and maybe the others were going to follow along that line >> it's a selling point for me as a consumer for airlines to require vaccinations for its employees but i can see how in a tight labor force it might be difficult to lose them as we've seen with the cancellation of hundreds of flights. >> i think this is a huge problem. you have two options you can go in a fully vaccinated flight in terms of employees or you can go on a death tube at a discount that's the way i look at it. i don't want to get on board unless everybody is vaccinated that's crazy big mistake. >> andrew, you think a lot about these issues and you write about them often, too. i'm wondering if you were surprised by the fact that they didn't do what united is doing >> unfortunately i'm not

surprised and the reason i wasn't surprised is that delta actually tried early on, and i give ed bastian some credit, to work with the unions at delta to try to do a vaccine mandate. as you may know, they were unsuccessful with that as a result what they do have in place is a measure that all new employees of delta have to be vaccinated it's sort of a half step, in part because i think there's been union push back i'm less surprised on the southwest and -- given where they're based in texas there. >> that's a good point. >> the larger issue i would raise, all of us u.s. taxpayers paid to bail out these companies at a time when they desperately needed it and it is so clear to me if these companies say they have the social mission that they do, there's probably no better example of how you could fulfill that social mission by having as many people vaccinated

as humanly possible. >> but unfortunately the bailouts have no strings so that's that. >> yeah. >> money gone. money sunk saved the airlines and we don't have a say at this point that's just the fact of the matter >> does that mean covid has a deal with the union? it doesn't infect union members? that's crazy i think it's a huge mistake. this should be ubiquitous mandate everywhere where the public is involved >> i was going to say, we're going to be talking to the head of a different union, randi weingarten, the teacher's union a little bit later a lot of unions have had a lot of push back on this issue most of the union members have actually gotten vaccinated you're seeing actually relatively high rates within the union but the holdouts are vocal enough that when up onleadership looks at it, our job is to protect employees and give them

what they want that's where we are. meantime, guys, let's talk about coinbase because shares of coinbase are moving higher the company reported earnings and revenue that beat expectations net profit for the quart tore was $1.6 billion that's up nearly 4900% from a year, say that again, 4900% from a year earlier following a very volatile stretch trading for cryptocurrencies of its 2 billion in revenue, company generated 1.9 billion from transactions and 100 million from subscriptions and services monthly transaction users through 8.8 million. that's up 44% from the prior quarter. trading volume up 38%. the cfo of coinbase is going to join us at 8:30 this morning to talk all about it. issue here, andrew, obviously is decompression the issue, the bear case surrounding coinbase

it will be interesting to see what she says about all competitors getting in on ramps alternatives to coinbase >> go ahead. i was going to say, i'm not sure -- i still think we're in the pie growing phase of this so the question about all of the other services jumping in is -- i don't know if that is going to dv you're ever going to see that hit the number there are many years the pie will grow. at some point the pie will start growing more slowly. then i assume you'll see people eat each other's slices. >> he this had a techb-year advantage. it is a commodity services there's a lot of opportunity there for other services at lower fees there's a lot of friction in that model i think you can pay up to 4% fees that's not institutional in any way and it's very expensive

versus anything else you can do oos a consumer it will go by the way of zero and maybe they'll make money on the margins. >> coming up, we'll get you ready for today's key read on inflation. consumer price number could affect when to taper check out shares of softbank the company's net profit pulled back from astronomical levels. the stock had a change in reaction sessions in tokyo following by 1.34%. massa san says they're holding off in china until regulatory risks became more clear. wel rhtac'lbeig bk. zero-commission trades for online u.s. stocks and etfs. and a commitment to get you the best price on every trade, which saved investors over $1.5 billion last year.

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time now for the squawk pla planner. inflation expected to be high for the cpi out. consumer prices expected to ease on a year over year basis from 5.3% in july to 5.4% in june joining us now to talk about what is working in the markets, stephanie link, chief investment strategist at hightower and cnbc

contributor who appears obviously on the halftime report with scott wapner. >> shout out. >> stef, great to see you. >> good morning. >> you like a lot of the cyclicals, and the ones that should benefit from an infrastructure package at the same time infrastructure has been something that's been going on in slow motion. a lot of these names have had runs are they still in your view good buys? >> i think there are a couple. not across the board, but a couple so caterpillar, for example, is the most obvious infrastructure beneficiary, right guess what the inventories in the industry are down 32% in the month of june alone and margins last quarter, melissa, fell 160 basis points because of supply chain issues so i think as the supply chains get fixed, get corrected, you will see margins expand. in addition, orders were up 69% year over year in the most recent quarter that's a very good tell going

forward. the book to bill 1.12 times is above the seasonal .93 times that we usually see at this time of the year. so -- and i had thought their guide was great. so it's kind of an obvious choice as you have orders fulfill into the system and margins expand, i think that's an interesting idea at this point. >> are you worried about inflation, stef? we were talking about gas prices which is ironic since the assertion has always been that inflation that we're seeing now is transitory. i guess they're trying to combat that so maybe it sticks around for longer in that environment, what do you do >> yeah, no, there's no question about it i did not think that inflation, 100% is transitory commodities are rising livestock is up 89%.

even copper, which has rolled over for sure, it's still up 87% in the last 15 months. there's definitely inflation out there. maybe a little bit less on the commodities side as it starts to ease, but wages and shelter costs are much more sticky what are companies doing about it it's impressive to see the pricing power these companies have and are able to achieve i think that's what you're going to see that should also help hold margins in there, if you will, for the time being look, these companies over the last 18 months have massively reduced costs, have restructured, have done everything that they can just to survive and knew i think as demand starts to improve, margins should stay firm and you should see operating leverage, which is why i actually do like the cyclicals. they have the most operating leverage. >> stef, fed speakers have tilted a little more hawkish and there's -- >> yeah. >> -- folks who have come out and said that the market can

withstand a taper, even if it comes earlier than expected. do you agree >> yeah, because i think the economy is actually a lot stronger than people giving it credit you and i have talked about peak growth we're not going to see 9% gdp growth for the next couple of quarters i do think all of this stimulus will lead to above trend growth. maybe we go 9% gdp to 4, 5% next year i still think that's very, very healthy. i don't think we need emergency stimulus, scott. i just feel like we have that in place right now. we can kind of just start to talk about tapering. we can even taper and we can actually even raise given the massive stimulus in the system we're about to get more from the infrastructure story. >> stef, let me ask you about a name you are long very early, ge it's been a huge winner. i think you're still in it -- >> she's added to it in the last day or two. >> i've always hated it.

>> i did. >> i was wrong how much of this do you think came from the stimulus bill? because it's had a hell of a run? >> no, actually, i don't think we've seen the stimulus kick into ge. scott just mentioned, yeah, i have added to it recently. i think it's all about the ceo i think larry kulp has done an amazing job, joined in october of 2018. got a tremendous track record. he is restructuring. he is shrinking the company to grow he's making asset sales. he's doing some small tuck-in mna and their focus on free cash flow you know -- i know you focus on free cash flow, too. but they actually beat free cash flow by 500 million this quarter and i think they're doing 5 billion. that's a massive turn around for this company you have aviation is the reopen story. power, which they're executing well margins up over 800 basis points

last quarter and health care is a gem i think there's a lot more to go here. >> stephanie, great to see you. >> great to see you. >> a new report on fed powell chair's second term. plus the latest call from ark invest's cathie wood "squawk box" will be right back.

♪ there she is, miss america ♪

♪ there she is your ideal ♪ ♪ with so many beauties she took the town by storm ♪ ♪ with her all - american face and form ♪ ♪ and there she is ♪ welcome back to "squawk" this morning a new report in the wall street journal saying president biden's economic team is generally in favor of a second term for jay

powell as fed chair. democrats are resisting. senator elizabeth warren are unhappy with the tendency to ease financial regulations senator warren has publicly praised fed governor lael brainard i think the betting line is jay powell gets the job if he wants it, right? the question is, would he not want it actually >> i can't imagine that he would not want it or that he would turn it down i am curious what the market's reaction would be if he didn't get appointed to another term? >> it's like a hedge fund manager in the midst of a giant trade and he says bye-bye. and he hands it over. >> i wonder about the calculus

of removing some of the stimulus given his uncertain future and what he thinks about his role in that whole process that's to me fair. the guy has done a phenomenal job. if you are an investor, why not let him finish what he started in terms of legacy fed mandates, that makes sense to me i think the market's anticipating that. >> i just can't imagine. >> that's my point as well, if he would want to make a significant move in policy knowing his own future is somewhat uncertain it's a bizarre time to be talking about changing fed policy when he doesn't know what his future is. >> why make the announcement on taper, for instance, just before his term is up >> whether he would want to do that.

>> yeah. >> i don't know. maybe he would >> i have a t-shirt that says irrational exuberance. his t-shirt is going to say not even thinking about thinking about it each of these fed guys have their own thoughts very interesting. after dumping the majority of her holdings in tech stocks, ark invest's cathie wood said they remain for a while. the multiple structure, valuation structure is down and probably not going to come back very quickly may even go down more. wood does say, however, that she is keeping an open mind. coming up when we return, new york governor cuomo announcing he's going to be stepping down amid the sexual harassment allegations we're going to tell you what it will mean for business in new york as well as taxpayers. as we head to a break, we look at yesterday's s&p 500 winners and losers

hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business... you can pick the best plan for each employee and only pay for the features they need. i think you're going to like it here. umm, why is everyone... throwing things at me? look, as cfo it's my job to be ready for whatever's next. that's why i have my finance team, randomly hurl things at me. it's also why we use workday. it gives us insights, so we quickly pivot our strategy, people, planning, you name it. sorry, sir.

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good morning we've just seen a leg lower. our own ylan mui said they were taking actions to combat higher gas prices oil's down 1.3%. brandt is down 1% here as well you see that leg lower just recently equity futures, not too much there. you see the s&p 500 still off about 4 points indicated to open lower by 4 dow will add about 17 at the open andrew >> thanks, melissa meanwhile, new york governor andrew cuomo is stepping down. he's going to be leaving office in 13 days following an investigation that he sexually harassed 11 women.

kathy hochul will take over. katheryn wild is president of the partnership for new york city and she has known the governor for quite some time, the former governor and the new governor coming in great to see you let's talk about what this means for business when you talk to your constituents, all of the large businesses in new york city, what are they thinking right now? >> number one, inexplicable tale of self-destruction. andrew cuomo is one of the smartest politicians anyone discovered he described it yesterday in his resignation speech as saying the lines have been redrawn on workplace behavior and anybody in the private sector has been well aware of

that for quite a while and been compliant with laws that were passed by the state most recently 2019 the governor led champion passage of a sexual harassment training, prohibitions, so how this can happen to somebody becomes a real mystery >> when you think about where we are and in terms of what's going to happen, the new governor is going to come in in 14 days from now, how is that going to change the relationship with business >> well, governor cuomo, unlike many of his progressive colleagues, has never demonized business on the other hand, while his first term was a term of reform, holding the line on state budgets, and keeping pension reform, trying to reduce -- to reduce spending, that has not been the case in the last term in his third term where he had a

progressive majority in the senate and the assembly in the state legislature. he really lost leverage in the last couple years. so we have seen a number of pieces of legislation go through including a recent budget where there were major tax increases this year on business and on personal income taxes making us the highest taxed state in the country. the last couple of years have been pretty rough and those will not be missed. >> in terms of the kind of interest she could have, you talk about the democratic party pulling away from governor cuomo, do you think hochul will change that dynamic? >> i certainly hope so she has a good relationship with

both the legislators and throughout the state she's been -- she's been welcomed by all of them. she's done a great job during her years as lieutenant governor making a lot of friends, reaching out, listening to people in ways that weren't governor cuomo's strong point and so much as he was resented in the legislature, he took away a number of items, a lot of spending discretion, was pretty heavy handed with them, she has a much different style, touch. she's a tough person on an individual basis i think she's demonstrated that over the years, but i think she will be able to make head way with the legislators on issues that are really important to the state economy and particularly as we're facing covid recovery challenges and the resurgence with the new strains of the covid. it's going to require real

cooperation between the public and private sectors and i think she will navigate that very well >> cath they are ren, scott wapner does it matter to business that the governor has effectively given two weeks' notice? i'm wondering what you think about that and if it would be better if he got out of the way right now so that businesses could forge this new relationship with governor hochul. >> i think governor hochul is moving forward she's proceeding she is filing her administration and talking to people and so i don't think -- i don't think it's holding her up. in terms of the two weeks, we were -- we were looking at -- i mean, people were really taken by surprise by his decision to resign as opposed to fight this thing through impeachment. so i think that decision has -- everybody's breathing a sigh of relief that it's only two weeks.

>> can i ask you a question about the incoming governor. i want to speak now as a private equity investor. to be frank, i never thought cuomo cared much about capital coming into this state and it's just the way it was. i always encourage companies that approached me to invest in them, starting companies in new york, i was successful in moving many of them to miami, dallas, houston, get them out of this place. this is a horrible place to invest money this is one of the highest tax jurisdictions in the world this new governor, you know her, will she address this issue for investors like me? >> well, i think she will certainly understand the problem and she saw visibly what happened in buffalo in the past 50 years where she grew up and what they've gone through and how they have had to be ultimately in order to bring investment back to buffalo,

which has begun to happen in the last few years, governor cuomo gets some credit for that, but kathy lived through desperate, dismal times in buffalo. so i think she totally appreciates that new york is threatened, particularly right now with both the tax rate and what's happened with the covid in terms of remote work so i believe she will be a sympathetic ear. at the same time we have to realize politics of new york are progressive and there is a lot of pressure. they raised the taxes last year by $4 billion and they didn't need it. the federal government was providing more than enough money. this is an attitude problem, not a fiscal problem and it's a political problem for the business community we'll see how well she's able to

respond to that. it's going to be tricky, i have no doubt. >> kathryn, i don't want to get too into the weeds on politics this is an opportunity to reset in terms of bringing in a leader that might be more attuned to the needs of businesses coming to the state with cuomo out that could open up the field for other democratic candidates who might have been crowded out by his fundraising power and potentially open the race up to a gop credit in new york down the line >> i think it's going to be a wide open race including the possibility governor cuomo resigned, he wasn't impeached, he could run again for a fourth term in 2022 when we have our re-elections so i think it will be a wide open race. there are lots of prospective

candidates kathy hochul i expect will be one of them. the key is right now how do we approach the next year and get through this transition. we have lost to various kinds of sex scandals, three former ags and two governors in the past little more than a decade. so shame on us and what are we going to do to make sure going forward we have strong and capable lead othership that is operating transparently and we're able to get good policy across the board >> katheryn, the big brouhaha was around amazon. eric adams has apparently privately said he would welcome a relationship with amazon and other businesses in a much more meaningful way how much of an impact will he have on the governor especially when it comes to the politics of

the election >> i think he'll have a big impact eric adams is a champion of public safety and i think he'll have that in common with kathy hochul but he also has changed the rhetoric around business in contrast to mayor de blasio, he said we want investors in new york we want corporate jobs in new york and he has said he's been a supporter of amazon and other employers. they didn't put their headquarters here, which is our loss, not theirs, but we're getting jobs from amazon and many of the other big tech companies. i think eric adams first and foremost is going to prioritize safety and jobs. we lost half a million jobs from covid. many of them from members in the black and brown communities.

>> katherine, always great to get your perspective especially today as new york grapples with what comes next. thanks >> thank you coming up, stocks to watch we'll talk about this reddit hype stock that is getting a pop in the premarket that's next. congressman kevin brady will join us to talk the bipartisan infrastructure bill just passed in the senate and making its way to the house you can watch or listeton us live at any time on the cnbc app. we'll be right back.

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you mentioned this before the break. shares of fubotv up. they're calling for revenue to more than do you uble it expects the subscriber count to be up it's up 11%. >> watching shares of boeing as well this morning. the company flew a 737 max test plane in china today as the plane maker looks to end a nearly 2.5 year regulatory grounding of the model in china. the plane took off and landed as expected after flight testing is complete, china's regulator is going to issue an evaluation report and put it out for comment before pilot training

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a new survey shows 1/4 of pli rece employees wants to return to work for more key tails on the survey we're joined by david steinberg. he's with a marketing software

welcome. good morning to "squawk box." >> good morning. thank you for having me. >> are you surprised by the results? only 23% want to return full time >> i think employers have a problem, right you've got a lot of employers who want people back to work they feel like innovation and culture are suffering. there's a big disconnect here with only 23% of people who want to go back 39% are saying their employers are going to bring them back i think there's a couple of even bigger problems here i think first 77% of people don't ever want to go back full time you're talking about the vast majority of people want to work either remotely or in a hybrid model. the other thing that concerns me as an employer that i saw is only 49% of people were happy in their jobs before covid and the vast majority of people are

saying they're going to look for a new job over the next 12 months >> how do you close the delta between the 23% that want to go back full time and the 40% of employers that say, no, we want you to come back full time and you may get fired if you don't come back or you're going to get paid less? how do you close that gap? >> i think it's a self-fulfilling and propelling prophecy people are not coming back to work culture suffers. if your culture suffers, people will feel less likely to want to be there on top of everything. so i think it's tough. if you look at what we're doing at zeda, after i got these results we pushed our reopening of all of our offices in western europe and the united states, we were supposed to open after labor day. we pushed the full open to january 3rd although we're moving to a two-day a week model

where we're going to try to have our employees come in as teams on tuesdays and thursdays and, you know, we find that bringing food tends to be helpful so we're going to try to cater lunches -- nice lunches those days. >> still trying to entice people through their stomachs what's the average age of the people you surveyed? i would imagine younger employees are the ones who are going to want to stay away more so than come back, want the hybrid model more than others? is that fair >> it's what i would have intuitively thought. a lot of that is because they wanted to learn. the more senior people, if you were very senior and you wanted to come back to work, it's

interesting. it's a lot of the people in the middle from an age perspective, like me, and a work perspective that were the least interested in ever coming back. i sort of joke two kids live in new jersey, the island or connecticut, an hour commute each way, they don't ever want to come back they like working remotely they feel it's saving them 2 hours a day of life so i think it's sort of broken down a little differently than i expected it. >> david, let me ask you about the actual departments i am one of those employers, i've got a huge problem. i made the assumption 15% would not want to return it's almost 40%. specifically in accounting, in compliance and logistics the people that i used to park

in cubicals are just saying, i'm never coming back. i'm raising my family in the suburbs, i'm taking care of my elderly parents, whatever it is. when i was pushing yesterday, one of my cfos, you have to come back, you have to be with the team why? i don't need to be creative. i need to be compliant if you're making me come back, i'm looking for a new job. i don't think we're coming back the way we were. all of these aaa office towers that are empty, i think the cap rates are going up this is just a personal opinion. are you seeing it by department that way i can't get the accounting people back. >> kevin, as usual, you are right on the money it's -- the more creative the person, the more likely they are to want to come back i think there's two underlying issues with what you just described. first and foremost, the labor shortage for those tasks, for the first time in a very long time, and somewhat shockingly to

most of my ceo friends and i, there's just a massive shortage of quality labor i'm not talking restaurants, i'm talking engineering, finance, accounting, compliance it's just very, very difficult to get great people. suh the power has shifted in a world where people like you and i feel being with your team is mission critical for innovation and culture even in tasks like that, you know, those people are saying, i'm not coming back and quite frankly there's nothing you can do to make me come back because if you don't want me on the team, there's ten other companies that do and quite frankly they might pay me more i agree. i don't think we're ever coming back to the five days a week in the office i think that if, you know, you're a very large owner of commercial real estate, i think you're going to v a challenge and you're going to have to pivot the use of that real

estate over the coming years and for companies, you know, once again, if you look at us, we saw the tea leaves, right we pushed the reopening. when we open in january, we're going to be a hybrid there's a joke, the concept of people being in on a pry is going to be a thing of the past. >> david, we'll talk to you soon thanks for being with us. >> thank you so much for having me >> you bet andrew >> great conversation, scott thank you. coming up on the other side of this, deleting misinformation the ceo of ad platform tabulu is going to be talking about what social media companies should be doing to stop false info between users. and randy weingarten will join us on the return to the classroom as schools weigh mask anmad sk mandates. stay tuned, you're watching "squawk box" on cnbc

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you packed a record 1.1 trillion transistors into this chip i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you become an agent of innovation with invesco qqq breaking news out of washington a $3.5 trillion budget plan across party lines. debates raging about mask and vaccine mandates we'll talk to the head of one of the nation's largest teacher

unions "money court." as the newest series with kevin o'leary premiers the second hour of "squawk box" begins right now. welcome back to "squawk box. i'm andrew ross sorkin along with melissa lee and scott wapner in for becky and joe and joining us this morning, yeah, mr. wonderful is here. "shark tank's" kevin o'leary but most importantly he is the new host of "money court" that premiers tonight 10 p.m. eastern and pacific time he's going to help solve some of our financial arguments this morning, along with the judge, mr. wapner we'll do both. let's show you u.s. equity futures. 2 1/2 hours before the market is

set to open. the dow looks like it would open up a little bit higher, 14 points higher. the nasdaq off 22 points the s&p 500 looking to open off 2.5 points here's what's making headlines this hour. the senate has passed a $3.5 trillion budget blueprint working through the night to do so it contains a host of president biden's spending priorities. it was approved by a 50 to 49 margin along party lines after votes on nearly 50 amendments that took 14 hours that followed yesterday's bipartisan approval of a $1 trillion infrastructure plan delta, southwest and american airlines will not require unvaccinated workers to receive covid-19 shots although they are strongly encouraging employees to do so that's a break with rival united which has said it will fire workers who don't receive their vaccinations by october 25th and separately and breaking this morning, southwest now says the necktive effects of the delta variant will make it difficult

to be profitable this quarter. the airlines saying it's even an increase in trip cancellations. coinbase shares are rising coinbase's first report as a public company, a bit of a reversal of the reports after they did report. alesia haas will join us at 8:48 eastern time andrew. meantime, trillions have been spent on covid relief and more could be coming in the white house reconciliation plan. how does this stack up economically steve liesman joins us to put the deal in context. good morning. >> stephen: -- steve. >> good morning. it doesn't seem like all of that amid all of the other massive government spending going on all around it. here it is in context. the government spends some 6 trillion on covid relief in ways that immediately move the gdp

needle, like sending checks directly to people democrats are considering a $3.5 trillion reconciliation deal there's a little tiny $1 trillion reconciliation bill in the middle it will take time to have any impact this is the biggest infrastructure bill in a generation both democrats and republicans that the nation has over time under invested in roads and bridges and of course cybersecurity. here's the good parts. it should mean higher worker productivity and better returns on capital investments the negative well, comes as the bill pushes up the deficit potentially crowding out some private investment and bringing the nation closer to, i don't know, that unknown of what the debt limit may be could boost spending

mark zandi of moody's analytics sees adding 6.5 million jobs the penn wharton adds 0.1% you have to be careful it's difficult to quantify how much they add and of course over what period of time. even in today's world, $1 trillion is a lot of money if well spent, i'll repeat that, if well spent could have a positive impact. andrew >> i know you don't like to opine, steve, but i'm going to ask you to opine do you believe that this will be well spent to answer your own question >> look, i think what the deal is with government spending is we always build in an idea that it will be spent ineinefficient. where would the private sector

build those roads? they would build those roads where they're profitable whereas the government decides to build the roads where they serve people that are under served government spending is always a tradeoff between efficiency and equity i don't mean the wayhe o'leary thinks of equity delta can have a line for first class passengers but not the dmv. look, in general we've under invested in that regard. andrew, go ahead sorry. >> the other question i was going to ask you is about jay powell we were talking about him in the last hour. the other thing i was going to say is how much is he and the board at the fed thinking about what these infrastructure plans are going to do or not when it comes to inflation and interest rates at this point, do you think? >> you know, i think that unlike

the criticisms of progressives in the journal, that's the biggest criticism of powell and the fed is they have not adjusted their policy for what's been happening on the fiscal side i remember back in the bernanke and yellen years, they would say we need to do all of this qe and keep interest ratesat zero because the fiscal side isn't doing anything here the fiscal side has stepped up and the fed has not reacted i think the other criticisms of powell in that article are kind of bunk, flight powell is probably the most progressive fed chair that certainly i've ever covered, i think maybe in the history of the federal reserve. he has dramatically shifted the mandate over towards the unemployment side of the mandate and away from the inflation. maybe we're sort of paying a cost for that. if you're progressive, that's what you have angled for and been arguing about over time the other thing on the banking system, u.s. banks are pretty

darn well capitalized. the idea there weren't changes needed to dodd-frank i don't think that makes sense powell wins the argument assuming he gets control of the inflation problem right now. >> i don't know if you want to weigh in on the other piece of the argument, what's the question of whether he gets the job or wants the job >> i don't understand what's happening inside the biden administration and who's calling the shots. that became an issue with sherod brown, elizabeth warren. we started raising that issue. i'm not sure who's pulling those strings. is it janet yellen more moderate side there if it's the issue of being

progressive. you don't solve that by replacing powell. >> steve, i was wondering why the fed should change what they are doing in light of what is happening on the fiscal side of things given that the spending happens over years and so there's not a big bang impact on the economy. it's a longer term sort of investment that shouldn't change anyone, i wouldn't think's, outlook. >> not on the infrastructure side what i meant, melissa, is the 1.9 trillion, all of the spending from the trump administration on that covid was immediately took it. when all of that came through as what was designed to support the economy in the covid crisis, the federal reserve should have reacted by reducing and taking

some action relative to the purchases. >> steve, you want to react to the news we're just getting in about southwest airlines warning specifically related to the delta variant, whether that becomes the first of many others to do just that and how that plays into the calculus of a taper? >> it is a big issue there, scott. i am watching stuff like what's happening with concerts. i have a personal interest in that and, look, so far, scott, the -- what i'm reading right now i that there is not an expectation of a massive downturn. in fact, scott, when you think about it even during the lockdowns we did not have a problem with the variant. it creates a problem on the supply side.

if that's the case i'm not sure how the fed continuing with the asset purchases is going to help the supply side of the economy supply side is hurt from people not working and shops and places closing down we have a supply problem we have shown a way even during lockdowns and the worst of the covid prices, demand can keep soaring and surging and really just doing very well >> maybe because of online retail, can you go on and do whatever you need to do. >> yeah. >> i wonder if this is a thing where you hear from more companies because the market has largely moved on if you go and that equation starts to change >> just think about what o'leary was talking about earlier, people not coming back we found a way, scott. we found a way to make this work for a lot of people.

i understand not for everybody that's something we need to consider and that's a place for government policy, but if it was online or in the store, if it was a pick up at the curb, if it was work from home, the economy found a way and it's done pretty well granted, with a lot of assistance from the government and the fed, but we found a way to keep demand up. i think there's a little fatigue on this. we have to go through this again. personally, i can't imagine we would have to go back to where we were. so far we've got to get meg on this one so far it looks like people are doing pretty well. that's something i know the fed is going to be watching. >> steve, thanks steve liesman. >> thank you. coming up, cushing covid misinformation the seofa add platform misinformation will join us. we help make them healthier.

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welcome back to "squawk box. oil prices are sliding after ylan mui said they are taking action to combat oil prices. recent action is not enough. check out shares of ww international. quarterly profit and revenue

fell membership levels below the own forecast media platform spaces are trying to curb misinformation. joining us with what they should and could be doing, content discovery platform tabula reaches over 47% of the internet it fell short on the top line and fell on the bottom great to see you. >> thanks for having me. >> it sounds like you're pointing the finger at facebook. facebook is a source of a lot of misinformation is that a fair characterization? >> we've been having this conversation for so long with regards to this. i feel like facebook is driving

it denial, denial, denial i feel like it's no longer about money, people are dieing and making the wrong decisions if i go back 30, 40 years ago you used to see doctors on movies in hollywood smoking cigarettes and we thought that was okay there was glam in it now it's sort of you have 2 billion people logging into facebook every single day and they're watching this movie with people doing the wrong things. it's look a horror movie to me so i just don't understand why we're not changing that. i think market facebook can be remembered this is a company that has stopped ds information i think they can and i think they should. >> it's a societal problem, surely, adam

it's not a financial problem unless you're seeing something different. and same for the open web. these things affect people's lives. i'm not sure they affect necessarily businesses trying to effect consumers you have 2 billion people logging into social networks and facebook specifically. naturally we're seeing great success coming from the channel. the problem is not with the stock prices we're seeing for facebook, the problem is with the misinformation and decisions people are making at home about should they be vaccinated or not. things of that nature. what makes you think they want to stop, that any of them care about the misinformation that's on their sites they could stop it if they really wanted to of course, what they really want, some say, is user engagement by any means necessary. they've considered themselves to be the quote, unquote, town square in the past they've said it publicly

so what makes you think they want to stop any of this >> i'm surprised they don't. i'm not sure they do i think if i was mark i would make a statement that facebook should be the number one employer in america and hiring more employees than walmart and i would bring 2 million people to work for me i would give them facebook email and tell them, review my feed every day, all day long. make sure that facebook is a source of truth and greatness for humanity i'm not sure and i don't understand why they don't do it. i think this is an internal opportunity for them all they need is a good monday morning meeting to discuss it, decide, make the decision. in fact, i believe it will pay long-term dividend if they do the right thing. the world needs companies of that scale to do the right thing. in fact, i think it's all of our responsibility taboola, we have over 50 people that work that review taboola, half a million pages every week

to make sure that things that should not be on the open web stay out we're a smaller company than facebook as of now >> adam, i've been a facebook shareholder for a long, long time i've been watching the company get bashed every week by government and private individuals like you it's okay. as a shareholder, i don't care anymore because it doesn't change the price why isn't the solution to your problem this, if i want information, let's take about covid or whatever it is that you think there's a lot of false si if i case going on, why wouldn't i go to a brand that i trust, let's say "the wall street journal" or "new york times" or somebody that's curating their data for me, which i can get on facebook if i wish, and, therefore, i wouldn't have the concerns that you have why isn't that the solution? because i'm not going to read some random guy's blog about whether i should take a booster shot or not. i don't know who they are. if it was my own doctor giving

me the advice i would trust it that was the way before social media and the way before facebook is simply a platform that lets me acquire customers at a very efficient rate i have many kchs involved in this, 80 cents on the dollar is spent on facebook. that ain't going to change any time soon until something better comes on why don't you offer solutions within the problem. >> hey, kevin, big fan two things, one. i want to remind all of us here that we don't represent the world population the average person in america spends 50 minutes scrolling vertically which i suggest and i assume you and i don't do. the big question is where do people spend their time. the vast majority of people give

them 50 minutes of their time every day. what they do matters to humanity it might not matter to those who pay subscriptions to "the wall street journal" but it matters to those who don't that is why this is important for us to discuss. why i think this is an important topic for viewers to understand and for my mom to know because she goes to facebook, not all of it is true that's with regards to -- i care about where people spend their time with regard to solution, i do what i think needs to be done and i hope other companies in the world that reach consumers is the same, bring humans to solve the problem, not machines. >> adam, i have a question that's completely at odds with my own opinion i believe in truth and i would like to see these platforms get cleaned up one of the other truths is that polls and other surveys have showed that of those who are hesitant about the vaccine, for example, are even more hesitant

when they think that information that's being delivered to them is sensored. the fact that it would be sensored makes certain people even more hesitant this to me is one of the great conundrums of our time and i don't know what to do about it. >> i mean, i think that freedom of speech is important but i think the challenge is distribution we've had people with bad messages, mean, not true the biggest difference, the pipes have changed 20 years ago if somebody said something really stupid, it may have reached 1,000 people now they can reach millions. that is the problem. the problem is distribution. i would be less concerned with, you know, freedom of speech because i think that's okay and important. i would be more concerned about distribution of the wrong stuff. so, again, for companies like facebook, andrew, i think the

opportunity is to minimize exposure it's not about censoring, it's about making sure that things that are wrong get very small exposure >> adam, always good to seeing you and getting your opinion on this. after this break the president of the american federation of teachers joins us to discuss the upcoming school year and getting kids back in classrooms safely. first, a preview of tonight's new show "money court. "squawk box" returns right after this time now for today's aflac trivia question. according to research from statista, what percentage of u.s. internet users age 15 to 25 tune in to youtube the answer when cnbc's "squawk box" continues ! what the heck, troy - that's not your kid! the aflac duck is just covering for sophie.

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now the answer to today's aflac trivia question. according to research from statista, what percentage of u.s. internet users ages 15 to 25 tune in to youtube? the answer, 77%. the top earner on the video

platform, 9-year-old ryan kaji, earned more than $29 million in 2020 primetime series "money court" with kevin o'leary premiers tonight at 10 p.m. eastern. concern presides over a wide range of financial disputes. what all of the cases have in common is high states. together with katie fang and former judge ada poso, he will carefully consider all sides of the case, examine all relevant evidence and ultimately deliver financial justice. here's a sneak peek. >> you want to set more big, fat lunch boxes, right >> of course. >> because social media is so measurable, so easy to test, why are you not letting trent test

at least one test of what he can do on social media >> i don't really believe in the exposure i think it's a bubble. >> why wouldn't you test that? i'm freaking out that there's $45,000 sitting on the balance sheet not being put to work to grow sales what's wrong with this picture >> all right kevin o'leary is with us for the morning. did you have fun >> i did i did. i've been involved in making television for a long time when you make a reality show like that, most of the crew and cast that are involved in that have been doing it a long time, they're professionals, they make television, don't watch it many of the cases, particularly ones that have a lot of tension in them, these are real cases. people suing each other. i looked over at the line feed monitor in the middle of one of these really difficult cases and all of the cast and crew were stuck at the live feed monitor watching it. at the break the makeup woman

came over to me, she was touching up and said, i don't agree with your decision you did not give the daughter enough money you are a bad guy. i realized how engaged the cast and the crew were in the making of it. i think we have a hit. i think that's the index right there. >> these are binding decisions that you are going to rule on? >> yeah. scott, our judicial system is backlogged with cases because of covid. so business disputes, these are all real litigations they are jammed up as one of the litigants said, i don't like that mr. wonderful guy, but i trust them. they're letting me make a decision by contract and i think that's a wonderful thing i'd rather be trusted than liked. >> there's a lot of weight that comes with that. these are real world decisions, money decisions you're making. >> that's -- >> in shark tank i'm investing here i'm acting as an element of

arbitration to settle these so that we can move on and a lot of this is many businesses in america are started by families. you have hundreds of billions of sales where the brother, sister, uncle, mother are suing each other ripping each other apart for money. money is a wonderful thing but can also have lots of tensions i really enjoyed making this thing. i think people enjoy watching it this is not like the other judge shows where a cat is lost. these are people suing themselves to pieces and it's incredibly compelling. >> i'm going to guess you've shot most of these for a while are there any decisions you made that you came to regret after the fact >> there was one where the mother was suing the daughter. i was emotionally distressed i looked around me, even the cameraman was crying

clearly this had been a problem between the two people for a long time. i realized it was a real litigation you're going to see it i -- i had a hard time. >> good tease. we'll look for it. congrats again. >> thank you. money court premiers tonight 10 p.m. eastern right here on cnbc. still to come on "squawk box," southwest out with a big warning. rise in covid cases leadintog more cases phil lebeau will bring us the story next i know some consultants with great ideas. can they help us improve our digital experience? absolutely. they've invested over $2 billion in tech. that could really help us manage inventory. and save us a ton of dough. then let's take back our market share. checkmate, chess heads. girls, i said “bedtime”!

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i'm going to take a trip in the next three or four weeks is no longer booking or there may be somebody who aid, you know what, i'm supposed to go away maybe late august, early september, i'm not comfortable doing that anymore i'm going to cancel the trip as a result, southwest says its operating revenue forecast, what it was expecting will be 3 to 4 percentage points lower than

what it was previously expecting. it was less than three weeks ago gary kelly was here and he said they had seen no impact from covid-19 we were starting to see the acceleration of delta variant and i believe it was jim cramer who asked him, look, are you noticing any impact? no, not at this point we're not. in less than three weeks they're noticing a real change in the attitude of american travelers when it comes to trips southwest is primarily leisure sure, there is some business travel but the vast majority is re leisure travel people are saying i'm not comfortable with the covid situation so i'm either, a, not going to take the trip that i probably would have booked or, b, i'm going to cancel what i planned ontaking this month in august or maybe early september.

we shouldn't be surprised that we're seeing this from at least one of the airlines. as you've noticed a number of events, i know bob pisani was talking to people who were planning to go to the new orleans jazz festival and it was canceled i thought to myself, here we go. it's this type of event that people were booking and planning on attending and now they're saying, no if it's not happening, i'm not going or if there is a surge of cases and we know it's going on in florida, how many families will feel comfortable? many will say, i feel comfortable. we're going to be relatively isolated i'm not worried about the spread of covid to the degree i might

be if i was in a densely packed area there's clearly a change in the psyche of the american traveler right now. when you have an airline like southwest in a couple of weeks, not completely changing but definitely trimming the guidance, taking it down three to four percentage points, that speaks volumes. >> i'd like to get your reaction before i let you run, phil, to also southwest, american, delta saying they're not going to require the employees to get the vaccine. what do you make of that >> look, they're all strongly encouraging the staff to get vaccinated i believe they're between 70 and 80%. they don't need to mandate it. there's also the question here if you start mandating and united is confident that they'll get there with their pilots and crews, what kind of an impact do you have as you're trying to add

staff that you may come across some people who are saying, no, i'm not doing this and i'm going to walk away from the job. that stresses the system a little bit more and they're already trying to increase their staffing so that may play a role here no vaccine mandates. they are all highly encouraging their staff to get vaccinated so it's not like they're turning a blind eye to covid-19. >> phil, appreciate it very much phil lebeau. andrew >> thanks, scott coming up, empty shelves and higher prices. covid-induced supply chain issues are still plaguing the retail industry. 'll lkweta about the impact on consumers and investors next

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the outbreak of the covid pandemic has led to empty shelves and higher prices. courtney ragan joins us with the impact on the retail sector. dare i say, courtney, should we be worried about christmas >> reporter: you know what, melissa, you should. what started with the shut down of the chinese factories and ports over 18 months ago has only gotten worse, in fact every aspect of the supply chain is really being pushed to capacity as consumer demand for all of these goods soars so while bigger retailers have bigger leverage, availability and relative speed, others, including vendors that sell

merchandise to big retailers, say empty shelves and prices 3 to 10% higher are inevitable for shoppers now for back to school and through the holidays play monster says it's taking three times longer to get his puzzles, crafts, games three times longer with shipping costing four to five times normal omg accessories who sells to nordstrom, tj max and others, says in 2019 her average container cost from china was $1200. at the beginning of the pandemic it fell to 1100, her all-time low. ever since the prices have started going up and now the average container costs her between 15 and $19,000 jay forman, the ceo of basic

fun, they say business is so good it's actually bad forman is going to lose all of the profit he would have made from the increase in sales because of the increased in costs of transportation. all the ceos that i've spoken to, no matter what they sell, have the same message from consumers. if there's something you want, buy it now melissa? >> got to start shopping for the holidays right now thank you. >> thank you you coming up, the president of the american federation of the american federation of teachers, ndray weingarten as schools begin a new year. stay tuned

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welcome back to "squawk. schools are weighing mask mandates for more on what's to come, we want to welcome randi weingarten, president of the american federation of teachers. good morning to you, randi you have made news over the last week, i believe, as your position both personally and as a union has shifted around the idea of vaccine mandates can you tell us about your latest thinking? >> sure, andrew. i appreciate our back and forth on this as well, so thank you. >> thank you i'm glad we were able to -- we should -- yeah, we should tell the viewers that we had talked last week. i had sent out a tweet because i

had some frustrations with one of the new york teachers unions that were not providing vaccine mandates you had come back to me. i think you thought i was too harsh at that time but i also think you were maybe in a different place but your view has shifted a bit. let's discuss. >> yeah. good so look. let me say where my personal view is and we are in the middle of discussions within the union this week about, you know, the guidance and our -- you know, and our national policy. so we're not quite there yet, but we've been almost every night having these kind of discussions. so we believe in vaccines. my union has believed in vaccines we are over 100 years old, probably for every single year of that. in fact, teachers have -- i don't know another profession, maybe with the exception of doctors, where you have a 90% vaccination rate, and from all accounts our data, the white house's data, nea's data, that's

where teachers are so teachers have actually really stepped up here and they understand the importance of vaccines what i said on sunday was i thought we should be working with our employers on vaccine policies, including vaccine mandates, not opposing them. you know, what that means in kind of labor relations talk is that you're bargaining over the impact of it, meaning an employer will come up with a policy joe biden has said, you know, that's the way we're going to be dealing with vaccine issues in the country not having a national mandate you're seeing, you know, there's not a whole lot of profiles encourage -- look at what the governors are doing in texas and florida and you just -- you're -- my hair is on fire for that but -- you know, so we're going to be doing it through employer decisions on vaccine policies and that means that, you know, our members should have a voice

in it. there should be the medical and the religious exemptions and, you know, there should be, you know, some discussion about time off, what happens if there's god for bid a reaction all of that, that's the kind of stuff unions have to do. my personal view is we have to be working with our employers, not opposing them. frankly, that's what you're seeing this week in california both teacher -- big teacher unions, the california teacher's association and my union, the california federation of teachers, is supporting governor newsom in the statewide test -- vaccine or test in new york city michael mullbru has supported bill de blasio in vaccine or test. in washington, d.c., my local leader has done the same thing but the last thing i'll say is this this is what really -- this --

this is what really scares me. in the last three weeks we've gone from the number of kids testing positive from 20,000 to 40,000 to 72,000 kids under 12 can't get vaccines this delta virus is very transmissible, so if we -- we need to be in school for our kids, with our kids, but we need to keep everyone safe, and that means vaccines are the single most important way to do it, and the second way to do it is masks. >> that's what i was going to ask you. i was going to ask you specifically about some of the red states like florida and texas where you have laws in place that effectively prevent masking and very well may prevent vaccine mandates as well you talked about teachers across the country at a 90% vaccination rate i wonder how regional that is and what that looks like in some of those states and what you tell some of your own teachers in states where they have hesitancy or, worse, they

believe politically they just do not want to take it. >> well, look, there's three or four different -- you know, as i said, i want to -- my members are the most amazing people. look, i'm biased, but i think they're amazing and i think teachers, school bus drivers and others are amazing they've been heroes through this whole covid thing. whatever's been thrown at them, remote, hybrid, in person. they have really tried to make it work and they've been engaged as kids. so i'm tired and you've heard this in my back and forth with you. i'm really sick and tired of them getting scapegoated but to your point, yes, there are regional differences and also to your point, andrew, there is -- this disinformation that is out there is unlike anything i've seen in my life. you know, we've had people who have been antivaccination in the last, you know, 10, 20 years but

vaccinations happen in every single state, requires vaccinations for kids to be in school when there's been outbreaks in places, we've had vaccinations it is a part of our life to keep people safe. i remember having a polio vaccination, rubella, measles. it was part of our duty, it was part of our responsibility, community responsibility we're trying to meet fear with facts and the biggest and i've talked to the white house a couple of times this week, including the president, talking about how we need to be better in terms of debunking these, and i think that the fda approval process is going to help i've heard people say i want to wait until final authorization then there will be some people for whom medically they can't or for whom their convictions say they can't and i think we're going to have to try to figure out how to size that as little

and as little and as low as possible that's part of the reason for kids who can't, that's why these vaccines are -- >> randi, does the teacher's union advocate for vaccines for children over 12 and do you think they would advocate for vaccines for under 12 when they're available? >> right now we're taking this step by step, andrew as i said, personally i believe everybody should get a vaccine ultimately i believe we're going to have vaccines for covid as a way of life, but it's very -- but it's very hard right now to advocate for all children to get when you are -- when kids under 12 are not even eligible yet >> randi, thank you to all your members for being the unsung heroes for our kids during this pandemic at the same time, if you were a parent of a child right now and you're considering whether or

not to send the child back to school, particularly if the child is under 12 and not eligible for a vaccine, does that parent have a right to know whether or not the child's teacher is vaccinated? >> well, ultimately the -- it's a good question. i don't -- i don't actually know the specific answer to that, i'm sorry. i should, but i don't. but ultimately i think that what a parent in all of these policies here, what a parent is going to know is that, you know, we're doing everything in our power to keep kids safe and that is our north star. i don't believe in terms of, you know, this is part of what employers -- this is part of what we have to work out in terms of employers, whether there is a strand of people who believe that this is part of hipaa. there is a strand of people,

including myself, who believe that this is disclosable as part and parcel of employer vaccination policy it's one of the things you have to work out as part -- as one of the reasons we should be working with and not opposing our laurps in vaccination policies. >> is this a un yn decision? school system issue? i'm deciding right now whether to send my unvaccinated child amidst a surge in delta with potentially an unvaccinated teacher. shouldn't i have the right to know >> so this is the issue. what happens this is the issue i get. what happens when you have an amazing teacher, 30 years teaching, who for -- who is -- where it is -- there's a medical

reason why that person should not get a vaccine and all the other precautions are done and, you know, so i think that this is part and parcel of what we need to do the other thing is we also need to know -- this is why masking becomes so important the layers of protection are really important and the good news is in new york city and elsewhere the vast majority of adults have had their vaccines but this is part and parcel of what we have to work out in policies with employers. there is question. >> randi, we want to thank you for joining us and talking about all of these issues. i want to reiterate, teachers are our heroes and we really do hope we can make it through the next school season and doing it

safely thank you for joining us and look forward to talking to you soon. congressman kevin brady will join us to talk about the next steps of the infrastructure bill don't miss our exclusive interview with coinbase o.cf (vo) while you may not be closing on a business deal while taking your mother and daughter on a once-in-a-lifetime adventure — your life is just as unique. your raymond james financial advisor gets to know you, your dreams, and the way you care for those you love. so you can live your life. that's life well planned.

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whirlwind 24 hours in washington passing a $3.5 trillion budget blueprint in a very partisan manner ylan mui has all of the latest details. good morning >> reporter: good morning,

andrew democrats talk about the economic agenda passing. early this morning the senate passed the framework for a $3.5 trillion package of spending and investments along party lines. every republican voted against it every democrat voted for it. >> it will cut taxes for american families. it will lower costs for everyone it will create good paying jobs while tackling climate change and it will be paid for by making our tax code more progressive and more fair asking corporations and the wealthy to pay their fair share >> reporter: the proposal now heads to the house and lawmakers will return from recess to vote on it during the week of august 23rd it's not clear when house speaker nancy pelosi will bring up the bill.

already this morning we've heard from democratic senator joe manchin who said he's uncomfortable with the price tag. president biden was asked about this problem at the white house yesterday. guess, he laughed at the question and just said, they'll get it done. andrew >> okay. we will see what happens next. i imagine there will be a fight but i think we also may know what the outcome looks like. we'll see. scott? >> andrew, joining us now to talk about the potential fate of the new multi-trillion dollar budget framework is texas representative kevin brady he's the lead republican on the ways and means committee welcome to "squawk box." nice to see you again. >> good to see you, scott. thanks are you going to support the infrastructure bill in the house? >> well, we'll see what it turns out to be. speaker pelosi obviously has some big challenges in her own conference here, members who

want to spend considerably more. right now the way the senate bill is structured it's too little i think of the core infrastructure we all support. i think too much pork in a major way. it isn't paid for. obviously in the house it's not a stand alone bill it will be tied to the $3.5 trillion spending, crippling tax hikes bill so for republicans, look, we don't just want tax hikes that wipe out any economic benefit. so it faces, i think, big challenges. >> if it's all of those things that you just described it as, why did 19 of your fellow republicans support it in the senate we're not talking about a simple majority vote, congressman, we're talking about 2/3 of the senate. >> sure, scott sometimes senate republicans and house republicans see issues differently and especially when a bill like this is tied to the biggest tax hikes we've seen in our lifetime and the biggest expansion of the welfare state since the new deal

it will be a different vote in the house and the senate so -- and, again, let's see what that final bill looks like my guess is it gets worse in the house. >> let me just ask you because it sounds to me like you're conflating the two together. let's take one from the other. the trillion dollar infrastructure plan, is there anything you can support before we get to the $3.5 trillion budget >> the answer is, absolutely, yes. 1/4 of that bill is what i think most people consider true core infrastructure that everyone supports there is so much wasteful spending in there that i think most americans would balk at if it were trimmed down and really focused and paid for, clearly i would vote for that in a second but you have to put the two together because speaker pelosi has insisted the two bills will move together in the house you can't separate them, at

least. >> that is a fair point. she has in fact said that. whether that's the way it progresses from here remains to be seen. congressman, kevin o'leary has a question for you. >> yes, sir. >> first of all i applaud you on the package especially the broadband. this second bill, this 3.5 trillion, tell me if i'm wrong i look at it and see the u.s., this marvelous economy sitting in the middle of the g20 in terms of corporate taxes, in the middle not at the top, not at the bottom, in the middle. if this bill is implemented, the 3.5 trillion, tell me if i'm wrong because i want to call it the way it is, the u.s. will become number one in the g20 in terms of corporate taxes and people living in states like here in new york, particularly manhattan and in massachusetts and california, the highest taxed individuals on earth

now is that a good thing for america? >> it is one, you're absolutely right about how uncompetitive we'll become as a country. i have no doubt we will see a second wave of u.s. companies moving their jobs, investment, research overseas. secondly, yes. it drives up taxes on almost all-americans in a significant can't way. and i would be remiss if i didn't get a chance to tell you, you know, my family and i are huge fans of "shark tank" and love what you do look, no president's ever raised taxes like this as a country tries to work their way out of economic pandemic and becoming -- having the worst tax rate in the world against our competitors in the international tax exchanges from the president make it better to be a foreign company and worker than an american one these make no economic sense

which is why we're going to fight that tooth and nail in the house. >> that means you're tuning in to the premiere of "money court" tonight with our buddy kevin o'leary that's here and that does premiere tonight on cnbc so you don't want to miss that. >> yes, sir. thank you. i do have a few other issues i'd like to get your comment on. do you support another term for the fed chair? >> so not given much thought to it right now my focus is on the economy. >> i don't believe that. i don't believe that i know how in tune you are with business and fed policy. come on now. >> no, thank you, but right now i am 100% focused on the economy in stopping these tax hikes and getting workers back to work because i worry the price index we're going to see in a few minutes, i think we'll have the seventh consecutive months where family's purchasing powers fall again and i worry both the short term inflationary caused by a

lot of government spending and generous unemployment benefits are going to be replaced with a shortage of workers long term. i don't want expectation of inflation to set in. these policies are creating it. >> i'm going to come back to the fed chair the next time you are on i promise you. i hope you're ready to address that then. i'll give you time now to think about it i know you're thinking about covid though, congressman, and to be frank, your state in texas is on fire icu beds are dwindling in austin and north texas area i'm wondering, do you support the governor of texas and his stance on a mask mandate or not? >> so two things one, while we are seeing flare-ups our capitol rate are better than new york, new jersey, some of the other lockdown states. want to keep that in

perspective. the big question is as we open schools, texas has a record of opening last labor day and we did that by having our governor and state education leaders working with our school district and safe so i'm sure they'll lead us through a safe school year this year. >> in fairness, you will admit the delta variant is much different than the original version of covid, wouldn't you this is far different -- >> there's no question. >> i don't think i got an answer from you, congressman, to be fair do you support it or not. >> i think i support vaccines and vaccinate and encouraging my constituents to do that. secondly, masks can help protect others there are places where it makes sense. i'm probably more towards leaning towards that local control, that business/employer decisions and how to keep their

customers and workers safe i am pretty optimistic our governors, state legislators and local officials can work together to get that done. >> you're okay with superintendents in parts of your state who, in fact, are going against the governor you support that on the most local of levels to make their own decisions on what they think is better for the health and safety of the children >> so i don't think it's an either/or choice i think the same leaders, including governor abbott and the state department of education, and local ones, who did it right last year for reopening can do it right again. we've got time my youngest just graduated from public school last year. thank god he was back in school. that's where he learns best. i'm more optimistic we'll be able to, as we did last year, make sure we have safe schools for the school year. >> i hope you're right

congressman brady, we appreciate your time. we'll see you again soon. >> thanks, scott. >> that's kevin brady joining us this morning coming up, breaking inflation data is out in minutes we have an exclusive interview with cfo of coinbase small business playbook is today. we'll get insights from the head of the small business administration, the executive director of the national federation of business and our co-host today, kevin o'leary you can register to attend at cnbcevents.com/smallbusiness stay tuned, "squawk box" will be right back

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welcome back to "squawk box. dow up about 2 points. looks like it will open up a little higher. nasdaq off 24, 25 points s&p 500 off 4 points coming up on the other side of this, the cfo of coinbase next, how soon until we see air taxis zipping around new york city and la jetson style there's one down by the new york stock exchange right now of course, phil lebeau is there. phil, what do you have coming up >> reporter: andrew, it may not be long until you get into one

of these this is an evitol. this is by jobi. jobi is listing today. by 2024 this may be how you're getting around new york and other cities around the country. we'll be talking with the founder and ceo of joby next on "squawk box.

phil lebeau joins us with a special guest. >> let me bring in the founder and ceo of joby. you started in 2009. today you're becoming publicly traded at the new york stock exchange your joby evitol is behind you you can have a piece of the future with us. >> that's exactly right. it's such an honor to be here with you today we're so excited about the opportunity to give everyone the ability to share in this really exciting journey as we move to a zero emissions future. >> you know a lot of people when i talk to them this morning, they're standing out here and looking at this, and say when is that going to be flying? they say 2024. they say, i don't think so what do you say to the skeptics

who are doubting that you will get it in service and certified by 2024? >> the joby team is incredible we've been getting this day in and day out and proving we can make ee electropropulsion in aviation it has amazing range and it's going to deliver a whole new mode of transportation to people in both cities like here in new york and around the world and we're so grateful. >> we've seen the technology we've seen your test flights when i talk to people in the industry, nobody doubts the technology where they do have questions about joby is whether regulators are ready for these in large numbers to be maneuvering around air space in a city like new york are you confident that you can overcome that hesitancy that might be there >> oh, without a doubt so the amazing thing is the faa has been laying the groundwork

for this electric aviation revolution for more than a decade we've been working with the faa since 2018 on a formal type certification. we just applied for the 135 operating certificate. we're well on the way to the production certificate as we look forward to the quarters ahead, we're focused on the certifying of our aircraft, the manufacturing of our aircraft and the scaling of our service. this financing today helps us accelerate the manufacturing and scaling. >> you and i were talking before this interview we'd love this to be as ubiquitous as uber is. you can come out from a restaurant and store, i need to go here, i'm going to call a joby you know there are going to be some limitations because of air space but you have vertiports where you want to take off and land on the roofs of parking garages. in the city of new york how many

do you expect to be in the city you will be using? >> the amazing thing about new york is there's already amazing existing infrastructure, but because this aircraft is so quiet, it's not just quiet in an absolute sense but also in the quality of the noise, the character. we've released footage that shows just how markedly different it is in the quality of the noise from traditional aircraft we can put sky ports -- >> you expect them on the toppings of buildings in new york city in multiple locations, correct? >> absolutely. as the service scales, the network becomes more and more valuable every additional sky port you add can access any of the existing sky ports in the region that network-based transportation is so much different than our existing infrastructure that is const constrained. >> pricing how much will it cost for me to

take this, let's say if i wanted to go from here in manhattan out to laguardia 2024 i know it's hard to do absolute pricing. what's your expectation? >> it's about the price of taking an uber today. >> the same, not radically different, not radically more? >> that's correct. our mission is to drive it down aggressively over time to make it affordable for everyone to fly every day. >> in terms of the pilot, it will always have a pilot, correct? >> we're launching the service piloted. progressively over time we will add incremental levels of pilot assist and full autonomy similar to the way you see auto pilot rolling out. >> when you say full autonomy, will there be somebody at the controls, me and my wife can get out, get in one and take off sometime in 2030 or down the road >> that's the right time line. >> you think they will be pilotless by the end of the

de decade >> yes. >> as you're looking at the market develop and how quickly it's developed, what's the biggest challenge for joby to get into service by 2024 and to say to the public, look, this is how you should move around in urban areas? >> we're justorously looking at the locations. >> for now there's no big challenge, it's everything, getting it all together. >> rigorous execution. our team has got the spirit. we've been doing it for a decade and we're going to get it done. >> give me a woo woo. >> that is their signal call a lot of joby employees, advisers, board members. they're all saying woo woo joby at the new york stock exchange. >> good to have you in the area. up next, breaking inflation data market and fed watchers will be monitoring ts hione closely. stay tuned, we're right back on

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welcome back to "squawk box" on cnbc. just seconds away from new cpi data taking a check on equity futures. lower on the s&p by about 4.5.

yesterday we hit record highs in both of those indices. on the 10-year note we are yielding 1 1.369% is the level there. rick santelli is standing by in chicago with the numbers rick >> yes, we are expecting pull back, especially in some of the year over year numbers this is july of course we all know some of the short take in supply issues have pushed prices up and the numbers are out. headline up .5 exactly as expected do remember the up .9 that we had was the highest going back, well, 13 years so we have moderated extensively up .3 to strip out the all important food and energy. our last look also was up .9 that was the highest since 1981. let's go to the year over year numbers, shall we, and here there are some surprises we're expecting a moderation of last month's 5.4 on year over

year it sticks at 5.4 keep in mind that's a 30-year high we have to go back all the way to 1991 to find a higher rate. now let's go year over year oncor. up 4.3 exactly as expected. it did moderate a bit from up 4.5. that was the highest in 30 years. and we're not done we normally don't pay as much attention to real weekly and hourly earnings on a year over year, but we are going to this time because they have set all time records on the low side minus .7 is the weekly number and do remember on weekly back in may of this year we had minus 2.6. that was the worst since recordkeeping began in 007 we've moderated that year over year is minus 1.2. that record was in april of this year and minus 3.7 so, yes, there is moderation but let's remember that the

federal -- the federal reserve has told us many times that they believe that these numbers are just passing, inflation numbers are going to moderate. they aren't going to last. what they are really saying is that they are going to stop going up nobody suspects they're going to reverse to pre-covid levels and that is something to pay attention to interest rates, by the way, have moved down by 1/2 to 3/4 of a basis point. up to 136. still hovering at all treasuries whether you're looking at two year or 30 year which is over 30%. highest closing gleelds about a month. today of course we have a 10-year note auction that probably should be paid attention to considering that just last wednesday we had a low of 1.12% melissa lee, back to you. >> rick santelli, thank you. we did see a strengthening in the equities steve liesman joins us with

more rick used probably the word moderating at least three times in this and that's good news, steve. >> yeah, i think it's a good word to use to describe what's happening. some moderation. two kinds of prices, maybe three. those that have done what they're going to do in terms of getting up there and adjusting to the new reality and those that are still adjusting i think rick is right, we're not going back to where we were. the question is are we going to be going forward at the pace we were going before. will the rate of inflation moderate i want to tell you some of the good things i see here you have apparel at zero it's been very high. used cars. rick should be really happy about this let me give you the prior three numbers on used cars up 10% those are monthly increases. up 7.3 up 10.5. this time it fell to 0.2%. a lot of the inflation we're seeing is energy, some has cooled off a little bit at least

this month food at home and food away from home, those are still adjusting. i think the price going out to eat is going to be higher maybe for a long time to come. rick makes a really good point by signaling out this issue of real earnings. you remember earlier this week we talked about people saying, hey, what's the bigger problem out there? inflation or unemployment. this is why inflation to people is a bigger problem. most people are employed 90%, 95% of people are employed who want a job what's their biggest problem when their earnings do not keep pace with inflation. this is why inflation is a hot potato politically and economically. >> thank you coming up. we're going to be joined by the cfo of coinbase off the second quarter earnings report. another reminder, do not miss cnbc's new primetime series "money court" premiering tonight at 10:00 kevin o'leary is our guest host. stay tuned, "squawk box" will be

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welcome back to "squawk. during a volatile stretch for cryptocurrencies, coinbase has been profiting beating out analyst estimates on the top and bottom lines revenue surging from last year's digital coin trading becoming more and more mainstream big questions remain including government regulation. joining us to talk about all of this is coinbase's cfo cfo alesia haas.

>> thank you for having me this morning. >> you had a pretty tremendous quarter driven a bit by the volatility in trading. i wanted to speak with you directly about what that means in the last quarter and how you're starting to think about the next quarter given what it looks like is the importance of that volatility. >> absolutely. so we've shared with the world before that crypto is inherently unpredictable now. we are in the early, early days of a new industry, new economy and we do see volatility volatility is underpinning a lot of the revenue when prices go up, when prices go down, when moving around. we have cohorts of investors who enjoy trading through those windows. what we're starting to see is utility in crypto. we're seeing people engage in staking and earn and other transaction types and this is also growing at a more rapid pace now than our transaction fee although it owns 5% of

revenue. volatility helped deliver very strong q2. we believe this is going to help us diversify over the volatility on the platform. >> you engs med the idea of tokens that have utility one of those tokens is ethereum. maybe you can speak to this idea that ethereum, there is more ethereum trading going on than bitcoin trading. >> right first quarter. that was really grown this kwourt quarter by the growth of nfts also, we sought staking in the network that's transitioning now and that grew a lot of investor interest and a lot of interest in opportunities to earn rewards on the blockchain. >> how do you think about your business relative to a robinhood or relative to so many others? we were talking to kevin o'leary earlier and we were talking about the idea that potentially in the future this business

could become commoditized. what do you say to that? >> i think that we've seen kmodization across all financial services for decades, but crypto is not yet there crypto is still new. we're seeing new blockchains come out you have to integrate with the blockchains. we talk about them they are living and breathing organisms. they fork. they have different governance protocols. when you have to integrate with the new blockchains, we don't know which blockchains will be used for which transactions over time, that it's hard to think of those as commoditized. you need to have the technical strength to provide security on those block chains and so i agree. i agree over the long term we're going to see commoditization and we'll see them come down as a result of that i don't think we're there quite yet. today we're positioning ourselves as not competing on price. we are looking to provide access

to the crypto economy. providing access to more and more tokens in every single quarter. in this quarter we added 22 tokens we're adding new products around staking. we're trying to move into the nft space, sharing a blog post in june. we think as we continue to offer our clients the ability to transact in new and novel ways in crypto that will be what attracts into our platform. >> you mentioned clients there are a number of high profile clients on your list elon musk, spacex, tesla, can you tell us alittle bit about what kinds of business you're doing for them beyond what the individual investor may be doing on your platform >> so you mean a lot of our institutional clients that we were partnering with in our most recent shareholder letter. our clients are choosing us. i want to talk in general they

usually come to us for is starting in custody. it moves into data services. it moves into the borrow/lend products we were building on the platform and the full suite of the prime brokerage that we launched this quarter. we're building deep roots with a lot of our institutional clients across the investing needs in the crypto economy. >> if we were to have this conversation in, i don't know, two years from now, how much of the business do you think will be institutional versus a consumer driven business >> we debate this all the time we are building a platform for all of our customers increasingly businesses is willing to accept crypto as payments the way we look at it is where the money is in the world. more and more money is getting allocated to crypto.

as you know, a lot of that money sits in institutional hands. we think increasingly as we shared, now we have 10% of the top 10 hedge funds by aum. we think crypto will get a larger allocation. i think we'll shift into more institutional money as we go forward. >> alicia, i have a question about u.s. dollar coin it appears coinbase has dropped a description of that dollar coin that it was backed by one u.s. dollar. last month they disclosed it was backed by fiat currency as well as short-term currencies, et cetera when you put that claim about it being backed by one u.s. dollar on the website, did you actually verify that yourself did you take the word from the circle >> thank you for that question center, the consortium that oversees u.s. dc has a policy

about how u.s. dc can be invested circle complies with that. you can redeem u.s. dc for $1. the spirit of the disclosure was you can always get $1 back. >> that's the spirit, but in case of some sort of -- if everybody wanted to redeem their u.s. dollar coin for one u.s. dollar at the same time, the liquidity might not be there to provide that >> fortunately, there are excess reserves to post if there was a run on u.s. dc and every single person wanted to get their dollar back, then central ensures we have the right held sowe could fulfill it for our customers. >> can you explain that just a little bit can you explain that a little more the reap i think about it, i think of a money market fund a lot of people are thinking in

a money market fund you'll get your dollar back you might not get it back. you might get 98 cents on the dollar how would it actually, in fact, work such that if there was a run on these assets, if you will, that everybody would be made whole >> sure. so u.s. dc has $27 million in circulation today. the vast, vast majority of $27 billion is held in bank accounts, u.s. treasuries, very short term, very liquid assets it's a small percentage that is held in anything but those two investments. you have to believe all 27 billion is being redeemed simultaneously, which if you run stress tests, run liquidity tests under current permissible investments, that is really a black swan event and so even, even in that black swan event the articulation that we've had at the center board level to ensure that we can provide the

useers of u.s. dc that protection, when we run that stress test at the tail end of that investment portfolio. they are ensuring that gap, if there was a gap, that that would be made whole. it's the number one most important thing we care about in providing the reserves behind u.s. dc. >> just to put a fine point on the question melissa was asking at the top, and i gather that you're saying that circle would make all of the standards. the language has since changed so there clearly has to be a little bit of a rethinking of the accuracy of the at reese initial language did that language come from circle or was this a mistake on coinbase's part? >> we wanted to clarify the language to be more precise

given the focus this topic has had in the last couple of weeks. >> but just so we all understand because i assume there will be finger pointing at some point and there are regulators, of course, looking specifically in the world of crypto, was this something that you take on yourself and say our mistake, our bad, we fixed it or is it something you think was a function of circle providing you with maybe not complete information? i'm trying to be generous here >> i appreciate the jegenerosity i don't think i have the information to point fingers at anyone today we're learning about how to make this the best process and providing the right disclosures to our clients. >> finally before you go, last week we spoke with sec chair gary gensler about crypto assets i want to play you something he said and try to get your reaction here's the take. >> if people wantto take risks that's all right what we want to do is provide

some of the basic protections against fraud, manipulation. the trading platforms they're on are not currently under regulatory regime that protects them like they're trading on the new york stock exchange. it just isn't. i think those are gaps and that's not good for investors and it's not good for the technology >> what do you think do you agree with him? >> we share a lot of those views around investor protection we share the views around protecting for market manipulation so i think we can find a lot of common ground to align on we are not regulated as an nms exchange most crypto is not a security. we believe that we need to work with the sec, educate them and find the right regulatory framework that we can offer access to these products in a way that is safe for investors but i don't think it's easy to say everything is a security and let's make it an exchange

regulated by the sec. >> we'll leave the conversation there. i hope we do it again. look forward to following your progress. >> appreciate the time have a good day. >> you bet see you soon talk more about crypto with our guest host "shark tank's" kevin o'leary, the host of "money court." kevin, you've been a long time believer in crypto are you a believer in coinbase >> they were the first they brought it forward into the market however, the idea that institutions are investing in crypto is in my view a misnomer in this sense. the reason institutions haven't done this yet -- lots of hedge funds have, lots of private offices, i get that. real institutional capitol is not scared about volatility. it's not scared about disclosure issues it's scared about compliance and until you get to a place

where you can be 100% compliant with your own internal compliance departments, which is my huge problem, and also be compliant with the really fast-changing sec environment as we just heard that quote, i have to disclose, i've been working on this for a long time because let's say you're running a billion dollar mandate you want to put 10% into crypto. how do you do that you need an infrastructure that can integrate with your compliance and the reporting and the 1099 and all of that it's very hard to find it. i entered in a relationship with ftx. i'm doing with them only because i spent months trying to solve compliance that's how i'm doing it. i have no problem with coinbase. i have a coinbase account. fees matter to me. i invest chunks of capital and i want to pay the lowest fee with the most liquidity and above all compliance, compliance,

compliance i think there's lots of players. the institutional interest is massive. there's trillion dollars amount of interest in bitcoin i'm going to work with everybody on the street to do that but wow my compliance department squeezes my head in a vice every day on this. institutional clients are looking for these very large platforms that can integrate with their compliance departments and i think we're just getting there there's two or three private companies doing it what an opportunity i see ahead for crypto by the way, you know, just on usdc, i own a lot of that. >> did you know? >> i'm well aware.

there's no question it's a moving landscape however you have to realize something. a money market as scott mentioned or whoever was saying that is in some ways similar i'm writing 30 daikon tracts, 60-day contracts, 120 daikon tracts, one year contracts and making 3.5 on usdc and still part of my portfolio and i still get my head squeezed by compliance >> let's get down to the new york stock exchange. jim cramer is there. i'm guessing this warning from southwest about delta is top of mind for you considering it comes as bill said this morning just three weeks after you had a garrett kelly on your program down there >> i think we're all listening to companies over and over again saying delta doesn't matter, delta doesn't matter, delta doesn't matter gar well kelly comes forward and says listen delta matters and it changes the narrative pretty

aggressively i was waiting for someone to think it matter. i think most of us who are vaccinated keep hearing about break through, and the there's such a hard group of people who don't want to get vaccinated even the airlines are afraid and they are afraid demanding. like wow, freedom of choice. if you take a look at the addition that was handed up in district court, unvaccinated people are not a protected people unvaccinated people are the problem. we've got a situation where the airlines are laisse faire. people are cancelling trips. so garrett is seeing what happens when you see not a mandatory system an optional system >> can we read at all, jim, into this that it is just a quick, if you will, problem?

i mean even dr. gotlieb was saying, i think it was last night on twitter that there are some early signs in some of the most hard-hit areas that delta appears to have peaked or at least is in the process of peaking. so, you know, maybe it's a half a quarter's worth of warning you got me >> i don't want to be the last guy -- i know hard core people are saying death rate is down and that's terrific. how about the sick rate? i get the flu shot every year. why? because i don't want to get sick why not take this shot the answer is fda hasn't approved it. what is the fda doing? hey, let's just wait and see and let it burn out. in 1919 if they had this vaccine it would have been mandated like the polio vaccine. no openingal stuff that's causing a problem. the optional stuff is about

cowardice. united airlines is not afraid. right? >> nope. >> they put in the mandate yep. we'll talk to you. we'll see you in a few minutes >> great questions on bitcoin he wasn't happy with those answers one bit. those answers are all about hey, yes, absolutely, i'm thrilled you asked me about that. and then well nothing. thank you for being tough. i'm so happy ask me that. then educate ginzler >> we'll see you in less than five >> see you tt'>>has it we have got more coming up after this break see all of you, yeah! why is jerry so... popular? it's been like this ever since we started using workday. what do you mean? it makes it easier to develop great relationships with our suppliers. now everyone, everywhere loves jerry. they sure do.

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. welcome back to "squawk box" i'm dominic chu. a check on your morning movers an earnings cat chralyst to tal about and that's wendy's the company came out with better than expected profits and revenues and better same store sales growth so people are dining out more often. wendy's the beneficiary there. the shares are up 4.5% next up virgin galactic.

down another call it 4% pre-market after an 11% drop yesterday. analysts at morgan stanley downgraded that stock to a sell rating they think near term catalyst is over for a while no major flights expected until the next summer. as we do often on this came show we take a look at the top ticker searches from the previous day for those the ten year treasure note comes back. coinbase, moderna, amc entertainment and tesla round out the top five there's always -- i posted the rest of the top the ten and top 50 on my twitter feed. back to you. appreciate you doing that. moderna has been a massive winner our guest host has been kevin o'leary. he's host of "money court," premiering tonight at 10:00. >> i had a wonderful time.

great to be back in studio together thank you, andrew too. it's great i hope this continues to open up delta, no delta, been great working with you guys. really >> a lot of fun. >> tonight i'm very proud of this show. we've all worked together with the cnbc crew and everybody else we're looking to building this franchise. >> we are excited. make sure to join us tomorrow. "squawk on the street" is next good wednesday morning welcome to street. i'm carl quintanilla with david farber futures are steady bond yields slip as july cpi is in line. a bit light as we get some signs of moderation in prices of used cars and trucks. our road map begins with a profit warning from southwest as the