welcome to allstate. where our new auto rates are so low, ♪ you'll jump for joy. ♪ here, better protection costs a whole lot less. you're in good hands with allstate. click or call for a lower auto rate today. it is 5:00 a.m. at cnbc here is your top five at 5:00. the fda ready to clear the way for booster shots for some fighn the country. the northeast is the latest hot spot. and tough talk from the fed head the chief offers her insight into whether easy money starts to slow. more oil, please what the white house is asking opec for help. a potential first for janet

y yellen as the biden administration may send her to china. and we will talk about another potential round of lockdowns in new york it's thursday, august 12st this is "worldwide exchange. good morning, good afternoon, good evening welcome from wherever in the world you are watching i'm brian sullivan here is how your money is setting up the day stock futures are mixed. it came off a nice day for the dow. up more than 200 technology slid. dow futures up 56. if you are counting at home, it was the 46th record close for the s&p 500 in 2021. wow. it is only mid-august. here is how crypto looks another strong run for bitcoin

and ethereum lately. right now, bitcoin down. ethereum down 4% bitcoin and ethereum have been red hot the last couple days checking oil a touch lower. this after president biden called on opec plus to raise production as gasoline prices rise across america. we will talk more about that ahead with the head of the pet petroleum. first, let's get to the latest in europe julianna tatelbaum has the latest good morning, julianna >> as you can see, we have the ftse 100 down about ten basis

points otherwise, modest gains. we have come off a strong run. the stoxx 600 rallied .40% making it eight straight positive sessions in a row european markets have been performing well. turning to the sectors this is what it looks like split expect on the up side, insurance up 1%. a number of names reported this morning and providing solid updates to the market. on the down side, basic resources. down 1.2%. that is providing the drag on the sector i want to highlight single movers aviva in the insurance base up 3% an nnouncing it will return 4 billion pounds to investors amid pressure from sevian capital and cineworld reporting losses

for the first half an improvement from the $1 billion lost year before the company is considering a u.s. listing to raise money to plug the gap and in food delivery delivery hero upgraded after the record 730 million orders in the second quarter the group says it will remain a loss as it focuses on expansion. brian, back to you >> julianna tatelbaum in london. thank you very much. now to the top stories state side the fda ready to authorize a third round of vaccines for some americans today. the agency would amend the emergency use for pfizer and moderna to allow people with compromised immune systems to get a third shot the cdc is set to review data on

booster shots on other compromised individuals. remember, the shot is only approved for emergency use the number of americans who have gotten one shot nearing 60%. with 50% now fully vaccinated. remember, that is the total population not just adults. shares of e-bay under pressure from earnings and revenue from the quarter which fell short of expectations more of us headed back out to actual brick and mortar stores the ceo will be on cnbc later on today. and san francisco fed president mary daly said the fed should scale back by the end of the month. speaking with "the financial times. daly says the projections follow the comments made yesterday

saying it may take more months of recovery in the job market before he is on board dialing back bond buying let's dive in and bring in dan veru great to have you back on. you are calling small caps before we get to stocks, let's talk about the fed every day it seems like we get another fed headline when this. when that. should it matter to us and our viewers in the fed begins to quote taper, in september or december or is it more the act of tapering? >> i think this is one of the best communicated stories out there by the federal reserve i think they are conditioning the markets to prepare for that time when they remove or when they begin to slow the bond

buying and begin tapering. brian, i think it really doesn't matter i think the market is expecting it i think economic conditions remain strong. i think they are leaving themselves as much optionality as they monitor the delta variant and the potential impact on the economy >> it matters to the bond market, i'm sure and stock investors may care short-term trading. to your point, dan, i ask that because we know they are going to taper it may get delayed by a bit, but it's going to happen how do we or how should we already set up or perhaps our investments to account for that or maybe not at all? >> best gauge is what's going with the 10-year treasury yields you talk about many times with scott minerd and others, the

yields have dropped. the bond market is expressing concerns about the potential for growth right now you know, as they begin to taper, it will be very -- you'll know quite quickly through 10-year treasury yields what the impact is. i don't think it changes liquidity. what's different this time than perhaps when we tapered in the past is you have extraordinary spending on the part of congress that was also missing in the past we always had the monetary s stimulus, now we have the stimulus to deal with the drain of liquidity >> we are also talking about another $3.5 trillion potential spending plan. that's not -- and we're not

talking about the one just passed by the senate this would be the next one some people think it's not going to get done or pared back, whatever the number may be, that could counter any taper, could it not we're adding trillions in spending to the american economy. debt funded, by the way, for th, probably >> yeah, i do think you are exactly right. these are not foregone conclusions that will get through the house. i think there will be a very vigorous dialogue back and forth between both parties about how much is the right amount of spending to be done. i'm somewhat optimistic because we are going to get the infrastructure bill which is likely to happen the other spending, in my opinion, is probably not needed and probably causes other

problems, inflationary pressure down the road. we will see what happens as dan clifton has pointed out, if they have to raise taxes to pay for that, that is something that the market has not calibrated yet i think it is questioning the likelihood of that second huge amount of stimulus that tax increasing would go along with it >> somebody will have to pay for it debt has to be paid back dan, quickly, leave us with an idea tell us about repligen >> it is time to get more exposed to generally speaking small cap stocks repligen is a great example of what we like to look for my health care analyst did outstanding work

we started looking at this in 2015 this is the company in the bio-processing space similar dynamics driving the growth here and driving the growth for daniher which we spoke about some time ago. this company is well togpositiod it did a great job on the capital side it is important how we like to invest they made highly strategic acquisitions that positioned them well. covid will be with us for a while with the mutations and that plays well for repligen. >> dan veru. thank you. always a pleasure. thank you, my friend appreciate it. all right. we are just getting started on a busy thursday. when we come back, the head of the new jersey hospital breaks down the rise of cases here and

why the northeast may become the latest hot spot. plus, your big money moevers including a pair of electric carmakers whose shares are getting a jolt this morning. sorry. and later. deliver this doordash could be making a massive deal turning the world of delivery upside down. all those stories straight ahead as "worldwide exchange" rolls on right after this if you're 55 and up, t- mobile has plans built just for you. switch today and get 2 lines of unlimited and 2 free smartphones. plus you'll now get netflix on us. all this for up to 50% off vs. verizon. it's all included. 2 lines of unlimited for only $70 bucks. and this rate is fixed. you'll pay exactly $70 bucks total. this month and every month. only at t-mobile. ready to shine from the inside out?

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time for the big money movers number one is nio. the chinese electric carmaker giving up gains after the narrow loss the revenue surged 100% from the year ago in the second quarter they delivered 22,000 electric vehicles stock down 11% stock number two lordstown motors maybe good news for those who bought one of their trucks lordstown will start limited production of the truck later on this month that development helping the stock. it is up 6.5%. finally, sonos listen to this stock rocketing after a surprise profit sonos with earnings of 12 cents a share. better than the loss of 17 cents

expected video content goes directly to you and you are demanding a more theater-like experience at home and using their products sonos up 11.5%. on deck, are new york city restauranteurs worried about another round of lockdowns our con versation with chef eric is doing and how to make you feel safe. >> anntoday's big number $61 billion. that is how much was invested in private companies last month according to data from crunch space. 51 startups became unicorns in july rk by rootmetrics. and our customers rated us #1 for network quality in america according to j.d. power. number one in reliability, 16 times in a row.

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welcome back good morning it is 5:19 here in new york city we are seeing the city in times square start to pop back to life just a bit nasdaq at the bottom right you see "squawk" and the gang in a minute. new york city is seeing a rise in covid cases. now companies across new york are starting to delay their return to office plans caught in the middle thousands of new york city restaurants, worried about what happens to them. we want to know.

we reached out to the king of manhattan dining eric ripert. author of "vegetable simple. we sat down with eric and asked if he is worried about the potential shutdowns coming to manhattan. >> no, i do not hear anything about shutting down in manhattan. i'm actually pretty optimistic because as you probably know, the mayor announced as of september 16th, every client that goes to restaurants has to show proof of vaccination. most of the restaurants in new york, to my knowledge, at least, all of the employees are vaccinated and we have a very strict protocol safety proprotocol all of our employees are vaccinated all of those who are involved

with ripert must wear a mask and before the mayor announced the mandatory proof of vaccination, we started to ask our clients for it we have a positive feedback. clients are not mad at us or frustrated they are very upbeat that is going to make new york very vibrant city and not closing down like we have seen in the past. >> how does it work? if i want to eat there, you are not just walking in. you make a reservation do i submit a copy of my vaccination card do you rely on my word of honor? we know people can say whatever you want you can buy these cards online for $100 how does the process work, eric? >> when you make your reservation, we let you know you

need proof of vaccination for all of your guests when you come at the door, people from new york state have covid vaccine passports in their phone. that's pretty easy then if you have a card and you do not have the covid passport, we ask for i.d. and the card has to match the i.d we hope people are not shcheatig because that would be bad for them and everybody. >> have you had push back on that at all or if somebody would not have the card or darn it i don't need one this is america. whatever what's the action plan what then? >> it is very interesting. i announced it on my social media on this i got a little bit of backlash.

i was a bit worried. then actually the people when we called them or when they make reservations, on the contrary. they feel relieved and safe and feel very happy and thanking us. it's a very big difference between what we see on social media and the reality of what is happening with the business. people really need to feel safe and this is a way to implement that >> you have got lunch now that has come back. where you are at 51st street is a big business community new york still only 25% back to the office based on the latest data eric, we had the privilege to talk to you every couple of months where are you if you don't mind sharing? where are you back to business pre-covid levels below? above? are you seeing a return to

office >> we are reopening the lunch on september 15th what i hear from people in our building from the companies, they are slowly bringing back part of their team starting in september. some companies bring back everybody. some companies have rotations. it is 40% to 50% of their staff. in the buildings surrounding us, rockefeller center, and rockefeller and times square, almost everybody is coming back to the office. when we opened the book for reservation for september 15th, we realized quickly we were already booked >> wow >> good sign >> all right our big thanks to eric ripert.

if there is one take away from that, if you want to grab lunch at le bernardin, have your credentials handy. and why one cruise line is drawing a hard line in the sand with vaccine mandates. we will hear what he has to say. if you don't, follow our podcast. dow futures are down 40. we're back after this.

get ready for a third shot why the fda is set to approve another jab for a big group of americans. the head of the new jersey hospital is here on that and why the northeast could be the next hot spot can you spare more oil president biden asking opec to raise production as gasoline prices rise across america and your morning rbi and anniversary of the most important day ever in the history of home computing. we will tell you what happened on this day 40 years ago it is thursday, august 12th. this is "worldwide exchange. welcome or welcome back. i'm brian sullivan good thursday morning. thank you for joining us on "worldwide exchange. here is how your money and

global markets are setting up. the dow futures are higher dow futures are up not a lot 40 points. nasdaq off just a touch. we're coming off more strength a nice day for the dow up more than 200 on wednesday. tech slid a bit. if you are counting at home, the 46th record closing high of the year for the s&p 500 truly remarkable to a juggernaut market nearing ten months without a 5% drop for the s&p 500. wow. more on the markets in a bit. let's get more on onthe top stories and the treasury department thinking about a trip for janet yellen to china. yellen would meet with the chinese vice president face-to-face it would be the highest ranking

member of the biden administration to travel to china. doordash has held talks about maybe buying instacart according to the information, the web site, conversations took place over the last two months with the potential price tag of $40 billion to $50 billion bandied about. the talks fell apart in recent weeks over concerns if the deal would be signed off by anti-trust regulatregulators. and vaccine mandates speaking to jim cramer, frank del rio expressing frustration of the lack of orders from the government. >> i'm so disappointed in government local level, state level, federal level. we don't have mandates

whatever happened to good old leadership in this country there's a pandemic going imagine 600,000 people died of anything else in this country other than covid, there would be an uproar. over 35 million confirmed cases. you ask dr. gottlieb, he will tell you it is over 100 million cases. it has to stop if we don't take leadership here, this will go on forever and ever and ofever >> strong words from the head of the norwegian cruise line. the latest development is the first official authorization of the additional dose in the u.s. for immunocompromised people and mcdonald's will require vaccination for office workers as it pushes back the return to office date. the mandate will not apply, however, to those who work in

restaurants. alaska airlines telling staff it is considering a mandate for its workers. alaska airlines could be the last airline to require it along with hawaiian and frontier in new jersey, it is seeing the highest number of positive covid cases since april, all yesterday. the delta variant which has become covid, is accounting for 90% of cases over the last month. hospitalizations have doubled during the same period levels remain well below what they were over the winter. joining us to talk about this again is dr. shereef elnahal a pleasureto get you back on i wish it was under better conditions can you give us an update on the conditions in your hospitals what is your hospitalization

utili utilization? what are you seeing on the ground right now >> thanks forhaving me on. we are all concerned about the rise in cases. we know cases proceed hospitalizations we are all waiting to see what that will look like in the community. we have 15 patients with covid-19 in our hospital right now. that is up from 5 or so from 10 days ago still small numbers. we are seeing a rise in folks coming into the emergency room and a rise in children coming to the emergency room which is the most concerning. we had more children in our hospitals with covid-19 than we ever had in the pandemic in hospital beds. we are also seeing a good number come through our emergency rooms. we are all watching that closely to see what happens. >> we're also seeing this double whammy with kids of the rise in seasonal flu rsv. a respiratory virus.

normally hits in the winter. hitting earlier this year. are we seeing a double hit with kids right now >> we are. we are seeing people come in with kids with rsv and covid at the same time. you have to be aware of the double infection at the same time we are also worried about what flu season will look like in the fall as you know, there were many more restrictions across the country about what folks could do and not do which led to historic lows in flu infection this year will be different. it will be different in new york metro area we are bracing for covid surge and flu surge in hospitals we are doing all to prepare. we have the ppe and the surge beds are available we know the playbook we are bracing to see what comes. >> what do you think will happen dr. elnahal, what is your best

guess as to what the fall will look cases are not the best metric. hospitalizations and outcomes are. we know that if cases precede that, they are up more than 500% in new jersey. one of the most highly vaxxed states in the country in a month. what is your best guess for the fall, doctor >> we don't have to guess. we have protections based on the case rates of transmission and what we are seeing in hospitalizations we are projected to see a steep increase in september with a peak in new jersey that could be october to december depending on how bad delta gets i want to reinforce this this is entirely preventible everybody is on the same page in our hospital we instituted our mandate. we need to make sure as many

environments as possible as the norwegian ceo was saying we have the privilege of potentially exposing others. that is what our health care workers are seeing they are exhausted we need to make sure everybody is doing their civic part to not deal with this we have early stage cancer to detect we have patients to see in clinic we need to move on we can't move on unless folks get vaccinated i do support mandates wherever possible >> we have 81% of new jersey adults at least one shot about 9 million people let's say half of those are adults do the back of the envelope math that implies more than 1 million adults have not had any shot of the vaccine. i don't want to put you on the spot, doctor of those coming in or hospitalized, not including children

vaccine not authorized for them. not for anybody. not used for them. are we seeing mostly the unvaccinated who are coming into the hospital system? >> almost exclusively unvaccinated people coming to the emergency room and being admitted to the hospital it is really important to reinforce that these vaccines are effective, even against the delta variant. this week, a study from south africa that showed j&j is effective at preventing hospitalization and death. that was an open question before that we have three vaccines that can prevent hospitalization and certainly prevent death. when our health care workers see folks come in sick with covid-19, you understand why they are frustrated. we are not at a point where this is a crisis that we all have to face this is entirely preventible our vaccines can do that

we do have pockets in new jersey that are particularly under vaccinated we see that in early surrounding towns near newark. hospitals like ours in urban areas are facing the brunt of this because it is also a situation where we are under vaccinated areas >> and quickly, i know we have to go, doctor. we are seeing lower vaccination rates in some of the urban areas as well. two areas that tend to have lower rates. r rural areas and urban areas. are you seeing a lessening of vaccine hesitancy among the population has it changed at all? >> it has changed. it has changed in a positive way. newark is almost at 70% of adults with at least one dose lagging behind the rest of the state and country overall. newark and surrounding towns are

community of color in the beginning, this experience, a lot of folks in the community were hesitant. they were not in the absolute hesitant category. they were in the wait and see category and see how they were doing with the situation they he were able to take advang in recent weeks with delta to see how the vaccine works and canvassing has been helping to vaccinate more people here. >> dr. elnahal, we appreciate it an important topic god bless you and all of your workers and staff and the hospital system dealing with this now for going on a year and a half we love you guys we appreciate all the hard work you are doing and really tough circumstances. thank you, doctor. >> thank you all right. coming up, the white house

calling on owepec to get more o to the market to combat rising gasoline prices. coming up, the head of the american petroleum institute to talk about that. we're back in a moment dow futures are up 36. i'm evie's best camper badge. but even i'm not as memorable as eating turkey hill chocolate chip cookie dough creamy premium ice cream and chasing fireflies. don't worry about me. i'm fine. you can't beat turkey hill memories. ready to shine from the inside out? try nature's bounty hair, skin and nails gummies.

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your smile will always be brilliant. crest 3d white brilliance. 100% stain removal, 24 hour stain resistance to lock in your whitest smile. crest. the #1 toothpaste brand in america. welcome back good thursday morning. on wednesday, the biden administration coming out and asking opec and allies like russia, to boost oil output to

tackle rising gasoline prices and try to support the economic recovery jake sullivan dismissing the gradual raise of production as inad inadequate the white house spending a message to the top economic adviser to the federal trade commission urging a probe into price manipulation prices have remained high as oil prices have come down. >> recently, we have seen the price oil companies pay for a barrel of oil begin to fall. the prices at the pump for americans has not fallen that is not what you expect in a competitive market. i want to make sure nothing stands in the way of oil prices. >> the white house forced to

clarify the outreach to opec it is not aimed at an immediate spores response let's talk about this with mike summers. mike, it was a shocking turn of events the president asking opec plus, russia and mexico, to raise output i covered oil and gas. what did you think about it? >> brian, we've been warning about this for eight months. as you know, we have been very concerned about some of the president's policies, particularly as it relates to the leasing ban on onshore andoffand offshore we are concerned about the pipeline infrastructure and now threatening to increase taxes on american oil and gas the policy response is clearly an increase in price as a consequence of that. you are seeing an increase of

supply, of course, but demand is also increasing as we're getting through the covid pandemic we frankly think it is outrageous when we have american producers making american oil and gas in the united states that we should be asking another country to increase their production >> yeah. again, with all due respect to the president and i know prices have come down a couple of months in the last few weeks up $25 a barrel from before that, mike we are seeing a tightening of demand i half jokingly called it. 2021 is the year of the traffic jam. during covid, people have gotten rid of mass transit. they all bought cars everybody is moving around in their own vehicles gasoline demand is massive right now. do we, as americans, have the

ability to meet that demand? >> what we're seeing from the president right now is what we're calling an import more oil policy they are doing all these things to stifle supply from the united states as you know, capital flows where it is safe and welcome right now, this administration through all of the actions, they are literally throwing the kitchen sink at the american oil and gasindustry. an industry that supports 11 million american jobs. we think they should do more to incentivize american oil and gas production as president biden's predecessor president obama did. president obama presided over the most important era of production in the history of the country. we went from being a net global importer of oil to net exporter of oil because of the fracking we want to go back to the policies i think americans want us to go

back to the policies as well >> i spoke with a former obama administration official maybe before the pandemic. he was saying it was the only industry adding jobs after the financial crisis of course, we weren't going to come out against it. you've got the forces that are at play. you you know, mike, i'll not ble it on policy part of the reason we are not seeing production is investors gotten burned. they are saying to the ceos saying don't put your money in the ground give it back to us what is your -- what is your word of advice, perhaps, to the american oil and gas industry? it is not all regulation it is the balance sheet and people have gotten spooked in the last decade. >> certainly increased fiscal discipline in the oil and gas industry that is part of the issue here when you put this new regulatory

burden you are putting on the american oil and gas industry right now, you are going to have, of course, a price response to that those are certainly two factors that are figuring into increased prices at the pump the environmental benefits of the american oil and gas industry have been incredible. we would not been any where near meeting our paris climate accord agreement would it not have been the fracking movement 12 years ago. that is the reason we improved the natural gas industry that led to displacement of coal with emissions going down year on year. the gh emissions continue to go down there not the same standards throughout the world we should produce that energy here in the united states. it is environmentally responsible and it is also good for consumers at the pump and

elsewhere. >> yeah. as we highlighted the other day, mike, russia is the number two oil and product i mporter in the united states. we will get it from here or get it from there and ship it over in giant super tankers into houston and galveston. it will come mike sommers, pleasure to have you on have a great day, mike thank you. >> thank you >> take care. on deck, this morning's rbi. here is a little bit of a hint something happened 40 years ago today that forever changed the way we live, work and maybe invest it has to do with computing. the most important day in the history of personal computing. by the way, if you haven't already, follow our podcast. you guessed it it's called "worldwide exchange." we're back right after this. sales are down from last quarter but we are hoping things will pick up by q3.

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time now for the morning rbi. today is incredibly historic and may, may be the most important day of the history of computing. 40 years ago today, ibm unveiled the first ever mass computer and changed technology forever the ibm 5150 came out in 1981. raise your hand if you remember that look at that beauty. oh, yeah here is random but interesting things you may not know about the 5150 it wasn't built in silicon valley, but developed in ibm's boca raton, florida location it weighed in at a light 25 pounds the low-end model was powered by a staggering 16 kilobytes of r.a.m. that is 16 million times less

powerful than an entry level laptop today the cost $2,200 back then or about $7,000 in today's money it was slow, expensive, but it brought computers into people's homes. we owe a lot to that ibm machine. by the way, bill gates who's quick and dirty operating system helped put a company called microsoft on the map happy 40th birthday, personal computer hopefully random, but interesting. let's talk about the markets and taper talk with the fed heads and where we invest. joining us is our friend john stoltzfus. john, very quickly you are not an individual stock

name microsoft. you think tech is still a good place to invest? big tech >> we believe in tech. we think we're not going back to the abacus or slide rule we think tech has further to go. we believe our call in plamay h worked out well for us particularly large ap. >> not investing in daisywheel printing companies or others do you worry that some of the companies, john, as great as they may be, are getting a little hot 22 or 25 times the earnings in some cases they better perform. >> without a doubt, brian. they have got to perform we think they are in a sweet spot we have gone from hardware to software to screenware

we have to consider the cycle is alive very much for tech we have investors with a broader appetite for equities, growth and value. we like to say we want igrowthi. we believe interest rates are still near historical lows as a result of that, that supports the levels the stocks are trading on. >> on your clients asking you about covid? i know you are not an epidemiologist, john, neither am i, are you concerned about the slowdowns? hawaii went back down to 50% capacity 1,200% jump in cases a month what are your clients asking about that

>> before they ask, we are telling them that remain what is we believe is the principle risk near-term for the progress of the markets. that's related to the reopenings of the u.s. economy and other economies around the world the big challenge is how do we get back to the next new normal with the variants at the levels they are just this morning, the new pieces crossing the tape was the third largest port in the world or second largest in china has shutdown because of an employee having covid you get that thing which is worrisome. the economies have the business and consumers flaunting to get back to the next new normal. the reality is if we mask and get the vaccinations and that is admittedly halting moving forward at this point, but if we keep doing the right thing, we

will likely get through this as we have so many challenges in our experience in the last 40 years in the markets >> yeah. some optimistic and positive words there as well. like a doctor we had on the other day. delta hopefully tends to burn hot and fast and then burn out if you look at uk and india, hopefully we will follow the same pattern spike and drop john stoltzfus john, have a great day. >> thanks, brian all right. thank you. all right. that does it for us here on "worldwide exchange. see you tomorrow morning remember, our insider buying segment will be on tomorrow morning. you don't want to miss that. "squawk" and the gang picking up coverage next. have an awesome day. me, that i should get used to people staring.

so i did. it's okay, you can stare. when you're a two-time gold medalist, it comes with the territory.

. we will get you ready for the data points ahead. the cdc recommending the vaccine for pregnant woman and suggesting a booster for immunocompromised people today it's thursday, august 12th, 2021 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm melissa lee with