still digesting fed speak as we prepare for the friday jobs report it is monday, august 30th. "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen andrew is off today. if you are watching the u.s. equities market, a lot of bad headlines. s&p 500 and nasdaq closed at new highs on friday. you can see right now, futures are indicated higher this morning. the s&p futures up 3.5%. dow futures up 18 points nasdaq up 19 taking all of the headlines we

have seen in stride as the markets continue to climb. part of that is because of what we heard from jay powell last week if you are watching treasury yields, the yields ticked up slightly 10-year at where it closed 1.302% 30-year at 1.92%. and the energy sector after the headlines from louisiana with the shutdown of production. wti was indicated up yesterday in the overnight session and this morning it has given back 45 cents wti at $69.60, the highest level since august 12th. natural gas up 1.1%. this is coming with natural gas shutdown that we have seen in the oil production offline which is 12% to 14% of the production

shutdown because of the hurricane in the gulf of mexico at this point. rbob gasoline up 1.6% this morning, joe >> you look well rested, becky you are glowing. well rested or you got serious lighting out there >> the lighting. >> is it big bucks spent on that lighting >> it works. >> there is the story that we're focusing on which has to do with ida. downgraded to the tropical storm in the last hour after landfall as a category 4. valerie castro joins us from new orleans. good morning >> reporter: joe, good morning we're along the mississippi river where conditions are mild this morning a different story from yesterday when hurricane ida made landfall before noon as a category 4 storm. things have calmed down. we are waking up to more than 1

million people without power across the state the city of new orleans also without power. electricity went out at 6:00 last night entergy called this a catastrophic failure of their transmission systems they account for 800,000 outages at this point. here in the city of new orleans, they are having issues this morning with the 911 system calling it technical difficulties there working to restore that service yesterday, president biden issued a disaster declaration from fema headquarters and the first death from hurricane ida reported the sheriff's office said someone was killed by a fallen tree in kenner, the medical center with damage as the roof ripped off the building no injuries to patients. in st. bernard parish, you see

the difference in the flooding there from earlier in the day with dry ground and not much water there. an hour later, the storm surge came in and those flood waters really started to impact the area there this morning, we are seeing images from late yesterday of the damage around the state. we are waiting for daylight. joe. >> do we know, valerie, that the levees basically are in tact there are about $15 billion of improvements or reinforcements after katrina that people said hopefully they will hold and when we do get daylight, we are not expecting that horrific scene after katrina. we didn't know how bad it was until the daylight will we see that with ida?

>> reporter: joe, from everything we he heard here in new orleans, the levee protection system was upgraded after katrina. the mayor was confident that things would remain and the levees would do the job in new orleans. we are hearing reports of other communities further south of here where they had failure in their levee systems. how bad the damage and the extent we are still waiting to hear joe. >> val , thank you. we will talk to the ceo of the impact of the storm. we will talk to the oil industry executive about that as we know, that large amount of domestic oil production and refining comes from that area of the country. we'll get to that. becky. you know, delta and covid in the headlines. it is something we have been

watching closely new orleans, the hospitals there were stretched thin. now we're hearing the european union is expected to advise member states to introduce travel revistrictions due to th surge in the united states three eu officials said the u.s. will be removed from the safe list of countries whose residents can travel without additional restrictions. quarantine and testing requirements it will not be mandatory most european countries reopened borders to americans in june hoping for a rebound from the ailing tourism industry. potential deal happening wall street journal reports that baxter international in talks to buy medical equipment maker hi

hill-rom for $10 billion a deal could be reached by mid week hill-rom rebuffed an offer worth $144 a share hill-rom makes patient beds and monitoring devices. gas prices fell 2 cents the last two weeks the average price at $3.23 a gallon the drop marks the first decline in gas prices in nine months as we get to the end of the driving season joe, the question is will they go ahead and maintain that 400 additional barrels of production that they planned and agreed to? i think the kuwaiti minister raised questions about that yesterday ahead of the meeting wondering what would happen. president biden has been pushing the opec plus countries to raise production because they are worried about high gas prices. we will see what happens with opec and what we are seeing right now in the gulf of mexico.

>> we will have a postmortem on jackson hole to figure out what is going on there. we will talk to gary knapp we will have arthur brooks on, becky. >> i know. >> i have comments for him i am excited the journal piece. you are living in the golden age of stupidity i read through it. you know what? >> you didn't disagree >> no. i think i knew it wasn't put into print or into words where it was clear here is a paragraph. the death of manners and privacy are profoundly political facts that when combined with other facts lead to an entire civilization of stupidity. once you get there, it is a short ride from stupidity to madness. then people aren't people anymore. they become categories and

cartoons, which is where we are. >> tribalism >> yeah. i'm watching this play out i knew it. i knew it. i knew it. i thought there was a lot of stupidity going around you know, arthur is writing about love and coming together tough to come together with stupid people. >> i like arthur's message trying to rise above does that remind you of anything >> yeah, it didn't work last time we have to try >> that's a really good headline golden age of stupidity. hard to argue with >> i know you had well deserved time off in august i guess you are not flying around places sdpl. >> no. >> i had plans i have time off in october it's not a good time to try to take a vacation again in terms

of it being off the table. europe now off the table this delta variant has put -- this is a two-year thing, i think. >> you have school starting again. a lot of anxiety i think the school year would be different. having anxiety dreams with kids going back to school again >> the new variants. reading about new variants. >> we will ask questions about when you can see the vaccine for kids under 12. the timeline has moved a couple of times there was some moving goal posts yesterday with anthony fauci and dr. scott gottlieb maybe approval with the kids 15 to 12. we will talk dr. scott gottlieb later. >> can you get the booster >> they changed it to six

months >> i may do a drive by. >> my mother got one last week she's in the highest risk category >> me and your mother. i like the way you threw that in there. >> my 95-year-old grandmother did not get her's yet of the. it's jobs week in america. we have a rundown of data points to watch in the week ahead later, evacuation of afghanistan continues. we is the latest on the approainchg deadline new developments over the weekend. "squawk box" is coming back. voya doesn't just help me get to retirement... ...they're with me all the way through it. voya. be confident to and through retirement. what happens when we welcome change? we can make emergency medicine possible at 40,000 feet. instead of burning our past for power,

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time for the "squawk planner. we will get the case shiller home price data tomorrow wednesday, private payrolls. you know what that means it happens on friday. then we get the august jobs report ahead of the labor day weekend. we will see what effect the delta variant has had on hiring and all of the other things if companies can find workers it is a lighter week for earnings among the ighlights, zoom, campbell's soup, american eagle, hp and broadcom

joining us on the markets ahead is the managing partner of ironside and the director of portfolio strategy meghan, i'll start with you. we are doing a postmortem on jackson hole you seem to think powell effectively separated the tapering from rate increases and that could be a positive and just in terms of allaying fears in markets >> absolutely. i think he did not surprise markets. this is what becky talked about earlier. he is leaning more toward the dovish camp here he is reassuring markets we won't raise rates. the economy can withstand tapering that is supportive for risk markets. >> barry, i think and i don't

know what i'll do without the op-ed pages. i like to think i need a little help shaking me into a new week and everything else. talking about powell this was really a political speech and sales job to get another four-year term in talking about what powell said, i think the agreement with you as we may be behind the curve already. he attributes inflation to transient things inflation in the last six months has eaten more than what we gained in wages. we go through the same cycle where we stay low, low wage workers hit by inflation people with assets are the ones that make money because they stay at zero and assets get marked up. income inequality gets worse and another round of raise taxes and income redistribution and

everything else. the fed takes no responsibility for it >> i thought the most fascinating part of the speech was when he talked about learning lessons from the 1950s. i've written a lot how the period is like the 1960s where at that time the fed thought they helearned the lessons of te '50s jfk got elected and appointed a number into the fed. the emphasis change to employment it was a pretty good period for equity markets and good period for growth eventually by 1967, as you indicated, lbj was starting to tax out of the growing deficit problem and inflation was getting out of control i thought that was all curious my message here has been the fed is going to have to taper sooner

rather than later. i think they'll do it in september after the stronger employment report and stronger house prices on tuesday. that is the reason they should be tapering. through the cycle, they are behind the curve i think the journal was on to something with the idea of powell just trying to position himself such he could get reapp reappointed. i don't think he would give us a signal they would go in september at jackson hole anyway he is not likely to pre-commit >> meghan, to some extend, the federal government needs a willing partner in the fed to get some of these things paid for that, you know, it is paid for. we know it is not really paid for. we know how we're going to finance this $3.5 trillion jay

powell needs to be there as a partner to the government. >> he has to keep interest rates although the big risk to the market is the interest rate mark yields haven't moved even with the good economic data at the same time, you are right. the federal government needs a dovish nerperson in the federal reserve. we cannot finance the money taken out if interest rates spike higher from here. >> just because they haven't, doesn't mean they won't. >> exactly that's the thing they tend to move rapidly and when least expected. i think we are due for looking at where we are. we talked about inflation. although growth has probably peaked from the growth rate level. we are still looking at a solid economic growth over the next few quarters interest rates are not justified. once we get people back to work, that is something that could push interest rates higher

that is the risk in the market >> very well a delta-induced governor, i guess, on economic growth. will that help the fed look like they're doing the right thing by staying easy we could see a little bit of a dampening of growth given -- our lives are not back to 100% which we thought they would be after the vaccine and they're not. >> right >> go ahead, barry >> i was going to say really only from the perspective of what it looks like to the administration and what it looks like to congress not so much what it looks like to the public. the public is keenly aware of inflat inflation. you see that in steve liesman's polling. you break that out in the

polling. i don't think it will slow growth much. growth will slow, but it will not be slow. there are two channels to think about here when the fed does propduce asset purchases one is rates are low my colleague talks about it every time he is on. the fed is buying 100% supply of treasury protected securities. when that slows, those rates will jump. they are suppressing fixed income volatility with the mortgage backed securities when that slows, volume will jump there is not much they can do to prevent something of a market reaction to all this i think they need to get started because they are behind the curve. >> and just quickly for actionable ideas, meghan, what does it mean for where you focus

your buying equity >> equities, you may have short-term disruption. we haven't had a pull back this year we are going into the negative seasonality month in september we had extra cash on the sidelines to take advantage of opportunities because of long-term heequities we like the returning economic growth story we like the cyclical sectors particularly the small and midcap in the u.s. they also had a bit of lag as of late internationally. don't forget about the developed international markets. they lead to be more cyclical. they lagged the u.s. we liked the international markets as well. >> megan, barry, thank you when we come back, china is

cracking down on companies that don't benefit common prosperity. that's taking a toll on well known luxury brands. robert frank has the details he joins us next. look at crypto trading this morning in the red declines of 1% to 2% f torhe most part. "squawk box" will be right back. ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it changes when our goals change. planning can't be that easy. actually, it can be, carl.

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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 china's focus on common prosperity practice means there is a crackdown on luxury brands. robert frank has more.

>> reporter: good morning, becky. global stocks hitting highs until china announced the adjust to incomes lvma and hermes lost combined $85 billion in market cap over the past two weeks lvma hardest hit down $50 billion or 13% lvmh started the month as the world's richest man with the net workt of $200 billion. he lost $22 billion in about two weeks. now, perhaps, no other industry has become so dependent on china for growth than china. this year, luxury investors are accounting for 45% of global luxury sales china accounted for more than one-third of lvmh sales in the first half and most of the profit growth.

coming under pressure recently is ferrari and moncler and canada goose and prada middle class consumers buy one-time special handbag or perfume. the risk is the culture taboo to flaunt your wealth with luxury purchases. >> robert, i knew the chinese consumer was driving things, but not to the tune of 45% what is the next nation in terms of biggest spenders? >> reporter: the u.s the u.s. had been number one, but the pandemic, china leaped ah ahead. china is dominant and that share will increase. they will be more than half in the next year or two also that more and more of the chinese luxury purchases are within china they go to the u.s. or europe to buy cheaper.

china focused on repatriating that consumption >> robert, thank you great to see you >> i think the pet rock nft is part of the golden age of stupidity? >> yeah. honestly, a lot of things i would not pay for. i would say the same for the rock. >> golden age of stupidity they don't specifically talk about what is happening in our world. it's the political world w coming up, new developments in afghanistan over the weekend. tomorrow's evacuation deadline approaches we talk to michael hanlon next. and as we head to break, the biggest pre-market gainers in s&p 500. small gains.

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good morning check the futures. s&p indicated up about 5% or so. the nasdaq indicated up about 25 becky. thanks, joe. the evacuation of u.s. personnel from afghanistan continues as we approach tomorrow's deadline the biden administration said more than 114,000 people have been evacuated so far. j joining us to talk about this is michael hanlon, senior fellow at the brookings institute. good to see you, michael >> thank you, becky. >> what happened >> i think we lost control after we decided to leave in april a lot of people are saying the opposite they agree with the decision to leave. they don't like how it was done.

when you decide to pull out and do so fairly quickly between april and august, you lose control. there are a lot of bad things happen we saw one possible scenario the rapid takeover there is a silver lining of how it happened despite the terrible tragedy of thursday. there hasn't been that much killing so far in the takeover which i expected to occur. i thought it would be much worse violence than happened in the process of taliban coming to power. to me, there has been mistakes and obviously one horrible tragedy last week. for the most part, august has been less bad than i expected once we lost control of the situation by deciding to pull the plug on the mission, which i did not believe we should have done >> what happens now? the deadline is set for tomorrow there have been promises or assurances made by the taliban saying they will continue to allow people to leave. do you believe that?

>> partly. i think the taliban do want to stay partly on our good side to the extent possible. they want the diplomatic recognition and access to financial and bank accounts across the world in the name of the afghan government. they want assistance for food and covid, et cetera i'm not saying they will do this to please us if they make accommodations in order to get favorable treatment from the outside world, i think they will. does that mean they will make it easy to leave? i don't think so if there are specific people that we identify by name and ask if they can leave, through some bureaucratic process, they may eventually let them go i'm concerned about the people who are never on any such list 20 million women in afghanistan. several million shiia muslims.

those are the people where we use the incentives to improve and force the taliban to moderate to some extent in the months and years to come. >> michael, the lists you are talking about have been criticized as kill lists, essentially. giving the taliban and other forces just identities of who to go after and target. i don't think that is the case it may work to your advantage to be on the list >> i would not give an entire list at once for the same reason you mentioned, becky you can test the proposition maybe it is too late in some cases. maybe we have given over big lists. in some cases, if you are a student at kabul university, they know you are in that category i don't think the taliban are in the business at this point, of exacting revenge of full categories of people like that our job has to be to make sure they don't you give some names. you look for some flexibility. then, as my friend just wrote in

"the l.a. times" you get a mission of soldiers to verify the moderation of treatment by the groups by the taliban and verify there is not violence to the extent that the taliban let people in, muslims, not westerners perhaps that is one more mechanism to have to ensure moderation of behavior it is obviously not perfect. we do have leverage. >> mike, we are coming up on the 20th anniversary of september 11th there are questions of how safe we are from any sort of attacks that would be set up from overseas specifically from afghanistan. whether the taliban or al qaeda or isis. what do you think in terms of how safe we are or ranaren't at this point >> we have to work harder at it

right now because we don't have the network on the ground. we have gotten so much better at counterterrorism in 20 years and much better at homeland security we will be listening intently and watching intently and willing to strike any kind of a substantial operating base we see. i think the odds are fairly good that we'll prevent planning a major attack the taliban know one thing about our mettle and our willingness to fight we spent 20 years in a frustrating position that shows we are willing to go back and strike them again if they coordinate or cooperate with al qaeda or isis. overall, i think president biden made the job harder. >> the counter attack that the united states launched over the weekend, was that appropriate? was it enough?

what do you expect to see next >> i'm impressed the one out of kandahar i don't have enough information. we figured out where is explosive laden truck is located. that is hard to do with any kind of sensor. we have good human intelligence on the ground and maybe help from the taliban it is hard to be sure. that was an impressive strike. obviously i feel horrible about civilian casualties that resulted i don't know we had much choice. it also is impressive to me we seem to intercept some of the rockets that were fired today at kabul with a various mix of radar systems. something called an lpws a counter arrtillery maortar system we should not be pressured to leave tomorrow, but everyone is

on edge and hopeful that whenever we leave this week or next, whenever it may be, we can get out safely it appears president biden wants out in 24 hours. that may be reality. >> you inn furiated both sides f the aisle in washington because you don't play sides what are you hearing now as you are speaking out openly about mistakes that you think were made and what happens next who talks to you in washington now? >> i think a number of us are getting concerned about the possibility this is seen as a test of president biden's overall leadership those of us worried about not just afghanistan, but global strategic affairs, but shoring up america's credibility which is tied to taiwan which is not completely militaryily powers it is a squawk box world of the

military pressure. we need to be willing to evoke to ensure that china doesn't get the wrong idea here. secretary austin has been pushing this idea. he calls it integrated deterrence those are the confversations going on president biden may be an experienced washingtonian, but he is a new president. >> mike, thank you it is great to see you michael o'hanlon. bomb shell revelations in the theranos trial days before it is is set to begin. and a partnership with

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bombshell revelation days before elizabeth holmes is set to stand trial critics say she suffered a decade long campaign of

psychological abuse from her former boyfriend and business partner. her defense team said he monitored her calls and subjected her to physical violence such as throwing harsh objects at her and monitored her movements and what she said and how much money she could spend she met him when she was 18. he later joined her testing start up as coo. they face ten counts of wire fraud and two counts of conspiracy for what prosecutors call a scheme to defraud investors and doctors and patients both pleaded not guilty and denied any wrongdoing. balwani denies holmes allegations and the defense team cites them as the reason the trials were separated.

jury selection for the trial begins tomorrow. no words, becky. >> i was reading through this last night his side denies this there were people in the company at the comtime for years with t fraudulent practices and everything that happened at theranos it seemed like she was in control and he would take a backseat you hear both sides come at this in a big way this is not a last minute thing. these are the papers were just made public. dow jones was fighting to get these documents released to the public these are things they filed a year ago or year and a half ago or longer. it will make for some close watching as we get into the trial. the first trial being hers >> svengali type of the devil made me do it. it wasn't me

i don't know i was under duress i was psychologically manipulated. these defense guys -- >> can come up with lots of different -- >> if you need a good lawyer, you want what they are, which are guys that can come up with something and argue it like they believe it >> yeah. >> whether they do or not and to the death. that's what you want at the same time, you have to think what a weird occupation. facts and truth take a backseat a lot of times to what they're trying to accomplish. >> to the argument. as we head to break, a look at energy prices oil is in the red. natural gas and rbob above 1%. all this happening as we watch what happened with hurricane ida. a lot of shutdown of production

in the gulf of mexico. something like 12% of total u.s. production 2 million barrels of production offline right now. rbob up 1.8% natural gas is flat. the ceo of the port of new orleans will join us next with wh ty rrananf the huice d atheare seeing "squawk box" will be right back.

welcome back, everybody. let's get back to this morning's top story. that's the gulf coast being slammed by hurricane ida on the 16th anniversary of hurricane katrina. joining us right now with an update on the ground is brandy christian, the president and ceo of the port of new orleans brandy is also ceo of the new

orleans public belt railroad brandy, i know it's early there and the sun is just coming up, but what can you tell us about what the situation looks like right now? >> well, good morning. thank you for having me. we're just now trying to get to daylight hours as you can imagine, we're hoping for daylight to assess the situation. last night was a tough night, but it was mostly a major wind event. obviously a tremendous amount of rain we had some localized flooding but right now the real priority is getting power back to the area with some significant wind damage as soon as the daylight hours come, the city and the region is trying to assess what the situation is with roadways and power outages. >> in terms of the port, what do you know right now i know without power it's a lot tougher to kind of tell where things stand, but does there look to be any significant damage at the port >> we were able to do a quick

visual inspection last night obviously it was a bit dark but we didn't see any major issues some water leakage issues. but fortunately the port is all within the $14 billion federal flood protection system so we're very hopeful that we have small damage butobviously in the daylight hours we'll get out and inspect the facilities more thoroughly we expect that it will be mostly an issue of power and getting personnel back to the port facilities >> brandy, i know when hurricane katrina hit, you were at the port you were the chief operating officer at that time it's hard to compare and contraflt the two, but it does sound like at least for now, it looks like most of that damage than evaded in terms of the water and the flooding and things going over the top of the levees >> yeah. as i mentioned, this event seems to be more of a wind event

it will be significant for the port, but also a lot of investment in the federal flood protection system has put in place since katrina so we're fortunate in that regard once daylight hours get here, we'll be able to assess the situation. there have been a lot of lessons learned and investment made since katrina but obviously a tough situation for everyone here on ground. >> what was the situation at the port before the storm came ashore there have been so many issues with the shipping system around the globe because of covid and other shortaging what have you seen to this point? >> we were fortunate the port of new orleans we're primarily an export port, so in terms of traffic we were pretty steady in terms of covid we were not having too many labor shortages so we were pretty well prepared for the storm coming on so we were fortunate in that regard as well as with the new orleans public belt railroad, so we felt really prepared for the storm. so hopefully that assisted us in

being prepared and hopefully will help us get back up and running very quickly, as soon as we can get power back to the facilities. >> you along with the port of greater baton rouge and the port of southern louisiana make up 55% to 70% of u.s. grain exports. what do the crops look like to this point what does it look like just in terms of what you can get out? >> you know, so far we haven't heard much damage coming out of the port of baton rouge or the port of south louisiana. port fushaun was in the eye of the storm and they're primarily an oil and gas facility. haven't heard reports from them but primarily i think the port of new orleans and port of fushaun were in the thick of it yesterday. i think those are the three

primary ports we'll be looking to to assess today. >> brandy, we are wishing you the best of luck and thinking of you as you try to get operations back up and running. thank you, and good luck. >> thank you so much. coming up, the louisiana senator, bill cassidy, will join us for more updates on the hurricane impact in the state. first, dr. scott gottlieb on booster shots, rising case counts and how the gulf region will manage covid while caring for victims of hurricane i'da. "squawk box" is coming right back da "squawk box" is coming right back

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breaking news out of the gulf coast ida downgraded to a tropical storm, but not before unleashing powerful category 4 hurricane wind and rain on louisiana nearly all of the region's oil and gas production is now offline. on wall street, stocks are trading at record highs with just two days left in august the s&p on track to notch a seventh straight month of gains, which would be its best streak in nearly four years. plus, the fight against covid. new information this morning on the timeline for getting children younger than age 12 vaccinated dr. scott gottlieb will be our

special guest, as the second hour of "squawk box" begins right now. good morning and welcome back to "squawk box" here on cnbc i'm joe kernen along with becky quick. andrew is off today. futures are in the default mode that we've seen so often through most of all of the summer, but just about every day we do see some pressure, some upward momentum, g green we've seen a lot of buying happening as rates stay low and there is not a whole lot of other things to invest in unless you like pet rocks, but we've got the s&p up about 3.6%, the dow jones up 15 or so, nasdaq

indicated up about 16. let's get right to today's top stories. our team of cnbc reporters has complete coverage. we'll begin -- we have valerie castro in new orleans covering the destruction of ida eamon javers joins us from washington he's tracking the latest on the situation in afghanistan it's august 30th and dom chu is at cnbc headquarters watching the stock market, the tape valerie, let's begin with you as we did last hour good morning. >> reporter: good morning, joe at this time yesterday the state of louisiana was bracing itself for a category 4 hurricane this morning it has now been downgraded to a tropical storm but that doesn't mean the worst of it is over. there are still some life-threatening conditions this morning. flash flood warnings have been issued in various areas and will remain in place until at least 10:00 a.m. local time. the problem this morning is the power outages. the entire state is reporting more than 1 million customers without power. the city of new orleans

completely in the dark this morning. we lost power here around 6:00 yesterday evening. entergy is calling this a catastrophic failure of their transmission system. they alone are accounting for 800,000 of those outages meanwhile the city of new orleans is also contending with a problem with their 911 emergency response system. they are having some technical difficulties with that this morning. yesterday afternoon president biden issued a disaster declaration from fema headquarters last night the first storm-related death was reported in ascention parish. the sheriff's department there telling us that a person was killed by a falling tree the scale of the damage remains to be fully realized today we're still in the dark waiting for daylight images yesterday show some of the hardest-hit areas where roofs were being ripped off and scattered by the strong winds. cameras in st. bernard parish show the difference in flooding over the course of an hour initially the ground was

relatively dry just an hour later, those floodwaters moved in, rushed in and really began to cause those problems again, we're waiting for daylight today to get a full assessment of the damage overnight, certain to be some dangerous conditions throughout the morning. joe. >> one of the things, valerie, that struck me, 16 years since katrina and there is a lot different -- that was a category 3. i think it got stuck there with the rain and obviously the whole levee situation was different and hadn't been fortified, all the work that was done so a different situation but we couldn't help but think back on that because of new orleans and how hard it was to get that city back to what we think of as new orleans. hopefully that won't be the case this time. >> throughout the day yesterday on the local news here, there were comparisons all day long to katrina, but as you mentioned, all of those systems were

fortified and upgraded after katrina, so even though this felt like it was a similar situation, the outcome so far appears to be very different everything held here in the new orleans area, but we're hearing in some of the communities further south of here they did have some failure in the levee systems and some problems there. but exactly how bad things got there remains to be seen joe. >> i just thought of something you probably don't know it, valerie, but our reporter back then, our weather reporter, her name was katrina voss and it was during katrina so you're valerie, not ida that would have been too weird if that were to happen thank you. it's good to see you this morning. do you remember that >> i do. i was thinking about that last night, joe. >> so weird. katrina voss yeah strange coinky-dink. let's get to the situation in afghanistan now eamon javers joins us with the latest on that developing story. >> good morning, becky joe biden spent part of his

weekend at dover air force base yesterday participating in one of the most difficult processes that any president has to undertake and that is the dignified transfer of the remains of american service people who were killed in action last week. there you see the president with his hand on his heart at dover air force base yesterday meanwhile, the state department is telling us that the u.s. occupation of afghanistan now in its final hours and they are removing remaining u.s. diplomatic personnel that process has begun the united states has secured all locally employed staff from the u.s. embassy in kabul, including 2,800 employees and their families who have been moved from the airport in kabul. a u.s. mq-9 reaper drone stroke an isis-k fighter in eastern afghanistan that was thought to be involved in planning for future attacks so the military campaign sort of continues here even amid the process of withdrawal that's going on at kabul airport as

they're removing the diplomats and civilians. you can imagine that the military will be the last to leave. that deadline is tomorrow, august 31st, for the united states to leave the country. but antony blinken, the secretary of state, said on "meet the press" yesterday that some of this mission might continue beyond that here's what he said. >> our commitment to continue to help people leave afghanistan who want to leave and who are not out by september 1st, that endures. there's no deadline on that effort >> so the secretary of state there saying that the united states will work to continue to remove people in afghanistan who want to leave through a whole host of other ways of getting out other than kabul airport which presumably will be in the hands of the taliban and under their control in about 24 hours' time or more so at some point in the next coming hours or day, we should see the last u.s. military flight out of afghanistan and the end of a 20-year war, becky. >> eamon, the taliban at this

point saying they will continue to allow people who want to leave, to leave. europeans have been raising some doubts about that, whether they actually believe it or not what do you hear from the united states in washington >> well, there's a lot of misapprehension about the taliban. a lot of people don't know what to make of them right now and sort of what they're saying, whether they can be trusted and whether there's any real central leadership there remember, the taliban is a very fractious group, a bunch of different factions jockeying for power. but you've got to imagine it is in the taliban's interest to have a lot of those people removed. these are former regime people from the previous regime if you're trying to consolidate power, it's probably easier to do that without people from the previous regime on the premises than it is with them if you can move the previous leadership out, that cements the power vacuum and then you can step in and take control

yourself, so they have some interest there themself, becky. >> the taliban may have interest in that, al qaeda and isis probably not so much the question comes down to whether the taliban is working with them and how that entire relationship is set up. >> and whether we're going to see peace in afghanistan or if this is just going to be an ongoing civil war that continues without the presence of the united states. that's the worst-case scenario for afghans who have lived through decades and decades of warfare at this point. is this a moment the taliban can consolidate power, beat back isis-k and al qaeda to the point they can control and pacify a lot of the regions of the country or is this just going to be a continuation, a mutation of the war into an entirely different form now. >> eamon, thank you. >> you bet let's go back to the markets. the futures right now are up just marginally this morning, but green across the board dom chu joins us with some of the morning's big movers for jackson hole, can you still

say mission accomplished or does that mean that everything got messed -- i don't know that's not a good acronym anymore, is it, dom? but let me ask you this. the journal points out a lot of the hottest stocks in the market are slow down type related stocks recently. we've got a jobs report coming what are you seeing? >> so, yes, first of all, mission accomplished i don't think many people use that term anymore just because of some of the things that happened during the gulf war and everything else that happened. but if you look at the way that the markets are playing out, despite everything that's happening with the storms that we're seeing in the southeast, with louisiana, despite the fact that the afghanistan situation continues to deteriorate in many ways, the markets continue to shake those things off and hit record highs this past friday. with regard to some of your questions about the plays happening right now, of course many of the reopening plays are starting to take a bit of a hit. we'll talk about a couple of those in just a second here.

but generally speaking, many of the big movers that we are seeing from a microeconomic company specific standpoint have to do with some of the trends dying with covid or reaccelerating with the covid delta variant trends affirm holdings is one that's interesting. the shares are up 40 some percent because they announced a partnership with amazon, which has been a huge beneficiary during the pandemic because so many people are shopping at home with that many more people shopping at home, how do you finance that over time affirm holdings provides that buy now, pay later construct they are going to partner with amazon $50 purchases for many amazon consumers will be able to be financed over time, four installments that's one of those covid trends that has an ancillary effect a couple of other ones to watch thematicwise if you look some of the eating out trends we know companies have been recovering from the pandemic, but if the delta variant

continues to surge and doesn't level off like people think that it will, what does that mean for restaurants? brinker international, dave & buster's on the entertainment side of things are being downgraded to hold over at stifel because of those covid concerns brinker and buster's had seen some highs during the pandemic lows one of the other ones to watch is a recent ipo. weber grills more people are grilling at home, staying at home. outdoor trends continue. weber gets a couple of initiations this morning goldman sachs says buy, jpmorgan says outperform. they both have price targets decently above where weber is right now but that's the reason it's up 2% so, joe, yes, the company specific stories are making bigger waves with regard to whether or not covid is going to be a lasting trend but i would say this when you've seen the s&p 500 close for its 52nd record high

of the year and the 31st record high of the year for the nasdaq composite, you wonder whether some of those stories matter to general investors because all they have to do is buy an index funding and it keeps going higher and higher. >> are you a city dweller, dom >> i'm not i'm a suburbs guy in connecticut. >> so you've got a grill >> i do. i actually have a weber. this is not an endorsement i actually factually have a weber grill in my backyard. >> so a gas one? >> propane. >> does anyone still use charcoal it does have a good flavor. >> i would say that the thing that i wanted to do that i didn't get involved this was the big green egg. i wanted to get one of those for smoking and everything else because we are cooking a little bit more outdoors. i was one of the lucky ones, joe, to get patio furniture over the course of the last year in a decent amount of time, but i know the supply chain issues continue in that way so we're watching a lot of companies impacted by those types of situations

i don't know, we got ours at costco a lot of people know i like going to costco and it seemed to arrive on time. >> i think about city dwelling that's got to be like on the ben franklin close you've got to put grilling outdoors i know you get some takeout food and you're near museums, but no parking, no trees. i don't know no grilling out. i mean what does andrew -- do you know, becky, does he have one of them things on his balcony? >> like a hibachi grill? you're not going to ask me about my grill >> i don't grill my husband does that. >> he hooked me up with the squirting brush from bed, bath and beyond you should get one of those, dom. if you're cleaning the grill, it's hot and you squirt it on and it's a very good feeling. >> i've seen those infomercials

and figured i could do it myself jet a spray bottle with water. >> it's not -- >> just as effective. >> okay. i give up. if you can't see how having it built into the brush for a true griller is better, you know, you can put it in one of the pockets in your apron and really -- they're telling us to move on. can you believe that >> i would also say this i don't think andrew -- from what i know from the city dweller friends that i know. you're not allowed to have those hibachi grills on any balconies in new york city. >> you need the george foreman grill. >> he made so much money off that all nine of his kids, all those nine georges all are rich. george one through george nine. >> anyway, dom, we'll see you later. when we come back, about 95% of gulf coast oil and gas production is offline this morning. we'll talk about the impact of ida on the broader energy industry that's next. stay tuned, you're watching "squawbo a ts cc.k x"ndhiisnb

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our thanks. your rewards. hurricane ida slamming the gulf coast, forcing refineries and pipelines to at least reduce and sometimes halt production. colonial pipeline supplies half of the fuel used on the east coast. it has halted deliveries joining us now is the president

of lippow associates how much do you know at this point, andy, since it's early, about the extent of damage i guess it's not just about damage, they closed it down in advance. that in and of itself takes time to reopen. so what do you know as far as the current state of things? >> well, what we know right now is this the six refineries that are in the new orleans area down towards the gulf of mexico, they have all been shut in over the last couple of days. they represent about 9% of the nation's refining capacity we've got three refineries in the baton rouge area it looks like they have been riding out the storm, so that's good news even though they have cut production with colonial pipeline, they did announce yesterday that they took precautionary measures to shutdown the system, which means that refined products are now getting backed up into the texas market and unable to make their way into the southeast and

mid-atlantic markets right now we simply don't have any information on what the colonial pipeline or for that matter the plantation pipeline infrastructure is like after the hurricane has passed through >> no idea can you at least make a guess? was it about what was expected, worse, not quite as bad we're hoping >> well, i think probably the good news for where the pipelines are is they probably did not get flooded. many times now the pipelines will haul in generators from out of state to get those pump stations going i think the biggest issue is the entergy utility electrical grid throughout the area that will affect operations or the restoration for the oil industry, especially when we think about oil production the gulf of mexico rigs seem to be okay, but when they deliver onshore to these low-lying

locations like houma, gibson, clovelli, that's where there could have been significant wind damage as well as flooding that would prevent the return of oil production. >> is it impossible to estimate how many barrels of lost production there are right now back in august 2020, when hurricane laura hit lake charles, refiners were shut down at that point too. it was eight to ten weeks. what did we lose that time total? >> it was. that time we only lost two major refineries and it was due to hurricane laura landing as a category 4 storm what we found was significant wind damage to part of the refinery infrastructure that took almost two months to repair that type of wind damage is likely to have occurred on the lower mississippi river. we saw wind gusts up to 172 miles an hour so that would be my greaters fear for the return

of refining capacity >> so august 2020 it was a category 4 we don't have good memories. since 1850 we throw a lot of -- i don't know, we get a lot of things thrown around about when these happen i barely remember laura and that was a category 4, just last year >> i know. it seems like it's ancient history already. as far as lost oil production, i'm estimating that we're going to see in excess of 10 million barrels of crude oil production. >> will that be -- will that matter to the price of oil or still too small? >> well, ironically it really won't matter to the price because on the other hand the refineries weren't running so that offsets the demand. where you see the impact is actually in gasoline and diesel prices as we speak this morning, the gasoline futures are up only about 4 cents a gallon

they were up nearly a dime last night. right now the market is just simply waiting for first light to start to assess the damage and how long the infrastructure is going to be down. >> okay, andy. andy lipow we need you. it seems like we need you a lot recently as we said, just back in august '20. lipow oil, is that named after you? >> that is that's my surname so that's the company name. >> got it. thank you. we'll see you. >> thanks for having me. when we come back, we've got some new details on airlines cutting back on flight plans for the fall phil lebeau will bring us the surprising numbers right after this this is ashley.

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the nation's major air carriers are starting to lock in schedules for the remainder of the year new data shows that there will be fewer seats in the fall than this summer. phil lebeau joins us right now with more on that. good morning, phil. >> good morning, becky we asked the folks at oag, an airline research and consulting firm, to crunch the data in terms of capacity from the major carriers here in the united states what they're looking at for the

remainder of this year what we're seeing is that the plan is to fly far fewer seats than they did in august and july let's take a look at the data from oag for september the big drop is going to be a cut of 9.1% in capacity then in the fourth quarter, it's down 6.8% with all of the major airlines trimming their schedules. keep in mind, this is what we're seeing right now it could be even more dramatic if we see covid-19 surging we've seen a plateau in the number of people who are flying. the high-water mark was definitely in late june, early july right now it's down about 22%, the august flight numbers compared to where we were in august of 2019 take a look at the major airlines let's start first off with southwest airlines we've heard from southwest already that it is trimming its schedule for the fall. they're going to make further cuts as they're tackling some operational challenges then when you look at the other major airlines, whether it's american, delta, alaska, united, all of them are also trimming their schedules.

the thing that i'm curious about, guys, what is going to be the demand for the holiday travel season? a lot of people thought three months ago we would see strong travel demand. i'm not so sure given what we're seeing with covid-19 it's definitely low not going to go back to where it was a year ago, but it is going to be slower than what we've seen over the last couple of months. guys, back to you. >> hey, phil, just in terms of the slowdown i would anticipate you normally see in the fall, the summer when everybody travels when kids are out of school, how much would they normally bring their schedules down by, just accounting in the dropoff in travel from vacations? >> yeah, a little bit. you definitely see a slowdown in september and october. the difference is traditionally that is when you see business travel pick up a little bit. you start to see more conferences, you start to see more companies saying, okay, the summer vacation season is over we're going to send more people out on the road. it's just more business travel we're not seeing that right now because of covid-19. >> so what was that potentially going to mean for furloughs and

for these employees that we've tried to keep on at all of these companies through all of this? >> right well, we're past of that point in terms of furloughs. the airlines are all in need of further staffing because they cut back so far. remember, we had the issue in the summer where you had a number of airlines saying we don't have enough people, whether it's flight cruiews, whether it's maintenance because so many people took buyouts, early retirements, and they cut back so far late last year, early this year, that they were having trouble ramping up. so we're still in the process of the airlines, for instance, hiring pilots, getting more people for the flight crews. so i'm not worried about the furloughs and i'm not worried that we'll head back to where we were a year ago where you saw airlines saying, you know what, we're furloughing 10,000 or 15,000 people. >> i guess those staffing shortages may account for some of these cutbacks that they're talking about too. >> a little bit, a little bit. but it's more demand,becky

it's more demand. >> great phil, good to see you, thanks. >> you bet. still to come, i guess he's harvard university harvard university's arthur brooks, that's like the last thing i think of him as. he used to be the president of aei. he figures why should i preach to the choir i need converts. that may be why he's at harvard. joining us to talk about the ongoing situation at afghanistan, the impact it may have on president biden's domestic agenda, plus dr. scott gottlieb on the timeline of chdrneorouor a vacci f yng ilen, boofsters and much more stay tuned, you're watching "squawk box" on cnbc

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welcome back to "squawk box" everybody. in our headlines, a tesla vehicle using its auto pilot system was involved in an accident over the weekend. the car hit a florida highway patrol car in orlando, florida, which had pulled over and parked to assist a disabled vehicle the tesla driver and owner of the disabled vehicle suffered minor injuries u.s. regulators are investigating a number of similar collisions with parked vehicles. the google play app store

generated $11.2 billion in revenue and $8.5 billion in profit in 2019 in a first-ever look at the unit's results that information came out of a court filing that was unsealed over the weekend as attorney generals for 37 states sue google for alleged antitrust allegations. the plaintiffs say google takes an aurbitrarily high cut of the app store sales. google says the numbers are being used to mischaracterize its business on the eve of the u.s. deadline to withdraw u.s. troops from afghanistan, does the tenuous situation there risk derailing president biden's economic agagenda let's bring in harvard university's arthur brooks, aei emeritus, there it is, and host of the podcast "the part happiness.

arthur brooks, thanks for joining us you heard what i said. i guess you're at harvard university. >> i am. >> why stay at the aei and just preach to people that really agree with you you might as well go right into the den of the enemy, the permanent leisure class, the academics really that probably in large part are due to you are living in the golden age of stupidity. do you ever look around and say, wow, i'm one of them i'm part of the problem? >> yeah, i mean, look, i'm sure that you say the same thing being a member of the media. the truth of the matter is that we all have a big responsibility to bring information -- >> >> touche. >> in my case i'm talking to the future leaders of the country and we need all different points of view. >> we don't have it, arthur. we don't have it at universities anymore. you only have one point of view.

>> well, i'm at the harvard kennedy school talking about a lot of things having to do with the free enterprise system and american intervention and leadership around the world, including military leadership and i'm doing just fine. so don't lose hope, joe. don't lose hope. >> lost hope lost hope. you know that after stupidity comes madness, and we're right there. social media doesn't help. what about the premise of our interview today -- >> yeah. >> arthur. do you think that the biden agenda -- i don't even know, is it the biden agenda, the sanders agenda, what would you call this $5 trillion? >> well, it's basically what he promised when he was running against donald trump that he was going to do. but the interesting thing about it is it's just absolutely classic that domestic presidents come into office and immediately get derailed by foreign policy the same thing has happened to president after president. you can say i'm going to be a domestic president with all of these objectives in the case of president biden

he promised a ton of really progressive stuff that i wasn't really looking forward to quite frankly. but the world's events intervened as they tend to do in foreign policy the important thing to keep in mind is if he doesn't pay attention to these events and foreign policy, it's going to become a much bigger problem in my point of view, he needs to turn his focus entirely to talk much more openly about what's going on in afghanistan, which will kind of ironically give him more cover for his domestic agenda >> do you think at this point there's anything to worry about in terms of go back, put your aei hat on, in terms of a return to some of the -- we had barry knapp talking about the '50s and '60s and just how out of control inflation finally got. do you see that, a long-term

problem with that if we just keep adding to the debt like we are? >> yeah, for sure. i just don't think there's any new change in the laws of economics. i don't think that things -- we've gone through a worm hole and the physics of the way these things tend to work. and indeed if we keep playing with this over and over and over again, we pretend that all money is free, that there are no consequences to debt and deficits and again, this is not just a democratic liberal problem on the contrary. we were running like drunks for a long time, including under the trump administration so there's plenty of blame to go around in a very bipartisan way. sooner or later we'll pay the consequences for this. you don't have to be an economist like me to understand that one. >> so you love happiness, come together, all those things we don't need to ban social media to get there you don't see kind of a spiraling decline in stupidity and madness that's unstoppable at this point? >> yeah, i saw that really funny

and interesting "wall street journal" piece the truth of the matter is a little bit of history and you know that stupidity has been pretty common forever. i mean this is just -- you go back and the problem is that the little things, the stupidities, the frictions, the inability for us to get along, the dumb things like thinking that the -- joe, the number -- the 60% of americans say that the biggest threat that our country faces is people from the other party. it's just -- that's the biggest stupidity of all when we're actually talking about the taliban every single day and we're more worried about democrats or republicans that's real stupidity, but there's nothing new about that that's why what we need right now is aspirational really high quality positive inspiring leadership people who remember that the american civic religion is self-improvement and that we all need more opportunity. we need parties competing with each other to actually create

more opportunity, especially for people at the margins as opposed to fighting each other as if we were the energy. >> humbug. becky. >> arthur, you're right, stupid tee is not a new invention, there's been plenty to go around for a very long time but the tribalism does feel different. at least different than we were used to the last 50 or 60 years. does that strike you as something that's new and something that's a problem or something you look back at other times to too. >> yeah, you're right about the 50 and 60 years. there's a very interesting research article in the european economic review, which is an academic research journal, that talks about the fact that the financial crisis at any particular time, which tends to happen a couple of times a century, and this is based on hundreds of elections over hundreds of years, as a matter of fact. that what it does in twice a century or so, over the ten to 15 years following a financial crisis is create a to know of populism and tribalism, exactly

what we're seeing. the bad news for european countries is that's the state of nature if you ask the french what do you think about bill gates and they'll say, let's take his stuff and burn his house down. in the united states we don't have a tendency to be envious in this way to hate each other naturally. our state of nature is to be less populist and be less tribal as we get back to our equilibrium with proper leadership and the things we can do in academia, politics and media, so it's all of us right now banding together, we can actually fix this problem. >> academia -- i'm not so sure the french did love jerry lewis. >> years back. >> there's that. here's my only thing and then we've got to go. i mean history never repeats itself, but i was around for carter and iran and the helicopters crashing in the desert and the government is the answer to everything and taxes

are the way to go. and then in my life i still see reagan riding in on a white horse and sort of turning things around there's no reagan on the horizon, arthur. >> yeah. but remember that soon before 1980 there was no reagan there either reagan existed, he was one of many remember, he was running in a primary against phil crane who is every much as tribalistic and negative as any of these other republicans or democrats we would see today and reagan edged out a few other people and became the dominant voice. we have guys like ben sasse. we have guys like tim scott. we have people that are fundamentally -- they believe in the american spirit and lifting people up and bringing them together nobody is perfect, but when i look around and i see that kind of talent, i've got to say i'm pretty hopeful. >> now i'm going to get twitter feeds from millennials that

googled ronald reagan. >> ronald reagan was great st. ronald. >> no, he's just an actor. i get it, i seeit. it helps if you actually were there and were there for eight years, 365 days a year seeing it instead of googling it and coming up with three talking points. >> i agree. >> well, we need you i can't believe you're there surrounded by -- i know you go around dressed incognito on that campus back there. >> no, i'm happy i'm telling you, i'm full blast. they all know who i am it's good. there's a lot of debate but i'm very happy. >> disclosure. as long as you have disclosure thanks, arthur. coming up, dr. scott gottlieb on the timeline for getting children younger than 12 the covid vaccine. we're coming right back. thanks ing. now when it comes to a financial plan this broker is your man. let's open your binders to page 188... uh carl, are there different planning options in here? options? plans we can build on our own,

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coming up, as schools across the country reopen for in-person instruction, parents want to know when covid vaccines will be available for children younger than 12, especially those at heightened risk. former fda commissioner dr. scott gottlieb has an update on atimin nt.

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welcome back, everybody. former fda commissioner and pfizer board member dr. scott gottlieb says that clinical data from pfizer's covid-19 vaccine for children ages 5 to 11 could come as soon as next month with the potential clearance for that vaccine coming in the late fall. dr. gottlieb joins us right now. his new book, "uncontrolled spread, request covid-19 crushed us and how we can defeat the next pandemic" is out starting in september scott, it's great to see you i've missed talking to you while i wasaway and i have a ton of questions that i know you know i'm ready to start peppering you with the first up has to be what's happening with kids. as a momwith kids going back t school, i'm nervous, especially with one child who's at heightened risk who isnot old

enough to get the vaccine at this point there have been so many questions about this timeline, but dr. anthony fauci said yesterday that the approval could come as soon as next month. what do you hear happening >> yeah, dr. fauci said on tv that the data would be available in september, and i think that left the impression that the approval could come in september. but his comments weren't that specific the timeline right now at least with respect to the pfizer vaccine, the one i'm more familiar with as you mentioned i'm on the board of pfizer, the data should be available in september and should be submitted to the agency at some point in september but the application probably isn't going to be submitted until some point in october. if the fda sticks to its normal timeline in terms of how it reviews these applications, you would expect that to bea four to six-week review for potentially an emergency use authorization. so that puts you in a timeline where you're late fall, early winter i think that that's an optimized scenario if everything goes right and this is an accelerated review like the other

applications have been it could be the case that the fda decides to wait for longer follow-up on the children in the clinical trials so you get a longer term view of how they perform over time, a three to six-month median follow-up of the kids in the clinical trial they have made some indication that they would wait a longer period of time to follow those children if in fact that does occur, it pushes out the timeline. now, i think some of this is going to depend on what unfolds this fall. if we continue to see these accelerating rates of infection in kids as the delta variant moves to the northeast, i think there could be more pressure to make an earlier authorization of a vaccine to make it available for children age 5 to 11 we're talking about the vaccine age 5 to 11. the vaccine for kids ages 2 to 5, the data on that won't be submitted until november so that's further behind. that's a lower dose than the vaccine that's going to be used this children age 5 to 11. >> here's the question obviously this doesn't present the same risk to all children.

but there are children who are at heightened risk, kids with rare genetic diseases, kids who have, you know, asthma or any number of any different reasons. i've been a little surprised last week watching the cdc and the american society of pediatricians coming out and saying that basically you can't prescribe this off label for kids under any measures, which is very different than what we've heard the talking points to this point that this is a decision between you and your doctors. if your doctor thinks you are at an incredibly heightened risk and you're setting it against this backdrop, why would they not be allowed once they see the phase three trial data that comes in from pfizer and from the others, why would they not be able to make that decision to say it's riskier to be a guinea pig to the delta variant than it is to be a guinea pig with something we know some of the results? >> yeah, it's unusual to see the cdc be this proactive in effectively threatening doctors about off label use of a

product. i understand them exercising concern in the context of children where the data isn't available publicly so there's not a lot of information to guide physicians right now that data will be hopefully available in september so there will be more data in potentially the public domain to inform those potential decisions but they have also taken the same posture with respect to prescribing boosters to an older population where there is a lot of data and they made a policy decision they'll be doing that in the fall where they have taken steps to effectively threaten physicians in terms of losing earn certifications with the cdc if in fact they engage in wholesale off-label use of these products so that's unusual. you're right, that's an unusual posture of the cdc to take to try to regulate practice of medicine in that way i do think if the data comes out in september and it does look promising with respect to the use of the product in children, there might be a broader debate about whether certain very high-risk kids, the risk/benefit

makes sense at that point but that will have to be within the confines of the fda and cdc making that judgment at this point they really have put in place measures that i think will restrict the vast majority of doctors from k exercising any use of this product to this point. the vaccine that's being developed in children is the same formulation being used in adults, it's just a lower dose so it's the same exact vaccine being used in adults but just one-third of the dose. so there is some ability to look at the data you have available in adults and translate that into some assumptions around how it behaves in children, although we assume from a regulatory standpoint that kids under the age of 12 behave differently, the biology is differently and that's why you want to see separate data and why you reformulate these products for a younger child because you can't have the expectation that a product that works in adults in one way will work in children in the same fashion. >> doctor, i've always struggled

with the notion that a vaccine that just causes spike proteins to be made would have greater immunity than someone who had the whole virus itself and someone who actually had covid the latest study, i don't know if you put any stock in it out of israel, having sars covid 2 once conveys much greater immunity than a vaccine. have you changed -- do you know, is the thinking changing on whether natural immunity is, as you postulated in the past, not as effective as the vaccine? >> yeah, look, i think the balance of the evidence demonstrates that natural immunity confers a durable protection i think it's fair to conclude that at this point we should start assimilating into policy discussions. i'd be careful about concluding that natural immunity is more robust than the immunity conferred by the vaccine based on that one study. the balance of the evidence

doesn't suggest that there were a lot of methodological restrictions. it is the case this people who have a confirmed case of covid who develop a subsequent illness by and large aren't likely to go get a second test for covid because they're going to make an assumption that they don't have it so they probably weren't capturing all the people who had covid following an illness of covid. that said, i think what you can conclude from that study along with others is that natural infection confers robust and durable immunity i think the question of whether one is better than the other isn't that material. i still think that the balance of the evidence tips in favor of vaccine. the reason to get to your original question, the reason why you might assume that the vaccines confer more robust, durable and broader immunity is the spike protein in the vaccine is stabilized so it makes a better target for the immune system >> scott, we look to israel often to kind of see what they have been doing. why do you think they have moved

so much more quickly than other nations? >> i think their process allows them to do this. they brought together a group of i think about 50 'em neeminent physicians, convened them publicly they didn't have to wait for an fda judgment or advisory committee, they didn't have to wait for the cdc to review it. they didn't have to wait for operation warp speed there's not a lot of steps in their process. they made a public decision based on expert guidance that they convened in a very public fashion. now, they have also seen data. they started vaccinating their population earlier than us, particularly their more vulnerable population. they have been seeing not just declining vaccine effectiveness but also rising incidences of more severe cases, particularly in their elderly population. we're starting to see that in the nursing home population, rising infections, and there is some data suggesting rising severe cases in the nursing home population, so i think we're going to start seeing

potentially the same things they were seeing in their data a little earlier in fact that's what prompted cdc to give the booster starting september 20th i believe it was the data set they put out looking at nursing homes where you see a rising incidence of infections in previously vaccinated people. >> scott, thank you for your time it's always great talking to you and we look forward to talking to you again. >> thanks a lot. >> thank you. when we come back, louisiana senator bill cassidy will join us to talk about the impact that hurricane ida has had on the gulf coast w project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. [grunts] whose resumes on indeed match your job criteria. ♪ ♪ [grunts] pnc bank believes that if a pair of goggles can help your backhand get better... yeah! ...then your bank should help you budget even better. (laughing)

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good morning hurricane ida leaving millions without power as it rips its way across louisiana and into mississippi. we'll take you live to new orleans for the latest fallout now from jackson hole we'll break down the comments from fed chair powell and the impact on the markets. plus, we'll take a closer look at the increasing use of covid antibody treatments as the delta variant surges in the u.s. the final hour of "squawk box" begins right now. good morning and welcome back to "squawk box" here on cnbc live from the nasdaq market site in times square and from englewood cliffs, new jersey

i'm becky quick along with joe kernen andrew is off today. with all the bad headlines that we've been hearing, the u.s. equity futures have been hanging in there at this point you have to remember that both the s&p 500 and the nasdaq closed at new highs on friday and this morning there are green arrows once again. these are modest advances, but still advances in spite of the headlines coming both out of hurricane ida and afghanistan. you can see the futures are up across the board treasury yields also a little bit higher they ticked higher last week over the course of the week. the 10-year sitting at 1.315%. joe. >> the s&p and nasdaq hit new highs following fed chair jay powell's comments at jackson hole let's get to mike santoli. mike, when you were a kid, did you dread september? did you hate that song "see you in september"? do you get butterflies >> yeah. >> is it still like that >> it wasn't so much about the song that was a little bit prior to my time of being anxious about

the start of school. but yeah, starting in let's say july i like the idea of september coming around. >> did we see a summer of traders taking holiday it's different during the pandemic, i think. do you expect anything different in september versus this last summer period that we saw? >> i don't think necessarily related to the level of participation in the markets, but i think just where we are feel positionwise in the markets. historically everyone knows september tends to be a weak month but so does august and we're working on the third straight perhaps 2% gain in the s&p. in fact for the second time this year it's not that common to have three months in a row of a 2% gain take a look at how steady this climb has been one year ago we were just about making that exuberant peak in the nasdaq and the s&p 500 right before that 10% pullback it was very much faang driven. this is much more balanced 20% year-to-date gain in the s&p 500. it's not as if everything is that extended at a 30% annual

rate a lot of stuff has taken a rest while other sectors have taken the lead take a look at the mix of industrials versus nasdaq 100. so this would be global reflation and recovery trade and industrials. and the big secular growth names. look at the gap that opened up at the peak reopening enthusiasm where it was all about industrials leading the way into the spring now close the gap almost entirely, the nasdaq 100 and impact about a third of the s&p 500 companies are still at least 10% below their high even though we've just made our 52nd record high of the year in the s&p 500. another way to look at it, energy against banks, they have held up and held most of their gains for the year, but they have definitely come under suppression. this is a six-month look so this is where that maximum exuberance was happening in the cyclical trade. so they're moving together but working below these highs from back in june so you can look at this one way and say well, now maybe it's time people are getting more

comfortable with the fed outlook and not choke out growth maybe covid receding nationally this has been the dance time after time will they continue in september? very unclear but this is looking very much like 2017, 2013, 1995. these other years where you've had churning upside resilience in the market even though there were all these excuses to pull back more and it didn't simply because of its rotation and the liquidity backdrop didn't allow it to, joe. >> all right, mike we just had barry knapp on he thinks once tapering actually does start, that's when things -- we can know about it, but it's different when it actually starts and that might be where we in the fall see some type of pullback in earnest. >> it's plausible. tell me where the market is trading the day before it starts and maybe we'll have a better idea of how much vulnerability we see. >> all right, mike, thank you. daylight is breaking over

the gulf coast as residents begin to assess the damage from hurricane ida. let's get right to valerie castro right now in thefrench quarter of new orleans and see what she's seeing right now. valerie. >> reporter: good morning, becky. we're in the heart of the french quarter, certainly one of the most iconic neighborhoods here in new orleans behind me over my shoulder i want to show you some of the debris that's not in the street. initially we thought this might have been one of the balconies that had fallen. it appears to be a portion of a roof and brought down a large lamp post and damaged one of the c balconies. there is debris all over the place. trees are down, other parts of buildings are blocking streets certainly still a dangerous situation this morning continuing from yesterday are the power outages that remain. still more than 1 million residents without power statewide here in new orleans. this city continues to be

completely without power the power here went out about 6:00 yesterday evening entergy is one of the largest utilities in the state they are accounting for 800,000 of those outages yesterday they were saying there was catastrophic failure to their transmission system and that's what caused the damage. still no word on when power will be restored. at least there is some daylight now and people can get up and see exactly what happened overnight. it has now been downgraded to a tropical storm, no longer a hurricane, but that doesn't mean the danger is over a lot of flash flood advisories and warnings have been issued and will remain in place the next several hours. >> we've heard talk about a lot of people being spooked that this was coming ashore 16 years to the day of hurricane katrina and maybe more people left town as a result. what do you see in terms of people being out and being out to assess what happened at this point? >> reporter: it's been pretty quiet this morning

the streets are mostly empty a few people have been out and about walking around a few people were actually coming out of the balconies ne nearby not sure how safe that is. but there are some people in the area some tourists were still here in the french quarter when we arrived late saturday evening. they were planning to stick around hopefully they remained safe. >> valerie, thank you. valerie castro joining us to talk more about the impact that tropical storm ida is making on the gulf coast is senator bill cassidy of louisiana. like so many in louisiana, he's lost his power as well senator, i want to thank you for being with us today. again, i know this is early. i know this is a situation where people are trying to assess things, but what have you heard about the impact to date. >> the loss of electricity is worse. by the way, i'm outside. i apologize, my lights are off so this is the only place you can see me ochsner hospital is evaluating two hospitals down closer to the

coast, places tha lost their roof i know one other hospital lost part of its generator power and had to move people around in the hospital so there is significant damage that took place in buildings built, sdidesigned to withstand hurricanes we're going to see a lot of damage. >> how difficult is the loss of power making it to try and assess the damage at this point? >> i'll fly over with the coast guard later this morning and get a sense of it. but the exact that people don't have power and all that implies is significant a lot of folks have generators, but of course not everybody. if you're on home oxygen and you don't have a generator, you're in tough shape so that's the assessment that will be made today my cell tower is down right now. i've got a wi-fi on one company and a phone on the other, so some of the cell towers are down as well. so there's an impact even beyond electricity. >> i heard that there were problems with the 911 system in new orleans last night as well.

>> 911 is down in new orleans. and i know they were worried about the pumps. i haven't gotten the final word on the pumps by the way, i've been supporting our bipartisan infrastructure package precisely because it can help fix sewer systems and new orleans is case in point of why we need that package passed. >> there have been some reports that people shouldn't be drinking the water or using it for other purposes because of pumps at sewage stations shutting down and the impact that would mean. >> i don't yet know if that's true of course we're worried about that but i've not seen those reports yet. the point is if we're going to make our country more resilient to natural disasters wherever they are, we have to start preparing now. we can't look in the rear-view mirror and say, boy, i wish we were prepared. we have to prepare now for next year's hurricane, next year's wildfire and that infrastructure package is part of that. >> where do things stand on the infrastructure package at this point? what do you hear from other

republicans and where do you think it stands with the democratic leadership? >> there's a date certain to vote on it september 27th. again, $50 billion is in there for resiliency, $65 billion to hauden harden the grid. where republicans are i don't know yet i'm sure hoping republicans look around my state, see this damage and say if there's money for resiliency, money to harden the grid and help sewer and money, maybe this is something you should be for. >> senator, you are also a medical doctor and there had been a lot of concerns about what the spread of covid could mean after this situation, after people are being put in these vulnerable positions where do things stand? and what is on the horizon just in terms of help that could be offered? what would you tell people >> i had a briefing yesterday where red cross and others were on the mass shelter units, a big convention center, they will have spacing between pods but there's good ventilation they're requiring people to wear

masks. they say if you don't have a mask, don't show up. but once in they're requiring masks. they will offer vaccines to those who have not been previously vaccinated. not require, but offered so even in the midst of a disaster, they're trying to make allowances for covid and i give my hat's off to the red cross and others. >> what about the hospitals that i think were rapidly filling up before this storm even hit >> yeah. so ochsner again reported that they're evacuating two closer to the coast. and i actually think in new orleans there was some capacity to take folks in as you might guess, hospitals here are equipped with huge generators that immediately click on, so they should have the capacity to absorb those patients and they were two smaller hospitals. point being as long as covid is still filling up icus, we still have to have that concern. >> senator cassidy, we want to thank you for your time this morning and wish you and everyone there the very best of luck with this we hope to hear more from you after the flyover and after you get more details thank you for your time today. >> thank you

coming up, more details on a firm partnership with amazon that's helping drive the stock up about 40% this morning. later we'll dig into the rise in demand for covid antibody treatments as the delta variant continues to spread in the united states. stay tuned, you're watching "squawk box" on cnbc ♪ ♪ this bathroom is too cute! this one is too cool! [ grunts ] this one is just right. [ grunts ] oh! find your just right at kohler.com.

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welcome back to "squawk box. futures are where they have been for most of the morning, up a little bit 22 points on the dow, s&p up 4 and change and nasdaq up about 14 maybe it's notable that this is the first trading day after jackson hole and things seem to be moving about the way they were before jackson hole gave us something to talk about for a week. an update on a tesla crash in orlando over the weekend. early saturday morning a 2018 model 3 crashed into a police car and mercedes suv no injuries were reported. the driver told officers she was using auto pilot that's tesla's advanced driver assistance system. that feature requires drivers to remain attentive behind the wheel at all times police are notifying tesla about

the incident as well as the national highway traffic and safety administration, which is currently investigating tesla's auto pilot feature >> joe mentioned earlier shares of affirm are soaring this morning after the buy now, pay later company announced a partnership with amazon. certain amazon customers will be able to use affirm's service to split the total cost of purchases that are $50 or more into several monthly payments. that will roll out to more customers in the coming months affirm already partners with shopify and walmart and charges merchants a fee to offer small point of scale loans which the shoppers pay in installments you can see affirm shares up this morning up by 41%. when we come back, the app stores have been under fire from lawsuits in the last year. now a major decision in south korea is looming we have that story, next first, though, as we head to a break check out shares of globalstar they're rising on a report that

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the country of south korea could be ready to bring the hammer down on app stores. josh lipton has more on a key

vote that could have a direct impact on apple and google hey, josh. >> so, joe, we know the big app stores are under fire and the latest heat here is coming from south korea. lawmakers there recently moving forward a bill preventing companies from acquiring developers who use their online payment systems when making in-app purchases now, a vote was expected today, but south korean media now reporting that the debate has been postponed if and when it did pass, it would then go to the president for further review apple already pushing back on all of this saying in a statement that the bill will put users who purchase digital goods from other sources at risk of fraud, undermine their privacy protections, impact user trust in app store purchases and lead to fewer opportunities for south korean developers. google also clearly not happy. the senior director of public policy at google saying that the rushed process hasn't allowed

for enough analysis of the negative impact of this legislation on korean consumers and app developers now, consumers in south korea spent about $4.6 billion on google play last year. that means by their math google was able to collect about $1.4 billion in platform fees as for apple, they say south korean consumers spent about $1.38 billion on the app store subject to apple's fee up to 30% earning the company an estimated $414 million so the risk, analysts say, is not the money here but it is the possible domino effect if countries, including the u.s., decide to ultimately propose and pass similar legislation. joe, back to you >> that's the question, i guess. i wonder what things look like for apple over the next two, three, four, five years. we just had the ten-year anniversary of tim cook. i wonder if you have thoughts on that just overall, not about

this story in particular, but he's done it without a flying car, without a tv set, without any of the things that we needed just by making the ecosystem part of our everyday life. >> yeah. i think for cook, joe, you talk to analysts and they'll say there's a couple of challenges ahead. i think in the short term they'll say cook, like so many other ceos of so many other companies and industries will have to continue navigating this ongoing chip shortage. that's an impact he'll have to figure out with his coo, jeff williams, how to navigate that challenge. longer term, most analysts will say the continuing challenge not just for apple but other companies is china, continuing to navigate that relationship with the ongoing tensions between the u.s. and beijing, joe. >> we don't talk much about steve jobs anymore, missing him. >> well, you know -- >> it's not an easy act to

follow so successfully, so i think -- >> no. i can't think -- you know, i think that's a fair point, joe i can't think honestly of anybody who took over who had bigger shoes to fill than tim cook if you'll remember when he did take over, there were some real questions about that you can go back and look at that debate and discussion. there were some concerns how could you get steve jobs, who was known as such a creative visionary, a guy who could stand up there and wow audience with the latest and greatest apple devices. there were questions about whether cook, an engineer, a supply chain guru, was going to be able to pull it off we use the stock price as a metric and it's up about 1,000% versus the s&p. >> and he did it totally his way, so -- don't want to be a fan oy, but it's tough not to be for you too, josh, just so you

know seriously, thank you becky. >> fan man maybe instead of a fan boy >> i like boy. i don't care what context you call me a boy, i like it. >> you know, i was trying to think of another ceo stepping in with big shoes to fill and a lot of doubters standing there tim cook is the best example but bob iger is not bad either. >> that's true that's true too. when we come back, the big takeaways from fed chair jay powell and why friday's jobs report could be a deciding factor for the taper timeline. we've got that coming up next. stick around

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fed chair jay powell teeing up this friday's jobs report as a key to a possible taper announcement steve liesman joins us now with more maybe summarize, you know, the

week that was. >> yeah, it was a heck of a week, joe, for sure and a good weekend too. hope you had one too fed chair jay powell said in his friday speech that inflation has met the test for tapering but not the jobs data, pointing to this friday's report as among the keys announcing a taper, possibly as early as september or maybe as late at december, leaving november as the middle ground the street consensus for friday looks for strong but moderating job growth for august with nonfarm payrolls -- there are significant challenges in the months ahead it remains to be seen how much they can drag down jobs growth there's the delta variant jobs impact we'll look for more on that in a second there's the unemployment insurance extended benefits ending september 6th the eviction moratorium struck down by the supreme court and hurricane ida.

it's hard to get electricity or have electricity be taken away from a million people and not have an impact on the jobs numbers, at least short term that will show up in october the risk to the economy still faces challenges to policy and the virus could be the reason powell said tapering could happen this year several committee members said outright they want the taper to begin in september one writes powell's widely awaited jackson hole speech was optimistic, dovish, even defiantly so in places, and made no effort to tee up a september taper position this is risk friendly, plain and simple so we'll be looking for the delta variant impacts this friday, especially in the leisure and hospitality numbers. we've had several major events cancelled and the high frequency travel data has gone sideways. that could make it difficult for the september payroll report to meet the standard of substantial further progress that powell and

the fed have set out to announce a taper, joe >> steve, stick around, thanks let's bring in allianz and gramercy advisor and also the president of queens college in cambridge and a mets fan, which i feel bad for you mohammed, you have thought for a while, i think, although they did okay i think they won yesterday, did they not you have been thinking that the fed is behind the curve for a while, haven't you do you feel better after what you heard last week? >> i did not, oe and good morning i did not because while chair powell acknowledged two things, one is what's been happening on the ground, includingly higher what the fed expected and the movement of the fomc to an earlier taper, he packaged his

expectation in a very dovish tone the market got it immediately and steve just said it he stressed that we still have a way to go on the employment side he said as well that there's a very big difference between tapering and rate increases. and what the market concluded is that it's going to be an even slower timetable for taper and i worry that that's going to be problematic for both the economic well-being and also financial stability. >> do you think that at this point they can say delta, i know we're at five and change on unemployment but we're still missing this many. do you think they can still err on the side of focusing more on employment than price stability, even though every month we seem to see that inflation is certainly outpacing wage gains, which doesn't help the people we're trying to help >> oh, they certainly can do that and they can put the

greater on the delta variant the problem with the delta variant in particular is it is stagflationary yes, it represses demand or at least the recovery in demand as steve rightly said, but it also disrupts the supply chains even more and we're seeing this in a lot of parts of the world. so, you know, the delta variant is a double-edged sword when it comes to the fed's mandate but yeah, i can see them delay and the market is already talking, you know what, there's only three fomc meetings left. clearly not september now. november will be tricky. maybe december and next thing you know, the expectations of the market is that taper won't happen for a while and this market loves that it loves the notion that we will continue to inject $120 billion of liquidity. >> steve, i wonder how much of what mohamed says, did you see

"the journal" speech that, as a political speech to get renominated as fed chair >> i did see it and i think it's an interesting time to be fed chair jay powell right now obviously he has to negotiate a bunch of things. he's got the taper announcement on tap and his reappointment coming he also has, it seems like, six, seven, eight, make mo hamed said eight members of his committee that want to move now. along the lines of mohamed and i'm impressed by robert kaplan's argument that it may be doing more harm than good to be adding these asset purchases to the fed's balance sheet right now in that if the problem is a supply problem and you have plenty of demand in this country, really what you're doing is exacerbating the inflation problem out there. so i agree with a lot of what

mohamed is saying and i agree with some of the hawks on the committee that think, you know what, i'm not sure it's doing any good to reverse policy as a risk management approach to the inflation problem. >> last week i said there's the good cop, jay powell, and then i talked about the bad cops that he sent out that week to talk about tapering sooner rather than later i thought i told you that i thought he'd push back on that and be the good cop. i don't think you agreed with me isn't that what happened kind of >> yeah. i'm sorry, joe, i don't precisely remember that conversation, but if you need me to say that you were right back last week, i'll agree. >> no. you really don't remember that i'll pull that tape. i was saying here all these guys are out saying that and actually i was quoting someone that said -- actually i can't quote him directly because it was off the record, but he said that powell is going to be deliberately vague and nuanced. >> dovish.

>> yeah. more so than the other people. you said you didn't really think that you thought he might say something fairly noteworthy about taper. now you remember >> well, he did. he did let's be clear, joe, as far as we can tell on friday is the first time he said that he acknowledged being among those people from the minutes who wanted to taper this year. so that was notable in and of itself what he didn't do and what i quoted krishna as saying, and i think what you're talking about, i expected him to potentially tee up the september taper but i think what's happened is concern over the delta variant has really taken over his thinking about how fast to proceed. >> one of the other things, mohamed that barry knapp said, this reminds him, he must be really be old, of things that happened in the '50s and '60s and '70s that ushered in a reckoning in the '70s because of a lot of monetary mistakes do you think it's that serious

>> i think we are witnessing a higher probability of a policy mistake. is it going to be as big as the '70s no, it's not but it is going to be big. i worry that we're going to destabilize both inflation expectation and wage expectation. and if we do that at this stage, we can do a couple of harm one is we simply undermine the recovery and the second is, and you won't mind this but i do, is that you will crowd out the big infrastructure program but what the risk is, joe, is that we end up with a very unbalanced macro too much monetary for too long, which means that fiscal has to be cut back from what it could be otherwise and you don't get the transition to long-term inclusive growth. that's what i'm worried about. >> hey, mohamed, i'm just wondering real quick, doesn't it

seem like the market is trading as if the mistake it's afraid of is a fed that's too tight? that seems to be the trade right now. i understand what you're saying, perfectly logical. i'm just saying when i look at how the market reacts to dovish comments and hawkish comments, the market thinks that taking too seriously the delta variant or not taking seriously enough the delta variant is that's the mistake the fed could make here. >> so that would be a conclusion if you were to look at what happened to the bond market on its own, but i think that's wrong, steve. >> right >> and first, we reach a 52nd high this year on the s&p friday after the speech second, yields rallied they came down why? because the market recognizes that when you have a noncommercial, and that's really critical, a noncommercial buyer of securities, ample and predictable, $120 billion, that's going to go on for much

longer than you expected, you will buy ahead of that big buyer. that's the smart thing had to. that's why yields came down and bond prices came up. so the marketplace looks at this and says i am going to focus on liquidity. that is the main determinant of the asset crisis forget all the historical models and let's just keep going as an incredible liquidity wave and it has been incredibly beneficial to asset prices. >> mohamed, we also talked earlier right at the top of the show that we just haven't seen the spike higher in rates that maybe you would have expected, but that doesn't mean that it can't happen could you see at some point a really violent readjustment in where interest rates are, you know, based on how -- let's say the delta does come under control and we really take a good look. it may grow, what, 10% nominally this year? it's pretty amazing to be where we are with growth where it is

unless there's an overhang from covid. >> yeah, joe, it is amazing. and the reason why it is amazing is that you've distorted markets to such an extent that people who would normally take the other side are sidelined and no one wants to get in the way of these asset purchases because youwould be completely overwhelmed. so if, and i don't think that's going to happen, joe, but if tomorrow just for the sake of argument, and if tomorrow -- i stress it's not going to happen. if tomorrow the fed was to say we will taper and by the end of the year we will no longer be buying asset prices, you will see a massive move in the fixed income complex massive. but that's not going to happen but don't underestimate to the extent these markets are distorted and the price signaling is not what it used to be >> yeah. and, you know, if they did spike, i just would think that that would be accompanied by a lot of buying from foreigners because yields would be even

more attractive. yields need to move everywhere or else we're going to immediately self-correct when the money comes in from abroad >> correct but remember one thing, if they do spike, people are going to start worrying about market functioning. i think that is at the back of the head of chair powell and others they don't want market functioning to become an issue in a perfect world, you would also have us talking about prudential regulation. we've heard very little about this and that's a concern we also have the market malfunction possibility that people are worried about. >> liesman, what's friday supposed to be >> 750 but i've got a pretty tight range from like 400 to a million. i don't like too many of the forecasters are at a million i don't really follow them but they're part of the universe strong but not as strong as last time i think depending upon this delta variant, joe, what i'll do

is take a pass on giving you my number, but i will come back later this week with some of the high frequency data that we've been following, the ukg and home base stuff it's done a pretty good job of directionally at least telling us where things are at. >> and anecdotally, is it easing where -- and it's not just restaurants. what was it the other day? it was like, no, we can't do that because we don't have delivery people. there are -- >> joe, i have no idea joe, i have no idea. are we in lockdown are we not in lockdown i'm playing outdoor concerts now. we have a couple indoor ones coming up. i don't know if people are going to want to go. i'm looking at the travel data, it's gone sideways the restaurant reservation data has gone sideways. it was all on the way up the credit card spending in-store data has gone sideways, even down a little bit from jpmorgan so it's a weird moment, joe. what do you think is going on? are we in lockdown are we not in lockdown is it back to normal

i don't know. >> yeah, i don't know either i have not been wearing a mask very much. i will tell you that everybody else is wearing them again. i'm fully -- i don't know. i feel good about being fully vaxxed one man's opinion was he had the double vax and thought about getting a booster and he had a physical and his aentibodies wee off the charts, above where they would have been with the booster. >> joe, check your own antibodies because i know it's different with different people. i know other people who their antibodies have dropped to zero. i think it's really dependent on who you are, how this works with your system. i wouldn't make assumptions based on anything. check it out yourself. >> right >> steve, i was just going to ask you, this friday's number, we're going to make a big deal about it and say this matters, it's the all-important jobs number, but is the fed's tapering really going to be based on this because of everything you just mentioned with the delta variant and changes that are happening in realtime and second of all, the numbers

that we'll be looking at will be for a time period when only about 3% of the nation's schools are back in. we keep saying when everybody goes back to school and people can go back to work. it feels like it will be hard for this number to be a definitive number no matter what >> i think you're right. i think it has to be very strong, becky, in order to get over the top the language progression we need is remember powell said we've had clear progress in jobs but he has to show -- be looking for substantial further progress we haven't reached that hurdle yet. i think a very strong number could put september back on the table. but you're right, we have the delta variant. i think the end of unemployment insurance extended benefits is a potential economic impact. of course we're going to start to layer in the tragedy that's unfolding now with hurricane ida. i was looking up the katrina numbers. that had had a meaningful impact but thankfully so far in terms of the flooding it doesn't look like at this moment to be a katrina-level multi-state event

right now but of course this storm and this story are still unfolding. >> steve, thanks mohamed, have you made the transition the mets, the jets yet >> i don't know if i want to make that transition but we did win two out of three this weekend that's a big difference, joe >> were you happy for sam darnold? i was. i wish him well. but i don't -- did you see the bengals? did you see them snatch defeat from the jaws of -- 15 seconds, 55 -- fourth and 15. they're just unbelievable. it doesn't matter, preseason with burrow, without burrow, i think it's mike brown. he's cursed. he's cursed. >> if you're watching them, joe, you're watching them what's going on here >> i went back i had money on them. that's why i'm really not happy. becky, $20 on that one >> i don't think it's mike brown, i think it's the kernen curse. stop betting on them. >> mike brown runs that team to make money. >> joe, there's an 800 number,

joe. joe, there's an 800 number. >> you know, i actually thought about that if i really had serious money with what can happen in the last 30 seconds, i'd be -- i'm just glad i'm not there i'd be like james caan or adam sandler, what was that all right. see ya >> bye, guys. when we come back, we'll talk about the rise in demand for antibody treatments for covid. meg tirrell has a special report next. right now, though, as we head to that break, we want to wish woarren buffett a happy rtay tns1 years old today. we'll be right back. made to order or ready to go? with a hybrid, you don't have to choose. that's why insurers are going hybrid with ibm. with watson on a hybrid cloud they can use ai to help predict client needs and get the data they need to quickly design coverage for each one. businesses that want personalization and speed are going with a smarter hybrid cloud

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welcome back to "squawk box. news out of china this morning the country publishing some new rules that will forbid children under 18 from playing video games for more than three hours a week the headline could be a blow to the global gaming industry check out some of the stocks getting hit. jd, netease, and bilibili, which i talked about last week how is that -- three hours a week >> too limiting? if they tried to do that to your online gambling, what would you do >> yeah, exactly just in principle, don't you have a problem with that whole notion >> with the nanny state? >> yeah, but actually -- they tell you how many kids you can

have it's a little different over there. >> right, right, right although i've tried to crack down on the gaming in our household. it's a little different when the parents are doing it versus the government >> right >> yeah. >> matt? >> no, not matt. good guess once dismissed by cdc director, dr. rochelle walensky it's too hard to make a difference in the pandemic, monoclonal antibody drugs are seeing a surge in use to accompany the surge we've seen in covid cases meg tirrell joins us right now she's got more on that front good morning, meg. >> good morning, becky these monoclonal these monoclony drugs have been available since last fall. regeneron was the drug used for president trump when he got sick with covid eli lilly and the newest drug is from veer with its partner glaxosmithkline. saying early treatment can

reduce hospitalization or death risk from covid by 70 to 85%, and they're indicated for people who are over 65 or have health conditions that put them at higher risk for severe disease these drugs have not been used that much until recently regeneron telling us before mid-july they were shipping about 25,000 doses per week. now that has gone up six fold to more than 160,000 doses per week their orders are up 300% saying the orders they have seen since july 1st, three quarters are coming from the area of the country with low vaccination rates. that red area in florida accounts for half of the courses ordered. veer ceo when he was on vacation last week to talk about what he's seeing in the trends. >> antibodies i think finally are getting the recognition that they deserve they really do reduce

hospitalization and mortality dramatically the u.s., which had an oversupply for a while has the potential now to have an undersupply because the usage has increased so dramatically. >> and guys, right now hhs and regeneron are telling us supply is plentiful eli lilly's drug had actually stopped being used for a while it was on pause in the u.s. because it didn't work against some of the variants now it has been allowed for use in these 22 yellow states where the presence of variance resistant to the drug is less than 5%. hhs, fda says it still works against delta, but against beta, gamma, and delta plus, that's where they say it shouldn't be used guys. >> i guess the big issue is more doctors are actually prescribing this now or is it easier because there were problems before, you had to go to a hospital and get this done? what's the big change is this. >> we're seeing in florida, for

example, governor ron desantis is setting up these monotoclonal sites. we saw the week before last. it's curious to see that people seem -- if they're resistant to getting vaccinated they will go and get these treatments we saw some reporting from gabe gutierrez from nbc news suggesting that much public health officials are saying the best thing you can do is get vaccinated. these drugs do work if people don't want to get vaccinated or if they get sick and need treatment. >> meg, thank you. great to see you. coming up, today's biggest morning mover in the stock market, plus we're going to talk meme stocks with investor jeff mills. as we head to break, an analyst call for you baird downgrading capital one saying its use of 17% pull back. for more go to cnbc pro.

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. a little more than a half hour until the opening bell on wall street, dom chu joins us

with a look at some of the morning's top premarket movers hey, dom. >> first of all, a big s&p 500 earnings story to tell you about. that's catalynt. they signed a deal to buy butera, a nutritional supplement maker. reported better than expected profits and earnings and everything else. also watching what's happening with global star after an apple insider saying that the new upcoming iphone 13 could have satellite capabilities in it those shares of global star rising on that it's one of the top search trending tickers right now as we do often on this show, a check of the top ticker searches from friday's session. the ten-year note number one, support.com software the meme on wall street, bets up, peloton and the s&p 500, as always, the rest of the top tens on my twitter feed at the domino as well as notables from the top 50, some meme stocks are on

there. i'll send things back over to you. >> let's get a check on the meme stocks joining us is jeff mills chief investment officer and a cnbc contributor. was there a reason that you can point to definitively for the moves we saw last week i got, i don't know, people yelled at me on twitter for saying when things get slow or boring, the meme stocks take off. they talk about, i don't know, short interest or they always have a rationale is there always a rationale for movements on these meme stocks >> i don't know that there always is, to be honest, joe it's hard to tell whether up or down why thesestocks are moving on any particular day. what is clear, we talked about this on fast money last week, we took a stock like amc, for example, two and a half times the call volume versus put volume and based on the size of the options contract, i think it's clear that retail investors are still involved and they're still betting on these stocks

going higher so that might be the most important part just to understand kind of what's going on here. i do think as you start toe see some of these new names come into the picture capital starts to get spread out a little bit you go outside these core meme names like amc and gamestop that clearly have a following, it becomes difficult to make these stocks levitate for more than a couple days or a week because the bets start to get spread out. >> people are buying calls so that's why they were higher. okay, so why were the people buying calls we're back to square one it doesn't really explain the underlying -- >> yeah, around and around we go can you give me the next one that hasn't moved yet, next two in. >> you know what, that's part of the problem and i can't, and that's why i feel like once these stocks fall into this bucket, they become uninvestable, a 50% move up, a 50% move down, i'll go back to

amc. you're talking about a stock that had a market cap of under a billion dollars in 2019 now you're talking about a market cap of $20 billion. this is not going to get back to 2019 sales until 2024. think about that in terms of fundamentals. >> thank you and maybe you have a clock there. we've got five seconds beck. >> great to see you. great to be back, andeverybody we hope you can join us tomorrow too. right now it's time for "squawk on the street. good monday morning, and welcome to "squawk on the street." i'm david faber along with morga morgan brennan and mike santoli. we are live from the new york stock exchange jim andcarl off this morning let's give you a look at futures, one-half an hour from now, you can see it's called kind of mixed but a little bit up as the implied open at least. we're going to start, though, of course with an update on ida it i