telling employees that they have to force millions of workers to be vaccinated or risk losing their jobs also new this morning. the president holding his second call with china's president xi we will take you live to beijing. it is friday, september 10th, 2021 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and andrew ross sorkin. it's friday. we made it to friday if you are checking things out this morning, it looks like green arrows with the equity futures. it doesn't make up for the week. dow up big 172 points s&p up 16. nasdaq up 45

we were down yesterday that is seven of eight sessions for the dow down four sectssions down for the &p the longest losing streak for the major averages dow down 1.4% for the week nasdaq down .75% that is a shift for a down week for all of it. let's look at the treasury market yields were lower yesterday. they are 1.329% this morning the stack this morning a few commodities. wti down yesterday down 1.6%. down for the week. if you look it is up 1.5% this morning. copper up 1.6% aluminum higher overnight. nickel at a seven-year high. that is worth watching with the ppi numbers at 8:30 this morning. becky, president biden now

rolling out a new plan some say controversial plan to pat the coronavirus. pressuring private employers and mandating the shot for federal employees. the president had a message for the 80 million americans eligible who have not been vaccinated yet. >> what more is there to wait for? what more do you need to see we made vaccinations free, safe and convenient the vaccine is fda approved. over 200 million americans have gotten at least one shot we have been patient our patience is wearing thin your refusal has cost all of us. >> among the changes in the plan, the president eliminating the option for testing in place of federal workers he is asking the labor department to issue a rule with

company was more than 100 employees to get vaccinated or require testing. those receiving medicare and medicaid have to be fully vaccinated the tsa will plan double fines for travelers who refuse to follow the mask mandate on planes and in airports i think it is sad we had to get to this point. you know i wanted this to be mandated from the get-go by employers. i thought employers could get ahead of this. we're so far behind this i don't know if that is a popular or unpopular opinion i still love the airlines. i love to see the tsa require anybody who gets on a plane to be n effort to get country there. >> i have a hard time conjuring up anti-vax sentiment. it is weird. the people that follow me.

a lot of things we have similar thinking on. this one -- i don't know now, i don't feel like getting on a plane and wearing a mask for five hours i want it to be gone and i want to travel. i want to go to football games and don't want to wear a mask. i want to do all this stuff. i want to get there. >> it would be nice to get back to normal. i have to say, i'm frustrated with all of this it doesn't address my two young children none of these measures help them nobody did anything before the kids went back to school i have two kids who can't be vaccinated kids underage of 12. 36 to 40 million americans who don't have the option of getting the vaccine. none of these measures help me it feels too late. >> when i purely look at the government and say you can do this i guess the down sside is

long-term thing we don't understand >> long-term thing we don't understand with covid, too >> my body the gamut and it is true that people think there are chips in there and we will follow everything you do. crazy stuff that some people think about it there are somewhat reasonable people could differ on whether the government can force you to take medicine or do something. >> my view -- this is that vaccine. it is your freedom it actually is freedom the vaccine is freedom it is the opposite >> it takes a village freedom. >> no question. >> that's what you are saying. a lot of people -- i'm not a big -- anything hillary -- it takes a village and we're all to raise our kids

parents need to raise their kids not a village. >> teachers. >> fine. not enough. >> the other conundrum, if you look at the polls of the unvaccinated right now, they don't intend to be vaccinated. >> they have weird reasons. >> the question is a forcing mechanism to get you to that place? >> fully vaccinated people if there weren't breakthrough problems we didn't think fully vaccinated people could spread it or breakthrough cases that made it important if you were vaxed, you didn't care >> it was your own problem >> now it means everybody. >> i'm still almost there. if i could get my kids vaccinated, i would not care what everybody else is doing i would feel confident they would not get really sick. >> it doesn't matter what you do you can still bring something home >> right

what about the cost? cost on the taxpayer the cost to the economy? >> not for the vaccine >> no. not vaccinated you get covid. you have to go to the hospital you don't have insurance who pays for that? the taxpayer it is not free it is not free >> was it delta said you have to pay $200 a month additional for health care? >> if you want to go viral, unvaccinated people are not allowed in icu i have seen people saying that they get all kinds of push back. >> yep. >> don't say that. you just did say that. >> i didn't say they shouldn't. >> you could certainly wish on them not being able to go to the hospital because they didn't get vaxed. >> there has to be a better solution solution. >> i'm trying to get you there

>> trying to get me out of this? >> i'm not sure. speaking of kids in los angeles, the board of education required students 12 and older to be vaccinated in order to attend in-person classes the largest school district with the vaccine requirement. the district population is 75% latino among adults, that is a population with the lower vaccination rate than state average. all eligible students must be fully vaccinated to return to class in january you also have people who think it is a big pharma capitalist play all about pfizer. >> i heard that one. >> that's a weird group of people they are anti-corporate. they think they are shoving that down our throats to make money

a lot of strange bedfellows. both sides. >> yes, it does. >> the airline stuff yesterday was depressing >> in terms of what it means for people booking flights >> and the economy. >> and going back to work and being able to live normally. yeah we failed. we haven't done this we thought it would be over. july 4th was our independence day. it is not the case >> to me, i listened to it and thought oh, no he is making sense i need to revisit what he said yesterday. when he said what else do you need, i expected a "come on, man" to be thrown in there it is free you can go anywhere and get it you see what is happening. you see 99% of the bad cases are people that haven't gotten it. >> what else do you need >> how obvious

when he gets in the mood where he gets really appealing and talks like this. i thought what are you doing yesterday, i thought, yeah, mr. president. president biden spoke to president xi jinping eunice yoon joins us for more on this eunice, this was an important call >> reporter: it was an important call, becky. the two had some level of agreement. they agreed that the conversation was candid and neither side wanted to see competition escalate into a conflict the problem is that the two could not agree on how to get the relationship back on track from the chinese side, the focus has been on how president xi reiterated the beijing long view the serious difficulties in the relationship are due solely to the u.s. china policy and future

c cooperation needs to be based on the respect of the core concerns from china, this means the u.s. alan butts out of what beijing sees as internal affairs like hong kong president biden sees a need for greater dialogue the u.s. has a different perspective. they have been very non commital about future conversations with the chinese. it has been seen as a delaying tactic on beijing. u.s. officials said biden initiated the 90-minute conversation because he got frustrated with the progress on the lower level in the past several months really hasn't been there a lot of that is because president xi jinping has been centralizing power the idea is president biden

reaches out at the very most senior level that engagement might be what breaks the stalemate as you imagine, that approach is revived talk here and maybe there could be an in-person meeting later this year. that is the priority. >> thank you, eunice yoon. you will talk about it more throughout the morning good to see you. eunice yoon. okay coming up, economic data and grocery chain earnings on the planner. details straight ahead look at the futures. we are in the green. powering higher. 182 higher on the dow. s&p opening 17 points higher wa as we go to break, the shares of affirm second quarter sales beat the estimates through the buy now pay later service. shares have doubled since january's ipo. a deal they just struck with

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it is time for the "squawk planner. i want to get a look at august inflation with the consumer pricing index at 8:30. we will hear from kroger before the opening bell i want to get to the markets with the dow and s&p 500 on the four-day losing streak with the economic growth and shares taking off due to reopening sha challenges we are joined by tiffany mcghee and ellen lies with us good morning to you both we have been talking since tuesday. everybody came back after labor day and there was repricing. i'm not sure what has inspired

all of this, tiffany >> so i think, first of all, the ride gets bumping from here on out. we are seeing that play out in the markets. you know, september is typically the worst performing month of the year it has been for the past 20 years. within that 20 years, we only had less than half of the septembers in a negative month in terms of negative performance. you know, what we are expecting is that it is not unusual coming out of summer going into fall to see a slowdown we have been seeing that i think some of the things driving this clearly anticipate fed action and also the delta variant. what is going on with that as we see cases rising we're not really worried because we have the strong fundamental

back drop. earnings are accelerating and margins at record highs. expectation is we will see increased growth in the third quarter and remainder of the year we don't see a major selloff people say september is a down month. we haven't had a correction. we haven't had anything close to a correction since last fall people are anticipating that i don't see that happening >> ellen, do you see that happening? >> from my perspective, valuation is frothy and concerns of profitability impacted by inflation. if you look at the indicies. it is dominate the by a handful of companies the u.s. stock market. the top five companies comprise 20% of index it goes back to the fundamental

investing. from my perspective, there is valuation and we are looking at those opportunities. >> what do those look like do you have some >> first is astrazeneca. it has been left behind with the controversial rollout with the covid vaccine. astrazeneca is really well placed as it has multiple growth and led by innovation. the second company is w.h. smith. as mobility resumes and vaccination rates going up, we think that company is also very we positioned. third is the italian bank which will resumedividends

cash returned to shareholders based on less significant losses than expected. >> we have to leave the conversation there i want to thank tiffany and ellen. i wonder if you like zoom. you get a technical glitch occasionally we will see. thanks, guys we appreciate it becks. thank you, andrew. when we come back, stories we have been telling you all week juul decision and the holmes trial and the concerns over the fed portfolio movie. we have the updates on the stories straight ahead as we head to break, check out gamestop this time yesterday, the stock was lower 10% after the company failed to address turn around plans in the conference call retail investors look past the lack of clarity and comments on the reddit forum bragged about

buying the dip this morning, it is up $1.37 gamestop was the most active trade on fidelity. we'll be right back. (vo) while you may not be a pediatric surgeon volunteering your topiary talents at a children's hospital — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you give back.

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> time for executive edge. an update on the developing stories we have been following this week. we told you this week that the fda decision o imminent they need more time deciding if the. >> caller: d-- companies like

juul can remacin on the market >> back to vaping. let's go to california for a moment the fraud trail for elizabeth holmes coming to a halt after the juror said he was exposed to covid and awaiting test results. emergency zoom hearing yesterday. the judge said the hearing today would be canceled. the juror was vaccinated the courtroom has measures in place and panels and air purifiers and filtration systems. the drama is taking a pause for now. >> in general, the legal system. if you want something to happen quickly. you should go do something else. in general aren't you amazed? they set a trial date of june of

2023 >> right. >> by the way, things are so much worse because of the delays with covid >> right >> because of things like this and situations where things had been pushed off. this was pushed off pre-covid because of elizabeth holmes' pregnancy. did anyone say with the next story, yes, i'm getting out before tapering. it looks like i'm forced to. dallas fed president kaplan and rosengren will sell stock holdings before the taper. it might be a good time. following ethics concerns of the trading in 2020. they will sell all of the stock by the end of the month to avoid any potential -- >> i want to applaud this. >> okay. they will put net proceeds in passive investments. someone said he should not buy s&p 500. >> it was individual stocks. >> yeah.

okay s&p 500. that's a case where you might think s&p is betting on -- you are right. you might as well so there is no question. >> no questions. >> when he left -- he didn't have that sweet deal that paulson got? >> keep it >> he left way before then didn't hank get a lot of capital gains when he became treasury secretary? >> if you go into government, directly after, there's a great deal to be had. >> a sweet deal. rosengren said the investment complied with the ethics rules, but he will take the steps to avoid the conflict of interest and kaplan's disclosure revealing the million dollar trades last year with apple and amazon and delta airlines. i guess it was during a period where he was not privy to

non-public information. >> you think about the fed he may have not violated rules, but there were few rules with the fed with these things. >> he was one of the most hawkish. he was talking against his book. now i think it is funny. when will tapering start right after. he's locking everything in at least in case there is a taper-tantrum. as we head to break. you told me i had to now you're mad i'm out check out china gaming stock overnight after heavylosses yesterday. tencent rose 2% and netease rose 3% in hong kong trading. it may be a report that it was corrected by the south china morning post that said the

chinese government would suspend approvals for online games it was revised regulators would slow the approval process we're coming right back. >> announcer: executive edge is sponsored by at&t business our people and network will help keep you connected let's take care of business. something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, like asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business, you can pick the best plan for each employee and get the best deals on every smartphone.

♪ ♪ tomorrow marks the 20th anniversary of the september 11th terrorists attacks. the financial impact spread beyond the families. con ttessa brewer has more

>> reporter: joe, the financial impact of the attacks of 9/11 spread far beyond ground zero behind me and the lost loved ones some are feeling the pain 20 years later. >> i heard this crunching of the sound. >> reporter: on 9/11, robert grabbed his camera and dashed out of his apartment a block away from the world trade center >> people crying in the crowd. people counting floors because they knew their brother-in-law or wife or spouse was on the 86th floor >> reporter: families of those who died on 9/11 received come compensation they wonder if it was enough >> someone who was going to be happy to get something to get through the next year. there is the potential who fell through the cracks >> reporter: simko had no way of

knowing the financial hit his tiny local newspaper would take. >> profitable time period was the summer of 2001 >> reporter: 50 or 60 t0 advertisers in the broad sheet. >> after 9/11, they were all behind the fence they had no advertisers. >> reporter: many small businesses folded and the broad sheet lived along struggling for advertisers through the recession and superstorm sandy and now the pandemic now last year, robert simko got devastating news. >> fast growing tumor. >> reporter: all of that dust from 9/11. >> 9/11 did not end on 9/11. not a day goes by without a client dying >> reporter: michael represents those sickened by 9/11 helping

those access the fund through the world trade center and compensation fund. >> they don't realize they are entitled to the same free health care and compensation as the new york city firefighters and cops. >> reporter: only 10% of the downtown students, workers and residents enrolled for help in case they need it. simko did and said the bills for cancer treatment are all covered. a small comfort. >> i feel fatigued we still get the paper out we still get the daily out every morning. i think i'm ready to retire. who wants to buy a newspaper >> reporter: people who lived, worked or studied downtown people who cleaned up the crew or news crews or even if they moved to other states or countries. they have until 2090 to apply for financial assistance for

health-related claims. joe. >> contescontessa, still need ty on top of that sometimes the funds seem to not be earmarked for things and it is hard to understand why. you see advocates still need to be active to make sure people. it is really happening 20 years later. we know the delayed impact of carcinogens. it takes 20 years for things to happen it is not over that's for sure. thank you. for more on new york city's comeback and the challenges, let's bring in katharine wild. the ceo of the partnership for new york city. 20 years, katharine. there are times when i see there is a great summer and five-part series i think my kids need to watch

it, but sometimes i don't know i don't want to see it again because it was so unsettling we need to to revisit it is hurtful and brings back awful memories of that day. >> for those of us who were here, it was traumatic and shocking event and it had a huge impact on the lives of thousands of people the silver lining, of course, was it united america around the need for us to come together and protect ourselves and our people it made us -- it brought us closer together. in contrast to the pandemic and concerns about vaccination and all of the political ramifications we go through today where the crisis we're facing today seems more divisive than anything else >> and the juxtaposition of the

recent developments on the foreign lands on the 20th anniversary. it is a little bit, it is certainly not serendipitious. thinking about afghanistan it is back in the forefront. we certainly don't want to go through anything like that again to bring the country together. in 20 years, i don't see we move together we steadily moved apart. i don't see the answer >> in new york city, we actually, terrorism and anti-terrorism efforts have never gone away. it changed the way weoperate within a week of the attack, we had scotland yard over here telling us how the united kingdom and london was dealing with the terrorism issue they helped us there were models for how we

could change how we do business. for example, the major global corporations established a relationship with the police department and federal authorities and homeland security where we now have total communication and reporting and sharing of information for the last 19.5 years. that made a real difference in the security the danger to new york after 9/11 was always a second attack. for several months, we thought maybe we'll no longer be the world's financial capital. the regulators will promulgate that financial institutions will have to move a distance away from lower manhattan there were, with the help of nations around the world, really and the experience of scotland yard and london, we were able to regroup and plan how we would prevent other attacks and we

have been -- our economy has been thriving ever since >> even when you remember, kathryn, there was an incidence on the 9/11anniversary it is a date we remember and the terrorists remember. there was a time we worried about driving through the lincoln tunnel now we are broadcasting out of times square we are reminded that you can't take it for granted that we're always going to be insulated or safe from something like this. back in the forefront of our minds, i think >> absolutely. it is, for those of us who lived through it, as you mentioned earlier, for those who are under 20 or were not around for that

event. it almost seems surreal. for those of us who were here, i was the last car to drive out of lower manhattan close to 6:00 when the military had taken over lower manhattan and there were 3 inches of white dust on the ground for those of us who were here, we will never forget >> all right we need to watch with my kids. >> you do. >> they know about it, but they don't know about it. they don't howard on. kathryn, thank you i appreciate it. it is tough to talk about. it is tough. it used to be cathartic. now i'm worried again. kathryn wylde. thank you. stay weary coming up, amazon raising

stakes in the battle to attract and retain workers and later, dr. scott gottlieb will join us about the vaccine mandates and the second largest school district in the country with mandates. you can watch us anytime as you do right now on the cnbc app "squawk box" returns in a moment for mike's retirement party. worth is giving the employee who spent half his life with you, the party of a lifetime. wealth is watching your business grow. worth is watching your employees grow with it. principal. for all it's worth. ♪♪ energy is everywhere... even in a little seedling. which, when turned into fuel, can help power a plane.

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welcome back to "squawk

box. amazon offering to pay college tuition for 750,000 u.s. employees. joining other retailers and restaurants to offer free education to retain talent in the job market the employees that work as little as 20 hours a week will be eligible for 50%. amazon will pay fees up front instead of reimbursing later. i'll applaud this. >> it is telling of a tight job market similar offers from target and other employers. something you have to do if you want to retain talent. when become back, football season is now in full swing. so is sports betting we'll talk to media executive tom rogers on how broadcast companies are embracing the world of gambling. that's next.

tom brady and the buccaneers scored first in the nfl season opener with chris goodwin catching the first touchdown the late fumble recovery led the cowboys to take the lead with two minutes left, but that was enough time for tom brady to get down the field for a field goal. this was tom brady and gronk's touchdown pass with 113. watching this closely and we will see what happens. >> becky, nine points is a lot.

>> you did >> nine points is a lot. i took the under i don't know why from watching preseason. it looks like they -- i don't know i should have known they would light it up. those two guys at least i had the coastal carolina versus virginia tonight. what do you think? >> i'd take coastal carolina >> you've got to give 24 points. would you give that for virginia you know who we could ask? >> joe the world of prosports and relationship with legal betting

has taken giant leaps. 33 states either offer legal sports betting or have passed laws that offer betting to their regulation sports and broadcast companies are leaning in to this world of gambling tom rogers is the executive chairman of engine media this is where the fans are and the leagues are. >> right we talked many times about the chord cutting and the combination of those things have set off the scramble by the media company and many think it is the rescue line all the

regular renewals declining and the rights cost from sports is just not sustainable you need a new revenue source. >> it may seem like these are new deals but if you look back, media has been involved in this. you have comcast and time warner that were all involved with the fantasy league there was a lawsuit in 2014 that accused them of racketeering >> they've been looking for new sources of revenue here, i think in terms of sports gambling, the

opportunity is much bigger but also much more competitive i think in new jersey alone, you have about 20 brands all competing now for sports books that is a lot of competition going on there you have draft kings as a leader there but spending in the last 12 months, amount $800 a year. that cost of acquisition will determine the betting and they are turning to media companies as a way to attract betters to what they think is a lower cost. basically all the betting companies have the same interface and odds they look at media as a way to distinguish themselves >> the live sports will be a great mecca.

the rights prices have gone up and up you've got deep pocketed innovators 2022, amazon will have some of those thursday night games you can only see on amazon i never thought i'd see this what does this mean for betting companies and holding on to those sports rights? >> amazon is a great example they paid $100 million a year roughly for siem kafting a thursday night game in the old contract and the new deal, they are committing about $1 billion a year producing a thursday night game that's a perfect example the escalation of rights here is enormous media companies have signed on to 10-year deals with a murky and cloudiout look for the cable

and broadcast and the subscriber fees for cable and satellite and the consent that they get with that outlook, they are looking at more. espn looking to shoulder behind a single betting company that sounds like a really big number and depends really on how many years that kind of deal would go rich greenfield thinks that could be a 10-year deal for espn at $300 million a year for a $300 contract. that is equal to what 3 million subs could bring in over the next four or five years.

so even at those kind of numbers for sports betting, it is not clear that sports betting is a great panacea forch the company. >> who comes out winning >> the winners are the leagues they've always been great at figuring out the market rights they keep multiple players they have three it has anointed as core partners they've allowed another four they'll run commercials during the nfl broadcasts they are limiting the run as a way of getting further control they are thebig winners here

the sports betting company, there is too many of them. the media companies need to move towards more social gaming people playing against each other and not just odds. >> always great to see you by the way, quick programming note for you nbc is the home for sunday football this weekend rams take on the bears beginning at 7:00 on nbc and streaming on peacock as well alright, okay. how's that? is that how you hold a mirror? [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most and $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today.

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ready to rally the dow and s&p look to bounce back from a four-day losing streak >> breaking overnight, president biden and chinese leader holding their first call since february. plus masks, vaccines, testing and mandates employers try to find out the safest way to get workers back to the office. the second hour of "squawk box" begins right now

good morning welcome back to "squawk box. u.s. equity futures on this friday morning are pointing higher after a tough week. dow looks like it would open 180 points higher. companies with 100 or more workers will have to announce a plan giving workers paid time off offer days to recover. >> fines for refusing to wear masks in airports have doubled the first defense will cost up to $1,000. second offense could go up to

$3,000 exxon is borrowing 1.3 m 1.3 million barrels of oil as the industry tries to recover to significant damage on facilities damaged in ida the baton rug refinely which processes 125 barrels a day. looking to stocks with dom >> moves in the commodity space. freeport margining gains and losses after analysts at credit suisse have downgraded with a underperform rating they think that will revert back lower. as a result, copper producers could be under pressure there.

watch the remarket trade moving between gains and losses there look at shares of oatly and beyond in the world of plant-based foods. out milk with an outperform rating and beyond meat with a market perform rating more rneutral. they think oatly has a lot more runway and maybe beyond meat could see some market share losses they think there is a more attractive entry line later on take a look at some is of those chinese internet names we've spoken without kind of moving to the upside

netease, the exception and a lot of these big cap tech names into its portfolio up almost 2% some of those could be easing but we know they have a lot of ground to make up to get to where they were in february or march this past year >> that is true, dom i'm going to change the subject. >> okay. >> i'm very interested in everything you just said but it is friday. coastal carolina against kansas and virginia and illinois. i want to take illinois. they've got 10 points, dom >> i didn't see that line but if they have getting 10 points, they may stoke some juices in my mind >> to kansas

not necessarily a power house. >> do you have a fan duel or draft kings? >> no. i would go down a rabbit hole if i had to watch that and the stocks my fantly football team is about the only thing i'll do and maybe nfl survivor game. that's really the only focus with regard to that and the day job. >> i think i can get by talking about it because sunday night football and thursday night football i think there is some symphony involved there >> aren't we already in the

betting business i think it is the future >> are you going to be creating the lines though >> you would not believe how good those are. >> who are those people? >> i don't know. we need to get the people who created line on the show >> they get it by a half point on basketball games. >> we have all sorts of analysts come on. >> why don't they use that talent for stocks? >> they may not know stocks as well as they know kansas and coastal carolina and virginia and illinois and all those things >> katie stockton will come on and look at the charts there are people, i assume, who are looking at the charts. >> i've been saving up because it is nfl, baseball, college it is unbelievable >> and is it the same person

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what more is there to wait for? what more do you need to see we've made vaccinations free, safe and convenient. the vaccine is fda approval. over 200 million americans have gotten at least one shot we've been patient but our patients is wearing thin and the refusal has cost all of us >> that was president biden outlining his plan starting with mandating vaccines for federal employees. whether businesses should be able to require their workers to get vaccinated joining us, good morning to both of you tom, i imagine there will be

lawsuits on top of this. >> what kind of cover do we need other than the president of the united states saying it is okay to do it i think we'll both agree that the president is saying that you can require employees that have to be vaccinated so many ceos will be on board with that aside from political parties. >> you think this will go to the courts >> i don't i completely agree with tom that there the cover from the president, the full approval from pfizer. companies have been waiting. so many ceos i've talked to have been waiting to see when and how can i do this. i don't think we'll end up in courts i think we'll end up with mandates, lots of them to get back into the order of the business of business >> one of the things that is fascinating about what the president did yesterday.

federal workers would be covered by this. u.s. postal workers not. i wonder if that is indicative of what's happening in the country, trying to capture the largest group and certain big companies that struggle to do that thus far. >> i agree with that he talked about anybody who is affiliated with medicare we should do medicaid, anybody who works for the government, postal workers the government needs a cabinet position on marketing. we've had social media going the other way. the same thing that happened with the interference of elections and boughts and going through facebook is going through now to get people to think you shouldn't be vaccinated the fda approves chemotherapy drugs and just approved pfizer

on both sides of the aisle, were not getting the message delivered. there's 330 million americans. they see things differently. we need to figure out how to get things conveyed to people whose brain processes things different from everybody els >> you have a large group or population that has no interest in taking the vaccine. you have a very tight labor market do you see people opting out of this market or trying to go to smaller companies or leveraging this moment in some way we haven't thought about it >> the question, i agree with you. will there be entrepreneurs that start companies and say, i'll take nonvax people and they'll find a way to compete for talent if you are under 100 employees why set the bar at 100

if you do this, why set the bar at 100 >> part of the issue is we have this divide between white color and blue collar workers. we saw at walmart where the headquarters was preparing everybody to be vaccinated where in the stores they weren't >> what is happening now is our ability to go back to an economy relying on mobility and consumption. workers whether blue collar or not, those vaccinated need the assurances that their health will be okay and the health of their children under the age of 12, that i keep repeating, are also going to be okay. i believe we are going to push harder for the unvaccinated to get us out of this state of

permanent limbo we seem to be in it only happens if organizations. and i agree with you, tom, completely all organizations begin to make this mandate >> if the president is going to lead -- i heard becky talking earlier about her children not being able to be vaccinated and the 80 million children. i am curious why the president didn't mandate all teachers. we are talking now getting political again. that's a union battle. i think the president should come out and say we need to protect our students every teacher needs to be vaccinated let's take this all the way and show some backbone and do what's best for the country across all political barriers >> the big question. should this be led by

politicians or business leaders? for a long time. or at least this last year, there was a group of us, including myself, out there saying business leaders should do this on their own they didn't even need the cover of government. do you think you need the cover of government to do it >> until you have huge legislation and tort reform, yes, you need the government to cover you and we've gotten that. you need the government to lead in certain areas i'm not a probig government ceo. look at the polio vaccine and small pox. this has happened before the government didn't lead with that you need leaders to step up and support what the government is doing regardless of political affiliation. >> the business round table did that yesterday i was a bit surprised.

are you expecting we'll see a lot of push back >> i'm not i think that the cover the president of the united states has given is going to give confidence for ceos to step up more and more because they are in limbo the return to office plans have been postponed they have become a moving target families trying to figure out what is our support apparatus. work has stopped the renaissance has stopped unless the business leaders now stepped forward and they are going to do it >> i agree with you. don't you think we'll see a large union movement against this >> we may or we may not. listen, the politicians and others who have tried to push us

towards ending this pandemic have reached their limits. they can no longer be effective. unless we manage this through unions, they want their workers back as well >> we'll leave the conversation there, tom thank you. >> good to be with you it was the business round table that supported that and the national association of manufacturers and american medical association and on the other side of the argument are the unions who don't want to be forced to do these things. when we come back, president biden and china's leader holding their first phone call since february overnight find out what investors need to know about it as well. stay tuned to "squawk box" and

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have never appeared in a super bowl the answer, the cleveland browns, detroit lions, jacksonville jaguars and houston texans welcome back a few corporate headlines. posting wider than expected loss for affirm holdings. active merchant numbers more than quintipled. shares up 22%. look at shares of dave&busters the company also says it continues to see signs of recovery and expects to continue barring any significant related downturn up about 8%. new this morning, president

biden speaking by phone with president xi jinping good morning to you. >> good morning. the call has revised speculation that maybe and in-person summit could be a possibility the call which lasted about 90 minutes long was really described as candid and familiar where the two sides apparently had agreed that they didn't want to see a competition between u.s. and china become a conflict between u.s. and china but that is where the two sides get stuck. the chinese side has been assessing president xi reiterated the long-held view that the so-called serious difficulties are due solely to

the u.s.'s china policy and that future cooperation needs to be based on respect of what china has described as core concerns they want to make sure the u.s. stays silent on internal issues like hong kong for example the u.s. stressed the need for greater communication. the u.s. has long seen this as a delaying tactic by the chinese not to have to from the u.s.'s side make good on their promises so u.s. officials have said that one of the key reasons why president biden initiated this call is because he was growing frustrated by the lack of progress on the lower level where lower level officials were

meeting but from the u.s.'s side those conversations not being taken so seriously by the chinese and because president xi jinping has been garnering so much power, the idea that the president would reach out in order to reboot the relationship >> we'll be watching and waiting to see what happens next thanks still to come, the "new york times" tom friedman joins us live and dr. gottlieb in los angeles and the push to get children vaccinated. stay tuned when traders tell us how to make thinkorswim even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary.

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it's been 20 years since the september 11 attacks tom friedman is the "new york times" report and author of the book, from beirut to freedom i know you were in israel when this all came out. you have a lot of thoughts about what happened here 20 years later. what are you thinking? >> i was in israel when this happened i happened to be reporting on the situation in the west bank i was in the office of the presidential university when the first planes hit i sat down the next morning with

israeli experts about what they had learned about suicide bombing. the point they made was simple they said, you know, our information is really good but their ultimate conclusion is that none of this stops unless the village says no. the internal palestine society is the greatest thing. when they say this is murder and not martyrdom. we started to do state building in the middle east in order to change the context in that part of the world and hopefully

create a village with more pluralism, religious pluralism, gender pluralism so they could fight the ideas on their own we've paid the price for that. it is hard to call it a success. not a total failure. the price we paid is not co-mention rat for what we got >> saying we were willing to look the other way to a lot of what was happening in the middle east all we cared about was keeping oil prices low here we are 20 years later has that issue changed or evolved and are we any better at this point >> keep the price of oil low don't bother israel too much you can kind of do whatever you

want to your people. deprive them of whatever freedoms you want, preach whatever crazy conspiracies you want and promote whatever extremes of islam you want and don't pumped up the prices at the pump and do whatever you like out back. in 9/11, we saw an essence of what was going on out pack in the region as a whole. if you look back really now from 30,000 feet. the middle east fundamentally changed in 1979, which is when i happened to arrive as a reporter there for upi. iran had a revolution that brought the power and islamic revolution, the government in saudi arabia, there was an attack on the mosque and on the

head family in the same year in saudi arabia's reaction was to say -- the people who took over the mosque were fundamentals they attacked the saudi regime as drunkards and womanizers. they began then a sharp respond back to promote the most fundalist view of islam across the whole muslim world right after 9/11, the first trip i look was to afghanistan and i visited the mosque where the taliban leader there was trained. i went into a room and all these boys, maybe 10 or 12, just

praying all day. there was a sign on the wall that said this classroom brought to you by the kingdom of saudi arabia the first thing they did after 9/11 was go to war with saudi arabia that interview with the peace plan, probably just to disstrakt me and 20 years later, it speaks so much to the character of the region, the war of ideas is finally being fought inside saudi arabia unfortunately being fought by a leader ready to do the coolest th -- cruellest thing i've ever se seen you want them to fight the war of ideas the people fighting it or

themselves highly imperfect. >> what does that mean, we have to turn a blind eye again and ignore these things? >> this is the dilemma of this whole situation. we know the cost of what we did. it was just staggering in terms of people, money, resources. of course, we don't know the cost of what we didn't do. we do know there has been no similar significant terrorist attack on the united states. so doing nothing is not in the cards. we are not going to do that. but callibrating the right thing to do is key bin laden, if he had access to

something bigger than airplanes, he would have used it. i don't think we found the answer i can't think of any better answer than them fighting the war of ideas but that utterly failed in afghanistan. >> that's the bigger question, if we are no longer there. we've pulled out and no longer have intelligence on the grounds. what keeps those regions from hosting new terror attacks against this country are we facing that sort of inevitability again? >> i don't know. i would argue your basic al qaeda guy out there, he doesn't need to go to the hindu in afghanistan, there are now so many open spaces they can go to in libya, lebanon, syria if they leave afghanistan, i

just don't think thats that's necessarily true there are so many other places they can go to the hope -- this is probably wildly optimistic -- the hope is that the taliban inherited a very different afghanistan than the one they inhairitied from th russians how much of that penetrated to the afghan society probably the people it most penetrated we've already taken out. the afghans assume now the responsibility and they'll make

a different calculation. that has to be the hope. >> we have troops in south korea still. we have troops in germany still. the 2,000 that were in afghanistan. do you think we should have exited to finally get out with a clean break or is there something to the argument that we could have left -- we were doing pretty well. we had a little bit of help for the afghan forces and we could have stayed? that's one question. my other question is, you you are an expert on the mideast and everything did you criticize leaving all that equipment there and the way we exited with no closing bagram would you criticize the way this was handled at all by president

biden, tom >> let's go to your first question stay with a small foot print or leave. let's remember president trump is the one who decided we are not going to do that >> he's changed a lot of things president trump did. everything else trump did, he's changed. >> were you out there saying, yes, we should reverse this thing trump started number one biden has said and i would say and so wrote, the way we left was in a terribly chaotic manner what was the problem why did that happen? it happened because the afghan government we had stood up for b billions and billions collapsed.

their president left there was no interface between us, the taliban and everybody else so you were going to get a mess. i don't think there is a nice way to lose a war. whether we should have paid. le le le let's forget what trump did. for all of the success, that country folded up like in a second because the afghan military knew they were fighting for a paycheck, not a country and working for an incredibly corrupt regime i find myself really torn. i see both arguments >> maybe that gets us back to

one of your earlier points there aren't really any good decisions. there is a lot of bad decisions. there is trying to decide what you can live with and what you can turn a blind eye to. >> the fact is that the taliban be consumed and need resources the argument is that, look who they are and i don't have much faith in that. think of israel, kind of the miniversion. they invaded lebanon that didn't work it triggered hezbollah they got out of gaza they tried sort of the softer approach and they got hamas. they basically do what they call mowing the lawn. they have a war with hamas every

three or four years. there may have to be these different kind of surgical interventions or special forces where we see threats emerging not being taken care of by the region the underlying problem to joe's question and to yours and what has motivated me from the beginning, unless this arab muslim world finds its way to pluralism. education, religious, yoida, information pluralism, it is going to fall off the face of the earth. there are so many people out there being educated on bad ideas. that's the dilemma we face to the extent we can get out of there by not being dependent on their oil and by the power of our own example, encourage

people to adopt that pluralism, that's a great thing this is a chronic problem that has to be managed. it gets more dangerous because people can pack smaller and smaller weapons that can make bigger and bigger destruction on us and one of them could get through the net. miraculously, nothing has in the last 20 years. we have no perfect answer. >> one thing you said struck me. the idea of us not being as reliant on them on oil is a good thing. we've made progress and taken a few steps back and now president biden is asking opec to pump more >> we are little dependent on

mooern oil our european allies are highly dependent on it. this gets back to really bad choices. one of the ironies, you ckatar and turkey being thanked for assisting us we have put mbs on trial for murdering and dismembering a reporter a pretty far reaching reform of islam and that war of ideas, that's really important. in the middle east, the way you get big change is getting big players to do right things for

the wrong reasons. you've got these two choices the good guys are turkey and kak kutar. the bad guy is the mbs who did this das startly thing but the same thing, after 20 years we would have wanted the morning after 9/11 and didn't get. there are no good choices. i didn't blame president trump for wanting to get out i think they fought long and hard and i don't blame biden. these are terrible choices and ones that leaders at critical moments of history have to make. >> always good talking to you. thank you. coming up, in the next hour.

howard lutnick, its company lost over two-thirds of its employees in those attacks we want to show you a beautiful flag here at the nasdaq today. it is in the lobby it is really something amazing you can't tell, yet, how big this thing is. 20 years ago, a member of the nasdaq tech staff and brought it to all 50 states to get it signed by someone who lives in that state it is floor to ceiling and has to be 30 or 40 feet. >> you can't tell unless we put someone. >> we'll go over there later it is really cool.

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. coming up, long-time market watcher and why investors shouldn't be worried about the

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this is bob minetti and his wife wendy.

in 2016, he was diagnosed with pancreatic cancer. bob participated in a clinical trial that included cutting-edge radiation therapy and surgery. he's been in remission since completion. i am so glad i learned what was possible for me stand up to cancer and lustgarten foundation are working together to make every person diagnosed with pancreatic cancer a long-term survivor. visit pancreatic cancer collective.org. welcome back futures are solidly higher after a couple of downed sessions we've seen sensing a lot of fear but the first months create buying opportunities.

joining us now, president of yardeny research when were you at hutton? >> late 70s or early 80s >> i must have just missed you when you talk, ed, people just listen i can't believe all of those firms are historical foot notes at this point. to create buying opportunity, usually it involves something when you are in the middle of it, you are scared to death. we think of a lot of octobers

like that some people get both but to large extent, it is a very tough call. underlying tries to remain bullish for the market could be 500 by the end of next year or sooner every time i put out a bullish target, the bulls start beating over my back and get there a lot sooner because earnings are so strong i'm not in a corrections camp. when they happen, i hope people use that as an opportunity to buy some more. in this case, your question about whether i'd be buying here, the answer is yes but it is not early in the bull market for sure the market has doubled since

march of '23 of last year. it could consolidate instead of having a correction. >> do you wonder whether inflation would be a problem whether the fed would spend too much with the fed or in washington rates are so low does that buy us some time >> when you say party. parties sometimes have punch bowls. there's an old saying of what monetary policies should be doing. they should be taking that policy away. they are not doing that at all to your point, yes, i think interest points will stay low.

will they pull a trigger and do it before the end of the year, i think they will. they've got to get tapering started and finish by the end of next year in the event that they are wrong about inflation and that it is more of a problem and have to raise interest rates i must have had a happy childhood because i'm in the roaring 2020s camp >> amazing make me chase but not right now. you know everything we are doing is some day going to have some negativeconsequences i call it

moderate monitory theory i'm not judging what policymakers are doing i'm interpreting what they are doing in the market. the fact of the matter, they are providing all of this liquidity. it has lead to a doubling in the market >> the age of free lunches, there are free lunches thank you. >> thank you we'll catch up >> i know whaur saying, exit this market at your own risk some people might look a skans at some of the things we are saying you know pudgy penguins or a bored ape. thanks, ed he was everywhere.

more on these markets coming up. hey google. ♪ ♪ ♪ ♪ ♪ ♪

good morning futures point to a solid open. the dow would snap its longest daily losing strooes streak.

president biden turning up the heat on american businesses to get employees vaccinated former fda commissioner dr. gottlieb weighs in and los angeles' new student vaccination rules. and 20 years from 9/11 talking about giving back to families year after year. good morning welcome back to "squawk box. we are seeing some green on september 10th, the day before

20 years of the terrorist attacks on 9/11. down the road from here. still fresh in our minds and people really affected psychologically and physically a lot of things we keep hearing that it takes 20 years for some of these things to affect people it is sad. we do this every year. a round number 20 it becomes even more noteworthy. guys in afghanistan were babies. there trying to cleanup. a lot of our kids have no idea of what it really means to us and what it was like that day. if we do show that flag again, maybe we will. we have a flag out that is as big as the entire lobby.

and there it is. it is signed by people in all 50 states if you were there, you would be a speck. how did they get that in here? it takes your breath away when you look at it futures which are up tough week so far. tough week since june, as you can see. the nasdaq and s&p treasuries dipped down and looked like they were headed to under three but they didn't. 1.32 at this point >> they took 50 panels to every state and stood out places like walmarts and asked people to sign and give reflections, poems

and remembrances it really is a labor of love >> people need to remember and learn from it and just keep our fingers crossed. tom scared me. the weapons are smaller and easier to get past it is a miracle we've avoided another one. >> in 20 years, yes. with the coronavirus killing thousands of americans each week, president biden laying out a new plan to get tens of millions of vaccines in arms biden is asking the department of labor to force businesses with more than 100 employees to force vaccines and testing workers that receive medicaid

funds. we'll talk more about former fda commissioner dr. gottlieb. and president biden spoke with chinese president xi jinping for the first time since february. a senior u.s. official said washington has been disappointing in china's lack of engagement in recent lower level talks. a big morning stock mover this morning check out shares of affirm holdings soaring after easily topping expectations for revenue active merchant numbers more than quintipled. that stock up more than 21.5%. breaking news from the senate on a new bill that could tackle stock buy backs

we have more on this >> good morning. senate democrats introducing a new bill on companies that buy back their stock the chairman of the banking and finance committees, one of the ways democrats are hoping to pay for president biden's spending package. leveling a 2% excise tax reducing abuse and avoidance that would not apply for the buy back of pension plan or stock ownership plan in a statement, saying, instead of spelling billions buying back stocks and handing out ceo bonuses, its time to reinvest and give back to workers who

make it possible the senate finance committee met yesterday to discuss a suite of options like this one to raise revenue. also remains a flash point and possible the self-imposed deadline could slip. a spokes woman said on the broad goal of leveling the playing field, democrats are all on the same page. back over to you >> hold on what do you think the chances are this actually moves forward? >> truthfully, i don't know. if moderate democrats are going to be successful in getting the administration to scale back its proposal of where the corporate tax rate would be, the capital gains rate, at maybe 28% they are going to need to make up that money elsewhere.

some of these could be used to fill in the gaps but of course, the skills are also under discussion there is a lot of moving parts here democrats are rushing to figure out. these proposals could be the one offs to allow them what they need >> do we know where president biden stands on the buy backs? >> we don't. maybe something more targeted could win him over that's all part of the discussions happening in the senate right now >> thank you for that report let's get to the broader markets. senior markets commentator has been looking at the recent turn. >> i'm going to suggest that

trend is actually pretty far along. it feels if people came work after labor day in a cautious crouch we've been in this mode for quite a while. it hasn't really worked to the s&p in that way. looking at the with un-year chart of the s&p, you see a flattening out of the index. a lot of folks are focused on 44 plus or minus a couple of points representing the pull-back high that would be kind of similar to these moves down a lot of the big growth stocks finding their way higher look at stocks versus bonds. etf against the s&p 500 over three months pretty close it shows you that beneficiaries

of lower yields, which tend to be the growth stocks even while the sector since about june 1 have had a hard time we've gone through these phases and we've changed our expectations for the underlying power of the near-term economic recovery take a look at semiconductors versus the travel and leisure sectors on a year-to-year basis. they've landed at this spot. we have the maximum enthusiasm about the pace of reopening. then we have a reality check and then we thought it was coming again in early june. semiconductor has been a slower grind. it has remained pointed higher a little part of a longer term trend as opposed to people

getting overly excited about what is to come in terms of reopening pace >> wonder what far along means, mike >> it didn't just start this week is what i'm saying. >> how far do we have to go? >> there you go. that's the question. >> you were going to tell us >> i'm going to try to frame -- by the way, joe. you were grasping for who said -- it was st. agustaus. >> why haven't we been doing this all along >> a good question

we've actually proven that in fact, a lot of the negative out comes have not necessarily yet come around in terms of inflation or what people thought would happen with the dollar with these deficits. >> do we take it off the table or are we kicking the can down the road with rates so low, it seems like it would take a while to get back >> we are all mmters or jelly doughnuts. what do you think of the proposal to tax buy backs? maybe you say you are finding the money that way or corporations stop doing buy backs? >> it is complicated

a tough one to get passed. >> do you get a bonus then for issuing stock? you good et to write that off >> when we come back, a special interview with howard lutnick. his company continues the tradition of giving back we'll be back after this break as i observe investors balance risk and reward, i see one element securing portfolios, time after time.

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better parents... and better friends. no! no! that's why comcast works around the clock constantly improving america's largest gig-speed broadband network. and just doubled the capacity here. how do things look on your end? -perfect! because we're building a better network every single day. it makes me think of my two friends who were members here that we lost and countless others that we lost and the children who never met their fathers or mothers i think about how fortunate i was to make it out that day and i am able to teach my kids

thinking about my friends who never were able to see their kids grow up >> tomorrow marks two decades. that day cantor fitzgerald lost more than two third of its company. welcome back the company's annual charity day was held virtually because of covid. this year, raising $12 million for the families of cantor employees that were lost to date, $180 million has been raised thank you for joining us we've been having conversations with you now, hard to believe,

for 20 years i was having a conversation with a colleague of mine who is 10 years younger than i am about 9/11 and my appreciate of that day because i remember every moment of it seemed to be very different from my colleague who i don't think experienced it in the same way i don't mean to have to bring us back to that day and the significance of it and what it does to you emotionally to even think about it even having this conversation with you now is making me a bit emotional about what we all encountered then >> you are right i have senior executives who are 40 years old you think about it, they were in college at the time. i was dropping my son off at his first day of kinder and i raced

down to the building i was standing at the base of the building helping people and hoping to find some cantor fitzgerald i ran in my suit in the tsunami. the emotion and the ripping apart of your in sides is just different for us, the people who knew it and saw it just being on today and reminding the young people that this matters cantor fitzgerald rebuilt to take care of our company and the people we lost you sit next to people more sometimes than your family and you love them. you may not say it but think of all that you lost

that's why cantor fitzgerald does a carity day. the people standing behind me are going without their pay today. working to set up this charity >> you set up this charity with your sister who used to go from funeral to funeral think about that experience and what it meant and thinking about how to recreate a business in the aftermath of those months. >> so we had a call on the evening of the 11th where i said, look, we have two choices. we can shut the firm down and go to our funerals. you can imagine 20 funerals a day for 35 straight days my best friend and my other best friend's brother in-law were

buried at the same minute. we couldn't go to both we were going to have to pull together and work harder than ever and who wants to work that day but the key is we are going to work to take care of our friend's families. we committed 20% of what we made, our salaries and money we ended up giving them $180 million from cantor fitzgerald we paid their health care for 10 years. i'm proud to say we are now employing the children of people we lost that day what a compliment that is. young people that lost their father or mother would want to come work at the firm. >> there a personal lesson for you? i'm not talking about business you've thought about this with

unfortunately 20 years of perspective. >> i think what happened -- leopards don't change their spots, they get brighter you saw nice people become saints people who were a little jerky went way off the spectrum. we were a philanthropic company to begin with, we've moved up the throttle before cantor fitzgerald was winning on its own and now we are happy to work with other firms. we do it with our employees, they are owners and partners with us. it is a collective event i've learned you can't be great unless you all stand on shoulders together we've built our company from

losing 658 of our 900 employees. we have almost 5,000 people in new york and around the world. we have a health care practice, a spak practice, bge partners. we've built these things together with employees who wanted to give back and help the families of those we lost. there is a piece who nose what it is like to be a great human being. when things like this rip you apart. you grab that piece and drive yourself to be a really good human beings, it is in everybody. all of these people behind us. they are working their tails off and not making any money today to give it away. these are amazing people >> culture question for you about today. we are living through another crisis of sorts, which is this pandemic those folks are there in person. and there's a big question and debate in this country about

what the work place will look like in the future and how you create a culture if everybody is not together in the future i'm curious how you've been thinking about that? >> i agree with you. people who work from home, they are in the lower right-hand corner of a zoom when they resign, they can resign without any personal interaction. i think working together matters. you have to figure out how to work together. we've circled new york we have south new jersey and connecticut. people need to work together and lessen their commute and home value. the ability to get home and drive to a local office and work there. i think there's going to be this kind of balance but this only work from home model, i don't think you can build a future

i don't think you could have built a company like cantor fitzgerald you've got to be together. ceos have to figure out how to let them be together but do it in ways that is beneficial for its employees. >> i couldn't let you go without talking about the markets and i'm curious about the spak -- spac market. people are trying to get concerned about the fall, delta and what the fed may or may not ultimately do. >> you've got, look, the markets still have that underpinning of the $3.5 trillion. people have never heard of these numbers. we have stimulus packages of

$1.3 trillion, $1.5 trillion 3.5 trillion hanging out there is going to keep a bid underneath the stock market. it is going to keep it there that is a massive amount of spending you'll see the stock market hold in the delta variant will keep rates low. i think we are in for an odd, smooth path until they sort out this 3.5 trillion. i think that's such a jab of adrenaline that i don't think the market can fade off of this. >> real quick, we've had a bit of a lull in the spac market >> it is a great way for young companies to go public not like the big time ipo but not venture capital. it is that space in the middle you have these really cool companies coming out

we believe the spac has to have a pipe you need 0 to have big investors that come out and say, i agree of the investment at this level. you'll see great young companies emerging a year or two, you'll really love the companies that came through this process it is faster, certain capital you raise. it is a great market it is here to stay >> thank you for joining us and offering your perspective and all the work you've done over the past 20 years. an important reminder for everybody who was around then and hopefully the next generation as well a programming reminder, can you watch a special edition of the news with shepard smith. tonight, america remembers 20 years later at 7:00 p.m. eastern time here on cnbc. want to show you that shot of that beautiful flag here at the

nasdaq 20 years ago a member of the exchange tech staff brought a piece of it to all 50 states and had it signed by someone there you can get the size and scale now with that image of the folks mulling about in the lobby there. "squawk box" returns in just a moment flexshares are carefully constructed. to go beyond ordinary etfs. and strengthen client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses.

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month. look at x food, energy and trade. one-third of the rearview mirror up .09 historic high in january, up 1%. looking at year-over-year numbers. the new high of the series lat high was last month of 7.8 strip out food and energy, up 6.7. another all-time historic high previous high. finally, if we take x food, energy and trade, it is up 6.3%, also blows history away. previous month of 6.1 was the high the highs i'm referring to in all of those year-over-year are

historic because of how we've call i operated those. if you look at yields, they are around 132 unchanged for the week up a smidge for the day. most are paying attention to where the market has stopped 1.7 to 1.9 represents a very strong yield resistance. hawkish expectations not met you use a lot of metaphors this morning. we could add a few more. back to you. >> the producer prices, really strong numbers maybe not a huge surprise and maybes that why we are not seeing a height reaction in the markets? >> i think the markets are

prepared to remain sticky. short the market looking for higher rates because the fed seems to nulify those nervous expectations and ultimately, it is a game of chicken when to put on the position timing wise and how to handicap exactly how sticky inflation will be at the moment, many investors are quite pleased even though they may not agree with the long-term prognosis -- >> i think we just lost your mic. i hear what you you are saying, fighting the fed has been a losing proposition we have some news from bank of america ceo brian moynahan plans to maintain

his position he plans to add five new leaders including women. after this, the bank will have the most diverse management team with regards to gender and race than any inhistory a long list of changes these are people for the most part who have been with the company for a long time. they say after the changes, bank of america senior management team will include people with an average of 21 years of service in the company and 31 years of financial services industry. something to watch planning on being hear the rest of the decade. when we come back, the first reaction from former fda commissioner dr. gottlieb to the

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this is not about freedom or personal choice. it is about protecting yourself and those around you, the people you work with, the people you care about, the people you love. >> president biden yesterday rolling out a new plan to battle the coronavirus. putting pressure on private employers with more than 100 employees to immunize their work force and mandating for federal and health care workers. also asking the labor department to issue a rule for employers with more than 100 employees to

mandate vaccines or weekly testing. joining us now, dr. scott gottlieb, his new book, uncontrolled spread. that book is out next month. i haven't had a chance to talk to you about this announcement fro from the white house what do you think? >> let's focus on the mandate of small businesses businesses with 100 or more employees. the issues related to the federal work force and health care workers probably fall more squarely within the purview of what the government can do the part of this is the mandate on businesses with 100 or more employees. they have to go through a rule-making process, assuming

ocha hasn't started this even the emergency rule will probably get challenged in court. they'll have to issue guidance on howbusinesses implement tha and give some kind of grace period to get that into effect best case, this is probably going to be a tool or policy that affects the fall of 2022. certainly not going to be implemented in time for this delta wave by summer time, i think it will decline so this is something for the fall 2022 season we've vaccinated over 75% of adults we are not going to get above 90% even with this rule making if we continue to chip away, we'll get to 80% if this rule gets implemented, we'll get to 85%, maybe a little

more we ask ourselves, that last 5%, which have probably been infected because they've chose to go unvaccinated the court challenges, legal challenges we need collective actions i think the focal point of that action should be as close to the community as possible. individual school boards businesses making decisions on their own. maybe states when the federal government gets involved, you take something and make it objectively political. >> my thought that this is all too late anyway. getting people tested in schools and vaccinated, it would take months that's probably going to be too late for most of our kids. this is a lot of sound and fury

and not anythings that going to keep my kids safe. >> none of this is going to impact this delta wave it has played out in the south and by and large will play out in the north it is already sweeping through schools. one thing you can do to impact the population is get a vaccine made available to children a lot of people with anxiety about covid have anxiety because their kids are unvaccinated. that creates a lot of anxiety about going back to the office you don't want to bring fictions home from the office a lot of the remaining unvaccinated people are children 75% over the age of 18 have at least one dose most of them will complete the series >> but there is 50 million kids age 12 and under nothing available to them. they are now 25% of the cases.

hospitalizations are up there. a lot of sound and fury. there will be a lot of arguing on this and it is still not going to keep my kids safe >> the single best thing we can do for the kids is to limit infection in adults. the collision of back to school, back to work post labor day and delta continuing to spread in the u.s. will create a challenging situation in the schools. the thing they did announce yesterday was giving a nudge to schools to implement testing >> agree -- >> there is turn-key solutions that could be stood up >> i'm told in public schools, you can't require kids to even test as a condition. it is voluntary. the people that go along with it, are the same ones that mask and behave protectively anyway the ones who won't aren't

following the rules to begin with >> they've rolled out testing and test to stay parameters to rule out large quarantine. you get pretty good compliance i think you could use testing more effectively in schools. not because of the logistic al solutions. they are reluckant to turnover positive cases and deal with the results of that. some schools still aren't doing that in the northeast where there are more measures overall. more about more cavalier about the spread of delta in the classroom. >> one of the comments the president made yesterday about using the defense production act to effectively support or

subsidize rapid tests that can be bought, taken home and have a three-month period where they'll be sold effectively at cost. still more expensive than what you can do in europe where you can get a test for $1 or $2. these will be $15 or 16 for two. call it $8 a pop do you thinks that a game-changer do you think we'll be testing long term? is that a potential answer to this >> i think that's impactful. making a test that can be done at home. maybe giving tests away for free to certain populations people who have a more difficult time even affording an $8 test, there are things they can do to make those more widely accessible

i think people will be usinger should be using testing on a more routine basis making sure they are not asymptomatic carrier requiring people to get tested before they come to a wedding, an event, a party. i think consumers are starting to use testing in smarter ways you can use that in the work place as well. require regular testing. at least during peak covid season right now, we are in the wave of covid spread this will pass when it declines, can you back off meez measures. we need to have a flexible doctrine >> the one thing this does is give cover to any private employer who wants to put on a vaccine mandate and require workers to get vaccinated or tested i guess this would give them some cover if they've been

holding out. >> it will this won't be implemented for some time. they already had a lot of cover. they had the fed stepping in among their employees. new york city tried to impose the mandate. i think the administration faces political challenges within their own party. this is not going to be implemented soon this raises the question is it going to offset any benefit down the road from being able to implement this in the near term, this will discourage people from getting vaccinated because they feel forced maybe they will implement this and get another 2 to 5% vaccinated because of this rule. i don't think it will be more

than that. maybe we get a little higher we won't get above 90% we don't get that with childhood vaccines which are required in schools. >> thank you for that. let's get to the new york jim. you are a stock savant, but also there's a lot i could talk to you about and we will, but i've got to talk to you about the nfl. tell me whether you know the answer to this three alabama teammates are now week one starting quarterbacks one of them i'm sure you're really excited about you're probably excited about all three. can you name all three i bet you can't. >> oh, jeez. >> i'm going to name them for you. i didn't want to put you on the spot did you know that jalen hurts was at alabama with tua? >> yes, before he went to oklahoma i've got a big bet with chuck

who's going to be wrong. >> and mac jones versus tua, miami and -- can you believe that three alabama quarterbacks starting. >> it's a factory. how many nfl teams are worse than alabama that's a good one. >> unbelievable. you were telling me that the bengals have -- >> tyler boyd could be the biggest -- this weekend take him as a two to three touchdown. >> we probably shouldn't talk all football, although i wanted to with you. earlier you said buy now pay later looking good i feel good and look good and cyber security those are the things that are working right now as opposed to some other -- >> yeah, cybersecurity, z scaler last night, crowd strike, palo alto networks with the big meeting next week. had him on last night, he's talking about people being delighted in buying things

because of buy now pay later i don't know those of us who had six, seven credit cards coming out of school understand why buy now, pay later works. ulta, they're talking about the idea when you look good, it's connected with wellness. it does work, wellness works as a theme. you know what doesn't work as a th theme, secondaries no more deals. we've got bumble today and impel. be careful. >> do you have a lock for me i'm looking at all these things right now. are you -- this guy took the -- >> this guy took the eagles over the falcons in the daily news. >> i like the washington team versus the chargers, because ekler has some practice this week and the washington team has a powerful defense. >> we took the chargers the other day because we forgot they were in l.a. we were talking about l.a. kings. it's hard to keep track. the raiders are in las vegas it's hard to keep track.

>> you can get tickets to the games at the raiders, people think you can't but there are plenty available. >> the bengals, everybody's picking the vikings. >> vikings defense is riddled. just dalvin cook, you know, jeff s erson, you've got a quarterback that is a little bit of the -- wentz, can you imagine wentz and gottlieb together in a room? >> no, i c'tan all right, jim, thanks we'll see you in a couple of minutes. "squawk box" is coming right back t's open your binders to page 188... uh carl, are there different planning options in here? options? plans we can build on our own, or with help from a financial consultant? like schwab does. uhhh... could we adjust our plan... ...yeah, like if we buy a new house? mmmm... and our son just started working. oh! do you offer a complimentary retirement plan for him? as in free? just like schwab. schwab! look forward to planning with schwab.

another week and more pressure on chinese businesses from officials in that country the latest example, tencent and netease summoned by regulators and reminded of restrictions on kids' video game playing time. it's making it harder for investors looking for certainty overseas joining us now is mitchell green, founding partner of lead edge capital, a venture capital shop that backed the likes of tencent and alibaba. you know, you live by the sword, die by the sword, i guess. there were some big gains, mitchell, right? there's a reason why u.s. investors like china stocks and i guess it can cut both ways

would you use the word uninvestable now, like goldman sachs or do you just need to be careful? >> look, so when we first invested in alibaba group at $6.75 a share, and been there for a long time. when i first met daniel who's now the ceo, he worked in an office the size of a closet. look, what i've told a lot of my investors who have asked us, and we actually were buying -- we bought alibaba we started buying it, part of our fund can be private equities we bought a bunch more like 157, 158. i told people, look, over the next like six months, nine months i have no clue where these stocks are going, but i think over the next like three to five years these things are much higher than they are today. i still believe the chinese government is taking a very long view and wants to conquer the

world. i was just in africa in tanzania and kenya, and there's chinese stuff all over the place i think they're going to do it through these big internet companies. i think they want these guys and gals who run these companies to know they're not bigger than the communist partner. some of these regulations are pretty good. i have kids, would you really mind if the government said your kids couldn't play video games after 10:00 at night s i know it's a slippery slope i can't say with any precision how much this stuff is going to go, how bad it's going to get, how not bad it's going to get. all i know is they fined alibaba 2.5 billion. they didn't fine them 100 billion and nationalize it >> just wonder is it a multiyear development that we're watching? will there be something that indicates to you that it's all clear or at least maybe they've

accomplished what they wanted and it's safe to go back in the water. at that point what do you suggest people, what would be the names you'd want to buy? >> yeah, so the short answer is i don't know and like every person in terms of when is the right time, nor does anybody else you're going to have on your program. there will be a lot of people who will upon topontificate. i'm not friends, nor is anybody else who's going to be on this program. i'm not sure he's the only one who's making the decision. i think the all clear will -- i think you will see -- and this is just pontificating from my view. >> make it fast. >> i think you will see an ant or a bytedance ipo in the next 12 months and that probably signals -- >> that's a good tip thank you. something to pay attention to. we appreciate it >> yeah, sure. >> we're almost out of time. take a quick look, solid markets

this morning obviously we'll all be thinking about what happened 20 years ago tomorrow. >> yes, we will. yes, we will. >> and thinking about the future and just fingers crossed, but we remember everyone and what we all went through obviously we had it better than a lot of people, andrew and becky, and we're thankful for that join us next week, "squawk on the street" is coming up next. good friday morning, welcome to "squawk on the street." i'm carl quintanilla with jim cramer, david faber at the new york stock exchange. stocks do look to steady after a four-day loss, the longest in nearly three months amid the ongoing growth concerns related to the pandemic. more importantly, though, today is the 20th anniversary of the 9/11 attacks and all morning long we are going to honor the lives lost that day. we're going to remember the heroes who responded