we'll also show you the ten-year note trading about 1.427, so we have crept up a bit. finally cryptocurrencies on the move downward after the news out of china overnight make sure to join us next week have a fabulous weekend. "squawk on the street" begins right now. ♪ good friday morning. welcome to "squawk on the street." i'm carl quintanilla with jim cramer david faber has the day off. we're watching bitcoin, fed-speak, a ten-year yield breaking out further our road map begins with china, evergrande, global investors still in limbo, and nike lower on the dow

that crackdown, china is vowing to root out illegal activities, as they call it, and ban cryptomining nationwide. the cdc clearing the way for mill years of americans to get the third covid vaccine shot jim was talking with the squawk gang about crypto. they are clearly of the view that transactions in crypto are illegal. >> yeah, i think a lot of the people who are backers of crypto will always be backers of crypto they remind me of fans you can tell me that the philadelphia eagles, they're great, that's what they do, and i don't mean this facetiously. people were saying this is good news for crypto. it is not. what the chinese want to know is where the money is they want crypto open. they don't want anyplace -- remember what xi is saying, data is everything. the data is hidden for crypto, and he's ending that so those who think this is good

news, due to offshore or whatever, look, this is a tyranny cal regime how that can be bullish is beyond me. >> maybe gary gensler is taking into account how other governments will view this long term. >> i think so. my old friend anthony scaramucci was saying, look, coinbase will win in this fight against gensler. well, you never win against regulators that doesn't work. remember, gensler is not trying to shut down coinbase, he's saying we have to regulate it as a security the chinese are saying it's a security, and we want to own who owns it and how much that's not what gensler witness. he just wants to call it a

security crypto is on the defense -- i own ethereum i'm taking a beating here. everyone saying it's fine are making a mistake the chinese have revealed themselves as being the enemy of the wealthy, the old way the communists were. if the wealthy are hiding money, they will be found and reeducated >> this is what gensler said, regardless engagement with the industry >> i look forward to further engagement with the companies in this space and the market participants it's really about how we bring basket investor protection to protect people against fraud and manipulation this is an area that's been fraught with fraud and abuse >> that was our conversation with him on the 15th. >> i speak to all the cybersecurity companies on "mad

money", and almost to a person, they say, look, if you want to learn how ransomware works, it's all bitcoin. we have to find a way to stop it so the government has to make it illegal if you pay ransom with the bitcoin. when you speak to the commissioner gensler, this is the kind of thing he's worried about. this shadow security, and he keeps calling it a security. remember, he hayes allowed to deem under the 1934 act what's a security so those who keep -- he just wants crypto to be a security. he certainly doesn't want to -- i get 8% on my cash balance for my -- the firm that i use. i don't know how that's

possible you know who also want to know how it's possible? gensler. the difference, of course, is i don't have subpoena power. i often would like to have subpoena power, but the people who say the oh, c chairman is going to be schooled or doesn't know, these are children they're children, and they ought to get to be adults. i've been working with paul wise for 30 years, and i want to say the commissioner doesn't know what he's talking about, but the push back is always, he's the commissioner their lawyers are saying to them, shut the hell up. >> yeah. >> just shut up. >> clearly the china headlines regarding crypto are one story the other is the watch on evergrande as the world is literally waiting to see if the

check is clearing regarding that debt payment let's get to eunice yoon no the latest hi, eunice >> reporter: hey, carl, still unclear. bondholders are focusing to the 30-day grace period. chinese companies have, in the past, paid interest during this 30-day grace period, but not to the same size and scale as evergrande the hope has been that evergrande will follow through on regulations that the regulators had made to the company about a week ago at a meeting where did by they said to communicate better with bondholders, in order to avoid the risk of defaulting so some of the other recommendations had been to guarantee homes, to make sure

that the individual investors and some of their financial products were made whole we have already heard from the company's founder in the past couple days that those are some of the recommendations they intended to follow through on there has been more sign stress in the property sector at large as well as evergrande. evergrande has lost a shareholder. a chinese company said they will not have a stake in the company any longer also in media reports, there were reports that land options have gone unsold in the base of alibaba, and also seen as one of the best cities to buy real estate, and sunac is appealing for policy assistance, so we're

seeing some signs of stress, and there's injection of liquidity into the system to try to stabilize. >> eunice is the sing the source of truth in china, and they're basically saying, listen, we have the fdic for the individuals, but not for the wealthy. the one thing i wanted to point out under the item of wag the dog, a news item by my friend john ellis they had two air incursions close to taiwan, the largest number of planes to enter since june when we say wag the dog, are the chinese going to feel this is an interesting time to make the squeeze on taiwan? it certainly makes it so we focus on evergrande and more on military ambitions >> reporter: well, the chinese have, for quite some time now,

have been sending the message that taiwan is definitely part of china as you well know, there's a quad summit that's coming up in the united states, where president biden is going to be meeting with leaders from india, from japan, making sure that, you know, that the u.s. is able to stabilize its relationship with allies in the asia-pacific region, which china doesn't look kindly upon. there's a lot of geopolitics here, carl, but china definitely wanting to send the message to washington, that they don't want washington or anyone else in any way try to split taiwan from china, which beijing believes is part of china and needs to always be part of china. >> the ripple effects on that one, eunice, even roiling europe --, france and australia are

watching it as well. thank you, eunice yoon in beijing this morning. supply chain challenges kind to hurt the retailer, because in-transit worries. >> there's a very interesting dynamic developing with nike there are people who say it's supply problems. obviously they had problems in vietnam with covid, and then there's the actual number. i'm going to side with the bears here in grater china revenue grew 2%. there's a having by guide down by nike. i'm worried about nike i'm worried about nike, because this china number, which they are portraying as being a supply problem, i think it's a demand problem. i think you can argue that other places around the globe, it could be a -- there's just not

enough product, but i think these levels of greater china revenue grew 1%, that's just not supply now, the analysts to a person -- barclays agrees with me, but i have fold nike for a long time this was a different conference call some would say it's a disaster why? the typical one is a well orchestrated discussion about how things are going around the globe. this was, hey, listen, we screwed up on supply, we can't meet demand. yes, it's true you can't meet demand like toilet paper in costco i'm not buying it. i think china is a problem, and i'm not backing away form the numbers they're suggesting, when they say now we expect mid sing the digits versus the prior year guidance of low double digits? and then they immediately say, this is what they do they say, due solely to the

supply chain solely i question whether the word "solely" is correct. >> north america was up, and -- >> we 12i8 expect gross margins to expand. now, i just come back and it's china, china, china, but it's almost as if someone said, look, every time we mention any weakness, i said the word solely that kind of unison way of expressing something with matt friend being at the point, no, i'm not going there. i think there are issues. >> so you think it's not like fe fedex, where you had a supply issue, but robust demand environment? >> yes, it's not like fedex. it was equally disastrous, but i'm still waiting to find out if

65% of the people in the portland hub, well, where are the other 35%? that thing was a puzzle wrapped into an enigma this call, this nike call was meant to tell you it's better than sever, and if we can get the stuff, it will be great. i'm not going there. no, i'm going to question that >> if we blow that out to a much broader aperture, i mean, slow down -- massive slowdown in demand in china would have ramifications for global growth at large. >> yes, absolutely guide down from 8.34 to 8.1. i am not as worried about evergrande -- only for one reason the communist party can decide, you know what? we're going to reeducate the people who screwed up here it's not good. china is definitely slowing, but the hallowed ground that nike has had with the ministry of sport seems frayed

the question i have is, are $200 sneakers -- they're worried about estay lauder, fancy makeup. >> iphones >> that's the toughest one of all. i don't know -- if there's anything that's a badge or status of wealth, no right now with only apple to me being the exception. >> we've been there before, signs of american influence being shamed in some ways. >> i just think -- i want to say that i think the weakness in nike is not that the shoes are bad. i think maybe it's a bit expensive. maybe that i have to cut prices. >> clearly it's going to weigh on the dow we'll get the open in about 15 minutes. after the break, elon musk thinking the chip shortage is short term we'll talk about the cdc decision, some calls on roku and

salesforce futures are a bit red after a strong two-day rally we're back in a moment

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it's not getting worse in some ways also looking at some wartime powers, where they could monitor the supply chain. >> there were disappointment of people brought together, because there is no resolution whatsoever $52 billion is caught up in the big morass of a bill what's lacking, i think -- the defense department, they're nowhere. they're not saying -- they're not coming on air saying we need this and this is totally, again, related to taiwan semi we are keeping asml, a dutch company, from being able to ship their lithography machines, the size of a city bus we're blocking that. the chinese can't handle that. they need to get thor asml, which is the taiwan semi on the island of taiwan in the meantime we're trying to figure out, how do we build boundaries, when i think there's

going to be tremendous pushback. an outfit lie global foundry, which makes militarychips in new york, let's say it becomes public, people will say, wait a second why are we giving companies that are all so rich? we're at a stalemate it can only be broken by the military saying we are very worried we are -- that our chp will end up being made by the chinese. that's what they have to do. the military is so tone-deaf on this, it is extraordinary. general mattis talked about taiwan, and said basically, look, the chinese lied to obama immediately, and he used those terms. we all think, you know, don't worry about it, this is really about trade. >> i would argue tillerson had a more hawkish view and thought there would be conflict over taiwan in a decade. >> i was very critical of him at

exxon, sure not critical of him as secretary of state. take a listen to what elon musk said. >> there's a lot of chip fabrication plants being built i think we'll have good capacity to providing chips by next year, i think. i certainly hope so, but it appears that way. >> okay. so it's not a prediction, but he does think that maybe we could end up in a better spot by next year. >> yeah, maybe as i look at it again, i'm so worried about what elon musk is saying about, i tried to warn you about our artificial intelligence he's been against it, worried about it, but he's talking about a very apocalyptic vision of a.i. what he really want to opine on

is that mercedes is moving so aggressively with ev, i'm shocked myself i wonder if it was his decision to go right in their face in berlin, which has a very left-wing government that might be elected in germany. just like -- hey, we want you to be carbon neutral in an oil company, they are really pushing ev, and if cathie woods is right, it might be cheaper than a gas-powered car. we're going to talk palantir, cramer's mad dash, countdown to the opening bell. that'sn oueit nus. iabt ghmite

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let's get to cramer's mad dash before the opening bell a come the price target hikes on costco it sounds like you might have one them the cfo, he schools you he explains how they work this is not a margin play, but a top-line play. they cut their prices so you become a members, the members are growing. they're going to add a second china store next year. they're going to auckland, new zealand, but while there are shortages, while they themselves have had to put some bath tissues, roll towels, kirkland signature water, high-demand

cleaning-related skus on -- they're crushing it. they're paying their people more it's a joy these guys, they all play together it's a remarkable quarter. people who want to understand business, read this guy. he's a genius. >> it all goes back to senegal, too. >> i questioned him about the wine that was under $10 where i bought it. he said, under understood business, you would -- >> very plainspoken. the open is in 4 1/2 minutes. don't go anywhere.

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i think ultimately the director did the right thing remember, it was a close vote as well i think it was a 9-6 vote. it wasn't a resounding vote that

people at risk from occupational exposure should be denied the boosters there's a lot of healthcare workers who are already getting boosters. former fa commissioner dr. scott gottlieb talking about the cdc ruling. >> i think dr. gottlieb is true north. he was questioned why the 60 cutoff i think he does more work than anyone and basically say frontline people are going to get it i don't know about you, it's just daily that i hear breakthroughs. they tend to be people who got it in january and february, got the moderna or pfizer, but fortunately not hospitalized i do think there was an amazing interview this morning with squawk, where he basically -- lays it out that we took a process that was mentality basically for pediatric

regulation and put on it covid so much of what is playing out is sub-optimal the book is so amazing. >> we're all looking forward to looking at it "uncontrolled spread" getting great reviews, from dr. gottlieb. here's the opening bell. celebrating an ipo at the nasdaq by the way, u.s. cases down 17% in the past week thanks, doctor chople. >> of course, a must-follow who was on "mad money" last week talking about when is the peak i do think we are peaking, which is one of the reasons why people are buying stocks. i do think that the question

is -- we're pickpeaking state by state. oregon, for example, there's a great debate, but i think the opening of the borders was the signal that we are over the hump, and i think that was the right move i am bullish on the idea that this thing has run its course. i do feel there are people who have johnson & johnson, who are concerned, my wife included, but i think if you've got two, you feel like you can go out and do things we've had, what, two weeks in the nfl, 70,000 people together, where are the outbreaks? >> that's very true. even states like tennessee and west virginia, which are at the top of the list in terms of per capita cases, are making improvements goldman took a look at the travel restrictions loosening, and say it could at another 10% to 15% of lost spending from tourists, maybe add close to

100,000 jobs if david were hear we may thing drugs off merck, but the treatments could be a game changer here >> deutsche bank says, buy delta. that is an interesting idea. if you believe what we just said, delta is a good way to play it, so do speak i've always felt the problem playing with delta, the sit there jay powell said, a couple months ago, i'm worried, and of course he nailed it. i do believe that the idea is sinking in that it's the flu for people who are vaccinated. we don't want the flu, but if they have something that can make it better instantly, that's amazing. regeneron has a drip, and people do well. there's a fabulous part in

gottlieb's book about the president trump in regeneron versus lilly for anyone trying to choose stocks, there it is. who is gottlieb? i know he's on the board of illumina and pfizer, but the book -- there's about 30 pages of footnotes it's a great documentation, the room, all the meetings with trump, including the fact you couldn't be in a meeting with trump if you were wearing a mask, you're not in. who has that level of detail. >> i am so um that hopeful view is why carnival is above, wider than expected loss, but q3 voyages, ends the quarter with nearly $8 billion in liquidity, and stifel comes out with a very positive 2023, they say it looks good by the way, disney cruises doing

very well. disney is back. >> did i see a move on disney in your charitable trust? >> i'm back. 171, lower than where i sold it. i just think that -- i've been studying this man, mr. chapic. he's very different in style, but i do think that people who are just playing him as a guy who is disney plus, versus people going to the moves are missing a point. he has a holistic approach, looking at the entire business that is disney he makes a lot of sense. he shouldn't have mentioned distant -- right at the end he was asked about buybacks or dividends, he said, well that's distance that was wrong i don't get to school him, but if he were here, i said, do you mean like, let's leave it to the

board? because that crushed the stock, but that gave us the opportunity to buy. >> it was the headline. >> he forgets it's a gotcha game having been a reporter where i was a hatchet man, it's gotcha i think he meant basically, look, covid is a speed bump. they don't need a buyback or dividend, but they will when it's right that would have been a better thing to say. >> it's one reason -- we'll watch disney, the cruise lines, the airlines, even some of the casinos, jim, i see wynn trying to get back to -- >> my interview last night was eye-opening. he was saying, i'm going to use the term business as usual he says it's not about trying to

close the casinos. they employ a huge number of people, but vegas is on fire vegas is maybe the best they have seen -- it's tough to get in i do like the story here my charitable trust owns it, but as i explained last night, i've been terrible on it. but i did feel -- i felt assured, because mr. maddox was straight with me, especially when he brought in hopkins -- >> here's a quick listen from last night >> we've never experienced the type of business were seeing right now in las vegas and in boston it's extraordinary we're seeing that without international travel just this week, when it was announced, if you can come to the funds you're vaccinated. we had reservations from the uk spike federalively from zero to hundreds a day people are wanting to come to

vegas and have a good time. >> i think we're misjudging jumpedian travel i thought about european travel. you know, after i heard wynn, i thought make we should think about macy's jeff is such a straight shooter, but maddox, when you go back to the call five years ago with steve wynn, no longer running it, but he attacks the macau government, saying, we're the biggest employer, what are you doing? the prc folded like a cheap suit because of the number of jobs. if it weren't for covid, i think you could say that wynn would be doing much better, and that the rely lace, according to maddox is much more to do with health than it is trying to legislate the rich people getting out.

the rich people junkets have been down down down, but james has been coming on, saying be careful how much this is worth obviously the chart is the chart from health, but i don't want to just say maddox, what a liar he is, because he's never been a liar to me you know, he brought in people who couldn't be bought >> yeah, that's generally what you want to do >> you always bring in gottlieb. when frank del rio, who i believe it's his birthday today, frank del rio brought in gottlieb, and gottlieb suggested everybody should be vaccinated and the florida governor was saying he was -- >> i never figured it out. >> i don't want to disagree with

someone who says you have a right to be sick and give it to you, it's a free country, but gottlieb favors vaccination over non-vaccination. merck is leading the dow we were talking about the antiviral trials, and then the resumption of buybacks, and then crm, they go from 280 to 365 >> it's going back and forth with benioff last night. i god up a-- got up at 3:00, and could i hear the parts that drove the stock up they basically said, listen, we are growing faster than you realize, i don't think people realize how powerful the slack deal is. this is a meeting, by the way that he does it's up for three straight days, but this is a meeting that historically has determined the

stock price, not the also dream force. this was the best. listen, i can't believe it, and so he was showing me clips of it, and wow. this was not the usual salesforce meeting he has more people involved. it was a period where it was just marc, and it's not just marc it was not joyous, but rigorous. i was very, very impressed to come back and sail salesforce is very much more of a juggernaut than a lot of the companies in that sector. >> b of a goes to 330. this investor day, 34 times. two years ago, just 16 times >> i go back and forth in the markets. unless you grow margins, people will say you're just buying company and buys company. >> that's been the knock for

years. >> they buy tableau, and slack, and they say what he's doing is pyramiding no, he's not with margin improvement, salesforce is a different stock. the fact it's up a second day is making it so the bears -- and they are numerous -- they're saying, what am i going to do? he has the model i said to know what nadel thinking about slack, because slack is against microsoft >> yes it's a death match between the two companies. >> it is, it's a claymation death match. we were talking on twitter earlier, b of a took at outflows of infrastructure funds, as people have skepticism about the infrastructure bill passing.

>> from -- going back and nor with nucor, they have such that great ceo. no infrastructure, if they can even do 15, the stock would be much higher. when i saw that, i realized now i understand why the company could raise guidance and yet the stock go down, it's the outflows. a lot of retailers are getting smacked on the heels of nike, the underarmours, is this an opportunity >> williams sonoma has done a lot, in terms of getting supply here if you believe nike, that supply is an issue -- by the way, costco has now in the business of containers. >> they've got three of their own, right >> stop fooling around, enough already. it's only 20%, but he had to go

rent some containers, we could have this anymore. they have -- i mean container ships. everyone will have to do that eventually people don't realize, we used to fly a lot of planes to taiwan, china, obviously that traffic has been down, then you had to send it by ship. there was a moment -- he's having fun here -- i want to stress -- he goes for a spotlight-chain factor, here is what's hurting them. let's see, cargo shortages, raw materials, labor costs pressures, trucker driver shortages, equipment shortages, and then basically he says it's a fun time to be in business. >> it's kind of remind me what carroll of u.p.s. said last

night. >> you go way upstream, manufacturers were iran -- runs just in time inventory, which worked very well under the pandemic hit when the pandemic hits, manufacturing slowed down, and then when the world started to recover, the demand outpaced the capacity so we found ourselves with a lack of supply we found ourselves with capacity constraints and ocean 5/8 and air 5/8. when the products finally get here to the united states, they're jamming up in the ports. >> from just in time to just in case, jim. >> yes, that's exactly right ford and gm could have put up unbelievable numbers if they had chips they need. what i thought was amazing, i was watching u.p.s. closely, 187, then 187.10, and then went

back down. the reason people sold u.p.s. is they think carol tome is as dumb as fedex, i use that loosely, they have lost control of the situation, but i don't think carol tome has that was one of those calls, where it was, guys, throw in the towel. it was like, is there a towel that can be thrown in? we're done with this call, we're going to take a break and come back tomorrow. it was that bad of a call. one last story, that's vail resorts, up $40 a week, as they announce sales for the year up it's apparently going to be a good ski season. >> it's a safe place to go, outside. it is what people want

you mentioned mcdonald's, that's inside i've got to do more work on that. >> they have done a lot to change the store, a lot more drive-thru. >> yes. >> a lot more delivery, a lot more mobile, which you've been after them to do for years. >> i think chris is very quietly making the place more exciting. dow is trying to get back to the flood line hey, bob. >> happy friday, the low print was the open we're practically even we're basically even for the week the s&p is up about 0.3% who would have thought it? we've had tremendous amounts of volatility, and not a lot of movement take a look at the sectors defensive tone to the opening, declining to advancing at the open, banks doing better, one of the best weeks in a while. you see the defensive tone

tech has been lagging a bit. china lagging. as i mentioned, we are where we started a week ago at the close on friday, essentially the dow, though, has moved 1300 points in between all of that just to get back to roughly break even on the whole, the news is negative, which is why i'm more amazed by it they certainly do. just look at what we're doing here we obviously have supply chain problems with the issues with nike and fedex we have the conresolution, boos confusion as well. and, of course, we have the crypto crackdown in china. that's affecting the blockchain. blockchain assets, there's not a lot of them, but they've been pretty well this year, but you see microstrategy trading down a

bit, coinbase also a bit on the weak side, but on the whole, blockchain assets, if you look at blok, that is the main blockchain crypto etf, blok, has been sideways for most of the year generally it's held up very well as for nike, what we all want is a bit more clarity on what the -- what's going on with the supply chain obviously lower guidance here and the revenues will not be up as much, but the key point is business was great they have emphasized that. i think that's the key story here indonesia is already coming back online vietnam, according to what they're saying is also coming back online, so this is manageable you see the huge move up in nike, they had an 80% beat at the last earnings call, so the stock essentially went up dramatically, and you see it's

off of that, but the key thing is being is going to be -- looks like will remain really good here we're closing the quarter out. the key story is growth still dominates all doing really well, and the more defensive -- or the cyclical sectors a bit on the weak side, but carl, all of this is in flux i think the peak everything story is -- i think it's a case for the bears right now that the markets all to be lower, and it's harder given the things to deal with. remember, carl, s&p is up 40% in the last 12 months carl, back to you. >> bob, thanks, bob pisani coming up in the next hour, the commander of that first all-civilian crew to reach space. first of all, keep an eye on the

bond reports, treasuries, a lot of discussion about the ten-year yield moving further into a breakout vix close to 19, most sectors are in fact red. we're back in just a moment. ♪♪ in boxing or any other business, one day, you're gonna take a hit you didn't see coming.

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as we put the week into some context, travel has broken out expedia is going to be your number one gainer for the week we mentioned salesforce and their investor day the reaction, ongoing interest in energy. and crude oil is going for five weeks of gains coming up next it's stop trading with jim

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it's time for jim and stop trading. >> on the 28th, micron reports we have people saying be very careful going to the quarter and people said it can't be that bad and it was

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covid-19 vaccine response. >> three, keep children safe and schools open five, protect the recovery and six, improve kier for people with covid-19. now, we made important progress on each front. and this week, as planned, we took a key step in protecting the vaccinated with booster shots, which our top public doctors believe offers the highest level of protection to date the food and drug administration, fda, center for disease control and prevention, the cdc, they've completed their independent scientific review. and based on that review, a majority of americans fully vaccinated with the pfizer vaccine are able to receive the booster shot six months after they received a second shot. six months after you receive a

second shot, you're eligible in addition to meeting requirements of six months after the second shot. those who are 65 years or older. adults 18 and over, with certain underlying health conditions like diabetes and obesity. and those who are at increased risk of covid-19 because of where they live and work that's over -- that group makes up 60 million americans, who are now eligible for a booster six months after their second shot and up to 20 million, who receive their earlier pfizer shot, at least six months ago, are eligible today they're eligible now now. and i've made clear all along the decision of which booster shot to give, when to start the shot, and who will get them is

up to the scientists and the doctors. that's what happened here. and while we waited and prepared, we bought enough booster shots and states and pharmacies, doctors auoffices a community health centers have been preparing to get booster shots in an arm for a while. and the booster shot is free and easily accessible. booster shots will be available in 80,000 locations, including over 40,000 pharmacies nationwide so, my message today is this if you've got the pfizer vaccine, the pfizer vaccine in january, february or march of this year and you're over 65 years of age, get the booster. or if you have a medical condition, like diabetes or a frontline worker like a health care worker or teacher, you can

get a booster now. i'll be getting my booster shot -- it's hard to acknowledge i'm over 65 but i'll be getting my booster shot. it's a bear, isn't it? i tell you all kidding aside, i'll be getting my booster shot. i'm not sure when i'm going to do it. as soon as i can millions got the moderna and johnson & johnson vaccines my message is this you still have a high degree of protection our doctors and scientists are working day and night to analyze the data from those two organizations on when and whether you need a booster shot and we'll provide updates for you as the process moves ahead the bottom line is if you're fully vaccinated, highly protected from severe illness, even if you get covid-19 recent data indicates there's only one confirmed positive case per 5,000 fully vaccinated

americans per day. you're as safe as possible you're in good shape and we're doing everything we can to keep it that way. which is where the booster comes in let me be clear. yes, we made incredible progress vaccinating americans with over 282 million people being fully vaccinated as of today but this a pandemic of the unvaccinated and it's caused by the fact that, despite americans having unprecedented successful vaccination program, despite the fact that, for almost five months three vaccines have been available in 80,000 locations, we still have over 70 million americans who have failed to get a single shot. and to make matters worse, there are elected officials actively working to undermine with false information, the fight against

covid-19 this is totally unacceptable the vast majority of americans are doing the right thing. three-quarters of the eligible have gotten at least one shot. but one quarter has not gotten any. in a country as laurge as ours, they can cause a lot of damage the unvaccinated over running emergency rooms and intensive care units, leaving no room for someone with a heart attack or cancer operation need to get the life-saving care because the places they would get the care are crowded. they are not available the unvaccinated also put our economy recovery at risk, causing unease in the economy and unease around the kitchen table. i can imagine what's going on in conversations this morning and parents wondering what's going to happen?

those who have been vaccinated, what's going to happen potentially slowing economic growth, costing jobs the refusal has cost all of us the refusal to get vaccinated has cost all of us i'm moving forward in vaccination requirements wherever i can these requirements will cover two-thirds of all workers in america and i'm pleased to see more businesses and organizations instituting their own vaccination requirements >> that is the president saying the pandemic remains a pandemic of the unvaccinated, 60 million people are eligible for their booster shot after their second shot he'll get his soon and millions still haven't had their vaccine. we're live at post nine of the new york stock exchange. trying to hold some gains for the week and we'll do it as long as we're above 3432.

dow has started the morning in the red and it's gone in the positive territory >> it's been a volatile week, to say the least. nike shares under pressure after the company cut its revenue forecast due to supply chain issues sneaker factory closures and delays in places like vietnam. that's a big issue those shares are down more than 6% and crypto is crumbleing after new comments from china central bank that all crypto activities are now illegal. you can see britc -- bitcoin an others falling as investors continued to watch how demand plays out domestically and abroad, shares are down about half a percent right now. our senior markets commentator to talk about what the week has meant sounds like you believe the

prospect of a fourth quarter rally is still there >> i think just the basic big picture premise is it's unlikely in a year that looks like this one. that the ultimate peek is on september second last year, however, that first monster rally, after you got 10% correction, was like 9%, looked great. it ultimately failed we're in a different time. that was a prevaccine economy and a wider band of economic outcomes we were looking at. not to say that we saw the low of this week, but in general, this chop zone usually works itself out >> we're getting ready to come to an earnings season. can't believe we're going to q 2 already. we've had the conversations that

they've seen as peek everything. i think we're going back to president biden right now, who's take smg questions >> given what we saw at the border this week, have you failed in that promise and do you take responsibility for the chaos unfolding? >> of course, i take responsibility i'm president. but that was horrible, what we saw, to see people treated like they were. people being run over by horses. it's outrageous. there will be an investigation underway now and there will be consequences there will be consequences it's an embarrassment. it's beyond an embarrassment it's dangerous, wrong and sends the wrong message around the world and at home. it's simply not who we are thank you. peter alexander. >> reporter: mr. president, thank you. you came in office on a message of competence and unity. we've witnessed in the last

several months, the chaotic troop withdrawal from afghanistan, the threat of a government shut down right now and members of your own party are still divided over your agenda going forward what do you say to americans who say you have not delivered on that promise >> remember i said it's going to take me a year to deliver everything i'm looking at. that's number one. number two, take a look at what i inherited when i came into office when i came into office, the state of affairs of where we were we had 4 million people vaccinated, no plan. i could go down the list so, you know, part of it is dealing with the things landed on my plate. i'm not complaining. it's just reality. number one number two, i think the part that has to happen here -- for example, let's talk about the economic plan. you all are -- and understandably, legitimately, siting polls

every element of my economic plan is overwhelmingly popular, overwhelmingly popular but the problem is with everything happening, not everybody knows what's in that plan for example l the women not able to go back to work because they have a dependent grarndparent, r they can't find day care there's a solution in the proposal that i put forward. and the plans we're now debating in the -- among ourselves and in congress is the plan, the essence of the plan that i laid out in the beginning and so, i'm confident that, at the end of the day, we're go tag be able to get that done second point i'd like to make. we talk about price tags it is zero price tag we're paying

we're going it pay for everything we spend. so, it's not -- people, understandably, well you know it started at 6 trillion, now it's 3.5 trillion is it going to be 3.9? it's going to be zero because in that plan that i put forward and i said from the outset, i said i'm running to change the dynamic of how the economy grows. i'm tired of trickle down. trillia nairs and billionaires are doing very, very well. you all know yo you've all reported it and in the middle of the crisis, hard working people are getting hurt if you have a child, you get a refundable tax credit. it's reduced hunger in america by 40%, literally, for children. you have the whole notion of being able to provide for day care for your children

getting people back to school, etc. it's all paid for. it's all paid for but a lot of these are flat tax cuts that exist within my proposal 367 and they're being calculated as if the cost of child care tax credit is a cost to the government it's not it's reducing taxes. reducing taxes not increasing taxes now, part of the problem is i'd hoped i hadn't planned on -- i anticipated might happen i hadn't planned on the 178-mile top winds, hurricanes going to louisiana and 20 inches of rain in new york and new jersey and an area as big as the state of new jersey burning down in the west what i had hoped i would be doing is out making the case about what my plan contained and it's been very much curtailed by a whole range of

things and so, i think that it's understandable, i think it's understandable, people being frustrated i think they're frustrated as well by, not just members of congress, democrats and republicans, frustrated by i thought this was going to be better i thought everything was working out. we were moving along on covid-19 and now we have all these people refuse to get a shot and now look at the people dying. large numbers of people dying. so, i guess i think it's a -- obviously it's a legitimate question to ask. but i think putting it in context here, riit's going to te some time. i know i always kid you when you ask what about are you going to get a done, b done, c done you want to negotiate. i'm being a bit facetious but

here's the deal. this is going to end up, i believe we're going to end up getting both pieces of my economic legislation the first piece, the 1.9 fundamentally changed the structure and nature of the economy in the country even though it got clobbered no republican voted for it well, we got real economic growth now we're at this stalemate and we're going to have to get these two pieces of legislation passed both need to be passed and they'll have a profound impact, according to not just joe biden but wall street, imf, international organizations. so then i'm going to have a meeting today with the quad, with the leaders -- the leader of india, japan and australia and we're going to be talking

about amnesty, which is a legitimate thing to talk about at the end of the day is we're spending $300 million a day for 20 years there's no easy way to end that and we're now still getting people out it's really -- there's no picture book way to say war's ended, let's get everybody out and let's go home. no war has ended that way, except a surrender and that's a totally different circumstance anyway, there's a lot, i'm sure, along the line, that i could have done better but i make no apologies for my proposals, how i'm proceeding and why i think, by the end of the year, we're going to be in a very different place >> follow up on covid, if i can. >> sure. >> what do you say to those who ignore the new cdc guidance and get a booster shot anyway? >> well, i'm not sure how they get it

>> have got it without any high-risk situation or underneath the age limit happens around the country, as we speak >> you're going to see in the near term, they're probably going to open this up anyway we're looking at both moderna and j & j and, as i said in the speech in addition to that, we're also looking to the time when we're going to be able to expand the booster shots, basically, across the board. so, i would just say, it would be better to wait your turn in line, wait your turn and to get there ken. >> thank you, mr. president. when you met with congressional leaders this week, you told them to try to find a number less than 3.5 trillion on the reconc reconciliation package that they

could live with. what is that number, as you deliberate these considerations? and secondly, you mentioned how you're going to pay for some of the provisions senator widen has a proposal on annual taxes on billionaires is that a proposal you support >> yes, i do i support a lot of these proposals. we don't need all the things i support to pay for this. but i do support that. if you get a -- if you file a w form, the irs has access to your bank account and your bank tells you how much you made and they estimate your tax. well, if you have no income, you're just -- if you have no earned income, and it's all investment income, it's hard to figure out what the hell -- excuse me. what the heck you have and that's why you have to -- and i know some people don't like this. that's why we have to rehire

some irs agents. and not to try to make people pay something they don't know. just say hey, step up. pay like everybody else does look, i really mean this i come from a corporate state of america. i think it's about paying your fair share now, we can argue whether or not the corporate tax should go back up to 28.5% but the idea that 50 major corporations in america, making a sum total of $40 billion, pay zero? come on. come on. it's just wrong. it's just not fair and i think i it's beginning to sink through the either i think there clearly is enough, from a panaply of options to pay for whatever it is that folks

decide to pay for. and let me finish by answering the initial part of your question, if i may the way i look at it is, what i've been telling my colleagues and it surprises them sometimes. and i don't know whether you heard but both meetings went very well. i mean, they were culiegeal. no one's haulering and people are hanging out afterwards in the oval anyway, both progressives, as well as the moderates. and one of the things that i think is important -- and i'm trying to get people to focus on, is what is it you like what do you think -- forget a number what do you think we should be doing? is it appropriate, in your view,

to cut taxes for working class people by providing for day care, providing for early education three and four years old is it appropriate to do something about free community college? or do you want sustenance? what are your priorities and several of them, when they go through their priorities, it goes to number higher than they said they were for we're getting down to the hard spot here. people are having now to go in and look in detail as to what it is specifically they're for. it's a little bit like when we were through the issue of the bipartisan deal on infrastructure there are a lot of negegsiations on this. and it wasn't until people were forced to look at what are you

for? are you for taking care of that highway or bridge in your state or that region are you for doing something about environmental degradation? are you for something that deals with allowing us to provide for moneys to states so that they can, in fact, deal with things like what happened in states where the major utility lines come down. what do you do to build those back better? to prevent that from happening and you all speak to all these folks. you speak to as many as i do i find that they're going, hmm, i never thought that through before i think it makes sense and that's how we finally got to a bipartisan deal on what is a serious infrastructure proposal that really does a number of things, including, including things where people said i don't

want to do anything to the environment and they start thinking well, wait a minute i have all these diesel buses at home it would be better if we had electric buses would change the circumstance and boom, boom, boom so, i think this is a process. that's why i said at the front end that, although we got off to a fast start with the first piece of legislation, i don't expect this to be done and us be in a position where we can say did we get it done until basically the end of the year. i don't mean the vote on two pieces of legislation relating to the economy i think it's going to take some time and look, my guess is we all come from similar backgrounds. remember you used to sit around the kitchen table in the morning, if you had a the chance to do that or dinner at night with your mom and dad and brothers and sisters, what did people talk about? they talked about are we going

to be able to pay the mortgage at least my house. what's going to happen if we have another one of those floods and it blows through here like it did in queens what's going to happen what am i going to do? by the way, i'm just not sure that i want my son or daughter to be going in the school when so many people are not vaccinate said you know, you know, i'm not sure i want kenny to be there doing this but these are practical things people are talking about and they're looking down the road and they're looking at cost of living issues as well and so, what's the cost of living issues? well, it's because we're in a position where the ability to have the product, the elements of the production of a product that, in fact, need to go into the production of the product are hard to get ahold of

because people are in trouble. they're not able to produce them they're not able to get it or they're being hoarded it's like -- and we're making progress like what we're doing with regard to making sure we have the computer chips to be able to keep, build automobiles. i mean, i think everybody was surprised when i -- i think if i had said to you and i maybe did wrong. if i had said to you, say, in april, i was going to get all three major manufacturers of american automobiles saying they're going electric, i doubt you thought that could be done we're out here in the back lawn and they've all the sudden figured it out they've had an epiphany and realized wait a minute, china's investing billions and getting

battery technology and blah, blah, blah and this is going to happen kni this is a process and it's going to be up and down that's why i don't look at the polls. not a joke because it's going to go up, down, up and hopefully, at the end of the day, i'll bea able to deliver on what i said to do bring the country together on a few important things, like infrastructure, get us in a position where we can have some coherent policy, relative to foreign policy agreement, moving us in a position where we're able to actually generate the kind of change in the dynamic of how we grow the economy. not eliminate the super wealthy, not at all

but allow working class and middle class to be able to build out and up and that can be done in, like i said every time i hear and i drive my staff crazy, every time i hear it's going to cost a, b, c, or d, the truth is, based on the commitment i made, it's going to cost nothing because we're going to raise the revenue. raise the revenue to pay for the things we're talking about and we're going to give and right now, if you take a look at the reconciliation piece, a trillion dollars of that is tax cuts not raising anybody's taxes. tax cuts people will pay less taxes people paying less taxes are going to be working class folks. get people back to work. put them in situations -- i know you're tired of hearing me say it but just give people a little

breathing room, a little breathing room thank you, guys. >> that's the president comments that were originally scheduled to talk about vaccine response but morphed into treatment of migrants, the quad, corporate tax and the stalemate that he said was the discussion about infrastructure and spending. >> the whole purpose was to address criticism they've fielded on multiple occasions. and then there's the fact that the u.s. has among the lowest vaccination rates of wealthy nations. and finally, the negotiations appear to be meandering on this very large package that contains the bulk of the president's campaign promises after congressional democratic leaders

announce a framework that they walked back and sugest -- sugged they may have got ahead of them. he said there will be no price tag because there will be revenue raised to pay for it sort of echoing the idea that the way the size is negotiated is not figuring out what the top line spending will be but how people will agree how it should be paid for and what should then fit into it. interestingly, he said he supports a propose tool tax the unrealized capital gains for billionaires on a yearly basis that could come into play here and that he hasn't publicly supported in the past. he said he supports a lot of the proposals, more of them than will be needed to pay for this leaving it in the hands of congress to figure out what they can cobble together here

>> thanks. appreciate you recapping what the president said this morning. markets, of course, looking to close out this volatile week you have nike to watch, crypto on china headlines, as investors remain in limbo about any contagion risk joining us is the advisory partner, former institute of finance, ceo thanks for the time. >> a pleasure to be with you today. >> so, now, all right, they say they're going to make this payment. we're waiting to see if the check is cleared, if they utilize the grace period how would you characterize what we've been through, given it's a story that's been around for months >> the way these things go, at certain point the story cracks market confidence and that's what happened last week.

whether the payment is made or not, carl, i mean, the fact is evergrande needs a major restructuring of the staff and i seriously doubt that the chinese government will step in for the bulk of this debt. it's a manageable proposition, in part, carl, because yes, we're looking at -- innumbers are big at first glance. 300 billion dollars. but when you slice them up, you see the amount of off shore dollar denominated debt is less than 20 billion. much is in the hands of chinese institutional and unfortunately, some in the hands of chinese investors. the chickens will need to come home to roost but i can see a reasonably orderly praugs esunfolding after this highly disruptive period. >> charles, it's morgan.

we have a number of foreign companies and firms and investors that have exposure too, including some in the u.s obviously, i think anybody digging into the financials over recent months has probably seen the red flags. so, why that exposure? and i guess as importantly, is that going to be at the expense of the international ones? >> well, it is likely that, in the end, the international investors will take a much more serious hit than the domestnic vesters and that's the nature of debt restructuring in this global world after all, the amount of international exposure is actually quite manageable. and as has been said already, i think, in your show, there have to be consequences for the creditors. these are highly professional

investors and they knew the risk that they were dealing with here i think that the situation is different when it comes to the chinese retail investors, many of whom bought into wealth management products that they likely didn't fully understand we've seen this in many restructurings in the past i can think of argentinian books. the clear equity is clearly not going to be preserved here and that's an understandable reality that the chinese government is highly unlikely to step in to protect. i think it's important to keep in mind as well that china has the tools to contain this contagion, both at the macroeconomic level and at that micro level. >> charles, we're asking broader questions, beyond evergrande,

about the chinese consumer what would it mean for people who want a nike sneaker or apple phone? do you think that's a material question at this point >> well t sl material. i do think we're if wing to see some effect at the macro economic level afterall, china's economy is growing. i expect it to grow 7 to 8% this year there was slowing down already taking place and this will slow the economy down inevitably. i don't think it will be dramatic or have multiple ripple effects on the chinese economy. i think we're looking at growth, maybe a half a percent or percent lower. part of this depends on whether this is well managed 367

the chinese authorities have experience in managing restructurings now and they've gone through this a few times in the last couple of decades. we've seen the housing market go through these cycles before. and we're in a cycle now, as a result of some of the cooling measures that will be somewhat painful, both at the macro economic and the micro level but they'll get through it, i think, in a reasonably old-fashioned and well organized fashion >> yeah. well, certainly that's been the consensus this week, at least. we're going to keep our eyes on it, with your help great to see you again, charles. >> good to see you great to be with you, carl and morgan take care. we'll look at shares consume nair discretionary ticker, and

effectively saying larger chains have a chance to capitalize on small and independent chain's losses you may have seen darden trailing all-time highs, following the earnings sector. andfl dave & busters up for the week coming up, the spaces face we have a first on cnbc interview with ben factor of the all civilian inspiration four mission. and atexfowh's nt r the ceo of shift four ♪ ♪ ♪ ♪

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they've confirmed biden won the state's most populous county according to a draft of the recount report the full report is expected later today. russia reporting another 828 covid deaths, setting a new record high for the pandemic for a second day in a row. new cases have also been rising. a spokesman says the government is not considering new covid restrictions and a critical shortage of truck drivers has led to gas lean shortages and lines at stations still open. the country's retail industry warning that holiday shopping will be disrupted unless more drivers are found soon some in the trucking industry are urging them to ease restrictions i'll send it back to you >> thank you continuing our conversation on the broader market, we're joined

by cio for the municipal retirement fund. thanks for the time. happy friday >> good morning. >> so, the week was really made up of three big events monday's big drop. the ever grand news and the fed. i wonder if any of those three things has shaken your confidence has it made you feel like maybe we're in for more chop >> i wasn't surprised by monday's market correction i think there's room for more economic growth but not at the pace and the level that we've seen this past year. the potential evergrande default and potential contagion effect kind of had market disruption but i think that was more out of fear my concern was reserve tapering timeline and bowhat we would ler there. i think the message came through and the markets were accepting

of that message. so, i think, for me, i foresee more corrections, more volatility and i think the last time i was visiting with you, i advised investors to really set stakeholder expectations because we can be or would be in for this bumpy ride, which i think we saw this week and we'll continue to see rides like this. >> it's morgan as you're rebalancing assets now, there's been a lot of back and forth about how hawkish it was. the bond market, you could argue took those fed forecasts and some of the comments as potentially more hawkish what is your -- i guess, what is your outlook now, for rates, how quickly they're going to rise and what that means in terms of

how you're making investments? >> i think we were a little fearful earlier that the rates would continue to rise and we would see that impact to our fixed income portfolio but it continues to moderate so, we're not looking at it too hard we're really just, you know, as a long-term investor, we're looking at this as really short-term market movements that we'll continue to see. like this week and i really don't think it impactess our long-term performance or goals we can digest, slow, steady returns, growth, moderation and interest rates and we can withstand any market disruptions, as we have over the term because we have that luxury of time. i think we'll continue to manage the portfolio with the goal of

diversification and rebalancing process. and right now, we're rebalancing our assets and moving closer to the target allocations that were approved last december >> finally, angela, early in the week, off the monday sell off, j.p. morgan said monday outflows of 11 billion was the biggest on a down day, out std of expectations for the year. and they said unless we get good reversals, it might mean the by the dip mentality is over. doesn't sound over to you? >> yeah, i don't think it's over i don't mean to be disagreeing but i don't think it's over. i think sector rotations are healthy and hopefully will lead to less concentrated market. i think valuations are high and the -- and will remain high

until the market broadens. so, those are things that i think are happening. and i think they're kind of healthy for us to have us reach that moment when there's opportunities to buy and our managers have the opportunity to buy. >> angela, good weekend. appreciate it very much. hope to see you soon >> thank you so much, carl, thank you morgan >> thank you isaacman

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emerson. consider it solved. . salessource, the dow's top performer just raised its guidance but two traders are steering clear more "squawk on the street" coming up. 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.

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the first fully private mission to orbit, what some are calling a second space age and marking a series of milestones in the three-day journey that travelled as far as 366 miles from earth before splashing down off the florida coast. the billionaire, founder and ceo of shift 4 payments. so glad to have you on the show post flight. >> thanks so much. good to connect with you again, morgan >> other than toilet trouble said, what was the best part >> i think it was accomplishing all our mission objectives everything we wanted to do on orbit, we got done, which was a pretty packed schedule of research and science but best was finding out we surpassed our fundraising goal for st. jude children's hospital >> i think last check i made you're pushing $250 million now

did they have to contend with space sickness, for example? >> i think there's a very high probability that most astronauts develop some sort of space adaptation syndrome. she got to work, given some needle jabs and before you know it, everybody's happy and healthy throughout the mission >> in terms of research and data collected through that process, what are the next steps in terms of those applications back on earth? >> so, it's going to take time a lot of things are in laps right now. for the radiation exposure that we had at a much higher altitude, which is key to figuring out how we can do long duration space flight. a lot of the samples, skin samples, the readings from the ultrasound equipment those are all with the scientists

so, we're looking forward to the results of some of our work. >> i hear this frequently. what's the point of human space flight how is this going to effect me in my day-to-day living on earth now? now that you've made the journey, 366 miles out from earth, you've look said back on the planet, how do you respond to skeptics? >> it's always been about balance. we have a real obligation to address some of the problems we have on earth, which is why st. jude children's research hospital is such a big part of our mission. we can satisfy curiosity we've had since the beginning of human kind for earth is incredible and we have real responsibilities towards it but space is enormous. and we've got it get out there and explore and you know, that we've been thinking about since the beginning of human kind. >> have you heard from the president of the united states

>> no but i also didn't thing our mission was worthy enough for that recognition the whole idea was to get it right to open up a lot more interesting ones to come so, >> yeah. i will say though first fully civilian, fully fully sevcivilian space flight and a w of all american citizens working with a spacecraft that was not developed through a public partnership with nasa. so perhaps that is why we've seen some tweets from elon musk earlier this week. but in terms of what's next for you, especially since you are the ceo and founder of a publicly traded $7 billion plus technology company, are you already back to work >> oh, yeah. actually really that night after i came back from splash down i was getting caught up on e-mails and putting together my schedule so, yeah, we've got a lot of exciting things going on so eager to roll up the sleeves and

get right back at it >> how are you going to bring some of the experience from this process and inspiration forward back to? >> i am fortunate to be exposed to what i think is the most innovative, well-run organization i've ever worked with in my life, which is spacex they're doing incredible things where there's really no one in close second it would almost be irresponsible for me not to take some of their approach and philosophies towards, you know, achieving what people didn't think it was possible and bring it back to what we're doing shift4. >> i realize this was not the intention of the boost, but has shift4 seen a boost around all the attention around inspiration4 >> sure a lot of partners and potential customers were there for the launch i do think it kind of elevated our profile in a number of ways, not just that we're fantastic

commerce company, but that we put important priorities to the forefront. like our fund-raising initiative for st. jude, but a number of other programs as part of our shift4 cares initiative. so, i think that certainly helped and i anticipate there are other things that are coming from this, as well, too, that will have a pretty positive impact on the organization >> okay. we will look for those spacex has more private missions on the manifest. some are the first of which are i would say the beginning of next year. your guidance or advice to some of the other private citizens that are now looking to make their own journeys to earth's orbit? >> that's a great question look we still know spaceflight is still expensive right now every mission until costs come down and we can open up even further which is the game plan is special it should have a very meaningful impact on the world and i hope inspiration4 is a model of that unbalancing some of the things we can accomplish here on earth

with inspiring people towards what's possible and the worlds beyond ours. >> when do you think we'll see elon musk go to space? >> you know, i'm not sure. you know, he's focused on the big picture and he has every time i've been speaking to him getting starship operational so that we don't sent space base but we send a million people to space and we can do it at a cost that is maybe not that different from a first class airline ticket that's what he's working on in texas and making human kind and multiplanet species because the world is more interesting when we can journey among the stars >> you have two young daughters and my kids watched the splash down on saturday night when we talk about the trajectory towards broader democratization and space flight in the future, do you think this will be commonplace in light of this milestone this will be commonplace for our children to be able to travel when they're

grown? >> for sure. i think it's really going to be people are going to be working in space you know, as we can bring down the costs, i think we're going to see manufacturing in space. i think we're going to bring a lot up there so, i don't necessarily think my children some day are going to be going for, you know, a sight seeing trip in space i think they might be working up there and i think what spacex is doing with starship is a key enabler of that. >> jared isaacman, congratulations on a historic spaceflight. thank you so am up for joining us today >> thanks, morgan. great connecting again. re "uamosqwk on the street" still ahead. stay with us energy d gas power providing energy whenever it's needed. because seeing a more sustainable world isn't far in the future. we're building it... now.

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are higher taxes ahead for high-wage workers. robert frank has that story for us. >> president biden saying democrats agree on more than they differ on their tax plans but a key difference remains just who gets taxed and at what income level the plan from the house democrats lowers biden's corporate tax rate from 28 to 26.5%. lowers capital gains from 36 to 25 and it does not include his plan to eliminate the step up in

basis. at the same time to balance all that lowers the income tax hikes on gains biden's tax hike kicks in for $452,000 for individual filers the house plan kicks in at $450,000 for individual and 450 for joint filers that tax is an additional 187,000 filers, that's according to the tax foundation. but the bigger change here is in the capital gains tax. biden's top rate kicks in at income over $1 million the house plan kicks in at income over $400,000 so, that effectively doubles the number of people who would be taxed to 7% of taxpayers with capital gains. you add all of that together bottom line is the house plan raises taxes on a half a million more taxpayers than the biden plan so, morgan, a lot to work through here in the coming weeks, thecluding just who gets taxed and what counts as wealthy when it comes to taxing wealth

>> yeah, i mean, so many moving parts. and then, of course, this morning just earlier in this hour, robert, the president saying he would support taxing unrealized capital gains how does that fit into this all of this, potentially >> so, remember, that plan would tax unrealized gains at 37%. the big question is whether the house would ever go for that biden's plan is much more progressive than the house plan and the senate even more progressive, at least when it comes than the biden plan. so, the big question on that billionaire's tax is whether the house would go along given the trajectory where the house is bringing down all these rates and especially as it relates to the top pretty unlikely that the moderates in the house would support that but we'll see. >> we certainly will we know you will be all over bringing us the analysis and th headlines. just getting a quick check on the markets here in what has

been a very turbulent week all the major averages except for the dow transports are in the red right now. the nasdaq is the big underperformer but only down half a percent right now poised four weekly losses. the s&p and the dow are lower right now, as well but fractionally and actually still on track as of right now for gains to end the week. that's going to do it for us here at "squawk on the street. "tech check" starts now. good friday morning. welcome to "tech check" i'm carl quintanilla with john fortt. all related activities illegal it's hitting coinbase and robinhood, as well. plus iphone 13 models hit the shelves today, but you may have to wait a while to get your hands on one