welcome to "squawk box" here on cnbc i'm becky quick along with andrew ross sorkin joe is out today it's november 1st, so let's look at where the u.s. equity futures stand at this hour some green arrows across the board, dow indicated up by 157 points, s&p up by 18 and the nasdaq indicated up by 60 points that's significant because on friday all three closed at record levels you're talking about green arrows on top of record levels and it's the first day of the month of november worth looking at what happened in october and the scary month we thought we were going to have, that didn't happen. if you were looking for the month to date, the dow ended up by 5.8%, the best performance since march. the s&p up by 6.9%, best month since november of 2020 and the nasdaq the best performer, up by 7 p.25%, the

best month it's seen since november of 2020 as well so the concerns you thought you might see at the beginning of october didn't materialize strong month for the markets across the board the ten year note right now, the treasury yield, ten year looks like it's yielding 1.573%. higher yields but not as high as we've seen recently where it's been a little bit above 1.6% for the ten year an update on weekend travel d delays thousands were stranded after american airlines cancelled 1800 flights. the airline blames staffing problems and high winds at the dallas hub on thursday carriers convinced thousands of staff members to accept voluntary buyouts or leaves of absence to cut expenses in the pandemic 1,800 flight attendants would be

returning1st, and more returning in december. another issue with this, the idea it's the end of the month and a lot of flight attendants and pilots reached their limit for how many hours they can work in a month it's just symbolic that they have not gotten back to staffing levels they had pre-pandemic. >> it's a real problem and i wonder if the issue is simply getting the staff back that they didn't have. whether it's a pricing issue to say they're troo iing to hold margins so they're not bringing the staff back what's really behind -- >> the pilots in some cases it's training they have to have a certain number of hours that they put in on simulators or the cockpit before they can be let back in. in the meantime, let's go across the pond because news was breaking overnight there's barclays' ceo jes staley is stepping down, following an investigation into his relationship with convicted sex

offender jeffrey epstein geoff cutmore joins us with more >> this was a real surprise, the share price has us off 2% at the moment here in london but we were down over 3% initially after the news broke so the report by the city regulator and the bank of england looked into the way jes staley had characterized his relationship with jeffrey epstein to barclays when he was a private banker to epstein in a previous job the uk lender announcing today that it was made aware of the preliminary results of the probe on friday evening. barclays saying the board and staley agreed on his departure, quote, in view of hthe conclusions but adding jes staley intends to fight the findings the global head of markets will

be taking over as the chief executive today. staley says his departure is a personal response to the ongoing probe. according to an internal memo seen by "reuters," reporting he didn't want the probe to be a distraction. in a separate memo the incoming ceo said he will maintain staley's strategy which he called, quote, the right one, that is also according to "reuters" but he said changes will be made to the corporate and investment bank in coming days as we understand it, and neither of the watchdogs are talking right now, they say this is an open investigation and therefore they cannot comment further. but as we understand it at the moment, no one is saying that jes staley did anything wrong with jeffrey epstein but they are saying that the way he may have characterized his relationship to the bank itself

may be the issue at fault here but, as i say, we're still asking many questions and trying to find out more detail as to exactly what was in that preliminary report at this stage we only know jes staley, a banker who was at barclays since 2015, has gone. back to you. >> before you go, two things in the legal world in the u.s. they call it the crime of upho upholstery, the cover up is worse than the crime first of all we don't know if there were any crimes involved, honestly but it sounds like this is about misleading the bank or misleading the regulators rather than the actual underlying issue itself >> that's absolutely it. i think you've nailed it here. details are scarce at this point but i will tell you this investigation has been running for well over a year and there's been very little from it to

indicate that jes staley did anything inappropriate in his relationship with jeffrey epstein. the underlying here seems to be, as you say, that maybe the way he characterized that relationship to the board at barclays wasn't accurate and clear. but all the way along, barclays' board has said they think he's been transparent and open, he claims he's been transparent and open and as i say, he is going to contest these findings that's the message we have from jes staley at this point but we're still a little bit in the dark about exactly what was wrong with the way he characterized his relationship but clearly, that is another issue as you describe it. >> i've read reports that suggest, you know, he had said this was strictly a relationship that was purely professional relationship and maybe that's where the questions come in,

there was more than a professional relationship or emails that led them to question that >> possibility in terms of what we do know, we know that he had visited jeffrey epstein's boat does that mean it was just a purely professional relationship or did it extend somewhat beyond that we know that an exchange of emails was passed on to the uk regulators from the united states so there is plenty of information for the regulators to work through here and as they looked at the exchanges between the two men, clearly they may have decided that there was something more to that relationship than just a pure business relationship between a wealthy individual and his private banker >> before you go, two things one, fascinating that the board itself it doesn't appear necessarily thinks they were misled but the regulators think

the board was mislead. and the second thing, this new ceo, is this an interim temporary situation or is this now the ceo of the company going forward? >> i think you're right on the first point at this stage the board isn't saying they were felt misled but this is down to, apparently, the interim findings that the regulators have passed to the board and thus, this decision was taken for jes staley to leave. in terms of the status of the new ceo, as we understand it at the moment, there was no interim or temporary attached to the announcement effectively he is the new ceo as of today >> okay. geoff cutmore thank you for helping us through this. i'm sure we'll come back to you for a lot more as the story dev develops. majority of americans now disapprove of president biden's job performance.

that's according to some results from the latest national nbc news poll that found 42% of adults said they approve of his overall job as president decline of 7 points since august much of the change coming from the democratic base and 71% said they believe the nation is headed in the wrong direction. that includes 93% of republicans, 70% of independents, and 48% of democrats. meantime, white house press secretary jen psaki saying she has contracted covid-19 and is experiencing mild symptoms. she was last in contact with president biden on tuesday when they were more than 6 feet apart and wearing masks. she cancelled plans to join the president on the european trip after members of her household contracted covid-19. a lot going on. moderna says that the fda will need more time to complete its assessment of its covid

vaccine for children ages 12 to 17 in a statement yesterday moderna said the agency is looking specifically at the risk of myocarditis in children. the review might not be completed before january of next year moderna said it would delay filing requests for emergency use authorization for a smaller dose of the vaccine for younger kids ages 6 to 11. moderna shares this morning down about 2% when come back, crude oil prices jumping for the month of october. a big lineup still to come, including anthony scaramucci and tom friedman will soal join us "squawk box" will be right back.

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how are we going to address the carbonized sectors and help society move forward it is a difficult challenge but we're going to need new solutions and you need companies with capabilities like exxon mobile to invest large sums of money and toec technologies. >> that was darin woods on

friday here on "squawk box" talking about what the future big oil looks like joining us to talk about what's working is john kilda. i guess what's working right now is the big oil companies, chevron and exxon out with strong numbers on friday. >> they killed it. good morning to you. on friday. both of them doing everything you'd want as a shareholder announcing stock buy backs holding the dividend, paying down debt. they're still a good buy both company's stock prices have just about doubled in a year's time of course, last year was horrific that addage about buying when there's blood in the street paid off for you if you had the nerve back then to go into the shares because they had a heck of a ru here right now with oil prices $84 a barrel, that hasn't hit their bottom line yet. the most recent part of the crude oil rally was in the newer

quarter. so you have the benefit of incredible profits for both companies. both pay a great dividend, chevron around 4 and 6.5%. exxon still over 5% dividend so, you know -- and given their encou incu incumbency, i'll call it now, it's hard to break in, they bought up so much of those companies, they're in control here as a matter of fact there's a disincentive to drill from outside, you know, pressures the portfolio of natural gas and crude oil that they have is only going to increase in value here now as we go forward >> john, part of what you pointed out is the increases to the dividend, the stock buyback programs that both of those companies announced. for exxon the first time in a while they talked about a stock buyback. those are big deals, they're things giving money back to the shareholder, it's not

necessarily reinvestment or looking for more exploration are we going to continue to see the higher oil and gas prices because you're not going to have big companies like these putting as much into exploration as they have in years past, in terms of cap x? >> in the recent past, you would have been criticizing them for not replacing their reserves and really doing hard number checks and drilldowns, pardon the pun, on them to ask and inquire what are they doing? you're not keeping up. and not being able to continue to be able to, you know, produce these returns. but i want to point out one other thing in terms of this return to shareholders there was concerns about both of these companies last year whether or not they would maintain their dividend. both of them went to the mat to do it. now they're paying back those loans. so if you ever had to worry about them paying dividends in

the future, that's out the window i would highlight the yields both of the stocks had. >> the reason they're not doing more on exploration, there's a lot of pressure to spend on other things like the carbon capture programs to prove they're not just big bad oil and fossil fuel companies they have something to do with a future business that's going to require some capital expenditures as well looking at this from the shareholder perspective, is that a great business move, something that means hey maybe the existing infrastructure they have will be worth more because it means we'll look at higher oil and gas prices >> for starters you're getting higher oil and gas prices if the current esg pressures persist and keep up here i keep joking they're only doing new drilling if they can hide and get away with it or leaving it to the lesser companies that can hopefully pull it off. i will say this, exxon mobile and you heard darin talk about that in your interview friday.

facing carbon ap captures is a potentially big deal for them. if the world leaders can come together and strike a price for carbon were for that, exxon mobile could be in the cat bird seat as far as that goes you're seeing progress made, too, becky, on a potentially large scale in terms of hydrogen being able to be used to make e heck truss, that could be a big deal also to the diesel fuel transportation sector, includes jet fuel, could benefit from things that exxon is doing they're the incumbents, chevron, exxon, a couple other companies and their portfolio of oil and natural gas again is going on only to become more and more valuable because they'll be the last folks standing. >> you read i'm sure about dan loebs' point taking a stake in royal dutch shell, they would

like to see the companies break awe apart. what do you think of that? >> you want a pure play on a particular company that's been time and memoriam. that didn't bother me as much. the one that bothers me more is what's happening with exxon mobile in this engine number one. as much as i'm liking exxon mobile right now the future is one that we might not recognize exxon mobile keep hearing disturbing reports or ideas out there that want to hollow out exxon mobile maybe the way they're looking at how shell could become the good and bad shell. but, you know, i don't think exxon mobile is necessarily going to be staying in the refining game, in the oil and natural gas production game. sadly, just as natural gas prices have really rallied here and are going to contribute to exxon's bottom line after their

ill fated purchase of xto a few years ago they could be taking a hard look at those business lines. >> based on what engine one wants to see or what the new board members there would like to see too i ask because darin wood friday said they're having good conversations with the newly formed board, constructive conversations but he did seem clear when asked about splitting things up, that would not work for exxon because you need the cash flow from the old businesses to invest in the new. it doesn't happy easily and cheaply. >> darin is a pro, if not a diplomat, these are reports and things i'm hearing in the industry, becky, that potentially they want to shed some of the legacy businesses i guess you have to call them now, i blame engine number one. they led the charge to get the new board members in there those new board members are

pressing it's not just lip service this time around. let me put it to you that way. as much as exxon mobile should stay in those business lines because they're going to be amazingly profitable going forward. and look, if the board forces sort of a sale on darin, if you will, they'll get paid handsomely for it. so shareholders won't be out in the cold, necessarily in that regard either. >> john, thank you gives us a lot to think about. thanks for your time, good to see you. >> same here thank you. coming up a possible end in sight for the strike at john deere, an update on that. and then congresswoman kevi b brady is going to join us. quk x"etnsig aer this make fitness routine with pure protein. high protein. low sugar. tastes great!

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welcome back to squawk it's time for the executive edge update on the strike at deere. workers are scheduled to vote tomorrow on a contract proposal that offers bigger raises and bonuses from a proposal that the union rejected three weeks ago workers said the raises in that offer weren't high enough to keep up with inflation it goes back to the stories we've been talking about, the power of labor and increasing costs of labor. >> this is something that jim cramer was talking about before they went on strike. deere needs to settle this workers have more leverage than

they had in the past this is the time the workers have been speaking up. the stock right now up by about 48 cents coca-cola reportedly is going to be buying full control of the sports drink body armor for about $5.6 billion, that's according to a "the washington journal" article they'll buy the remaining 75% from founders and investors and a group of professional athletes including james harden and mike trout, who invested and helped market that drink. the estate of kobe bryant stands to make roughly $6 million for that stake when we come back, world leaders arriving in scotland for the climate summit we'll take you live to glasgow now. "squawk box" will be right back.

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good morning, welcome back

to "squawk box." we are live at the nasdaq market site in times square look at the futures on this monday morning, still about three hours to go but the dow would open about 162 points higher, the nasdaq 56 points higher and the s&p 5:00 is looking to open higher as well a lot going on across the pond as cop26 begins. the world leaders gathering in scotland this morning following g20 sitdowns in italy over the weekend president biden facing the difficult task of convincing allies and skeptics that the united states is serious about tackling climate change. diane join us with more. that's probably a tough move that the president is not able to go with any legislative victories from his own houses of congress before going there. >> reporter: absolutely a top move we're just moments away from the start of the cop26 summit. more than 100 heads of state

have been arriving this morning. president biden is expected to make remarks around 9:00 a.m. eastern time absent will be china's president xi, and russia's president putin. while the show of power is immense, the u.s. secretary general said at the opening of the g20 there is a serious risk that glasgow will not deliver and he pointed to weak promises from china, russia and others. and on that note in a press conference in rome last night, president biden was asked how he could urge refineries to produce more oil due to shortages and at the same time push to cut emissions on a world stage >> seems like an irony but the truth of the matter is, as you all know and everyone knows, the idea we're going to be move to renewable energy overnight and not have from this moment on not use or oil or gas or hydrogen is just not rational. >> reporter: now in addition to world leaders dozens of

corporate ceos, fund managers, and venture capital firms will be here over the two weeks as that's likely where we'll see the biggest financial commitment to climate. >> one of the biggest questions has to be coal as well and the united states along with kind of pushing for more drilling of oil has been using more coal for the first time in a very long time over the last year as natural gas prices skyrocketed that's a huge issue and you have a place like china where they use a lot of coal too. the president doesn't have a strong hand trying to push this because he's run into problems of his own when you look at senator manchin who comes from a coal state. >> yeah, exactly and there was an agreement at the g20 to stop international financing of coal, but look, china is the world's biggest green house gas emitter and it didn't step up on its pledge to get to net zero or reduce emissions before 2030. so today and tomorrow you'll hear a lot of speeches and promises from world leaders but

after that the real work will begin that's diplomats, deputies, ministers trying to come to some agreement to limit warming to 1.5 degrees celsius and that depends on coal >> i don't know if it's on the official schedule. i was looking and didn't see his name but jeff bezos posted to instagram last night he had a -- it was a picture of him and prince charles, ahead of cop26, talking to each other. is he going to be speaking do we know about what? >> reporter: we haven't seen anything on that schedule yet on bezos. we know that bill gates will be here amid other top executives and we know that bezos' earth fund is here already as well this does go for two weeks so we have a lot to come. >> thank you very much we look forward to check ins about how things are p

progressing. on the other side of the break, a vote on president biden's scaled down infrastructure plan. and then later "the new york times" tom friedman is going to join us to talk about the energy crisis, esg and more you can watch or listen any time, you can do it right now, on the cnbc app. "squawk box" returns in just a moment w, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq for skin that never holds you back don't settle for silver #1 for diabetic dry skin*

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welcome back to "squawk box" this morning congressional democrats racing to rally support for president biden's slimmed down $1.575 trillion spending -- we should call it social spending package for more we want to welcome congressman james comer and ro khanna. want to thank both of you for joining us congressman comer let's start with you i know you have lots of, let's say, problems with the bill. the question that i would ask you is, if not this bill, what do you do and how do you -- how would you pay for all of this if you wouldn't do it the way it's set up >> i wouldn't do it to begin with we have a strong economy right now. the biggest problem in our economy is inflation if the government is going to spend trillions more, that's only going to enhance inflation even more at a time when we're trying to recover from a

pandemic so i don't think a lot of these programs in this social spending bill are necessary i think it's a good time to do an infrastructure bill but as we have seen through this process, the budget reconciliation bill and the infrastructure bill are tied together >> congressman kahn, you've heard this argument many times but at the same time i think it's starting to show in terms of the poll numbers when you look at the administration, when you look at what's happening, for example, in virginia, what do you make of that as a commentary on the push, for example, for bills like this >> let's look at what inflation is, it's too much money chasing too few goods? so what do we need to do we need to increase the productive capacity of the company. today's bill increase the productive capacity in two ways. they have a lot of money for supports and supply chains and manufacturing, increase goods, increase supply, lower the price. second they get more people back

in the workforce by providing child care so many women out of the work workforce. this is a deinflationary package. >> to the point of the polls and the point of what, for example, is happening in places like virginia, what do you make of that do you believe that's a commentary on bills like this? >> i believe the -- there's frustration that we haven't gotten anything done and that has affected the president's numbers. i'm confident that we will pass both this week it's going to have every american having child care, create millions of new jobs with investment in climate, your previous segment was about climate. >> you think this is a function of the fact that it hasn't happened yet it hasn't gotten done, that's why folks are upset or folks are upset with bills like this >> i think there are two reasons

the poll numbers are down, one is the headlines have shown that there's bickering and we haven't been able to g get things one, it's gridlock. and two a tough year no doubt with delta variant and people not getting the supplies that they want, it's a tough year my view is the bills will address that and help put the country on the right track >> congressman comer, one of the things in the bills, which is pretty interesting we were talking about it on friday, is effectively the subsidy to the auto industry but specifically to automakers that are unionized on a relative basis to those that are ununionized this impacts some of the vehicle makers in your state and impacts the likes of tesla do you think that's fair >> no, i don't think it's fair and i think this goes with the pattern of democrats picking winners and losers in this legislation. you had a lot of employers on

your show over the last six months and they're all complaining about trying to find workers. if the goal of the democrats in if congress now is to pass a bill to spend trillions of dollars to try to create more jobs, there are over 10 million jobs available in our economy right now. we need to get people back into the workforce. i don't think this is the right direction. it's not the right time to raise taxes. when you're doing a bill the way the democrats are doing this bill, behind closed doors, no transparency, talking about expanding prescription drugs we know historically any time congress has tried to do anything major to change the health care laws, there have been unintended consequences that fall back and have a negative impact on small business we just don't like anything about this bill. we don't think it's the right time to do it. i don't think you're going to see any republicans support this bill. >> congressman kh anna, what do

you make of the auto piece it seems to be targeting tesla just be honest about it, to some degree it'll impact toyota where congressman comer do you think that's a fair way to do it remind you tesla workers have made more money than the unionized workers in detroit >> i think it's fair to have a broad incentive for electric vehicles and prioritize union workers. that's helping the working class, i don't think any company should be singled out. we have a good relationship we're on the same committee, this is the most transparent process. every part of the bill has been litigated in the media and the reality is, there's a difference, the democrats actually believe that putting money in the pockets of the working class, huge tax cuts for the working class, child tax credit is good policy and raise

taxes over those making 10 million. the trump tax cuts is give the cuts to the wealthy, that will fuel growth. it's a different philosophy. >> congressman comer >> i think republican philosophy with respect to the government is, right now in the strong economy, the government needs to get out of the way the government has, in fact, paid people not to work, which has created a labor shortage the government is trying to enact more climate change policy at a time when energy prices are skyrocketing when we need to be increasing production in america, not decreasing production in america. we want to be less dependent on foreign oil. we don't want joe biden in europe now begging opec to increase production when we have the capacity to increase production here in the united states so i agree with my friend ro khanna there is a big ideological difference between the republicans and democrats but the republicans think there's too much government we need to get the government out of the way. >> are you surprised that the

stock market is at record highs, effectively? i'm not one to look at the stock market as an indicator of how great everything is, but i will tell you in prior administrations there have been people pointing to the market as an indicator of that >> i think the market is a great indicator, what you're seeing is the government's printed so much money you talk to any community banker, the banks are awash in cash right now there's so much cash out there with the ppp loan program, which was in the previous administration, with the stimulus package that's already passed the biden administration, now they're talking about trillions more there's so much money out there people have to put it somewhere so they put it in the stock market the negative part of that is, the stocks are going up but also goods are going up because we're seeing inflation for the first time in two decades. >> a final word to you congressman khanna, is it

surprising to you the poll numbers are where they are given that the stock market is where it is? >> no. because working class americans are hurting and that's always been the problem inflation is a monetary phenomenon, you can talk about the fed and easing, but the reality is what can the federal government do? invest in manufacturing, get people back into the workforce, which is what this bill does by helping child care, and put more money into people's pockets so they can deal with higher prices this is the largest tax cut for working families that's why i'm comfort it will pass and spear our economy in the right direction. >> thank you guys. appreciate it. good to see you. >> thank you when we come back, spacex's halloween launch was scrubbed. it's now planned for later this week we'll take a closer look at the mission and the space stocks right after this. roblox shares are relatively unchanged despite a three day

outage that shutdown the gaming platform an update straight ahead

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to look at the numbers and understand the strict shutdowns they've taken in >> it is very hard to know >> for those skeptical out there, we never know whether the numbers are real will spacex are largetargeting

early hours in november to launch four astronauts to the space kenter >> we were expecting this launch on halloween it has been bumped what p can we expect when wednesday comes and how important is this? >> good morning and thanks for having me. as long as the womener conditions hold, they'll take off and head up to the space station and dock early the next morning. these four astronauts will be part of the next expedition. building what we need to know for longer duration space flights and travel to the solar

system most notably of nasa going to the moon and eventually going to mars >> what do you say about the race between private space companies. >> the ideas of the billionaires arm wrestling between the three companies run by people that have so much money to burn is remarkable the question is, where's the beef in all of this? is there a financial model where they can generate revenue and income from this it is all well and good to burn up your own money to get this going. you have to develop contracts with national agencies and in

the case of richard branson, the space tourism market has to be big enough with a reasonable flight ticket to cover all of the expenses >> spacex has done an incredible job so far their space capsule is really a modern futuristic craft that has the capability to carry a number of astronauts to the space station and the moon blue origin has a system working as well but both of these companies need more contracts to generate the successful, sustainable financial model. >> that's what i was going to ask. i assume nasa pays them for this is this a profitable flight? >> it is a profitable flight for spacex in that spacex has the contract from nasa to provide launch services to international

space station. so they've relinquished the need to use the russian station tore this they have all this services they can contract out they've invested heavily from the outsets and what they've been gleaning from nasa. spacex is on the way but has a way to go. >> how relative is spacex in terms to blue origin >> they are quite a leap ahead they started earlier they've been able to push things along. they have greater capability not to say blue origin isn't

coming along you could say they have a great head start above blue origin there's room enough for everybody in this. these operations have to get going. the rest of the space community they have to realize the use of low or bit with space craft is the way to go. nasa has realized this and jumped on boarderly. any other concerns have to see these as a vieible way to get into space at a lower price. >> appreciate it thank you so much for helping us understand space a little better this morning >> that was interesting. i do understand it a little better when we come back, we have a lineup up ahead. new york times columnist tom friedman we'll be right back after a quick break.

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world leaders descending upon glasko for a climate summit breaking news, the head of

barclays bank has stepped down over ties with jeffery epstein >> we'll tell you what you can expect with the supply chain pinch heading into the holiday season the second hour of "squawk box" begins right now good morning welcome back to "squawk box. joe is off today let's show u.s. equity futures at this hour green arrows across the board. 177 points higher on the dow s&p 500 up 21 and nasdaq up 68 points moderna saying the fda has

delayed the decision to use its vaccine on adolescents they want to test whether the shot would lead to increased risk of heart conditions american airlines scrubs 1,900 plus flights this weekend over weather issues and staff shortages. stepping down as ceo from barclays over relationship with epstein. he says his relationship with epstein ended in 2015 and he regrets any association with him. the board of barclays seem to

support him suggesting they have not been misled but regulators are saying they misled him we'll get straight to dom with this morning's top movers. >> starting with shares of starbucks higher by some 40% this morning, boosting their target price from $118 citing positivity around the decision to raise wages. labor becoming the key battleground for companies out there. starbucks could be with its wage

policies year to day up flat on the year. spotify up 1.5%. giving some analysts naming spotify the top pick some movement there for spotify on that front. we'll end on shares of trip advisor about maybe half percent or so. this is after analysts rate that on consuming trends tied to the covid-19 and delta variant if you take a look at trip advisor. some of the bigger pre-market users. >> november 1 at the top of the show we talked about how october was

really a strong month. all the concerns it would be a spooky month did not actually take place you've got the dow, s&p and nasdaq all at record levels. for the month of october, you are looking at gains of 5.8% for the dow. 6.9% s&p and a quarter for the nasdaq pretty phenomenal month. >> you mention spooky for the month. the reason why, on a seasonal basis, on average, october doesn't end up being a better month out there. the fact that you had a great month out there is pretty good it is also seasonally a better time out there now is the really good time in the market

the christmas rally. you wonder whether or not the dynamic is changing now or whether you have counter effects whether it ends up being more tep pid if you have a drawing with a rate increase type of playout. i don't know if anybody knows. but not really breakout. earnings season would give you some kind of inkling about it. we didn't give you any good direction about it despite the earnings season. >> a good month though >> leaders of the g 20 signing

off. >> this trip is symbolically important because ireland was one of the last holdouts the low tax made it famous and helped lure 1,000 of the world's biggest companies including apple, ibm saying the turning point for him was setting that minimum rate to 15%. he told me that certainty is critical even if companies see their tax bills rise >> they will know how much more they can be paying they can be confident disagreements on these issues will not spill over to bilateral tax disputes in the future

>> ireland could still end up owing $2 billion euros a year. treasury secretary yellen told me the tax code has to keep up with the changing economy. >> i think this is rebalancing to make sure we can support investments in our economy and the corporations pay their fair share. >> countries that don't follow through and raise rates could wind up sacrificing tax revenue to other jurisdictions there are consequences if somebody breaks their promise. >> binding >> at least as far as the global minimum tax is concerned, yes, that is part of the deal there needs to be an income inclusion rule that would say if you don't tax 12%, some other

country could come in and make up that different revenue. you would lose out, someone else would get it if you don't follow the rules. the other part of the agreement around digital taxes, that is still being negotiated >> thank you good to see you. when we come back, store shelves are bare again and the cost for basic items are increasing thanks to the supply chain. heading to the holiday season, those problems could affect the backbone of america. >> heading to the break, let's look atshares of harley davidson jumping over a trade agreement between the us and eu 245 could prevent an increase of harley motorcycles to take effect we'll be right back. i promise - as an independent advisor - to put the financial well-being of you

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welcome back to "squawk box. the supply chain is under pressure causing a pocket pinch of sorts showing us how we are paying for more just about everything >> we've seen increased amounts across the board adding costs to

nearly every stage of the supply chain. i want to take you through a day. good news, you are having y yogurt that has only gone up 1% eggs and bacon up 10%. rising corn and soy that makes the feed for live stock more expensive. while eating, gasoline is up 42%. electricity up 5% compared to last year. be thankful you are not a bitcoin minor or that bill would be sky high. out the door in your new car but the transmission is rattling new vehicles up near 10% used vehicles up 52%

at the store grabbing a jar of peanut butter, which jumped 3% from august to september, you run into your old nyu professor who warns the jump in prices could change the consumer habits >> they switch to less favorite foods that are a little more cheap. used to purchasing steak, they may move to hamburger. or going with generic brands >> are these price bumps temporary? it is believed the current move is transitory. but promising to remain vigilant in the days ahead. for sure, your pocket book is feeling the pinch. >> wondering if this will push consumers to their breaking

point. predicting they'll get the highest retail sales on record, the president and ceo of national retail federation the chief economist, you are looking for 8.5 to 10.5% increase from the holiday last year what makes you so confident? >> good morning. i think a couple of things have gone into this out there doing the normal forecasting. we know demand is extraordinarily high consumers are in a strong position it is our view that retailers have done the things they need to do in terms of pulling inventory forward. having the experience of the last 20 months in terms of the pandemic and impact on the supply chain to think about how to prepare for the holiday

season this is a very realistic way to look at the holiday season >> that 8.5% is that consumers are buying more stuff and if you were to do an inflation adjusted gain, what would we be talking about for this season? >> that's a great question the inputs do reflect price increases. i've talked to 10 or 12 over the past few days in general merchandize, luxury home goods, electronics. really across the board. all of them are experiencing wage and product inflation for the moment believe it is manageable as we go through the holiday season, i think there is a difference of upon whether this is transitory and much more

recognition that wage inflation is going to persist beyond just the next 3, 6, 9 months now well into the future. last year, we were 8.2% growth i'd say this year, maybe about half plus or minus depending on the product category >> that's incredible half to more than half that doesn't mean they are buying more than half. they are able to pony up to manage those higher costs. they pass it on to the consumer. >> it is a combination we look at what's going on two years ago, we brought in 20 million. this year, we'll do 26 million the amount of product coming into the united states has tripled or increased by 30% over the last two years

l.a. is bringing in 80% more than a year ago. i think consumers are buying more things. it is a combination as we think about the holidays last year, we know they were much more subdued. fewer gatherings this year, i think retailers are expecting many more of those that's why they have prepared with this inventory. >> dana, consumers in really good shape are prepared to pay for these things is there a tipping point, the consumer says no more? you look at prices at the gasoline pump and to heat their homes? >> absolutely. when we look back over the years when gasoline prices reached $4, $5, people just stopped driving. we look at our own surveys

intentions on spending auto and travel. many consumers think business conditions and incomes are still going to be favorable six months from now >> what are the data points you look to to say, what does this tell me? and things we have to keep a close eye on >> certainly the delta has been

extreme it is sure the fed will set up an act to keep inflation at bay >> i've not seen too many issues over the weekend i went in to get more candy on saturday i was having trouble finding good candy not the left over stuff. we didn't get our halloween costume in time. it did give me concern for the holiday season >> you went in for halloween candy and you got christmas gifts. we've had discussions on we've been part of those discussions with the second for

the holiday season for consumers in all of their behavior they got ahead of that and pulled the orders forward they shipped to smaller containers or ports. those in the leading segments of their respective categories use the supply chain abilities they've got and added to the supply chain that they've needed this is really a global issue with factories and ports over the long term, those things need to be addressed one ceo told me she is open to buy. consumers are looking for things

if they don't get their first choice, they'll get second or third choice >> we expect that will be a successful season in relation to those out there not spening and making up the holiday season from a year ago. >> quickly are you optimistic or pessimistic about where we'll be >> we are still very optimistic. our measures suggest the u.s. economy will bounce back now that we are getting past the delta variant. seeing visions tick upward we are expecting even as of next year more than half of the gdp growth we are still pretty

optimistic on the economy. >> we'll have to check in with you again. looking like it is right upon us now. >> when we come back, we'll talk washington and wall street with sky bridge capital >> shares of roblox. they are back online the out annual was not related to any specific experiences or partnerships that was to quash rumors it was caused by a free burrito give away on a digital restaurant on site maybe they all tried to show up for that at the same time. we'll be right back.

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>> welcome back. taking a look at shares of tesla this morning up to $155 a share. stronger than expected earnings last month

the investor ron barron talked to us about why he's so bullish. by the way, he's made $6 million on tesla stocks year to date >> did you see elon musk over the weekend. >> millions to world hunger. >> basically saying put your money where your mouth is and he said he would if they would show in a transparent way how the money is actual by being spent >> this was a call was it from the u.n. they said if they had $6 million, they could solve world hunger problems for now. elon said show me the math

i will do it there was some back and forth. then they said, well it wouldn't solve it for awful time but it would solve it for now we welcome the transparency and we'll show you the numbers >> another interesting one, sky bridge capital anthony scaramucci with us and tom friedman on global energy prices and esg investing. stay tuned to squawk on cnbc leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire i'll shoot you an estimate as soon as i get back to the office. hey, i can help you do that right now. high thryv! thryv? yep. i'm the all-in-one management software built for small business. high thryv! help me with scheduling?

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welcome back to "squawk box" a year from the 2022 midterms and a day out from a tight virginia governor race nbc news with a new poll with bad news for democrats 42% of americans approve of the job the president is doing a seven-point decline from august 54% disapprove

more than half americans say the country is heading in the wrong direction. the question is what does this mean for the biden economic agenda and everything else >> welcome anthony scaramucci. the approval rating. i don't know if it is surprising or not >> i think part is the cultural war and the pandemic, people want to move on from it. we would have gotten inflation no matter who the president was. i'm old enough to remember the

1982 recession we had 10% on employment reagan's approval was in the high 30s slightly less than joe biden and he was able to rewin handily the next term. most presidents lose the midterms in 2010, president obama quote/unquote got shellacked same thing with president trump. the only one recently who won the midterm was president bush that's because we were in a war. it doesn't look great for joe biden right now. there's a lot of scaramuccis measured in an 11-day period between now. >> so scaramuccis, let me ask the scaramuccis this

do you think this is a function of the fact that the democrats haven't got anything done? or is it in the fact of what they are trying to get done? >> a combination the spending on the table for the average american is probably too high the republicans are spending with the same level of unbelievableness, overspending of the democrats i think there is irony and hypocrisy there. too much spending. middle or lower income people feel like they can't catch up because of inflation you've got this very big culture war. i would under estimate the culture war. that's a tale of both sides but people are exhausted about the

pandemic and just want to return to normal even if the science doesn't suggest they do that the virginia race. that's a fairly purple state that will be interesting if glen youngkin wins, that will signal something to the republicans which is that you can split the baby with some level of trumpism and some level of traditional party dynamics. something based on good business and common sense but also based on science this disevaluation of science by the republicans will long-time hurt the republicans he's really trying to have his cake and eat it too. if he wins, that will signal

that's the right playbook for 2022 and 2024. >> the republicans in the house currently that have stood up against president trump and voted against him. another one of them announced that they would be retiring. it hasn't gone well for those who have said they want a trump-free party just the idea of biden's numbers being so low it seems like it is sort of an all-out war. nancy pelosi again, it doesn't seem like she has control of her party. >> on the first part where all the consultants will say be very afraid of trump. don't vote against him or you'll

loose your leadership. going back to churchill in the 30s. he spoke out against his own party and how he they were appeasing the nazis. they said he was washed up he rose to the occasion when it was necessary. we've been abiding to the science the last 150 years with great success. we should stay with that message. that's my opinion. people should stick up for that. as it relates to joe biden it is a different situation there. he's going to have to compromise it is the entire pie going back to reagan, he said i'm shooting for 80% progressives not compromising

either don't understand the polling or the votes to do what they would do. we have to repair our bridges, roads and tunnels. >> the jeffery epstein story take down another wall street mogul of sorts leon black was the first to get wrapped up and now jeff staley from barclays is going down. the board of barclays is supporting him the government in the uk is saying that he misled the board. what do you make of this

>> it could be a witch hunt. i don't know the situation in great britain. i have known jes a long time he's a great guy the best thing to do is lay everything out on the table. when i got fired from the white house. i made a mistake i owned the mistake. i got out of there quickly people will forgive you if you do that. if you think about what's going on with jeff epstein and his life story there are levels of intoxication isity they are ashamed of. perhaps he held back at a time where a good crisis management put all the cards on the table his board supported them when you are at the top of a big

bank, it is not the board that matters. it is the politics i thinks that what got jes in trouble. we didn't talk about elon musk i just got to give 0 seconds i drove the tesla last night first time in a tesla. the car is a spaceship i would get out of the way of elon musk if i were you. you don't want to get in the way of a space ship moving silently on the road. i would just point that out to the shorts >> fair enough hitting so many of the headlines this morning appreciate it. great to see you when we come back, we'll get a check on the markets and then head to where world leaders are talking global climate initiatives. and we'll speak to new york

times foreign affairs reporter tom friedman we'll be right back.

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welcome back to "squawk box. we are live. showing you the futures now on the screen dow up 156 points, nasdaq looking to open about 58 points and s&p 500 looking 18 points higher >> monday morning, first day of november we'll see what the rest of the month holds. when we come back, world leaders gathering for the highly anticipated cop26 climate summit we'll speak to new york times columnist tom friedman we'll be right back. you can't be in two places at once, let posh answer. posh virtual receptionists.

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world lieders gather with a spike in energy prices rising. diana joins us with more about how this is all fairing right now. >> president biden is in scotland for cop26 to meet with world leaders. security is extremely tight. 20,000 expected to meet here leaders mostly expected to make speeches and promises. the real work will begin after they leave

limiting global warming to 1.5 degrees celsius and to fund that agreement. saying cop isn't about some new climate deal it's about making paris step up. president biden is bringing several members of the cabinet who recently said, no amount of public financing will be sufficient to meet the goals of the private capitol essential to fill the gap we will see the ceos of banks, corporations and venture capital. jeff bezos tweeted a picture chatting with prince charles he wrote, looking for solutions to heal our world and how the bezos earth fund can help. >> as notable as it is for all the people there, it is maybe

more notable for those who aren't the heads of both china and russia not showing >> yes the head of china. the world's largest emitter of greenhouse gases is going to put out a written statement. he is falling short of the hope of a more aggressive plan to stop global warming but they are not even saying they will stop increasing emissions >> diana, thank you. joining us now to talk more about this and more is new york times foreign affairs columnist tom friedman his latest column asks, would russia or china help us if we were invaded by space aliens there are some serious changes we've seen in global policy.

things from the middle east to china to russia. what is the answer to the question you pose? would they help us >> i wouldn't count on it. what we've seen is a really bad c coincidence. an upsurge in politics surging against america. really from the cold war happen whg we really need as much global coordination as possible not from a space alien previously thought it was more benign that's mother nature there is no good time. this is a struggle not a war yet.

god forbid it is how it should be >> china made it really clear they are not showing up. they are concerned they are upset the united states keeps interfering with what it considers to be its own its own domestic policies. what is the united states to do in that scenario >> becky, this is the first time we've seen that. china has been quite a forward-leaning actor on this issue, if you go back to copenhagen, the paris cop. what we have seen is a wolf warrior diplomats in china is we'll only clean up our air if you'll let us choke the air off in hong kong and fly through the airspace in china. i think there's a lot of division in china on this issue. i think there's part of the by the way that understands it's in

china's national interests to be doing this, but it's clear that geopolitics that is blended in here in ways we have not seen be before. >> tom, president biden was asked at hi press conference last night, look, you are asking countries to reach these new standards and to do more on this front. at the same time, you are asking the middle east nation to pump more oil because you need it prices are too high. that puts him at a weird juxtaposition, how do you solve both sides of that equation? >> it's a picture of the core problem we have here we started off by saying we're not going -- you know, 15, 20

years ago. then we moved to we'll do whatever is easy that's whatever will be easy for me as a politics -- 'tis and really not anything hard for the next generation. the next step would be people doing things that are really hard, so we're stuck in stage two here everyone is ready to do the low-hanging fruit, but when it comes to asking people to do anything -- by the way, this is understandable, and really maybe even diminish living standards, no one is ready to do that it's just a manifestation of this myself, becky, going back i wrote a book about this in 2008 and i've had the same view ever since. there's only one thing, bucky, as big as mother nature.

that's father greed. that's the market. if you incentivize the market, it will do that, and my view has always been if you're not serious on a carbon tax, the kind of idea that jim baker and george shultz, two form sister secretaries of state called for, that we would rebate 100% of, but get people to reshape the market, to truly incentivize investment in green technologies going forward. >> in the meantime, though, we are in a positioner than places like europe, where they don't have the supply of natural gas they have to go to vladimir putin and beg him to release natural gas, and if it gets cold, the europeans are in a very precarious position.

>> if it's a cold and calm winter, you could find european countries in a choice -- or family, milleding to lower-income families in a situation of eat or heat that could be a huge setback for the green movement in europe the first thing they tell you if you go to brooks brothers and you want to buy a suit, it's really a good idea not to take your belt off before you have the suspenders in place. in germany, in 2010, germany got 22% of its electricity from nuclear power, virtually completely clean power they voted after fukupuck sh shim -- fukushima to phase it

all out. now i just read a report hundreds of germans have died from basically breathing the pollutants from coal far more than earn died anywhere in the world from nuclear power. so there's just a level of -- we are in a transition. in this transition, we want people to use whatever is the cleanest fuel possible, natural gas, nuclear in particular, and people want to be purists. you're throwing away your belt before you have your suspenders in place is the united states in a similar situation? >> we're blessed with natural gas.

we can relatively ramp up pretty quickly. so we're in a good position to take advantage of that what we're not in a good position to do is export our surplus natural gas to our nato allies that's for me the plan we should have in place people tell me there may be sufficient terminals already, i don't really know, but we need to great an alternative to vladimir putin in moscow drumming his fingers, going, a nice little eu you have -- with china not showing up, russia not showing up, that things are probably quite a bit

worse off in terms of anybody who thinking they want more done on climate change. we're probably less in a position to do that globally, no >> clean energy -- energy in general, but clean energy is a scale problem. if you don't have scale, you have a hobby hobbies, i used to build model airplanes, a little golf even, but i why trent to change the climate as a obby. you have to be serious it's not that i tweeted about it you have to shape the one force that can give you scales and it's called the market if you shape it in the right way, it can get us to a long way where we want to go. >> great to see you tom. coming up, a big hour, congressman kevin brady will give us the latest on the progress of president biden's spending bill. plus dr. could vit kitava patel

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futures nicely in the green on this first day of november we're coming after an october

that surprised many on wall street, but brace for big news this week, from the fed and from companies posting fresh earnings. plus breaking news, the ceo of barclays stepping down following an investigation into his relationship with convicted sex offender jeffrey epstein shares of the bank lower this morning. american airlines is the latest carrier to fall victim to the a cascade of a travel nightmare. the final hour of "squawk box" begins right now ♪ good morning welcome back to "squawk box" here on cnbc i'm becky convention, along with andrew ross-sorkin joe is off today on the first trading day of november, you're looking at pretty strong results.

the dow up about 150 points, nasdaq up about 60 points. this comes after a very strong month of october the s&p was up close to 7% the nasdaq was up, so incredibly strong months across the board for all three of the major averages that was one where we were asking if it was going to be a scary, spooky month. it turned out not to be the case treasury market we've been watching there this morning, the ten-year note sitting at 1.582%. andrew >> let's talk about stories, practices the big legitimate jess staly now stepping down he's going to be departing the british bank that follows an investigation into his relationship with jeffrey epstein. he tends to contest the findings, he says, of that

investigation. he said the previous relationship ended back in 2015 and he regrets any association with him, but take a look at shares of barclays the board supported him, said that he didn't mislead them, but regulators are say he may have manages led them, so lots of questions about what really happened the stock is down a little over 1% meantime american airlines passengers get hit with a wave of cancellations, scrubbing more than 1700 flights since friday according to a weekend policemeno from the chief operating officer, the high winds -- that left crews in the wrong spots for their next flights. a amc was the highest in any

month since february of last year we'll talk more about it later this hour, up 2% there. two other business stories the markets first up, and the big global tax agreement out of the the g20 summit ylan mui will join us in a moment, but first dom chu has the top three market movers. >> if you look at some of the big action so far, we are seeing some individual names driving the action because of the stories or headlines around them harley davidson, those shares up about 7.5% the reason why is the u.s. and european union have reached a deal over agreements on aluminum -- with regard to the taxation and trade between them. with that particular metal if you look at harley davidson, it will benefit, because it was going to face retaliatory tarchs

on trade during the trump era. harley davidson will benefit right now. the tariffs will be diminished on that front, so they're up about 7.5% on that also, watching what's happening with tesla we saw musk's statements about solving united nations, and -- solving hunger at the united states another 3.5% up. we're sitting close to $1.1 trillion in terms of total market so watch those shares. as we do in this hour of squawk, the most popular searches in the previous session the ten-year treasury note was number three was lucid group there, producing

vehicles on the production line there, up about 8% digital world acquisition corporation, the trump-linked spac, down about a percent, and as always, becky, the rest are up on twitter. >> lucid was supposed to startedly on saturday. did it actually happen >> i'm not sure. the whole idea behind the friday trade is they were going to then put out those vehicles and see whether or not they could put those deliveries out there on a mass scale lucid could be a huge trade to the up side. we are looking at the market values we're talking about 50 to 60 billion in equity value at this point for lucid. u.s. to put that in perspective, it's not that far behind some of the biggest automakers in this world right now. we talk about how tesla is

bigger than the big three combined, lucid right now will put it in the 60-plus billion dollar market range. it's been one of the big st stories. it's been a massive momentum trade. >> dom, it's november 1st. that means yet was halloween did you get the cute kiddos out? >> my daughter was tinkerbell with lit-up wings, and well, my son was captain hook he couldn't coop -- he didn't want the hook on his hand nor the hand, but if you take away the hat and the hook, it just looks a little like austin powers so a lot of people were asking if my 15-month-old son was austin powers. >> my daughter was anyonie

mouse. she got sick of the ears e >> they're itchy it does continue to make progress at this point. >> it's making progress on the world stage, and the question is, is it going to make progress here at home treasury secretary janet yellen did express confidence that the house would pass the agenda this week, including the overhaul of the international tax code >> i think there is appreciation of the united states of the importance of this international agreement. we've got staying in very close touch throughout the negotiations with members on both sides of the aisle, explaining what we were doing, and working with them to understand their concerns. >> there are still questions about a separate piece of this

agreement that would require the most profitable companies to redistribute their revenues around the world it's not even clear that the treasury has authority to strike the deal without congressional approval. >> it could require legislation. it isn't decided yet what the appropriate method will be we, of course, will take whatever steps are appropriate and required to make sure it becomes law in the united states >> now, also on the federal reserve, yellen said she discussed with biden about who to pick chair. she committed to the dual mandate, and she had fed chair jay powell has done a good job back over to you. >> that's incredibly important did she say she recommended ed y powell >> she would not say whether she recommended him directly it has been reported previously

that she does report him there were some remarks earlier made on the plane, whether there might be another candy, but she said she believed powell had done a good job and was supportive of the plan to reach full employment. >> thank you joining us to talk more about the tax deal out of g20, texas congressman kevin brady. let's first talk about this idea of a global minimum took when we first talked about it a couple months ago now -- i'll be the first to say i didn't think it was going to happen and i wasn't sure what the implication would be >> good more, andrew good to see you. i think this minimum tax has less importance now that this 28% corporate tax rate, which

would have been a major economic surrender is now off the table still the international tax changes that are being proposed this week will no doubt make us less competitive, certain will drive investment, intellectual property, many manufacturing overseas i don't think global minimum tax around the world will change that or make us more competitive. the other fear, and to the point that was made earlier here, no question secretary yellen has to bring this agreement babb to congress the worry for both members, both parties, which is, one, these changes will make it better to be a foreign company than the u.s., and at the end it will take a big bite out of america's tax base, which no question the second part of this agreement requires americans companies to send their tax revenues around the globe and away from the u.s. so you're planning to eastbound

to it? >> well, i haven't seen the agreement yet. i think the details matters. the timing really matters. i think both parties are concerned about the international changes will take the step to become less competitive. years down the road, hopefully you will, so i think there's bipartisan concern about the timing of it, and the enforcement of all of this. now is the new brackets, do you support that >> there is about $1.2 trillion in this agreement. $800 billion on businesses, the rest a small businesses. in them, you have the -- the reason i know is that income

comes because of value you created jobs, you've made major investments in the economy, why dowd punish that why do you cap that here in the united states? the other thing, too, is the thought that the government, at anywhere imp come level, has a great irclaim over your earnings than you do, i think is economically offensive so in some states, that will be the case. >> congressman, is there any scenario in which you would be open to raising taxes of any sort on anybody? >> well, i don't know what that hypothetical would be. what i do know is when you tack people for value, for investment, for creating jobs and opportunities, your economy slows. and the point of this, andrew, is how does the government add

value? in this case they're going to use dollars toal about half a billion in green pork. they'll be giving away much of that to the wealthy and to the biggest corporations so, look, i see rule more in the open market with those dollars than i do from the government. one of the other components is one that effectively creates subsidies for detroit's automark automaker >> -- there's no question that labor mugged the treasury in t this but only the most visible one all of us who aren't joining the union will subsidize those who

don't, but there's about half a tri trillion it is the automakers frankly in -- biggest question here is, if an auto company wants to building electric vehicles, should you spend -- should we send they automakers tens of billions because they decided to build electric vehicles i think the answer is no >> congressman, watching the race in virginia, it is narrowing and it's fascinating to watch one of the questions we've been raising all morning, is this a function of a country that's frustrated with the democrats not being able to make progress?

or is this a function of the country that is frustrated with the message that's coming from the democrats? do you see the distinction in. >> yeah, i do. it's a combination of both it's just a loss of confidence in this economic, on the border, on bipar sanship i also think the policies that they're promoting that people are pushing back on in a big way. as we both know, they off-year elections are as much a referendum on the president and the party in power as anything else i agree, i think the results will surprise some people. >> congressman kevin brady, always good to see you when we come back, a key fed meetings and more big-name corporate earnings how is the healthcare world

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coming up, an update on the chaotic weekend for american airlines. and the brookings institute's dr. kavita patel will join us check out the price of wti crude oil, coming off its first negative week in the last ten. "squawk box" returns after this. jerry is here! j! mate, how are ya!? it's so good to see you. good to see all of you, yeah! why is jerry so... popular? it's been like this ever since we started using workday. what do you mean? it makes it easier to develop great relationships with our suppliers. now everyone, everywhere loves jerry. they sure do. they do. they really do. mmhmm. workday. finance, hr, planning and spend management for a changing world.

we are expected the roll-out of pfizer's vaccine shot for kids any day now meg tirrell has more >> tomorrow cdc's group of divorce meetings after that if the cdc director signs off, kids could be vaccinated very soon we talked with public health experts and officials about how they're preparing. there's about 28 million kids in this age group 5 to 11 in the united states. they each need two doses in terms of split we're expecting, about 15 million doses expected to be shipped in the first week ten million going to states and jurisdictions, 5 million to pharmacies, an additional 5 million per week capacity after that where are these going?

most jurisdictions and states said they're diverting the dose to say doctors' offices. 29% to health depends. 4% to school-based clinics some states like maine are focusing in on schools, which is really interesting now, how much demand is out there for the shot kaiser family foundation updated the poll last week, and found 3% say definitely not 30% are in the wait-and-see. 20% say right away they want the vaccine. we talked with a couple kids and parents who are raring to go listen to what these also kids had to say. >> vaccine are very important. >> just a little shot for a little by bit, but the sickness is gone forever. >> which is just a great description of what vaccines do. it's interesting to hear some some families. some are so excited, others are

going in the wait-and-see category. >> we did get -- it will be a few more months for -- >> parental concerns have increased starting since june, whether they would get their younger kids vaccinated. that's even from parents who have vaccinated some of their older children what have authorities said, what they think about that. >> pretty universally pediatricians and health officials are recommending kids in this age group get vaccinated for the kids themselves, for what is a top ten leading cause of death in this age group, but also to try to stop the pandemic, to cut down on transmission, help school get back to normal in talking to a lot of kids, they're not excited about the shot itself, but talking about -- some said they want to go to chuck e. cheese. >> is there a thought that mask mandates will come down.

>> the cdc directionor has not been willing to say yes, we'll lift mandates. i think they're a by scarred from the guidance that happened in the spring, but a lot of public health experts are calling for plans as to when we start the off-ramp of masking, how to get a safe enough system around kids that where we start lifting the mandates in schools. before we get to dr. patel, we have some breaking news the rumored deal is now official coca-cola will buy full control of bodyarmor it's going to buy the remaining 85% from the founders and investors, as well as a group of

professional athletes. kobe bryant invested $6 million and served on the board before he died last year. a programming note, the founding of bodyarmor will join us this morning at 10:00 eastern time. joining us is dr. kavita patel this could happen as soon as this week? >> yeah, becky, listen, some of the pediatrics offices i have talked to are being told to be ready wednesday, which is alternates too soon to believe, because the cdc make their decision, and pfizer can obviously ship some of the special sized and colored vials, but it seems ambitious, but people are ready, willing, and

there are already appointments being filed and made >> think about it, many of the doctors' offices that i have spoken to, at least have been a bit concerned, because they haven't been in the process of getting these shots. these are a little different could you expect there will be a few weeks to iron out some of the kinks there? >> actually, even if my own clinic, we're having to walk through, especially because we're giving first shots for flu and all the other regular immunization for children, and follow these special instructions, not that special in the scheme of covid vaccines, but special for ped attributes covid vaccines, which many of these pediatrics offices have not been given you're exactly right i would truly expect for most parents to think about their they're, if they're eare to get vaccinated, certainly before thanksgiving, but not as early

as this weekend. >> i think a place like cvs, that's been working on it already, could ramp up more quickly. >> they do i know, for example, 2349 district of columbia, pharmacies have an incredible strategy because they are used to giving them i have talked to parents who say i said this no my pediatrician's office, it's might trusted place for vaccines, plus they want to talk to staff and get their advice most pediatric offices are saying don't wait to get an appointment. if you can get a shot, get it a the your local pharmacy. we'll still talk to you, but don't waitfor an appointment. >> maybe it's selfish, and i'm going to ask it.

once the kids get the vaccine, all they want to know is, can they take their masks off? >> right >> i think to be response you really want both doses, we know children 5 to 11 have incredibly robust immune systems. we know there is some immunity that's affordsed into adults after that first shot. we know that can be helpful, but i would definitely say, two shots, three weeks a part, certain we would represent recommend a week or two after that shot i could safely convince anybody you can remove that mask in an indoor setting and likely to be safe. i will say, i don't think schools will get rid of masks anytime soon we don't want to rye peat some of the mistakes in the past where where he pull back and see a surge. i think in your household, even that child that's vaccinated can safely take off their mask

>> the second question goes to this issue on breakthroughs, we are seeing the levels come down in terms of dealt tao, but then we also keep hearing about the high-profile example looks jen psaki and bon jovi, so -- >> i'm going to give you good news/bad news briefly. i think the bad news is the breakthroughs at some point we will become used to that the more immunity we have. this is the kind of disease where atsome point in our lifetime all of us will probably get it once, twice, maybe several times. the goal would be to be immunized that when we get it, it doesn't bother us at all, it's just a diagnosis. i think it also marks to me we have a heightened monitoring system for breakthroughs, so we can understand what is causal

the breakthroughs is this something natural we would expect, because this is just a virus that will work its way around the population. something to be aware of if you're high risk, as we only have about 60% of the country vaccinated hope over the next year this will become more normal and not as threatening to the activities of the public, but shouldn't hold us back from being confident in the vaccine itself, including taking off masks eventually meg pointed out the latest surveys that show something like 30% of parents don't want to vaccinate their kids right now they don't trust it. it's not a right now question, they don't want to do it at all. >> yeah, i think what we need toad is -- i've got my own little unvaccinated problem right here also at home. >> tell her we hope she feels better. >> yeah, we hope the ipad work

quickly. we hope that wicket put the burden on 5 to 11-year-olds when we're still trying to get 40% of adults willing to be vaccinated. i would just say children eventually, by the way, will have this incomped to probably what are -- probably by the i said of 2022 so parents should think of this a bit differently, but we shouldn't be causing children to not go to school because we're not accepting that we need to be vaccinated as adults i really do hope for that under-5 set, which i know a lot of us are worried about, the more adults and children in this age group, the less pressure we have for under 5 to get vaccinated, because we won't have as much of the disease as a burden to that age group that's really the goal knowing when that could happen, it's probably going to take a year. >> vaccines for kids under 5 --

>> no, not for the timing, just getting to weather we have enough population to protect the under-5 group. that would take the pressure off the young children to be the first group to be vaccinated it takes time to get that group. under-5 won't be available for a while, but we can depend on the older groups vaccinated for that protection >> dr. patel good luck at home with your little one. >> sorry thanks, guys. >> no, that's okay we hope they field better. we've all been through it. >> yes. how the amc apes cracked wall street. it seems this new documentary, you've got to see it it send amc shares surging you don't want to miss it. we're back with that and so much more, righafr ist teth

it's safe to say the retail trading frenzy of amc could end up being one of the biggest

stories of the year. here's one of her conversations with trey collins. >> i think what attracts people to amc is the unity behind the trade. it brought people together to appreciate that you can come together and set aside your differences for something that you believe in in this case, it's fighting against a corrupt market, a market that wasn't built to be fair for every single party. that's what amc, speaking out and making noise everything that comes over the last world didn't come quietly it came with noise it came with blood. >> this new documentary about amc, it's couldle that you did this do you think the amc story will be bigger than the gamestop story? >> i think some movement, the ability of this group of people know as the apes to rally around

the cause of market structure will have more lasting effects the fact that you can talk to gary gensler about dark pools and payment for order flow, the fact there's a ban, all much it is on the table is behalf this investor crowd, so i think that long after amc stock, which is up, by the way premarket, better ticket sales in october than since pre-pandemic, that basically we'll see this push for market structure improvements long after the stock goes up or fizzles out it has repercussions on how we talk about the markets. >> there's also implications for how ceos lead and communicate with shareholders. you did an interview with adam aaron, and it's fascinating to see how he's communicated with

these shareholders. >> it's sort of an acknowledgement that this new investors engage with customers, adam told us the way he got on to trey collins' youtube channel is his son sent him the tweet of trey saying, speak to your retail shareholders base that was the famous interview where the camera tilts down and he was just wearing shorts he acknowledged that this was a force to be rockened with, that he needed to acknowledge this new shareholder base i think a lot of companies across america will thin about how they -- whether or not they are traders on robinhood or even out of stocks, this new generation gets their information in a very different way, not mainstream methods, necessarily, and they demand a

direct line of access, because why not? why wouldn't this company's ceo tweet? >> do you think this is a singular issue even a week and a half, the meme stock rally for a moment of the trump spac there was a few that people were actually dumping amc or other shares of gamestop to jump into this do you think this would be dozens of stocks that have a meme phenomenon? >> i think the meme phenomenon has to be separated out with sort of what this particular movement as engendered i'm not say it's the end all/be all. they'll flip in and out, but the fact there's still a large group of people out there who are believers in amc, but believers what what it stands for, that it stands for equalizing the markets, it stands for the retail investor getting a voice in these markets, that's something a bit different from

just being in and out of a trump spac or some our flash in the pan stock out there. this persists even to this day i think that has surprised all of us who watched this phenomenon since gamestop started, that we're still talking about at mc, and that stock price has hung in. it's not at its ties, but hung in there. >> congratulations on the doc. people can check it all on you on the online documentary on how amc aeps cpes can do it. when we come back, we'll get cramer areas first take on a big trading week ahead what went wrong with march airlines this weekend? customers not happy. we'll have the latest details when "squawk box" comes right back.

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more than 1,000 american airlines flights canceled. it's the third airline in the last few months to experience something like this. phil >> becky, the cancellations continue today, just under 300 flights have been canceled today. the weekend, what a mess this is an improvement this

morning compared too what it was on saturday and sunday american canceled more than 1,000 flights yesterday, all of this started late last week. the company blames wind delays at dallas/ft. worth airport, the main hub for the airline, and staffing this is the third time in the last couple months a major airline has gone through this, particular abig weather event, and then a wave of cancellations. then you have southwest in early october -- remember, just a couple weeks ago, approximately 2,000 were canceled. spirit in august, that took almost more than a week for them to get back on track as you look at shares of american, they do expect fewer cancel cancellations, but 300 right now. the airline does say this has

approximately 1800 flight attendants who were on leave, who will be feathered back into the schedule 90% of these cancellations are because the crews cannot get placed with the planes at the proper time. also look at shares of southwest and spirit remember what happened after they had their waves of -- they trimmed back their schedules and commitments almost immediate lid. the bottom line is this, becky, we will probably see it again. not sure which airline it will happen to, but this is going to be a rough travel season. >> fantastic we're weeks away from holiday travel, starting with thanksgiving are the airlines hiring more people are they not able to they don't want to >> they are, becky, but think about how many pilots took early buyouts when they had to cut their staff dramatically at the beginning of the pandemic. the reason that the airlines

wanted the government to guarantee their payrolls, which they did for the first six months is brau they kept saying if there's a snap back in demand, you let these people go, we won't be able to hire them back away. that's part of the issues. it's not just pilots, but really the entire infrastructure for the airline industry the demand has come back so quickly, they cannot meet it. in other words, buckle up and get repared for long waits or delays or not even getting there. >> yeah, it's going to be a rough season >> oh, boy it's already so fun to fly right now. tempers are already raging phil, thank you. i'm sure we'll hear more about it right now we're going to get down to the new york stock exchange and hear from jim cramer we're off to in breen arrow starts again after a phenomenal

october. what happened? >> i think the earnings were pretty good. i think we're through the meat of the earnings season, with the exception, strangely, of apple and amazon, it was really pretty good i think "people" a-- people are starting to say to themselves, maybe they say here's what we're going to do, but it's benign benign is good i think that the earnings are all -- look at them. maybe the buybacks will be back with the 1%. no corporate tax it looks like that's going to go away i don't know i'm searching for negatives, other than for american airlines. >> at first we were writing this off, okay, it was southwest, they're different, because they're not hub and spoke, and

they haven't handled their unions well, and now it's american airlines, and phil is saying -- united is saying they think they're well staffed and can handle these things. i guess we'll see. >> i think united is the best right now. the only company that didn't lay people off is williams sonoma. costco with a price target raise. i like retail here i'm not a fan of the airlines other than united. >> i like retail, too, but when we were talking with the national retail federation, their estimate of an 8.5 to 10% sales jump, he thinking half of that may be inflation. going out andkind of seeing th

store shelves lately, i have to say i've been surprised to see as many holes either at the grocery market stores, looking for candy, halloween costumes, and it gave me trepidation supply chain is the supply chain. all these stories are supply chain. i know it makes people's eyes gl glaze over, but i like costco, i think walmart will be able to get everything i think the big three, target will be terrific. >> by the way, folks, shop early. thank you. we'll see you in a few minutes. we have to remind you about theiu new cnbc investing club andrew >> thanks, becky

in the meantime, let's look at shares of tesla. in the green again this morning, set for a fresh record high. then check out shares of ev maker lucid. they're pushing the market cap maybe above ford's, we're very, very close joining us is amy wu silverman, and then the portfolio manager and cnbc contributor good morning to both of you. amy, you live in the derivatives markets, but what does this say? >> andrew, look, tesla is always special, particularly in the options market look, we have seen very heavy call option buying, you know, that may not necessarily be the

only contributor, but definitely on the margin, does impact the market particularly with retail. that drives up the scenarios which, you know, you don't hear about until you do, like gamma squeezes i think that does contribute to some of the recent moves how much of of that is playing -- >> one snowballs on the other. the new from hertz, of course, was the initial driver, but then what you have happening is people start not only owning shares, but trying to leverage on top of that, so the way we measure that with equity skew in the market, we saw it move rapidly. went from very high, showing very bearish demand to going almost negative. that means it is impacting it, even along with fundamental

investing. >> can you extrapolate >> any way you can, the demand for evs is going to be so big. so you have a couple players in here you have the value players playing the fords, the gms, and then on the momentum side you have tesla and lucid a whole bunch of investors here. using options and some type of leverage, you can pop up these stocks the question is how quick they go, but there's a lot of opportunity here, andrew i think the world is definitely moving toward ev, and you can play in many parts of this. >> do you think the option action is driving a lot of the stock action not just in evs, but across the board? >> so, you know, we measure that quantitatively through a term we call skew inversion, but it

essentially says when call demand, where is it outweighing butt demand so much that that metric has actually gone negative a negative value is very abnormal through the pandemic options were definitely a key factor, and retail was a key factor. that has dropped fairly dramatically we had don't see that many skew inverses, from like 30 names to under five however, specifically in a tesla, specifically in a gamestop, an amc, that is always present specifically because of the cohort that's playing it >> sarat, it's the first day of november as you think about the next two months, what are you buying? maybe more importantly what are you selling? >> what i'm looking for, andrew, in the next couple weeks, we have some interesting earnings we have uber coming out, xbo in terms of logistics

i like that area i am more favored toward the value reopening at this point. where i'm trying to take some money off the table, is some of the stocks that have done very well so i'm really looking for opportunities, and also some of the capable companies. i think there's opportunity in the market it may go sideways for a while nobody expected october to be up 6%, so it's a question of what companies can provide revenue growth if you look at what companies have been hurt are the ones with high demand but can't provide the goods. for me as a valued long-term investor, that's where the opportunity is >> sarat and amy, thank you both have a great week. >> what to watch stay tuned, you're watching "squawk on the street" right here on cnbc

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let's get a final check on the markets, we are on the crunch to the end of the year. futures this morning are looking higher

the noose gab futures up by 28, but remember all three of the major arches closed on report levels on friday that about does it for us today. andrew, back here tomorrow we will be back, and i think joe will be with us. it's time for "squawk on the street." good monday morning. november begins and the futures hold up, we will get record high, a big week ahead futures point to a higher open as investors bet a more gain. there's a shake-up at barclays