calendar we'll get you ready for the trading week ahead elon musk asking twitter if he should sell 10% of his tesla stake, just 10%, $21 billion why it probably had to happen, though, whether or not twitter agreed but he said he'd abide by what twitter said. the house passing the infrastructure bill and a federal court temporarily blocking biden's administration -- the biden administration vaccine mandate for private companies. details straight ahead it's monday, november 8, 2021. "squawk box" begins right now. good morning, welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen andrew is off today. joe, we match pretty nicely

though. >> that happens a lot. i don't know what that means. >> i don't know what that means either >> it's being work spouses for how long >> 16, 17 -- >> getting up there. >> yeah, who's counting. >> longer than a lot of other relationships. >> this is true. this is true >> except for pongo my dog is 16, but even dogs, usually the greatest dog in the world doesn't last 17 years like we do. >> like us dogs do exactly. take it away. let's check things out, u.s. equity futures are sharper this morning, at least for the dow and s&p 500, the dow indicated up by almost 90 points, s&p up by 3.5, that's saying something because the dow, the s&p 500, the nasdaq, nasdaq 100, the russell 2000, all of them set record highs on friday nasdaq is indicated down but by less than 5 points right now and let's also take a look at what's happening

this is not one sector leading the way. this is broad based when you're looking at the gains happening the s&p's technology sector, consumer discretionary sector, staples, all set records as well we'll watch it all today we should look at -- what are we checking next, yields? yes. ten year yielding below 1.5%, so that's looking greener but a big drop in yields from where we had been, 1.481% talking about minor moves but we've been looking above 1.6 for a while. 30 year is at 1.909% cryptocurrency is what everybody is watching these days check it out right now, bitcoin at this point is up by 5.5%. trading at 66,000. ether, this is a big deal too up by about 2.6%. apparently ether topped 4,700 for the first time ever and now

it's up more than 59% since the start of october it's up about 500% for the year-to-date so far. if you're looking at the top, overall market cap of cryptos, it's above $3 trillion, according to coin gekko pricing on this. so big moves for this entire market at this point. >> and the new mayor said crypto should be taught in school. >> of new york city, yeah. >> hey, who am i -- >> he said he's taking his first three paychecks in crypto. he wants to compete with miami in terms of being a crypto capital. would like to attract crypto jobs here as well. >> it's amazing. and ether, i have two. >> you do? >> yeah. >> when did you buy? up 500% for the year. >> it was only about 6 months ago maybe. i'm glad i have it, i guess. that's a lot of money to a lot

of people, i should not act like it isn't but when scaramucci say he's a billionaire now from crypto? i don't know i never will be. i am not now and never will be. >> you're a ten thousand-air. >> exactly i was interested in the yield. 148. >> i was surprised to see that did that fall after the jobs report on friday >> the short end is going up yields, the long end is going down flat, flattened yield curve. and that, i don't know what that's indicating. i don't know the journal -- you know, the journal's take is at now the economy has got to figure out exactly who it is. what kind of economy it's going to be -- >> the existential crisis? >> yeah. the easy gains are over. what's the growth rate what's it going to look like when we're totally back to normal and can't count on -- we have merrick coming on later

and -- the stock is at an all time high. in my gut i think we're at the beginning of rebound -- >> in travel for sure. >> in travel there's so much. >> i can't wait to get out there. >> this is -- >> the question is how much has been priced into the market. >> in the stock. it's not the top and bottom line numbers. 75% revenue gain year over year. >> yeah. >> but occupancydoubled almost to 65% >> right. >> this is -- we've got -- >> and the business travel is the big question how soon the business travel going to go back a lot of businesses have probably helped their margins but not having people traveling and doing these things been just as productive. you hear from the big ceos, especially the big wall street banks and places saying we have to get out there they believe it's important to meet in person but there are also businesses

saying we've kept things up without the travel and look how it helped our margins along the way. >> someone asked me last week to do a zoom call i said no. >> you did why? >> you do not need to see me. >> that much we know. >> i don't need to see you, you don't need to see me. >> i was a skeptic at first but there is something that gets lost if you're just -- if you miss the facial cues zoom does ad something. >> good. i don't want them to see my facial cues what i'm doing with my hands >> it's hard because you have to keep a steady face as if you were on camera the whole time. >> i said, no. i think a lot of people are zoomed out if i ever do another zoom call, it'll be too soon. >> how many have you done? i don't think of you as spending your day on zoom calls >> i don't need both hands, i don't think. i certainly don't need my fingers and toes let's get to ashington

interesting piece in the journal. the journal outed the 13 house republicans. they like listed they didn't put their phone numbers but listed the house republicans -- >> it's an infrastructure bill i was more interested in the six democrats who didn't vote for it. >> if these guys hadn't done it it wouldn't have passed. it makes the $4 trillion, which they're calling 1.75, more likely to pass these guys are in swing states they didn't put phone numbers but that's maybe the next thing. >> out of the trillion dollars some of it is good >> a lot of it is good. >> it's 100 billion -- >> do you know how long it's been since we invested in roads dnchts we're still not, it's the infrastructure. >> look -- >> at least it lapses. >> this is something the other -- >> at least this has -- >> the business council is behind this. every business group you can look to -- >> $110 billion for actual

infrastructure out of the trillion and they called the 4 trillion infrastructure >> again, the idea that you have six democrats who actually voted against this, are you kidding me >> heroes. >> either everything we want or nothing. >> aoc >> omar. yes. >> to try to stop this the house passed the trillion dollar -- >> either you give us 6 trillion or we want nothing. >> the infrastructure bill that staled -- 6 trillion they negotiated down from 80 trillion bernie already came down anyway, it stalled after it was tied to president biden's larger social spending bill, moderate democrats promised a vote on that bill sometime before thanksgiving congress has to also raise the debt limit and fund the government in just over three weeks. >> this larger spending bill is still kind of going through the motions on this. they have to go through -- >> cbo. >> and it's not just manchin asking for that scoring. there's at least five moderate

house democrats asking for this too. >> they're emboldened by last week, by november whatever it was. what's today >> today is the 8th, i believe >> it's the 8th. so that was the -- >> tuesday yeah, november 2nd, is that right? >> yeah. >> time moves quickly. also over the weekend, the federal appeals court temporarily blocked the biden administration's new vaccine mandate rules for private employers. the rules require employers ensure their workers are vaccinated or tested weekly. the rules rave grave statutory and constitutional issues. the judges said they'll seek whether to issue an injunction against the mandate and order the biden administration to file legal papers by this afternoon e we knew these challenges would come, they've been backed by republican states where there are businesses who have moved against it but a lot of businesses have already met the standards and pushed their employees to do it, getting

their vaccination levels up to 90% and above. >> this is going to get interesting depending on when these pills come >> marriott was paying four hours -- give you an extra four hours but not mandating. imagine say you're a company that can't find people now you can't find them anyway. >> that's just about every company. >> and you're a service industry >> you're like now i'm going to fire another 10,000 employees because of the mandates. >> united did it and got their rates up to 99% of people who got vaccinated it depends how quickly you move. delta has taken a different approach said if you're not going to do it, you're paying 200 bucks out of pocket for the health care insurance. >> and did not do it and he received accolades for walking a nondivisive line of trying to make it happen but not with blunt force trauma we talked to tony about how they decided to do it

but if you're in a business where you already can't satisfy demand and your customers -- >> that's why they pushed z it off. it was supposed to take place december 8th they pushed it to january after the holidays. >> we'll talk to a vaccine guy after -- i think in the next, right after this, right after we go to break about why the vaccine companies got slammed. >> the one question i have is how often can you take these pills? i heard some varying degrees of you can take it a couple times a year, every few years. i don't know if you can -- i don't know what the situation is we should ask a doctor more about this i heard doctors from varying degrees. >> the merck pill is one with -- >> i think it was the merck pill. >> 1one's 50 and one's 90. i don't know if we need to -- american airlines is going to pay flight attendants extra to work during peak holiday travel periods trying to avoid

holiday staff short falls that contributed to more than 2,000 flight cancellations late last month. those who worked during peak holiday periods will earn 150% of their pay, those with no absences will receive triple pay for their holiday hours. >> that's smart. >> i'm waiting for my waiting for something. i've been here since april 20th, 2020, i haven't seen anything. >> i think we're okay. >> we're doing well pay wise. >> a thank you would be -- >> thank you. >> or are, you really are an essential worker. >> you rock, atta boy. >> god bless them and i'm not one of them. coming up friday's announcement of pfizer's new pill sent shock waves through the bio pharma sector. do you think it's a coincidence, april 20th, isn't that like pot

day, too i just thought about that. >> you are correct, 4/20. >> and later, weighing in on the positive jobs report you're watching "squawk box" live from the nasdaq market site in times square.

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and after friday's announcement by pfizer, the efficacy of a new covid pill, other vaccine makers took a hard hit to their stock at least, with pfizer also a vaccine maker up by a huge margin. joining us now to discuss michael yee. pfizer had it going bothways, right, michael they got huge revenue from their -- the vaccine and potential booster revenue,but they also had the pill if you didn't have the pill, like moderna, you really got hit hard what was that saying, more about valuation than the actual landscape? >> well, i think it speaks to the big debate both socially and for these stocks, which is are people going to get a booster in 2022 and beyond? and i think that two things were

stated, one is we have another weapon against the fight for covid. an infection rates keep going down and people don't feel like they're going to get a booster throw on the fact that now we have one and maybe two oral pills to treat covid and many people might not have gotten a booster would say, i don't know. if i get covid i got a pill. so that's a social debate and financial debate and now people don't know if people are going to get boosters so all the vaccine stocks have serious questions about revenue trajectory. >> i understand human nature that i don't want to necessarily do something if i'm not going to need it. but you don't want to wait to get covid to take something to deal with getting covid. i mean, it's so obvious, it would be better in the first place to never get it. hopefully i don't -- i hope i'm not someone that has to take the

pfizer therapeutic >> that's right. in two ways, right, one is i point you back to flu vaccines joe, for 50 years we've been taking flu vaccines. you don't take the flu vaccine because you're scared of going to the hospital. you take the flu vaccine because you don't want to get sick make sense so, you know, i think there's a bit of a social debate around it because at the end of the day people don't know if covid is going to be around next year i think we feel like flu is around every year anyway but if covid is not going to be around in a big way, next year or the years following, people don't feel motivated to take a vaccine. if it does happen to come around and you do happen to get sick, maybe you take a pill. bottom line is the visibility for the sales of boosters are obviously questioned and everyone is bailing on the stocks, saying i'll come back to it, doesn't look like covid is going to be a problem.

obviously the infection rates and curves are going down every day. people feel good, yeah >> it's 30 degrees when i wake up now and it's the middle of the night, so it's getting cold again and there's always the fear, i don't know whether it's rational or not, of another variant at any time. will these stocks like moderna and some of the others -- moderna is a pure play seems like even though maybe it shouldn't be, maybe it can use the technology for a lot of other things but just for covid vaccines it seems to be the pure play is that going to be in a trading range now unless -- i mean, they would never hope for another variant but bulls on the stock, is that what it could take for moderna to -- >> yeah. that's a great point i -- it's hard to call the trading level here, you look at the chart, obviously it's basically completely reverted back down to where it broke out

earlier in the summer. but i think there's probably three trading catalysts that probably get it to bounce. one is that they do have flu vaccine data i know this isn't been talked about a lot but both pfizer and moderna with the mrna technology has the first ever flu data that's supposed to look better than a lot of the other flu vaccines so that data is coming soon, suggesting they have a pipeline with other respiratory vaccines, which they do, pay attention to that you're right with people coming back in for the winter, for thanksgiving, the holidays, it would not shock me to see the curve move up a little bit and the trading perspective, everyone rushes back here we go. and the stock moves back and third i think you're right the fear of any sort of variants, issues that break out at the start of the year as the stocks move back up. trading wise i think that's the case but philosophically i think the stocks are range bound

because you think the fact is we're going back to work, we're traveling again. >> how long do you think it'll be before we have the pills available and anybody who wants them can get them? there's going to be limitations to how much merck and pfizer can pump out in. >> it's a great question without getting into the weeds merck got approval in the united kingdom last week. the united states has an fda panel later this month, i expect that probably to be approved by the end of the year and available for higher risk patients and pfizer is filing to the fda shortly. so that should be available by end of the year, early '22 so they'll be available in the coming month or two. and hopefully we're not going to need a significant number of those. >> michael yee, thank you. jeffrey's managing director. a lot of interesting -- i don't know, a lot of conjecture, a lot

is unknown still at this point hopefully fingers crossed it's good things. >> it's worth pointing out we talked with gottlieb in the past, they're not going to have these things available right away and when it is available, it's higher risk patients at first. >> we may do this seasonally >> yeah. >> i guess it wouldn't be the end of the world if we had a therapeutic. it's covid season. >> i get a flu shot every year. >> yeah. i have not. >> you've always been afraid of it >> not afraid of it, i just didn't see any reason to -- i'm not afraid, i got three of these. >> i never understood why you didn't do it. >> i don't get sick. >> you say that every year. >> i don't get sick. >> what about when we were in davos when you got sick. >> that was from bad fish at a restaurant where they have those little things, i don't know what

happened >> hi bbachi. >> that was six months >> enough. when we come back we'll talk about elon musk's $15 billion tweet and why he changed his name to lord edge. later the house passed the bipartisan infrastructure bill with president biden's social spending bill still on the docket we'll tell you what comes next "squawk box" will be right back. so, you want evs, you have come to the right place. is that tom brady? yeah. he comes in to recharge, get software updates. you know. let's go! what's strong with me? what's strong with me? what's strong with me?

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elon musk making headlines over the weekend he tweeted on saturday much is made lately of unrealized gains being a means of tax avoidance so i propose selling 10% of my tesla stock. the tweet was a poll with 53% of the votes saying yes and 42% saying no don't sell musk said he would abide by the results of the poll whichever way it went. but he was likely to sell shares anyway cnbc calculates he faces a looming tax bill of $15 billion thanks to stock options he was granted while a california resident he has not confirmed the size of the tax bill but tweeted note i do not take a cash salary or bonus from anywhere. i only have stock. thus the only way for me to pay taxes personally is to sell stock. tesla shares off about 5.5%. after a huge run they've seen over the last month. you may also have noticed that

musk changed his twitter name to lord edge without any explanation. the creator of cryptocurrency dogecoin tweeted it's an an know gram for elder doge. what do you think of that twitter poll to sell 10% of his holdings >> i think people and he knew his rabid and faithful followers would be. >> supportive. >> in favor of that. obviously when his options are turned into stock, he's going to get that tax bill either way >> it's funny how they tried to say this is unrealized i want to make sure i'm not keeping unrealized gains i think he's more forthcoming saying i have to do it, i don't get cash bonus or salary >> i think it's cool if he -- i'm -- i was thinking of taking a poll on my twitter account whether i did whether my hair was real or dyed or not and it

was 8 to 3 it was dyed. >> why didn't you do a twitter poll on whether to shave it or not. >> or take it off. just come clean once and for all. >> i can do that too watch. >> i did it once and we had -- remember justin we had him sitting in my chair. can you believe we used to do that i was sitting on set, you did a leaf blower on my hair, during business hours >> yeah. >> what were we thinking back then >> probably not the weirdest thing we've ever done. >> it's not. >> so i'm for it i'm for it >> for selling 10%? the. >> yeah. this is -- you know, what for people that hate elon and billionaires do the math on what he's going to have to pay in taxes on that 10%. it's great maybe we can fund the whole damn social spending bill just with elon almost. >> gives you insight as to why he left california, though. >> yeah. but it also --

>> paid big taxes there. >> i don't know many other people there as far as whether they're productive members of society has contributed that much to the government -- the effort. >> no. that's huge. coming up -- >> that's because it's taxed as income when you have the options. >> but if there was -- if elon musk had never been born there wouldn't be that tax money coming into the federal coffers. so be grateful he's not, as i say, a pos that they call anyone that -- you don't know what that is -- >> i do. >> you're like, what it's my oh really look. a full slate of earnings and inflation data is on the calendar as we head to break, this morning's premarket winners and losers in the s&p 500.

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week two of the gop 26 climate conference kicks off this morning this is where it gets interesting for big business diana olick joins us from

glasgow with everything that's happening there. >> this morning ceos of companies are here getting in deals and making negotiations on the carbon credit market i spoke to the ceo of unilever which has more than 400 brands globally. >> we've come to cop to try to encourage governments to make the type of commitments they need to make and ostry to mobilize the private sector because we find there's this ambitious loop where the private sector steps up to decarbonize our operations the more it involves big government to take steps as well. >> reporter: they plan to become net zero by 2039 and deforestation free in the supply chain by 2023. and claims it will not impact the company's bottom line. >> we don't believe that climate change is a cost to the business we think our brands that address

climate change will grow faster we've already seen the data on that we've taken out 1.2 billion of cost through green sources and it's a magnet for talent. >> reporter: he admits there is a short-term green premium that is added costs for things like sustainable palm oil or recycled plastic. but they got in early on buying renewable electricity. says the company's history in global political disruptions positions it well for climate supply chain disruptions. >> it's in our dna to be able to deal with these type of crisis it puts a premium on speed of adaptation so i think every major business was tested by covid. where planning became less important than speed of response i think the same is true on the challenges to our supply chain that come from climate change. resilience, adaptability >> reporter: today is officially

adaptation and loss and damage day at cop that's the theme we will have an exclusive interview with the ceo of pepsi about that coming up on squawk on the street back to you. >> what do the ceos say about cap and trade or the idea of a carbon trading system. there's not one in the united states, at least not a national program. what would that mean to them and why are they pushing for it? >> reporter: what they're really focused on is quality in the carbon trading markets they said there's a lot of this fuzzy area where people are buying carbon credits for things and don't know if they're helping the environment at all they want higher quality, restrictions, parameters of what the carbon credit markets will be and they want it to be global so everyone is working on the same platform and understanding each other because again a lot of these companies are saying we claim we're buying into the carbon markets we're not 100% sure they're doing what we want them to do for the environment.

>> diana thank you for much. coming up, weighing in on the october jobs report and the fed's next move. and then our interview with marriott's ceo to talk travel trends, holiday outlooks and much more. and a reminder you can watch or listen to us live any time on the cnbc app green bonds give investors an opportunity not just to get a good return, but also to do good with their money as well. ♪ ♪ green bonds are like any other traditional bond, but they come with a commitment from the company to invest in specific projects that achieve an environmental or social outcome. when the green bond market first started back in 2007, 2008, they were small retail-targeted transactions. now, it's over 200 billion dollars a year in issuance.

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welcome back, everybody. let's get you caught up on this week's squawk agenda we have flaginflation data in f. that's tomorrow then we get consumer prices on wednesday the bond market is closed on thursday for veterans day. we'll hear from paypal and amc entertainment after the closing bell today and we have horton and reporting tomorrow for more let's bring in adviser mohammed he's the president of queens college cam bridge looking at the markets, it's all systems go new highs for five of the major averages, many of the sectors. what's happening here?

nothing to be concerned about? >> more of the same, becky and that is the liquidity conditions and the lack of alternatives continues to attract money into the stock market last week was fascinating because the stock market was steady, normal gains, the bond market was crazy volatile. and that shows you the big split we have right now between an equity market that's comfortable about flows and a bond market trying to guess what central banks are going to do and what inflation is going to do. >> could they both be right? you can see the stock market continuing to push higher, even if there are some bumps in in the road along the way and even if the central bank starts reining things in. there are people who said that's way overdue. >> and i'm one of them we saw the taper decision did not cause any big drama. i just wish they had done it

earlier. we can live in a world like this for a while as long as the mindset in the market is relative relative valuation will continue to favor not just the stock market and stocks, but also favor cryptocurrency because feel it's not diversified. so as long as the mindset remains relative as opposed to absolute what makes it absolute is a policy mistake. >> when are we ever not going to look at things on a relative basis. if you find equities are a better place to put your money, isn't that what's always going to happen? >> let's get an example. when you get a big shock to the marketplace, you get an increase in risk aversion and a reversal. so what will be this shock we have to avoid as a policy mistake. for example, the fed being too slow and having to slam on the brakes and sending the economy

to recession that's not a baseline but a risk that can change mindsets from relative to absolute hopefully we can avoid that. >> i get your point, there are times people feel safer with their money in a ma tress than any other investment but even if the fed did slam on the brakes it's hard to think your money is safer in the mattress if inflation is running ram pant. >> it's a question of how much you risk losing. inflation a small single digit in the market talking about double digits with a policy mistake. we don't have a historical experience where the fed has been late into tightening and sending us into recession. send us into recession earning get hit two ways one is the amount that's sold and two is pricing power. that's why we need to avoid that situation. >> yesterday "the new york times" had a story on the front page about how this economy

looks great and some people are still feeling the pain, so how do you put those two together and the journal this morning asking the question, things are great here but which economy is going to stand up and take over from here. i know the markets aren't the economy but when you're looking at the economy, what do you see coming >> i think the best analogy was the economist this week that said that the global economy is like a badly micro waved meal. some parts hot, some parts just right and some parts are cold. >> stir it up. >> yeah. it needs stirring up, it needs a little bit of better coordination so we have a dispersed economy the u.s. is just fine. because the demand side is strong we have to pay attention to the supply side. that is a bit of an issue. but the demand side in the u.s. is very strong you go elsewhere, in china, both the demand and supply are an issue. so you have a very dispersed

global economy, in terms of economic analyst you have to do the work. >> jamie diamond said we're getting through the worse. do you see that? >> no. certainly the ceos i'm talking to are planning next year as bad as this year maybe hope for the best but the indications are that's not going to go away there are longer term factors in play, similarly with labor force participation. it's not going up at the rate that we need it to go up so we do need attention to both. i don't think they go away as fast as some people are hoping for. >> and finally, we were talking about the ten year i know we touched a little on this, the ten year being back below 1.5% is this something that you think continues or do you anticipate these rates are going to get closer to 2% or maybe beyond that in the not too distant future >> i don't know a single person

that claims to understand well what's happening in the bond market it has become so distorted by central banks that you get this combination of funny technicals and changing narratives resulting in these wild moves. look what happened to the two-year, if you really want to see drop i don't know single person and i hope there are people out there, including at pimco who understand what's going on in the bond market. but these government bond markets have been so distorted great news for the equity market, for crypto, but it's not good news for one of the central markets out there. >> as always, it's good to see you. thank you for your time. >> thanks for having me. coming up, washington week, congress finally passed the infrastructure bill now democrats will focus on president biden's social spending bill. details straight ahead thanks for coming. now when it comes to a financial plan this broker is your man. let's open your binders to page 188...

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. democrats and 13 republicans passed the bipartisan infrastructure bill late friday night. it now heads to president biden for signature. next is the social spending component of the build back better our next guest says getting that done might well we too far fetched. ron, how did the election in virginia and what happened in new jersey, how do you think that affected the vote we finally saw on the first half --

the pure bipartisan infrastructure bill. i think moderates and democrats and maybe swing state republicans said, i think we better do this given what happened in virginia >> good morning. i think you are right. i think this is a wakeup call. we need to get this done you can't really argue with roads, bridges and infrastructure i thinks that what got the first physical infrastructure bill off the dust heap, if you will and on to the president's desk the second one, the human inif structure bill might very well be a bridge too far. >> the same factors that maybe pushed along the yay votes on

this bill, i would think some of those in virginia and elsewhere, that could make maybe some moderate democrats like manchin, like it could embolden manchin and sinema and others we haven't heard from >> absolutely. look at someone like out in bergen county, new jersey that has a group of problem solvers in the caucus. that are looking at what happened in virginia, new jersey, texas and say, i hear you. clearly across the country, they are saying you are spending too much trying to do too many too quickly. inflation is going up.

gas prices are going up and my confidence in the government is very much going down. >> do you think the polls that the administration numbers -- i saw 38% in a usa poll for biden. that doesn't include the pfizer pill, which is not the president's doing but is going to help in terms of sentiment. doesn't include the jobs numbers we saw on friday and doesn't include the infrastructure bill to be passed are you expecting a bounce? people dig beneath the numbers

and aren't looking for work or seeking to enter the workforce i thinks that a mitigating factor that goes against the president saying look how great we are doing ultimately, it's confidence in this administration and congress to do the sorts of initiatives and address their kitchen top needs. again, how can we make sure milk for goodness sake is skyrocketing how do we make sure we get bacon, fruit on the table. politicians are so busy with their dream list, they are not looking at the wish list of americans for their table every single day >> the next election is less than a year away there is predicted 80% plus for republicans retaking the house does it make sense for an incumbent party to do as much as

theycan. even do you think they'll throw caution to the wind? >> i do but i caution that this could be a repeat of 2009. you had obama care passing and the 2010 midterms and democrats lost 63 seats. what did president obama say about that that was a shelaqing >> i think if they try to be aggressive and pass as much as they can this year

we could see a sha lacking greater than in 2010 americans have sent a message in new jersey, virginia and texas they want to tap the brakes on spending and government initiatives and say let's focus on the things that matter to us rather than the things that matter to you in washington. >> thank you coming up, marriott ceo on the latest quarter talking about the business travel outlook and demand as the u.s. lifts the demand on foreign travelers. we'll be right back. match insty delivers quality candidates matching your job description. visit indeed.com/hire

so, you want evs, you have come to the right place. is that tom brady? yeah. he comes in to recharge, get software updates. you know. let's go!

wall street kicks off a new week and we'll bring you up to speed. >> president biden set to bring the infrastructure bill into law. still in limbo, his $1.6 trillion build back better agenda >> international travel is back. joining us to talk travel trends reopening of borders and the u.s. expectations. the second hour of "squawk box" begins right now.

good morning from our set at time square. i wonder where andrew is i know where he is it is a big week he's studying. deal book. big conference my invite, lost in the mail. maybe it is in my spam folder. >> do you have it blocked? >> you know what, i've got to unblock him. that's probably it >> nasdaq basically unchanged.

tesla with big changes 10 year is below 1.and bitcoin is up. millions of workers still missing from the labor force steve liesman believes he might have found those missing workers somewhere in the data. >> instead of the 2.3 million missing that compares to the prepandemic level. suggesting the number could be as much as a million lower meaning the labor market is tight not as tight as the headline number makes it appear. >> the wage growth still exists but might not be as long lasting. showing 1.8 million workers have returned this year

the suggested up by 891,000. the difference is a million. what's different schools have reopened. vaccinations are on the increase delta is declining now this time of year rather than increasing at this time last year these could super charge the process hard to say which way the adjustments could be made. he expects more workers to

return if at all accurate, we could see this data show up in november and december data reports. >> i was trying hard to follow along. seasonal data is showing that we'll see more workers' comp back is that kind of the end game of this >> some of them are already back if you call up that chart again, you'll see that number 1.8 million and the adjusted number will be added back. it can't randomly create patterns they'll be added back in coming months because that's the way the seasonal numbers will work how many jobs are open right now and how many people are jumping

in and out of jobs >> that's about 10 million that's the latest opening numbers in those gaps as well. >> what would you ask him about the numbers and signs we are seeing there are all these articles over the weekend about how the economy is looking good on all these data points. the question is where the economy goes from here >> if you look at that list of things coming up vaccinations on the increase, schools open, the big economic puzzle is why workers are not returning and whether they will return there are structural changes and whether retirement is on the increase looking at what has happened

with parents what it shows, becky, if you don't have kids, youare back if you have kids 0-5, you are not back >> that makes a lieutenant of sense. thank you, steve >> my pleasure the hits keep coming in terms of regeneron news regarding their fully human anti-bodies they have developed that reduce the risk of contracting covid-19 by 81.6%. we think of regeneron. you had to go in and have it

infused right at the very beginning. these are people that didn't have the disease and it provides long-lasting protective effects by interdeucing antibodies to covid. think about what you could use that for a lot of people can't make their own antibodies their immunocompromised. the vaccine is less effective. if you could introduce fully humanized antibodies to covid, you might imagine that would be a powerful tool for people that couldn't benefit as many from the vaccine. it is big numbers. 81.6% reduce the risk during the

prespecified follow upp-up perid that is an antibody cocktail >> people who are immuno compromised or cancer patients are using this to get them through. that's a really big deal >> prophylactically. trump. you get the symptoms it is a pain to have to go to the hospital if you have just marginal symptoms. you go in and have to be infused. that's why the oral pill is such

a breakthrough regeneron, what is that stock? 630? we'll figure out the market cap. what is that regn let's get to dom >> about $69 million company >> it is wrong on my machine here >> just the general positivity around this news might be one of the factors you are seeing the markets push towards those record highs whether the fundamentals of covid are there as well. we'll take you to some of the movers the narratives indicate some of that positivity coming out we'll start with tesla elon musk's tweet asking whether

he should sell 10% of the tesla shares and people are responding yes. how much stock will be for sale and how about that happen? down about 5.5% pre-market 1,152 there pre-market analysts say it is a price target of $14,000. roughly 15% higher than the close on friday. they like some of the positivity around the free cash flow only up about 2.5%. e

ethereum prices and not far below it some of the brokerage names, coin base and robinhood seeing more on that we'll end here with the crypto commodity. wti up another 86 cents there. we are seeing gas prices at multi-year highs anybody who fills up at the pump knows what we're talking about here watching the entire energy complex joe on some of that positivity around this and maybe

with that positivity >> coming up, freg agrance, makp owns stake in both kylie jenner and kkw, kim kardashian west line of makeup big intder view you can't afford to miss unless you are just totally out of it. "squawk x"ilbeig bk.bo wl rhtac

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beauty giant coty out and selling off a chunk of hair care brand wella to kkr drawing ownership stake down and got a good valuation wella was well above where it was as recently as a year ago great price you got. >> absolutely on the announcement we have today in terms of additional transaction.

we've posted today outstanding results. the fifth quarter of earnings beating the earnings positive over 2% growth. consumer business is back to brother. profitability is increasing. latest launch we've put on the market behind cover girl or gucci doing outstandingly well in china or those regions the market reaction looks to be really good. >> i want to talk about the reopening and whether there is something to the notion with clothing we've seen people suddenly they've got to go back

out have you seen a bounce in makeup sales because people are going back out again they've been resistant proof is f fragranes is number one and key growth in china. brands such as cover girl which is back to growth and this is fabulous news for coty this is clearly due to one category that is growing in spite of the wear of the mask and that is the clean makeup

arena. cover girl created clean makeup and we are leading and this is benefitting sales in america and europe behind brands such as max factor or in asia behind gucci or broad burry makeup. >> too many brands that sales were concentrated in in some well-known brands and other brands people didn't recognize so why have them >> what we've done, it has been one year since i joined the company again. the work we've done together around the world is to do an assessment with what are the brands resonating today in this

work leading the healthy makeup revolution in america the freeing power of makeup in europe, et cetera. this will help us with the brands that these are the best the great news are that the key brands of the company. cover girl, max factor, gucci, berberry, calvin klein all these assets are precious and ready to grow and are already delivering and beyond expectation. this work has been really profitable

you've considered coty right at label is it brilliant to go with kylie or what's happening now or kkw and all the buzz, et cetera, does it make sense to do coty brands themself? >> to answer the first part. we are strong believers in the power of brands. we have some of the most beautiful brands kyler jenner brand kim kardashian west upcoming skin care line burberry and gucci there is a thinking of what if one day the coty name could be behind a line of beauty products this is something we started to think of. >> very good come back and update us.

you've gotten a lot done in a year since you've been back, sue. like to hear your progress next quarter, maybe >> absolutely. thank you for the opportunity to say a few words that we've been raising the outlook for fiscal 22 will now below to midteens used to below teens. it is a great way to show the markets but also the associates. consumers, retailers and how confident we are on the ability of our company and brands to continue to over deliver quarter after quarter. the second quarter which started already is being looing very good, you know we'll be able -- sorry >> yes very good. >> it looks good we are confident this will be another good quarter of coty

thank you sue, ceo of coty >> thank you for having me when we come back, it has been more than a year since the united states stopped allowing most europeans to come directly into the u.s. because of the pandemic now fully vaccinated citizens are once again welcome here. phil lebeau will join us to tell us more and we'll hear from the ceo of the marriott. >> director of national economic tuncil brian deese will join us toalk about the upcoming bill and the next bill on the horizon. "squawk box" will be right back.

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still to come, marriott ceo to talk travel and holiday outlook. >> and nec director brian deese. stay tuned you are watching "squawk box" on cnbc - [announcer] bito, the first u.s. bitcoin-linked etf.

so, you want evs, you have come to the right place. is that tom brady? yeah. he comes in to recharge, get software updates. you know. let's go!

after nearly 20 months, the u.s. is lifting the pandemic era restrictions starting today. replaced by a new set of rules that will allow for visitors to

return to the united states. join us now with more, phil. >> huge step one airlines have been clamoring for for months that's why some of the scenes you'll see today both from europe because those people are now in flight. the first people fully vaccinated to be able to come into the united states we'll see those images here in the u.s. as women are coming and reuniting with relatives that they haven't been able to get through over the past year and a half you look at what is expected you'll see trans-atlantic flights increasing dramatically. there will be high-load factors.

united with trans-atlantic growth international bookings. you take a look at the airline index. trans-atlantic flights with a lot of grounds moving higher in the pre-market what you'll see is not only a strong surge from now to the end of the year. that will continue spring to summer and that rules do not go back to where they were before they are finally going to see a big surge in traffic early

innings, phil. don't you think? i think. >> i think we are going to have a massive 2022 provided we do not see a resurgence we'll see a resurgence when it comes to international travel next summer, it will be nuts on the trans-atlantic flights >> hospitality and lodging should benefit joining us now, ceo of the world's largest hotel operator worlds largest you go all the way you are close. are you at the landmark property right up the street? >> i am. i could probably throw a golf ball and hit you great to be back >> great to have you on.

>> i don't know if your ears were burning globe alec nommic recoveries will change. it will be harder to make the same types of gains and get back to normalized growth the amount of pent-up demand people are feeling to go stay somewhere, we haven't even scratched the surface yet. >> you are right in the third quarter, we talked about occupancy getting back to 58%, which is still a far cry from the pandemic and we've got well beyond the depths we saw in the pandemic i think leisure has a lot of legs to pour over it even with the little pause we saw as a result of the delta

variant, business travel is improving week after week. we saw that through every week in october. >>75% increase are they alread discounting these? >> i'll leave the stock price to the investors. what is clear, the investment community is gainingconfidence

we talked about our confidence in pricing power and we continue to see that quarter to quarter >> i know you don't break out china but that hurt to some extent >> it did. it pointed to china and said we've seen full recovery in demand segments. looez and group. we saw 150 studies down in time.

we saw those start to recover in september. that has continued through october and even to early november >> characterizing the carrot approach to the stick approach if you do a mandate vaccine, laying off thousands, would that factor in how to respond to this pandemic we believe that macro level as you've mentioned providing

economic incentives to get vaccinated we like many american businesses just received the ocean guidelines and are working their way through and will inform where we go with those vaccine mandates they'll be client come january 4. >> has that had in impact of bookings where they have seen rates again? >> again europe, we saw double occupancy. q 3 versus q 2 european borders, as they open we are seeing cross-eu travel. >> do you see any sort of impact

as you read those or does it take any time? >> we see the data but we've not seen any real data >> when comcast reported, amazing theme park business. what was the delay in that property >> we are thrilled there was a little bit of a supply chain issue with furniture and fixtures our hotel were mainly full a lot of business travelers and folks walking around with group

meeting name tags. orlando is coming back very strong >> this is leisure travel. business travel will be lagging by how much, do you think i think it will look a little different. in the course of my business travels. i was a transient travel and group meeting attendee also some leisure. it will be a little hard to figure out the trip purpose. what we hear from our customers. especially in client-fashion businesses they want and need to get back on the road and in front of

their clients. >> do you ago nize or think abou business in china? the ccp is something all business people have to think about. you are opening a lot of new hotels around the world. >> prepaernd, we were opening more than a hotel a day. in china, 400 going up, 400 in the pipeline a vast majority of our portfolio. a vast majority are

chinese-owned. the chinese have really been exploring their country because of the limitations to travel internationally. so we think that's built awareness. we are very bullish. >> you've seen some of the controversy whether nike and the nba and hearing about beijing and weapons testing. >> we operate in a world we are operating in macro economic and

socio economic events. we'll continue to monitor like we do in every region in the world. did you notice the pfizer pill >> i think so. it continues to inspire confidence in the safety of travel, which is great news for our business i can almost see where you are next time you are here, hopefully i'll get to see you and becky in davos i guess i won't order the fish >> no. that happened here he took it with him to davos you didn't want to be his

traveling partner on that trip >> we drove out about four hours in a bmw we had to stop like four times he said if it happens in the car, just keep it. >> i volunteer i'm going. i'm not a big fan. i'm not davos man but i'll be there. >> you know what else we learned on that trip you have to have change to get into the bathrooms euros too. it is expensive. >> this is back room talk. you don't need it. >> when we come back national director with a passing

on the bill. a check on the futures all three major averages building on those gains at least in the early morning dow futures up by about 80 points s&p up close to four as well "squawk box" and this is cnbc. salute to veterans veterans day terry bradshaw: hi, i'm terry bradshaw

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coming up, nec director brian deese on congress passing the infrastructure bill and prospects for the president's social spending plan stay tuned we'll be right back.

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president biden set to sign the first half of the infrastructure bill into law the $120 trillion deal on the build back better agenda where things stand with that good morning >> making a victory lap this week building at baltimore. soon with thank democrats and republicans for months of working on this bill >> the american people have made

clear one overwhelming thing, i think. i really mean it all the talk about the elections and what they mean they want us to deliver. they want us to deliver. >> the infrastructure bill could not have passed the senate without republican support the critical to getting the bill through the house as well. 13 republicans voted for it, offsetting the six democrats who opposed it when it comes to the bigger social package, democrats will have to go it alone. five house moderates are still holding out for a cbo score. however, they have committed to working through any issues and did great to a vote sometime next week. democrats are hoping the win last week could help turn the tide before november is over joining us for more on all of that is brian deese

thank you for being here today we know this bill is on its way to the president's desk form the big question is what happens to the human infrastructure side of things as ylan mui was mentioning, there are five democrats who want to see a cbo score. >> i would start with the historic nature of the day we've been talking about we need infrastructure in this country for decades. finally this week we're going to get it done. that will have a profound impact on the economy across the country, both in our physical infrastructure, things like ports, airports, roads, bridges, but also in big national goals like university affordable broadband to all americans >> we look forward to a vote in the house next week on the build

back better. >> joe manchin says he thinking some games are being played. he doesn't think a cbo will show it to be $1.7 or $1.9 trillion what do you think it will show >> i think this will show and reinforce the bill is fully paid f for. that's what this piece of legislation will do. we judge every piece of legislation on its own when you look at both of investments, the tax cuts and revenue increases in this bill, what you'll see is fully paid for in the first decade and significant deficit reduction not second decade as well. we're confident that's what we're going to see when you look at the different uponen parts of this legislation >> i did get an e-mail from david walker, the former

controller general of the united states this is something he's been talking about for a long time, but it has echos from others he says now that the bipartisan infrastructure bill has passed in congress, he would like to draw a federal fiscal line and make sure there's not an expansion of entitle metropolitan programs unless they have restored the sustainability of the social sec security this is something that certainly precedes this administration when you hear calls like that, what do you think? he would like some sustainability commission set up >> i appreciate david's perspective and others, and frankly it's welcome after a four-year period where congress and the president added $8 trillion in unpaid for to the deficit, including the $2 trial

yoon unpaid for tax cut in 2017. what we're bringing is a focus on doing things in a sound and fiscal le, medicare, if you look at the build back better bill, not only would it lower prescription prices, but lower prescription costs for the medicare program you look at the tax side of this bill, we would close a loop hoe in the self-employment tax, which helps to restore revenue to the general fund and to help support our long-term obligations. so that's what this bill does. it is the first time in quite some time we take seriously doing something in a fiscally sustainable way. lie lowering the cost of child care that's exactly what we have going here in the build backby the way agenda we look forward to working these through and then a vote in the house next week. >> as the chief economic adviser to the president, there's been questions we've been trying to

mull through, and i'm sure you have, too. one of the big questions is, why aren't workers coming back in force? we know the delta variant numbers have been coming down, schools have been opening again. what do you think is keeping people from coming back in a bigger force this week. >> it's a good question. we've had the strongest job growth out of a recovery ever. we've seen more people come off unemployment insurance during this period, again, than any time in modern history we have a strong market, one in which you say jobs are plentiful. i think it goes to some of the constraints you raised there are still concerns about people's health and saved, but those are goods to dissipate as we get this delta variant under control. there's concerns about how to manage lives in this complicated

period, principally around child care, that's why focusing on increase to quality child care and care for people's parents, elderly and the disabled, is really important to helping people, and particularly women get into the workforce and work fully. we think those are the areas we need to focus on, and i think that alliance pretty well with the agenda we're trying to move forward. >> have you watching the strike at deere the deere package seemed like a strong one with a 10% raise the first year, 5% raises in years 3 and 6, big bonuses for signing up, doing things like post-retirement healthcare funds, and pension benefits even for new employees. have you been surprised at the pushback on some of these situation? it seems like a good package, but it's not going to get

passed >> i won't comment on the particulars of any strike, but we follow them closely the number of major strikes so far in 2020 is about a third the number in 2018, so we're actually not seeing a significant or unprecedented or unique, frankly, uptick in major strikes. again, about a third of level we sauce in 2018-2019 that said, i think we also see the beginning of a labor market where workers have more leverage we think it's a good thing to see wages increasing, particularly for those at the bottom end of the spectrum that's part of the economic growth we want to see across time. >> brian, thank you for your time, for the context, and it finally is infrastructure week good to see you. >> sure is good to see you, beck. ken frazier and former frontier community indication ceo mackie willederotter will

join us. we'll bring.

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good morning well, we closed out last week

with all the major averages suddening at all-time highs, could add to those the s&p had its best week since june the nasdaq meanwhile, riding a ten-day winning streak another bullet, another arrow in the arsenal aimed at covid-19, regeneron out with encouraging data from the study of the antibody treatment hopefully we'll talk to lynn, the ceo in the next half hour, 8:39, we're trying to set that up. twitter has spoken, and told elon, go ahead, sell the 10% of tell la shares, but what happened as a questioner by the richest man in the year was following an inevitability it's nice he asked the final hour of "squawk box" begins right now.

good morning, everybody. welcome back to "squawk box" right here on cnbc i'm becky quick along with joe kernen andrew is off today. we've been watching the u.s. futures, if you are bullish, there's something to cheer about. dow futures up by about 85 points, s&p futures up about 3 1/2, nasdaq down only by about seven points, but they all closed on record levels on friday treasury market this morning you'll see the ten-year is still below 1.5% this morning. 30 year is below 2%, and the two-year is at 0.433%. some breaking news on a cooid. a late-stage trial looked at a

period of two to three months. shares of regeneron are up by about 2.3% i saw that len might be here -- >> hopefully he's book, but one of the things he ns mentioned freeing up the covid prisoners he also said, from the results, it kind of indicates that antibod immunity can be very effective without the t-cell cellular immunity that we always talk about that culls -- also

come with the vaccine, but with the cellular immunity there's concerns about whatever you might worry about the immune system if you can do it purely with a humanized antibody, it can be very powerful. >> i'll tell you, it lox up not only the patients who are immunocompromised, but any of their carediffers, too, he's right about the covid prisoners. >> he also said, for the hesitant that are on the front lines, it gives them something short of being fired on or whatever, and still stay in place and not worry about getting sick theoretically. i don't know if we want to give -- >> sounds better than what aaron

rodgers was using. exactly. some other news, the united states lifting international travel bans in place since the early days of the pandemic travelers for much of europe will be allowed in, as long as they have proof of vaccination and a negative covid test. people entering from -- will just need vaccine proof. we're watching the airline stocks earlier this morning, they are all still higher this morning, by about 2%, or maybe more from that in the case of both united and american president biden is planning to promote the just-passed infrastructure bill this week. he's going to be visiting a port in baltimore on wednesday. the house narrowly passed the bipartisan bill on friday evening. it provides $110 billion for roads, $55 billion for wear systems. $65 billion for building out u.s. broadband capability. in exchange for supporting the

bill, house progressives were ability to get some assurances from the moderates, the second group would vote for am climate package. brian deese told us moments ago he expects a vote next week. a little under 90 minutes until the opening bill on wall street mike santoli joins us with what he's watching in the week ahead. a flat yield curve, mike, i don't know, nice to be under 1.5, but yeah, is that concerning yet >> you know, i don't know if it is just yet, but it's been tough to infer a macroeconomic messages there's some stuff in the "wall street journal" about stuff in the hedge funds, you have to wait for that to settle out. statistically it has been hot. this is the year-to-date for the

s&p. you can draw one of these trend charts, a lot of stuff you look at, whether it's 16 out of 18 days, four straight weeks, this is kind of rare sequence of wins that we're getting here, and usually what that means is the market ought to at some point, pull back a bit. it doesn't always, though. we do get yearend melt-ups i would also say a positive thing, we have these twin jets running, on the one side cyclical -- we have semiconductors, transportation storks, consumer related that are all doing wet, but look at this next chart that have really just gone vertical that's been also a big part of the story in terms of why the s&p 500 has had these win streaks. this is nvidia, tesla, against the nasdaq 100 so you see these vertical moves. obviously tesla will have to maybe deal with a bit of supply out there. the story we've been talking

about, but nvidia just blasting through the big round 234u78ers, record call options, speculative volumes, a lot of this stuff seems like it's get fever. you have to look at whether that footbally a quick like, it's very start, for about half of the past year, they went up in sequence, and here you see the u.s. s&p 500 above cleari it's will growth advance. and finally the question is how wide can that spry get >> more stimulus, but the infras

infrastructure. >> with the help of reps, the senate had all right passed it should there be more of a bounce >> look, it's $550 billion over ten-ish years of incremental new spending that was not baked in together, if we get the other bill passed, we're still talking on the order of less than 1% of gdp per year it's not nothing, it's absolutely a help, but the market was leaning that some of this gets done, and even if it doesn't, it's not a huge swing factor. >> no specific tax increases in this one i'm not sure the word "help" should be used -- we need to debate. >> you adopt know if on paper it's going to be a push. >> a push might be good. anyway, thanks, mike appreciate it.

see you. it would be a long, cold and expensive winter in both the uk and europe the entire region is facing what could be a severe energy crisis as utilities scramble to buy up natural gas and even cold to keep the lights on already in the uk, over the past month about half of the small providers have gone bust it's all leading to concerns that many of the bigger players could go under as well brian sullivan is live in london with more on how the uk got into this big mess. as it gets colder, later into the calendar, it becomes a much more crushing issue. what are you learning? >> what we're learning here, becky is it's a cautionary tale. we are here because we care about our friends in the uk, but viewers in america say i don't care about the uk power market this is a continental europe story, an asia story and could

be a u.s. story. how we got here was divestment from fossil fuels. that's the way we want to go that's the way the world will go ultimately years of divestment in coal, even nuclear as well which increased the reliance on natural gas and renewables no country in the rule is as reliant on home heating as the uk, particularly offshore wind as well. on some days you'll have 45% of uk power generated by wind that is a good thing, unless, of course, you have extreme weather events in either discrrection. we just have not seen the wind blow as much the u.s. closed the biggest offshore gas field and storage facilities off of the north sea. they shut that down, which means

there's almost no storage for natural gas in the uk. that means they have to buy it on the spot market that's not been a problem until now. other countries are doing the same thing, panic buys around the world. prices have gone from $5 or $6 to $25 or $30 equivalent as well you factor in the panic buying, you factor in coal buys, trucker shortages, even brexit, becky, what you've got is this real risk if this winter, like 2018, another la nina event -- they caught it the beast from the east here -- if this winter is cold, you could see tens of thousands of britons die, because they had to choose between heating or eating. they're hoping for a warmer winter, they're hoping for the wind to blow, and they're hoping

for nat gas prices to come down. about half of these small providers have already gone bust it's not just about about the you uk it's a global story as well. they couldn't pass the cost on to consumers i know there's a delay on how long before you with pass it onto the consumers, will it impact the big players, too? >> well, it might be this is actually, again, why we're here it's not just about power. it's also about economying and big utilities. you're right, here in the uk for most people. i don't want to generalize, but in most situations, you get these rolling contracts dwtwice year there are caps in how much the utilities are allowed to raise utility rates, kind of like in parts of the united states they maxed out the cap it was the biggest jump in uk history. my taxi driver on the way here, he said his heating bill was

about 170 pounds a month his last one was 240, gone up by about 50%. the real concern, becky, is in april. utilities are not able to pass along a lot of the costs they're losing money right now there's a risk to raise the cap spectacularly high in april, crushing the consumers, or they're at risk of an industrial-scale collapse. we're not talking about small startups, but top three, four utilities in the uk or around the london area. it's not just an energy story. it's a money story and could be a bail jowl story a la the financial crisis. >> great to see you, great reporting. i like that shot can i have some more, sir?

some porridge or meat pie? dickensian, kind of depressing, wasn't it? a pair of newsmaking interviews we'll speak with merck's ken frazier, and maggie wilderotter. and john rogers will join us on a special anniversary fohis r economy. student. you're watching "squawk box" on cnbc we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones

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welcome back to "squawk box," everybody. as we end the end of the year. companies have boards made up of at least 35% women, that's clearly a rising tide, but one that also has a ways to go ken phraseiers is's executive chairman and maggie wilderotter it's great to see you. i know you are cochairs of the breakfast of champions this week

there you are honor -- maggie, how difficult was it to find companies that fit that description? >> well, you know, it's getting better, it's been getting better every year for the last ten years we've been doing this. i think it's great we do have 35% or more women on s&p 500, but we still have a way to say go i think it's exciting we're able to continue to honor more and more companies that are not just saying it, but actually doing it. ten years ago in 2011, when we had our first breakfast, we had 16% of companies, that was six percentage points higher than 15 years prior to that. now we're really aggressively

moving forward with getting over 35% in that ten-year window, but if you think about 2025, and we look out we can get to parity if 50% of the openings put a woman into that slot. >> ken, let's following up with another initiative, how are things going on that front >> i think these are related we have gotten this thing off to a very good start, from a standing start we have now ideally 20,000 african-americans without four-year degrees into the 60 or so companies that are now or sponsors. i think frankly, if we want to put this country back to work

after the pandemic, if we want to increase or gdp, we have to open up our portals as a company and hire people who have the skills, the attitude and the aptitude four-year degrees are great, but not everyone has them. and two out of three americans overall lack a four-year degree. so i think to move from a credentials-based hiring system to skills-based. >> this is a severe shortage of workers. just about every industry is scrambling to find people. is this a message that you think resonates well because people want to do well, or does it fall into happenstance where people are desperate to look for workers where maybe they haven't looked in the past >> i think it's both, but there's about 10 million open jobs in this country now many only require people who are trained specifically to do those

skills if we don't move into this ar as a country we'll be spending a lot of money propping up people who can't work while we have these openings it makes no sense. >> let's talk about what we have seen in terms of the workers who haven't come back. steve liesman did a report earlier this morning and showed people without children have come back almost 100%, maybe even more than they were pre-pandemic it's the people who have children, specifically those who have children ages 0 to 5, maggie, who have not come back in the same force. they're down about 7%. what can corporations do what should leaders and ceos be doing at this point to try to help bring those workers back into the workplace >> i know i sit on a number of corporate boards, becky, and it's in the boardroom as well. how do we take great care of our employees? it's not just teak care of children, but also elders in

their family you're seeing some creative way that is companies are implementing programs to actually help mothers and to help spouses, because it really works both ways in terms of the workforce. sometimes it's the woman that gets affected, men get affected too. we want to increase benefits and have them more specialized based on the needs of individuals. >> ken, let's talk about what we have seen in the pharmaceutical business, your field of expertise here there have been some amazing new innovations that could bring an end to this pandemic sooner. it's been announced pills you could take after you get covid, the vaccines that have been game changers is this something you think will help ceos get back into the office these are game changers, this works. >> absolutely. i think if you look at what this industry has done with

monoclonal antibodies, with vaccines, as you mentioned, with the two pills from pfizer and merck, it gives us a lot of confidence that we have a range of medicines and vaccines that are useful that's all very good news. obviously we have to see the full data sets, but we are very confident that medicines will have an important role to play i think going together as a country, as a world, it's also important to say these mid since to the 7.5 billion people on the planet who actually need them. >> how do we do that that's been a huge question in terms of how we do this fairly, how we do this with the developed world having kind of reserved most of these medication for themselves. what do governments need to do what do pharmaceutical companies need to do >> we have made a commitment

that it gets to the low-income countriesing the thing about the pills, they're easier to administer and distribute, you don't kneeled a cold chain like you do with vaccines i think they can play a very important role around the world. >> do i just say -- i just wanted to weigh in here. ken is amazing, so are the other folks running thinks pharmaceutical companies in terms of the innovation and the press they did over a very tough period of time, to really make a difference for the world i think a lot of times we don't give them enough credit for really stepping up the innovation has been terrific ken, thanks to you you have also done a great job of educating ceos in the fortune 500 to make sure they know what's coming and can prepare their workforce in order to be protected. >> i want to echo that i think the innovation has been amazing, incredible, provided so

much hope through in incredibly devastating pandemic maggie, let's talk about some of the vaccine mandates we know there is now a court that's ruling, saying that the biden administration is going to have to step up and show why they think osha should be requiring vaccine mandates you're on a number of boards itself how are corporate leaders thinking about it right now? >> i think all corporate leaders are trying to balance making sure we respect people personally for their beliefs, but also make sure we have a safe workforce and safe work environment. i think it depends on the industry it depends on whether people have to be together collaborating versus if they can work remotely. i think we also have to look at, until we get our young people vaccinated in this country especially, we need to make sure the unintended consequences

isn't what gets taken back to the house. i know it's a tough issue, everyone is struggling with it, but i think we're going to see a balance, to try to do what's right for employees, but also do what's right collectively for the company's well. >> hear hear thank you, both, for being here today. >> a decade of change, and you've been terrific in terms of your change of leadership for women, too so keep up the great work. >> thank you, maggie great to see both of you we'll talk again soon. >> bye. >> bye when we come back, elon musk asked and twitter users told him to sell a good chunk of his tesla stock. we'll tell you why that probably was going to hpeapn anyway you're watching "squawk box," and this is cnbc designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests.

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tough to do a stock reaction story on this, isn't it? i guess that's what we do. shares of livenation are trending higher. they've been named as a part of a lawsuit after the stampede on friday that left eight people dead they're the owner of the astroworld's music festively promoter it's so frightening, becky

it took me back to something that happened in my hometown way back in 1979 i don't know if you remember in cincinnati, the who stampede at a rock concert there 11 people actually lost their lives back then. but very, very frightening, the idea what do you do >> not much you can do. >> i can't help but think if you're in that crush. >> kids as young as 10-year-old that were there. >> frightening obviously our condolences to the families we've been talking about elon musk's tweet, even asking the question online might have been a bit of sleight of hand

he probably knew that he would get the go ahead it's a lot of money. if you liked taxes, liked money going into the government's coffers, this should be a happy story for everyone yeah look, i and other people who were following his compensation nude he would have to do this. 3.5 million people voted on in that poole he was going to have to pay a massive tax bill he was awarded a compensation plan that granted him options on 23 million shares. the strike price is about $6 a share, tesla close friday at about $1200 a share. so his gain will be around $28 billion. they're taxed as ordinary income, earned in california, so the tax rate is about 54%, which

would mean his tax bill will be around $15 billion at today's level. now, if he sells 10% of his shares, he raises over $20 billion in cash, that leaves him extra to give to charity, which might also help offset that taxable gain why couldn't he borrow he has always borrowed against his shares for his personal expenses his total stake is now over $200 billion, so he's got room there to borrow, but he's already pledged more than 92 million shares for personal loans, borrows another 15 billion would perhaps be too high a risk, and he says in september, stocks don't always go up, these always go down. he probably hopes it will go down even more, because that will lower his tax bill. back to you.

>> so why am i unhappy, robles, exactly? what am i mad about? because he's one of those billionaires exploring pace? what does the left say about guys -- >> they don't pay their fair share? is that what you're getting at >> i don't know, terrible, unprotective members of society that we don't need, apparently 20 billion could go a long way, do a lot of good, plus we have all these electric cars saving the world. thanks, robert when we come back, a special interview, on the shipft after from meme stocks. >> and the promises news about the company's antibody treatment for covid. stay tuned stay tuned "squawk box" will be right back. uh carl, are there different planning options in here?

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all the majors averaging are setting at record highs, but still our next guest says the value stocks have plenty of room to run joining us is top money manager and veteran value investor john rogers, co-ceo and chief

investment officer of ariel investments, and celebrating the anniversary of its flagship fund. >> these 35 years have gone fast. >> and yet slow, i'm sure, at the same time. watching what you've been doing, you've always been a value investor is it far more different to find value? what do you see when you look around right now >> it is a tale of two markets the broad market is quite expensive. nasdaq is quite expensive. faang stocks are quite expensive, but there are pockets of opportunity some really cheap value stocks in our mid cap special space especially companies that are involved in consumers products, companies in the media, sports

arenas, there's lots and lots of opportunity. >> like what let's talk through some names. >> you know, our favorite right now is mattel. we think they have done a good job turning that business around i think it's six, seven quarters in a row, he's far surpassed expectations, brought barbie back to life, doing wonderful things with american girl and fisher-price mattel is an extraordinary value we think here today. >> john he, we spoke with him about a week ago when the earnings were out, but one of the things we talked about was the movie rights that you're mentioning right now has been a great time for toymakers. parents are willing to spend far more money on their kids you think these are more lasting changes, though, right >> i do think they're lasting changes. i was watching, hearing the confidence coming through in his voice. of course we talk every quarter.

he's been giving you a sense that he thinking stock is better day, which gives us a lot of enthusiasm, a lot of neglected stocks seem tore orphaned here >> what other stocks do you like >> a couple key favorites, with you that's been week is -- they're the for-profit education company focused on nursing, new doctors, and we know there's a massive shortage of nurses in this country, but because of what's happened with the pandemic, the earnings were less than expected, the stock's gotten crushed we think selling at over a 45% discount, roughly five times ebitda or less generates lots of cash, and they're selling off their financial services enterprises, which we think they'll use that cash to pay down debt, so we think the new ceo will be the right person to get it back on track nielsen, we've talked about them

over the years they are slowly but sure by getting into the 20th century. their new products are the products that will work in this streaming world, where everyone is watching content in so many different ways, they are moving in the right direction with the tess to be and real commitment to get the value that. that stock we think is selling at over a 50% discount to private value. >> that's been a long battle there's been so many other things that have come along where can you do it directly, other companies that you can track things you don't think it's too late for nielsen to update, even when they're behind on the game if you think about it, you know, people per grading their own homework, it's not going to work companies want an independent

currency no one comes even close to the respect that they have on madison avenue so it is a new world, but we also think, even companies like netflix will be advertising in the future years they're going to need that added revenue. at minimum you'll see more and more product placements on the shows that you see on netflix so, therefore, keeping track of the eyeballs will be more important than ever. >> john, we're going to get some inflation numbe ersnumbers. what do you think about inflation. even though jay powell as changed his tuned? >> you know, we've been consistent the last couple years, saying we thought inflation would be higher than expectation, and that it wouldn't be transitory we think that the higher inflation will cause higher interest rates that will make the large-cap growth stocks acceptable to having lower p.e.

multiples, because they won't be as cheap in the high interest rate environment we don't thinki transitory >> so how did that play into your investment thesis >> we've been trying to invest -- we're talked about companies that benefit from inflation. we want to make sure our companies have pricing power, the kind of companies that have a moat we've been talked about -- that extraordinary arena in the midtown. we think real estate comes back in new york, they'll be a prime beneficiary of that. and we think, if you think about it, new york is a one of a kind city it's a special, special place, the plates that people come to when they emigrate from overseas again, a 50% discount.

>> john, thank you for your time we've been seeing you for a lot of years and hopefully for a lot more to come thank you. >> thank you. coming up, regeneron's cofounder on some very promising covid antibody treatment news this morning dr. len schleifer will be here ♪ ♪ ♪ ♪ ♪ ♪

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once again, over-optimistic. jim, how cool -- >> i love len. people who are immune compromised, they're like, what do you have for me the vaccine isn't not as good. this would be great, wouldn't it >> yeah, it's great. you ought to ask len the government nih, fda, they should have given regeneron more love and attention they've been working very steadily to do alot of things

and they've not gotten the blessing of the government the way they should have regeneron has not been treated with respect, that's the way i look at it >> you think about it, okay, vaccines are elegant, a way of getting your own body to manufacture what it needs to fight off the disease, but think if you had the antibodies yourself, you could have zero immune system, it looks like it works, just plug it in. >> i think he's done a great job. aaron rodgers i think thought he took the regeneron. >> tell me. >> they covered it the last

mi minute. >> i a parlay. that was one of my big wins. >> there's a lot of guys in the suicide pool that got crushed. hey, draftkings finally gets -- >> hey, bengals, two straight weeks have just back in the morass 30 years of my life with that team thanks, jim. >> it's tough. we talked about a stock. we talked about regeneron. we'll see you in a few minutes if you really want to talk about stocks, point your camera at that and you see everything you need to know the new cnbc investing club, you can sign up or just point your camera it's magic we'll be right back with len schleifer. [ watch vibrates ] proactive notifications from fidelity keep you tuned in all day long. so when something happens that could affect your portfolio,

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regeneron this morning saying a single dose of its antibody cocktail provides long-term protection against covid-19 joining us is len schleifer. previous to this we thought of the regeneron antibodies would be something you use after you get covid, you get infused

did you always mark on finding a prophylactic >> look he we following the science, as you know my cofounder and of the company and his team are scientific leaders basically here is where the science takes us if you want to protect people on a population level, vaccines are the best way to go they're cheap and you can make billions of doses, but our data indicates that antibodies -- you may not need the cellular immunity, but antibodies are sufficient to protect you from getting covid-19 that's pretty amazing data it hasn't been reviewed by the fda or authorized, but you take a single dough subcutaneously

and you're protected for months. think of the immune compromise they're really prisoners of the pandemic they're afraid to see that are grandchildren, they can't go out, do simple things like going to the grocery store, because they don't sponged to the vaccine. >> they would be protected, it really could change their lives. >> you posited to me, but there a subgroup of the population that is worried about cell ulair and the long-term effects of that i think this could be something they would feel better about having administered to them?

is that actually a potential person that would want to do this >> yes look, joe, ei'm triple vaccinated. >> me too. >> we don't think from a we can't make enough to use them in a broad sense, but treating people on a selected basis, sometimes we have to be more compassionate. people might not want to get vaccinated you legitimately have this fear, maybe this is something that can be offer, but the data, putting politics aside, ant bodies can protect you from getting covid-19 that's pretty important information. so how will this -- what needs to be done now say it's got to be looked at obviously by regulators, how

long will that take? you obviously have a ready-made population that you talked about, the pandemic prisoners, craving this how long will it take, len, best-case scenario >> i've been doing this for more than three decades, predicting the timeline of the fda is dangerous business we've had the application for months now and now we have the data we think will push them over the top to saying, look, if you're not going to respond to the vaccine, you ought to get the antibody some may -- we haven't tested the vaccine this those immunocompromised people our treatment is authorize the,

so i think they not a big stretch for the people who truly are these prisoners are the people i would love to see it before the holiday. >> so would i. thanksgiving, even, but probably not. >> what do you think of the pfizer news, and before that, already in the you can for the merck drug what do you think of those drugs, the data and how that becomes a piece of the puzzle to put this behind us >> what is amazing is what the entire biopharmaceutical industry that is delivered they have delivered antibodies in report times, vaccines in unbelieve, truly amazing speed

now there's interesting oral drugs. they're not going to be used chroniclely. will drugs has some questions about interable with other drugs. it's a but low to what's typically seen, and there's some question good gene otoxicity in it as well, but i think they'll have -- but in terms of protecting those people the way so many drugs are used for other diseases could be used for this disease you're on your way not took too crass, but are you

looking at it being material down the road to regeneron >> yeah, that's too crass. we do follow the science we make but our model is we do this in the setting of a business if we take care of the patients, it does teake care of the business. >> thank you you texed some, we got you on the zoom that's your home zoom -- >> yeah, i was on my way out the door, when you said, do you want to come on you've got to get cracking, get going. good to speak with you we appreciate it. >> thank you >> final check on the markets now, you can see we're now adding some of those premarket gains 162 points on the dow,

nasdaq up five and change. it was below 1.5, on the way to 2% i'll see you tomorrow? >> see you make sure you join us tomorrow "squawk on the street" is up right now. >> good monday morning, i'm carl quintanilla loopialong with davd faber. cpi wednesday could be the main event dow gets the big infrastructure boost of the by shares of tess