gains to start the week. cryptocurrency prices are surging. we will show you what's moving. also surging is gas prices the average in more states climbing above $5 a gallon news breaking overnight. prime minister boris johnson facing a vote today that could remove him from power. it is monday, june 6th, 2022 and "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen and andrew ross sorkin. guys, welcome back >> thank you >> good to see you. >> thank you monday and back. a shocker, andrew.

>> we're back. >> monday and back. >> it is a one-two punch no, i'm good >> monday is already over. you are here that's the tough part. >> it was light outside. >> yes >> as we approach june -- is it june 21st? >> the 21st. the longest day of the year. >> it is coming. weather's turned around. >> beautiful >> yesterday was -- was it nice in new york? new jersey fulfilled the promise of the nicest state in the country yesterday. >> two days in a row. >> a beautiful day out. >> it was not humid. it was in the sun which was just 80 >> it was perfect unless you filled up the car with gas >> the numbers are big triple digits on a big car >> and these prices are rising across the country we'll talk about it in a second. the u.s. equity futures at this

hour the futures are up significantly. the dow up 250 points. s&p is up 40 the nasdaq is up 162 this comes after a tough week last week. on friday, you saw the s&p and nasdaq with the worst sessions since may 18th the dow was down for nine of ten weeks in a row with thedecline on friday. it is monday the sun is shining birds are singing. there are green arrows for right now. look at the treasury market. 10-year yield is hitting 2.963%. getting back to 3% rapidly higher yields last week. cryptocurrency prices up overnight as well. bitcoin is up close to 5%. 4.9% ethereum up 5% as well. bigger gains in other areas. solana up 12%. the gains are also there at the gas pump gas prices do continue to rise

national average at this point is just hitting a new high of just under $4.87 according to aaa. up 59% compared to this time last year. the average in 11 states is above $5 a gallon. in california, it is $6.34 a gallon because of the wti price, you can anticipate more states hitting $5 a gallon this week. new jersey was included in that list crude oil prices this morning. at this point, wti is sitting up another $1 at $119.83. almost at $120 ice brent above $120 natural gas up 4%. no relief in sight with the energy prices. >> no relief in sight. becky, we'll go across the pond for a second.

not to the jubilee breaking overnight uk prime minister boris johnson will face a vote of no confidence today maybe a jubilee or not depending on the outcome dissatisfaction of the leadership triggering the vote conservative members wrote letters calling for the challenge. if johnson wins, he is protected from another confidence vote for 12 months. if he loses, he is forced to step down and a leadership contest will begin he will not be eligible for the contest. the vote will take place between 1:00 p.m. and 3:00 p.m. eastern time i can't imagine if we had to take confidence votes, guys, in the united states. well, you know where we would be right now. >> we -- i don't know though i don't know it is different over there that's for sure. i was just struck.

i get distracted by the hair he is very self confident. he is a self confident individual to not really give -- think if you or me or even you, becky -- you would never because your hair looks great. andrew, think if you get out of bed and you think eh i'm going to go with it. that's what you're looking at. the short cut is better. maybe there is some wind on that shot there it shows sue ppremely confident person to not be infatuated -- >> or lack of mirrors. >> you have to love him for that quickly guys, the s&p. katie stockton here we are. it's better. above 4,000. things are looking good. we're going to be up today bitcoin is up. are we headed back to the test

of 3,500 in the s&p like she said at the end of summer? is this the summer respite >> she says we have a quiet summer and it all falls out. >> it is playing out exactly like we thought. 120 gas. you fill up a bit. this was a driving vacation. you do notice. cha-ching, $90 >> the conversation is $5 as a national average which is not far right now. is that the point where people say we are not driving >> i saw a $10 print. >> california is the highest at $6.84. california as a state is the highest state average at $6.84

>> you don't think you are seeing it in places already? >> seeing $6 falling off? no >> i already hear about it from friends of mine about drives they will not take plane rides they will not take i was looking for a flight recently it is not a drive. the flight for a commercial -- commercial regular middle seat in the united states domestic was $2,000 one way i thought i can't do this. >> i know which trip that is i was looking at them, oo. one of the ones i was looking at was $1,500 coach one way. >> there are people who make decisions that if these are not business trips that have to be made, but social trips that people are making to see family or vacation. i think there is a view now. we may have to pull it back.

>> you are going on vacation >> we do every year. >> she is looking at the same flight you are looking at. you said it is not a business flight. >> i think i know the flight she was looking at i think she -- we don't need to do our business on the air i think we're talking about two separate things. i now think i know what she is talking about. >> we spend enough time together safe to say. >> we have been together for a long time. >> we may not be vacationing together unless it is one place maybe next year. maybe. all right we're closing in on it theoretically. these people tesla. you can't drive a long way it's still a pain. i guess you can. >> charge. >> you know, i was thinking it would be cheaper. >> go to your pancake house, joe. >> waffle house. they didn't take me up on that

i handed that business model to them on a platter. elon musk elon musk send a mesm message to employees on friday a reduction in head count by 10%. musk said the company was overstaffed in areas he goes on to say it doesn't apply to anyone building cars or battery packs or installing solar. hourly head counts will increase the total number of tesla emplo employees would increase, but salaried employees were be flat. he did not state if salaried employees would convert to hourly tesla would pause hiring in the memo on friday because he had a super bad feeling about the economy. >> hey, joe?

>> i saw that last week. go ahead >> one piece of context on this. you had president biden taking a shot at him promoting forward for creating 6,000 jobs. saying good luck to elon musk. the truth is tesla has actually hired 50,000 people in the past 24 months. 50,000 people around the world in terms of context of what is happening here and at the same time, he said if you are not coming to the office, don't work here i actually think that is part of the same thing which is to say if he can get the head count lower or flat, that's what he is going for. then to see president biden taking a shot at him and then saying look over at ford creating 6,000 jobs. god bless ford for creating 6,000 jobs in the united states. on a relative bases?

come on. i don't understand how we can have the conversations. >> i'm not sure of the tesla and biden administration dynamic >> it is about the unions. t the math doesn't make sense. politically, this is a missed opportunity for president biden. you would think this guy would be his ally in life. he is turning the other way by antagonizing him for reasons i don't understand >> yes a lot we don't understand. i don't know we're not going to have a recall, andrew we don't want -- four years. he signed on >> like a confidence vote like boris johnson? >> like a bojo thing i want to do that story again. i love that. >> the hair? >> yeah. >> there you go. other prime ministers have survived no confidence votes

theresa may did. we will see what happens the report that was going back to the parties he was having at 10 downing street during all had this was released over the jubilee weekend when nobody was paying attention if he survived on the confidence vote and he escapes on that, he has another year. when we return, the stocks pointing to gains. dow is up 266 points nasdaq up 170. the s&p up 42. we are speaking with market watcher market grant after this. and the revenge travel is alive and well we will have more at 6:30 a.m. you are watching "squawk box" and this is cnbc >> announcer: this cnbc program is sponsored by truist securities

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well come back. cathie wood's etf fund is up 9% since bottoming on may 11th. s&p is up 2% it is still down more than 50% year to date it is rising in the pre-market this morning right now, let's look at the

trading week ahead with mark grant at collier securities. mark, you say this is the time to hunker down do you mean the bond market or equities >> i think both, becky this is a time when appreciation plays are under a lot of stress. the major indexes in equities and bonds are down year to date. this is when income strategies are better ideas than trying to make money through appreciation. >> income strategies like what >> i'm using the strategy and i use exchange-traded funds and closed traded funds and exchange traded notes reit all of it is yielding over 10%, becky, which outpaces the rate of inflation which i calculate

over 9% if you take the cpi and ppi. if you get over 10% and it is paying money every single month. you get cash every single month and you can decide what to do with it. if you need it for living experiences or pension fund needs it to pay liabilities. you have cash and you get to make the decision. i think that's a far better ext strategy for this moment than speculate on something that will go up. >> we have seen a lot of damage to the markets this year you are thinking it is not enough to reflect what ha's com from the fed you say newton's third law is every action there is an opposite and equal reaction here >> the fed made it clear they are raising trarates.

they are the biggest buyer in the fixed income market with treasuries and mortgage backed securities that's also going to have a major effect on the equity markets. the reason is the cost of borrowing is going to go up significantly which means there will be fewer stock buy backs. it will cost more for mergers and acquisitions it will impact the balance sheets of a huge amount of american corporations as borrowing costs go up. they are talking aboutincrease well into the future which are half a point that is impact on the equity and bond markets this is the direction going down in price you have moves like today where we move back up. i'm not optimistic about where we're headed and hopefully we

don't go into recession which the fed has done to us before. it is a difficult time which is why i suggest income plays as a safe strategy versus trying to bet on higher prices and equities we are certainly not going to have higher prices in bonds at this point in my opinion. >> mark, when do you think enough damage has been done? when is the sign of the more difficult times and the market baked this in? when is the signal to you that this happened? >> the fed when they say they slow down on raising rates and slow down on cutting the balance sheet. of course, i have to be fair about this this is not just the fed the administration would take a different viewpoint and pump oil and open the pipelines and so forth. it would effect inflation in a positive manner in my opinion. we can also ship oil and natural

gas to europe and effectively help bankrupt or slowdown russia we would be adding more jobs in the united states. the idea of the green new deal is fine, but it is something off in the future. in the meantime, we have the immediate problems that we should be dealing with and we're not. s>> i don't think i heard you sound this pessimistic in a long time i know you don't like the bond market and haven't liked it for a while. when was the last time you felt like this? >> when the bond market yields more than the inflation rate, i think bonds are a good place to put money. the bond market after dropping significantly since the beginning of the year is nowhere near the inflation rate. you take the average of the cpi and ppi, it is 9.25% that is the best measure of the inflation rate bonds are nowhere near that. if you can't beat 9.25% in

appreciation plays, you have to look for other strategies. that's why i invented the income strategy which is paying more than the inflation rate and you get money every month. i think that play is the best play for the moment and it is, i think, safe. you know, you have to move i've been in the market more than 40 years, becky you have to change strategies from time to time if you want to win the game i always want to win at the game >> mark, thank you it is good to see you, my friend thank you for your new strategies mark grant >> thank you, becky. okay we have more coming up signs of life from embattled chinese ride hailing company didi why the stock is soaring up right now. 52% right now. next, we dig into the big move in cryptocurrency prices

overnight. bitcoin up close to 5% solana moving up in double digit tery u are watching "squawk box" right here only on cnbc. ♪ (sha bop sha bop) ♪ ♪ are the stars out tonight? (sha bop sha bop) ♪ ♪ ♪ alexa, play our favorite song again. ok. ♪ i only have eyes for you ♪ joel, since kansas, we've taken our own path. we've never done what everyone else did. we took on the fear. we ignored the doubt. we loved the excitement. we believed. even when our path didn't make sense to everyone else, we kept going. we keep going.

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welcome back time for executive edge. the chinese regulators are concluding the investigation over the ride hailing giant didi they could return to app stores. beijing moved to pause the crackdown on home grown tech

giants with the economic deterioration caused by the lockdown last month, didi announced it would delist from the new york stock exchange becky. >> that's big news up 52% >> huge news for them. you should see a knock-on effect with uber given they still own a piece of the company >> let's call uber up. take a look at it here and see if it is helping in the united states we'll get back to it. in the meantime, a union representing starbucks workers is claiming the giant is shutting down a unionized cafe in retaliation of the move the closure of the ithaca, new york store is aimed at stopping workers elsewhere from organizing starbucks says it opens and closes stores as regular operations andrew, you have been watching

this closely howard schultz back in command >> i know the store. i'm a cornellian there are a bunch of them up there. it is not hard to know exactly what they are thinking i don't know if it is just that one store. is that going to move the entire town to unionize clearly there are issues and there are people in certain places that want to do it. i would also say and it is funny. if you look at the numbers, we talk about this story all the time i think there are 600 people within starbucks who have either voted to do this or raise their hands wanting to do this they employ 200,000 people again, little context. life is relative we'll see. we'll see. >> they are vulnerable, andrew. >> totally >> they are vulnerable to the

upstarts that may offer, you know, people who are happier and maybe some facilities that are better kept. i see them in different places around where i live. it is like i want to go there, i think. a place called gregg's >> humphrey's by me. >> they may have something different. i think they are vulnerable as the big monolith hid on the block. >> the challenge is not the union. the business model changed the place you go to hang out has changed. most starbuckss have become a takeout situation. >> it is a complicated drink >> i'm going to hot coffee which is different than cold >> they still have couches >> i tables are not bussed i don't want to sit down >> it is hard to find help right now. that could be a big issue. it is not just starbucks dealing

with that. that is every restaurant i've been to and seen they have trouble finding help and making sure they keep the hours they promised to be open i think you are right in terms of the changing nature of the business this is not a grab and go. this is easy to do a lot of complicated stuff to the menus and bring in especially the younger people. we'll see. howard schultz is there. people are watching. he has done it before. he bought a lot of stock last week a huge amount. putting his money where his mouth is on this, too. betting on himself. starbucks is considering only external candidates to be the next ceo according to the interview with howard schultz schultz says the company needs new talent and skills to the leadership the company is trying to identify a new ceo by the fall he plans to leave by march

schultz says he asked company veterans to leave to make room for fresh blood. last month, starbucks said the chief hr officer and public affairs vp and public affairs vp would depart >> those guys pulling down big paychecks? coming up, we're going to talk to an airline analyst who says revenge travel is alive and well that's next. throughout june, we are celebrating pride month. here is our cnbc contributor >> for pride this year, i'm celebrating a long history of understanding for love and equality i consider myself a late bloomer. it wasn't until five years ago i accepted who i am. since then, my life exaccelerat. breaking habits that say it is not okay to be gay, it is okay you are okay you always were. t yourself first and

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good morning welcome back to "squawk box. live from nasdaq market site from times square. we get a jobs report we have seen the respite in the last couple weeks. many people thought we would see after turbulence and hand wringing and negligeativity. some levels are back not to front and center, but how the underlying economy is troublesome to a lot of people you have jamie dimon on one side and elon musk on one side. the guys at bank of america. >> brian moynahan. you can have both not contradicts each other

when brian moynahan saying people are flush and more money in the bank and they are willing to spend jamie dimon says we see that, but we see big clouds on the horizon. it is not an either/or situation necessarily. these guys are paid to do risk management if you are paid to do risk management, you are looking out to find if you are conservative and if that is your brand and that is jamie dimon's brand. preparing for the next storm >> risk management >> right in the meantime, we are watching solar stocks popping in the pre-market the white house is preparing to announce it will not impose any new tariffs on solar importis fo the next two years that is aimed at getting projects back on track after the commerce department investigation over chinese producers were circumventing tariffs by brought the industry to a near halt

the unintended consequences piece. you start doing things and it shuts down the industry and it creates problems all of the stocks are higher sunrun is up 8.8%. invesco up 5.25% andrew. thanks, becky. travel americans and delta citing new prices our next guest is saying revenge travel is alive and well what is revenge travel >> thank you very much thank you for having me. we have had travel strains for the last two years when we look at demand indicators, our survey shows june and july with passenger revenue up double digits on a year over a three-year basis there's a lot of people that

have wanted to go to the favorite beach spot or see their favorite aunt and it is delta wave or omicron wave and this is possibly the first time since the pandemic we are not seeing a spike in hospitalizations with the rise in infection rates sdp >> stephen, with prices as sky high as they are at the tipping point and we were talking about the prices which are so high and i was telling becky that i was looking at a flight in 2023, a ski vacation for the weekend, it was $2,000 each way round trip coach. i thought, you know what i might not take that trip that's crazy to me. >> that's the great question what we're seeing so far is exactly these trends people are paying for these trips. not only have we seen pricing

consistently rising at the same time we have seen pricing rising and volumes improving. when we look at that and we look at the pent-up demand sitting there, somebody is paying for this i think some of that is also getting layered on top of some managed business travel coming back that is helping win at average fares. the consumer is still paying for these. >> what do you think -- do you think the airlines are bringing more capacity? do they look at this and say this is pure margin. let it ride. >> i think it is going to be somewhat the latter. especially as we get to a very busy summer travel season. the group doesn't want to overpromise. put out a line of schedule or tickets and have some hiccup on pilots or flight attendants. i think they want to be

conservative in terms of capacity guidance. that should come through in margin we have delta and united airlines looking for double digit margins in the second quarter. who would have thought that a year ago i think the margins story is alive and well >> when you look at how you want to price the airlines in terms of value right now fair value for the airlines given where the stocks are sitting. who do you like the most >> absolutely. you know, u.s. airlines we cover and we think that on a fundamental long-term basis and first off 2023 is the benchmark. 2023 for all intents and purposes is the new normal it won't be like pre-pandemic. we think it is the new normal in terms of travel trend.

we look at that normal cycle earnings in 2023 we like to apply normal cycle multiples to that. nine to ten times pe range that back drop is a good valuation set up for delta which on a 12-month basis is our favorite stock then we also have a rate on united airlines which we have on our department focus list. the latter stock is maybe somewhat more likely to surprise people on the upside delta is reporting good numbers. a lot of people expected did num good numbers from them >> stephen, thank you very much. it is remarkable to see. i think this was expected, right? this goes back to the whole idea when we bailed them out two years ago. i think this was a view that the airlines would come back you know my view

i would have had some windfall tax on all this. that's just me thanks becky. >> andrew, i have to say what you talked about with flights canceled and things moved around i have seen that every flight i booked this year has been changed the times have changed before we took off it happened again to me. >> just this weekend i have a flight at christmas time canceled canceled we just had to go buy a new ticket to replace the ticket that just canceled outright. >> a smart plan. selling that far in advance and they are cheap and you re-up at a higher price >> this is not weather it is staff. staffing covid. a lot of that. >> they are not staffed up that's the huge problem. they are selling tickets as if they are they are selling seats they cannot guarantee >> the difference with someone coming in mid afternoon one day and leaving on a connecting

flight the next morning at 7:00 a.m. you stink. >> my parents flight canceled from chicago to newark they rebooked two days later arriving in boston close. >> joe, this is why i'm upset and frustrated by the bailouts if you bail them out, there should be something on the other side >> it is things that happen to you that make you angry many times. >> i will tell youenough peopl get angry about this if you are one of the thousands of thousands of passengers that have hosed by this, you get hosed enough times and you will notebook the flights eventually this will catch up with them because people will not not book the flights i can't book the trip. you don't deal with customer service now and it will come back to bite you in the butt. >> who is going to describe what you shouldn't use that >> probably not. >> hosed is good enough. good enough.

>> gets the point across yes. >> when come back, carl icahn is waving the white flag in the proxy battle with mcdonald's and jared bernstein will talk about the inflation and the market and much more you can watch or listen to us live anytime on the cnbc app. pe we'll be right back. need to . i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. this is lisa. whose resumes on indeed match she's a poshteria. virtual receptionist. when you're busy, she'll answer your calls and assist your clients. you can't be in two places at once,

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welcome back to "squawk box. carl icahn dropping the proxy fight against kroger over the treatment of pigs. icahn says he is likely to lose the fight as he did with mcdonald's last month. he owned a stake of less than 1% both companies were performing well financially, joe. >> yup >> giving up on the pigs >> i like pigs i like -- i like the animals, too. i like pork. that's true. i do like -- >> i love you and i want to eat you. >> yeah. >> sweet piggy you taste so good. >> i'm not going to touch that, becky. i'll move on. coming up, crypto prices are climbing this morning. just days after the winklevoss

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crypto prices rising sharply overnight. follows a slew of negative headlines last week including coin bases, hiring freeze and gemini's layoffs the winklevoss twins warned the industry might be facing a crypto winter. joining us with what investors can expect in the months to come, the editor-in-chief and ceo of "forecast" which covers block chain and crypto news. angie, you point out it wouldn't

be the first time we saw a crypto winter. there was something similar to that if you think back in 2017 and 2018 i guess my question would be are we in a crypto winter, and maybe just assume it has been tough, what month are we in is it mid-february late february? maybe we're getting close to the end. is it march? >> well, it depends what season and which cycle you're talking about. i think we're in a crypto contraction, a crypto correction in 2018 when we saw what a lot of people dubbed as crypto winter in the throes of the winter it was chilly, prices of bitcoin dropped 80%, 90% from the high if you take a look at how bitcoin prices have dropped, we're not seeing the massive downturn that you saw in the

first phase of crypto winter, the first iteration of crypto winter, if you will. this time i think it's much more of a possibly more mature signal of the market contraction and showing signs of maturity of the crypto market. which month are we in, joe it's anybody's guess i think there's two things we should never forget about crypto is that it never ceases to surprise us, and so never be surprised. and crypto will always find a way. and i think this is what the market is reacting to especially over the weekend crypto also never sleeps that's also the rule >> the absolute levels notwithstanding and the relative levels we always have to point that out 31,000, it might be down, but that's a lot for one bitcoin

with anyone that had been following it for ten years we understand that's a multiple of where it was. but certainly the notion of currency or historic value or any of these things people have posited what bitcoin is, it is a risk asset what does that mean? does that mean it's bad? does that mean, oh, no, it's not a store value? or does it just mean when there's a lot of money sloshing around it will find its way into a speculative asset like bitcoin and when it dries up people will sell bitcoin to cover margin calls elsewhere and everything else it acts like a speculative asset. is that good or bad? >> you have to take a look at the short term or long-term play that depends on your horizon speculators have moved into this market and really rode it to highs and really people were coming in and that took on a

speculative note for a lot of other people who see the foundational work with crypto, with having a utility play along with, as you've said, speculative or store value, the narratives keep changing if your perspective of what value is for cryptocurrency is from your perspective, you're either going to be a speculator and it will be short-term play for the holders of bitcoin who see the long-term horizon really spanning out to, as you've said, joe, a finite asset of $21 million and what is being built on top of that, that's what we're seeing right now the institutionals are simply just still fractions of the participant in the market, and what we're seeing in terms of robustness, the signals that i'm actually watching, are things that indicate much more longer

term foundational plays. multichain, nftin aggregator showing 22 times the investors, unique investors, getting into the nft space of january this year compared to the year before we're seeing block chain protocols beyond ethereum like polygon, bnb, creating value plays and bringing more people into the nft space because it's more affordable, because it's really growing the market. that is showing us the unique buyers and participants in this market is expanding. another huge signal was in davos. cnbc was in davos. we were in davos and the main promenade, joe, was all crypto the brands, they were clear brands

they were clear protocols. they were having conversations that weren't talking about the crypto winter. in fact, it was quite springlike weather in davos >> right >> but, also, it was about what they were building >> angie, thanks we'll have you back. we need to talk about institutional adoption is happening, as you say. it's small now and then regulation. all around the world we have to look at all the different -- because it is global, so we can't just focus on what's happening here so much we still don't know as it's playing out angie, thanks. two big hours ahead, joe futures pointing to a higher open on this monday morning. we'll show you what is moving next and later, a new weapon in the war against cancer dr. scott gottlieb on a clinical trial that has the medical world buzzing this morning "squawk box" coming right back after this

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good morning, everybody. welcome back to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. things are looking up this week, at least for the equity market if you take a look right now, you'll see the dow futures are up by more than 250 points the s&p futures are up by more than 40 points the nasdaq up by more than 175 that's a bit of a relief after last week's lousy performance. the dow was down for the ninth out of ten weeks in a row. the s&p and the nasdaq both had their worst day since may 18 on friday we're at least seeing some green arrows on this monday morning. when it comes to the treasury markets, the ten-year yield is picking back up. that has some green in it, too it's 2.95% we are getting closer to 3% once again. the two-year at 2.681% if you think you've been paying

a lot at the pump when you fill up your car, you ain't seen nothing yet. wti up again, almost to $120 a barrel at $119.41. brent is already there it's at $120.28 a barrel and you're continuing to see natural gas prices higher, too, up 4.8% this morning andrew thanks, becky. in the headlines abbott labs has reopened its baby formula plant in michigan. the plant was shut down in february amid concerns of bacterial infections, the shutdown helped spark a nationwide formula shortage. industry experts say it could now be several weeks before the shortage is alleviated apple kicking off its worldwide developers conference. it happens today the event gets under way this afternoon with a keynote address from the apple ceo tim cook. it comes amid concerns about the slowing sales of apple gadgets and nearly 17% slump in apple stock so far this year and "top gun: maverick" -- i

still haven't seen this. need to do so immediately. remained at high altitude $86 million in domestic ticket sales topping the u.s. box office. one of the best ever for a second weekend a record debut memorial day weekend when it took in $156 million. now let's move on to today's top stock movers for that over to my good friend dom chu. good morning, sir. good morning, andrew, and thank you for the updates. one of the biggest gainers in the premarket the s&p in both the nasdaq 100 so far is tesla the electric carmaker getting a bit of a balance compared to friday's 9% decline. you can see they're up 3.5%. getting help from founder and c ceo elon musk. a super bad feeling about the economy, putting a hiring freeze in place musk tweeted out over the weekend total head counts at tesla would increase over the next year. more so for hourly workers

but salaried positions will remain flat. so maybe a little bit of give and take on some of the job comments putting tesla higher in the trade today. another big gainer in both the s&p and the that is dabbing is enphase energy sunpower, solaredge getting help from a reuters report saying the biden administration will declare a 24-month import tax exemption for solar panels in cambodia and vietnam solar stocks have been underperformers despite the rise in oil prices which has in the past given a bid to alternative energy type stocks as investors look for more fossil fuel alternatives watch that solar complex overall update today and we'll end on shares of didi global surging up 52% on a "wall street journal" report that chinese regulators are wrapping up their probe of the company helping put

a bid to other u.s.-listed stocks like pinduoduo, baidu, up 4% to 7% and kraneshares china internet is up of course, andrew, in context the caveat many of the stocks have been beaten up a lot especially didi global on regulatory concerns. >> dom, i don't know if we can put it up on the screen. i'm looking at uber which has a stake in didi. i'm surprised given just how much didi has risen. maybe that makes sense in terms of how people are thinking given where the market is more broadly you would have thought it would have taken -- would have have moved a little bit more. >> uber also has had a nice run over the course of the last week in a time when the markets were facing a little bit of weakness over the tech trade overall, uber shares came off on the better side of things the last

week or so in general, tech stocks in china have been beaten seo badly maybe the massive moves higher are not that unforeseen, the notion of the interchangeability between uber and didi global, ultimately it will be a huge thing as well. there is still that cloud of uncertainty with the business and what it will look like going forward. all of that stuff comes into play still generally speaking that tech trade is off to a big start. look at the solar trade. look at some of the mega cap stocks and, of course, apple ahead of that developers conference you mentioned a big move there for sure. >> okay. thank you so much, dom appreciate it. thanks, andrew let's take another look at the futures market a lot of green the dow indicated up 255 points right now. joining us to talk more about it is the head of equities and capital market advisory of bny

melon wealth management. al alicia, we've seen a move higher after all the pressure we'd seen in may we have seen a move higher in stocks you think it's because people were anticipating a potential pause from the fed in september. you think that pause is not going to be there given friday's jobs numbers so what comes next >> good morning, becky grit to see you. we had a 10% move off the bottom on the s&p certainly felt better the last part of may than the beginning part of may felt this is really part of what trying to find a bottom looks like and i think investors need to really put on a new hat and recognize that we're in a new regime here of tightening liquidity, a higher cost of capital, and so, therefore, those v-shaped recoveries that we all got used to, if you think about 2018 and 2020, that's likely not going to happen here. so we think there's a summer of chop to slosh around here to find what the right level is and

ultimately we think the next focus is going to beon that 2023 earnings number and whether or not that's believable because if you think it's believable, it's about $250 for 2023, trading at 17 times feels more or less the average for the last 25 years should be an okay place to look for a bottom but if that's not the case, we could move over the summer >> you think earnings estimates have to come down?% >> look, given what we've seen from q1 earnings season and just the kind of commentary we've seen in certain companies, numbers have to come down for 2023 both on the margin side and on the revenue side as well. what's really left open is whether there's an earnings recession or simply more of a slowdown than the market is already pricing in it seems pretty clear those numbers for next year have to start moving south now that's the case, the

multiple is probably going further south as well simply because when you lower earnings estimates, you don't get a higher multiple, not in a market like this. not in a market where the cost of capital is moving higher. >> inflation is still going to be front and center for everybody because they worry about what the fed will do next. we get cpi, the consumer inflation number, on friday. you probably don't have to wait for that number to see what's happening in terms of gas prices, if you watch oil today wti up to almost $120 a barrel do you think we've hit peak inflation yet? >> look, the market is saying -- and the fed is really saying, too, on the core side we have peaked on inflation, but that's for core and in the end, we all live in a world we have to fill our cars full of gas, heat houses, we run air conditioners and we have to put food on the table. the headline number we do think will remain stronger the fed is counting on the

transition from goods to se services in inflation. the excitement when goods are having disinflation is also what the fed is expecting you shouldn't expect a change in what the fed is doing when you see the transition on the goods side the house prices, those are going to be far tougher to bring down so, yes, we've peaked. we're remaining at a higher level. today is d-day, 78 years since the end of world war ii. we have a war in europe going on for four months. the energy shock that started in the last nine months rolling its way through the system, the damage is done if the war stopped today the damage has been done on the inflationary side and the input cost side. >> that is a lot of bad news >> i'm sorry >> do you have anything you do like, places you would recommend

people >> there will be rallies along the way, what we've seen last week and this can continue there's a lot of resistance at the 4300 level we think there's a capex cycle we like enterprise software. we think that's how companies are going to deal with the head count problem and the wage problem. we like select industrials and the supply chain will be positive for the value companies that underperform for 15 years after the global financial crisis short duration stocks and companies have strong balance sheets we're going to go from earnings to balance sheets. that's what investors should be looking for. >> thank you we will take what we can get we'll see you later. coming up, breaking news on the battle for spirit airlines

and top cancer researchers, companies all gathering in chicago this week for the annual conference and gilead ceo daniel meigamexll join us nt. so b ges across the board. you're watching "squawk box" on cnbc

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some breaking news from jetblue. to phil lebeau for details hi, phil >> reporter: joe, jetblue has enhanced its offer to buy spirit airlines raising its reverse breakup fee. the offer to $350 million. previously it was at $200 million. that's $1.50 a share, also participate of this enhanced offer, $1.50 a share, basically a dividend payment immediately to spirit shareholders if the deal is approved between spirit and jetblue. they are offering an enhanced offer with a reverse breakup fee. that is greater than the $250 million reverse breakup fee from frontier and they're saying you approve this deal if you're a spirit shareholder we'll give you $150 a share

dividend immediately, as soon as it takes place we'll be talking with the ceo of jetblue coming up next hour exclusively. guys, friday is the day that the spirit shareholders are supposed to vote and that vote is whether or not to approve the frontier deal not to vote on the jetblue offer, simply the frontier deal. if they reject it, it brings up the question will spirit then be compelled to negotiate and enter into an agreement or potentially into an agreement with jetblue lots to chris with chris hayes next hour. >> you can't really predict what the end game looks like here, phil it's been going on for a while what will happen >> reporter: yep i think it's interesting frontier had to come up with more money for reverse breakup fee to top the offer from jetblue. they would not have done that had there not been discussion with the large shareholders who said, wait a second, can you come up with something better

for us they're driving this, joe. they would love to see a true bid auction between jetblue and frontier so you have towonder if the spirit shareholders will go back to the spirit management and say, okay, look, they're offering a little bit more here. is this the best frontier can do we'll see over the next couple of days. >> that's probably right okay, thanks, phil see you later. >> you bet okay, coming up after the break, gilead ceo is going to be with us live from chicago. we'll be talking to daniel o'day. first, as we head to a break, checkout the biggest premarket checkout the biggest premarket s&p leader laggards. what if you were a global energy company? with operations in scotland, technologists in india, and customers all on different systems. you need to pull it together.

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flexshares are carefully constructed. to go beyond ordinary etfs. and strengthen client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. welcome back to "squawk box. meg tirrell joins us with a special guest.

good morning >> dan o'day joining us from chicago. your update in breast cancer with your drug tell us how the data stacks up to what gilead was expecting >> thanks, meg it's great to be here back in person in chicago. breast cancer was a real focus this past weekend and our study, a positive study with very encouraging results. the doctor this past weekend called the results remarkable. the reason she called them remarkable in this type of breast cancer, which is a very large percentage, in very advanced stages, the set of patients we studied, it's very difficult to get the cancer under control. they're resistant to therapies and cycling through therapies and what our studies showed is that patients on our medicine trodelvy at the one-year mark were three times as likely to be alive without their disease

progressing as on chemotherapy so this study provides great hope for patients with this disease. >> what are the next steps in terms of what you're thinking about with timing for filing with the fda there was discussion whether gilead should wait for overall survival data meaning that really gold standard benchmark of does the drug help patients live longer or if you could file based on these data? >> we think this data is very important for patients and we'll be moving forward to have discussions with the fda, in facts, right after this meeting. although the study will continue and we'll look at additional data as the data continues to mature, the data we have is very important. that's the stepswe'll be takin forward with the fda in the weeks to come here >> and you mentioned breast cancer being a huge focus of the conference another data set that got a lot of attention from astrazeneca in

the same indication, maybe slightly different patient population some impression from analysts that could overshadow trodelvy's use. how do you look that potential competition? >> first of all, meg, this is great news for patients we're having new advances at this meeting for patients with cancer it's an apples and oranges comparison they both have encouraging results. because they're going after different therapeutic targets and different sets of patients the results were really important for the very advanced patients with the disease. there's an urgent need because patients don't have omptions in the disease set. the promise for trodelvy go beyond the positive because its already approved and we're

studying is in others as well. one of the cancer types is triple negative breast cancer which is another difficult disease and is now available in more than 40 countries doctors at this meeting are calling that groundbreaking and it's becoming a quick stand around of care there we're studying this in other types like lung cancer and colon cancer and other forms of cancer the reason it has such broad utility it attacks the protein called trop-2 highly expressed on many different cancer types, up to 90%. we're looking forward to continue to study this medicine and the promise it could bring the patients both in combination with other medicines >> i want to ask you about gilead has been building up its cancer business especially since you came on as ceo what are you looking at in terms of potential additional business development either in cancer and

what you're seeing from asco or are you looking at mna with smaller companies in particular depressed so much? >> meg, yes. as you noted we've long been a leader in infectious disease and we're now asserting ourselves and we have a track record of going after really difficult-to-treat diseases like hepatitis c where a scientist came up with a cure and hiv where teams have been working on medicines for prevention and turngs that into a chronic illness. we've introduced about six new indications for our medicines. we expect to have another ten by 2026 and we have an intention to affect and to impact more than 400,000 patients lives with cancer by 2030 the reason we're so confident in that is we've tripled our portfolio over the past couple of years through acquisitions and partnerships, as you

mentioned. today we have the confidence with our portfolio to pursue our strategic ambitions. and we will continue to look at both internal research and partnerships and acquisitions to supplement that with full-time acquisitions over the course of the coming years we have a strong portfolio today. >> all right, dan o'day, thanks for being with us kicking off our monday morning coverage. we really appreciate it. >> thanks, meg, for having me. >> and, meg, thank you >> much more coming up from asco including the ceo of astrazeneca. >> we look forward to it we'll see you later this morning. still to come on "squawk box," white house economist jared bernstein. later jetblue sweetening its offer to take over spirit airlines just days after frontier did the same. we'll talk to ceo robin hayes in

an exclusive interview coming up in the 8:00 hour first, though, during these volatile and uncertain times for the markets cnbc is offering perspective on how to protect your investments in the midst of today's market turmoil here's cnbc senior personal finance correspondent with tips. here is a tip for your money, your future contributing to the 401(k) allows you to continue to take advantage of dollar cost averaging. you're investing your money in equal portions at regular intervals no matter how the market is doing. and that means when the market is going down you're buying more shares with the same amount of money and when the market recovers you have more shares going up so you're also not risking a lump sum all at once for cnbc i'm sharon epperson

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good morning welcome back to "squawk box" right here on cnbc take a look at the futures we're in the green on this monday morning the dow opening up 277 points higher the nasdaq up 187 points higher. the s&p 500 up about 45 points and we're watching shares of

amazon this morning. the price looks a lot different today and that's because its first stock split in 23 years takes effect this morning. take a look. you can remember what it used to be and where we're going to be becks? >> andrew, thanks. the white house is reportedly preparing to announce it will not impose any new tariffs on solar imports for at least two years. that's according to "the wall street journal." the move is aimed at getting hundreds of stalled domestic solar projects back on track after a commerce department investigation into whether chinese solar producer were illegally circumventing tariffs brought the industry to a halt take a look at stocks moving on the news you see big gains. sunrun up 11% and you have invesco solar up to close to 6%. >> the fight against inflation is front and center in washington joining us now our friend jared bernstein, white house economist, a member of the president's council of economic

advisers unfortunately the guy in the office, jared, takes -- the buck stops there regardless of all the different global factors that are involved, and the polls are horrible right now people are worried about inflation in large part they're pointing to president biden, not necessarily doing everything that's necessary you would argue that he's done more than any other president to try to combat inflation. i know that's going to be what you tell us now. [ inaudible ] >> we have to work on your mic, jared. hold on one second >> are you hearing me? >> okay, now we are. start all over, though >> sure. the president has, as you suggested, done all we can and will continue to do a lot more to help with this global price pressure whether it's commodities like energy and food

or other aspects of the inflationary pressure. when it comes to the ports and getting from ship to shelf, we've had success. inventories -- i'm not talking baby formula that's a separate problem with a whole set of separate interventions, but goods ship to shelf much faster. shelves are about where they were prepandemic look, there are a number of dynamics that are in play now particularly when it comes to commodity prices, when it comes to energy. putin's unprovoked war against the sovereign nation of ukraine, real pressure on this global energy price the lockdowns in china which are loosening up a bit, we believe so there are many head winds but many tail winds as well. people will tell you if you get under the hood of some of those reports, they give us very high

approval ratings real challenges on the price side >> i don't disagree with this perception we're not doing all we can a manhattan project because there's still the notion that we need to hasten the transition to renewables and you've done the spr and i get the feeling that the white house would say some of the other things you want to do take years to bear fruit. are there plans to open up everything we can for fossil fuels, or is there still this overhang that we want to keep prices high to hasten the transition and make renewables more competitive i don't think the president is committed to full energy that we

could still use for another five years. there's no doubt in my mind. these problems will continue >> where we and the president are coming from emphasize two commitments. one is very much a transition to clean energy and by the way, yes, this is something that takes years to hit some of his clean energy targets, no question in the near term with clean energy tax credits would lower bills $500 a year very quickly if congress would help us in that regard and that's something we heard from ceos from companies recently passing the chips act would help with autos but when it comes to fossil fuels, the president leaning

into the transition to clean energy, making sure we're doing all we can to help people deal the price pressures they face as we make this transition. now we're talking about, of course, a release from the historical largest release on record,ed 180 million barrels, another 60 million from our trading partners the president has expanded the supply of e-15 ethanol gasoline. and he's working very hard to get energy producers to hit or exceed quotas. it is very much a walk and chew gum transition >> would you say it's a drill, drill, drill environment it's just not. >> let me put it this way. >> drill, drill, drill that's not what we're doing right now and we probably should be >> i'm not sure how many drills ought to be in that sentence

you've had a president stand up and very explicitly encourage producers of fossil fuels to respond to the price signals we're seeing and to increase production he has been as explicit about that as he can be. he's had some of those folks over here to the white house and, in fact, one of the things we would very much like to see more of are companies responding, producers, particularly the swing producers, some that play a swing role we'd like to see them responding more to these very strong price signals. the president has argued that they should help us in this regard i think he's been pretty consistent on the point. >> i don't remember the comment but paul volcker said americans need to prepare -- need to be prepared to have their standard of living decreased in what i'm going to have to do to bring

inflation under control. he actually put that out there and said that's the only way i will be able to do it. i guess he was forecasting the recession that was going to be brought on by those high interest rates that he was orchestrating. when you see jay powell and he talks with the president, is this influence brought on him to keep rates low >> no, no, no, not at all. president biden means what he says when he talks about respecting the fed's independence i've talked about that with him personally the fact that history is truly littered with economies brought to their knees by compromising the independence of the central bank he gets that and he communicated that to chair powell and people i've spoken to in the markets consider that to be an important

intervention you've surfaced something interesting and important. what paul volcker was telling us back in the late '70s, early '80s, he saw no path to a soft landing. he clearly envisioned the hard landing that then occurred he did break inflation chair powell said something quite different. no question he's threading a needle when i look at the data, one of the things i see and this gets overlooked in all the inflation discussion, we're working on it 24/7 the other part of this we have a very strong background, a backdrop to this economy whether it's the job market with historical job creation with unemployment at close to 50-year lows, whether it's household or business balance sheets which are in historically very good condition, the balance sheets when we went into the housing bubble, wherethey were kind of

a wreck, those are important buffers and, by the way, this president's fingerprints and those of the american rescue plan are on those supported back drops. i don't want to lose sight of that >> jared, thanks appreciate it. i don't know fiscally there's one thing but definitely the fed may be more to blame, more influential, have more tools to try to stop what's going on i don't know if we ought to spend more money, why you don't talk to the president about taking that off the table for a little while >> we have pretty significant -- this is very much baked in the cake government spending is a drag on growth right now relative to last year. that's the negative fiscal impulse and it's complementary -- >> you guys never have negative -- that's not in your lexicon. >> i'm going to -- okay, now

you've forced me to go to twitter. >> don't >> when i get back to my office i'm going to post some figures >> no, no. >> on the negative fiscal impulse. that government spending is actually a drag on growth. >> it should be based on how much we spent during covid he's right >> i know, i know. >> he definitely is. incredibly high levels >> thank you when we come back a live report from beijing where people are trying to get back to business after some covid restrictions were eased. first, though, as we head to a break, take a look at this morning's biggest premarket dow leaders and laggards american express is leading the way this morning up by almost 1.6% stay tuned you're watching "squawk box" and you're watching "squawk box" and this is cnbcre. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description.

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welcome back to "squawk box. take a look at the futures, in the green. about 41 points higher on the s&p 500. 175 points higher on the nasdaq. beijing looking to get back to business, becky. >> it is and it has been something to

watch. taking a look at what's been happening on the ground. last week it sounded like they were letting some things open but still leaving so many blockades it meant business wasn't taking place. is that the same story this week or is this a new beginning >> reporter: we're seeing a lot more things open up, so there has been a significant opening beijing is pushing really hard to try to get business back to normal as of today restaurants were able to allow indoor dining. cinemas opened up capped at 75% capacity but other entertainment venues were allowed to open. in fact, universal resorts here in beijing is going to open up its doors on june 15th and then offices, some schools next week are going to be opening as well. shops have been opening today trying to get business back on track. the big question is whether or not the economy is going to make

a comeback after a month of very tight restrictions today in the capital it was much busier not as busy as before. some restaurants were full others not so much people were telling us they were excited but there were couriers for food delivery who said they haven't seen a drop in orders because people are hesitant about dining out now going forward people are looking at one major hurdle which is the covid test. we still have to use 72 hour covid test that is is valid for that period of time to be able to do pretty much anything and that is part of a larger experiment going on in china and can you have a country that is striving for zero covid while at the same time revichg the economy. so the leadership appears this

can happen if you have this regular testing then you'll be able to scoop up any of the positive cases but people can still go about their business that's the theory but it is still an experiment. >> we've talked a lot about the shutdowns there and what it's meant for the broader economy of china. some big pain and some big pressure what's it mean for workers when their business places are shut down do they continue to get paid does the government step in? we've had a lot of stimulus handed out here when we were still dealing with massive lockdowns. >> reporter: there has been money handed out either to small and medium sized business, to workers, those who could have lost their jobs. there's a lot of money to try to help prop up people's livelihoods and incomes. one of the big problems with the

lockdowns has been the uncertainty of it all and that has not gone away. even though we're seeing an easing of restrictions what we haven't seen any change the idea if you have a positive case the person goes into isolation or you're swept away or a building, if there's one positive case in the building, the whole place shuts down or your close contacts are traced and those people have to be whisked off to government facilities that leads to this level of uncertainty and in that environment it's difficult to know exactly what to do. do you want to expand your business not all the time and that's not something people want to do. >> i was looking at it from the point of inflation in china it's been 8.3%. we talk about the need to stop fiscal spending here but if they're still dumping money it seems it's going to be a pretty

big problem. >> reporter: well, it potentially could be the authorities here have also made it clear they don't want to just throw their money at the problem to the extent we saw problems back in 2008-2009 some of the top leadership at the central bank, also at some regulators said they don't want to give a lot more money, say, for example, the real estate sector because they don't want to create all of these bubbles by just kind of letting loose when it comes to all of this finance. >> thank you we'll see you soon coming up on the other side of the break, apple kicking off a big annual conference today. we'll talk about what investors can expect next. shares of the tech giant this year down 17%. stay tuned you're watching "squawk" on cnbc

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welcome back to "squawk on the street." apple's annual worldwide dwoerp conference kicks off today the company is widely expected to show off new software for most popular devices but excitement is building that apple could reveal or hint at a new product rumored to be a mixed reality headset. for more on what to expect this week, i want to bring in pierre, the head of global technology infrastructure, research at new street research. good morning to you. are we going to see -- is this going to be the moment where mixed reality comes to apple >> thanks for having me.

not really conference is really an event. the augmented reality headset is a product that probably will be, you know, available at some point next year. so, the way you should think about this event, about the conference this week, is potentially a place where apple is going to reveal to its developer community tools that apple wants to have in the hands of the developer well ahead of the product launch so we have seen two things already, a lot of augmented reality products and tool boxes. we could see more of that. and what we could see is elements of the new operating system on the iphones to help the iphone connect with the headset or actually most direct announcements around the reality

os, operating systems that could power the headset. >> so from your perspective, in terms of the investor class that's watching this, is there a game changer in here that would change your calculus about how you would determine a fair value of this company? >> yes in some ways like some significant software hints into the headsets we may bring analysts to start really thinking about modelling headset revenues for next year of course if you do that and especially given where the stock is today, it's a very significant story. the reason for that, the last five years the company has grown earnings more than 20% a year. and the key question, especially after valuation today, can apple continue to develop good earnings gross over the next five years

of course if you look at it this way, new products getting into the mix are very important so the more we learn, the more information we learn about the headsets this week, the more likely in 2023 launch is and the more likely as this headset can have impact on the earnings growth over the next five years. that's where things are very interesting. >> how big do you think -- how big do you ultimately think this mixed reality market is in the short and longer terms also margin early on, i assume, is going to be quite low you could look at how watches went, at least initially how should we as the public think about that how should investors think about that >> so, it's a big unknown. you have two very simple ways to look at it the first one is to think apple

is selling more than 250 million iphones every year and eventually we will see as many augmented reality headsets being sold every year and it will probably cost at least same as an iphone and probably actually even more. so it could be another iphone product lineup of course it's a very, very optimistic way to think about it, especially for products for which, you know, use case it's completely unclear apple will have to do a lot of configurations to understand how consumers and users value it and watch is very like the headset, very progressively ramp up the user base so the way i like to think about the headset is that near term earnings will be very, very low because volumes are going to start relatively low because of the high price point and you

mentioned low margins. it's a risk. the technology needs to get into the headset and changes of manufacturing such a headset, it's very likely that initial margins will be very low, but once you start getting on such a trajectory, even though the trajectory for the watch, we know eventually it's going to become a significant contributor to earnings. so let's say if over ten years apple can sell few tens of millions of headsets, it will have contributed one of two points of earnings growth over that period of time. that's really what i think makes the interest >> fair enough pierre, thank you. we'll be watching this week to see what ultimately happens. looks like you have thick frames on but i don't think those are mixed reality just yet maybe we'll all be wearing glasses soon thanks so much. coming up, we have a big hour ahead our exclusive interview with

jetblue ceo on that enhancement with spirit right after this dave doesn't need a posh virtual receptionist, because he cloned himself. while his clone watches the phones, dave can work on his code. and lead his team. dave trusts his clone like he trusts himself. so, in summary, we're going to sell the company. who's in favor?... perfect. but if cloning isn't an option for you, just get posh. virtual receptionists who can answer and transfer your calls, because you can't be in two places at once.

♪ ♪ good morning and welcome back to "squawk box" right here on cnbc. i'm andrew ross sorkin along with joe kernen and becky quick. look at u.s. equity futures at this hour. a lot of green on the screen happily, dow up, nasdaq up 185 points we got bitcoin up. it's all looking up, joe let's show treasury yields real quick, though, before we move on you're looking right now at the ten year note at 2.955 >> we feel guilty, like just from listening to katie stockton and others so much that we haven't had enough pain. this can't be a real bounce. it can't be over we got to go -- >> you were raised catholic. >> i was raised catholic. >> we have more work to do we have to have that big flush

inflation is too bad interest rates are going to go up too much. the consumer -- we've had too much speculation the bubble is too big. the vix has got to get to 40. >> earnings expectations has to come down otherwise looking at 17 times multiple. >> what if we're not what if we're not? we've done so much damage to netflix and boeing and -- i mean, you can find stocks that are just down 80%. >> this is what makes the market. >> maybe we've done enough maybe we have bottomed i don't want to go back down to 3,200 on the s&p >> no. that's a long way from 4,100 >> that's what people -- some people are saying we need to do, though, to really flush everything out. >> look -- >> and we may. we still haven't seen it in -- >> maybe not, though maybe we've done enough. maybe not. nobody knows time will tell here is some of the top today's

top business story solar stocks are jumping on sell or reports that president biden is going to waive tariffs on solar panel imports for two years. the products in question come from four southeast asian nations. the commerce department has been investigating whether imported panels from cambodia, malaysia, thailand and vietnam are actually chinese panels bypassing tariffs. also soaring shares of didi, it's soaring back to 3 didi global, "the wall street journal" reporting regulators in china wrapped up a year long investigation and are set to lift an order ban on didi from adding new users. baby formula maker abbott labs says a critical michigan factory has been reopened finally. it's going to start production of its formula and other specialty mixes with ela care getting to consumers should take

two weeks. hurry up. >> thank goodness. little under 90 minutes to go until the opening bell on wall street. dom chew is here with a look at some of the morning's top pre-market movers. i saw amx was leading the way in the dow earlier. >> there's also another dow component arguably the most important stock and company for the overall market right now, right, we're talking apple, also dow component, biggest weighting in the s&p and nasdaq. up in the premarket after posting 4% decline in friday's trading. apple obviously holding worldwide developers conference today at 1:00 p.m. eastern time, 10:00 p.m. pacific it's anticipated the company will unveil the latest operations systems for computers and macs and updates to the look of the graphical user interface meant to help improve multitasking maybe augmented reality headset, we don't know. analysts at jp morgan reiterated overweight rating on apple those shares up nearly 1.5% in

the premarket trade. another big one, amazon waiting for the s&p and nasdaq getting a new look today, at least the stock prices today is when amazon's 20 for 1 stock split takes effect all of a sudden you've got a $2447 stock on friday, trading at $122.35 on a split adjusted basis. and it's up to $124.36 in the premarket right now. 1.5% gains there analysts at morgan stanley and bank of america reiterated their buy or equivalent ratings today as well. and then we'll end on spirit airlines up premarket after rival low cost carrier jet gls blue sweetened bid for the company. spirit agreed to be bought by frontier airlines and frontier has reverse breakup fee of $200 million. jetblue will sweeten to $350 million with a portion paid out immediately dividend as soon as a deal is approved by the way, spirit airlines up

5.5% jetblue. frontier is down 1.5%. much more on that story with robin hayes in just about 15 minutes. cnbc exclusive interview right here on "squawk box. so obviously andrew, a must-watch interview there especially for those frequent travelers. i'll send things back over to you. >> thankthanks janet yellen going in front of the finance committee tomorrow to answer questions about the hot inflation and toll on american's wallets she admitted she was wrong about the path she thought inflation would take joining us is senator bill cassidy, member of the finance committee. good morning to you, senator what exactly do you think that you're hoping to find out from the white house from this administration, from janet yellen and what do you think is actually possible because we often talk about the tools that can happen politically but really that so much of the tool kit is sitting at the federal reserve. >> yes i'm hoping that she has a plan wouldn't that be great

with regards to what you can do, there's some variables you can't affect but some you can. for example, the high price of energy is driving a lot of inflation. that's a variable they can do something about. we can increase north american supply of energy by just committing to having the regulatory state work on behalf of increasing that supply as opposed to recharging that supply if they did that, that would send a signal to the market futures would do better, there would be a downward pressure that's a good thing. and that would decrease inflation, help with the pocketbook i want a plan. north american energy would be great plan to have >> why -- look, as you know, there are so many permits now that are out there and just contextually i know you made the critique a lot of republicans critiques the democrats, under biden now more permits allowed than even under president trump and yet there's still not the

drilling and at least the question is, when do you think that's going to happen what do you think is preventing that from happening? >> does anyone really think they want it to happen? does anyone look at their regulations or the statements they're making from the regulatory state and think that the regulatory state wants this to happen? of course the answer is no you've also got the permit pipeline you have the permit the facilities to process. until they do that, everything is a stranded asset. they made it clear that they're not going to do that very e easily so one you have to start sending a different signal not only are we going to put this tool in place, but we're going to put everything around it that you need to do i think the reason they're not doing it is that they got kind of a civil war in their administration those who want to leave it in the ground so to speak and make the american people pay more to encourage them to transition to electric vehicles, which aren't here yet versus those who say, my gosh, inflation is sky high. we need a plan this would be a component of a plan

let's do it and helps ourself, helps job market, helps our european allies. and that's not where -- that civil war seems to be favoring those who want to make the american people pay more. >> explain this piece of it. you know, and i totally understand the argument to drill more the question is can you drill fast enough to change the dynamic in terms of pricing right this minute? >> so, part of what you need to do is reassure the markets that there is a long-term commitment to increase supply now, if you do that, and then by the way you happen to release some crude from the strategic petroleum reserve, you know that the future is going to be more plentiful. there's a little bit of a downward pressure. but there's things you can do right now. we have canadian cannot get to the gulf coast, could replace the oil that is coming from russia our gulf coast refineries can refine it in an environmentally sensitive way.

let's expedite that by barge or by rail. there's other things you can do. you just got to get the regulatory state pointed in that direction. that would be a plan to lower inflation. >> senator, there seems to be two issues here. one is the regulatory state and you can argue that there is -- this administration has not been friendly to the fossil fuel business but on the other side, you have this investor class and maybe there's a shift happening in the investor class i don't know clearly it started in europe, came to the united states, this focus on esg, this has happened not just from the likes of black rock and others but pension funds, various cities that have either divested from fossil fuels and the like what do you do about those free market pressures and you may take issue with that >> well, i think that if you look at the period where there was less investment, it's because the stock for these companies was not doing well there was after covid there was

demand and no one was flying, less driving so at some point the price of oil coming out of west texas was negative the producers had to pay people to take their oil. that was then. this is now. so now you have where there is increased demand and be increased demand for some time you see venture global, for example, making i think $21 billion investment or maybe 13 billion to make an lng facility to ship to eu. clearly there is going to be demand going forward now the administration needs to okay capital markets, we want you to develop this. in an environmentally sensitive way but it creates american jobs, helps inflation, helps our national security, let's do it >> senator, while i have ou, i want to ask you about gun control but in the context of business and the reason i want to ask it because there are a number of businesses that made decisions about financing or not financing gun makers, gun manufacturers, there's been a conversation about whether banks

should step in and be involved in some form of effectively back -- not background checks but being able to try to avoid letting these guns into the hands of the wrong people. and there's been a huge pushback, specifically in the republican party against any business that has spoken out on this issue and i'm curious whether you think that that's appropriate? >> i think it's really kind of scary situation when people are making investment decisions against disfavored industry. now, you can say, it doesn't matter guns, we don't like it someone doesn't like guns, that's okay. but what if it's something else going forward? turns out guns are actually legal. and so, if you're deciding that you wish to punish an industry which there's more than one gun per american in the united states, which is not to condone inappropriate use or illegal use, but just to acknowledge you're going to punish that industry, that seems like an odd sort of way to approach

business >> should businesses speak out on these issues? and mind you, i should tell you, that there's a situation in florida, i actually love to get your thought on it, which the governor desantis, there had been some money allotted for a baseball team down there that was effectively taken back or at least reportedly taken back because that baseball team spoke out and said in favor of gun safety so how government now is using its power and obviously on the other side there's votes -- obviously businesses is using its voice, but whether they should be used like this >> well, so now you brought up a sticky wicket, right if business attempts to go in that sort of statement industry, you kind of accept the blow back we have seen that routinely from the left california would say that their public employees could not travel to states who didn't do something according to the ethics of california and so then kind of becomes a

tit for tat. by the way, we can see where it happens. you mentioned earlier how esg wanted to punish fossil fuel now we end up with a market distortion we have inadequate fossil fuel resources. europe is vulnerable to russia and the consumer the united states is paying more at the pump and more for utility bill so there's also market distortions that occur that end upcoming back and hurting the economy overall. i'm more everybody stay in their lane and i think everybody does better >> senator cassidy, we want to thank you for joining us this morning. appreciate it very much. >> thank you >> you bet. when we come back, jetblue ceo robin hayes will join "squawk box" exclusively jetblue sweetening its offer for spirit airlines this morning. crypto currencies this morning up as well check this out, bitcoin up by

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we could use some good news after the declines we saw on friday at least this will get you up on a monday morning. when we come back, the ceo of jetblue live on his enhanced offer for spirit airlines. reminder too, folks, watch or listen to us live using the cnbc app stay tuned you're watching "squawk box" on cnbc we're live from the nasdaq market site in times square. insights illuminate better choices. allowing us to see differently and do more. with kpmg you have the people and technologies, to uncover insights and turn them into action.

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another twist in the battle between frontier airlines and jetblue to acquire spirit airlines this morning, jetblue enhancing its bid. phil lebeau has a special guest. hey, phil. >> hey, joe. let's bring in robin hayes, the ceo of jetblue airlines joining us from new york robin, let's talk about this enhanced offer walk me through the thinking here of raising the reverse breakup fee up to $350 million and providing 1.50 per share dividend if the deal is approved ultimately between spirit and jetblue. >> good morning, phil. good morning, everyone yeah, we've enhanced the offer today. really re-enforcing the superior nature of offer. we spent the last few weeks

talking to many spirit shareholders and we believe what we have done today addresses much of the feedback that we received. and we expect a very favorable response from spirit shareholders >> you know, money is great, robin, the main question remains whether or not you can get the deal across the finish line with regulators obviously the enhanced breakup fee addresses some of that question in terms of some protection for spirit shareholders but do you honestly believe still that you can get this across the finish line >> absolutely, phil. i've been in this industry 31 years. we did a lot of work on this before we made the offer to spirit it's something that when we look at the really basis of our regulatory argument, and i think as time has gone on, more and more people are understanding this and saying, yes, this can get done first of all, the jetblue effect

what this is when jetblue flies into a market, the legacy fares, make up 80% of the market, they match us and so low fares are much more prevalent and they happen across much more of the market than they do when an ultra low cost carrier flies. for the most part they're not matched. we see that in data. the jetblue effect is more than three times effective at lowering fares than ultra low cost carrier effect. secondly, phil, we made unprecedented divestiture commitments. we know what it takes to get this deal done we're going to divest every spirit slot and gate in the far northeast airports to enable ultra low cost carrier competition to continue to thrive so really it's going to be where it was before this transaction and even though probably we didn't need to, we made divestiture commitment in ft. lauderdale even in ft. lauderdale, though, a combined jet blue spirit presence still would be smaller than over 22 airports in the

country where you have a larger airline. so both of those things are very important to closing the regulatory process and also let's not forget jetblue is renown for low fares and great service. 50% of jetblue customers today are buying purely on price so, all of those elements together means that this is the most compelling solution to help keep this industry competitive, to help keep these large four legacy airlines in check and keep consumers benefitting from low fares. so we have a lot of conviction we can get this done >> robin, is this the final offer? i say that from this standpoint. you know that spirit and frontier are likely going to talk frontier may come back to them later today before the friday vote and say, fine, we'll increase our reverse breakup fee. do you sense you probably will have to come up with at least one more enhanced, enhanced bid before friday? >> well, phil, i mean, the first thing i expect happening is we

need the spirit board to seriously consider our offer this has been a really awful process from a corporate governance point of view we clearly have a superior proposal we've continued to address the concerns that spirit shareholders have raised with us so i expect them to give very careful consideration to this offer. they have large institutional shareholders have questions and concerns i'm sure about some of the ways this process has gone through. so, we've got an offer on the table today. we think it's a far superior offer. we want the board to consider the offer and hopefully come back to us, recognize the superior nature of the proposal and properly engage with us. let's close the deal and create this new great high, quality, low fare national challenger to keep the large legacy airlines in check >> hey, robin, really quickly. you said you've been talking to some of the shareholders are you talking big institutional shareholders >> we talked to a number of

shareholders, large and small. >> but enough to make you think that you can definitely sway and win this battle? >> look, we're very confident in the path that, you know -- to close this we believe that spirit are going to have a very hard time getting across the line this friday. we'll see what happens but we're going to continue to work it. we're continuing to engage we've got more meetings this week and we continue to press the case that our offer is superior. >> and just to be clear, robin, you're engaging with the spirit shareholders, large and small, are there any conversations at all -- i mean, any communication at all between jetblue and spirit management? >> no. phil, you know, this has been incredibly disappointing you know the industry extremely well the largest shareholder of frontier, bill franky has a long-running relationship with

the chairman of spirit and a couple of the other board members of the spirit. you read their proxy you see how many meetings, how much engagement there was to get to frontier spirit deal. and we've had nothing even close to that level of engagement. we sent a letter again this morning. it's not too late to do the right thing for the spirit shareholders. >> does this ultimately end up in court given what you're going through and what frontier and spirit are going through, that some shareholders ultimately regardless of how the vote goes on friday are going to say, you know what, i don't like how this process all came together and i think it's better served if we litigate this? >> well, you know, in terms of litigation between spirit shareholders and spirit, that's up to them you know, in terms of the

regulatory process, you know, i think again we've been very consistent throughout this whole process that both of these transactions are going to get a lot of regulatory review both of these transactions may both end up in court and it could take some time to work through that. where spirit really represented their deal was a slam dunk originally it was going to get done by the end of the year. they backed off that wisely, i think. and our deal had no path to getting close. so i think more and more people are realizing both of the deals are going to get a lot of scrutiny there is a path to close both deals. in our case because of the jetblue effect, it's because of jetblue's commitment to low fares and also our unprecedented divestiture commitment that we have laid out. >> robin, thank you very much for joining us this morning. very busy morning for you and for jetblue as you submit an enhanced bid for the acquisition of the spirit airlines by the way, andrew, becky and joe, we have reached out to

spirit we have not heard a response from them to this sweetened offer that was submitted within the last hour or so. i'm sure we'll hear something at some point either later today or tomorrow from spirit airlines. guys, back to you. >> okay. thank you for that, phil appreciate you bringing us that. meantime, the world's largest cancer research conference is back in person first time since the on set of the pandemic former fda commissioner dr. scott gottlieb will walk us through all the latest enhancements ayunoue watching ayunoue watching "squawk box" on cnbc 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

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♪ welcome back to "squawk box" on cnbc. starbucks is considering only external candidates to be its next ceo, that's according to long-time chief executive, former -- chief executive, long-time now, but he had been who has been working, as you know, interim ceo kevin johnson. starbucks needs to add new talent to its executive ranks. and meanwhile a union representing starbucks workers,

both of them, there's more than that, but not that many, is claiming that the coffee giant is shutting down a recently unionized cafe in retaliation for the move the union alleges the closure of the ithaca go big red new york store -- no, it's not called that, but it's that where cornell, isn't it, sorkin, ithaca >> yep. >> it's in ithaca, new york, and there's more than one, but you specifically know this one, right, andrew? >> if it's the one i think there's -- i was actually looking by the way, there's at least four in town so that's the other part of this so you might shut one down but the question is right, the argument they're making is you're shutting one down to effectively stop the -- >> exactly stop the workers they're trying to push back against the whole effort it seems like starbucks says it opens and closes stores as a regular part of its operations and we have

talked about the great scene in invest and show where the couple says they met -- >> at starbucks. >> across the corner from each other. >> they were looking at each other. >> we were reading our j. crew catalog over it. >> and then they tried to meet each other and they both went -- >> i walked across the street. >> they missed each other. >> great movie. >> it is a good movie. >> great comedy troop, too lots of good ones out. >> it's funny because it's true. starbucks a lot of them around let's get you caught up on a new development legal battle between nike and sneaker resale platform stock x buying and selling collectible sneakers is a multibillion dollar business. defending the authenticity of its marketplace and defending itself against counterfeiting claims it's a lot to unravel, so fortunately we've got scott cutler here. he is the ceo of stock x he joins us exclusively this

morning. thanks for being here. >> thanks so much. >> so let's talk about what happened for those who aren't familiar with this, you and nike maybe didn't used to be friends but you used to be collaborating on a lot of projects. what went south? what happened? >> well, first of all, we're going through a battle here. and this claim lacks merit it demonstrates a lack of understanding of market, modern marketplaces and furthermore, it displays anti-competitive behavior that only is going to hurt consumers. since our founding, we have been really at the focus at authenticating 100% of the products that are sold on our platform and that is a way to protect consumers. it's a way to provide access to sought-after products that you can't actually get from the brand themselves and so, you know, we're at the very beginning of this but we're really excited to be able to have our opportunity to be able to highlight the value proposition that we're providing

to consumers >> but let's talk about what the legal battle started with. it sounded like at one point they were helping out and kind of on board with your authentication process you were using to say these sneakers are legit, they're real, they're not counterfeit. but then you sold nfts and that's where things go murky what went wrong? what happened? >> so, first of all, your viewers are so informed by what nfts are hitser toically ntfs associated with digital products of gifts, images, pixlated art stockx introduced revolutionary product called stockx vault nft provides an ownership certificate for an item stored in a vault, maintained by stockx so, the consumer has the opportunity now to trade a physical product in the form of an nft it's very similar as we all know the way that oil or wheat is

traded today in the form of a contract but the physical item actually never moves anywhere in the world. and so we introduced this novel concept of nfts and that was the basis for the original claim >> and they said it was a problem because this was their property, not yours to be able to do nfts they've been beefing up their own online store and online sales and looks like you were going head to head in competition in something they say is their intellectual property. >> what's really clear is this is not a digital sneaker this is not a digital representation of a branded item it's simply a physical item that's stored in a vault and we're trading an nft linked to the physical possession of that item but the core of this is really about our role in providing access to authenticated product. and what's changed recently is that we actually have a history of a great partnership with

nike over the years they sought to collaborate with us in our authentication efforts nike executives have toured our facilities we have 11 authentication centers around the world in our history we authenticated over 30 million items on the platform and last year alone we had 41,000 items that were rejected of nike products that showed a manufacturing defect and so we're looking not only fake products but also products that do not meet our higher authentication standards and so for us, it's really about providing that consumer experience for branded products but also protecting the brand in the process. >> how big of a problem is this for you to go head to head with somebody who used to collaborate with you, nike, when they're such a big player in the industry this is pretty important time. you guys are still privately held company but when we spoke with dan gilbert last month he said he would love to see this company go public, maybe, sometime later this year or sometime soon after that >> well, first of all, it's

great to understand and important to understand that counterfeits have been a problem and pervasive still through most marketplaces and stockx's core in value proposition the very beginning was providing a service that would authenticate every single product on the platform. and so we hold ourselves to the highest standard among all the industry among marketplaces. and it's a company that's been founded on providing an end to end experience it was very different than the marketplace experience of yesteryear, where you had a problem and you had a lack of trust with the people that you were buying product for. and so stockx is an innovator in the industry is really seeking to create an experience that could be trusted and is now a trusted global place among consumers. nike is running afraid because more and more consumers are starting their stock -- their shopping journey on stockx because we're providing access to product that you cannot get

to win the lottery ticket on the release. we're also offering product that's not available on the shelves of any retailer from any brand. product that was released even decades ago. >> nike said in its amended complaint that it was able to buy four pairs of counterfeit nikes on the platform. is that possible >> so, we put a very rigorous process through authentication 100% of the products that are sold on the platform are looked at by a person that's skilled, that we've trained, that uses a.i. and machine learning to authenticate every single product. and as i said, we have a history of over 30 million products being authenticated. and even a particular product that they're claiming that they received, if we actually knew the order, we could go and look into it, but that particular product we've authenticated over 55,000 pairs of that sneaker from sellers in over 50

countries around the world and in any case, if a consumer at the end of that process we haven't delivered against the expectation, that consumer will get their money back so it's not only the trust that a consumer has in the marketplace experience, but they also know that we have their back in the event that we don't deliver against our promise. >> what are the range of possibilities that could result from this lawsuit? >> you know, i think really the focus of the claim is really around the nft marketplace the most recent claims actually lack merit we think they're anti-competitive for the consumer that today wants access to this most highly coveted product from not only nike but other great brands around the world, we as a platform are serving not only access to sneakers but apparel, accessories, electronics, collectibles and today this next generation of consumer really wants to be able to have access to a trusted marketplace experience

why? because they want fair and transparent access to product that they cannot get anywhere else >> scott, the market has been pretty wobbly and that's why we haven't seen any ipos really this year. number of ipos plummeting. would you consider going public in this market or do you need to see improvement before you would consider a move like that? >> the ipo market is firmly shut and so, as a result, we're looking at continuing to scale our business globally, looking at other ways to expand into other categories and focussed on execution during a really difficult time for the consumer. and so today we're essentially 100% focussed on execution of the business >> scott cutler from stockx, great to see you thank you for your time. coming up, jim cramer and his first take on the trading day and the week ahead the futures up right now continue trade sharply higher, in fact, some of the best levels we have seen this morning up almost 300 points now on the dow. s&p up 46. nasdaq up nearly 200

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we we could this morning. jim, how are you >> andrew, i miss you. >> i miss you. i miss you, too. i need to know what you're doing on if west coast i need to know what you think we'll hear out of apple today and whether it matters to the stock price. >> okay. i'm looking for the old pulse. it's become ossified out here it's become gloomy i don't think the companies i talk to other than the cyber security companies are used to having their price target cut endlessly. the dow beat nature of tech, andrew, is palpable, and that includes the worldwide developers conference which will not provide the excitement that can boost the stock. >> is your view that things in the valley there are oversold? or is your view there's still more pain to come? we have been talking about the broader markets and whether we'll have a quiet summer and katie stockton view of the world, things might get worse in the fall but you've seen more optimistic recently. >> well, if you have earnings,

your stock can go up if you don't have earnings, which is part more than 50% of the companies that trade now, do not have earnings, i don't want to own those stocks. but if you make things do stuff, have good numbers and return some capital to shareholders, i think you'll do fine it's just so many companies out here don't have that and i'm looking for companies that are doing better than we think. i don't have any yet >> i hope to find some >> there's not -- i was going to ask, is there a name that you think has been thrown out with the bath water that shouldn't be >> advanced micro as a conference on thursday i think that's a stock that's down 40 points from its high seems unjustified. maybe it can have some little lift but no, for the most part. we have service now today. i think they may be able to. crowd strike because the one area that's in bull mode here is cyber security now, i think that in itself is a negative we've got to bust the gloom out here it is so palpable it's driving me crazy >> jim, we're looking by the way at didi.

i don't know if you saw this up over 50% today you should see that flow through at least marginally to uber which moved nicely this week or last week but on a relative basis to where it had been maybe not. what do you expect there >> well, look, i think the people's republic of china, the government periodically tries to suck us in they always succeed. there will be people come on our air, people lost your money consistently and be back saying you know what the market you want to be in is china they have no idea how the chinese communist market likes to do deals, say, america, you don't know how we work and it just seems to happen regularly. it's a very ill-advised strategy, but it just -- the people who insist on investing in that area, you've got to take their money away from them because they're fools. >> and finally, we couldn't get through a segment without talking about elon and tesla

obviously there's been a lot of back and forth on twitter about what he's doing. wants people to come back to work then he wants 10% of the group never to come back to work. >> he materially lies. he cut numbers told you it wasn't the case. he says it's a mistake any other exec -- can you imagine any other executive doing this but he's got a free pass because he's elon. you know what, maybe it's deserving. i don't know >> what do you do with the stock? what do you do with the stock? it's up about, looking at 3.5% this morning >> i think you can buy the stock. that one is oversold but it really is an incredible thing that he plays by his own rules and nobody does a thing. >> jim cramer, we will see you in just a couple of minutes. reminder, of course, you can -- it's always good to see you. "mad money" is now back on the west coast and with a vengeance. it's invested america, define in the future, ceos from uber,

snowflake and so many companies will join jim. stay tuned for that. comi ungp, you're watching "squawk box" on cnbc "squawk box" on cnbc ♪ a shelf-inflicted injury. luckily, aflac will help cover his unexpected medical bills. aflac! maybe you could use the money to buy a step stool. i have a step stool. so why are you clhelf? the stool's on top of the shelf, isn't it paul... (shelf crashing) yeah... ♪ ♪ aflac! how will your business adapt to change? you could hire an office full of peyton mannings. what's up, peyton? good morning, peyton. hold for peyton. they'd huddle.... welcome to the peytonverse. such a visionary. game plan... you go. no, you go! and call audibles... double our investment in omaha! omaha! omaha! omaha! or you could use workday. omaha. the finance, hr and planning system

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the american society of clinical oncology asco with the latest developments in cancer care, joining us dr. scott gotly, former fda commissioner and a cnbc contributor and he also serves on the boards of pfizer and alumna and a partner at the vc firm new enterprise associates are you excited to talk about something other than covid, scott, number one? >> yes, look, there is really stunning data coming out of this conference the big story is advances to make the treatment more main stream we've seen the ability to harness the ahun system in ways to target cancer in very efficient fashion and a

perception of limitations on the approaches they were too costly and couldn't be made to off the shelf preparations and would only be relevant in liquid tumors we're seeing early data that signiuggests the limitations wib entering the space we've seen a lot of intervention with cell therapy, targeting cancer and just briefly, this is really the converging of three parallel areas of development that have been underway for a long period of time in cancer. first, the ability to target the signature cancer cells and molecular and back in 2001, second affirming our understanding of how to use the immune system, harness the immune system to attack cancer in targeted ways driven by the work of jim alison and others galvanized by the work of bristol myers an early investor

in this space. my friend elliott sea of that company and do it in precise ways to target molecular signatures and that's really e m epitomized. >> how much solid tumor affects do you envision and how does it need to be -- these techniques need to be modified? what's the problem why are -- i guess to get into a solid tumor and to get the immune cells to where they can do action, it's just you can see why that would be a problem. they're solid tumors they're not spread out and so you can't attack as many, not as many cells are surrounded by the

immune cells how far can we take it >> we saw the ability to get around that and saw the data to target pancreatic cancer using a targeted kras and by specific antibodies able to couple t cells to b cells to wage more targeted attacks on cancer cell that could be engineered to be more efficient targeting solid tumors we're seeing the ability to try to look inside the tumor cells themselves to find proteins in the tumor cells and ways to have them expressed on the companies pioneering that technology so there are innovations in development i think will open more opportunities to be able to use immune cells, engineered immune cells in a way to attack solid tumors we're seeing early success there is data that shows early success using car t cells to

attack solid tumor cells there was a perception it wouldn't be as efficient as going at the solid tumors. we've seen a lot of disappointments to your point but i think we're starting to see success in that space. >> anything that is -- >> i really far off but really exciting but i'm wondering whether there are so many different tmechanisms in each individual type of cancer when you look where the problem is met bo ma treatment like an immune response is better we're still looking at the root cause of what actually goes wrong. anything way off in the future that is being presented at asco that we didn't know before or just an extension of things that have been around like you said like gleevac >> the future is here a lot of the therapy is waging a general attack we're seeing the therapy much

more targeted. the big data out of the conference is the data, probably the most impressive survival in the post setting in breast cancer, hr positive breast cancer i've ever seen. that will be the big story coming out of this conference. i think the other very exciting data coming out of this conference is the specific antibodies able to target a receipt tore on t cells, and link them, cross link them to b cells, cd 20 and wage a very targeted attack from t cells on b cells in a lot of liquid tumors and that data looks very promising roche has a drug in that category there is a drug not far behind that data is also very interesting. >> let's talk again after all the data is in and i don't even think you used -- you didn't say it you didn't say it once we'll keep it that way the c word

covid. anyway, thank you. scott, we do probably have to talk about the west coast. it's moving a little bit from the east coast, the problem but it doesn't in terms of hospitalizations and deaths, hopefully, it's more in thee the rearview mirror than ahead of us. >> the east coast is coming down if you look at the disease, it's clearly coming down. >> thanks, scott w we'll see you. we have news from elon musk. he did a filing with the scc on twitter and says that twitter is chance p ch transparently refusing to comply he doesn't believe the lacks testing methodologies are awkward. he says this has to do with certain data they asked for that is necessary to evaluate spam and fake accounts. he says he doesn't agree with the characterizations in twitter's june 1st letter and said to not additional data, details regarding its own

testing is what he calls refusing data requests as a result, twitter shares are off by about 6.75% at a decline of $3.72 as they continue to circle around. don't know if this is a renegeuation or some way to get out of the deal. it will be tricky. they will pick up on that. tesla shares are up by 3.6%. that does it for us today. join us tomorrow right now time for "squawk on the street." good monday morning. welcome to "squawk on the street." i'm david faber, that gentleman is jim cramer. he's not here. he's at one market in san francisco. we'll be back soon let's give you a look at futures before we start with the road map. we're looking for a higher open in the broader markets after a downed week last week for the market our road map starts with looking for that rebound