out of that it has become pgim.ker with the spirited conversation with the ceo taking a victory lap at pgim. erik: absolutely. that ceo is david hunt. always a delight to have you with us on bloomberg television and bloomberg radio. david: good morning. right to be back with you. erik: we heard it from jay powell and no doubt he will say the same today. too early to pull back on monetary stimulus. let's translate what that means for investors for monetary markets as someone who speaks for $1.5 trillion. is now still a good time to be taking a risk or is now time to get cautious? david: first a few comments on the chairman's remarks yesterday. i think he will say exactly the same thing today. without any doubt, the place to look is the labor market. there is all this noise about the monthly cpi that comes out. i would encourage your viewers not to spend a lot of time on that. all of the action is around the labor market. that is what you need to do to understand the direction of the fed and understand inflation. the

i love the team at pgim. good to hear from you. that is a real call, cycle peak for yields, cycle big maybe for the yield curve, too. lisa: these are some of the behemoths in debt markets. pgim fixed income, which has gotten it right notably quite consistently throughout the year. what does it mean for the financial play? jonathan: what do you need, high yields, or yields to stop going lower? they are higher this morning by a basic point or two to 1.3121%. alongside lisa abramowicz, i'm jonathan ferro, together this morning with kailey leinz. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. the biden administration today warned u.s. companies about the risks of doing business in hong kong. an advisory said that china's push to exert more control over the financial hub threatens the rule of law and endangers employees and data. today's move underscores how quickly beijing's promise of one country and two systems in dealing with hong kong has come to an end. meanwhile, president biden and xi jinping will addre

the pursuit of outperformance at pgim.o outthink across multiple asset classes, actively managing investments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility. join the pursuit of outperformance at pgim. the investment management business of prudential. >>> 25 minutes left before the bell here's where we stand. record high closes insight for the s&p 500, both up 1%. dow is up 225 points. >> every sector is green hight north. the associate stocks are flying. when we come bashes, citigroup eye 's tobias levkowitz joins us this is how you become the best! [wrestling bell rings] [music: “you're the best” by joe esposito] ♪ try to be best 'cause you're only a man ♪ ♪ and a man's gotta learn to take it ♪ ♪ try to believe though the going gets rough ♪ ♪ that you gotta hang tough to make it ♪ ♪ you're the best! around! ♪ ♪ nothing's gonna ever keep you down ♪ [triumphantly yells] ♪ you're the b

join the pursuit of outperformance at pgim. business of prudential. >>> we are back. final trades in a moment lee cooperman with us tomorrow we'll have all of your market action covered those two joining me we look forward to the conversation we'll have then all right. friday was nasty andtoday look and feels worse. leave us with words of wisdom. a final trade or whatever you have to say to the viewers >> i think the nastiness is overdone my final trade is financials fundment tales are strong. the yield move is overdone when it comes back it'll be a nice tail wind and nibble on financials. >> great having you on the program. >> raetzon i like it this is by those at 2.5% dividend >> morgan stanley. what i said before. >> okay, joe. >> market access. >> international game technology thank you for watching "the exchange" is now. >>> hi, everybody. it's an ugly day in the marjts the dow tumbling 800 now close to 1,000 points. we're at sessions lows now it's the worst day of the year for the major averages the 10-year yield is dropp

. -- pgim. greg: we think we are in this range of 1% to 1.60%. our target for year-end was 1.20.hings have moved in a more violent matter -- manner then we thought but the direction is spot on. the bond market, like it or not, is sussing out this peak growth/inflation story. jonathan: this is where i sense some daylight between you and greg peters, lisa. lisa: absolutely. our perspective is, we have to differentiate between rates of change, sure. but we knew a year ago that the rate of change in growth and probably for corporate profits, many other metrics were really going to roll over. i don't think that is what is going on here. i think we have unbelievable amounts of excess liquidity holding rates down. once we start tapering and the economy moves up, there is just no way that you can justify -1% real rates on the 10-year, in an environment where gdp growth, even at half of what we are doing right now, would be 5%. that is just a level that i don't think the economy will price rates, once the distorted behavior of the fed gets out of the way. jonathan: ashok, final word? asho

visit tdthe pursuit of/learn outperformance at pgim. expertise to outthink across multiple asset classes, actively managing investments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility. join the pursuit of outperformance at pgim. the investment management business of prudential. (vo) nobody dreams in conventional thinking. it didn't get us to the moon. it doesn't ring the bell on wall street. or disrupt the status quo. t-mobile for business uses unconventional thinking to help you realize new possibilities on america's largest, fastest, and most reliable 5g network. plus customer experience that finds solutions in the moment. and first-class benefits, like 5g with every plan. network, support and value-- without any tradeoffs. that's t-mobile for business. what happens when you make power your thing... above everything? you put muscle over matter. and you make horsepower... a superpower. ♪ >>> option

at pgim, the pursuit is on for outperformance.tomized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. tailor made or one size fits all? made to order or ready to go? with a hybrid, you don't have to choose. that's why insurers are going hybrid with ibm. with watson on a hybrid cloud they can use ai to help predict client needs and get the data they need to quickly design coverage for each one. businesses that want personalization and speed are going with a smarter hybrid cloud using the technology and expertise of ibm. nice bumping into you. >>> all right. we'll get to final trades in just a moment. a reminder you're going to hear from fed chair jay powell at 2:00, news conference coming after that 4:00 p.m., facebook reports its earnings pete, give me a little walkup to facebook, please >> i'm coming in very bull ush on t

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join the pursuit of outperformance at pgim.e over voting rights. lawmakers facing arrests as the president enters the fight >>> plus covid fright. the scam robbing millions of americans. >>> live overlooking new york city's times square, this is the big show, "fast money. i'm dom chu in for melissa tonight. next to me, karen finerman tonight on the show we are breaking down the banks. goldman sachs and jp morgan both falling today. you can see after reporting their results, there is another big slate of bank earnings coming your way tomorrow morning. we have your setupcoming kcominh show

we are joined by katharine neiss , chief european economist, pgim .have heard the big picture strategy from the ecb, now they have to give us forward guidance. what are you expecting to change today? katharine: i'm looking for two things from today's meeting. clearly a need to update the forward guidance. more importantly, i would like to see a strengthening in that guidance with inflation linked to out terms rather than outlook. in looking for a discussion and vision on cooperation on changes to the ecb asset purchases beyond the pandemic emergency program, which is due to end in late march. in order to give the governing council more flexibility and time to dial them back, in order to maintain what they call favorable financing conditions, i do not expect them to go as far as an ounce an increase on asset purchases beyond march. i expect that to come later this year. really at this meeting they need to lay the foundations of policy action to back up this framework. how deep expect -- mark: how do you expect that extra clarity around asset price purc

join the pursuit of outperformance at pgim.tment management business of prudential. >>> square moving a bit higher after ceo jack dorsey made a surprise announcement. kate rooney has the details. >> jack dorsey is building a new business dedicated to crypto, specifically decentral icedecen finance, also known as de-fi dorsey naming the new and building this in the spirit of the bit counsel. speaking of bitcoin, robinhood and coinbase are going head to head in the trading business it seems like robinhood had a step up. robinhood sauce about 1.6 million new app installs in april. and coinbase did not off dogecoin trading in april. back in january, though, robinhood user on that app for an average of one hour per week. that fell to about 30 minutes in the second quarter and a big risk, guys, for robinhood as it heads into the ipo. elon musk on "snl" dogecoin rallies and gamestop >> tbd, the bitcoin desk, if they want to stick to those letters. >>> time for a cnbc news update. >> here's what's happening at this hour. officials from

join the pursuit of outperformance at pgim.ving lower. the company beat on eps but missed on revenue. joining us to break down the numbers is ed lee from "new york times," and tom forte, from d.a. davidson good to see you both tom, it looks like you were at about $116 billion for the forecast for the second quarter, revenues came in a few billion light of that? where did they miss? >> i'd like to hear on the call to what extent this is a rye flex of supply-chain related issues, things of that nature. did they see consumers lead into travel and lean out the profitability is obviously very good, so what are our thoughts at a high level. you would have though the where prime gale in the quarter, perhaps expectations just got too ahead of themselves. look for additional details and not exactly the first quarter that andy jassy was hoping to have as ceo. >> actually, to that point, it seems like a bit of a bumpy opener, and maybe the bar is a bit lower, you can be conservative about the guidance, and i wonder what it does about the

at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. all the things, all around you... where you learn, work, and fly... we help make them healthier. we are the people of abm. for more than 100 years, we've been a leader in making spaces cleaner, from the things you touch to the air you breathe. today, more than 100,000 of us are innovating to ensure spaces are more efficient, healthier and safer. abm. making spaces healthier for you. >>> shares of restaurant brands moving higher, following an earnings beat. the company saw the profit more than double. digital sales grew by nearly 60%. it increased the share buyback to $1 billion. joining us is jose cil welcome back to the show, jose great to see you. >> great to see you as well. t

the pursuit of outperformance at pgim. to outthink across multiple asset classes, actively managing investments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility. join the pursuit of outperformance at pgim. the investment management business of prudential. >>> welcome back bitcoin climbing above 30,000, ahead of the b-word event. the one organized by jack dorsey open money initiative cofounder joins us now jill, thanks for being here. is there anything that wood, and musk, cathy wood, elon musk, jack dorsey, is there anything they could say at this event that would move bitcoin one way or another >> i mean goodness knows whatever elon musk says, it's been proven over the last six months, can move markets so i'll be keeping my eyes on the headlines out of that event. it's important to note it's going to be a fairly balanced crew up on stage together. jack dorsey is making investments in c

join the pursuit of outperformance at pgim.. >>> here is what's happening this hour. elon musk in a delaware court defending the purchase of solar panel maker solar city a shareholder lawsuit blaming musk and others for a deal full of conflicts of interest that never delivered the profits he promised musk testified he had nothing to gain since he owned shares of both companies musk also objected to the questions by the opposing lawyer saying i think you're a bad human being. >>> protests in communist cuba as thousands take to the streets railing against food shortages, power outages and rising covid cases. cuba's president blaming america calling the u.s. embargo the politics of asphyxiation president biden says the demonstrators are asserting their rights and the u.s. government stands with them. >>> in texas democratic lawmakers leaving the state in another revolt against the gop overhaul of election laws, the move meant to deny republicans the quorum needed to pass the voting bill. >>> on "the news with shepard smith" democr

join the pursuit of outperformance at pgim.ment business of prudential. ♪ ♪ ♪ cisco. the bridge to possible. experience our advance standards safety technology on a full line of vehicles. at the lexus golden opportunity sales event. get 1.9% apr financing on the 2021 rx 350. experience amazing. >>> welcome back to "squawk on the street." we're going it get a chick on markets. 142 points just earlier crossing above 35k. the s&p is 43, 85 is your level there. the nasdaq slightly higher and major averages is in general and joining us now are vmo, global asset management and j.p. morgan asset management's asset strategist given the sharp pullback we did see monday, and given the fact we've not only reversed the losses, but we're poised to make solid gains, what else did change >> it felt very technical by nature, very systematic. so, to me, that was more about the trend following derisking. but everybody is recognizing the fundamentals are in pretty good shape right now. that might be softer than people had expected obviously, infl

the pursuit of outperformance at pgim. 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility. join the pursuit of outperformance at pgim. the investment management business of prudential. ♪♪ ♪♪ ♪ there she is, miss america ♪ ♪ there she is, your ideal ♪ ♪ with so many beauties she took the town by storm ♪ ♪ with her all - american face and form ♪ ♪ and there she is ♪ ♪ walking on air, she is ♪ ♪ fairest of the fair, she is ♪ ♪ miss america ♪ ♪ there she is ♪ >> shares of robinhood slumping in its debut they were hoping for a rebound a day which could still happen how they stack up against these highly anticipated thinking about value if something was 12 years ago with a great company and ideas it is still a great company. if people take a close look at risks and regulatory issues. it may be not surprising >> their growth over the past year has been spectacular. it is 100% leverage to speculation. we had enormous speculation in crypto in general, seems to be cooling off a

the pursuit of outperformance at pgim.ith deep expertise to outthink across multiple asset classes, actively managing investments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility. join the pursuit of outperformance at pgim. the investment management business of prudential. experience our advance standards safety technology on a full line of vehicles. at the lexus golden opportunity sales event. get 1.9% apr financing on the 2021 rx 350. experience amazing. i'm evie's best camper badge. but even i'm not as memorable as eating on the 2021 rx 350. turkey hill chocolate chip cookie dough creamy premium ice cream and chasing fireflies. don't worry about me. i'm fine. you can't beat turkey hill memories. show me the olympics. [ "bugler's dream" playing ] ♪ ♪ ♪ ♪ ♪ ♪ >>> shopify achieves its first $1 billion revenue quarter on record joining us this morning for a cnbc exclusive, shopify's ceo.

the pursuit of outperformance at pgim.ate markets. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility. join the pursuit of outperformance at pgim. the investment management business of prudential. >>> delta airlines posting better than expected results and you can see the stock is up, though coming off its early highs. phil lebeau has more on the quarter and caught up with the ceo ed bastian earlier today phil >> david, given the number of people who are now flying in the u.s., it is not a surprise that delta beat on the top and bottom line when it comes to the first quarter with the smaller than expected loss and better than expected revenue the real focus is what are we going to see for the second half of this year profitable third quarter and fourth quarter is what the company is expected, the delta variant, ed bastian says it is not hurting their bookings at this point and the corporate travel, that's the real focus, it has be

the pursuit of outperformance at pgim.stments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility. join the pursuit of outperformance at pgim. the investment management business of prudential. there's interest you accrue, and interests you pursue. plans for the long term, and plans for a long weekend. assets you allocate, and ones you hold tight. at thrivent, we believe money is a tool, not a goal. and with the right guidance, you can get the financial clarity you need, and live a life rich in meaning, and gratitude. to learn more, text thrive to 444555, or visit thrivent.com. jerry is here! j! mate, how are ya!? it's so good to see you. good to see all of you, yeah! why is jerry so... popular? it's been like this ever since we started using workday. what do you mean? it makes it easier to develop great relationships with our suppliers. now everyone, everywhere loves jerry. they sure do. t

the pursuit of outperformance at pgim.tthink across multiple asset classes, actively managing investments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility. join the pursuit of outperformance at pgim. the investment management business of prudential. ♪ watch the olympic games on xfinity ♪ ♪ root for team usa and feel the energy ♪ ♪ 7000 plus hours of the olympics on display ♪ ♪ with xfinity you get every hour of every day ♪ ♪ different sports on different screens, ♪ ♪ you can watch it anywhere ♪ ♪ and with the voice remote ♪ ♪ you never have to leave your chair ♪ show me team usa. ♪ all of this innovation could lead to some inspiration ♪ ♪ and you might be the next one to represent our nation ♪ ♪ this summer on your tv, tablet, or any screen ♪ ♪ xfinity is here to inspire your biggest dreams ♪ >>> welcome back to "squawk on the street." a major milestone for commercial space yesterday as

the pursuit of outperformance at pgim.h deep expertise to outthink across multiple asset classes, actively managing investments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility. join the pursuit of outperformance at pgim. the investment management business of prudential. show me the olympics. [ "bugler's dream" playing ] ♪ ♪ ♪ ♪ ♪ ♪ >>> hazard's higher this morning after beating the street as the film and tv-related businesses return to growth joining us hazard chairman and ceo brian goldner to talk about the quarter. good to see you. good morning. >> fascinating quarter revenue up 54. consumer products up 43. s entertainment up 47. what about people that thought there was no way you could lap last year's comps this year? >> we talked about this in the fall it was great to see the e 1 business accelerating, our tv and film productions up and running, a big new dungeons and dragons movie

at pgim, the pursuit is on for outperformance.tive investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. millions of vulnerable americans struggle to get reliable transportation to their medical appointments. that's why i started medhaul. citi launched the impact fund to invest in both women and entrepreneurs of color like me, so i can realize my vision and give everything i've got to my company, and my community. i got you. for the love of people. for the love of community. for the love of progress. citi. >>> all right, time now for the mad dash with cramer as we head to the opening bell. what are we looking at >> i'm looking at union pacific, and it's just an excellent quarter. now, a lot of people were worried about union pacific because they thought that they might be in bad shape bec

join the pursuit of outperformance at pgim.we are at the end of the week already looking at week to day gains. this morning, looking at futures. dow futures up and s&p 500 up. you'd be talking a new level of closing highs. treasuries, the 10-year note now. yields are up but not back yet intel, the company raising full year revenue may continue even as people return to schools and offices. pointing to a drop to 59% citing supply constraints the stock off by 2.5%. semiconductor supply shortages could show signs of easing later this year but could take one or two years to get back to reasonable supply. that's a long time frame now hear more later this morning coming up on tech check. boston beer shares down sharply. maker of sam adams reported $2 short. revenue of $306 million missed estimates by $305 million. they had high hopes for the truly hard zeltzer brand a maturing market with less new trial. tough comps kpired to the pandemic when people were restocking their pantries. when we come back, kkr chief investment officer will

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join the pursuit of outperformance at pgim.me to "squawk on the street. i'm david faber along with leslie picker and mike santoli we are live from the new york stock exchange jim and carl both have the morning off. let's give you a look at futures as we get ready to wrap up the trading week you can see we are set up for a higher open. and

join the pursuit of outperformance at pgim.ent management business of prudential. ♪ ♪ experience, hyper performance that takes you further. at the lexus golden opportunity sales event. get 0.9% apr financing on the all 2021 lexus hybrid models. experience amazing. >>> the milwaukee bucks winning the first nba title in 50 years last night, edging phoenix to win in six games owner mark lasry joining us now to reflect on that probably a little tired. but nonetheless, what a win. congratulations. >> thank you so much, scott. yeah, no, i've been up all night. yeah, it's a great feeling and it was a phenomenal game >> i think we have some video of you hoisting the o'brien trophy. as we look at that can you give us an idea of what this felt like from, you know -- you bought the team for $550,000,007 years ago. and now you reached the mountain top? >> you know it's a bit surreal because everybody tells you it takes forever to win a championship and you got to get lucky and we did you know, it's a phenomenal moment because yesterday i w

join the pursuit of outperformance at pgim. the investment management business of prudential.nge. so, i did something. i created a black business accelerator at amazon. and now we have a program that's dedicated to making tomorrow a better day for black businesses. ♪ ♪ i am tiffany. and this is just the beginning. ♪ ♪ keeping your oysters business growing has you swamped. you need to hire. i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo >> welcome back to "squawk box." it is a very big day here at cnbc as we unveil our top states for business scott cohen is in a state that's oh, so close, scott. >> won't be a mystery that much longer this say process we go through, takes six months to crunch all the numbers, figure out the top states for business and so for 2021, let's let the countdown begin. state number five. tennessee, the volunteer state, cracks our top five for the first timewith one of the best econo

the pursuit of outperformance at pgim.ments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility. join the pursuit of outperformance at pgim. the investment management business of prudential. >>> one of the weeks with earnings that are especially important, especially in the tech sector. after the bell, we hear from apple, microsoft and alphabet. investors hoping more solid earnings can power more record highs for the broader markets. joining us now is the chief investment officer at trip tabs asset management we know the numbers are probably pretty good. the stocks have performed well already. do they need to beat bring a certain amount or is the outlook what traders will key off, bob >> good morning, joe thank you for having me on just a trimtabs, we are a boutique investment manager that was a suite cash flow being the free cash flow etf which would have exposures actually, we focus on i

the pursuit of outperformance at pgim.xpertise to outthink across multiple asset classes, actively managing investments in the world's public and private markets. outscale, with the resources to serve 1,500 clients in 52 countries. and outlast, with long-term conviction that looks beyond today's volatility. join the pursuit of outperformance at pgim. the investment management business of prudential. >>> good morning checking the futures little bit of a bounce 190 p0 points indicated for the dow. not too bad from earlier we lost 700 plus yesterday 300, essentially, on friday of last week. that is like 1,000 points give or take. we get back 200. it is off the all-time high. we are not very far -- we're not anywhere near 5% correction. >> we have seen so little volatility and so few pull backs. let me try saying that again this catches our attention when you see something like this. a decline of that much we have not seen that in the dow since october of last year >> a point percentage >> percentage points 2% yeah >>> let's t