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just pick up the phone, and call u.s money reserve. one of the most dependable gold distributors in america. ♪. stuart: i'm going to call that a pretty solid rebound, down what, 725 points yesterday and back up in the first hour of business. nearly 500 points this morning. i would call that a solid rebound. let's bring in luke lloyd, our market watcher in the 10:00 hour. luke, that is a solid rebound. somebody is buying this dip, aren't they? >> absolutely. listen, stu, the market usually has 12 or 13% corrections top to bottom in any given year. so far this year is 4% top to bottom which could be passed next few weeks. the main reason corrections have been so small this year, there is so much money out there. money either goes to the economy or the stock market. when it goes to the economy it makes the numbers look better. when it goss to the stock market it makes asset prices look better. 2021 is far from a normal here. i don't think we'll get that 10 or 12% pullback. i am looking for 4,000 on the s&p 500. the closer you get to the 4,

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u.s. money reserve is one of the most dependable gold distributors in america. ♪♪ lauren: the demand for fireworks about 30%. why? you guessed it, shipping delays, manufacturing delays sparked by covid-19. so what can consumers expect to see at their local supply stores this weekend? if you haven't gone out yet and you want to have a party and set off some fireworks. we're going to ask the ceo of phantom fireworks. thanks for taking time out to do this interview with us. how busy are your stores? >> we are really jamming. if you could be at one of our stores today -- lauren: we're -- we are. >> oh, then you're seeing a lot of demand and a lot of people, and i think you see the smile on people's faces thinking about their barbecue or picnic on the fourth of july. lauren: screen left. look at all those people at a store in pennsylvania. you know, it's amazing when you hook at those customers are probably paying more, and you can tell me how much more because you're paying more to get your fireworks from china because supply e is down, manufacturing issues, but also shipping problem. and you can't ju

u.s. money reserve is one of the most dependable gold distributors in america. >> ♪ charles: you guys readyall of these influential companies, elon musk has seen his company shares mostly move sideways, even down 6% for the year but remember, this yearly stuff really doesn't matter unless you bought it on january 1, right? this stock is up 134% for the past year, 853% for the past three years, but should you buy it right now? let's say you don't own it before the close let me just tell you the last five earnings report saw the stock down the next week, every single time but always less than 10%, prior to that to two times they reported the stock took off like a rocket so that's your back drop. of course, the stock we just talked about technical, that suggests it's going to make a monster, i'm talking a huge move very soon, to what side? let's bring them in, strategic wealth partners advisor, luke lloyd. luke, i know you're a huge fan of elon musk. if someone isn't already on this stock do they buy it before 4:00, within the next hour? >> elon musk is the man, charles. you have to give credi

u.s. money reserve is one of the most dependable gold distributors in america. ♪ stuart: all right.ason. that's a nice gain in advance of the official numbers. last week we saw, what, 370 odd thousand people file for unemployment benefits, newly unemployed. anthony chan's with us. he's an economist. anthony, that's still a very, very high number. why are we still seeing so many new claims for unemployment benefits when we're well past the lockdown of the pandemic? >> well, stuart, there are several factors. the big one, of course, is those unemployment-enhanced benefits. when you have height labor -- tight lay -- labor markets, it allows people to be picky. it's not clear even eliminating those benefits, that that is going the boost employment. and i say that cautiously because there are other factors. childcare, for example, concerns about covid and all the savings that we accumulated during the pandemic. remember that during the trump administration if we had $3 trillion of stimulus. under president biden we had another $1.9 trillion. so that's a lot of money that's in the coffers

u.s. households added more than $13 trillion in wealth, the biggest increase recorded according to the federal reserve. christina, how did americans come out of the crisis with more moneyite the pandemic because of several factors. many were able to save more and pay off debt think of the savings on restaurants, babysitters and travel and took advantage of the loans like a mortgage. you add monetary stimulus, government aid and a strong rally in financial markets, up goes the bank accounts the wealthy are more likely to own stocks and mutual funds and disproportionately benefitted. low are income americans saw their wealth increase. all of your cashes, investments, cars, homes. it sounds like a lot of money but does not compare when you look at the top 20 making an extra $10 trillion during the pandemic that is why lower income family might need more additional support in the near term >> we have seen some jobs recouped and some wage increases but it needs to be broad based to ensure it is sustained and continues to provide enough of a buff ter to spend at a decent clip >> people are returning to the office and the government aid will run out >> wealth increased across

u.s. market opens. part of its strategy is to reserve 35% of the shares for its own platform users and traders. that, again, is what may be a little different there. if you leave moneyble, as appeared to have happened here, there is a possibility that the stock will pop during regular trading. that is what they want to happen. that will really be the test of their strategy. as you may know, robinhood's mission is to democratize from the financial system. that is why they want to have so many shares going to the retail investors. it's also why they put a warning in their ipo filing that there could be a lot of volatility in early trading because such an unusually large amount of shares was set aside for the retailing community. 55 million shares have been offered. it will trade under the ticker hood on the nasdaq. we do know from sources that some of the private trading leading up to the ipo, we have seen shares get as much as $55, that according to sources. it is not clear how this session is going to go on thursday, but it will be widely watched, that is for sure. yvonne: tell us how the setting aside one third of the shares for its users and regulatory issues may

reserve and other u.s. financial regulators may be changing their previous views before this committee suggesting that a rate based on the repo market, a market dominated by the largest money center banks should be imposed on every institution and borrower as a one-size-fits-all solution so, chair powell, is the federal reserve's view that there should be a choice among qualified benchmarks as it relates to those regional and community institutions that believe they are more appropriate options given their business model, lending activity, size and customer base? >> yes honestly i think we've been pretty clear on that we think people's use of sfr is voluntary. >> so it needs to be put into legislation or does there need to be more of that hard legacy escape and certainty >> we need legislation for the hard tail, as you say. i think appropriate to have it in the legislation it's going to be the rate for at least for capital markets and derivatives and things >> i look forward to continuing this conversation. >> i would be glad to. >> thank you very much the gentleman from california, mr. sherman, who is also the chair of the subcommittee on investment protection, entreprene

u.s. households added more than $13 trillion in wealth that's the biggest increase ever recorded, according to the federal reserve. christina, h christina, how did americans come out of this crisis with more moneyrue across all income brackets, wealth increased despite the pandemic because of several fa factors. many were able to safe more. think of the savings on restaurant, baby-sitters and travel they also took advantage of the low interest rates to refinance loans like a mortgage. and nen you add monetary stimulus from the federal reserve, government aid and a strong rally in financial markets and up goes the bank account. keep in mind, though, the wealthy are more likely to own stocks and mutual funds. so they disproportionately benefitted as shown in this graph. the left sideshows lower income americans who saw their wealth increase collectively by $50 billion. wealth includes your cash investments, cars, homes et cetera $50 billion sounds like a lot of money, but doesn't really compare when you look at the top 20% of income earners who made an extra almost $10 trillion during the pandemic. and that's why lower income families may need additional support in the nearby term >> so far we've

money the federal reserve is making your time of it. everybody in dollar nominated aspects did get silently taxed over the last year, the u.s.it things like bitcoin will offer the solution long term >> wide ranging. you are a business leader. >> i'm a business leader not a weiner >> leaders lead. you are a decider. thank you anthony. see you. >> coming up, media moguls gather and we find out if there are more mergers on the way. joining us for an interview. always catch us live on the cnbc app. we'll be right back. ward the sa, why keep it in different places? sofi is a one-stop shop for your finances designed to work better together. spend with sofi and get cash back rewards that automatically go toward your goals. like investing in stocks, etfs, and crypto. that's better together. or pay down your sofi debt sooner. that's better together. and that's how sofi is helping millions get their money right. >>> welcome back to "squawk box. major averages at a record high closing on those gains taking a check, we saw the below 1.4% continuing at 1.35 oil on a roller coaster ride higher this morning by almost 2% brent up as well >>

reserve and other u.s. financial leaders may be changing their previous views. suggesting that soper, a market dominated by the largest money center banks, should be imposed on every institution and borrower as a one size fits all solution. it is the federal -- is it the federal reserve's view that there should be a choice on those benchmarks, for institutions believe there is a more appropriate option given their business model? chair. powell: yes. i think we have been pretty clear on that. we think the use of sober -- the use of sober as a monetary participant, could you something else as they see fit. >> so, soper needs to be put into legislation or is there uncertainty on that? chair. powell: i do think we need legislation, as you say. i think it would be appropriate to have soper in the legislation. it is going to be the rate at least for capital markets and derivatives. >> i look forward to considering this conversation. >> thank you, very much. the gentleman from california, also the chair of the subcommittee on entrepreneurship and capital markets, is now recognized for five minutes. >> thank you. i want to agree wi

just posted, they say federal reserve officials are set to accelerate deliberations at their meeting next week over how to scale back their easy money policies amid stronger u.scelerated timeline do stocks sell off? what do you do in a stock market sell-off as investment? >> yes, i think that stocks probably would not particularly like that, the fed loves free money zero interest rates, essentially, and the markets have taken their que from that, and that punchbowl going to begin to be taken away as proverbial saying goes that is a sign that you know the market -- theed if is going to move from markets absolute best friend, to not so good a friend eventually worst enemy as they raise rates somewhere down the line that is as progression we have anticipate the announcement you mentioned is just the beginning that of. >> i see mark tenne jump? >> bob i would love your take on wage inflation i am talking with small business owners every single day. they are all telling me a a lot of pooching take place is not a one-time bonus payment, that is built right into their annual compensation, so, what is your take on wage inflation what is your position on inflation ove