tv Worldwide Exchange CNBC March 22, 2021 5:00am-6:00am EDT
while this was a giant social experiment for me, i never wanted it to cost me money, and i never wanted to tie up money without getting some return on investment. i'm not doing this for charity. but if anybody's curious or worried for my sake, i'm way up. ♪♪ it is 5:00 at cnbc global headquarters could a fourth vaccine in the u.s. be weeks away astrazeneca out with results. and kathy wood has a price target for tesla that has everyone on the street buzzing in turkey, the central bank and chief sending markets in a frenzy ready to party like it's 2009. a $25 billion deal in the works that could signaling a bullish
bet on the economy. back to his followers. maybe he is back a social media comeback by former president trump is in the works. it is monday, march 22nd, 2021 you are watching "worldwide exchange" on cnbc. ♪ baby come back ♪ ♪ any fool could see ♪ ♪ there was something ♪ good morning i'm dominic chu. kicking off this morning with stock futures indicating at least a little bit of movement you see the averages coming off a decent week. s&p is lower by five points. the dow jones industrial average is higher. and nasdaq up 50 points. these are the futures in the opening bell for cash equity dow posting the worst week in two weeks and along with the s&p, they snapped a two-week
winning streak nasdaq ending friday higher. one bright spot, the dow transportation index capping off a 7 against seventh winning week in a row up 13% it is the longest weekly winning streak since more much of 2016 check this out, the 2-year treasury note yield up one hot stock to watch is tesla. over the weekend, kathy wood is out with a new price target expecting it to hit the $3,000 per share mark by the year 2025. that means wood expects to earn a 50% a year on average between that and 2025 based on friday's
closing price. a $3,000 share price would give tesla a $3.6 trillion market cap. shares up 1.75% in pre-market trade. $666 around the world in asia, nikkei falling 2% as you can see there with the shanghai composite up 1%. let's spin that to what is happening with europe. we are seeing trading getting under way over there the german dax is flat on the day and ftse 100 down breaking news this morning results from the u.s. trial of the oxford university astrazeneca covid vaccine are out and confirm that the shot is both very safe and highly effective here at home in the
united states. julianna tatelbaum has latest in london what do we know about the vaccine? >> reporter: dom, this is a huge data for astrazeneca this included the u.s. and latin american countries the trial data show 79% he efficacy it shows 100% efficacy against severe covid comparable efficacy across age and ethnicity was shown with 80% in participants in 65 and older. 20% of the trial participants were 65 and older. 80% of the participants had
co-c co-morbidity astrazeneca was in sharp focus last week over concerns raised in the eu around the potential link with the vaccine and blood clots. today's data show an independent safety monitoring board found no increased risk of tlhrombosis. astrazeneca said today they will continue to analyze the data and prepare for the primary analysis to be submitted to the fda within the coming weeks for emergency use authorization. astrazeneca shares trading higher dom. >> juliana, why is the efficacy rates for the u.s. trial numbers so much higher than what we saw in the uk originally what was driving that big gap in the results? >> reporter: so this data that we're seeing out of the u.s. showing 79% efficacy
this is gold standard data thiscontrolled study it took from trials in various parts of the world the data from the u.s. is a major trial over 21,000 participants in the u.s. and over 30,000 overall, including latin american trials. you mentioned some of the lower efficacy numbers from astrazeneca. perhaps the one gaining most attention from the concerning perspective was the south african. the vaccine was not effective in preventing mild-to-moderate cases of covid in south africa it is important to remember that it is not just the astrazeneca vaccine that has shown reduced efficacy in protecting against the south africa variousavarian. the strains in the u.s. are the ones that you can protect against with the astrazeneca vaccine. 79% is the number to watch and
it is really positive data >> juliana, there is a public campaign that needs to be waged. europeans are sour over the vaccine despite regulators repeat ed approval boris johnson took the shot. what does astrazeneca have to do to get over the public relations issue they have with the possibility there were blood clots in some of the trials and everything else? what does astrazeneca need to do >> reporter: this is a huge issue for the astrazeneca vaccine. public perception and a lot of the concern that we're seeing among european population has come from european politicians they have put astrazeneca in the spotlight and raising concerns around the vaccine just today, a poll was released showing more than half of the people polled in the major economies in the eu are skeptical of the vaccine they believe it is unsafe.
last week we saw more than a dozen eu countries suspend use of the astrazeneca vaccine over some concerns around blood clots and potential link with blood clots and the astrazeneca vaccine. as you pointed out, the european medicine agency reiterated the vaccine is safe and effective. in terms of a turning point, this data could be it. dom. >> juliana, thank you very much. to a developing story in turkey where the country's president, recep tayyip erdogan is sending the markets there into a frenzy. we have hadley morgan with more good morning, good afternoon >> reporter: good morning, dom this is creating a bloodbath in the market the turkish 10-year yield
running above 10 theirs. and the istanbul stock exchange dropped 6% before resuming trade. at the same point, this is 10% off what we saw on friday. that is all before president erdogan decided to sack his third central bank governor in the last five years and bring in a party loyalist erdogan has never made secret on the rate policy. he believes when it comes to inflation, you need lower rates to keep a lid on things and keep things from overheating. economists have been pushing back we heard from irnvestors the sacking of the central bank
governor over the weekend leaves turkey beyond the point of no return they believe lira could hike to the dollar by june they recommended an exit of long-term turkish assets a conundrum ahead of elections in the coming months >> thank you very much, hadley gamble, with the latest on the central bank. back to the markets as the investors gear up for the final few days of triading in the firt quarter. all three indexes looking at solid gains. what's more in store this quarter? i'm joined by mark anderson at uvs global management. mark, if you take a look at the overall picture for markets right now, we talked about the volatility this could not have been more
vo vol volatile >> we will see more vaccine news coming in. by the end of the second quarter, we have 70% of the u.s. population with first dose of the vaccine and in europe around 40%. that means the second quarter will be transformational in terms of growth. some of the strongest of my career i think that leads into equity markets. if jay powell said they will let inflation run longer, they have the short-term rates close to zero for a period of time. in its entirety, this is strong for the global markets
>> i look at the trades and s&p and the value oriented sectors it is translating to other parts of the world as well mark, how much of the optimism about the rebound has been priced into the market right now? ever since the vaccine headlines have come out, the markets are off to the races is there more to go? >> we think there is most to go. we see energy and financials and small caps if we look at small cap, it is trading at a 2% to the rest of the market we look at value it caught up and it is where it was a year ago a significant under performance over the last decade to the growth names of falling yields if we look at something more concrete like financials which is trading to the broader u.s. and european markets
it is supported by not only higher yields, but a bit of an installation of higher rates and supported by non performing loans and going significantly up upwards. all of this is an interesting investment case, but also for the context for the wealth management clients, we think it is not a risk related to growth in the markets, but to an overshoot of inflation >> let's talk about the wealth management clients if you look at the way interest rates developed over the last two or three months, has it changed the view of your clients about where they should be allocating capital has the pull back made an attractive entry point with corporate credit are people looking at the equity
market what about the hunt for yield? >> that is right we have been recommending our clients for longer to be out of cash and high grade and investment grade bonds where we don't have the insulation with the move of yields and rising inflation rates. if you look at the high u.s. yield markets. 3.5% that is sensitive to the rising yield and expectation which is low. the strong growth and inflation and higher energy prices leaning into the strong fund like u.s. high yield or asian high yield which is something our clients have been in for a while yields close to 7% in u.s. dollars. it is a different back drop for investors who shifted to the inflationary trade looking for high yields or loans where you get more attractive
yield and investment comp composition. >> mark andersen, thank you. when we come back on the show, more on that breaking news out of astrazeneca and what u.s. approval could mean for the fight against the pandemic here at home. plus a spring break city in crisis the developing situation in miami beach in florida coming up next. later on, forget twitter now former president trump is planning to return to social media on his own terms more on "worldwide exchange" after this break
welcome back to "worldwide exchange." the futures indicating the s&p lower at opening bell. dow down by 15 the nasdaq up 50 points. as for the dow, the pre-market trade jpmorgan chase and boeing and cisco and coca-cola. salesforce is up back to the breaking news. astrazeneca is releasing the results of the long awaited u.s. trial. the company along with oxford university reporting the vaccine is 79% effective in preventing the disease and 100% effective at preventing severe cases or death out of 30,000 volunteers
part of the study. this as new york is reporting the first case of the brazilian variant in a person with no recent travel history. joining me now is dr. david levy if you look at the way these variants are starting to spread, is there a reason why people should not be as optimistic about getting the vaccine? it appears the vaccine trajectory is doing well in the united states. >> thanks for having me on the idea he is the faster we move to immunization, the more we can prevent multiplication of variants this should not deter anybody under any condition for moving toward any vaccine they can get at anytime whenever they become available. >> so the astrazeneca news this morning. how much is a game changer if there can be an emergency use
authorization granted giving us four vaccines against covid going into the summer months >> i think for the world, it is a game changer here in the u.s., we had great supply procurement we were anticipating that demand, supply would meet demand by the mid or april or early may. i would not call it a game exc changer in the u.s we have had supply it is a game changer for the world. >> we talk about the variants in brazil and south africa and in the uk how much does having a vaccine program with astrazeneca attached to it help minimize variants coming from other parts of the world >> the more people that get vaccine, the fewer replications will occur and the smaller the opportunity that these variants
can start to occupies the niches that have become available as we have more and more vaccinations. the more you vaccinate, the lower the replication and the lower the chance the variants can become completely available to prevent or occupy the spaces that the original virus did. we are looking to more and more vaccination. it will reduce the chance of variants overcoming the rest of the current species. >> dr. levy, before we let you go if you look at the way the vaccines are deployed right now, what is the critical next step in terms of outside the u.s. for vacc vaccine deployment >> there is a regulatory issue you preventing the smooth distr distribution
getting the vaccine out to as many councilstries. >> dr. levy, thank you for your thoughts good luck with your campaign >> thank you still on deck, watch out tesla. jeep is revealing an off-road truck. those details are coming up next >> announcer: today's big number 31.4%. that's how much the price of a gallon of gas has jumped from a year ago according to aaa. the national average for a gallon is w .8no$29. choose stamps.com to mail and ship? no more trips to the post office no more paying full price for postage and great rates from usps and ups
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welcome back to "worldwide exchange." let's get the latest on the headlines with frances r,ivera. >> yesterday, the biden administration sent a message to migrants saying we are closed. the president said he may go to the border soon. republicans have criticized the administration for the response to the situation. in australia, thousands evacuate as the rain is inundating the east coast. the woman captured this house
floating down the river. the home was rented by a couple due to be married this weekend a spring break like no other. crowds of spring breakers who descended on the city under curfew the state of emergency was declared on saturday on sunday, voted to keep the curfew in place from 8:00 p.m. to 6:00 a.m. which shutters indoor dining. it comes with the large crowds, some of which caused fights and stampedes. high school students in new york city will return to the classrooms today for in-person learning middle school students returned last month and elementary students those are the headlines. dom. >> thank you. straight ahead on the show more on the trading day ahead and including the breaking news from astrazeneca. plus, president biden's next
moves out of washington, d.c. that could target big technology if you have not done so, subscribe to the podcast if you missed worldwide exchange, check us out on apple or other apps. we'll be right back. these days, we want sophisticated but simple. cutting edge made user friendly. in other words, we want a hybrid. and so do retailers. which is why they're going hybrid, with ibm. a hybrid cloud approach with watson ai helps manage supply chains while predicting demands with ease. from retail to healthcare, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm.
indices test recent record highs. the biden administration pushing for the infrastructure bill with tax hikes for corporations and high earners potentially part of the plan. and kathy wood's ark invest hiking price to tesla. the staggering price it is putting on the automaker shares. it is monday, march 22nd you are watching "worldwide exchange" here on cnbc welcome back i'm dominic chu. here is how stock futures are looking through the 5:00 hour. you can see futures indicating the dow will open down by 100 points s&p lower by 5 points.
nasdaq higher by 65. out performance in the nasdaq trade. the treasury side of things, interest rates are a focus driving a lot of the volatility in the market. ten-year yield is 1.8% two-year note yield is 1.3%. to the breaking news involving the astrazeneca and oxford university covid vaccine. the drugmaker publishing the first data from the u.s. trial showing the treatment was 79% effective in preventing the disease. the vaccine was shown to be 100% effective at preventing severe cases of covid, death and hospitalization out of 30,000 volunteers in that study the findings come on the recent questions over the true efficacy of the fvaccine, especially in
europe now to the other top stories. the head of the house judiciary an anti-trust panel is preparing bills targeting technology companies. democrat david sisilene is aiming to roll out ten bills on the matter he is taking on msmaller bills instead of one large piece is an bid to opposition to the companies. former president trump is looking to return to social me media via his own platform the former president plans to launch the platform in two or the three months trump was suspended from twitter, facebook and other sites for his role in the attack on the capitol hill building in january. amazon workers in italy are
expected to kickoff a 24-hour strike starting today. the move comes after talk was the company and unions over contracts for workers at amazon's delivery service suppliers broke down the unions are seeking changes to contracts on workloads, lunch vouchers and bonuses shares of amazon unchanged to washington, d.c the biden administration continues the march toward a massive infrastructure bill. while there is plenty of talk of tax hikes to pay for that legislation, there is a push for tax breaks as well ylan mui has more with us. >> reporter: dom, president biden proposed raising the tax rate to pay for the infrastructure, but there could be goodies for whatever comes next on capitol hill the lobbying has already begun
chips act creates a 40% tax credit for investment in equipment or other expenses. democratic senator mark warner and republican john cornyn are the original sponsors. the national venture capital association is touting bipartisan support for the american innovation and jobs act. that extends the tax credit for sm small businesses it allows to keep full deductions at r & d cost the push for that benefit is the coalition which includes amazon, intel, ford and raytheon that is all fine, but what about musicians? don't they deserve a tax break the answer apparently is yes they have the hits act
helping independent tracks succeed act. allowing to deduct the production costs which is up to $150,000 in taxes. dom, a 21% rate may go bye, bye, bye. >> i see what you did, dom i'll have that song in my head thank you for that let me ask this. how likely is it that these tax breaks actually get passed >> so that's the interesting thing about how this all works in washington, dom there is bipartisan support for the measures i talked about. even if an infrastructure bill or even if a tax hike bill ends up being passed with only democratic votes, the fact that these tax breaks could still get in there and bipartisan support
means once they are into the bill and law, they could be extended for a long time because both republicans and democrats support them i think about a tax break that was included for the beer and alcohol industry back in the 2017 tax cuts. democrats didn't like that bill at all when it came time to extend the tax breaks for the industry, bipartisan support for that. it was made for a minute that is the playbook they are trying to follow >> ylan, thank you for the update for more on president biden's next move on your money, joining me now is standard investment economist stephanie ke kelly. good morning to you. a lot of irons in the fire now you for the biden administration hypothetically what will the priorities be for the current administration going for the next few months? >> i think it is pretty clear that green infrastructure just
is front and center. there's a lot of discussion in the party about how you fund it and that will be crucial for representatives like joe manchin. his role in this centrist area they don't do another huge fiscal bill that is unfunded how much do you fund i think the point that has come across is the investors to see bills as good or bad when the reality is you have a big infrastructure bill that has lots of positives in it that is partially offset of taxes. that is a who is the winner and who is the loser issue it is more nuance than that. particularly if you care about long-term potential growth >> stephanie, the one word that i hear all the time when we talk about elections and inaugurations is infrastructure. i heard it for decades now at
this point how likely is an infrastructure deal actually getting done they talk about it being bipartisan and it never seems to get any traction >> so, i think it is really likely that if an infrastructure bill gets done, it is likely to be a green element that is charging the support in the democratic party will it be bipartisan? i struggle to see a lot of republicans getting on board with the bill that requires a tax hike as part of the funding package which is likely. to get the joe manchins on board, you need a tax hike i think what we learn from the covid support bill that has been passed already is that the biden administration recognizes this is the chance to get things done because come 2022 and mid-term elections, they will probably lose the house and can't do anything that is what is driving support and what is driving the approach i'm factoring in this is likely
to happen. the question is how big is the bill >> we talked about this notion of investors looking to infrastructure plays it happens every time there's an election cycle people look at construction aggregate and steel manufacturers. we did it in the beginning of the trump presidency we are doing it for biden. what exactly then can you expect to see from a corporate stand point as to the companies that stand to benefit with the infrastructure push? >> i think what is really interesting with this bill versus previous is a green element. it is slightly opening up opportunities particularly for the materials providers who are important to traditional infrastructure work and also that green infrastructure packaging and building renewable energy manufacturing and things like that we know they want to weatherize
le lots of buildings. they are looking for opportunities to contribute to the transition to tackling climate change this might provide both. >> before we let you go, tax policy is a focus for the coming months as we have to pay for these initiatives. if there is a tax hike and happens for the wealthy americans and corporations how likely will it impact the u.s. economy >> this is where it is important that a tax hike would be used to fund a significant stimulus, especially for long-term potential growth the nuance here. the reality is different companies pay different rates. that is important. just pabecause the rate is 28%,
doesn't mean every company pays 28%. that is where the difference comes in we know as things stand, companies are paying less than the existing rate. that will continue to be the case the question is how much does the change impact the bottom line that's where you get into not just what is the company doing and in terms of the tax rates, but what is the profit margin and will it benefit from the opportunities that get pushed through by the bill. >> thank you, stephanie kelly. have a nice day. coming up, your morning's big moves. including a $25 billion railroad mega merger set to rerail the network. as we head off to break, other top stories this morning epic gains set for another round of funding to push the valuation to $28 billion the company behind for the night
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welcome back to "worldwide exchange." some of the big stock moves this morning. kathy wood sees tesla shares move $3,000 each in the next few y years. projecting the stock to quadruple by 2025. that implies a gain of 58% in the next four years based on tesla's closing price of $655 on friday the biggest reason for the price target hike is ark estimates tesla will have fully autonomou driving by that time. and blackstone bids $68 for
australia's crown resorts. this comes as regulators investigate the casino business practices and threaten to revoke gaming licenses. shares up 21% in the pre-market trade. and canadian pacific buying kansas city southern for $25 billion in cash and stock. it values it at $275 a share a 23% premium to the friday closing price. it creates the first rail freight network with canada, u.s. and mexico. you see kansas city southern up 15%. do not miss the canadian pacific ceo at can9:00 a.m. and the moves to make in the trading day ahead and the latest on the breaking news on the astrazeneca vaccine and what it
could mean for approval in the united states. and if you have not done so, subscribe to our podcast check us out on apple or spotify or platform of choice. march is women's history month we are spotlighting the reporters. here is darla marcado on what empowers her >> my 3-year-old son he pushes me to be the best version of myself and all capacities this is the greatest challenge that i'm wearing my mom hat and journalist hat at the same time. last spring, i toilet trained him and i had to bring out plenty of stories for our web site i take a lot of pride in my work and try to be a strong example for my son
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back to the breaking news of the astrazeneca covid vaccine candidate. astrazeneca shares up 1.5% in european trading the drugmaker publishing the data from the trial in the u.s showing the trial vaccine was 9 9 79% effective let's turn back to the markets and look at the stocks you should keep an eye on. check out the equal weight etf these two etfs over the last year have traded well in tandem
up until the fall when the value oriented parts of the market with the msmaller members of the s&p are outperforming. it indicates a broadening out of the rally we have seen, including smaller stocks not mega cap technology and media names. check out what is happening with the market look at the spydr ticker would you believe it if i told you and i have the chart up so you can see it oil and gas stocks are a better investment even with the covid market included than semiconductor stocks those were a leading indicator for the rally. oil and gas companies out performing semiconductors. for more on this and your trading week ahead, let's bring in john augustine and courtney
gibson thank you very much both for being here courtney, ladies first how is it we could have oil and gas stocks out performing the biggest technology names out there? is this a trend in value oriented stocks sustainable over the longer term? >> dom, i'll give you a short answer and say no. it will not sustain over the long term. we are in a situation where we are seeing the rotation into value. value has under performed as we all know over the past decade. we have seen capital markets with the institutional markets since the end of last year, the value oriented stocks. it is a situation where we are seeing that pick up and seeing the names to begin to finally add value in the portfolios.
be careful because you don't want to be out of the growth stocks this run is not over >> the run is not over, john that is what kourtney is saying. does that jive with what you are thinking do we have legs with this rally? should people stay invested? >> of course they should stay invested especially in the environment of 1.7% treasury. what we are seeing from the equity team just like kourtney, we did a package of value stocks they brought in a corporate in february they are not keeping technology and health care and different growth areas of the economy or the faangs they are trimming or adding.
ko kourtney got that right sdplchlt j . >> john, you mentioned the characteristics for some of the value oriented stocks and what are you putting in client p portfolios >> material sectors or team dow chemical they have four chemicals and also added caterpillar and deere with the infrastructure sector and the farming sector right now or anticipated spend then they added chipotle and hilton for people coming back out in the economy those are six of broader packaged that they added in the portfolios last month. they did a good job. >> kourtney, with that in mind, if there is a trend having some of the value oriented stocks part of portfolios, what are you
looking for and what are you putting in portfolios right now? >> dom, i think for us, we are a i an investment bank if those managers have the portfolios with the names bending to the resilience with the rising interest rate environment. they are positioning those not for right now. i believe this is a blip when we see 2022 ci coming in ad inflation is going to peel back. when we think about a rising rate environment post 2023, some of the names should perform well and value names should out perform. whether the financial names or whether you are talking about
some of the industrials we are seeing out there i think we're seeing that rotation picking up now or have picked up before the massive run. they were positioning the p portfolio for this time. we are boggoing back to the groh names which have the potential for growth as we move forward. whether it is square or paypal or even facebook you have seen names that honestly have a business case for success not in the short-term as we are seeing traders trading in and out, but long-term investment you don't want to miss it. >> so, just a few moments left, john the last word to you here. do rising interest rates give you fear just about 15 or 20 seconds. >> yeah. coming into the pandemic, we saw
10-year treasury-year- yield in 1.2% if it goes above, it will spook the stock market that is something our fixed income team is watching. >> john augustine and kourtney gibson, thank you. that does it for us. "squawk box" picking up coverage next itchy? scratchy? family not getting clean? get new charmin ultra strong. it just cleans better, so your family can use less. hello clean bottom! enjoy the go with charmin. want to save hundreds on your wireless bill? with xfinity mobile, you can. how about saving hundreds on the new samsung galaxy s21 ultra 5g? you can do that too.
that's the new call from kathy wood we will show you how the street is reacting and the stock. probably in the "squawk stack. it is monday, march 22nd, 2021 nothing ever makes sense that's why it is called madness. "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen andrew is off. you saw the dow with the worst performance in two weeks on friday it was a decline of 230 points this morning, it is indicated down again by 89 point
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