tv Worldwide Exchange CNBC August 2, 2021 5:00am-6:00am EDT
it is 5:00 a.m. at cnbc. here is your top five at 5:00. coming out swinging. your money looking strong to start the month. futures surge to kickoff august. it is also a big deal monday literally. with $40 billion in m & a. one endorsing jack dorsey and one large deal. and covid-19 cases continue to surge in some states as one state breaks a pandemic hospitalization record despite the scary headlines, we'll show you data that anmay
make you feel better and on capitol hill, the senate turns on the $1 trillion infrastructure plan as it clears a hurdle last night. despite the surge, what happens to the stocks in china as the crackdowns crumble more than $200 billion in market value on their markets a lot to do on this monday, august 2nd this is "worldwide exchange. well, good morning, good afternoon or good evening. welcome from where every in the world you may be watching. i'm brian sullivan great to be back after a long week on the road by the way, welcome to the first trading day of august. let's jump into it and see how things are looking to start the month. they are looking pretty dog gone good dow futures up 200 points right
now on a percentage basis, the nasdaq is up more. up a nice pop for stocks. we are coming off a week where the major advantages did fall a bit, but small caps were able to post gains last week of course, remember, august tends to be more of a voluatile month. in the bond market, we will show it to you. if you are a potential home buyer or refinisancerefinancer 10i 10-year is looking to be
1.23%. and let's get to joumanna bercetche with a lot of green on her screen we are seeing some stabilization in chinese equity. that is setting the tone for the global markets this morning. you can see behind me every european is trading in the green. starting with the ftse in the green. a break through the 7,000 mark it has been a psychological barrier. the ftse 250, the domestic focus smaller cap, is at a record high this morning we are continuing to see new record highs in europe the cac and france is .80% xetra dax in germany is up as well i want to take you to the developments over the weekend. starting with the european stress test for the banking
system the european banking system says the sector is resilient following the latest series of stress tests regulators warn the high reliance on credit needs to be cautious robust as a whole with capital there are some banks flagging. also while we're talking about banks, let's take you quickly to hsbc which reported pre-tax profit soaring in the first half as they recovered from the pandemic you can see the stock is up .20%. for the earnings season as a whole, brian, second quarter earnings are up 20% year over year in europe so far. >> that's not a bad number joumanna bercetche, thank you very much. now to the morning's top monday morning story
it's a big deal. it is the biggest deal in one country's history. another big deal contessa brewer is with us good morning >> good morning, brian thank you for that this is the biggest buyout of the australian firm in history square is buying fintech company afterpay in an all stock deal. that translates to 30% premium to afterplay's last closing price and news sent shares soaring on australian trading. this marks a deal expansion into the booming installment and payment market dominated by affirm and clarna. aft afterpay lets customers pay in installments customers will eventually manage installment payments through the cash app the deal is expected to close in the first quarter of 2022.
brian, it is a big deal because square is looking at those younger consumers who they say look skeptically at using credit card plastic is passe >> you see that now on so many web sites. what does it cost? $400 or $23 a month for the next two years. just click here. be careful you add up the $23 a month over and over. contessa, see you in a few minutes. big story ahead. thank you. back now to the markets. you may not realize it unless you are really counting at home. even we weren't. stocks are up. six months in a row. that's right six straight months of gains for the major averages july was a good, not great, but good month for stocks despite the covid concerns out there where do you put your money now heading in to what is a higher
risk august? let's welcome in jgreg hahn. greg, thank you for joining us a lot of scary headlines the mask mandates and the china threat and government cracking down on its own companies. a lot of things up in the air. you have to allocate capital where are you putting it >> brian, we have to remember we are living through two experiments we never lived through before we are living through navigating through a pandemic and navigating through the economic recovery that we've been in the quantitative easing program since the financial crisis in 2009 we have allocators and we are allocating moneys that we're still allocating within the s&p 500 and domestic stocks. we are shifting. we moved out of equal weight s&p 500 which we used alongside the
regular s&p 500 to capture the recovery stocks. the second thing we are increasing exposure to china in the sell off of china, some of the companies are great companies that have audited financial statements through public accounting standards which have good business models, but it is the baby with the bath water. valuation is cheaper than a month ago and cheaper than u.s. stocks. >> chinese stocks overnight had a big pop. shanghai, shenzhen and hong kong one day trading is not bad greg, what makes you certain it's okay? >> we don't. we're investing in uncertainty remember, this is the communist party with authoritative capitalism brian, we had a shift two years
ago. we started to really look at china differently. this idea that china was going to come over to the western way of doing business, we threw that out the window we said they have their own model and their own rules and they will always live by them. what if we have two systems? authoritarian capitalism and western capitalism then i have been doing this for a long time. what if they did a lot of trading and their global trading was traded in the yuan that legitimizes that currency we think it will be the number three currency by the end of the deca decade >> wow the point taken about the risk quickly, in the united states, any stocks any sectors, greg, that still look good to you it's been a good run
valuations may not be high, but certainly not low on any metric. >> no. here's the thing investors have to remember. whenever there is an aggressive monetary stimulus with fiscal stimulus we are about to get another $1 trillion infrastructure bill it is a safety net for valuations domestic valuations are going to look excessive that is a catalyst, we think, for investorinvestors. we are staying allocated to domestic equities. on the stock side, you dance with the girl that brought you we have been the stay at home stocks, alphabet, facebook, microsoft, we still have amazon in the portfolio we will be exploring that this week after earnings. that is a little long in the tooth. we still have an exposure to tech
we like that class >> okay. let us know what you decide on amazon a red hot stock at $3,357. greg hahn, great to have you kick off the week. >> thank you, brian. you're welcome on deck on this monday, call it a beijing bounce chinese stocks popping overnight, but greg said there are risks overseas we'll talk about them. and will congress really get a big spending bill done what the leaders accomplished on the infrastructure package and the sun not up over the capitol. it is just 5:00 a.m. after all we're ckft ts.ba aerhi i became a sofi member because i needed to consolidate my credit card debt. i needed just one simple way to pay it all off. it was an easy decision to apply with sofi loans, just based on the interest rate and how much i would be saving. there was only one that stood out and one that actually made sense and that was sofi personal loans. it felt so freeing.
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with the best of the olympics, and everything else you love, it's a way better way to watch! cheer on team usa with xfinity x1. say "show me the olympics in 4k" so you can watch in stunning 4k ultra hd. welcome back good monday morning welcome to august. we are coming in strong. strong like ukraine. caterpillar and boeing and disney and nike and jpmorgan chase. all up this morning. not just the industrials and dow stocks technology names higher as well. nasdaq futures are up 90 points. higher on the percentage basis than the dow and s&p we are seeing baidu and chinese companies and moderna and tesla all doing well with all of the futures up. speaking of china, their
recent crackdown on the technology sector has turned one former stock market darling into one of the world's worst stocks in july. before last thursday's bounce back p, mfirm tencent got a bounce in july it wasn't just that company. nine of the ten destroyers of the capital were big chinese names. metyuan and alibaba and pinduoduo. is this fear, perhaps, overdone? joining us now is managing partner ben harburg. ben, good to have you back on the program. hard to read i think the risk and tell me if this is wrong, but the risk seems to be you invest in a company you don't know if
tomorrow the headline from the government is going to be about your company or your ceo they come out of nowhere >> it's actually not as complicated as that sounds the reality is if you look at the company and company basis and sector by sector basis, it is easier to determine where the trajectory of things is headed a company like didi is one in scrutiny in regulators eyes for some time as a result of issues with customer privacy and customer safety and operating licenses around the country. on the sector basis, if you looked at education, it has long been under scrutiny due to fears teachers were moonlighting rather than serving public school students. k-12institutions were not following public guidelines and restricted from ipos and other m & a. it was not as shocking for us
here on the ground >> what do you think the chinese government wants what are they doing? what are their goals >> i think at the forefront of everything they do is stability in the economy and prosperous social framework every decision they will take will fall in line with those two core tenets. with education, this sector had gotten ahead of itself that firms were essentially milking parents and creating a high-tension environment where it was required to take all of the after school testing programs to get your kids into the right schools. it was no longer a galitarian. the chinese government stepped in to make education utilitarian
likewise for data protection and when it comes to companies, the chinese government doesn't want more fraud cases in the market they will work hard to regulate those not operating under chinese law under the vie companies. we will see continued scrutiny on that structure. >> it is not just then, ben. where has jack ma been literally gave up control and sort of went away. maybe that is his decision, maybe not. do you think the chinese government will look at specific companies or do you think most of the regulatory damage, for lack of a better term, may be done >> again alibaba and that financial is one business under scrutiny for
m monopolistic policies. they control media to banking to ecommerce. as a result of that, the company got too powerful for the eyes of local regulators as a result, it will have to do divestments. didi and alibaba were similar in that sense that they were viewed as monoplolistic. if you are in one of those spaces, you should be aware. >> ben harburg, thank you. it is an important conversation. thank you. have a great a day appreciate it. all right. coming up, big news from the olympics as america's biggest star is about to make a big-time com comeback plus, your top trending stories. we are not showing you these pictures for no reason the montana town that is so hot that they're calling it
boze-angeles i'm not sure that's what you want we're back after this. >> announcer: today's big number $1 billion that's how much lebron james has earned in his career the first active player in the u.s. team sport to reach that mark according to suppportico. michael jordan was the first to reach $1 bilonbuon aer his playing career 're feeling blue ♪ ♪ dream, dream that's the thing to do ♪ ♪ music ♪ when you see value in all directions,
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welcome back let's get a check on the other big news headlines with phillip mena in new york >> good morning, brian we will get to the olympics in a minute the u.s. and uk joined israel in accusing iran of a deadly drone strike on the israeli operated oil tanker off oman. two people were killed iran denies involvement. the second of sretary of state d there is no justification for the attack. and western wildfires are so widespread, smoke is triggering air quality warnings in the midwest. those with respiratory disease
and elderly are encouraged to stay indoors progress was made on sunday against the largest bringing the bootleg fire in oregon to 74% o usa gymnastics says simone biles will compete tomorrow. the four-time medalist has not competed since withdrawing last tuesday. brian, simone biles decided she is ready to go go for the gold. the last opportunity in tokyo to get one. >> wow good for her
best of luck to her and the entire team. i know the phillip, thank you let's step outside and get the top trending stories on monday, including a booming rockies town and a very, very, very popular youtube video contessa brewer is back with those. what's going on with boze-angeles >> it is a real estate boom town in bozeman, montana. up 23% between january and april. according to data from realtor.com. there were 33 homes there than . the pandemic fueled the soaring prices
look at the scenery. a studio built outside london for amazon and netflix. sunset studios is set to develop the site in brockbourne. the facility will create 4,500 jobs and 300 million pounds a year to the local economy. here is a video that will never say good-bye the song "never going to give you up" by rick astley boosted in part or largely by the longstanding trend of rick-rolling this is a meme that consists of sending someone a link to the 1987 hit deskisguised as someth
else if i sent you a video of simone biles performing, but then send you the rick astley video. i researched this. i have never heard of it it has been happening since 2006 that's a long time to be rick-rolling truly, the song, we're never going to give it up. >> breaking news you never rick-rolled? i rick-roll people all the time. >> you are so much hipper than i am is that a word >> i can't stop dancing. i love his video denim shirt and big pants. pegged at the bottom and random, but interesting, contessa you know how old he was when he made that song 20 i think of him as an older guy
he was 20 or 21 years old. >> probably the same age as you were in 1987 >> yeah, i was 46. i felt 8 i acted 14 contessa, you will get rick-rolled soon contessa, thank you. don't open that link coming up, a big weekend at the box office that's right the box office is back we're going to bring you the winners and the numbers all ahead. it's going to be a big day of rick-rolling on "worldwide chge." dow futures up 90. we're back after this. 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
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ready or not here comes august forget the dog days. it looks like the bulls are actually in charge as stock futures surge. in washington, the senate finalizing the text of $1 trillion infrastructure bill will the house sign it or send it packing plus, your morning rbi all about covid and vaccines and maybe, just maybe, a reason to feel better with the scary headlines out there. the real numbers you need to hear ahead on this monday, august 2nd this is "worldwide exchange.
welcome or welcome back. 5:31 on the east coast of the united states. thanks for joining us. i'm brian sullivan great to be back with you on this monday. especially because the markets and your money, perhaps, are looking good to start the week nice to wake up with green on the screen futures up from .50% in america, that is 190 on the dow. now the markets, as far as the averages last week, you read the headline and see they were down. when you dug in, you realized it was mostly the big names heavy tech and dragging down the index. the reality is last week, most stocks actually rose including the small caps by the way, if you are counting at home and if you are not, we will tell you the major averages are up six months in a row done it quietly. stocks continue to go up
by the way, we have the july jobs number on friday. that should be interesting also, watch the g.o.a.t. stocks. the get out and travel index the stocks that do with getting out and traveling. cruise lines, airlines, hotels, restaurants, casinos all of the covid headlines sparking travel fears. when they happen, you get the headline cruise ship passengers testing positive for covid that is to be expected because nothing is 100% effective.
contessa i just got back from vegas it was the most crowded i have ever seen. if you want to eat, i'm 50 so i can do it. i ate at 4:45 p.m. with the aarp discount the mask mandate coming back, no politics here. do you think it could lead to people choosing to stay away what are you hearing >> i think that the casinos have the signs out. they were ready to roll out the mask up policy i talked a source over the weekend who was in the middle of the tournament and no masks at the table. he said, right as that mask mandate hit on friday, everybody had to don the masks at the poker table. everybody complied right then.
these are tourists who are driving the economy in vegas we knew the boom was coming. that was while the mask mandates and restrictions in place. people were planning travel. you look at the operators, mgm and caesars down we expect the earnings this week we should get a lot of color on whether the covid variant, the delta variant, is going to impact the bottom line here. by all accounts, the mask mandate does not effect people choosing to go to vegas to travel >> all right right now, we wait no clear indication that maybe some cancellations some people maybe get frustrated i saw a lot of masks a lot of people choose to wear them to feel safe for themselves even if they don't have to that's a good thing. what else is going on for this
monday, contessa >> let's talk about what is happening this morning one of president biden's top priorities for congress and late yesterday a rare weekend se session, the senate finalized the wording of the infrastructure bill. the text for that jobs act is 2,700 pages. the bill includes $550 billion in new spending over five years to build roads and electric vehicle charging stations and replace lead water pipes zoom says it will pay $85 million to settle a lawsuit claiming it violated privacy rights according to a lawsuit. the class action suit alleges the company shared personal data with facebook and google and linkedin and shared disturbing content. a practice called zoom bombing
it requires approval by a judge. subscribers will receive 15% refund or $25. zoom users who did not pay for an account can submit a claim for $15. "jungle cruise" sailing to $34 million at the box office this weekend with additional $27 million in ticket sales internationally and $30 million in paid streaming on disney plus the film secured $91 million in the first three days that movie stars emily blunt and du dwayne johnson that practice, of course, got headlines over the weekend when scarlett johansson decided she did not like the streaming release and is protesting in court. >> by the way, i'll zoom bomb
somebody with a rick-roll. it will be delicious >> you are mashing up your trends, brian. >> i'm trying to stay relevant thank you. time for the morning rbi a serious topic. covid again. not in the way you think like everything else in the news, context and facts are key in understanding a story while there are a lot of big and scary headlines related to the t delta or other variants. nbc news notes in the 38 states that report this data, there have been 126,000 cases of people getting covid after vaccinated that does sound like a lot, but remember there have been 164 million people vaccinated in america which means the infection rate is just .08%.
any bad outcome is difficult to talk about, but the hospitalization rate is lower at .004% and the fatality rate of those vaccinated is .001% .001%. of course, these are not all of the states and the numbers could go up and they are likely to and likely more variants after delta. dr. scott gottlieb said on "squawk box" over and over this is an endemic. meaning it is here to stay it may never completely go away. don't be discouraged the numbers from nbc news we showed you is important. the vaccines are working probably better than advertised. the risk not zero, but as close as you can get. lightning strike terroms of the worst outcomes a lot of numbers, but hopefully random, but important. let's get more perspective on
this and the delta and other variants are working in the united states with chris meekins. chris, your pieces are 70 or 80 pages long to understand it, you have to dig in i'm not minimizminimizing this i'm trying to put the numbers in context what is your take? >> obviously, death is tragic to anyone who lost an individual. when you look at how effective these vaccinations are, it is remarkable when you look at san diego and california what you see is eight times the number of unvaccinated people getting sick than the number of vaccinated people with covid what we know with vaccinated people, you have a much higher likelihood of mild symptoms and not hospitalized and not die that is a testament to the work
done on the vaccine side i'd like to see more progress on the therapeutic side as we anticipate more variants we have to say the vaccines are working. the more people that get vaccinated, the less likely we will have worse variants coming down the track >> and that's such an important point about treatments treatments have gotten better. we talk about vaccines, but not treatments there are things out there already and there are promising trials that may be close, are there not? >> there are, no question. merck has a product and the government took a pass on it with the leadership before merck acquired a drug from a smaller company that could be a game changer. the goal is to accept the fact that we are not in the days to
make covid completely go away. people like to talk about herd immunity and no longer cases sadly, we missed that opportunity early in the pandemic with failures at cdc on the testing front and lack of preparedness on the public health side. now you we we are looking at en. we will probably need booster shots just like yearly flu shots to alleviate the spread of bad flu in the united states going forward, i think we can manage this in an effective way without worrying about lockdowns or dramatic changes to people's lives. >> we talk about the -- again, dr. gottlieb has done a lot on this he talked a lot about this these are not my words, these are his. you have to remember the 1968 pandemic which killed more than 1 million people worldwide
h3n2 is deadly every year. chris, do you expect that covid, the delta variant and there will be other variants as well. this will ultimately morphinto something, sadly, we have to live with for the next few years if not decades like the asian flu in 1968? >> this is with us a long time scott and i both worked together at the department of health and human services i was in the area of public health preparedness and he was at fda to see what potential things could come down the pike. the reality is this is something we deal with every year. with effective treatments and people vaccinated, we can limit the problematic variants with delta, it is more transmissible. it could be as transmissible as chickenpox at this point for the viewer, bottom line, if
you don't get vaccinated, you will probably get covid. if you are hospitalized, your chances of dying are higher as well >> chris, before we let you go, to the cdc study getting attention. based on the very small group, you know, province town mask during party week, do you read into the headlines it is like saying, you know, we took a sample from a week at mardi gras when it was raining and everybody was packed in a bar. seriously. it was party week. that is the data set that they had or they chose to use what is your take on that? >> i'm not saying people need to dramatically change their lives. what i will say is if you are unvaccinated, you need to be careful about what you are doing. ideally, you wouldn't use one of the gaitors or cloth mask.
you will get a kn-95 my wife and i went into a restaurant and did shopping. we haven't changed despite the increase in delta in washington, d.c. i think people can go about living their lives it is just a matter of being more cautious if you are unvaccinated because you are at higher risk. >> did we mention lollapalooza chicago? i know some people had their kids rocking at lollapalooza chris meekins, thank you >> thanks, brian. short break here dow futures are up despite the concerns and we will be rit ba ckgh if you're 55 and up, t-mobile has plans built just for you. switch now and get 2 unlimited lines and 2 free smartphones. and now get netflix on us. it's all included with 2 lines for only $70 bucks!
time for the big money movers on monday two stocks square is buying afterpay for $29 billion in stock to expand into the growing buy now and pay later market 31% premium on that deal stock two. parker hannifin is buying meggitt for $8 million that is a 70% premium to the closing price on friday. congrats to shareholders there. now to oil and energy. on friday, you might have seen we were at chevron's
headquarters in california we talked about the recent quarter. starting up the buyback program again and shift to renewable energy for transportation. the live tv interview wasn't all we did we had a longer forum and recorded for later on. more than ten minutes. we hit everything from renewables to business around the world to increasing diversity in the oil and gas work force here is part of the conversation where we asked ceo and chairman mike wirth of the energy mix of the future >> our primary focus in this will be renewable fuels and natural gas and diesel carbon capture and hydrogen. this is to accelerate progress and identify opportunities and pr projects and bringing these to the market >> are they economic
>> it depends. in many instances, these are economic when you operate in an environment like california with a regulatory structure that creates incentives and tradeable credits and things like that the program is designed to encourage investment it does that it creates conditions that allow investors to bring capital into the technologies and see return on the investment. it is not economic everywhere, but economic in a number of markets around the world >> so that was a totally separate interview than live on "the exchange" that day. you can see more on cnbc.com let us know what you think. on deck, call it the super stealth stock rally. the s&p on a six-month win streak the longest in three years why? we'll talk about it coming up. stock futures looking to surge for the month of august.
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look at those names. all earnings coming out this week makes you dizzy looking at that. let's get to the markets and your money futures are higher stocks are rolling on month seven of the six-month win streak s&p up six months in a row stock futures indicating -- it's monday, august 2nd -- but up 201 points what is key for you to know? joining us again is owner and pa owner lee baker. i actually did not know we did
well, but not that well. bad headlines with delta variants and china and concerns with back to school. the markets? they rick-roll on. what has driven us like this >> i think it is all of the above. we are sfexperiencing the reopening. last week, we saw a pull back in the markets. the issue with the tech names that represented an oversized portion of the markets that had great earnings their numbers looked good, but they pulled back that caused the broader index to come down. when you look at it, more than 60% of the s&p 500 was up last month. >> yeah, we turn to covid and i tried to put the numbers in perspective in the rbi with vaccination and risk and everything like this from the market risk perspective, lee, do you think
the biggest risk is a headline to theeffect of a major school district decides to go back all virtual in the fall? the economic risk. the stay at home kids out of school again is that the real risk for the markets around the headlines >> absolutely. i think there is risk there. here in de kalb county, georgia, it is the first day of school which i'm taking my daughter to school for the first time in a couple of years which is weird we have 9.2 million job openings the assumption is in september and schools open up and you have on september 6th is when the extended additional unemployment benefits rollback. we will start to see things change in the job market with the delta variant and parents a lot more concerned about the kids going back to
school and to your point, if you have a major school district that shuts down and goes virtual because of the spiral and that major part of that and the fact that our daughter who is 16 and is old enough to get vaccinated. if you are talking about elementary school kids, that is not an option. that could have an impact on the economy if you have a major district shutdown. >> yeah. now you have the jobs numbers out and maybe we should show the board with all of the names. have you been pleased, lee, with the earnings and guidance because 22 times trailing earnings on the s&p 500 give or take we are not priced to perfection, but you ycan't be too far off >> have i been pleased yes. the numbers last week have been good i think we will see really good numbers further this week as we have more, coming out.
there is interesting scenarios where if you are looking at '22, there are opportunities with companies with 17% earnings typ. dow futures up 200 >> always a great day to be on >> i can't believe your kids are back in school august 2nd it has to be 100 degrees in georgia. that does it for us on "worldwide exchange. see you tomorrow we are leaving you with dow futures up 200 you're welcome
i'm 53, but in my mind i'm still 35. that's why i take oste bi-flex to keep me moving the way i was made to, it nourishes and strengthens my joints for the long term. osteo bi-flex, plus vitamin d for immune support. team usa is ready for the olympic games... osteo bi-flex, plus vitamin d ...and so are mike and eddie! show me the olympics. they easily catch every single event with the award-winning xfinity voice remote. show me bmx racing! show me swimming. track and field. shot put. skateboarding. water polo. climbing! discus. surfing. dressage. dressage? it's horse dancing. magnificent. with the best of the olympics, and everything else you love, it's a way better way to watch!
good morning welcome to august. that means a new month of trading. futures are pointing to solid gains for the dow to start the month. new over the weekend the biggest every buyout of an australian firm and biggest for square acquiring a buy now and pay later company for $29 billion. plus the infrastructure bill moving forward in the senate what about the house we'll tell you where it stands it's monday. we said august 2nd let's get the year right 2021 "squawk box" begins right now.
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