we've been seeing things a week or so. ten-year yielding 426, the two-year at 461, oil prices this morning look like they're slightly higher wti at 8219. folks that does it for us today. make sure you join us right back here tomorrow. see you then, right now it's time for "squawk on the street." ♪ good tuesday morning, welcome to "squawk on the street" i'm carl quintanilla with jim cramer. david faber has the morning off. bulls look to snap a two-day losing streak. healthy mix of ecodata and corporate news, amazon, disney, tesla, u.p.s. and others, blackrock's larry fink, his annual letter to shareholders emphasizing the need to focus on the country's retirement crisis. this major bridge collapse in

baltimore. major efforts under way as the francis cascott bridge collapsed and trump media begins trading this hour. let's begin with a message from blackrock's larry fink and his message town vesters, warning of a global retirement crisis saying he's worried about the strain of an ageing population on systems, including social security jim, you spoke to him, we'll hear more tonight. >> yeah. >> but in a remarkably personal letter this evening. >> oh, my, starts with his father and mother, talks about the old days when basically money was put away for you and you could make a lot of money. and then think about younger people now, they think that there's very little hope that was one of the things that was so sad about this. focus a tremendous amount of energy helping people live longer lives, larry says not even a fraction of that effort

is spent helping people afford the extra years. what happens is, we have a group of people, who are lucky enough, our parents have money put away for them then this group of people, millennial gen-z who don't know how to save, don't think it's worth saving because they don't have a lot of help, will go into retirement, who knows because they can't afford it this is a must-read for every single person in the country it's his best letter yet he says, listen, when we retire, we got to think about how much we put away. and we got to embrace young people for that to happen. >> sneak peer view with jim happens tonight. take a listen. >> i wrote about fear and hope i think one of the major components for fear is about so many people is how can they have financial independence but more importantly, for so many, how can you live your later years with dignity and decency?

and we don't talk about the whole crisis of retirement and then it's not just a u.s. phenomenon this is a phenomenon worldwide now. last year, i traveled to 17 different countries. and i've never had more broad conversations about the need to think about retirement whether it's in a middle class developing country, or it's a very advanced developed country. they're rethinking about how should we be thinking about retirement >> one of the things larry told us on this show is that in this country, our debates are pretty fiery and sometimes messy. but we do have them in ways that other countries don't. >> yes, look he's very optimistic about the country. he is saying we should be embracing home, not fear he thinks we can grow our way out of the situation we're in with the deficit but he doesn't think that the younger people share that. and if you don't have faith in what's going to happen in the country, if you do not believe that you're going to be doing

better than your parents which is something that was the common theme of my generation then you may not have put any money away. if you don't put money away, you're not going to afford retirement now, when i first read this, i said -- i decided i better start talking to some young people i haven't had the good fortune of talking to a huge number of people, my kids' friends. >> you've been going on college tours for 15 years >> 21 colleges, i found myself apologizing to larry for not doing enough >> not doing enough? come on, jim >> no, no, no. it's our job it's our job because the government is going away from it the companies are going away from it. and we need to -- i don't want to celebrate the markets per se, we need to tell people that the markets are better than their bank accounts. it was an embargoed version so i could not actually talk about it but she went through all of the pages. then i see her take her phone out. i say, emma, what are you taking a picture of

she's taking the picture of the outperformance of blackrock stock on the s&p and she says, you buried the lede this is what you want, darn. and my daughter, they've grown up in a household -- >> they're your kids. >> yes and their parent, karen is a great trader and just drilled in their heads that they should invest from day one. and they did it without me because of the problems of a conflict of my revealing something. members of the club. can't wait for tomorrow's club meeting. my eldest, he's, dad, that's the right amount >> that's what i'm talking about, thing like the club things like the democratization of data. information flow, ets. easier >> and it's genius and do it not only that, but the new a.i you can just talk to cloud3,

chatgpt. everything is available. larry, by the way, look, you want to do bitcoin, do it through larry, she's got terrific etfs. but there's tremendous opportunity. he said, jim, come on, drill it, drill it tell people they have hope >> so at the end, at the end of the letter, was really a clarion call to lawmakers? >> i think he would like to find a way for policymakers to be able to say schools should be involved in this but i think that, no, in the end, it's a final note about how younger people have to be taught and we have to try to make it easier for them. and that's really the trouble. we don't make it easier. now, there are companies that have great 401(k)s and those are really ideal but larry is saying it's time to put whatever you can away. younger people respond food inflation is going up, rent inflation is going up. we don't have the kind of

lifestyle our parents had. the world was their oyster, but not us and that's what larry is trying to address because if you don't have any hope you won't put money away for the future. this was amazing so personal. >> oh, man >> it starts with his parent, what it was like i urge you, look, he's had policy notes, and there is some good policy notes in here about energy and the need to be pragmatic. we have to try to get rid of fossil fuel and at the same time, we have to try to make it great because our country has a chance of making it great. he bought a new infrastructure company that would be interest fog are people to invest in. >> yep, yep. >> but in the end, they won't invest in it if they don't feel confident. that was something that larry -- he and i were having a very soul full discussion, what have we done in our lives, what have we done? and i felt great i'm been to 21 colleges, and i said, what if i tried to get people into it, which has been great

>> pretty good good try >> but in the end, it's about you have to educate people that it is worth doing, if you feel your gone, don't. feel hopeful a little more than you should, and put the money away you don't know if you invest it how much money you can make. and i felt like a clarion call for the network or for me, for everybody, to read this note because we don't really realize how scared the people who are between 18 and 25 are. >> right >> they're very scared >> well, in the case of larry's father who invested in dupe point back in the day. the flow of information that fed you scary stuff was thinner, right? >> yes and he goes on and on in the note about -- i mean, they had nothing. no information and they just invested and they did very well and i think that we can do this. i really think that with the college tour, with -- i have some high schoolers coming in.

but we have to make a point that you're going to lead a longer life and maybe you got to start thinking about retiring much later. but not because you haven't raised money but just because we're doing better, longer life. now, larry, he went on last night, about the weight loss drugs and how important they are. 93 thinks, a.i., obviously, very important. these are trends that can be invested in. he wants people to put away a little bit of money. i think for workers, making investing almost automatic is our goal we have to -- i felt like saying to him, we have to shame people. like this young people over here, i want to ask them, did you put any money away what did you put away? when i was living in my car i put money away, i gave it to fidelity magellan. if i had $50, i gave it away you save a lot on the insurance

man, boom, that homeowners -- >> there's no plumbing bill in that. >> it was witndfall. >> it's worth a read everybody should take a look at larry's letter >> yeah, it's really good. larry's a great writer larry is a very soulful guy. he doesn't write like anyone else he's -- i found myself at one point saying that i have -- yesterday, i said we have to have a pragmatic energy policy i stole that from him. do you mind if i stole that? he go, no, it's okay i want everyone to know. >> it's a homage we'll look forward to that tonight. tactically, though, jim, how are you feeling about the markets as we take aim at some closings today? >> well, i think the market is broadening out i think we're starting to see a lot of areas doing better. you correctly pointed 0 out that the russell is still not there

let's watch something like a clorox a mccormick, curiously from a baltimore company. obviously, you have to hope that everything is fine on the francis scott key bridge this group which has been under fire, the consumer products group, two bits of good news, clorox and maybe that can offset hershey and the $10,000 crowe cr cocoa. >> mccormicks versus mcdonald's people are eating at home than the price of eating out. >> well, they might go to krispy kreme or mcdonald's. the decision to eat at home, less costly than going out even though when you eat at home you're blown away by the supermarket prices mccormick does service

and yes, this is what you do they actually have a generic, too, if you want to trade down this is what you need to cook, and i've learned that. and i'm like a dope. i make tomato sauce. >> very nice >> yes >> as for broadening out financials, i noticed today morgan stanley's katie cuberty has remarks. >> and how about the mastercard that kate rooney broke today that could be meaningful those stocks could go out. $30 billion savings for retailers. we're seeing good numbers, retailers. began store, wells fargo look at the chart only gap stores, you will not believe what's happening there i think things are broadening out and i like that. the mega caps are just not meeting this space, they're just not, and others are picking up

the mantmantel i think that's fantastic >> there is news on the mag 7 front. amazon extending pharmacy to a matter of minutes like hour. >> this is a jaffe personal initiative he cares immensely about this. i find that unbelievable because i think america's going to embrace that walgreens this week. if i were the new ceo, i'd be worried about this this is one of those things if you walk to the back of the walgreens store, you end up picking up cheez-its, if you're not careful. >> that's going to start in new york and l.a >> jaffe, when i interviewed him, they weren't bringing up health care and it wasn't featured enough on the home page he's trying to change everything what does nina kahn do, the ftc,

making it so innovations are not possible i think she's thinking about the amazon river the francis scott key bridge can collapse after being struck by a cargo ship overnight. our eamon javers is on the scene. good morning >> reporter: good morning, i want to give you new information, we're expecting 9:30 east coast time as of right now, this is still a search and rescue team you can hear the helicopters overhead as they circle around the site of the collapsed bridge here in baltimore. authorities had said there's as many as seven people missing and there were some people on the bridge when it went down about 1:30, east coast time. and carl, i want to give you a sense of the scale of disaster that's happened here at the port of baltimore you can see over my left shoulder, in this direction, the actual bridge itself the highway overpass just

jutting up in the sky and the bridge is gone from the hour hie horizon. normally that is visible from miles around you can see the ship, the "dali" packed with containers, port to stern -- bow to stern, i should say on the surface of that vessel about seven cargo containers high just packed. all of that mass moving out of the port of baltimore and impacting the francis scott key bridge earlier this morning, crashing into the cement and steel of that bridge, and bringing the entire span down in what appears to be a period of seconds. so, for authorities now, a real mystery as to what happened here overnight. why this disaster occurred who has been occurred, potentially killed in this disaster and then, of course, the cleanup, how they can get that bridge out of the water. carolina, the way this bridge fell, it bottlenecks the entire harbor here in baltimore so, there's not going to be any

cargo ship there's not going to be a cruise vessels going in or out of the port of baltimore anytime soon in they until they can get the bridge out the water. then you're looking at the impact on trucking not i-95 itself but it's a vital regional artery here for trucks and commerce up and down the east coast so, the scale of the disruption of this event, carl, is going to be pretty enormous and we're looking at, certainly, nothing moving out of this harbor in the hours and days to come and then once they're able to clear that harbor, an impact to traffic on the east coast for just a long period of time it could be years before they're able to get traffic restored a new bridge built all of that, as you know, permitting, the process for that, takes such a long time nowadays but we will get more information here at 9:30 from officials to see what else they can share with us about what they know now

about why this disaster happened >> eamon, there had been reports this morning about a potential loss of propulsion we hope to find out more about that market, though, eamon, rescue recovery is the first and foremost factor here the market will look ahead to supply chain change 11th biggest port but number one in autos >> reporter: carl, the scale of the port, you don't necessarily recognize it in you get down here on the ground there'sacres of new cars here delivered and ready to be shipped to the eastern seaboard the automatic to tell industry is going to feel this. there's a lot of materials coming outside of here, an amazon facility here as well all of that will be impacted the length of the impact is just unknown. the bridge is massive, carl. i can tell you it is in the water right now, listing off to

one side, from our angle, it's listing off to the left. that's a lot of steel in the water that they're going to be able to get out of the water in order to reopen this port. not clear at all at this point how long that's going to take, carl >> eamon, we'll look to touch pace later on this morning, after that press conference, eamon javers in baltimore. >> baltimore is a very important part of our infrastructure people don't real that a lot of that steel was there. that's how it started. when we come back this morning, parent the truth social begins trading with trump media djt. and james rmgoan on the proxy battle between the media giant and nelson peltz

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morning. there's something happening here what it is ain't exactly clear reddit stock goes up saying look you got to buy the stock, no change, $55 price target, well, good luck. obviously, this deal was placed very well, maybe when we speak to james gorman, i ask -- maybe he's going to say -- he's going to say it's up to the red tick right now where he's sitting wow, this is incredible. 95%. and another sterile labs, that's coming in. i don't know, carl, it looks like we are starved for new companies to own because it's not exactly like the daily average user is fiing at reddit. or advertisers looking at this, this is a.i., it does have a.i., it's in the data center. >> yeah. >> it's real it's a real company, but, wow, what a time to go public

if you're out there and you want to come public, this is the moment. >> i was going to say, whether it's the all-clear, some of the activity on reddit yesterday has strikes of 75. >> no. this is an amazing situation where there's just not enough stock that's available from these. and bitz, the reddit, i think the redditer that got stock want to flip it there's no flipping. when we come back, new issued named, trump media, trading name up 35%. >> geez. >> when "squawk on the street" continues. to duckduckgo on all your devie

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this morning, truth social, parent truth media will begin trading under djt. jim, there's a lot wrapped up here including potential waivers early. >> yeah, as long as it closed up, it's whatever, to go to, saying you know what, i might stock you out and take some

money to borrow. you would need the faith in the cloud. and this stock is going up in very light volume this morning i mean, really, maybe 2,000 shares >> we'll talk more about that in a minute the opening bell here, the big board, factory automation systems at the nasdaq, fox corporation and united football league, speaking of which, we mentioned james gorman coming on later to talk about media and disney >> i think that's fabulous in my interview back and forth, he's very involved and those of us that know him, he's very thoughtful he will provide great intel. i don't think nelson peltz who obviously wants to be on the board would disagree with that again someone with tremendous insight about finance. i think they like that >> it will be a nice duopoly of

the media. and legacy >> yeah, it wasn't a great deal, i know disney hates when i say that, but it costs too much. >> you're pointing on djt. with shares rocketing. there's attention paid to light revenue, you could argue for the first nine months of last year >> that's a light way to put it. this is a very expensive stock the people who are buying it, it's almost like it's a keepsake, of the people who want to support donald trump know as this goes higher, he's able to raise more money of course, the amount that he owes was cut back yesterday that he has to put up. >> yes >> so, i think this has surprised a lot of people. you can't borrow it to short it. it would seem like a natural short, because it doesn't have, as you said, a lot of -- doesn't even have that much revenue. but i do think that is

something, the higher it goes, the more likely donald trump can go to the board and say, listen, guys, you know what, the market wants it, let's unlock it so i can sell the board will say, it's on the board. >> sure. >> if i were president trump which by the way, i'm nowhere close -- >> thanks for the clarification. >> if i were king of the formeformer e -- forest, i'd say let's go in and unlock this. tesla is up 3% plus, jim >> isn't that interesting given the fact that tonysagnetty has cut his price point. if you're going to get involved you should get involved at this level. got a new one coming out it's not like musk is standing still. he's not a person standing

still. i also think that the death of the ev is largely overdone although pfister was delisted today which is very important because i don't know how much staying power we'll see from lucent they're one that i visited them, i just don't think they have the sales that can keep them open, ribbian has the sales. >> yesterday, cut to ribbian, and in the recent years. >> in the end, to quote larry fink, we are going to have cut back on emissions, but we have to also accept the fact that fossil fuel is here for now. so we need a pragmatic energy policy meaning we shouldn't just jam evs down people's throats. we don't have the infrastructure yet.

i remember when steve kerr said in his departure that hurts which is these aren't loved. tried but not loved. >> really quick, djt pause briefly here for volatility. we'll watch it speaking of cars, jim, cfo of gm on last hour, with phil lebeau saying they're on track this year >> look, this stock has been on fire, if you look at what mary barr's done here, this is one of the strongest charts in the book and still sells for less than six times earnings, by the way on the disney board, mary barr has done such a great job. does she get talked about? no should she be in the broader conversation of the broader market look at that that is not a chart of alphabet. that's the chart of gm it's been a huge winner. doesn't have much of a dividend. i just think mary barr pivoted very quickly made changes with ev and

self-driving and the problems in san francisco. but she seems to have the cars and trucks jim farley, ford is going to speak. the not as good as gm, it's time for jim to tell a great story. and a great story is are the f-150s and the bronco -- maybe he'll do it. it's not bad, but it's not -- jim farley, close your ears it does not look like it. >> this is happening at boa summit u.p.s., jim, with fresh year targets? >> well, we want a duopoly at one point the stock was up 5. it's given things back raj has got to be -- he was able to do what so many people want to do which is take a lot of people, silas, i think about disney, silas, and just put it

together and the stuff is straight up. this, again, fedex is what i'm talking about, the broader market, when you look at what raj has done, he's a superman. he has just done remarkable things look that the, don't you want to be in that that by the way is not amazon. >> so that's the broadening you're talking about >> and it's remarkable and terrific we've got to celebrate it not just because larry fink made me feel guilty that i don't talk enough about the market. who doesn't know fedex talk about -- you go a younger person, what do you think of fedex. it's really expensive, i don't use it no, go buy some, raj is remarkable go over that the revenues there are awful, they're flat down, and he made so much money. and when the revenues turn up, he will make a fortune >> i want that stock, and i

haven't been able to pull the trigger. carol tome, it's a little more challenging they capped at fed fext that's a remarkable figure heretofore not to be talked about. >> definitely pounced when things were uncertain. >> really did. really did there are a lot of things that are working. we talked about boeing yet people talk about larry kolp, you can let him finish the job hey, larry, the more you talk about it, the more people think you're going there he's finally got ge to make a lot of money memo to larry, will you please take it easy you're a national treasure a lot of headlines is he ready for the big challenge. more than likely they're going

for an outsider. >> a lot of people are saying that hpope is tainted and if you really want to get out of the situation, that's why you pick somebody from way, way out in the field. remember when i did my show at the air force academy. i mean, maybe we need a general in there, an admiral we've got to have someone who, frankly, is unapproachable -- you know, so lily white clean, lily white, referring to the plant, i think that should be great to have someone, really out of the cultural realm. because they need someone who is so fresh and so clear-headed and so diverse in understanding the problems of all of the different constituencies, i don't know i'd like someone who is way from left field he's different and not part of this culture this culture seems very damaged. >> right >> let's get someone who is

fresh and different and tough. >> interesting by the way, you see the resumption of trade on djt there now up some 34%. jim in terms of -- >> wow, look at this, will you >> what's that >> the djt if i were donald trump, it's announced 8 million shares this is the moment where you say, you have an obligation to release more shares. and i've got shares that i'd like to release. >> yep >> and the board can do that the board can say no but the board, i think -- i'm not sure where mr. trump's head is, but this is a moment where he could very easily say, look, the stock's up 286%. no one would mind if i sold stock, so please let me do it. he may say, i don't need to because he's prideful. but, i don't know, i think that anybody -- no one would be begrudge himful he went to the board and said, look, i'd like to have stock. >> there was a nice piece in nt,

about the ratio. fairly bearish, has it stopped some of these names from powering higher. that is a good example >> i just think, if you own one of these mega caps and you're not selling, it's almost from like the point of view of estate planning, you're being very foolish. any one of these people should be selling but when i look at -- they all have such faith. i think mean, they just have faith in their companies but they should be selling some. because the movement in the mega c cap is so extraordinary, it's a good time to raise money you raise money when you can sell when the stocks are screaming. don't raise money when the stocks are going down. >> microsoft, speaking of which gets up to 500 from 475 at webb bush but he's talking about what he calls a transformational

co-pilot monitorization. >> well, microsoft was very much in evidencelast week at the gt conference, nvidia they have a lot going. i also think it's interesting, the new pc, branded microsoft pc, not an hp, not a dell, but a microsoft. i was on this morning on chatgpt, i do prefer claude 3. it's 4 billion with amazon it's much more controversial chatgpt is much more stilted if you hit me up in clod 3, it's hysterical >> they're beginning to parse different products >> it's dynamite if you can read moby dick in less than a second, clod3 is

this new supercomputer it's much more controversial which i think is really going to make it so people say, you know what, i'd rather go up to this is the existential threat of google i'd rather go to clod3 have an an intelligent conversation. i'd rather have a conversation with clod3 than search with google >> so you're using it with that kind of frequency? >> oh, yeah. >> what question would you pose? >> on the mastercard/visa, i posed is this the case sicking you around since 2005, explain to me what the consequences could be and they talked about -- they didn't mention the $30 billion figure because that's a joseph stiglet's figure, but they gave me more background than going to google it's interesting i'm not using google nearly as much. >> really.

>> oh, no, talk to my 29-year-old. i had to stop her from googling her homework, you know she's friendly to clod3. >> does that lead to you think about alphabet or search business in a different way? >> yes, it does. i wanted to sell alphabet for my travel trust my partner said, listen, jim, piening we should give it some time that apple zeal better happen, i would like to get rid of alphabet because clod3 is so controversial. it's what people call prosd. it's not power paint, once we get the new computer in from nv nvidia, you're going to say, you

can please tell me what larry fink said this morning please summarize larry fink's letter i haven't have time to read the letter but this is perfect >> were suspensions about google being behind the 8-ball well-founded >> yes >> because the shares have gotten past it >> well, those are people who have not discovered claude3, there's a great video an anthropic and you'll realize that the leapfrog year is extraordinary. i'm worried about google so if you read the justice department's case about google since they filed it, tiktok, number one, doesn't do anything with google. it's the number one value, so to speak, of advertising. and now chatgpt and claude make it so you really got to think twice about going to search. >> wow

somewhat in that realm of mega cap names, in netflix, boa takes it off the list. and replaces it with spotify >> spotify had a dynamite quarter. netflix is whenever you have a conversation about disney, the question is why can't they be more like netflix. the answer is netflix is what we call i would call streaming native just like something is cloud native, when it comes to cyber security streaming native is a much better view. this is some take today. we have a lot of stocks. everything has come public in the last few -- since the opening or the window is really extraordinary. and the one that we didn't talk enough about is a.r.m. and a.r.m. could close to nvidia

the nvidia conference lives on jensen lives on. >> morgan stanley goes overweight, 115. >> and the analog, frankly, compared to micron they've been going legacy, since micron put up that number. but sea gate it the hard drive in your brain, when you're trying to recall something, something should be on the tom of your head suddenly, it's the back -- the front of your head, this is c.j., and this is micron >> like a psychologist >> let's say you were trying to recall if you gambled on games -- oh, check that -- trying to recall when home opening day is it may not be here, it may be back here. >> krispy kreme, jim, we mentioned it earlier, but this

partnership with mcdonald's expanding. the company saying they're going to double their points of access >> well, i have to tell you that krispy kreme has been a rocky road, but this was an endorsement that very few people saw coming mcdonald's downgraded it yesterday. it weakened the stock. very positive for krispy kreme, i just find it it's two bucks. but things keep coming from left field that are positive, and we just don't expect them and people are excited about the market and i share their excitement i share the excitement of this market >> and, you notice what we're not talking about much today -- rate cuts, fed speak >> what's that -- >> ecodata >> enough already with that. do you think the younger people want to hear that? the younger people want to discover how to make money and they're look on reddit for how to make money. stop looking on reddit and buy

reddit steve hoffman who was rooted by a lot, he's got ads all over the place. i thought he did so great on your show. he was a champion, champion for making money, good for him >> after so many interviews, are you going public are you going public >> still had it going. meantime, jim is right, market hanging in there 52.30, every sector green, except for energy slightly red. we'll watch bonds. we've got durables, and down 18. conference board, richmond fed as well. be right back. you know doug, ever since switching to workday you've been a real rock star.

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wait a minute... are you kidding me? you got to be kidding me. rolling towards the cup, and it's in the hole! what an impossible shot brought to you by comcast business. it's time for jim and stock trading. >> one person that's not participating is adobe, and that's because canva, a very

inexpensive way to be able to do designs, bought another company which is another excellent designing company that younger people can't afford the adobe speed. i gave my daughter that for 600 bucks and she learned how to do it she was taught and it's incredible and she was amazing just amazing, but the way that people who are not -- don't have the suite is they're going to canva and now they're going to part of canva, but this was essential for adobe. >> isn't this the reason behind sigma? >> exactly right, and i don't know what i would do if i was someone who spent so much time with younger people. younger people feel like they have to cut the price of the suite, but the suite's extraordinarily good you need to be taught on it though if you are taught on it, you can do anything. that's how amazing it is it's very inexpensive. >> we'll watch that as well. tonight, larry fink. >> and it's a very sole -- it's

very soul-searching in a way that i didn't expect larry to be, but not morose more of, like, we got to help, jim. we got to help get this done very exciting too. >> yeah. i look forward to that, jim, and of course, maybe we'll hear from him on earnings. >> i'll be looking forward to your show. holy cow gorman oh my, and if he tries to dodge you, you tell him that i'm coming on, okay? >> jim, like marshall mckeown in the corner >> you bet it. >> jim's right, an exclusive with james gorman, morgan stanley chairman and disney bod meerarmb we'll stay on top of the media don't go anywhere.

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quintanilla and wilfred frost. david has the morning off. take a lacook at stock this is morning. morning strength in the early action the s&p up about a third of a percent. the dow is unchanged this is the last week of the quarter and it certainly has been another strong one for stocks so you might see some action on rebalancing and the like take a look at treasuries as well better quart for stocks than it was for bonds, and bonds are selling off again mostly, ten-year note yield up 4.261%. got this data, and the ten-year also up. here are three big movers we're watching former president donald trump's newly merged social media company is trading and shares are soaring. tr trump media technology group owns the truth social social media. we'll have that more on the show look at the stock up 45% shares of viking therapeutics up

positive results from an early study of an oral form of its obesity drugs. we have been following this one. another big boost for that stock, and krispy kreme rallying on news that krispy kreme is planning to sell its doughnuts at mcdonald's restaurants and it will double their distribution what took so long on that? >> sarah mentions the data this hour let's get to rick santoli. >> this version from the conference board, these are march numbers. expecting a headline of 107, a bit of a disappointment, 104.7 104.7, that follows 106.7. 104.7 will be the lightest one going back to looks like november of last year. and if we look at the present situation, 151.0, a nice, nice jump from its previous read of

147.2. 151.0 would be the second best january was 154.9, and that was the best going all the way back to july of '21 expectations, what may lie ahead, 73.8, but in the rear-view mirror, 79.8 so 73.8 is the lightest going back to may of last year if we look at the richmond fed and i like to look at these regional indices on the manufacturing side, minus 11 that's double what we expected and do keep in mind these are the fifth negative read in a row, minus 11 would be the second worst of the year for minus 15, and if we look at the services side, not much better minus 8 which means that we now have to go all the way back to august of last year to find a number greater than zero minus 8 would compare to the weakest level since november of last year when it was minus 9. how does all that sift through

well, we see that ten-year as sarah pointed out was at 4.26 before the number. it's been moving one basis point lower on these data points of 4.25s and still basically unchanged, but since we have one here at 1:00 eastern, $67 billion, i would like to point out that the five-year note is trading 4.24%. that's up one basis point. sarah, back to you. >> thank you we'll watch the auction. just on the consumer, rick noted the miss on consumer confidence. we're wondering where the consumer is as we go through the rest of the year and how strong the consumer remains we did get some good color from mccormick the spice maker. volume's down. pricing is helping, and here's what the ceo is saying about the consumer >> consumers remain challenged two years of steep inflation has had an impact, and many are

exhibiting value-seeking behavior while food inflation is slowing, its compounded impact is being felt by consumers. budgets are stretched resulting in choiceful trending, and the trend will continue in the fourth quarter the first quarter with higher inflation in the food service channel and slowing retail food prices, we widely saw a shift of food away from home to food at home consumption in our major markets. >> i thought it was a really good piece of sound as a dr descripter of what the consumer is feel right know, and link it to the consumer confidence we just got and overall and maybe some polling numbers which shows that while food inflation is coming down, the compounding impact is till hurting the consumer they're being choiceful. that is the word they used value-oriented has been a word we used this season, and people now making the choice as we talked about yesterday, to eat less out of the home and more

cooking in the home. it benefits companies like this, but shows you this has been a heavyweight and burden for consumers. >> and the extent to which he mentioned there's a lag effect to food price inflation taking its toll on the consumer because of excess savings that might be burned down. also there's that debate whether good news if we get some more of it, if economy will be good or bad for markets and wage inflation data, do we want it? or do we not want it >> i know sarah's an you generally see wage inflation as being net inflationary. >> that's how the fed would see it and that's what a wage price spiral is. it's good that americans have finally real wage power, and they want that spending power and we need that, but it does make you wonder about inflation, and by the way, food inflation is not coming down everywhere.

hope you're not planning to buy chocolate any time soon. cocoa prices >> it's not fgood timing. >> it's not good timing. check out cocoa prices they surpassed $10,000 per metric ton we have not seen anything like this it's been a parabolic move they have had drought and bad weather and disease. this is the third year in a row there's a supply deficit there, and we've talked about this with hershey's and others obviously huge cocoa buyers, about passing it onto the consumer or absorbing -- hershey's had flat growth because of it. >> they're all closing bell favorites. we've got another one coming up today as well. >> james gorman? >> yeah. >> yeah. different. >> it would be funny if we threw a cocoa question at him. he could probably answer it. >> i wonder if he'll be freer as well i guess he's still chairman of morgan stanley, but we're mainly focusing on the disney stuff,

but anyway, we can ask him. >> it would be a good reunion for you two. the other sort of topic right now is debt, and this note -- this quote actually stood out the me, wilfred, in part, because you're here, but we heard from phil swagle, the head of the congressional budget office that determines the trajectories and here's the quote i pulled out of that interview warning about ballooning u.s. debt danger is what the uk faced with former prime minister liz truss where policymakers tried to take an action and then there's a market reaction to that action this is classic bond vigilante stuff. he says the u.s. is not there yet, but he did put it out there. you can refresh our memory about how lovely that period was. >> there's a massive difference which was that was a government that rushed to make all sorts of unfunded tax cuts at a time they couldn't be afforded and clearly the supply and demand dynamics

market fell out of bed. that's not what we're talking about. we're talking about a steady increase in supply it is a really interesting question over the next two or three years, and this is the statistic that stands out for me so debt to gdp here is 120% roughly speaking in the uk, it's a bit lower at 100%, and both obviously look great compared to japan at over 200%, but over the next three years in the u.s., 38% of the debt stock is coming up for renewal. it's a huge percentage and one of the few metrics that you look good at. germany's worse at 43% france and japan in between at about 30%, and that's the big question there's a lot of supply coming on yields are elevated and will that be a -- more of a steady move towards supply and demand imbalance as it was with the liz truss? that was the big remaining question as to whether this extraordinary outperformance of the u.s. economy relative to the last couple of years will

continue. >> it's just hard for any politician to prioritize or do anything when there's no urgency coming from the markets and there's not. the demands -- the demands for the latest options have been very strong. >> we have been getting c pluses. >> there hasn't been a major demand problem there have been wobbles, but this year less so. i think larry fink is also worth it too he says, carl, it's growth that's going to get us out of this policymakers should prioritize growth because that is a way out versus say, cutting, spending, or raising taxes which are just difficult and politically, and also to make a dent in a major way. >> you'll hear more from larry tonight on "mad money," which everybody should take a look it's the last trading week s&p's on track for its best q1, up almost 10% so far this year our next guest is sticking with his year-end target, 5,200, but

could see a scenario where the megacap names push the s&p up another 15%. joining us here at post nine is goldman sachs david costen who made a splash. are you prioritizing what's most likely here on these different scenarios? >> what's most likely is the market is flat from here to the end of the year. 5,200. that's the target and this ation that you have modest growth in earnings, 8% looking into this year and 5% or 6% into 2015 that's profits and the valuation, it's important to break it into two pieces to think about it the spw trading at ten times earnings, and almost the 90th percentile which the premium that the spx index trades relative to the equal weight, and that traded 25% premium. that dynamic suggests the market is likely to be closer to around

5,200. that is our baseline we created or thought about some different scenarios and catch up and catch down scenario. we could be, you know, really brought ranges, you know, 4,500 on the lower end, and 6,000 would be to your question earlier, and that would be a scenario that you have the large cap exceptionalism those stocks have multiple increase that's less probable and maybe it's a little bit higher you get that, and maybe it's not 5,200, or 5,800 would be an optimistic scenario, but i think our general forecast, our framework is 5,200. >> are you moving your s&p earns number >> no. right online with our expectation. our forecast of around plus 8%, $241 per share, and our consensus on the street is a little bit lower than that, and all the analysts are roughly in line with that bottom line, think of high, single-digit high-earnings growth and that's the

expectation. you've got a couple of four things you've got economy, valuation, money flow what is priced into the market the equity market today prices of u.s. economy is growing 4%. it's not, but equity investors are pricing such you can look at cyclical stocks relative to defensive stocks that's the economy the earnings i indicated, high single digit, pretty optimistic, margins, little bit higher, sales growing and that's a positive scenario in the backdrop valuations highs we just talked about, not the highest, and the money flow where's the money flow coming. it's coming from purchases it's coming from households and money into equities. there's net selling on the part of pension funds or mutual funds. >> do you have the framework >> do you have a direct negative correlation between where interest rates are, the fund rates and your s&p target? does your target increase or as we learned in the last couple of years that isn't the key factor? >> it's an excellent point, and

when the market was pricing, three cuts was priced in the market or last fall, and then it kind of moved all the way to six cuts, that smaller cap stock rallied dramatically, and that's this idea of the equal weighted index if you will having a catchup. it's the extent that there is more cuts than is currently expected right now that would be a positive for a broadening of the market to the extent there are fewer cuts, they expect three. market pricing roughly around that level if it was two, then that would be more supportive of larger cap, better balance sheets, you know, the megacap stocks continue to do better. that's not how i think about your question. >> i was going to say, inflation will be a key question mark, right? i know you're not necessarily for forecasting in the soft landing camp, but if we continue to get inflation readings and that changes the trajectory, do you revisit your s&p target? >> the expectation is that economists are looking for basically three cuts

one in june, one in september and one in december, and that would be around our forecast of 5,200. all this information is priced into the market today which is a good thing it's not terrible. >> you're just taking the year off, david >> it's tend of the first quarter. we still got, you know -- we still have another nine months to go, but yeah. the markets moved 25% last year. it's up 10% this year, and that's -- that's a lot of good news it's being priced in today there are obviously some scenarios that one could think about for the coming year, but broadly our assumptions are -- we're priced for today >> it's a good way to think about where we are look forward to touching base as we get earnings ruling in too in the next couple of weeks. >> okay. >> thank you more to come here on "squawk on the street. after the break, we'll head live to baltimore for the very latest on that major bridge collapse following a ship collision. tesla's been cutting prices in some markets in the face of fierce competition from rivals elon musk now taking some steps to jump start sales, but it could slow down the delivery

process. and a big exclusive coming up with morgan stanley chairman and new disney world member, james gorman he spoke to us late last year before he joined disney about the faceoff. remember this? >> i have had a lot of battles in my life that doesn't bother me one little bit. >> we'll talk to gorman about disney's proxy battle with peltz. don't go anywhere. more efficiency. more benefits. more growth. when you realize you can give your people everything, and more. thank you very much. [applause] ask, "now what?" here's what. you go with prudential to protect, empower and grow. with everything you need to deliver, you guessed it... more. one more thing... who's your rock? learn more at prudential.com you know what's brilliant? boring. think about it. boring is the unsung catalyst for bold. what straps bold to a rocket and hurtles it into space?

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former president donald trump's media company's begun trading and shares are rallying today. trump media which owns the truth social appellat platform, one o top ten on the nasdaq today. trump owns at least 58% of the company. we'll get a lot more on that story later on this hour. turning to breaking news overnight, a major bridge in baltimore has collapsed after being struck by a cargo ship eamon javrs has the latest >> reporter: just wrapping up a press conference over the past couple of minutes, and giving us new details on the terrifiying moments just before the bridge collapsed at 1:30 a.m. officials saying that the crew of the ship, this nearly 1,000-foot-long commercial vessel "the dolly," a singapore vessel were able to issue a mayday call just before the impact and they were able to transmit information to officials here at the port of baltimore that they had lost propulsion, and that was enough

notice, governor wes moore said for crews on either side of the bridge to block traffic, whatever early morning traffic was already moving they said they were able to stop cars from getting onto the bridge, and that may have saved quite a few lives as there were not a lot of vehicles on the bridge at the moment it went down tragically though, there was a construction crew on the bridge at the time that it collapsed. the construction crew was simply filling potholes on the overnight shift. they say there were eight people who were on the bridge when it went down. six of those are still being looked for search and rescue crews they say are on the scene, and continue to search for those victims. no word yet on the fate of those six. two others were rescued. one has been hospitalized. one was remarkably able to walk away on his own power in the wake of this disaster. so a real brush there for that

individual, but six still unaccounted for, and they are continuing to look i asked governor wes moore of maryland just moments ago what his prognosis is of reopening shipping here at the port of balt baltimore, if he has any indication of how long commerce is going to be stopped at this major east coast port. he said it's simply too early to say that right now he said their focus is on search and rescue at this minute, but he did also say, guys, that he was able to rule out at least one potential factor here in causing this incident. take a listen to the governor of maryland just a few moments ago. >> we're still investigating what happened, but we are quickly gathering details. the preliminary investigation points to an accident. we haven't seen any credible evidence of a terrorist attack >> so at this point, this is a tragic accident at the port of baltimore, but as you guys know,

such a major hub for commerce and business up and down the east coast major port here for automobiles, the largest port on the east coast for automobile arrivals in the united states. more than 800,000 cars and light trucks arrived at this port in 2023 the 13th year that it was a leading port for automobiles here on the east coast so it gives you a sense of the scale, of the economic impact that we're now going to start to see. the governor said at this point it's going to be an all-of-society effort to get this bridge out of the water and to reconstruct -- he sai they're going to reconstruct better than before, and he said they'll reconstruct in way that preserves the memory of those who have been impacted too early to say what the ultimate casualty count will be because search and rescue is still going on, but at this point, they are saying that they are going to rebuild here in maryland back over to you guys. >> keep us posted. pretty terrible. thank you very much. we're going to continue to monitor that story for you

still to come, tesla gaining today, but firmly in bear market territory on the year as one former executive warns, don't forget about china what investors need to know after the break. plus, big interview still ahead. an exclusive with morgan stanley executive chairman and disney board member, james gorman with us back in two minutes. check out our best offers. designed just for your business. like free devices and more. red hot deals act fast. the future is not just going to happen. you have to make it. and if you want a successful business, all it takes is an idea, and now becomes the future. a future where you grew a dream into a reality.

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check out shares of visa and mastercard today settle a class action lawsuit over fees they charged merchants. they've agreed not to raise those rates for at least five years. settlements go back a couple of decades when retailers filed a class action suit claiming that the fees and network rules violated u.s. antitrust laws >> tesla behind today despite losing its drive for evs bill bernstein slashing his price target from $150 to 120

bucks per share. that's a drop in the stock over the next 12 months the ceo, present at tesla overseeing global sales and know sits on the board of gm. thanks for joining us. >> nice to see you >> i was interested big picture first of all on the sales tactics we've seen out of tesla in the last year or so, particularly when it's quite high-profile, saying we're going to cut the price it's coming soon and if that will only ever be successful in the short-term, and perhaps the pricing power that tesla had in the long-term. >> it not only undermines the pricing power, and it depreciates cars that people already bought that's a bigger issue. if you've purchased a tesla and the price keeps dropping, the value of your car keeps dropping, it could be below your loan and people are upside down in their loans, and that means they're probably not going to buy a second car from that

manufacturer so you've got to be really careful in this industry around long-term pricing strategy and predictability for consumers. >> do you see this as a real sign of desperation or short-sighted tactics or what? >> this is to keep their factories humming, and so when production slows down in a factory, it can really affect your margins, and so i think that the main goal here is for h them to keep their factories running. >> what is the source now for tesla, and more broadly the u.s. automakers for the u.s., ev parts, is it the chinese players? i mean, the quality of european evs has caught up from the traditional german names. >> i think it's right, and i think it's all of the above. they've become the largest producer of eshvs and they're ot of china we've got a wave coming this year they're very affordable, and you've got cars like the chevy bolt that are less than $20,000, and the equinox that's less than

$30,000, and that's an suv with more than 300 miles of range. >> but can't compete with those chinese evs in terms of price. >> on a price point, tha exactly right because there's a bunch of incentives and subsidies that the chinese government helps their manufacturers with so that's an issue for all manufacturers outside of china to deal with, and policymakers. >> is gm rethinking the ev future that was talked about given what we've seen from the consumer and from competition? >> goldman just published a study that 60% of consumers for their next car are considering an ev. we've told 1.2 million in the u.s. last year it continues to groe we'll have a rough first quarter in terms of sales data because a lot of the cars didn't qualify for the tax incentive. that's worked itself out and i think we'll return to growth by second through fourth kwquarters of this year. >> you mentioned the residual value of a tesla

is that because of repair costs or just friction in find a buyer for a used car >> it's main by because the sale prices have come down. so if i paid $90,000 for a model s three years ago, that car now sells for $70,000, and that's the biggest driver of the decliner in residual values. the repair costs are actually quite a bit less i drive a couple of evs. i haven't been to the repair shop in a couple of years because the tsh an ev motor has only one part. there's not a lot to break in that car >> really interesting. thank you for joings. >> ythanks for having me our interview with james gorman he spoke us to back in december before he joined disney with activists like nelson peltz. >> the sort of things i've done in this job is strategic transformation, obviously dealt with shareholders at many levels including activists, succession

talent-building. so some of the challenges that i have, i hope, you know, i can lend some of my experience on. >> we will talk to gorman about disney's proxy battle and what comes next right after a break don't go anywhere. 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. why not? did you forget something? my protein shake. the future isn't scary, not investing in it is. you're so dramatic amelia. bye jen. 100 innovative companies, one etf. before investing, carefully read and consider fund investment objectives, risks, charges expenses and more in prospectus at invesco.com.

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welcome back to "squawk on the street." i'm bertha coombs with your cnbc update the supreme court is hearing a challenge to the food and drug administration's decision to increase access to the abortion drug mifepristone. a texas-based district judge invalidated some of the fda's actions from 2016 onward which include making it available by mail and extending the window in which it can be used from seven to ten weeks "wall street journal" reporter evan gershkovich will have to spend at least three more months in detention in russia a judge recorded him to be held until june on espionage charges that his publication and the

u.s. government strongly deny. friday will mark one year since gershkovich's arrest russian president vladimir putin has signaled that he may be open to a prisoner exchange for the journalist and wikileaks founder julian assange's extradition to the united states has been delayed a london court gave the u.s. three weeks to provide assurances around assange's first amendment rights including that he would not receive the death penalty if convicted if that does not happen, he can appeal extradition in may. sa sarah, back over to you. bertha, thank you. we are nearly a week away from disney's annual meeting where nelson peltz is fighting for two seats on the disney board. proxy advisory firm iss siding with peltz with the focus on the failed succession planning saying, quote, the question for shareholders is not whether the ceo should be replaced, but whether the board having failed to properly oversee the last

succession process is capable of avoiding the same mistakes joining us with perspective is morgan stanley executive chairman and newest disney board member, james gorman welcome back, james. good to see you. >> hey, sarah. i thought i'd retired from this stuff. >> you're as relevant as ever here on the disney board why are you guys fighting so hard against joining the board >> i don't think it's fighting so hard, but just trying to lead this company which bob and mark packer are doing for the next many years as they turn around what has obviously been a more challenging period through covid. the focus is on what's right for disney at this point in time >> but the argument, and we can get to succession in a moment, really centers around the underperformance of disney's stock against the s&p, against its competitors, with most of the current board. i know you are the newest member, but the rest of the current board has been there

>> i think that's pretty backward-looking look at here today, i think the stock's up 29% to 30% year to date you've got to see things through the performance of time. imagine taking a company that its business is bringing people into parks, putting them on cruises, having them watch movies in movie theaters and going through a period like we went through with covid. at the same time, there was a massive transformation going on in the lineage of streaming businesses so there was clearly a period of major disruption in this industry, and i think what bob and the team are doing is obviously turning that around. it's evidenced by the performance in the stock >> well, the stock has also jumped since last october when it was revealed they were going to force a proxy fight to your point, against the media peers, 70% of the profit in this company is parks so why the underperformance over the last, what five, three, one-year?

>> again, i'm not, you know, obviously not going to talk about the history of disney. what i'm focused on is the future and the plan for the future, and if you look at it, i think what bob is doing with the focus on the creative side and particularly the quality over vool volume what he's done for shareholders is the dividend increased 50%, and there's a new buyback in place and what he's done in the transformation that's taking place at espn in the multi-year multi-decade enforcement being put forward for parks and cruises. it's incredibly exciting, the future a lot of this fight seems to be looking backwards. i'm more interested in why the board is looking forwards. >> looking forward, they still have to deal with the succession issue, and that has been one of the strongest cases for change because this board didn't get it right. iss says the importance of executing a successful succession plan exhibit complexity of the company and the board's prior failure to

oversee this process suggests some level of change at the board level is warranted >> yeah, and he said exactly the opposite you know, these are judgment calls based on the facts, and, you know, when i joined the board, the thing i was focused on was that they had a rigorous succession process there's a new board chair as of last year, mark packer, obviously a phenomenal executive in his own right at nike he's chair of the succession committee. that committee seven days after i joined board and it's due to meet another eight or nine times this year. there are external advisers working with the team, and honestly i just came through a huge succession process at morgan stanley i'm impressed by the process now ordinarily it's the judgment -- when the judgments are made, that'll matter, but you won't get there without a good process i'm impressed. it's very thorough and disciplined. >> you did just retire and went through this process, but you're

now executive chair and i wonder if that's a good model because that was one of the things that happened with disney last time are we to assume this next time around, executive chair bob iger will take that role again and that would be a good thing >> i don't think there's one more i'm not going to speak and prejudge what board the succession committee will do, and the whole board is leaning into this. again, forward-looking, forward-for forward-leaning and an incredibly disciplined process there are many, like chase ceo which i did, and others with my predecessor, john mack there's no single answer you have to do what's right for the particular needs of the company and the skill set embodied in the leadership of that company. >> james, it's wilfred it's great to see you. i'm interested in the timing of you becoming a disney board member because from the outside

where i was watching, i was surprised how quickly you took up another role, albeit, a nonexecutive one, and of course, you're still chairman of morgan stanley, and i just wondered how this came about. when did they ask you, and are you a little surprised how quickly you took up this role? were they desperate for you? >> no. definitely not i mean, look at the quality of people on this board somebody described it the other day, it's like the mt. rushmore of executives like marry barra you're got people from all walks of life and industry, and jeremy derek who just joined the board, i'm sure you know, an extraordinarily competent executive who joined the same time as i did. i wasn't planning to go on a board, but, you know, like a lot of us, i grew up watching disney at home, my dad let us watch one hour of tv a week. there were ten of us so we could fit in there for one hour and my show to watch on sunday night at 6:00 was disney world, and, you

know, whether it w was "frontierland" or "tomorrowland," i remember it fondly it's a part of everybody in this country and around the world we've all been to the parks, on the cruises. we've all seen the shows, and i just thought it was an incredibly exciting thing to contribute to this board, and fra frankly bob iger, you know, bob iger has to go down as one of the greatest media executives in history. there's just no question about that if you look at what he's done, and look at what he's done in the last year since he's really got in a stride here turning this thing around no, it's an honor and a privilege. i didn't expect it i was on a day call and i'll do my best to contribute. >> you're definitely not going to get me saying a bad work about jeremy derrick about this. i'm interested -- i went back and watched the interview to leslie picker the day you were going to be transitioning yourself, and on succession planning, you said, i'm really

into having plans, being intentional about this sufficient you went on to say that you wanted to do it and execute it in an elegant way, and i think everyone who knows the banking industry thinks you did execute that pretty successfully when you said that to leslie, you said it with a wry and quite big smile on your face, and i just wonder whether you were having a little bit of a swipe at some of your banking rivals do you think that jamie dimon and brian moynihan are holding onto power a little too long >> no. i don't -- i don't judge others. i don't do strategy for envy and i don't judge other executives, and i said on that show that jamie may be the best banking executive, you know, that's been around so no. everybody has to do their own thing. i honestly did not expect to stay as long as i did on the job. i wasn't planning to, but along came this nasty little virus called covid, which by the way, i just had for my third time the other tday, and it gets better s

you go on in my experience, but anyway, it's -- no i focus on what's right for the institutions i'm involved with i was very focused and continue to be on what's right for morgan stanley and we had a great succession presence. it has been pitch-perfect since he started he's done a spectacular job in the first few months, and i think the whole firm has rallied. i'm standing in a new office you can't see the rest of it it's full of boxes, but that's what happens when you step out of there i'm thrilled for ted i'm thrilled for our company, and now i just want to contribute in other ways i'll be chair probably through the end of this year no longer for sure, and, you know, the company's in great shape, and i want to crickontri in other ways and disney was part of my choildhood. it's part of american culture. it deserves -- it deserves -- it deserves the best. it doesn't deserve acrimony. it deserves to move forward with

the kinds of investment that is bob and the team have put in place. >> you might not be surprised to find that there's a statement about your appearance today. they believe, james, that mr. gorman is a welcome addition to the board, but they say this proxy contest is not about your credentials. the disney board needs a shareholder mindset, they go on to talk about how candidates nelson peltz and others would represent inside the board room and urge the board to do its job. reviewing management execution of the plan, planning ceo succession, and aligning compensation with shareholder value. why not have a shareholder activist on that board >> i'm not going to get into the whys and where fors and obviously i've known the folks at trian for a long time the question is what's right for disney at this point in time and clearly there's, you know,

there have been tensions out there. i'll put that politely you know, there's enormous momentum if you've got a capital plan to invest $60 billion over ten years, if you are dealing with the motion that's dealing with the lineage of streaming, you've got these extraordinary assets like espn, that have been reformulated and repurposed if you will for the next decade, there is an enormous amount going on, and having a cohesive board working together, but independently -- remember, we're independent and that's very important. >> have you engaged at all >> independently it's critical. >> have you engaged at all with either of them >> no. that's not my job. i'm 1 of 12 directors, and i'm, you know, i'm just happy to contribute listen what we're trying to do is find what's the best balance for shareholders at this point in time the momentum we're under versus other choices and that's for shareholders to figure out i'm not going to tell people what they do

they have to -- they have been offered different choices and they have to exercise what's in the best shareholders' interest. independent panelists are interested in the shareholders and i joined this board for this purpose. >> we were discussing this earlier. it's a prospect of the u.s. debt supply coming online in the next couple of years, hurting market sentiment. do you think there is a significant risk of dislocation in the u.s. treasury market as supply comes on? >> i mean, i thought i was out of the banking world. >> you're still channeling. >> i'm all focused on what the fed's going to do this year and i'll give you my two cents for what it's worth. i would not be surprise first-desurprised i woul be surprised if they move nth first half of this year. i would not be shocked if they don't do anything for the last

half of the year it's a couple of months ago. you know, the fed has to ask, what's the benefit, and as you've seen, the s&p is 5,200. the jobs numbers are great that's the only -- that's the only economic thing. i'm not going to flat doom and gloom for america. the people who have done that have generally been unsuccessful in my experience. >> we always appreciate your market calls, ames i remember talking to you in the middle of the covid crisis when you thought the stock market had bottomed and it turned out to be a good one james gorman, thank you very much for taking the time today. >> thanks, james. >> good luck, guys thank you. >> executive chairman of morgan stanley and a board member of disney by the way on the succession committee in the meantime, a big windfall for trump as stock soars. details on that after the break.

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welcome back. former president donald trump's social media is opening for trade under ticker djt and shares surging let's get more with bob pisani talk us through the action early days >> it's not clear if this is a resurgence of the spac market but good news for former president trump. trump media and technology is a merger between digital world acquisition. it's trading on the nasdaq under ticker djt by the way, you're not seeing things this is the same ticker used by trump hotels and casino resorts, that filed for bankruptcy and delisted from the new york stock exchange in 2004 its market value before it began trading was roughly $6.8 billion, before trading, making trump's approximately 58% stake worth nearly $4 billion. again, that's before trading

under current rules trump is barred from selling shares for six months or borrowing cash against him. it is not clear if the board will make any special provisions to get around that today's spac is a very big one, but it is a reminder of the long, slow decline of the spac business it started getting big in 2020 but it really exploded in 2021 with $162 billion. that's gross public proceeds before collapsing. look at that around $13 billion in 2022 and only $2.8 billion last year. three things led to this collapse of the spac business. one was the very poor after-market performance of spacs. russell investments noted the performance of companies taken public through spac mergers fell 45% in 2021 and 75% in 2022. the second thing was an increase in liquidations. as many sponsors opted to return capital to investors because of the inability to complete deals within the required time frame and timely, and perhaps most

importantly, the involvement of the s.e.c., which stepped in to propose stricter rules governing forward-looking statements and accounting disclosures that scared the lawyers and accountants and spac issuance dropped dramatically after that. the question here, wilf, is this some kind of spac resurgence i think this may be a little anomaly. we're definitely seeing a little of an ipo resurgence reddit, astra has done well. i wish faber was here because he's so good on this >> that's a bit rude i'm meant to replace him for the week. >> it's hard to replace david, but you are definitely the one for it the lucy goosy problem with the forward-looking statements that were made by these companies the problem with some ev makers got into trouble because they were making forward-looking statements they couldn't back up gensler stepped in to stop that. the other big problem is the deal structure doesn't make a lot of sense i'm a famous oil executive i want to float a spac what are we going to do? i don't know but i'm a famous

oil executive, trust me. you had the buy-in this guy was famous oil executive they had 18 to 24 months to complete the deal. they couldn't complete the deal. they had to return the money which cost them. people announced the deal and they said, i don't like this deal most of them opted out of the deal so, the structure -- it's a miss alignment of interest. >> i wonder if it's more of a vote in trump than spacs. >> that's why i'm not willing to say there's a sudden resurgence of spac, you're right. >> any hints on where it might trade in the future on float, the size, the volume what's your take on the numbers? >> i think it's an anomaly because of what sara said. i'm much more interested in following the reopening of ipo, because astera labs, that's a good indication of where a.i. is going. that gets me excited and i'm surprised and delighted

that reddit has done so well it's doubled from its ipo price. that gets me excited pleasantly surprised astra labs, that's an a.i. home run. i think reddit doing well will open up a lot of excitement. >> what is truth social's revenues >> $5 million in a year and a half. >> and it's valued at now? >> 6.8 - >> prize to sales on that is going to be tough. >> yeah, very tough. the metrics are tough to argue. >> bob, thanks. meantime, cnbc's latest all-america survey is out. steve liesman looking at an econ paradox. >> the economic paradox in the cnbc all-america economic survey i think is this, a mrurty of americans think they'll be better off if donald trump wins the presidency, yet many personal finance measures we track on a routine basis show good improvement, in some cases back to the pre-pandemic level 39% say they'll be better off if

trump wins out of 1,000 people 23% if biden wins, and 34% say it doesn't matter. i have to say, though, the number is driven substantially by republicans if you take a look here, 42% of democrats say it doesn't matter who win. 18% of republicans they think it matters a whole lot for their personal financial well-being that donald trump is elected president. still, 25% of independents say they're better off under trump more than double the percent who say biden. all this, however, comes with some improvement in key economic measures a net 33% say their home values will increase. that's the highest in two years. 37% say it's a good time to invest in stocks that's the highest in three years. 37% expect their wages to increase that's average over the course of the poll. 40%, over my left shoulder here, say they expect a recession. that's the lowest since 2000 when it comes to the stock market, 60% of those with the highest salaries, the most in the market, we call those the

financial elite, say it's a good time to invest an explanation to the paradox could be the inflation problem inflation is, by far, the biggest problem. the top concern, more so than any other economic or social issue. trump has a 22% -- a 22-point lead when voters are asked who is best on the issue biden has a lead when it comes to health care trump on the middle class. and immigration. trump by 30 points so, we'll just leave it there, carl i would say it's a horse race out there. the track is a little muddy under biden when it comes to economic issues but firmer trump remains in the lead on economic issues. carl >> pretty interesting, steve, to see how that matches up with some of the other polls today. steve liesman, thanks. meantime, next hour, a whole lot more on the future of autos and evs as the biggest auto show in the country kksic off here in new york city. we've got the coo of hyundai global and ceo of mercedes-benz when "money movers" begins after this

rylee! from rylee's realty! hi! this listing sounds incredible. let's check it out. says here it gets plenty of light.

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boring does. boring makes vacations happen, early retirements possible, and startups start up. because it's smart, dependable, and steady. all words you want from your bank. for nearly 160 years, pnc bank has been brilliantly boring so you can be happily fulfilled... which is pretty un-boring if you think about it. welcome to "money movers." i'm sara eisen with carl quintanilla live from post