shares of trump media are higher by more than 65%. it's monday, july 15th, 2024 and "squawk box" begins right now. ♪ good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. monday morning. lots to talk about. before we dig into what's on everybody's mind this morning, let's look at futures. u.s. equity futures are higher across the board. dow up close to 200 points. 190 points right now. s&p futures are up 20. nasdaq indicated up by over 75. if you look at what has been happening with the treasury markets, the 30-year long term

bond this morning is trading above the two-year since january, the yield. the 30-year yielding 4.44. the two-year yielding 4.45. just slightly higher. the ten-year sitting at 4.21. you have the five-year at 4.11. you had cpi last week and the jobs looking to come down and the jobs growth picture slowing down as well. bitcoin has been up substantially. you can read a lot of things into this, but what is happening with former president trump and the likelihood he would step in is boosting assets. bitcoin this morning back above $62,659. former president trump arriving in milwaukee for the republican national convention, this a day after he was targeted in the attempted assassination. we have eamon javers joining us with more.

>> reporter: good morning, andrew. we heard from president biden in the rare primetime address from the oval office. the third time that president biden has given the oval office address. the president called for calm and peace and called for an end to political violence. here's what the president said last night. >> disagreement is inevitable in american democracy. it's part of human nature. politics must never been a battlefield and god forbid, a killing field. to pursue justice and guided by the decklaration of independenc. >> reporter: reporters were updated on the assassination attempt of former president trump. the fbi saying the investigation indicates no indication thated anybody else.

they indicate the shooter acted alone. no motive has been identified on the part of the shooter here in terms of any ideology associated with the shooter. they have been scrubbing his social media and accessing his family and friends. they say they obtained his phone, but as of yesterday, they had not been able to get access to that phone. they are working with a forensic team to crack into the phone to see if there is evidence to be gathered there. as you can imagine, guys, this is a massive investigation into the assassination attempt against the former president of the united states. the former president survived, but this could have gone very, very differently and we would be having a very different conversation this morning. a lot of questions swirling around the security posture for this event, the republican national convention here in milwaukee and the security posture in pennsylvania over the weekend. did the secret service do enough or was there a broad enough

security perimeter? how did the shooter get as close as he did to the former president of the united states and manage to fire off shots at him. all of that still to be determined, guys. a lot of questions this morning in a very tense milwaukee, wisconsin. back to you. >> eamon javers in milwaukee. thank you. >> here is a look at a couple of things. shares of trump media closed at 30 or 31 on friday. it is 41.60 this morning. that is quite a move. up 52%. the predicted betting contract for former president trump to win the november election surging to 67% at this point. if you are wondering who is in second place? it is furis firmly back to pres biden. if you look at predicted nominee, that has been flipping back and forth.

solidly in president biden's camp. >> the issue is is president biden going to be the nominee? >> who knows. >> to me, the bigger shift is if you think he steps out, it may be less attractive today for gavin newsom or governor whitmer or the person on the other side to catapult into the lead. i'm not sure you want to be on the losing side of things. >> i never seen any indication that president biden has any doubts about staying. i have never seen anything else. >> if you take him at his word, maybe you do or don't, that he believes he's the only person that can beat trump and starts to look at the polls and sees where they are -- but as i said, if you look at the polls and see where you are, that next

iteration becomes complicated of who can step in and if it is kamala harris and is she passed over and all those issues. this dynamic changes. is there a perfect person? a new name i keep hearing about who probably doesn't have the name recognition. mark kelly of arizona. his wife, obviously, was shot. he's an astronaut. military man. he's in a swing state. a lot of interesting things about him. having said that, it becomes very complicated again because he doesn't have the name recognition. do you think you are on the losing side? >> president biden is in the driver's seat. he would have to decide not to do it. even if you hear people somewhere around him -- they are always in the outer orbits. anybody in the inner circle hasn't shown the slightest i incli inclination. >> the things playing out with the convention. there is not a candidate that the delegates could coalesce

around. he has an interview tonight with lester holt. >> right. >> something we are watching closely and the market reaction to all this. we will talk more about what you can anticipate from the markets because things continue to roll along with earnings season. we have an earnings alert coming up. quarterly results from blackrock are straight ahead. we will hear from goldman sachs. that is coming up in the next hour. also, later today, mario gabelli will join us. a long time paramount shareholder to make sure the skydance-paramount deal is going forward. he will talk about whehat thinks about it right now. "squawk box" will be right back. and retirement savings. voya provides tools that help you make the right investment and benefit choices.

so you can reach today's financial goals and look forward to a more confident future. voya, well planned, well invested, well protected. at pgim, finding opportunity in fixed income today, helps secure tomorrow. our time-tested fixed income suite, backed by over 145 years of risk experience, helps investors meet their goals. pgim investments. shaping tomorrow today. energy fuels, a leading american uranium producer, is ramping up production to supply expanding nuclear markets

and diversifying into rare earth elements, key ingredients in many clean energy and defense technologies. energy fuels.

want to save on some of the biggest names in streaming on the network made for streaming? x marks the spot. now you can add the new xfinity streamsaver™

that includes netflix, peacock, and apple tv+. that's xfinity streamsaver™ for just $15 a month. all your favorites. all in one place. only from xfinity. for more watching and less spending... x marks the spot. do it all on the network made for streaming, and bring on the good stuff. shares of burberry are plunging in london after the disappointing first quarter performance. comp store sales fell 21% in the quarter that ended in late june. that company is replacing its ceo and cut its dividend. it warned it will report an operating loss for the first half of the year. the stock right now is down 17%. the company's chairman says he expects the actions that they are taking, including cost

savings, to start to deliver an improvement later this year. ceo jonathan akeroyd is stepping down effective immediately and the board named joshua schulman as its new ceo. schulman ran michael kors and coach. in the meantime, let's talk about what could be a very big deal this morning. google in advanced talks to buy security firm wiz. sources saying the deal could come soon. wiz was founded in 2020 and had been eyeing an ipo as recently as may when the company was valued at $12 billion. this, of course, would be double that. wiz is a cloud security specialist that gives companies enhanced visibility into the software operations. if the deal is completed, it would be google's largest ever acquisition. if you go back and think about the great acquisitions, i think youtube is the greatest acquisition in the history of acquisitions. having said that, the other question on the other side is what is going on in washington

and how regulators would think about any transaction of this scale with alphabet on the other end. >> already the scrutiny from all of these issues. in the meantime, blackrock reporting results. let's get to leslie picker with results. >> good morning, becky. blackrock reporting $9.99 per share. that's up 10% from last year and beating estimates as well. top line was a slight miss at $4.805 billion and ending uam came in below estimates, but $10.6 trillion. total net flows in the quarter were $82 billion with outflows offset by inflows in etfs. ceo larry fink saying in the release, this was the best start to the year with the etfs on

record. those resulted in 3% organic fee growth. i got off the phone with cfo martin small. if they are weighting in cash, they are missing out on returns. that is a good environment for blackrock when money is moving around. the firm is on pace to close its acquisition of global infrastructure partners in the third quarter of 2024. it will double the private market base fees and add $100 billion of infrastructure aum. the deal announced a deal with preqim. we should expect to hear more on today's earnings call about those deals and organic growth or non-organic growth and the company's plans. guys. >> leslie, thank you very much. leslie picker watching those shares this morning. at this point, unchanged up by

about 13%. by the way, we should point out blackrock's larry fink will appear on "squawk box" at 9:00 a.m. coming up, market catalyst to market earnings. later, we will talk to the gop senate dut candidate david mccok about the pennsylvania rally and the assassination attempt. wighe in the first row when we are coming right back. has ffer. make your dreams come true. but the choice won't be easy with exceptional offers on the e-class sedan, c-class sedan, cle cabriolet and cle coupe. hurry, these dream offers won't last forever. come in now through september 3rd.

(♪♪) ♪ well i was raised by careful hands ♪ ♪ yeah, they made me who i am ♪ ♪ so i'm off to see... ♪ we invent them. we design them. we build them. and one day, we have to let them soar. ♪ i'm always coming home ♪ hello. i'm ethereum. and i'm big finance. you look really tired. just calling it a day. but it's 4 p.m. yeah, and i've been working nonstop since 9:30 this morning, so. 9:30. you don't say? yep. you'd want a little shut-eye too if you'd been moving billions around the world.

well, actually, i do. you know, stablecoins, nfts, loans. people can access me 24/7. what? but look, everyone's different. you should get your rest. you'll get after it tomorrow. tomorrow's saturday. [ethereum] monday. you'll get after it again on monday. -remember when i said we need to screen for colon cancer? -was that after i texted the age to screen was now 45? [both] because i said cologuard®! -hey there! -where did he come from? -yup, with me you can screen at home. just talk to your provider. [both] we'll screen with cologuard and do it my way. cologuard is a one-of-a-kind way to screen for colon cancer that's effective and non-invasive. it's for people 45+ at average risk, not high risk. false positive and negative results may occur. ask your provider for me, cologuard. ♪♪ data science can help address some of the biggest challenges in financial markets. if we focus on the mortgage market and follow the life of a loan from origination right through its pricing in the capital markets, our data science capabilities can provide a deep level of insight.

at ice we have extensive data sets, especially around three pillars. the property, the mortgage and mortgage performance. this trifecta of data and its history is a bit of a data scientist's holy grail. ♪♪ welcome back to "squawk."

on the "squawk pl planner" we g retail sales and imports and export prices and on the earnings calendar, goldman sachs is reporting at 7:00. we will hear from morgan stanley and united health. on wednesday, johnson & johnson and united airlines. on friday, halliburton and travelers and american express. a lot happening and all that while the republican national convention getting under way in milwaukee today. we will bring you full coverage throughout the week. former president trump expected to speak on thursday. joining us on the markets is stephanie link, strategist at hightower and our cnbc contributor. we saw you recently, stephanie, but a lot has transpired since you were on. if you think a trump presidency

was more likely, there are person pa certain parts of the market that could do better and some do worse? >> well, sure. it is more like pro-business. i think cyclicals will do well. real estate for obvious reasons. defense industry should get more support. probably lower taxes, but that will depend on congress and the mix of congress. it is too early to say if it is going to be a sweep or not. perm personally, just stepping back, if the market likes to see a mixed congress, not a lot gets done, but that's what the market likes. we don't like surprises. on the negative side, you have tariffs that would likely come and more drilling. energy probably takes a hit and also anything tied to green or clean probably also would be weak. although, i think a lot will va

in place. a lot of the republican states are benefitting from clean and green. i'm not sure anything gets done, but there are a lot of moving parts, joe. >> i like how you said not a lot gets done, unfortunately. some people think a little too much gets done sometimes and that turns into a problem. you know, we're still right in the middle, smack dab, i don't know where that comes from. smack dab. we are smack dab in the middle of earnings season. do you know where that comes from? >> i don't. >> i have a curiosity. i'll look that up. what's coming this week that's important? >> i think the banks, obviously, are front and center. i will say that they always trade really crummy around earnings because there are a lot of moving parts. i always thought the numbers on friday were pretty good.

jpmorgan chase is the clear stand out. wells fargo is having problems. it's ane expenses were higher. that's a problem. the theme is fees. fees are up enormously. you had jpmorgan chase and fees up 50%. citigroup up 63%. even wells fargo had a broad-based fee growth across the board if you talk to the cfo. he was talking about cards and trading and wealth. they were all higher. that bodes well for bank of america and goldman sachs. i think the banks are a buy here, joe. >> the ten-year yield. the yield moving higher on tariff concerns? why isn't it? >> i don't know. i actually thought that yields would be down a little bit just on the uncertainty. what i will say is i'm very encouraged you're seeing a

little bit of a steeper yield curve. that's a good thing in my mind because we've seen the inversion for over two and a half years. that was supposed to be the precursor to a recession which we never got. i actually think the steepening of the yield curve is good for the equity markets and risk-on assets as well. >> and september looks like the first cut to you unless something really crazy, you know, i don't discount anything crazy. you think we get a .25 put? > cut? >> i think we do. we grew all of last year. now we're running at 2% or 1.5% or 2%. higher rates are having their impact. the fiscal stimulus that was put in place is starting to wane a

bit. 2% growth gets you 8% to 10% earnings. i think that is pretty good for the overall market as a whole. in terms of rates, in terms of inflation, we made problem. we were 9.1% inflation at the peak. we're now at about 3% or less than 3%, but we're getting there. it sounded to me last week that powell was more dovish and more willing to focus on inflation and also the labor market as well. i think we're in a good spot. >> steph, if you were to get way down in the weeds, did you ever see anything happening during the convention and would an outlier vp pick come? could that effect what happens in the stock market? usually not? >> probably not. i do think it is interesting that nikki haley is speaking at the rnc this week. that was kind of a surprise. desantis as well. i think a more moderate vp could

certainly help broaden out the support in terms of the political side. so, we'll have to see. i don't think it will make a big difference on the market side. >> and finally, you are not -- obviously, you are not a big crypto fan necessarily. for that to move 10% to 15%, you don't need a reason up or down, i don't think, do you? >> i don't know. it's hard. it doesn't really trade on fundamentals, but it trades on risk-on assets. that's why the market is up today and that's why you have bitcoin up today. it kind of all makes sense. it's consistent. this is kind of a pro-business and pro-risk-on rally. we'll stay it. we take green anydany day, righ? >> it's mid-july. i'm not surprised if i see the

christmas tree soon. i've seen it in october with you? >> it is okay. yeah. october, it's all fun. >> it is. is it the frosted one this year? it's too early. let's get through the summer. >> it's a surprise. it's a surprise. it's like the state. like the surprise with the state. >> you know by christmas, we'll know who won the election. that would be interesting. >> indeed. >> i'm ready. i'm ready. thank you, steph. see you later. >> thanks, joe. coming up, we are going to dig into this morning's market moves and new data from china overnight. that's next. later, we'll talk about the calls to lower the political temperature in america. biden campaign co-chair chris coons is with us as well as michael whatley. "squawk box" is coming right

back. seven thousand miles away.. and then wonder why they don't fit. with weathertech in your vehicle you may hear angels singing as you marvel, how do they do it? simple. american technology and american workers deliver quality... not imported junk for a few bucks less. get the world's best floorliners and support america. find your fit at wt.com (♪♪) tamra, izzy and emma... no one puts more love into logistics than these three.

you need them. they need a retirement plan. work with principal so we can help you with a plan that's right for your team. let our expertise round out yours.

good morning. welcome back to "squawk box" live from the nasdaq market site in times square. checking the futures, you see green across the board. 194 points in the dow.

nasdaq resuming its upward climb. up 83. check out treasuries. the yield curve and ten-year at 4.22%. as we noted, bitcoin held at 57 last week and it's just under $63,000 this morning. china out with new economic data overnight. gdp rose by 4.7% year over year. that miss ed expectations by 5%. one bright spot was industrial production which grew by 5.3%. that beat expectation of 5%. china kicking off the high-level policy meeting known as plenum which is starting today. coming up, politicians from both sides of the aisle calling for americans to tone down the

temperature after the assassination attempt of donald trump. we will talk about what the campaigns look like between now and november. you can get the best of "squawk x"bo with "squawk pod" and listen anytime on your favorite podcast apps. we're coming right back.

- custom ink helps us motivate our students with custom gear. we love how custom ink takes care of everything we need, so we can focus on the kids. - [narrator] custom ink has hundreds of products to help you feel connected. upload your logo or start your design today at customink.com

welcome back to "squawk box." for more on the assassination attempt of former president trump and implications for the 2024 race, joining us is pollster and strategist frank luntz. frank, i want to start with you and your reaction to this terrible moment in american history and political violence that's taking place, but also try to understand how you think this changes and shifts the landscape of clearly, you know,

the support for president trump is going to get greater, but what this does to the democratic party and what you think the current president, president biden, does in this case? >> to answer both questions, first, i'm really challenging democrats and republicans alike. we keep hearing this call to lower the temperature. that's the exact words that people have been using to reduce the friction. it's one of the these things where it's an empty gesture unless you actually do it. it's something i call on my democratic colleagues and republican colleagues to stop the rhetoric that is inciting this division that leads to something that happened on saturday. and second, i actually don't believe and i may be in the minority here, but i don't believe donald trump will get a huge bounce on this because

there are not undecided voters at this point. it is the reason he did not get a bounce from the joe biden perp performance in the debate and biden didn't get a bounce from the trump conviction of 34 felony counts. the issue is turnout. everyone will be a supporter in november and you don't have that intensity and that drive among biden supporters to come to the polls. therefore, this will be between 1% and 2%. that is enough for donald trump in the lead and win the key states of pennsylvania, wisconsin to win the election. >> jeff, what do you think? are you on the other side of this? >> i totally agree with frank and where he is. we're all americans here. saturday was an awful day in american history. he never should have given his

life to peacefully assemble with his family. we are happy that trump escaped serious injury. i agree with frank. we need to think where we are as a country and in our politics. it is very soon after this tragic event to be able to say what impact it will have. i do tend to agree with frank because voters are so locked in, we may see a short-term change or slight shift here. we also did have just with the debate and latest nbc poll, 70% of voters saying that had no impact on their support for a candidate. so, despite the shocking event, it is hard to see it in the long-term change of a modest shift in the coming days. the one thing i would say for sure is we are seeing the best

of both candidates hours after the tragedy. for trump, his fighting spirit and biden with the ability to lower the temperature. that was not something that was communicated in the debate and that is what the american people are looking for in the coming days. >> frank, the only question i would follow-up with you is, a, do you see a shift in the democratic party for biden or inside the white house arsteppi down? do you believe this is the calculus? does he look at these numbers, these poll numbers, and said i was the best person to stop former president trump from getting in the white house. i now no longer think that's the case. where do you land? >> i take him at his word. i've learned to do so over the last 80 years. when someone says they don't like you, you trust they don't like you. if someone says they want to kill you, take them at their word. i've seen some of the polling

that shows vice president harris doing as well as president biden against donald trump. the key, to me, is in the word defiant. that word has been used to describe joe biden for the last week to ten days. now look at trump, blood dripping down his face, shot in the ear, fist in the air saying to people fight, fight, fight. to me, that is the definition of defiance. i don't support either candidate. my job is to measure public opinion. i've never seen a photograph like that. i don't know if you've got it. i don't know if you have the pictures of him dragged away. it's a picture of him with his fist in the air and the american flag in the background. >> we've all seen it. let me ask you a question. there's no one who hasn't seen that, obviously. does this change the approach of either campaign as to what the

key talking points are? on the democratic side, does it pull out and i don't know if it was going to be successful the dictator, end of democracy, all of those things we heard again and again and again. i don't know if that was the strategy all the way to november, but it seemed like it was going to be. on the other side, is it possible that you see former president trump give a different speech? we're hearing it might be a different speech given than what he had planned at the convention? it could tone down -- i can't believe either side does it. both sides are in a different world now after saturday and the whole strategy of the campaign could change. i'm talking to frank. i was asking frank. go ahead, frank. >> the democrats built their

campaign not on presenting joe biden, but on condemning donald trump. this would require a major shift in political strategy. if there are able to do it, there is a record for biden to run on. there is a different approach and it would require something different than what we heard from the debate. in donald trump's case, i know he did this and i know reports are he has rewritten his speech and he himself do it and he is focused on unity. if he delivers that speech, frankly, i don't know how biden beats him at that point. >> jeff, now you can weigh in on the same question, if you want. >> thank you, joe. >> it seems like both sides need to rethink the whole strategy. it was like a singularity almost. >> thank you, joe.

look, i think the next week rightfully so, is donald trump's week. it's the republican convention. he just had this incredibly near tragic event. we will see how the convention unfolds. i think that's really an important sign for the future of the campaign and i think also as frank said, we need to take the candidates at their words. the words, the plans for what's coming in the next biden administration and trump administration are important and what their plans are. that will dictate the course of the campaign. the thing that is true is that biden was in our last nbc poll was trailing by two points. that really hasn't changed the trajectory of the race. remember in 2020, he won the national vote by four points. either way, there is work to do for joe biden coming out of the event in the republican

convention. >> frank, is there a person on the mplanet right now in the democratic party and you were joe biden that i'm the only person to beat donald trump. is there another name that you think could carry any weight? some democrats were talking about mark kelly over the weekend given his wife's circumstances and his military background. again, i don't know who the right person would be. >> i'll give you three examples, not just one. wes moore, governor of maryland, who just went through the bridge collapse calamity and did incredibly well. great speaker. military background. african american and significant. he's a switch for the democrat

to nominate senators. in terms of senators, cory booker. a great speaker and someone who is passionate about what he believes in. finally, mitch landreau, the former mayor of new orleans and guided new orleans through its tragedy. these are three individuals who faced -- >> you think polls, though, would show those names could beat former president trump? >> no, this is not what would happen right then. these are people who could debate and these are people who could campaign and these are people who have the potential with their personal qua qualifications and attributes and character traits. you are correct. polls won't show that right now. the polls would put vice president harris as the strongest candidate and, yet, we all know the challenge that she would have in debating trump and in carrying the democratic

moniker in november. sometimes you don't trust polls. i say this as a pollster. >> jeff, what do you think? you got a name? >> look, i agree with frank those are all really strong potential democratic candidates down road for another day. right now, joe biden has work to do. after the debate we saw with being competent and concerns about his age, he needs to address those. that's where we are now. he trails in the polls by six points compared to 2020. that is the work ahead and where we are today. >> okay. we will leave the conversation there. frank and jeff, thank you. >> thank you. >> thank you. coming up, we're learning more about the widespread data pr breach at at&t and a hacker who claimed to have received a ransom payment from the company. later, pennsylvania gop

senator david mccormick will join us as he attended rally to discuss the assassination attempt of former president trump. "squawk box" will be right back. i'm andrea, and this is why i switched to shopify. it gave me so much peace of mind. if we make a change, my site's not going to go down. and just

knowing that i have a platform that we can rely on, that is gold to us. start your free trial today.

there's a hacker who has claimed to have stolen call and text logs from at&t. he said the company paid about $400,000 to erase the data. the hacker provided a bitcoin wallet address that analysts say shows a payment in mid-may that appears to lineup with the hacker's story. at&t has not commented if the company paid a ransom to contain the fallout from the hack. at&t revealed the breach last week and said it has delayed

disclosure while it worked with federal law enforcement officials. i'd ask for a lot more than 400,000 grand, won't you? as widespread as that hack was? you don't want to ask for too much. i would not settle for 400. >> it on what information you have too. when we come back, we're going to take a look at this morning's biggest movers. also, we'll talk about this week's republican national convention. "squawk box" will be right back.

welcome barck, everybody.

we're taking a look at the market. joining us now is spoke investment group's cofounder. this morning we are seeing futures up. you're seeing longer term bond yields higher this morning as well, and bitcoin very strong. what do you think the implications of all of this are? >> so i mean, i think the event in and of itself may, you know, that isn't really impacting the markets much, but i think what longer range is, unless something changes in a big way, i mean, going into the super bowl in 2008, the pay ytriots w undefeated and the giants ended up beating them. unless something changes, there's a very high likelihood that trump will be elected in november, and there's a good chance that -- an increasingly high chance that the republicans will take the house and the senate. i think in that environment, it's mildly positive reaction from the markets as we'll have a less repressive regulatory environment, and we'll see

more -- companies more likely to engage in m&a without having that overhang of the regulators coming in and blocking transactions. >> higher yields in the bond market, what's that telling you? >> so i think when you look at unified control by either party in the house, the pursestrings become looser. you've had -- since the '60s you've only had three sessions of congress where republicans have been in full control and in those periods, those two-year periods the ten-year yield did rise, the median increase was 20 basis points. i don't think it's too surprising to see that you start to see interest rates rising a little bit here, and then i think sentiment, you're going to see broadening out of the rally, if you look at after trump was elected in november of 2016, small caps in those initial months really performed well, doubled the performance of the s&p 500.

during his administration, the performance was right in line to slightly below large caps, but we didn't have this really wide performance disparity that we're seeing now between the mega caps and everything else. >> you know, it was interesting, there were some comments that were being made just over the weekend people taking a look at what this means longer term for spending. hard to play that out, but you really do think that there would be more spending than we've already seen under a democrat? >> not necessarily more spending but the tax -- we're not likely to see the tax cuts, the 2017 tax bill expire, so that's one thing, but it tends to -- you know, the parties get through more of their, you know, what they want, and washington loves to spend, no matter which party that you see over time. so i think it's just -- you know, you've seen the curve steepen as trump's odds have increased since the debate, and so i think you're just starting

to see a continuation of that trend. >> you make an interesting point that not necessarily for the energy stocks. that's the one point that you don't think would necessarily benefit from this, which again, president trump was all about making sure that the drillers could drill. you bring up that while that is good for consumers, it's not necessarily good for the oil stocks themselves. >> yeah, so if you look during, you know, trump is very friendly to the energy sector. during his administrations, it was the worse performing sector of the market, and you can say, hey, well, that's because covid. if you even look up until the february peak in 2020, just about every sector in the market was up 30% during his administration. the energy sector was down over 25%. so i mean, there's going to be other factors at play here, but drill, baby drill is great for inflation. it's great for the consumer, but it's not necessarily good if you're selling oil and oil's all

about supply and demand. and you have even small increases of a supply of oil in the market. it can have a big downward impact on prices. >> thank you, paul hickey. >> thank you, becky. it is just before 7:00 a.m. right now on the east coast. you're watching "squawk box" on cnbc. i'm andrew ross sorkin along with joe kernen and becky quick. we've got a lot going on on this monday morning after a very eventful and tragic weekend. i want to show you the futures right now. the dow up about 223 points. the nasdaq up about 80 points. the s&p 500 up about 20 points. treasuries, you're looking at the ten-year note at 4.222, the two-year at 4.447. and bitcoin, as joe had mentioned the last hour has now moved higher up about 4% this morning sitting just at about 62,474. former president trump has arrived in milwaukee for the republican national convention, just a day after he was shot in

an assassination attempt. eamon javers joins us now from milwaukee with the latest. hello. >> good morning to you, joe. the former president, as you say is here in milwaukee, wisconsin, and we are gearing up for a big day at the republican national convention. one question on everybody's mind is whether we'll see a vice presidential announcement from the former president of the united states and whether that could come as soon as today. it has to happen this week. we're running out of days where that announcement could happen. going back to last night, we heard from the president of the united states, joe biden in washington, in only his third oval office address to the nation. the president urged peace and calm and said we cannot enter an era of political violence. >> the power to change america should always rest in the hands of the people, not in the hands of a would be assassin. you know, through competing

vision of the campaign should be resolved e peapeace fully. >> what we know about the fbi investigation into the shooting is the fbi says as of now, no known motive here for this shooter. they're trying to figure out whether there's an ideology associated with him or not. so far the investigation indicates that the shooter acted alone, but they are trying to determine whether there were any co-conspirators involved in this attack. they say they've identified that the firearm involved was purchased legally. they've obtained the shooter's phone as well. they're trying to get into that. as of yesterday, they said they had not gotten access to the phone. they're trying to crack the pass code there, and they're working with a company, they wouldn't say which company, to help them do that. that cube treasure-trove of evidence as to the shooter's whereabouts, his intents, his communications, all of the information that the fbi is trying fto figure out right now to figure out how this happened.

questions swirling in terms of security and the preparations by the secret service. how did this shooter manage to get that close to the former president of the united states with a weapon and get shots off in his direction. that is a big mystery as of this morning. there's some questions about whether or not that rooftop where the shooter was located should have been secured by the secret service or by local larm. the president of the united states last night saying he's going to ask for an independent investigation as to what happened. meanwhile here in milwaukee, wisconsin, we are seeing tight security here. guys, i've got to say as we look around the perimeter here, this security at this event feels just like the security we've seen at major events in the past. this is about as tight as you can get in terms of security and still have a convention. that's what it's going to be like all week, and we'll bring you all the news as we get it. that's definitely going to be something that we watch, eamon, and that is people try to figure out how you couldn't secure what is not that big of radius.

you should be able to secure a radius really twice as large as what encompassed that building. >> right. >> you looked at it, there are like three spots if you wanted to try and do that, there were like three prime spots. that might have been the prime spot to be. and there's a ladder. it's just -- it's outrageous. >> you do wonder joer, if the explanation is some kind of communication gap between the secret service and local law enforcement in terms of who's responsible for that rooftop and which area of jurisdiction that falls into. it may be something as human and simple as a mischommunication between the law enforcement agencies as to whose responsibility that was. we do see a report that a local law enforcement officer went up on the roof and the shooter menaced him with a gun.

the law enforcement office ducked down behind the edge of the roof in order to preserve his own life and the shooting transpired after that. we're going to have to get a very clear time line as to how quickly that happened. it may be the case that the shatt shooter went up there. the police identified him. he got off his shots within seconds or a very few minutes which does not give law enforcement time to respond. >> or the policeman told someone and then, you know, the law enforcement snipers were trained on the shooter, but that could have been it too, and whether they were told not to -- it would be ridiculous to wait to take the guy out when we know that it was within -- you know, it was inches that this whole -- the world would be turned totally upside down right now, if it had ended -- if that head turn, to look at a chart about

immigration. i don't know whether you were watching live, eamon, but it was unbelievable to be watching it. i just happened to be watching it with the family, and those kind of things -- >> one of those things where history turns on a dime. >> i don't remember jfk, i remember mlk and rfk vivid in my mind, but you would hope no one has to see -- has to see that live, and everything's live nowadays. i mentioned or it almost reminded me of the movie network. everything is live. everything you got to see, you have coverage of all these things as they're happening frightening. thanks, eamon. >> now the question is, you know, how does all of this play into the presidential race. as you guys have been talking about this morning, the expectation is that this will give a significant boost to the former president donald trump. how does the biden campaign respond to that. so many questions we're really in unprecedented pivotal moment in american history right now. >> yep, all right, thanks,

eamon. let's get over to dom chu, he's got a look at this morning's premarket movers. >> we'll start things off with an earnings mover. that's going to be blackrock. those shares are up fractionally. this is all after the world's biggest asset manager reported mixed results with earnings coming in better than expected on a slight miss in revenues. blackrock was helped by more inflows into its atf products. rising asset values which help boost the amount of fees it collects. those assets under management hit a record high of $10.65 trillion during the second quarter. watch blackrock thinly traded so f far. shares of super micro computer are up about 3%, over 75,000 shares of volume. this is the maker of high end computer servers for data centers and artificial intelligence platforms. it's going to replace forpharma

chain walgreen's boots alliance. that swap will take effect before markets open on july 22nd. the nasdaq 100 is the driving force behind the qqq etf and will end with the move higher. those shares surging by 51% this morning. that surge follows the attempted assassination of former president donald trump at that rally in pennsylvania on saturday. the company has seen some volatile trading throughout the entire election season so far. you remember it plummeted by nearly 50% in the wake of the felony conviction of the former president who is also the firm's majority shareholder. keep an eye on that roller coaster for technology, becky. i'll send things back over to you guys. thank you, dom. coming up, evercore senior chairman and founder roger altman is going to talk markets, the feds and so much more. former house speaker kevin

mccarthy will be our guest. "squawk box" returns after this. ameritrade is now part of schwab. bringing you an elevated experience, tailor-made for trader minds. ♪♪ go deeper with thinkorswim: our award-wining trading platforms ♪♪ unlock support from the schwab trade desk— our team of passionate traders who live and breathe trading. ♪♪ and sharpen your skills with an immersive online education crafted just for traders. ♪♪ all so you can trade brilliantly. ♪♪

imagine a place where music harmonizes with nature. bass pro shops thunder ridge nature arena. america's most scenic outdoor amphitheater. it's the first and only concert venue where 100% of the net proceeds go to conservation. located next to big cedar lodge in ridgedale missouri, america's premier wilderness resort. join us this season for legendary performances by morgan wallen, chris stapleton, the rolling stones, luke bryan, imagine dragons, and pitbull. tickets available at basspro.com/thunderridge

z's baking the house special. tickets available at arisa's styling a new look. and steve's filling his biggest order ever. with the first ever comcast business 5-year price lock guarantee, these business owners get five years

of value on gig speed internet and advanced security, all from the company with 99.9% network reliability. so now they can focus on doing what they do best for the next five years. that's a lot of bread. you got this. the comcast business 5-year price lock guarantee. switch today for a limited tim. welcome back to "squawk box." futures right now, 213 points higher on the dow. s&p 500 up about 22 points and the nasdaq up about 93 points. i want to bring in roger altman, founder and chairman of evercore. roger, i'd love to hear your thoughts about what we saw over the weekend, this tragic event, but also how you think it's going to impact this election. >> you got it. good morning. well, first of all, my own reaction like i'm sure yours was was one of horror. in my own lifetime, we've had

too much political violence in this country, and had that assassination attempt succeeded in this already deeply polarized country, the impact would have been dreadful. so it was one of horror. i'm grateful that president trump escaped it. it connotes a degree of instability to me, which would cause me as an investor to pull back a bit, but that's not the reaction we're seeing so far. >> so that's interesting. why do you say that would have been your reaction and, therefore, are you surprised by the reaction in the markets. >> well, perhaps i'm just more conservative than others, but that's a degree of instability, andrew, which i don't think is

positive for the investment environment, but perhaps investors now think the chances of a republican sweep, house, senate, and white house are increased and they may think that signifies more growth. it's not surprising to me that yields are up a bit because if you think there will be a republican sweep, then you don't think there will be a check on fiscal policy, which already is on a poor trajectory. and so you would on that be a seller of bonds. >> so as a long-time democrat, roger, what do you think president biden should do in reaction to this. do you think he should step down? do you think there's another candidate that could beat former president trump? what's your handicap in this situation? >> very short-term i think the calls for president biden to

step aside are going to be muted. this is a moment for national unity and not for intraparty wrangling, and at this very moment he seems firmly committed to running and i don't see a scenario, at least immediately, where that might change absent something like another debate performance of the type we saw a couple of weeks ago. i think campaigning itself on the democratic side or at least biden's campaigning will be reflecting that national unity moment, at least for the time being. you saw that it has come at three separate times over the weekend. i don't know where this will be in a month, but that's what it

looks like to me now. >> do you think this is a runaway for president trump now? >> no, i don't because somewhere between 45 and 46% of the electorate repeatedly says poll after poll, month after month that it won't vote for trump. so i still think this election may be relatively close, but have the odds of a trump victory through this terrible event, yes, they can. we can all see the prediction markets, which at the moment, even if they're not that liquid and not always right, are showing -- are showing that effect. so it's more likely that he's elected today than it was three days ago, but i don't think we're going to see a reagan like landslide, no. >> you know, you look at some of the predicted markets and some of the markets overseas where

people bet on these things. somebody like a gavin newsom right now looks like they would, you know, have a better chance of beating trump. michelle obama's at 60%, even though she's obviously not considering running. >> well, like everybody else, i admire michelle obama, but she's not going to become a candidate. it's a little bit like asking how people would feel about joan of ark becoming a candidate. look, leader schumer and leader jeffries have both had private visits with president biden. i don't see at this very moment much indication that president biden is likely to step aside. >> that's not going to stop him from talking about it every two seconds, though. >> no, i know that. just please, please, please. >> it's natural. i know it's natural. it's natural. and look, it's a fluid

situation. it's a fluid situation. things could change. i just can't think at this moment the likelihood of a change in terms of the democratic nominee is all that high, but we'll see. >> he seemed to weather the storm amazingly, and it's always been his decision, always. you have to be him to decide not to. >> that's right, people misunderstand that. i. >> no matter how much people want that to happen. >> you're right, joe. people misunderstand that. the primaries are over. the delegates are his. the only person who can get joe biden out of this race is joe biden. and he certainly doesn't look as t though he's about to do that to me. >> he's stabilized, he's looked pretty good when he's been welle right notes over the weekend, although, perhaps they were obvious. and i think you're going to see a more muted tone to this

campaign, at least short-term. i don't know what the tone of the republican convention will be. we'll see that pretty quickly, but i think on the democratic side the tone is going to be muted. we all in this country should tone down the rhetoric. it's pretty painful to see people blame this terrible event on one party or the other. that's not -- that's inappropriate. we should tone down the political rhetoric and have this event have that effect on all of us. >> roger, i want to thank you as always. >> my pleasure, andrew, thanks for having me. up next, republican pennsylvania u.s. senate candidate dave mccormick will join us. he was at this weekend's trump rally sitting in the front row. he will share his experience inngrohe.aw and what he's thki fm re "squawk box" will be right back. that's like the gap in my health insurance. gap in your health insurance? yeah, it didn't cover everything when i got hurt.

good thing i had aflac. (aflac duck) hmmm the cash i got from aflac helped pay for medical expenses, groceries, rent. it really helped close that gap. (whisper) go, go, go! (group) yay! go aflac! go duck! get help with expenses health insurance doesn't cover. find an agent. get a quote at aflac.com. wish we had aflac on our team. you can! (♪♪) (vo) what does it mean to be rich? maybe rich is less about reaching a magic number... and more about discovering magic.

with the price of just about everything inflating these days, you may wonder why mint is deflating the price of mint unlimited from $30 a month to just $15 a month. well, it's easy. we know a great price on a great product is better than one of those things. right? does big wireless really believe that these things actually work? ( ♪♪ )

( ♪♪ ) this one will never see the light of day. all right. welcome back. gop pennsylvania candidate dave mccormick who was at saturday's rally sitting in the front row when the assassination attempt on former president took place. it's good to see you, david, and in fact, just two seconds ago

becky and i were talking about the reaction and how i don't think anybody really knows what the reaction would be to something that you might -- you're a gulf war veteran. you're familiar with gunshots and everybody else, but i mean, it was so -- a little bit surprising in the fire chief, i'd like to think i would do that, you know, at my age. i think i'd try to jump on top of my family if i could, but you just don't know until it happens, and i think that former president trump rose to the occasion, maybe surprised a lot of people. maybe surprised himself. i don't know. >> yeah, it was remarkable in the sense just imagine you're shot. you know, you're under fire, the secret service sort of tackled him and covered him, and then he gets to his feet and he's in that and he has the presence of

mind to recognize that he wants to -- he's both defiant and reassuring. i was really -- i was really taken aback by how much strength and presence he showed in the moment. i think he felt the need to reassure people he was okay, and you know, if 100 people were under that circumstances, i'm not sure how many would be able to rise to the occasion as the president did, and it's the same with corey comperatore, the man that put his body to shield his family and it's just a tragic day. and imagine had the bullet just been one inch in the other direction, we would have lost the president, and that is just almost hard to fathom. almost unthinkable, but we were that close. i think it's a moment of pause and reflection and kind of put things back in perspective and just be very grateful that the president was able to survive and also be very, very grateful or very i guess prayerful for

those that lost their lives and those that are still fighting back from being wounded during that horrible, horrible day. >> he was barely into the speech. i was watching and i honestly thought, you know, he always goes off teleprompter, and he didn't know whether they had that chart of immigration, and that is why he kind of looked -- he was looking up at that and moved his head a little bit. that could have made a difference. i also thought he almost called you up. he said you were going to come up later. he almost called you up spontaneously right then, and i was looking forward to hearing what you were going to say on top of everything else, and that never came to pass. >> he had -- we had a conversation before when he first got there, we were in the back, and he was -- you know, the crowd was incredible. it was only my second trump rally, but i mean, there was an enormous enthusiasm and patriotism, and he was very excited about it, and he said, hey, i want to call you up on the stage. when he got out there, he

started -- got right into his introduction and started to talk about my race and asked me to come up. so i started to walk up, and then he said, no, no, let me show this chart, and i'll have you come up in a little bit. he said that to the crowd. and then just a minute or two later, the shots were fired. it was the kind of thing, it was almost unthinkable. then when it became clear the staccato was, in fact, rifle shots, you know, the president dropped to his knees and the secret service was there and at the same time, it became clear that over my left shoulder in the bleachers someone had been shot and was wounded, and in bad shape, and you know, so you had this sort of unbelievable moment where everybody was hunkered down trying to make sure we didn't, you know, have further people injured and the president was ushered off the stage. it was all very hard to digest in the moment. very confusing. but the crowd was very calm,

confused but very calm, no stampeding. everybody just wanting to make sure that the president and everybody else that was affected was okay. >> dave, it's andrew here. how do you think this changes the tone, if it does at all, of what we'll hear either from president trump or others during the republican national convention. do you think it changes the tone of things if it does at all, permanently or just only tempo temporarily? >> i don't know. it's too early to tell. i was -- i was encouraged, really encouraged by the statement president trump put out and the graciousness and sort of laying out a path on unity, and i think it -- and i hope it will have people step back and reflect the political rhetoric that we see and we've seen growing is really -- it's really concerning, and it's hard toimagine that this environment of nastiness and dehumanizing rhetoric doesn't contribute to

violence, and -- >> the entire playbook of the biden campaign is going to have to change, seisn't it? you can't say dictator end of democracy, his supporters are sub subhuman, none of those things are true anymore, do they? >> no, it's not true, i tried to make this point in an op-ed i just wrote. you dacan't -- you got to stop suggesting that president trump isn't the legitimate leader of the republican party. you can't call him hitler. you can't refer to him as satan, and you have to recognize that he is the leader of a party and a movement that is the essence of democracy and the support he's getting. you know , we should have a rea battle ab iout ideas because th ideas of the left, the ideas of the right right now are dramatically different, and we should resolve our conflict.

the conflict's big, so we can't pretend we don't have big differences. we need to resolve that conflict in elections and in a civil way th and through policy. what i want to say is like on the campaign trail, listen, there's going to be big co conflict. there should be. that's what our country is all about is finding the direction. we're at a really perilous moment. we need not resort to dehumanizing rhetoric. that creates an environment where candidates are truly at risk. i've never thought about that much of it myself to be honest with you. i didn't even really think about it at the rally even after the shooting that i was in danger, but when i got home and had a chance to connect with my daughters by text or six of them by text or by phone, they were terrified because it never occurred to them that just the act of running for public office would put me in harm's way. and it shouldn't affect anybody that way. we need to step back, ratchet back the rhetoric and have a

real battle for ideas because t future of the country depends on it. >> just back to andrew's point, do you think this is lasting. it's been very heartening to take the temperature down and really talk about policies. is this lasting? especially as you get into a contentious race. >> well, you know, i really hope so. i mean, i really hope so that it will be upon all of us to lead by example. but i think you have to differentiate between tough, hard hitting campaigning that shows differences and contrasts from rhetoric that suggests that the only way that you can win is have the opposition go away. i think we need to steer away from that kind of rhetoric. i certainly am not going to participate in that kind of rhetoric. i'm really heartened by the environment we see in general where people across parties and certainly president trump and president biden are both trying to set the tone that will

prevail through the rest of the campaign. i hope that's the case. >> do you do internal polling? do you think you'll get any down -- i don't believe all this was in pennsylvania and you were in the first row, front row, dave? >> i was right in the front row. you know, i'm not sure about the politics of this to be honest with you. i think what was clear is in this moment of crisis and when the president was at issue you know, his life truly in jeopardy, he really showed a lot of strength, a lot of strength of character. i think that's certainly an iconic image that has to be in the mind of voters. how that will affect the actual campaign, how it will affect other candidates, i'm not sure. i feel great about my race. i feel like this is a moment where voters are saying we have a real choice, and what i say on the campaign trail is if you think the status quo is okay, if

you think we're on a good path, you should vote for my opponents. he's been there for a long time, he's been there with president biden 98% of the time. if you think we need to make really significant changes on the border, on economic policy, on criminal justice, on america's role in the world. on energy policy, then pick me. i'm your guy because i'm very committed to making big changes and trying tot get our country n a direction that works for all americans, all working families, all pennsylvanians. >> i don't know what happens with former president trump's numbers, but there has been a lot of talk about about down ballot damage perhaps to some democrats. do you expect that -- are you hoping for that to happen to get you across the finish line? >> certainly i'm hoping and expecting to win. i'm -- you know, president trump on the ballot certainly has, you know, been a really strong

asset. pennsylvania is on the verge of becoming red. the difference of registration between democrats and republicans has narrowed dramatically in the last couple of years, and president trump on the top of the ticket is going to be a big asset. i got to go run my campaign and prevail with voters that are republicans, voters that are independents, voters that are conservative democrats and build that coalition. i think there's a really clear path. i think that path gets clearer and more optimistic every day. i've got to run my campaign and certainly president trump at the top is going to be a help. >> okay, all right. that was a pretty good speech. now we've got to give equal time. your o'ppponent on probably at some time -- >> ask him about -- >> i don't think he was at the

rally. you didn't knnotice him. >> he wasn't there. >> what a weekend, what a development. it's haunting. you were right, you actually could hear the bullets whizzing. that's a frightening sound that you probably were familiar with. >> yeah, you could definitely -- it was the staccato. it wasn't clear to me whether there was one shooter or two shooters to be honest with you. and while it was clear rifle shots, it's hard to tell where they're coming from so it was very -- >> i spoke to -- i did speak to president trump yesterday, and that's -- you know, one of the things i did say to him was that did you know there was not a second shooter. or did you know the first one was neutralized. once you stand up from the bullet proof podium, you're exposed again. i think he just wanted to get out that message of, you know, of resolve i think. >> he did. i think he did.

we should ask ourselves, joe, if under the same circumstances -- >> i don't want to. i don't want to ask myself that. i don't think i'd like the answer. >> dave, what was your sense of the secret service and just the security? i know we've been praising the secret service for some degree for what they did in the moment bu but clearly what led to this moment i think is under question. >> they were very responsive in the moment on top of the president almost immediately, but you know, this -- you couldn't look at this and think anything other than an epic, epic failure. the fact that a shooter could get within that proximity, the idea that the person could get off those shots, somehow get through the security screening. when i came into the area, i was -- you know, i was wanded to make sure i was clear. i came in through a special entrance, but the security l looked fine, but clearly an epic failure. this isn't even a close call. this is a disastrous failure.

and it's requgoing to require al investigation for how this could possibly have happened, and adjustments to make sure it could never happen again. it was a real disaster. >> dave, does this shift your thinking at all on guns. you and i have talked on this over the years. i have a view i think you disagree with. this was an ar-15 or appears to be one. most of these -- i mean, shootings in america with ar-15s by with young people, somebody who's 20 years old, you can almost plot it on a map just how this seems to happen. and i do wonder whether there are sensible things that we can do not just from a security perspective but more broadly about preventing, you know, violence of this sort. >> you know, you and i do probably disagree on that a bit, andrew. i'm a strong second amendment person. to be honest with you, at this point, we're just 24 hours past and there's so much to learn.

so i'm resisting the urge to get into any specific discussions around policies until we know exactly what happened, and i think the one thing we certainly do know is political environment and the rhetoric is conducive to encouraging violence, and when you see what's happened in recent years, not just with the attempt on president trump's life but with steve scalise, with the threats on our supreme court justices with the attack on paul emppelosi, you could go and on. there's no place in america, no place in our country for rhetoric or encourages or creates violent behavior, and we need to, i think use this moment as an opportunity to reflect on that. that's where i'm focused at the moment. >> dave mccormick, thank you for joining us this morning.

>> see you later. we have some news just out crossing the wires, goldman sachs quarterly results. want to get straight over to leslie picker. she's got the numbers this morning. >> hi, andrew. chose shares slightly higher. they were up as much as 2 % whe the numbers first crossed. gl goldman sachs beating on the top and bottom line. the firm reporting $12.73 billion in net revenue and diluted eps of 8.62 per share. net earnings were up 150% from q2, 2023. global banking and marketing, which houses the firm's bread and butter investment banking and sales and trading units, that gained 14% in q2. investment banking fees came in over consensus as strength in debt underwriting offset a miss in advisory fees. goldman notes in the release that its backlog increased quarter-over-quarter driven by advisory and debt underwriting.

fixed income currencies and commodities jumped 17% and beat estimates driven largely by interest rate products and currencies. no surprise there, while equities were essentially in line at about 7% higher than last year. asset wealth management brought in $71 billion in inflows compared with outflows in q1. assets in supervision increased to a record 2.93 trillion. revenue in this division was up 27% compared with q2, 2023. still below its medium term targets, guys. >> thank you, leslie. appreciate it. when we come back, more on the political and market implications of the attempted assassination of former president trump. chr and later, biden campaign coaisenator chris coons of delaware will be with us. "squawk box" returns after this.

coming up, the republican national convention set to kick off in milwaukee. former president trump making his way there yesterday deciding against delaying his trip by two days. more on that after the break. and checking the futures after goldman's numbers. you can see now 222 points on

the dow. coming right back.

former president trump has arrived in milwaukee for the

republican national convention just a day after he was targeted in an attempted assassination. joining us for more is steph kite, political reporter at "axios." we were just talking with dave mccormick about the questions around the inadequacy of the protection provided by the secret service here. there are questions that are being raised in washington right now. you've been tracking that down. what's the latest? >> we have already heard from several congressional committee chairs who plan to investigate how this happened, asking questions of the department of homeland security, of secret service, of the fbi trying to figure out whether there were sq decisions made that led to this horrible instance. we know that there are at least three house committee chairs that are looking into this in their own separate ways, the house intelligence committee, the house homeland security committee as well as the house oversight committee, and we also on the senate side as well know

that the democrat led senate homeland security committees began to look into this. we know that these chairs, leaders of these committees have begun to get briefing from the u.s. government on what went down there. they're continuing to ask questions. and in the coming days, we expect there to be even more briefings with more members who sit on these panels as they start to dig into what went wrong here. >> there have been allegations made including by republican congressional leaders who have said or at least a congressman, mike walz who said that they had denied repeated requests to increase trump's secret service protection. is that true? >> well, we've heard from secret service, who has said this is absolutely false, that there was no such request. that is one of the lines of inquiry that we expect lawmakers to be making whether there was any discussion around, you know, adding additional security measures that was denied at this point. it does not seem to be the case.

we have no information and that seems to indicate that there was any kind of formal request for additional help that was denied. but we know that this will be one avenue that republicans in particular are going to go down and just to see whether this was something that could have been helped. >> it's kind of hard to argue, though, when you have a rooftop that is, what, 400 feet from where the president's standing, that is pretty shocking to think that it wasn't checked out or that it was left to local officials. >> it is. i think we're all still reeling by what just happened, and you look at the map, and it seems incredible that there wouldn't have been security at that building, which had a clear shot of the stage clearly, and you know, it is quite disconcerting. ide i've spoken to people who are heading here or here in milwaukee for the rnc who are even more concerned that there needs to be real security efforts taken to ensure the safety of all the high profile people and national leaders who are coming into milwaukee for this week.

so we know these questions are going to be asked with something that is never supposed to happen, and we know that they're going to do what they can to figure out what went wrong. we've seen the reports that there were some people in the crowd who maybe saw what was happening and tried to get the attention of security, and that's of course concerning as well. we know that there is a going to be a lot coming out of this. it's an incredibly serious situation and one that lawmakers and the u.s. government are not going to brush aside. >> we've also heard president biden but more importantly president trump is preaching kind of a message of unity. it's the attacked party that really holds the upper hand in this. if president trump says he wants to move forward in this way, that's a powerful statement. he's the one who was shot. what does that mean potentially in terms of maybe bringing down the political heat in this country. it's a tall task, a recent study

was taken out that said nearly two-thirds of people in each party thinks that those in the other party are immoral, dishonest, and close minded. that is a very difficult wedge to overcome. >> yeah, we have seen polarization and political heat rise over the past several years for a long time. it's something that "axios" and many media companies have been covering and trying to warn people about, and it is a part of what's led to where we are right now, and trump's approach is going to be so critical, and he has indicated that he is a changed man, that this is something that he is going to use to turn toward more of a unifying kind of platform as we head towards november. of course trump has not always been willing to take that kind of road. it has been clear in his truth social posts and what we've heard so far is that he does see this as a moment for him to lower the temperature, to try to

unite his party and unite the country, and we know that he has said that he's made changes to his big speech for the rnc, that it was going to be more of an attacking speech on biden going after policy differences, but that because of his near death experience over the weekend, he has changed what he plans to say to the republican convention, a time that everyone will be watching what he says, and so thursday night is going to be a huge moment moving forward. >> yeah, i think he's really taking a bold step by doing this. his campaign has already kind of shut down some louder voices from within the party who were, you know, preaching some anger, some expected anger after an attack like this. i guess we'll see what happens this week and beyond, but steph, thank you for your time today. >> thank you. >> okay. coming up, the geopolitics

and how they are affecting the markets. we're going to hear tr ffrom fo ambassador to nato, kurt volker and jeremy siegel is going to be our guest. do not go anywhere. ♪ ♪ ♪ ♪

when we're young, we're told anything is possible... ...but only a few of us go out and prove it. witness the greatness of anna hall on a connection worthy of gold: xfinity mobile. only xfinity gives you the most powerful mobile wifi network, with speeds up to a gig in millions of locations. and right now, get up to $800 off the new galaxy z flip6

and z fold6 when you trade in your current phone. get the fastest connection to paris with xfinity. welcome back to "squawk box." over the weekend foreign leaders responding to the attempted attack of former president district attorney. joining us, ask you to you straight. what do you think the rest of the world thinks of us now? >> first off, a lot of concern. we see that kind of political violence in the u.s. against a candidate from the right. they're going through their own domestic politics this year in many places. just had elections in the uk and france. worried about the political violence there as well. secondly, i think that they are probably now even more convinced that president trump is going to be re-elected.

so they're going to be making plans for what his presidency would look like. we just had a number of nato leaders here in washington last week. 32 different country members of nato, and they already were coming away with the perception that the biden administration is looking weak and trump is looking like he's going to come in and they're now going to be cementing those views going forward. >>ed thing i think we're all trying to figure out, roger altman alluded to this, on the program earlier, it's how much instability we should take away from this and what you think it represents in the larger context in our country? we were making the comment that the markets this morning actually are up. in large part i think because of an expectation former president trump will become the president and perhaps maybe some of his policies, whether on taxes or regulations or other things, will be beneficial to the market, but do you see something larger happening here? >> actually, i don't think

instability really characterizes what we're seeing here. we saw the shooter failed. the secret service responded quickly after their initial failure of letting him get there. he's going forward with the republican national convention this evening. the president spoke from the oval office, president trump will speak as well. so actually a lot of show of strength of american institutions, despite this incident. >> so the other important, component part of this is, i think the world now, i imagine based on the polls, believing former president trump becomes the president. how do you see that playing out when it comes to international and geopolitical major issues we're confronting right now. >> in some areas, dealing with russia, a perception that putin has been taking advantage of, a sense of weakness and drift in the west.

that may change. china, i think, is going to be looking at a very strong position from the united states. maybe even acting preemptively in the next few months, before the election to see if they can get away with anything. i think president trump has made clear that he believes the u.s. is not always treated fairly in the world, and would look to tariffs as a way to try to level the playing field. well, adding tariffs like that in a global economy can have ripple effects and unintended consequences. i think people will be preparing for that as well. >> thank you for your perspective this morning. appreciate it. >> thank you. still to come this morning, senator chris coons our guest. later, former house speaker quk x"ilbeig b will join us. "sawbo wl rhtack.

(reporters) over here. kev! kev! (reporter 1) any response to the trade rumors, we keep hearing about? (kev) we talkin' about moving? not the trade, not the trade, we talking about movin'. no thank you. (reporter 2) you could use opendoor. sell your house directly to them, it's easy. (kev) ... i guess we're movin'.

it is just before 8:00, east coast. you're watching "squawk box" on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. futures this morning are sharply high other than this monday morning. in fact, dow futures up by 200 points at this point above value. nasdaq futures indicated up another al 80 points. s&p up over 21.

looking at treasury market, long end of the curve, yield higher this morning. you see now 30 year trading above the yield above the two-year treasury. 447 to 446. first time that's happened since january. right to mike santoli. standing by at the nyse. mike, what do you attribute the moves to and what else are you seeing? >> a little extra torque in this rotation trade that did get rolling in a big way last week. obviously, the market is in the process of repricing a high probability of a republican win. feeds in the same direction as a lot of these market moves we saw last week. with that good cpi report, with expectations of perhaps a rate cut coming as early as september. and then these catch-up trades. in all things but the s&p 500. the s&p 500. we know that's the mag seven driven index. nvidia both 30% of the gain this year. equal-weighted s&p. russell 2000 and dow.

different subsets of stocks all catch up same way and trading as one. this gap here suggests there's, perhaps, just more room there for further reverse into the mean in this. another version is banks versus tech. hearing from more financial companies in terms of their earnings. a one-year chart. you see how quickly, the banks index tried to make a catch-up move on the s&p. tech index. mentioned yield curve. key feature here. look at two versus ten. not inverted, close. this goes back 20 years. you see some people say that once it's inverted goes uninverted goes positive, longer-term yields back above short-term yields, often proceeded recession. a signal hasn't really fired correctly. been two years since inverted. doesn't seem we are on the verge of a recession. certainly says higher nominal

growth is the key input, i think, that's driving this and then longer-term yields perhaps having to deal with either further inflationary pressures or deficits down the road. that's probably part of the takeaway, joe. >> very good. appreciate that, mike. watching. trying to figure out what all of this means for the stock market. still got a ways to go, mike. joining us now to talk about potential market implications of this past weekend's violence in pennsylvania, jeremy siegel, professor emeritus of finance at the university of pennsylvania's wharton school of business. chief economist at wisdom tree. just over the years, jeremy, and we both watched things for a long time. many times it's almost staggering that geopolitical events have less effect than we would expect on markets, and that can be wars or -- i

remember both gulf wars, the way they started, and it seems like the markets still trades on something entirely different, usually. do you expect it to be different this time? >> well, you're right, joe. ultimately earnings, also ultimately the fed, interest rates, monetary policy. when you go back in history, that's, you know, that's important. i would like to comment, as you were talking to dave mccormick, senatorial aspirant about down-ballot effects. in my calculation, if -- if trump wins as, of course, the predicted markets are pushing for, there is no way the democrats can hold the senate. even if they win every single,

what's called, swing democratic vote it would be 50/50 with the republicans holding the presidency. now, that has an enormous imp mr. kag implications in regulatory agencies of course, judiciary is extremely important and, of course, you know, two conservative, most elderly, alito and thomas, may decide to retire, and could be replaced, certainly would be replaced by trump with younger conservatives. that wouldn't change the 6-3 balance, but that would certainly cement that majority in for a longer period of time, and we shouldn't diminish the potential impact of the supreme court. i mean, the chevron decision, go down the line about what might effect industries and what might

affect the markets going forward. but those are potential longer term. if i was actually -- i think the house still in play, if you want to know the truth. the mess that the gop made of the, you know, first couple years with speaker, is still on the minds of a lot of voters. i still think the gop probably is favored to keep it, but if i were a democratic strategist right now i would say, let's try to hold the house. because if they hold the house. >> take the house. yeah. >> then all the trump tax cuts -- well not all of them. some were permanent. many of them would have to be reneg renegotiated. keeping the senate is important for judiciary. supreme court. regulatory, but holding the house would be important, you know, in terms of whether those

tax cuts -- >> you mean taking the house. because right now it's, like, almost -- it's almost split. it's so close. that would make a difference whether -- and if it -- if it was a larger margin of republicans, maybe more. right now it's almost as if they don't control the house. what you're saying. that is a fertile area, probably for fund-raising and everything else for democrats, i would think you're right about that, professor. >> yeah. i mean, and that -- you know, looking at the situation realistically going forward now for the dems, if they can try to switch. you know, we know, really, the voting public doesn't mind a check on power, what they say, to have a split congress. so that no one just runs away with one ideology versus the other. but clearly, i mean, the market -- i mean, you know, we'll prefer trump.

more free market. anti-regulatory. for growth. they have a -- they're not thrilled about the tariffs, but the truth of the matter is that trump likes to wield the tariffs as a threat to negotiate better positions on, you know, bilateral trade agreements. whether it really, you know, has a 10%, or not, i don't really know. you know, whether that's ever going to happen or not. a lot of things that, you know, certainly could offset that. so -- but in the short run, i mean, as we all know. not only is it the question of, are we going to let free markets and, you know, the entrepreneurial spirit of the economy bubble up, as it did, i think, during the first trump term. and i think that's what the market is looking forward to now. will there be a second time

where those spirits could rise and you know boost the stock market. >> professor jeremy siegel. very good. thank you. >> thank you. a lot going, a lot happening in pennsylvania and happening in pennsylvania. you're at the center of all of the world the last couple days. >> my vote seems to be more important than people in new york or even new jersey. >> yeah. exactly. thank you. coming up, former speaker of the house kevin mccarthy will be on the program, and next we'll speak with biden campaign co-chair senator chris coons of delaware. stay tuned. a lot more coming up on "squawk" in just a moment.

at least, not the way it could work. your people are buried in busy work. and you might be thinking... can ai make it all work? can ai help your people work... without all the workarounds? feel better. make customer service work the way customers expect? that one. make your old tech work with your new tech? thank you. and todd here is wondering, can ai do all that... now? no pressure. it can. on the servicenow platform, ai transforms your entire business. your people work better, your customers are happier, and todd... well... he's practically euphoric. practically. because when your people work better, everything works better. so what are you waiting for? let's get to work. idris elba works here? mm-hmm. ya, he's super nice.

as we've heard this morning, president biden calling for unity last night in the wake of the assassination attempt of former president trump. in an oval office address, biden condemned political violence saying politics must never become a literal battlefield.

joining us now is delaware democratic senator chris coons. co-chair of the biden presidential campaign. chris, heard the same thing from president trump. sounds like he may be rewriting his speech and calling for unity as well. if that's the case, it would be somethingif this can really stick. what do you think in the wake of what happened? it was shocking to see former president trump -- targeted in such a way. actually shot. >> so, becky, this is a moment for all of us to reflect on where we're headed as a nation. i am so grateful that former president trump is safe, that our president joe biden dedicated and oval office address to denouncing political violence, urging that we reduce the tempo and temperature of our speaking about each other in campaigns, and i'll remind you. it was joe biden in his inaugural address who said we need to view our political

opponents not as enemies but as fellow americans. i think it is -- a great blessing we are in this place today, not waking up confronting the horror of a successful assassination. so i am grateful to the state troopers and the secret service who acted promptly. mourn the loss of a volunteer fire chief, father of two, who died protecting his family. mr. comperatore of western pennsylvania,ened a the senate homeland security committee will promptly begin investigating what led to that attempt. shocking a lone 20-year-old gunman with no clear agenda or purpose was able to scale a roof and take shots and kill someone and wound several others and very nearly kill former president trump. so i'm grateful that president biden sees this as a moment to reduce the temperature and if,

at the rnc, we hear a change in tone and temperature from speakers, i think that would be a constructive thing, too. becky, we've had too many close calls in the time that i've been in the senate. i'll never forget jeff flake, my close friend coming back into the capitol in his blood-stained baseball uniform. never forget the episode with speaker pelosi's husband being brutally attacked and hospitalized and gabby giffords a dear friend since before the attack that left her permanently injured, but her bravery in recovering from the assassination attempt on her is something that's inspired many of us. we have had too many close calls and hopeful we will pivot and move to a different kind of political tone in our nation today. >> steve scalise actually shot in that baseball game you referenced. senator, i appreciate what you say about the message that president biden has put out today, but while that may have

been a message he originally used four years ago, it's one that the democratic party has strayed from as well. there has been a lot of rhetoric. there has been very hot sort of attacks on character that have come up, and i guess, i wonder how much this new unity movement will last? how long you expect to see that last? especially getting into a very hot political election? >> well, that's up to us. yesterday i reached out to some of my colleagues with whom i've been active in the senate prayer breakfast. facilitated by the senate chaplain. first got there two dozen came faithfully every wednesday. it is bipartisan and we represent the broadest range of backgrounds and views of members of the senate and how i've built some of my close friendships. we have an opportunity, i think to not just briefly reflect on a moment but try to serve as role

models how we can treat each other and respect each other in the senate and how we conduct ourselves and how we speak about each other. >> senator, i've thought, it was my thinking that the president has stabilized his -- his status as the nominee, but andrew made really good points about, about numbers, and i don't know whether it's fund-raising or if it was, you know, anderson's poll numbers, that there's still a convention coming up and there are attractive -- andrew has candidates he thinks could maybe beat donald trump? >> no. the question, senator is, look, the president has said repeatedly the only reason he's in this race, because he genuinely believes he's the only person in this entire country who can beat former president trump. if, in fact, the polls move away from biden meaningfully, i don't know what you think meaningfully is, and i know they were tight as of last week.

however, clearly, biden was still losing. i imagine this is going to change that to some degree. i don't know if you agree with that, but if it does, do you think there is some shift inside the party that says we should try some kind of other alternative, and i don't know if there is an alternative, who you think that is? >> well, andrew, thanks for the question. as you know, poll after poll, head-to-head, shows this race has not moved. and that there haven't been significant shifts in the head-to-head polls. part of what we've always expected this coming week is a bounce for former president trump. that's part of why conventions have become sort of televised, national platform moments for candidates. so if former president trump, both as a result of sympathy after this shocking event in butler, pennsylvania, and as a result of a week-long opportunity to present his views, and his platform, if he

comes out of the convention in a stronger position, that's what we expected all along. the same should happen for the democratic party, and for our nominee, joe biden. there are vigorous discussions wir within my caucus. as of today, one democratic senator came out saying he thinks president biden should step aside for another candidate. i remind you not to put too sharp a point on it, but five sitting republican senators who have said, at least said as of last week they would not vote for donald trump. i do think that there's widespread unhappiness in the country about these two candidates. that's true. there's been polling that shows lots of folks would like someone else. but we had a robust primary process, and nobody else succeeded joe biden, won overwhelmingly. we believe in democracy and are doing to convention with virtually all delegates pledged to joe biden.

>> look at implied numbers, a different thing. even gavin newsom looks today like he would beat former president trump. obviously -- obviously. michelle obama would beat former president trump. democratic donors over the weekend talking about whether mark kelly, who has a fascinating background both as a military man, astronaut and of course given what happened to his wife, being shot, dealt with some of these issues. whether there are other people in this country, if beating donald trump is the goal of the democrats, whether they need to think differently? >> andrew, there's a whole generation of promising and compelling younger leaders who have a breadth of experience whether in the senate or as governors who are campaigning hard for joe biden. who serve as either leaders in their state, in our caucus or as co-chairs of the campaign. gretchen whitmer, governor of michigan, one of the co-chairs

of the campaign. tammy duckworth, senator from illinois co-chair. vench kaw escobar, texas. lisa bonrochester i believe soon the next senator from delaware a campaign co-chair and i could go on. these are folks who represent that next generation, and who i think have real potential for the future. but where we are right now is that last week was the nato summit. president biden masterfully managed 31 other heads of state from our nato allies and partners. he's doing what my caucus members have said he needs to do, and an hour-long press conference last week where he spoke calmly, knowledgeably, thoroughly about our place in the world and the things that will contribute to our security, stability and economic growth. also while doing campaign events in the middle of the day. he's not just the leader of the free world. he's leading the free world and our stock market's at an all-time high. inflation is coming down.

we have the lowest unemployment for the longest period of my lifetime. we are the world's leading energy producer, both renewable and fossil. we're in a very strong place. so, look. the president, our president's, going to be doing a long interview with lester holt i leave this evening, and was going to be giving a speech i was going to join him at. appropriately given how somber the moment, he's pulled down campaign advertising and campaign events like the speech he was to give in texas today. i respect joe biden's character, his leadership and his record. and folks are free to have a different opinion. we have a number of weeks before our convention. it's july. there is a long time between now and the election. i support joe biden, and i rb th support those with other views. tonight they'll see on the lester holt interview what they saw in interviews in pennsylvania, north carolina, and a president with a strong record, a clear-end vision and

committed to bringing our country together, and to restoring the soul of our nation. what moved him to run. why he won in 2020 and can do so again this fall. >> senator, thank you. thank you, becky. okay. it coming up, billionaire investor mario gabelli joining us with concerns over the paramount/sky danse merger. next, michael whatley. miti psi trump days after being shot at a campaign rally. back with all of it, after this. s and relentlessly work with you to make them real. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and

drinkcirkul.com.

- [narrator] we just signed the lease on our third shop. my assistant went to customink.com to get new uniforms with all the locations. he found great products, uploaded new art, and had boxes sent to all the shops. custom ink makes it so easy. get started today at customink.com. ♪ in any business, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities. it takes balance. cla - cpas, consultants, and wealth advisors.

we'll get you there. welcome back to "squawk box." tight security at the national convention very much in focus today following the attempted assassin nation of former president trump. for more we bring in republican national committee chair michael whatley. good morning to you. start with the security issues and then maybe talk about sort of the tonal issues that may change if you think that they will. how concerned are you about the security at the moment? >> well, right now we feel comfortable. we've got obviously the secret service, but 41 local law enforcement agencies that are here and going to make sure we are going to have an absolutely safe convention. >> tonally, a real question about whether this convention's going to shift and in terms of the language used around -- not just the country but around

democrats and maybe how president trump and maybe others talk about biden. do you think it's going to shift, do you think it should shift? >> well, look. i think the conversation that we need to have is about every american and where they are. obviously, we want to make sure that we get the economy back on track. that's a huge factor. we want to make sure that america is secure and we want to make sure that every american is safe. clearly, the events of saturday kind of really put a focus on that safety. so yeah, certainly see conversations that will take place, but what we want to do here is we really want to launch this campaign about how donald trump is going to restore our southern border. he's going to restore our economy and he's going to restore our standing in the world. >> but in terms of, then, this is what we've been talking about. the kind of language, frankly, that president biden may or may not be able to use as he talks about president trump. really, also, how president

trump talks about these things, because part of what's led to this political violence in this country is the rhetoric. clearly the rhetoric -- >> yeah. i think everybody needs to stop and take stock where we are and we need to talk about what is actually important, and i think that when we have campaigns that are sending people out or drawing bull's-eyes on politicalpolitical i target's back, absolute no place for the type of activity, the shooting we saw saturday. no place for violence in our political discourse what so ever. as we are going forward in this obvious safety will be a paramount concern, but we want to talk about unifying the american people. donald trump has unified the republican party. his strength with this party is as strong as anyone that we've ever had, but he wants to talk to the american people, not just republicans. and we're going to give him a

platform here on this stage, where he's going to speak to millions of americans across the country and be able to give them a vision for a unified and strong america. >> what kind of conversations are happening behind the scenes as relates to changes in content? not just from what the president may say, but what others might say? >> well, i think there are a lot of conversations. you know, we as an entire party and frankly as a country had to stop after saturday and take stock what's really important. we've had always a focus in this convention going forward about the strength of america, the resilience of america and what we need to do to get this country back on its feet. obviously, right now unity is a theme that we needed to be focused on and's need to talk about. >> can you unequivocally say that the support you're getting from secret service and other law enforcement is everything you're asking for? at this moment? >> yes, it is.

yeah. it is. absolutely. >> and that should -- ease at all, change at all between friday and today? >> no. i mean obviously sunday morning we sat down with the secret service and with local law enforcement agencies and had a number of conversations about all of the aspects of our security. but we have had good partners. got 41 local law enforcement agencies, wisconsin agencies, and the secret service, and security has always been the highest priority for us here to make sure that we're going to have a safe convention. >> michael, thank you. wish you a good convention, and of course, we'll cover it and talking a lot about it over the next couple of days. thank you. meantime, we want to get over to rick santelli standing by with breaking economic data. it's going to hit the wires i believe in less than 30 seconds. rick? what's on tap? >> yeah. no. we're definitely looking for the july empire and of course

everybody's monitoring the long dated treasuries. yields move higher. whether twos to tens minus 22, least inverted in six months or twos to 30s. 30s trading slightly above twos. also a six-month vent going back to actually february. twos back to january. main reason more focus on the election, of course, after the hoar risk incident over the weekend. here we go. empire hitting wires minus 6.6. expecting minus 7.6. minus 6.6 actually is the least negative number that we've had going back to last month when it was minus 6. haven't had a positive number since november of last year. every number this year, except for, well, actually every number this year negative. we want to continue to monitor. back to that yield curve as you look at the charts. the fact longer dated treasury yields are moving higher does

focus on the notion that we're going to be talking a whole lot more about debt and deficits in the election, the campaign, and, of course, many of the conventions as we pick candidates. all of that is going to draw focus and maybe more of a focus now than we're going to take some of that negative rhetoric potentially. keep a fingers crossed on the campaign and actually focus on issues and policies. when was the last time -- i can't remember the last time biden was talking policy. i would like to talk policy and i think a new refocusing will definitely put deficits front and correspondent. not be surprised to see two 10s go positive, move another 22 basis points before the election actually occurs. maybe before the end of the month occurs. becky, back to you. >> okay, rick. thank you. when we come back this morning, an interview with former house speaker kevin mccarthy. next, though, billionaire investors mario gabelli joining

us to talk about issues with the paramount/sky danse deal. what he woullid ke to know more about all of it. "squawk box" will be right back. every day, more dog people, and more vets are deciding it's time for a fresh approach to pet food. they're quitting the kibble. and kicking the cans. and feeding their dogs dog food that's actually well, food. developed with vets. made from real meat and veggies. portioned for your dog. and delivered right to your door. it's smarter, healthier pet food.

get 50% off your first box at thefarmersdog.com/realfood

. our next guest is a major

investment with serious concerns over the merger of paramount and skydance. bringing in billionaire value investor mario gabelli. chairman and ceo of gamco invests. mario, good morning. >> becky, welcome back from sun valley and delighted to say hello in-person but today from here. >> talking about this deal and what you are seeking in delaware court as this point, mario? >> we have a large number of clients. 700, 800 we customize. they own and, cbs extended periods of time in various combinations following for five decades. today we own 4 million 950,000 voting stock. that's out of the 9.2 they don't

own by national amusements. the question is, what is national amusements doing? we want transparency. corporate operation fishbowl and went in under our rights as shareholders at our cost. went into delaware and asked on the seconds 220, a technical rule, that some lawyer can explain, for the books and records of this transaction. now, what price did sherry good and should our clients get? owns control but we have majority of the minority. why don't they want us to be there? along that line, four other companies that are doing the same thing on behalf of the clients. we are a cumulative in compounded knowledge and recoveries. for example, drill, dtrying to buy a division of the company. we're against that deal. we're going to vote against that deal. issues between buying a bond

grid. vote against that deal and hope they move away and drop it. issues with regards to another company called vista resources. we're actively working at our behest and some companies owned by ets and have to work with ploxi proxies like glass. step back. step back, becky. think about the gladiators. think about shakespeare. think about silent movies, television. talking television. color television. think about what kodak did with activation, gaming and so on. now a.i. the world will change. content, give the consumer what they want when they want it at a fair price. skydance will bring that to the table. they presented, they presented on pages 25 and 29 of their

material presented last week, they gave their point of view. our point of view is, put it into were operation fishbowl so everyone can see what's going on, and add a.i. a.i. is where the challenges are. not in paramount mount. paramount, 25 billion, more details after the sale of indians operation and more obviously. i don't see that it as the challenge. >> back up a moment. i want to make sure i understand this clearly, because from people from the outside trying to figure this out you have a significant number of class a shares. what are you offered under terms of the deal? >> good question, becky. back up the truck. offering $23, if i don't take it for my clients i get 1.53 shares of the beat. we need to understand under what set of circumstances they can do that and is that $23, how does that compare with what nai is getting for their voting shares? >> okay. and then you don't have a

problem with skydance being merged into this? do you have a problem with the price being paid for skydance? >> two parts. one terms of trade. that is what am i getting for my voting shares from my clients and we own a limited amount. and we charge no incentive fees to clients paying part of the legal fees. the second part is terms of trade with regards to paramount bought by skydance once they get control. i have seen this movie played out in the 1960s when i first started following paramount, when owned by gulf and western and saw that with other conglomerates. a fair deal is a fair deal and we'll focus on it like a laser as we do other companies on behalf of all of our clients and it's one giant step for our clients in operation fishbowl and it's going to be a giant step for you. >> one more question. you think class a shareholders

should get a premium who are class a shareholders, too. go ahead. >> and put on chatgpt to confirm this along with everyone else. those that don't have access to investment bankers, hit a button bell-shaped curve of a premium for converting voting stocks. in public markets today you can buy lenora at a $10 discount from a lower vote. things do change over time but they deserve a premium for change of control. no problem with that. i just want to know how much it is. >> and beyond that, there have been questions raised because this is a company that's based, or it has -- it is under delaware court rule, it does say that these shareholders should be treated equally, if they get different premiums -- i can think of other companies you don't get premiums. berkshire class a and b don't necessarily trade at premium over each other, or soun.

>> shouldn't. >> we have moreberkshire hathaway a longer period of time, a couple hundred million dollars worth as you know. on balance not doing a transaction to change berkshire hathaway and merge it into another company. they want us out of the way, because under the current rules, which may change, we, there's a majority. minority required. they want, you know, us to look at the deal with a laser and because of that we need more operation fishbowl. and what and how, nia, got to $2.4 billion, the debt, blah, blah, blah, and how's it allocated. >> when many the last time you spoke to sheri on someone on the independent board committee whether this is fair to all shareholders? >> because of concern i have 700 plus or minus clients. some unfortunately died. some need to go to liability-driven investing. we have to sell a stock, cannot

have red lights, like in a squid game, to say we can't sell it. also want to buy some and have not talked to sheri. i sent a note once, did not talk to her. telephone call. i didn't say this in that way about operation fishbowl, and i have not talked to the, the -- skydance people other than a call that they made to tell me there was a conference call last week on monday at 8:30 and it was about 8:15 and assigned teammates, chris, co-chief investment officer and hannah howard, covers entertainment business with us. >> so beyond that, mario, right now in this 45-day window where you can shop this company around still and look at other potential deals. are you hoping to see yoreanoth deal emerge? >> no question content and technology skydance brings is important ingredient the next 20

years whether sports, news like you're doing, with andrew and joe and so on, but basically, we want to know. secondly, the problem is not paramount. $4 billion for a partial spin-off of a tv station. $600 million they can get for keeping control of it and same time get $1.5 billion. they spent $17 billion the year the way netflix spends it and much the way zaslav spends it and so on with regards to content and doing a good job running that. so i'm not worried. it's nia that needs help. somebody with $2.5 billion should knock on the door. met them all in sun valley. why not? >> so nia the problem, national amusements is not just a stake in paramount but also movie

theaters they own beyond that? that's your point? >> if i was sheri, took control of the stock rightfully. went in did venture capital investing. i don't know. 2020 all movie theater companies following, including roaring kitty and marcus, like and buying in milwaukee. basically entered problems. screen actors and writers guild strike. understandable. yeah. she clearly should get some help. you know, i don't know the details, but the data business, read about marcus, 1,000 screens. 888, far as i know, at nia and she's doing what she can to help her out of a sticky situation that was uncontrollable. >> mario, thank you for taking time to talk with us today. mario gabelli. >> hope to see you in-person. hugs to all and the best in this -- united we stand. divided we will fall. for our country.

>> thank you, mario. appreciate your comments today. shares of macy's. the company terminated buyout discussions with arkhouse brigade. proposal lack as cenrtainty of finance and no compelling value. offered $24.8 in cash. macy's intends for management to return its focus to enhancing share hoholder value, executing bold, new chapter strategy, their words. up next, former speaker of the house kevin mccarthy. who's going to join us on this weekend's attempted assassination of fmeorr president trump. stay tuned. we'll be right back.

♪ (alarm sound) ♪ amelia, turn off alarm. amelia, weather. 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. ♪ (suspenseful music) ♪ why not? did you forget something? ♪ (suspenseful music) ♪ my protein shake. the future isn't scary. not investing in it is. you're so dramatic amelia. bye jen. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com.

joining us now on this weekend's attempted assassination of former president trump at a campaign event in pennsylvania, former house speaker kevin mccarthy. slowly getting away from the actual event, mr. speaker, and maybe there is some positive things, happens sometimes, that could come out of this. i know you've already weighed in, and you kind of got grilled on january 6th and the rhetoric that led up to that, and we know full well that it's a heated environment. president trump, you know, used to be lock her up, lock her up, all that kind of stuff that takes us to a certain place. but neither side is blameless, and i retweeted this out. i thought this succinctly sort of described what president trump had to put up with. here's the quote that the argument that trump posed

hitler-level threat to american democracy can be traced back to the first outbreak of tbs among journalists. so malignant, justified all means possible to disrupt trump's presidency and goes on from there, but a lot of that platform was almost a lot of that platform was almost adopted by president biden in terms of how he was going to campaign for this next election. we need to bring it down on both sides, you agree with that? >> i agree 100%. both sides need to pull back. but i would say, not just the candidates. candidates use that rhetoric because it works in campaigns, a negative campaign. i think all of us as americans hated what we saw happen in week, the attack on -- whether you support president trump or not, actually killing somebody in an audience because they went to participate on something they believed in, but president trump came very close to being killed.

but you could have paul pelosi, giffords, steve scalise. i personally have somebody that tried to kill my son waiting for trial. he was in jail and he tried to kill president bush before. i mean, the rhetoric rises all the way around and it becomes a real problem. and i think everybody should take a moment, that somebody could have a different opinion than you. let's respect that. that doesn't mean they're less american, that doesn't mean anything else. but the uniqueness of america is our ability to have a debate. and i think we have taken it a little too far, that everybody should take a deep breath and look within themselves. there's enough blame to go around for everyone. you raised a lot of those, and even biden saying bull's-eye a few weeks ago. that should be pulled back. respect the differences of opinion and debate and talk about issues. because there is a real contrast in this campaign and the direction that america will go based upon the way you vote. >> there's still time to talk about issues, mr. speaker.

but that's been -- >> there's a lot of time left. >> but that hasn't been what we have been focusing on, which is probably what more americans are more concerned with, or would like to talk about. >> what we should really think about, our whole design of government is you've got to have compromise. you don't change your principles, but you've got to compromise. if you take your viewers, every day they're making a business agreement or business deal where they want both sides to win. in politics today, we think if you come to an agreement, one side has to win, but the other side has to be destroyed. that's not the case. if america wins, both sides can win at the same time by keeping your principles. and i think looking at that, having that discussion going forward would be much more positive. i think both campaigns are going to do this. i'm looking at president biden resetting his campaign. that was only the third oval office address. it took him ten days before he addressed the nation, and it wasn't in the oval office, with the october 7th hit, right?

so this is a moment in time. you're not going to have any more democrats come out and say he shouldn't be the nominee. we know this is going to be a race between president trump and president biden. we know there's a great contrast when it comes to the border, when it comes to spending, economics and inflation, when it comes to foreign policy. and that's the debate we should be talking about. that's the debate we should have. and you could have a difference of opinion on that, but you can respect the person's position and see if you can win the case. >> can you give us any insight or color on what you expect former president trump to talk about and whether the speech really was ripped up, the previous one, and that a -- not come to jesus moment, but some type of -- you know, when you go through something like that, i could definitely see he could appeal for unity. have you talked to him? >> oh, yeah. >> do you expect him to -- >> i talked to him yesterday. i think you talked to him a

little bit after me. >> i did. >> think about it. it's less than an inch of coming from his entire life. and seeing somebody who lost their life sitting in that rally. he cares about all of that. but the other thing you look at, how would you handle a situation like that? the leadership of what he's shown of taking that moment and not looking at himself, but looking for the rest of the crowd is important. but i think what you're going to have -- these conventions usually raise the temperature on both sides because you really want to make that case, you've got just your party around and you're getting the fever. i think that is going to be pulled back some. i think president trump is president trump. yesterday when i talked to him, even though he has this life experience, just the way he was able to do it. what i did to me, he's talking about the ear and what he's learning about there's more blood within the ear. he said, kevin, you understand because you've got big beautiful ears. >> i didn't know the ear really, really -- if anything is going to bleed, it's going to be the ear. and that is true.

it bleeds like crazy. >> but the other thing, too, is he heard the bullet. he heard it coming. he watched it. that is life-changing. but i think the reflection of what he has, i think the tone may be a little different. but he has been very direct in what he wants to do in securing the border. we've watched what he did in the job four years ago, right? and i think he's better prepared for the job now. we've watched this campaign be more disciplined. >> speaker, you're always so busy, you've always got places to go, people to see. but do you think it's going to be that president biden will definitely be the nominee when it's all said and done? >> a thousand percent. i think president biden is going to use this to reset his campaign, pull the ads off, do an oval office address. he's been in office for four years and this is only the third one. take this moment in time -- there's not one democrat that's come out after this. i don't see wherethey can go. there's only so many weeks

before the convention. he's locked the nomination down. but now tihey're in a weaker position. democrats had fought among themselves weakening him. but the other thing, too, america has lowered their expectation of president biden. they think he did a really good job in the speech last night because he only messed up a little bit. he still has another debate to go. we want to make sure there's still a long time with this campaign and people will have a certain emotion right now, but will they have the same emotion two weeks out before the election? that's the real question. that's not just for the candidates. that's for all of us as americans. >> mr. speaker, appreciate it. you've got to run, we've got to run. thanks for your time this morning. >> thank you. micong up, we're going to get you ready for the trading day ahead. "squawk box" will be right back. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley

i can't believe you corporate types are still at it. just stop calling each other rock stars. and using workday to put finance and h.r. on one platform. tim, you are a rock star. using responsible ai doesn't make you a rock star. it kinda does. you are not rock stars. (clears throat) okay. most of you are not rock stars. oooh. data driven insights, and large language models. oh, that's so rock roll. it is, right. he gets it. yeah. the all new godaddy airo helps you

get your business online in minutes with the power of ai... ...with a perfect name, a great logo, and a beautiful website. just start with a domain, a few clicks, and you're in business. make now the future at godaddy.com/airo

let's take a final check on the markets before we hand it over to our hands on "squawk on the street." you're looking at green arrows across the board, the dow up 212 points, nasdaq looking to open about 60 points higher, the s&p 500 looking to open 18 points higher after what was a tragic and eventful weekend, with now, i think, expectations that former president trump may, in fact, be not just the leading

nominee, but perhaps the winner. we will see. meantime, we should show you, by the way, goldman sachs up marginally. we had some earnings news. let's show you bitcoin, 62,640, up 4.5%. make sure you join us tomorrow. "squawk on the street" begins right now. good monday morning. welcome to "squawk on the street." i'm carl quintanilla with jim cramer. futures are solid as investors arguably continue to price in a november victory for former president trump after the tragic attempt on his life saturday. powell does speak at noon. earnings season kicks into higher gear. we begin with futures on the move as the rnc begins tonight. apple shares rallying after the sub grade over at loop and a top pick at morgan stanley, and goldman and black rock the