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

latest to report. black rock's larry fink will join us later this hour. let's begin with the attempt to assassinate former president trump over the weekend. the photo already iconic, now on the cover of "time" and lots of things to point to, bitcoin, the curve steepening, shares of djt, at one point up 70% this morning. >> look, i think we all know that -- by the way, we have larry fink from black rock. we know that former president trump was against any sort of rate hikes, and i think is also so anti-regulation, which is perhaps the most important difference between biden and trump when it comes to business. so it makes sense to me that both the yields go up and the market is very much in favor of this, because i think there's a belief -- i remember when i met president biden several times on the way to washington, he just doesn't really care for the stock market. he just doesn't think it matters. and as we all know, president

trump would tell me repeatedly the dow jones industrial average is the way he grades his performance. so you have on the one hand someone who really thinks that stocks are the problems for rich people and you have someone else who believes that stocks are the measure of his leadership. >> how do you think about, as you say, easier regulatory environment, more m&a, maybe lower taxes, and how do you mix it with the impact of, say, deportation or less immigration or tariffs that might end up being inflationary? >> tariffs, we know, are inflationary, but it's a way to be able to pay for the deficit. i think if you put 10% across the board, obviously that hurts the poor equally as much as the rich, so it's certainly not anything that is distributed in the sense that the poor pay more. that's not what historically has been the way to go, ever since president lincoln decided to have a graduated income tax.

i think, also, that the regulation is remarkably important for business. and the regulations that have come from biden got their first blow in the chevron dealing, the ruling by the supreme court. everybody i know that practices law in that field says, look, it takes away the agency's ability to have any sort of power. now, of course, if you stack the agencies with people you want, as i assume president trump would do if he gets in, i think people would say you've got it on banks and health care. those are the ones that are doing well. the banks are problematic because they're reporting this morning. goldman was fine. black rock was fine. so you've got companies that have been regulated heavily and that would be the health care companies and also, by the way, the drug companies. but on the other hand, trump has never been a fan of the drug companies. i heard people say this is the time to buy crypto because at

one point president trump said crypto. i think this is the leap too far. i think if you want to buy the banks, buy the banks because the earnings per share are better, in some cases they weren't. if you wanted to buy the health care companies, take your time. united health has been in the cross hairs of the current president. this is not the time you can say what a great time to get into united health. and the drug companies, if you're buying into drug companies, understand that when president trump was running the first time, and i'm calling him president again because he was president, that he said, listen, i'm the most anti on drug companies. he never wanted medicare to negotiate that i know of and that was a very big win for biden against the drug companies. >> as to your point about unh, bank of america, we're going to get all of those names this week as earnings get more -- >> we're dropping the gun. if you want to help individuals, i think the way you do it is to

understand that you have a man who would be elected and have less regulation. and if you think -- you have to say he's never been anti-merger and that's probably the area that makes the most sense. >> meantime, lots of expressions of support over the weekend from tim cook and marc benioff, elon musk, most robust expressions of report from musk and bill ackman, do you get the sense they will rally behind president trump? >> i don't think publicly. people like musk will because i think musk is someone who, when he thinks -- he projects, and some people feel bold enough to do that. some people feel it's opportunistic. the company that would be hurt the most is the company that does not get any subsidies.

president trump never has believed in climate change, so therefore why would he favor evs? so therefore you might think musk is very self-interested. i don't think that's the way musk thinks. he has a lot on his mind and a lot of businesses on his mind. i think he just says, look, we need a strong president. the reference to teddy roosevelt is someone who just said speak softly, carry a big stick. he's also the guy that broke up standard oil, that worked out. >> we're going to talk some more tesla. some cybertruck data. we want to get to damon with the latest. >> good morning. officials here tell me that they have, in fact, stepped up the security posture here at the republican national convention in the wake of the assassination attempt over the weekend. but, carl, it's remarkable the degree to which you see politics as usual coming through here in this convention. we're already seeing an e form

-- enormous amount of speculation about the vice presidential pick. the expectation is that could come as soon as today in talking to officials here. they say the roll call vote is scheduled for later today and that might be a trigger point for a decision. i'm told that all the candidates for vice president are in milwaukee, they are available if they are selected to move right into campaign mode. so all of that coming against the backdrop of this assassination attempt over the weekend. and of course we heard last night in the oval office from president joe biden, who urged the nation to come together. he urged calm, he urged peace, and an end to an era of political violence. here is what biden said. >> disagreement is inevitable in american democracy, it's part of human nature. politics must never be a battlefield, and god forbid, a killing field. i believe politics ought to be arena for peaceful debate, to pursue justice, to make decisions guided by the

declaration of independence and our constitution. >> and, guys, one other factor to toss into your conversation, carl, that you and jim were just having, in terms of the president trump administration incoming, one of the things that people talk to around the former president is this idea of the federal reserve and how independent should the federal reserve be. a lot of folks around the former president expect if he were re-elected he would fire jay powell pretty directly, and move on to a pick of his own, somebody in the fed who he would like to see, somebody more inclined to lower rates more quickly and make the fed more responsive to political pressure from the white house. so you talked about all the different changes in what the trump train looks like if you think it's more likely to win, that's one element to add to the conversation as well. back over to you. >> that's a great point, and a nice setup. thank you for that. powell does speak at noon in

washington, and maybe that's why we're seeing this idea of lower policy at the short end, but more robust -- we've got 30s de-inverting. >> i worked with larry kudlow for multiple years. he's going to be a key man, he was economic chairman, key man in the next administration if trump wins. and when i worked with larry -- and this is nothing private, but this is a man who favors the growth above all. and that means lower rates. that was traditionally anti-china, higher growth must happen. lower growth under the democrats, higher under the republicans. i get that. i think powell is anti-inflation. that has never been as important as high growth. one of the things we're going to speak about when we speak to larry fink, he doesn't feel that you can do anything other than grow out of a deficit hole, and

that's something we can ask larry about. but if you're pro growth, there are people who say that is actually lower deficit. >> that is really important, what you just said, this idea of whether or not you can grow your way out of this spending hole. for that, you do need people, and that folds right back in to the immigration issue. >> i think no one is willing to talk about this third rail. we've had people from the current administration, i've asked them please tell us how many visas have been extended and they kind of say they don't know. the visa is the number, not the immigrants. because the immigrants, if you hire them, you will be prosecuted, i know this from being in a situation where i was an employer. and the first thing you learn is do not hire these people. but i'm sure there are people who do it and they are willing to undercut anybody who is currently giving you a rate that's public. so, yeah, i mean, immigrants are

anti-inflation and i always hate to see immigrants because not everybody is going to try to be in the workforce and not every employer is going to try to hire someone out of visa but it happens. >> shorter term, this will be powell's first chance to respond to cpi last week, the blackout window begins on saturday. jim, these gdp numbers out of china were amiss again. >> china, look, there's this belief that china somehow is doing everything it can to make things better. the numbers today -- and obviously this is wealthy products, china is down 21%. this is not arguable. all know makes expensive at we products, burberry. the trillions of dollars that the cities owe, when are you going to own up to the fact that china is the bane of existence for any company that is there from america? any company. we all dance around it,

including the ceos. i've never had a ceo that says they are a huge rag. the plenary session is going to be great. there's going to be stimulus. they're dreaming. this is a country that's on the ropes financially. >> retail sales growth in china, an 18-month low, property prices, stock prices, jim, all weighing on the consumer there. >> we've been saying we are in hyper deflation, and it's really hard to break. i also think people understand, a deflationary spinal is harder to break and you can see that by what happened in germany. it's really hard to reverse. i think we all are used to do idea that china is a great growth engine until you get the earnings. i wrote a piece this weekend, these are three companies that would be fantastic if they didn't have china and all ceos say, thank heavens we're in

china. you're lunk heads. this is why you keep missing your quarter. >> i thought of you on friday because we had john marshal at goldman, they had a list of 25 names, and they argue that starbucks and chipotle have upside surprise potential. >> well, i did a piece this weekend about whether you can buy starbucks and i think the only reason you buy starbucks is because perhaps people have not linked them in israel as much as they were. because the pro-palestinian protesters were the undercurrent of why they missed their quarter in america. they missed their quarter in china because of competition and they charge too much and because of incredibly poor execution worldwide. >> we'll see. starbucks will be important. when we come back, market reaction to earnings out of goldman and black rock. speaking to which, do not miss our interview with larry fink

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five years? -five years? introducing the comcast business 5-year price lock guarantee. powering 5 years of savings. powering possibilities. new week of earnings begins with banks today. goldman sachs with a quarterly beat. they do cite some growth in global bank and end markets, as well as asset and wealth management. meantime, black rock beating on the bottom line, assets under management a record $10.6 trillion. revenue coming in just shy of consensus. as we said, larry fink this join us in the next half hour. they did say at black rock a wave of clients re-risking higher. >> yes, what people should know at home, we get the transcript while it comes out. and i circled immediately re-risk. what that says is that a degree of optimism, that i think is not

exhibited in a lot of different places. this is where people decide i'm going to put my retirement money, and obviously big institutional clients. to see this says, well, maybe this is part of the reason why the market is so-called melting. >> they actually referred to people who have been caught in cash and have missed out on some outsized historic returns. >> and, remember, they make money no matter what. and i think that we have to talk to larry about the idea of people just saying, you know what, we like this infrastructure, this gip acquisition, and we really think that we believe that the future is brighter than the past. really, when you listen to what larry has been saying, and he came on "mad money" recently, he feels that a lot of the younger people do not believe that they can be as wealthy as their parents, which is different from my generation. maybe something has changed here. that would be hard to believe in

three months. but i regard his note as being incredibly optimistic versus what he was saying last time. and that's very hopeful. he's a genius, i couldn't believe he's our guest for today. we're very lucky. but i do think that that statement, re-risk, was the one that caught my eye, and said the reason why the market has been more buoyant, these big institutions want more exposure. >> the response to goldman has been pretty muted. we mentioned wealth management. provisions were low. >> provisions were very low. >> it has some people whispering not the highest quality beat. >> they finished a couple of m&a deals that finished one day or two days after the quarter and their advisory numbers were a little lower than expected. i would say it's a fine quarter, it's not incredibly noteworthy. it's not like jpmorgan's was

better. >> we did not have a chance on friday to talk to you about expenses at wells and whether or not you think that is an isolated episode. >> yes. >> you do? >> i do. i think what happened there -- they did have that change in terms of how much they're paying for interest, but they're also beefing up investment bank and beefing up trading. you're not seeing the upside yet. it was a downbeat quarter. i know charlie sharp pretty well and i think that you would say that the ongoing momentum continues, but the execution was not perfect. >> right. and he talked about the guidance for net interest income and expense guidance as well. >> they believe things are slowing. this weekend i did -- in part of my piece that's a weekend piece, i said, now this is in the camp of rates lower. so if you want to find a bank that needs rates lower, it's now wells.

wells is levered to more loan growth and they're not having it. commercial real estate, not bad. the usual negatives of how people -- by the way, different from blackrock, not putting their money in stock. >> yes. >> we really have to drill down on whether larry fink, who is going to come on, is an aberration or not. >> i was thinking about the wells line about allocating into higher yielding alternatives slowing. >> right. but i'm not sure what they're doing. i was disappointed, and why was i disappointed, because charlie is so darn good. i was surprised he missed. but the momentum is still there, but i was surprised. he's taken that bank from being what i would regard as a terrible fiefdom, to something that is a real bank, and i wanted that to continue in momentum. i think it will next quarter, though. >> we'll have jim get you set up

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plenty of news regarding mega cap tech today. we will get to tesla, some calls on apple, some calls on kla, some news on alphabet and a bunch of others, smci. we'll get the opening bell in a couple of moments. rrfi want data, blackrock's lay nkith us. he'll be here at post 9:00.

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time for cramer's mad dash as we count down to the opening bell. >> you'll see macy's down a great deal this morning, the legendary department store chain. i want to point out that macy's unanimously terminated the discussions for a $24.80 bid. it's important for people to know that macy's is regarding this not as a real bid but a proposal because they never knew the financing. arkhouse and brigade have two people on the board together, and i do think this should not

shock people. macy's, as well as many people in the investment banking community, did not regard the bid as so-called real, the two people that were appointed to the board will stay on the board, which i think is quizzical, but they will. and macy's is open to any actual real proposal with money, and so let's keep that in mind before you decide to run out, because there's no longer a $24.80 bid. the $24.80 bid was to use a word that i kept hearing, it really wasn't there. so understand that the bid was more of kind of a touchy-feely thing, but it's going to hurt the stock. the stock is going to end up being among the top five cheapest in the s&p when the smoke clears today, so keep that in mind. tony spring doing a remarkable job. he had just gotten the job when these guys decided to come in, which i thought was rude. i've had tony on the show and i think now he's going to get the chance to bloomingdale-ize

macy's. >> we're going to talk about some of the fundamentals behind retail and amazon. let's get to the opening bell. at the big board, it is capital advisers celebrating the listing of its first etf. at the nasdaq, it's whole foods celebrating the 20th anniversary of its flagship store in new york city. we'll get to that in a second, jim, as we watch. any overall surprises about the market's reaction today? >> no, i think that there's a misconception, at least empirically, biden, for better or worse, so to speak, if you are against him, it's been a benign period for the stock market. and i think that happened during the fastest tightening cycle in history, but, also, trump is certainly pro the big rollback

of regulation. and the regulations have come fast and really been -- many executives tell me the regulations are very onerous, and i think the most exciting, if you want to play that word, is that there will be a lot more mergers, and you have two mergers right now. you have a tapestry bidding and you have kroger and albertson's. >> ftc, second request on ibm. >> that kind of stuff is going to end. i think the agencies have been, as is typical in an administration in the third and fourth year, very strident. this kind of blocking will end. it will end, because i think what trump would say is let's get people in there who want business to get done. if that means fhiring, firing.

the kroger deal, they've got a largely union workforce, we're not going to fire anybody. >> we got these reports about alphabet/wiz, which we're going to talk to dan ives about. you've got cleveland-cliffs and stelco. >> they're doubling down on hot rolled steel, and i wish they wouldn't do that. but they are a very smart company. one of the things that i found interesting was the stock, it's immediately accruing, but you see a deal and people get bummed out because there is a stock component. i would tell you that cleveland-cliffs is ridiculously cheap and that they're a trump administration meme. i do think when you see some stock in there, you can get it under nine times earnings, go buy it. >> the most important name of the morning is going to be apple. record high, 236 and change.

multiple headlines. one is about revenue growth in india, the world's most populus country, up 30% plus. >> every time i speak to them, i want to know about indonesia. apple is very smart about talking about a worldwide brand, don't limit it to different countries. india, it's tough to do business. i think a lot of us are sitting back and saying, how could the wwdc where the ascent started, the festival of people who do a lot of business off of this, i think it came from the idea that the next phone is going to be ai. you're all going to have to upgrade, and the upgrade is going to be record numbers. there have been a lot of negativity about apple, maybe the most i've seen since 2011 when steve jobs passed away. and that was a bad call by a lot of different analysts. they decided to trade it, not own it. and once again, i remember

speaking to tim cook after wwdc, around 3:00 our time, and i said, why is the stock down? he was saying, i don't know why. i said, listen, the privacy, what you said about privacy is remarkably important to millennials. what you're doing with ai is incredible. he said, that's what we thought. yet initially, the stock was down and that was the last big buying opportunity. >> i know you're holding the loop note. the upgrade is 33 times $9. and then morgan stanley named a top pick. loop's point is they could assert themselves as the base camp for gen ai. >> that's true, because it was surprising to see that all these companies that have been known as enterprise companies, alphabet an enterprise company, microsoft, enterprise, obviously, with copilot, people want to give them their ai in order to be able to demonstrate

that they have great ai, kind of a storefront. and it matters tremendously. about that multiple, now, the morgan stanley piece says there's a 31 target multiple, one turn behind apple's prior peak. what that means is that the stock is not as expensive as it's been, so get in. when it got so expensive, it was the peak of apple. i think there's wiggle room. morgan stanley has been known as the most -- even from the old days, morgan stanley has been very pro. when you speak with them, they are not cheerleaders at all. what they are are believers that the revenue from service is terrific and that long-term people just love the product. and when you speak to tim cook, he always says, why doesn't wall street understand that our product is loved? what is the problem? almost like, well, what are they using?

i always said, they're downgrading your apple handheld experience here and he always laughs about that. i try to be as funny as i can with these people because the days are so boring, just lighten them up. >> meantime, super micro getting into the mdx. going to replace walgreens. >> they're on tonight. and this is one that is very heavily traded by younger people, and particularly in those options that expire during the day. and whoever had them i think are going to be well rewarded. there's not as much money coming in, but there are a lot of people, younger people -- and when you think about this, they want to be in the qqq for retirement, not in the s&p. and that's something that is a little contrary to what a lot would say. i think take a lot of risk when you're younger, buy the qqq, so there is money indexed.

the s&p, they're in already, but if you remember what that was like when they got out, holy cow. >> speaking of names that have been on a tear. tesla to almost the best s&p today. they're underweight with wells, where i think they called it puppy love, retail reaction. and then you've got the cybertruck, which appears to be outselling the f-150 lightning. >> i think the lightning has not been selling as well as i thought. having driven it, i thought people would be crazy about it. i like the fact there's a button that you can make it sound like the f-150. press that button. i think that the thing about tesla that's most interesting is that we've all come to use free cash flow as a great way to view companies that don't have u.p.s. they have a lot of love, and i

think that people just see that the power initiatives are worth a great deal. >> i think also on friday we didn't get a chance to ask you about the jonas note, in which he referenced a client lunch about tesla, and the auto business didn't come up once in 90 minutes. >> i think people are very excited about musk being a visionary, about energy. i'm not disagreeing, because energy -- what he wants to do, and we'll talk to larry fink, look, ai, data center, the need to power the data center with clean energy, of which he would have, this may be one of the great growth areas of the economy. i'm not going to sit here and say we should ignore what tesla is doing when it comes to energy. i embrace it the way adam jonas does. >> in the few seconds we have left, amazon prime day starts tomorrow. adobe analytics says we might be looking at a 10% annual rise.

>> the story that i think that keeps coming up, how is amazon's price range multiple going down at a time when they're doing such a remarkable job. i still think it's a buying opportunity. i think they're remarkable. by the way, when you speak to andy, i always like to point this out, the humility the charming. i think they're terrific, right down the line. i always point that out with apple. what is the person really like? what is larry fink really like? the answer is, he was probably unhappy that the phillies lost to the dodgers. >> you want to bring larry in? >> i do. let's get to blackrock. i'm joking because larry is someone who is so enjoyable and so smart. records beat, assets under management, they are taking in a lot of money. we mentioned that people are re-risking. larry fink, thank you so much for joining us. >> hi, guys.

>> i felt that of your quarters, this is the one i felt most optimistic and lifting because it's very clear you favor growth, it's very clear that the acquisition, by the way, which i wish you would get into the industrial part. i didn't want to call you and say i want in. you are someone who believes that growth could get us out of this jam in this country? >> growth is probably the most important component for all countries in the world today. i spoke at the g7 recently, i did an editorial. we need to find ways of growth, especially in front of an election right now. both candidates need to talk about growth, need to find ways of creating optimism and creating opportunities for growth. growth is not going to come from tax cuts. that's too short term. growth is not going to come from tax increases. we need to be building america, we need to be reducing the

extensive process of permitting. we have an infrastructure boom that is necessary, whether that's for digitization, recarbonization. we can do so much as a country, but we're inhibited by our controls and we need to be growing. this is my message not just to the u.s., but to every country right now. we have rising deficits, the u.s. deficits are the largest in the world, growing at the fastest rate in the world, and we need to be finding ways of minimizing the role of the deficits on the economy, on interest rates, on inflation, and so we need to grow. and if we can't grow out of this, these deficits are going to become a big burden and we're going to be really putting it on

the backs of our children, our grandchildren, a real burden of these massive spends that we can't afford. >> i think it's important to point out you did not say one candidate is more pro spend than another. >> it's all pro spend. >> but i do think it's important, also, that president trump has been adamant that there's been way too much regulation under president biden. so i have to believe that you would say that business would be unfettered, and if they're unfettered, that could help the growth which would therefore lower the deficit. >> we need unfettered businesses right now, we need growth. and we're going to get growth from the private sector. we can't rely on public deficits anymore. the public deficits are growing too fast as a percent of gdp. our deficits were only $8 trillion in 2020. they're going to be at $26 trillion -- $36 trillion. we grew our deficits more than a

trillion dollars a year over the last 24 hours. this is unheard of. it is at an unsustainable level, yet we have the most dynamic capitalistic system in the world. we have great companies, we have great ingenuity, great technology. let it go, create great jobs, create opportunities, and we'll have a rising equity market that will really fuel this opportunity. >> is that a playbook that you think of president trump would deliver, and what are your thoughts about what happened over the weekend? >> i believe both political candidates need to be playing that playbook. let's start there. what happened this weekend is a tragedy, it is a statement of america today, though. we need to create hope, all of us have a responsibility of every political candidate, every leader, every pastor, minister, r we all have a responsibility of bringing our community together,

to bring hope. that's what we're here for, to bring hope. >> a couple quarters ago we talked about how american policy gets processed say, versus europe's. and your point is our conversations are often loud and messy, but we get it done. >> absolutely. >> is this weekend a threat to that? >> no, by no means. this weekend is a wakeup call to the rising hatred. at the same time, it's a wakeup call that we must change and i think that wakeup call allows us to change. we need a fair and just system, so let's be clear, we need to have ways of having conversations about opportunity. there's too much conversation about the negatives. we need to have conversations about the opportunity and the positives. and we need to inform more people that there's real opportunity ahead. but we need to be helping people

who are struggling in this path. but i travel the world, i've traveled the world the last few months. there is no more opportunity here in the united states than any other place in the world. and i say that with pride and i say that with a sheer strength in my conviction that we are a place of growth. and i believe that is going to be the opportunity for companies like blackrock to show that and to prove that and to provide that. we announced light path pay chek to give more hope for retirement. we're about to close our gip transaction. we believe the infrastructure opportunity, we have that opportunity. at blackrock we had an amazing quarter where we had the biggest quarter in our history of $150 billion in etfs. no other quarter ever, $150 billion in flows. we're in a position of having

these conversations, whether it's conversations that we're having related to etfs or having through infrastructure or what we're doing in ai, in investing, in our quantitative systemic equity teams. we've had great performance. the last quarter we had 12% operating income growth. we had 160 basis points in margin increase, which tells you. we have $2 trillion more in assets today thana year ago, and the same amount of employees. $2 trillion more in assets and the same amount of employees. that is technology at work. >> that is just remarkable leverage. now, one of the things that i felt was really terrific, larry, i got an understanding that maybe the people who invest are willing to take on a little more risk. >> they are. >> and that was fantastic to

hear. because doesn't that mean optimism? >> there is growing optimism worldwide. a lot of the optimism is on investing. i mean, i said in my calls this morning, the optimism we're seeing in investing in power, data, ai, we're talking about trillions of dollars. the opportunity to rebuild our infrastructure, the opportunity today to build out data centers that are not a part of the grid, but using our gas supply and our wind and solar, and maybe one day we'll have nuclear. these are trillions of dollars in investments. i think we have a wakeup call in houston right now with a real shock of how many homes are still without power. i look at this as an opportunity, though. we're here to invest. we're here to build out. we're here to make it more resilient and those are the opportunities. >> i think it's important to point out the global infrastructure partners, what

this acquisition meant. after you came on "mad money," i did a lot of work on these guys. this is the number one fund if you believe in infrastructure, but also higher yield. this is a great opportunity. >> it's unbelievable. >> i wish you could just talk about how this is something that is the future, because we all know infrastructure is the way to go. >> so i believe the need for infrastructure worldwide is great, the need for investors to look at this as an asset class, we're talking about it doesn't have the risk of private equity, it is less risky than most equity, but it has a higher return than most fixed income and it has inflation protected, and the most high quality where you're going to earn low double digit returns, 11%, to 15%, 20-year type of long duration maturities. so it's perfect for any retiree. and we announced this

transaction, where we're going to find ways to democratize private markets like infrastructure so more retail investors can invest in it. with our aladdin system, the biggest investment system in the world, alongside our platform that we have for private markets, it is our desire to build better data and analytics, and then benchmarking. so all investors can take advantage of infrastructure investing, can take advantage of more things and be a part of it. we saw a revolution in etfs, when we bought i-shares, they had just over $300 billion in etfs. today we're crossing $4 trillion. that's in 14 years, 15 years. so i believe if we could create the same type of data and analytics, we're going to be able to create etfs in private

markets. but importantly, we're going to be able to create more transparency. so all of our investors, you know, every individual can be a part of this great, wonderful opportunity to invest in infrastructure in america to make our country strong, and tn the future. >> we've talked a lot about retirement crisis in this country. >> yeah. >> the risk appetite you're talking about and the opportunities, is that a satisfying -- going in the right direction? >> gosh, we've had i think we had when we started 14 dumps that are going to be on -- companies that are going to be on paycheck. we are having more amazing conversations. as i said i think the last quarter, i think life path paycheck, basically annuitizing the back end of the payment. instead of getting a lump sum as a retiree you're getting a monthly paycheck, by doing that i think it gives more hope. and so i believe it will become the dominant form of iras in

america the next ten years. and i'm willing to put my reputation on it. the dominant form of -- for defying contribution, for 401(k) investing. it gives hope and people more certainty, and that's what we need. >> people have to understand when you're talking about investment, this is great. i don't mean to -- to give you a hard time, but i did immediately go into -- to your company and said, look, i want to put money in global -- because it's right. they informed me, listen, it's not a retail product. i accepted that. >> but it will. >> that is exciting to people. also what you talked about ira, this is something where you said over and over we want this current generation to feel like they can be wealthier in the future. this is something they can put $60 to $100 now if they are -- if they are in a job, this would be remarkable in terms of the compounding factor with some of the products you have. >> if more and more people do

that, think about the amount of money that's going to go into our capital markets. that is a differentiation about america. when i go around the world, everybody marvels at our capital markets. no country in the world has our capital markets. we have the strongest banking system in the world and the strongest capital markets in the world. no country in the world has that. this is -- getting back to politics, both of our political candidates need to embrace this. we need to embrace the capital markets, our banking systems. we need to be growing there, provide capital to small and medium business, provide capital to large companies. to do more investing in venture capital. that's the power of capitalism, but that's the power of how we can take control of our own destiny by investing in america's tomorrow and enjoy that growth rate. we need more and more americans who enjoy this upswing that america's going to have. upswing because we're the dominant country in the world in technology, we are the dominant country in so many different

areas, in health care. this is it. this is an opportunity, and this is why i remain to be optimistic. >> you think that over -- that supersedes all of the political divisions that i'm sure get talked about in the countries you visit. >> i think the political conversations are sometimes frightening, they're sometimes angry, but we need to talk about the divisions. we do come from different extremes and different ideas. but through conversation, let's hope we can find unity. that's what america was through conversation, through fighting we create unity. we create a direction. we meet that direction. we need that unity. i remember what ronald reagan did, and he created this economic boom by providing that hope. we need that type of hope again. and i'm very optimistic. i mean, this weekend is frightening, but this weekend is also a statement for me to say that there's huge opportunities for america. and we have to be focusing on the opportunities. let's be clear, we're going to

hear the convention this week a lot of negatives. we're going to hear the convention in a couple weeks a lot of negatives. that's the political discourse. that should not dissuade people, that should be giving people hope because we're talking about problems, we're talking about the differences. i worry about when we don't talk about the differences. i worry about when we don't talk about the divisions. i worry about when there's a problem that we all know about that we're putting our -- we're not responding to it. and so hopefully -- i mean, before the attempted assassination on president trump, we were all worried about the hatred in america. that wasn't change -- we're all worried about guns in america and the misuse by some people of guns. this doesn't identify anything new, but it's horrifying to see. and so that could be that cathartic thing that allows us to say we need to do better. we can do better. >> no, i know -- you have been a

leader in wooing to embrace crypto. you made it so people can be in bitcoin. we hear that you are thinking about etherium. these are incredible things. blackrock is not known as a gunslinger by any means. you must believe this an alternative. is this an alternative in order to be -- because of the deficit? maybe something long term people should have? >> absolutely. as you know, i was a skeptic. >> yes. >> i -- you know, i was a proud skeptic. and i studied it, learned about it, and i came away saying, okay, you know, my opinion five years ago was wrong, here's my opinions today. this is what i believe in today. i believe in the opportunity today. i believe bitcoin is legitimate. i'm not trying to say there's not misuses like everything else, but it is a legitimate financial instrument that allows you to have maybe uncorrelated, non-correlated type of returns.

i believe it is an instrument that you invest in when you're more frightened, though. it is an instrument when you believe that countries are debasing their currency, debasing their currency by excess deficits. and some countries are. i believe we have countries where you're frightened of your everyday existence. give you an opportunity to invest in something that is outside your country's, you know, control, then you can have more financial control. and so i'm a major believer that there is a role for bitcoin in portfolios. i believe you're going to see that as one of the asset classes we look at. i look at it as digital gold, as i said before. i do believe there's a real need for everyone to look at it as -- as one alternative to i would say the optimism that i have in the world.

if you want to hedge hope, bitcoin is not a -- an instrument for hope unless you're hopeful you're going to make a lot of money on it. i look at it as a vehicle in which you're expressing your financial acumen in something you're more frightened of the world, more frightened of your existence. i believe there's a great industrial use for it. and i think a lot of people are missing that. >> i couldn't agree more. i changed my mind about it when you did. my thinking -- you can't believe it, i can't believe it. thank you larry for the mental of optimism and a great quarter. larry fink is co-founder and chairman and ceo of blackrock, i think the most important. in company in the world. >> thanks, guys. >> good to see you. you mentioned mci tonight, right? >> yes. look, this is part -- what larry mentioned. it's part of the infrastructure of a.i. and to hear from someone who knows that a.i. is a positive and growth is so great versus the luddite who's believe it gets in the -- luddites who

believe it gets in the way of growth. it doesn't. >> see you at 6:00 p.m. eastern. all-time highs for the dow, s&p, and nasdaq. another day of outperformance on the russell. up 1%. stay with us.

good monday morning. welcome to another hour of "squawk on the street." i'm saraizen with carl quintanilla from post nine of the new york stock exchange. david faber has the morning off. starting on a high note this week for the market, the s&p up about half a percent. the nasdaq comp up about .6%. you've got sectors higher, energy leading the way today along with communication services. what's lagging, three sectors, utilities, consumer staples, and materials. and part of the explanation is what's happening with bonds.

treasuries are selling off, and yields are hire. the ten-year note yield goes to 4.22. the curve stephens. it is called the trump trade. we'll talk about it in a few. we're 30 minutes into the trading session. here are three movers we're watching -- apple trading higher as it takes the price target to $300 a share saying they're bullish on the a.i. opportunity. bloomberg also reporting that apple's annual sales in nvidia -- excuse me, in india have hit a record of almost $8 billion. and that's bullish, as well, for the stock. more results out of the banks. the numbers from goldman and blackrock out this morning. we're going to break them down. moving in different directions there. big volatility hitting shares of trump media ticker tjt surging in this morning's trade. potentially a real-time gauge on the reflections coming out of the weekend and president trump's chances for the presidency up 32%. the former president is arriving in milwaukee for the

republican national convention just a day after he was targeted in that attempted assassination. we have breaking news. good morning. >> reporter: good morning. that's right, the former president is here in milwaukee, and he arrives to milwaukee with a big win here in the courts. just in the past couple of minutes, the federal judge moved to dismiss the documents case against the former president of the united states. she's arguing here in this dismissal document that we just got within the past minute that the special counsel's appointment itself was unconstitutional. the judge says the bottom line is this -- the appointments clause of the constitution is a critical constitutional restriction stemming from the separation of powers and it gives to congress a considered role in determining the propriety of vesting appointment power for inferior officers. the special counsel's position effectively usurps that important legislative authority, transferring it to a head of department and in the process threatening the structural liberty inherent in the separation of powers. so on separation of powers and

constitutional grounds now, the federal judge has dismissed the case against the former president of the united states involving classified documents at mar-a-lago. that is a big political win for the former president here ahead of his appearance at the republican national convention in milwaukee, where he is going to accept his party's nomination for president of the united states. we do expect by the way more political news coming any time now really. the question is who will be donald trump's running mate in 2024? lots of speculation around three main candidates there -- j.d. vance, marco rubio, and the governor of north dakota, as well. all of those folks are in consideration here for the vice presidency. what we'll see is who donald trump decides wants to be the closest official to him in his new administration, if he is to win in november. that is an open question right now. there's some indication that the

former president may have not made that decision yet. we do expect a roll call of the states later on today, and there's some folks here in milwaukee who suggest that we might see a vice presidential pick before then. all of the candidates, i'm told, are here in milwaukee, and they are prepared to get started with the undertaking if they are selected. the question is, who is donald trump going to pick, and too the events of the weekend have -- and do the events of the weekend have any bearing on that decision? back to you. >> put into context this cannon dismissal. there are many who argue that for prosecutors at least, particularly for jack smith, that this was one of the clearer paths some argued to a robust hearing on it. >> reporter: yeah. look, it's a remarkable thing to have this case dismissed at this stage of the game given that the special counsel's role has been visible throughout this entire process. his appointment process has been visible. the questions about his status were sort of rumbling in the

background among critics of the special counsel. but we saw now this motion by the former president's legal team, and the judge agreeing with it and basically shutting down the entire case. this is a judge who had already taken criticism from folks on the left who felt that she was too amenable to arguments by the trump legal team, that she was proceeding too slowly with the case and giving a hearing to arguments made by the former president's team that folks on the left didn't agree with, didn't think had merit. you can imagine those critics will be hopping mad after this decision today. nothing they can do about it right now, though. >> the response of corporate america, you know, it was pretty swift and interesting what -- what ceos speak out on. and there were so many of them from all industries out saying, you know, they're praying for the former president's health and they condemn it and we need to come together as a nation. then a few, elon musk probably the biggest, coming out and actually supporting him.

and i just wonder how that changes the dynamic if at all. >> reporter: i mean, a couple of things to note about that. i think it's -- sort of the pr calculus of a big c-suite executive, one of the easier things to do is to condemn violence. that's one thing that all of their constituents and all of their employees will be against. it's more difficult to come out and endorse a presidential candidate who might divide your employees, might divide your customer base. so that's something that you're not going to see them doing. i think with the rise of former president donald trump in the polls, particularly his escape from an assassination attempt over the weekend and heroic images of him bloodied and defiant that we saw throughout the media and on social media around the world, all of that makes a donald trump re-election more likely. so i think you're going to look at executives looking for opportunities to say something positive about the former president given that they know

they're boxed in in terms of endorsements. they might want to look for opportunities elsewhere where they can find some common ground. a lot of them might be eager to take that opportunity over the weekend. >> all right. thank you. reporting from milwaukee for the convention. we're going to continue to monitor that story and now talk about the market reaction. as was just said clearly the odds have shifted. here's the predicted markets for president trump winning the election. and they went up again. they've been going up since the debate. basically they're up 52% in terms of the betting odds. now up at 68%. another jump over the weekend. so what does that mean for investors beside the fact that they're paying close attention? you've got the trump trade going which has meant yields, treasury yelds that are higher and a curve that has been steeper on this idea that you will see growth but might come from deficit spending, and that would keep the high end of the curve a little bit elevated. that's why you look at the 30-year 4.45.

stronger dollar potentially on the growth theme. that is something we've seen coming out of these weekend where's we see trump's odds go up. it's not just the trump odds, it's the odds of a republican sweep, which you can see in the betting markets, as well. and what sort of policies might come out of that. the other one i wanted to throw out is bitcoin which also rises. it's actually having its best day in two months because trump has called himself the bitcoin-friendly choice. and the fact that he is going to pave the way for bitcoin-friendly regulations. he's speaking at a crypto conference very soon. so big move in bitcoin, as well. and then the economists have started writing about it and some of the strategists, as well. goldman put out a pretty interesting chart, i thought, looking at domestic-based companies. so u.s.-focused companies versus companies that focus abroad. because one of the pillars of what president trump said he would do is tariffs, right, 10% tariffs across the board. so the blue line looks at the

domestic companies like telecom, at&t, think of that or home builders. and the orange line is those that are -- the others. and so what we've seen is the shift as everyone tries to figure out what kind of policies. i think what i'm reading from some of the economists is that the potential negative hit from tariffs on growth could be offset by deregulation, another core principle of president trump and what he's been talking about. >> yeah. we had this discussion with jim last hour. the sort of blend of policy that you would have to game out regarding tariffs, regarding immigration, regarding taxes, regarding regulation, it's difficult especially in a political cycle that has thrown surprise after surprise at the markets. and the number of permutations this still can take is difficult to read. >> also, even on tariffs, okay, he said he wanted to do 10% tariffs and 60% on chinese goods.

so citigroup says that would be a completely different trading regime. and actually the citigroup economists say the scale of the tariffs might not be fully appreciated. a historic reset of global trade potentially hurting growth. but we don't know, we don't know what retaliation would look like. we don't know how they would be used in a negotiating tactic. it's hard to determine what that would mean for companies -- it's not as simple as who sells abroad or imports. you have to look at where the cost of goods sold are. they could be potentially hurt more if their cost of goods sold is more international, say, than domestic. so we're going to the playbook. and investors are trying to figure out what it's going to mean for equities. generally, the mood has been positive on growth with some concerns about inflation and deficit spending and tariffs. that's been the sort of narrative for the markets right now. as mentioned it could change a lot. the only other data -- it's a light week on the macro front. we'll get retail sales tomorrow for the u.s. which is important,

beige book, too, which i love. china data is worth mentioning overnight because as good as we feel about the u.s. and larry fink feels about the u.s. now, the data on china misses on gdp at 4.7%. so coming in below 5%, that was not expected. the retail sales number in particular also it was about 2%. i think that's an error. the estimate was more like 3.3%. so another big weaker data point on china which makes you wonder what she is going to do. they don't tend to stimulate the demand side of the economy. the consumer. and despite calls from economists, treasury secretary yellen, to do that, they have not done that. and just look at the swatch release. i don't know if you -- the watch company. in the release, the group expects the chinese market to remain challenging for the entire luxury goods industry until the end of the year. however, china's potential remains intact. similar vibe from nike on that. >> this turns into what burberry

said in general, suspending the dividend and replacing the ceo. >> right. that's a whole disaster with burberry, as well. but it doesn't help that -- that their big opportunity market which was asia and china specifically isn't doing all that well. it's hard to blame macro because they had to bring in a new ceo. >> meantime, i have to pay attention to what the policy means for stocks. wells fargo securities, head of equity strategy chris harvey with us. and jpmorgan chief u.s. economist mike feroli. appreciate you coming on in an important day. i thought about you because your note about rotation which you have doubts about because of earnings. >> that's right. i think we're not against the rotation, we're just waiting for -- i think a lot of people and investors are just not sure about the e. and until we start to see situation where's a nike, a delta, a walgreens doesn't go down on bad news, we won't -- we're not convinced of the rotation. right?

we want people to believe that numbers are going to be higher, that things are going to get better. but bad news right now is bad news. and that for us means that the rotation's probably not sustainable. >> but the rate part you think is coming. >> the rate part is coming, right. the fed is out there saying, hey, we're going to cut rates. they never telegraphed it this aggressively before. we also think the economy's not as strong as people think, and so rates are coming down. i think we top ticked it on rates. really it's about the e at this point in time. >> mike, meantime, i think you did move to september. can you talk about your cal class behind that, and i wonder, too, how you think powell will respond today as he has his first chance to talk about cpi. >> yeah, we did move to september on that cpi report. we're now looking for a -- continuing to look for quarterly cuts thereafter. the calculus is pretty simple which is, you know, if you look back over the past year, inflation is down quite considerably and unemployment rate is up .7 from its low. and fed officials have been making, you know, considerable

note of that move in the unemployment rate. and i do think, you know, we're going to hear from powell at 2:30 today. i suspect he will have that latest cpi report with more good news than the last time he spoke. he was already seeing -- the may report as good news. i think he'll see that continue. then i think the question really is, you know, if you think july is too early, which we and most people do, then what will be the tempo of rate cuts after they start in september? as we said, we're at a quarterly pace. you know, if the labor market continues to deteriorate, i think they could potentially go faster than that. >> i was just talking about some of the implications from a donald trump presidency and potential republican sweep, mike. do you see it as positive for growth with risk to inflation? >> so i think there's a lot of unknowns right now. i think certainly on growth, if we have a red sweep i think it's likely we're going to have more tax cuts -- more than the 2017

tax cut extended after its current expiration in late '25. that certainly would be a relative benefit for growth, albeit with higher deficits. then i think the big wild card -- and i think you alluded to this earlier, sara -- is on trade and immigration policy, there are a lot of unknowns. and you know, if you go back to 2019, the first, you know, trade war did have a chilling effect on business. and again, perhaps some of that effect can be offset by deregulation. i think we're entering an environment of pervasive uncertainty when we look at policy next year. >> do you agree with the urge to sell bonds when his odds go up? >> well, i certainly think the deficit is not on a good trajectory even under current policy, and if we extend all the tax cuts which would probably happen under almost any scenario, but perhaps a little bit more under a red wave, you

know, you're looking at a pretty harrowing situation for issuance. i do think, you know, that sentiment certainly has some backing to it. >> so is that not an issue, chris, for the equity market? >> high rates is an issue for the equity market. the trade that people have been talking about is a steep -- they've been talking about it for a long time. we're starting to see it. the big takeaway for us is not about the policy on trade and tariff because you're speculating on speculation, it's the belief that regulation is coming down. it's good for the banks. that's good for the capital markets, m&i, ipos, and that's where you can make money no, sir market. >> more tactically to both of you guys, i wonder whether or not the tumult of the election cycle will weigh on either investing decisions or, mike, i'll go to you first, on consumer spending decisions. >> yeah. you know, we've seen a little bit of this in some i think business surveys. i think in the ism there were

some comments that electoral uncertainty was affecting business activity, investment activity. so it's possible. i think maybe less so -- lesser risk for the consumer. but i think for business capital spending this could -- this could weigh on spending until some of these electoral uncertainties are resolved and we know what kind of policy environment we're in next year. i do think this is an interesting issue for thinking about the second half of the year. more on capex. >> right. great. are clients saying i just want to wait -- >> no. clients aren't saying i want to wait, they're saying how do i play this, when do i play the rotation. you know, what we're seeing from the consumer is the consumer's being more and more selective, they're under more and more strain. there's inflation fatigue. on the corporate side as polls go up for trump, you get a little bit more certainty. yes, we can argue about whether we're going to have tariffs or not have tariffs, but the probability that trump, you know, that's been good for the market, and so that certainty is a small positive which is why you're seeing the markets go higher. >> these tough binary playbooks.

chris, michael, see what happens with powell later on this morning. good to see you both. thanks for coming in. >> you, too. as we head to break, here's our roadmap for the rest of the hour. goldman's conference call under way. we'll bring you headlines in a moment. get you the view from the c-suite when it comes to the consumer with the ceo of royal caribbean later on this hour. and google looking to make its biggest acquisition ever. we've got the playbook for big tech ahead of the election and more with one analyst who says there could be many more gains ahead. big show still ahead. "squawk on the street" we'll be right back.

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switch today for a limited tim. goldman sachs earnings conference call under way this hour. let's get to leslie picker with the headlines. leslie? yeah, you see up about 7% as the call is ongoing. ceo david solomon sharing some color on how he sees the current operating environment. >> on the one hand there's a high level geopolitical instability. elections across the globe could have significant implications for policy, and inflation has proven to be stickier than many had anticipated. on the other hand, the environment in the u.s. remains relatively constructive. markets forecast a soft landing as the expected economic growth trajectory improves and equity markets remain near all-time highs. >> solomon said he was, quote, particularly encouraged by the ongoing advancements in artificial intelligence, noting that the board spent a week in

silicon valley meeting with the leading institutions at the cutting edge of this technology. he said they left with optimism that infrastructure and financing needs should fuel activity that supports gold man's franchise. in 2x earnings goldman beat on the top and bottom line and every division on a year-over-year basis. net earnings up 150% from 2q '23 but they did decline 26%. m&a is 20% below ten-year averages and said sponsor activity is starting to reaccelerate. that will take a few quarters into 2025. solomon also said that the firm had a discrepancy with the fed regarding its stress test and said they're engaging with regulators to better understand its determinations. solomon opened the call by expressing sympathy related to the attempted assassination of former president trump calling it a, quote, sad moment for our

country, guys. >> leslie, i'm looking at a longer term chart of goldman sachs. and remembering all the attacks on david solomon on his character, on his leadership style, the leaks from within. those have quieted a lot, and the stock has quietly run up to a high. i mean, the board must be feeling good about their decision to keep him. >> reporter: yeah, no, you're spot there, sara. i think shares have risen about $150 each over a one-year time period. and a lot of that has to do with just when you think back to a year ago they were making some really tough moves. they were taking billions of dollars in charges related to getting out of the consumer businessand undergoing this pretty sizable pivot that they had not to mention what was happening with cre, with commercial real estate. they had some on balance sheet exposure there. once they were able to fully take that kind of out of the equation, the market looked at goldman as what it is. it's basically this markets and

banking, investment banking behemoth with a growing asset and wealth management franchise. they were able to model it based on. that and that's why you've seen such appreciation in the shares as of the last year or so. >> okay, thank you. leslie picker. still to come, the election impact on big tech with one guest who's forecasting possible double-digit gains ahead. find out why later this hour with the stock market starting off the week in the green. this whole notion of the trump trade particularly helping groups like energy rise to the top of the market. communication services right 'lr ar it along with consume direony. wel be right back. there are some things that work better together. like your workplace benefits and retirement savings. voya helps you choose the right amounts without over or under investing. across all your benefits and savings options. so you can feel confident in your financial choices. they really know how to put two and two together.

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let's get a check on crypto prices today as bitcoin and ether popped to their highest levels since early july. both up double digits over the last week as this volatility does hit the broader markets. the former president trump has been seen widely as a pro-crypto candidate, and some point to his gains in the polls as a catalyst for bitcoin going forward. crypto's up nearly 50% since january, up more than 100% over the last year. i don't know if you heard larry fink talking about crypto --

>> all about it -- >> a change of heart he's had the past couple of years. >> yeah. after studying it, he said after first coming out as a critic. i wonder, carl, tesla's up 6.4%. i wonder if there's a -- elon musk finally came out defiantly in favor and endorsing president trump. president trump's odds go up in the election, potentially more friendly policy there for tesla from a trump administration. and certainly that has been a focus for him, as well. he's been critical of the biden administration, too, for having electric vehicle summits and not inviting him, that sort of thing. >> reassuring cyber truck sales data today. up almost $100 in just a few weeks. >> yeah. about 11.5% off the 52-week high. let's get a news update. contessa brewer has that. good morning. >> hi there, sara. the florida judge overseeing donald trump's federal classified documents case in florida just dismissed the indictment against the former president. judge aileen cannon ruled the

case should be tossed out because the special prosecutor, jack smith, has not been named to that post by the president, nor confirmed by the senate. she says that violates the constitution. this decision is likely to be appealed. jury deliberations just resumed for a second day today in senator bob menendez's bribery trial. the jury had the case for three hours friday following more than 15 hours of closing arguments. the new jersey democrat has denied charges that he traded his political influence to a trio of businessmen in exchange for gifts, gold bars, and cash. and nearly 300,000 people still do not have power this morning in texas. so you know, no air conditioning in extreme heat. forecasters are calling for high temperatures of 93 degrees. hurricane beryl knocked out electricity for two million people last week when it came ashore as a category one. boy, they are having a lot of problems getting powerfully restored, carl. >> i know you've been paying attention to some of these property casualty studies, not only about the weather,

contessa, but the heat, as well, which maybe we'll talk about later on. that's our contessa brewer. still to come, politicians from both sides of the aisle calling for national unity after saturday's attempted assassination of donald trump. we'll talk about what's changed for the campaigns between now re" mebaawonhehen "squk t stetcos ck after this. [crowd chanting] they ignored your potential, and mocked your ambition. but it's not the critic who counts. with every swing and block, your game plan never changed. ♪♪ some still call it luck. let them. because you know what it's always been. inevitable. ♪♪ ♪♪ your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do.

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former president trump landing in milwaukee overnight for the republican national convention. deciding against delaying his trip following the assassination attempt in pennsylvania on saturday. trump's telling supporters he is planning a major shift in his messaging. for that we'll get more on what we might hear this week. maybe the timing of a vp pick, as well. >> absolutely. it's a big week, and both campaigns are trying to figure out the best way forward in the aftermath of that assassination attempt. an event that has scrambled a presidential race that already

felt fast paced and high stakes. so the focus from both dacandide has been on focusing on unity. president biden in his address last night said there is no place for violence in american politics. his campaign immediately paused all outgoing communications after the shooting on saturday. it's pulling down all of its ads. the democratic national committee is also pausing what had been a six-figure paid media campaign meant to counter program the rnc this week. there's no clarity yet on when any of that activity will pick back up. the republicans have taken a slightly more aggressive approach. former president trump says he has completely rewritten his speech to focus on unity rather than biden. his campaign has moved to fundraise off the assassination attempt. the campaign sent emails and texts on sunday with messages like, quote, never surrender, they link the campaign's win red fundraising page and suggested that supporting trump is the best way to unite america. his main pac maga inc. vowed to fight on saying they would do

that by mobilizing, quote, the most epic political movement in history and defeating joe biden. and one last point, guys. we've spent the past two weeks before this shooting talking about division amongst the democrats and those calls for president biden to step aside. from talking with democratic donors and fundraisers over the past 24 hours, it's clear to me at this point that those calls have really fallen by the wayside at least for right now. but maybe for the long term, as well. guys? >> i was going ask how this influences the biden campaign and the messaging that they're going to have to make around president trump which has been pretty harsh. >> it's a really difficult thing to balance. they want to keep campaigning, they've had these two weeks already that were really not great for president biden. they wanted this week to be sort of a reset week. now they recognize they have to show respect, they have to try to lower the temperature, and they're figuring out now how do they continue to campaign against the trump campaign without being so divisive, without, you know, striking the wrong tone. it's very clear that democratic lawmakers and others don't see

this as the right time to now call on their president, the leader of their party, to step acai. they don't want to sow further division. but it leaves everybody a little bit in limbo as to the path forward. >> okay. megan, thank you. keep us posted. it's believed if former president trump wins in november the m&a environment will continue to accelerate, and that big tech stocks will continue to climb. 15% for the year. that's wedbush securities analyst, dan ives, he joins us now. are you sure about the m&a approvals? because, yes, deregulation, but there are some question marks with some republicans like j.d. vance who applied what the ftc has done. and when trump was president last time around, he moved to block some big deals. >> yeah. i think the view -- i think you see it with the google whiz potential deal, we're going to have massive m&a in tech. i think a weaker ftc, weaker con, this is going to really open up the floodgates. i think it started with microsoft activision.

i think that blueprint, a lot of big tech companies are going to go down. it speaks to the a.i. arms race. big tech can't be on the outside looking in. i think this is just a tip of the iceberg in terms of a much broader tidal wave of m&a that we expect in tech. >> i'm glad you mentioned the google whiz, not a done deal yet. but the "journal" reported close to a $23 billion deal. we've talked about this, it started in 2020, cybersecurity for the cloud. and taking a lot of market share gains from folks like palo alto, right? >> when you look at palo alto crowdstrike, cisco, whiz, front and center in terms of the golden age for cybersecurity. for google this would be a shot across the bow at microsoft and amazon, currying feeling the move. we'll see that again in quarter from a cloud perspective. if they get whiz it would be a huge win. i don't think it's just -- this is not the end. i think you will see microsoft,

amazon, oracle, and others get aggressive when it comes to cybersecurity because this is just the start. we talked about this on the show, of the a.i. revolution. it's 9:00 p.m. in this party that moves to 4:00 a.m., cybersecurity is on the dance floor of that a.i. party. >> who are the targets? >> i think when you look in -- you look names like verunis, tenable. you will see private players, too, when they decide whether it's going public or going for m&a. but if this is true, $23 billion type price tag, google, biggest acquisition they've made, this is going to what i believe the catalyst for big tech. but it also speaks to you going to november, if a trump white house that's a weaker ftc, weaker con, and you will see the floodgates open up for tech m&a. >> what explains tesla's rebound, including today, in the face of another maintenance of

another weight over at wells. what's going on? >> it's the trump trade. >> it is? >> i think if you look at it, it's just -- trump is bullish for musk, bullish finish tesla. then you look at broader evs, it's negative. trump obviously negative for electric vehicles. but tesla would be in a position of strength if those rebates were taken away. and when you think about the biden white house, you know, musk has been more in the background or afterthought viewed and a trump white house if that happens musk will be bullish for tesla. that's what we're seeing after this weekend. >> pretty clear there's a direct line there. >> yeah. and i think for tesla now, you know, this has been somewhere the merger is coming back, and in terms of a.i. >> are we getting, approaching your target on tesla? >> we are getting close to the $300 target. and what i've talked about with you is the bull case is 400, and i continue to think -- even

though rover though it could move to november -- we're talking two months. the a.i. story, that's $1 trillion alone in our opinion of value that could be added to the tesla story which we do not view as an automaker but a robotics a.i. player. >> do you extrapolate to companies being investigated by doj or ftc, like an apple, for instance, and cases outstanding? >> when it comes to doj i think apple, that's one where that continues to be i think something that's not going to go away. they're going to have to ultimately face that in cupertino. when you look at trades, a lot of investors i talk to are trying to figure out which tech players benefit. i think strong gets stronger. and that ultimately is really the call here is that m&a, a.i., and i think we come out of this tech earnings season, that nasdaq 20,000, we could get there by the fall. >> nasdaq 20,000.

all right, dan. hold you to it. we know you'll be back on before then. dan ives, thank you. coming up after the break this morning, the ceo of royal caribbean weighing in on the state of the economy and how the consumer's holding up. he's going to join us next.

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global leaders and ceos weighing in on the shocking events over the weekend. the attempted assassination of former president trump at a rally in pennsylvania. here with more c-suite reaction are seema mody with a special guest. >> reporter: thank you. i'm joined by the president and ceo of royal caribbean, jason liberty. nice to be with you today, jason. >> great to be here. welcome to utopia of the seas. >> reporter: before that, i want to get your reaction to the attempt -- the assassination attempt of former president donald trump. your thoughts on how this could potentially impact business?

>> yeah, i think actually carl used a great word which was shocking. you know, i think first and foremost there's no place for violence in the political system, no place for violence in society. we very much hope that former president trump mends here quickly. i think that when we think about events like this, i don't think that we expect an impact on the consumer. the consumer remains extremely resilient. they're thirsting for experiences, and of course, you know, we're in the experience game. >> reporter: yeah. talking about utopia of the seas, tell us why this ship is so important and how you are hoping to dominate not just the cruise market but the three-day market and why that's important to your bottom line. >> sure. you know, so first and foremost, i think we are an experience-driven mindset. on our past couple of calls we've talked about that over half of our guests are actually millennials or younger. and when you survey those guests, about 42% of them say in the next 12 months their plans

are to actually go on shorter vacation experiences. and so we try to cater to five different generations, and you know, sometimes that's a seven-night voyage experience, sometimes that's a three or four night. we want to make sure that when they go on that experience to use a sports metaphor, they can leave it all on the feed. "utopia" has been designed with over 40 restaurants, every experience you can imagine. it's going to go our island, perfect day on cococay and will deliver unbelievable experiences for our guests. >> reporter: a massive ship, 1 decks, 21 restaurants. there's huge slide and pools behind us. talk to us about pricing because historically 20% premium pricing for a new cruise. that's one of the benefits of bringing a new asset to the market. can that hold going into the second half of this year? >> i do expect it to hold. we're still trading at a pretty sizable gap to land-based vacation experiences. i think that when you really listen to your customers, which

i think our teams have done, you're really able to kind of hit it on the spot. they're willing to pay up for -- for a value experience and willing to trade up for quality. i think that's what we wake upper every day trying to do. >> reporter: that's interesting because other parts of travel are not holding up. we had delta's ceo on last week. prices are coming down for the airlines. jerome powell speaking today. when you look at on-board spending, i'm curious where are consumers spending, and where are they holding back? when you look at spas, restaurants, excursions? >> we see the cash register ring pretty much every minute of every day somewhere all around the world. we're not seeing any pullback from the consumer. whether that's planning their vacation experiences further out, that booking window continues to extend, then on the ships, you know, they go out and they continue to spend. there is not an area on the ship that we've steen a change in their spending behavior. i think a lot of that is because of the value to land-based

vacation, and also cruising has moved into a true consideration with land-based now. so as the generations, younger generations have come forward, propensity of cruise continues to grow at exceptional levels. >> reporter: when you talk about land-based vacations, theme parks, las vegas, that's the customer your going after. >> yeah. when we look at our competitive set -- we compete in a cruise industry. but really we compete in the experience business. when we look at what our guests are doing when they're not with us, you know, they're going to orlando, they're going to vegas, they're going to all-inclusive resorts. they're going skiing. so what we're trying to do is make sure that our experience, whether on the ship or at our private islands is something that is highly competive with land-based vacation. because the cruise industry is $64 billion of a $1.9 trillion travel leash piece. our goal is how do we increase that share of cruise, less about how do we compete with carnival or ncl or another cruise line. >> reporter: you're increasing capacity, customer is showing they want to continue to travel and book a cruise.

even going into 2025. how do you scale the business, jason, at a time where you have two new ships this year, another coming out next year? bob iger called you from disney, would you be open to a merger and acquisition? >> i say i don't play in the world of theoreticals. i joke joke everything is for sale at the right price except for my family. in reality, we're focused on growth of our business. we have the best people in the world, the best -- i have the best leadership team in the world. we've been doing this for a long time. we know how to scale our business, go out and recruit the very best people all around the world. the ships are really the canvas. the color on the canvas is our incredible crew. we call on our ships utopian, our crew that goes out and delivers incredible vacations. i think it's 30, 40 years in the business. >> incredible comeback, 6,000 people on board and your occupancy under 7% is not

something you really see across the industry. we have to leave it there. thank you for your time. great to be on board and see this up close. >> great seeing you. we can't wait to you have and your family on board. >> thank you. i'll send it back to you. >> great shot there, seema. >> looks like fun. looks like candy land. >> that said, we have to talk about what burberry said about the consumer, the high end as they slash their guidance, switch ceos. and coming up on "money movers," chief of staff for former vice president mike pence, marc short will be with us to break down the latest from milwaukee as the rnc begins tonight. don't miss it. new projects ms new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. 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

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burberry shares slumping after fresh results there. let's get to robert frank with the breakdown. they blame the challenging luxury environment, but that is -- that's not the whole story. >> absolutely. replacing ceo after just more than 2 1/2 years on the job. he is the fifth ceo there in less than ten years. now, burberry's core problem has been how to expand beyond $3,000 trench coats and checkered scarves to keep up with the bigger luxury giants like lvmh.

over the past year they tried moving up market, launched more expensive clothing and bags. that has failed. chairman jerry murphy saying on the call, quote, we are recognizing in a difficult global market where consumers are less confident and rely on more familiar brands and familiar propositions, we probably went a bit too far too fast with our creative transition. now, the new ceo is joshua schulman. he ran michael kors. meantime, they have suspended the dividend and looking to cut costs and jobs. global luxury growth has fallen to low single digits from around 18% to 20%. all the luxury stocks are down, lvmh and richemont falling between 3% and 4%. this is a tough environment to transition as a brand, but a lot of this is very brand-specific

to burberry. >> you can see it in some of the other turn-around stories like caring, with gucci under pressure, it's harder. they're getting hit harder because it's a tougher environment. ultimately it's about -- it's about being where the consumer is. and there are brands right now like prada and hermes and chanel, they can do no wrong even in a tough environment. it feels really bifurcated. >> those companies you mentioned know their customers, they know their products and they know what works. this is a very difficult environment where consumers just are unforgiving about brands that don't know exactly what they stand for. you don't know as a customer what the value proposition is. you don't know what is gucci as a brand, what is burberry as a brand. it's just a very tough time to have to figure that out. those two brands are the worst performers right now because of that. >> yeah, we'll talk more, i'm sure, in the days to come about

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good monday morning. welcome to "money movers." i'm sara eisen with carl quintanilla live from the new york stock exchange. coming up this hour, deutsche bank chief equity strategist as the markets react to an assassination attempt on the former president and presumptive republican nominee. the former chief of staff, marc shart. a $2.5 billion deal on steel. the ceo of cleveland-cliffs joins us this morning. interesting market as the bulls arguably try to price in better a chance of a trump victory in november. got all-time highs on all the major indices. russell with a