blockbuster debut for "dead poo and involwolverine" at the box office. it's monday, july 29th, 2024. "squawk box" starts right now. good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. we are live from paris, france. that's where the 2024 olympics are under way. there are some big headlines takes place already. simone biles leading the u.s. women's gymnastics team heading into the finals. biles was visibly pushing through calf pain ahead of all this. she was able to qualify for five individual finals. she had been wearing a brace.

it didn't stop or slow her down. in the meantime, fencing history was made in the palais. two american women in foil. k keiffer was the lead american and scruggs wins gold and silver. and torri huske and gretchen welsh bring home the 100-meter butterfly. 12 total. three gold, six silver and three bronze. >> i saw torrie and gretchen. hugging each other in the water. they were in the lanes next to each other. >> a huge viewing of patriotism and loving the games. >> that is what it all is.

it is amazing to see them go up there. i don't know if you saw on the podium. they stood ftogether at the top. it was really great. >> held hands. >> we have taken an early lead in the medals. >> we. >> oui. >> did you say merci? >> i do. >> that's one hell -- >> represented as always. >> that's a heck of a green screen. >> it is not a green screen. we are here. >> that would be an unbelievable green screen. we're here. in the meantime, i want to tell you about the opening ceremonies. they attracted 28.6 million u.s. viewers on nbc and peacock streaming service. the biggest since the london

games 12 years ago. it was the top entertainment venue on the service. i'll talk about more with sam brock in a couple of minutes. it really has, guys, become the davos of olympics. world leaders and celebrities in paris to watch the first few days of the olympic games. many of them will be joining us on "squawk box" over the next week. our guests includes alexis ohanian in town and we will speak with olympian michael phelps and vc investor and sport team owner michele kang. guys, it feels like we were talking about the olympics the past couple years which hasn't

had this kind of energy. there was tokyo and this is post-pandemic. in rio, the zeke was taking place. london was the event where everybody was and here we are in paris in summer. in the business world, clients, this is a great place to entertain clients. >> everywhere you go, you see shops set up by vendors to host clients. signs outside. a lot of security that goes along with it. i think this makes davos look like nothing. selling short of calling this davos. >> in the business world, that's what this has become. a moment. people having meetings all over the place between all of the different matches and games. >> don't say davos. don't remind me. we're freezing and everything else. >> this is a lot better. >> this is a lot better. >> summer. >> paris in the summer with the

olympics. we're watching the markets. 654 dow points on friday. s&p up 60 or so. the nasdaq chiming in. the rotation trade continues or reasserted itself a little bit on friday. across the board, some friendly, continuing friendly inflation numbers. we will see what the fed says. no one really expects any actual action from the fed. as it always is, the look ahead and what the fed says. probably, we are still on track although the economy is pretty strong after the gdp number. we're on track probably for .25 cut. you see the ten-year below 4.2%. 4.16. remember bitcoin bottomed out most recently at 57,000. here we are back just under

70,000. today's enthusiasm or recent enthusiasm in the conference in nashville which was over the weekend. as you know, former president trump spoke at the conference on saturday. >> i pledge to the bitcoin community that the day i take the oath of office, joe biden and kamala harris' anti-crypto crusade will be over. it will end. it will be done. it will be done. and the moment i'm sworn in, the persecution stops and the weaponization ends against your industry. on day one, i will fire gary gensler and appoint a new s.e.c. chairman. i didn't know he was that unpopular. >> trump stopped short of

promising a u.s. bitcoin strategic reserve which has been b bandied about. that approach has been encouraged within crypto circles which opposed the current practice of regular auctions of seized crypto assets. maybe not set up to start acquiring, but don't sell them once you do get them from seizing the asset. if you were do go to the same amount as we hold as gold, people say, what the target would be for bitcoin? double from now? >> do you think the move in bitcoin has anything to do with expectation of who is president is going to become? is that like -- >> i'm watching.

utes it's close. it's close. >> a lot more money in bitcoin than predicted markets. >> the bitcoin goes up and down. new overnight, venezuela's nicolas maduro claiming victory from the elections securing a third six-year term. opposition leaders contested the outcome. maduro trailed his rival for weeks by 25 percentage points in the polls. in the meantime, israel's government authorized a retaliatory strike after the hezbollah rocket killed 12 young people in golan heights. it said it has nothing to do with that attack. the iranian-made missile was launched from southern lebanon and hit a soccer field near a religious community.

traded messages over the weekend with iran to try to deescalate that situation. we have more coming up from paris. three big events for investors. we have earnings and a fed decision and the monthly jobs report. we'll get you ready for all of it with sam stovall. that's next. don't go anywhere. we're coming back on "squawk box" live from the smeumr olympics in paris. ow part of b. 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.

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time now for the "squawk planner." on the economic calendar, the fed is kicking off a two-day policy meeting tomorrow. we get the interest rate decision on wednesday. it could signal a cut at the following meeting that comes at september. it is all about the language and body language and what fed chairman powell actually has to say. it is also jobs week. wit we will get adp payroll on wednesday. on the earnings calendar, we hear from mcdonald's at 7:00 a.m. today. tomorrow, we have reports from merck, pfizer and p&g and microsoft and starbucks. on wednesday, it's boeing and meta and qualcomm.

on thursday, after the closing bell, amazon and intel and apple. on friday, chevron and exxonmobil. joining us right now is sam stovall at cfra research. sam, you've got a lot going on right now with this week. all of the news coming in. what is the most important factor right now? is it fed or earnings? >> good morning, becky. bonjour. >> bonjour. >> it's going to be both earnings and the fed. pro primarily with the earnings with the disappointing earnings from alphabet and tesla. you are wondering what could happen in the week ahead. one-third of the stocks in the 500 will be reporting and 40% of the market cap of technology will be reporting this week with 26 stocks in the 500. so, i would tend to say a lot of eyes would be there.

a non-he pevent would be the employment numbers on friday. >> sam, we have been talking a lot about the rotation out of the big caps into small caps. when you see some big stumbles and what we saw last week with the earnings disappointments and the mega caps have done, is it enough for the small caps to take over and carry on this rally? will that be something that will save the averages overall? >> not by themselves. the bid an mid and small cap index 1500 represents 1%. if you think everybody is rotating out of large caps and into mid and small, it is like you are saying you think you could drain one of the great lakes in your back yard swimming pool. i would tend to say in the decline period when the s&p fell nearly 5% recently, you had 8 of

11 sectors out perform the s&p and 5% of the 155 industries out perform the overall market. it is not just a rotation into the mid and small caps. >> let's talk about what you think about the tech big caps. are they going to have the power to really continue to move higher? >> well, we believe they will. expectations are that for communication services, you will see a 25% increase in earnings versus the now 9.3% growth projected for the s&p 500. the technology sector is expected to show a 17% advance. semiconductors likely to show a 53% increase. so, still very strong expectations for the sector in general and for particular sub industries. >> where is the bias right now for investors? if we get disappointing news

from earnings or from chairman powell sounds a little more hawkish than the markets are anticipating, is that enough to rock things or if you get surprises to the upside in terms of more dovish sentiment from powell in terms of better than expected numbers, is that something to power the indexes higher? >> i think that if we did have fed chair powell say some hawkish statements, that would be a concern across the board because the fundamentals have looked very attractive for mid and small caps, investors have waited until near certainty that the fed will be cutting rates shortly. right now, the s&p midcap and small caps are trading at 30% relative pe discounts relative to the s&p 500. that's what's driving the rotation into the smaller companies. if the prospect is that the fed will continue to keep rates high, that increases the risk of

recession and definitely mid and smalls would get hurt more than the large caps. >> let me move forward to the end of the week. we haven't spent time following the jobs numbers. we have had so much news. if powell is dovish in his commentary and stronger than expected jobs report, does that put everything back in play again? >> i think it would end up postponing the euphoria of investors. we are expecting 185,000 new jobs compared to 206 last month. if we end up with a stronger number, i think investors will start to wonder the fed will wait until december or after the election to make the first rate cut. right now, you know as well as i, the expectation is for a september cut with dovish statements this wednesday. if the employment numbers come in much higher than anticipated, that could postpone that first

cut. >> all right. sam, thanks a lot. or should i say merci. >> you're welcome. >> see you later. still to come this morning, unique conversation with ecb president christine lagarde. the olympics hold a special place in her heart as she was once a siynchronized swimmer. >> put on a smile and get on with it. that has been a good lesson for me. >> we will bring you the conversation in the next hour. you will hear her comments on the global economy. "squawk box" will be right back. > en>>wh we come back, we are serving up the olympic games on cnbc when we come back live from paris.

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we're back on "squawk box" in paris if you haven't figured that out. in the summer olympics, team usa got off to a good medal count with 12 medals. joining us now is nbc's sam brock. people are already yelling at me on twitter, sam, saying australia's in the lead with gold. we've got three. our total medal count. this is for the whole games. >> someone on twitter picking on you, joe? i can't imagine that. >> already whether we're really leading. >> we are leading in total medals. focus on that figure. 12. the next closest is france with eight. the u.s. is doing really well. i cover for nbc sports. in beijing, tokyo, no fans in

the stands. this environment is a completely different ball game. no pun intended. let's talk about the medal count. swimming has been the engine. torri huske and gretchen walsh. that is two medals each for them. that is four for the u.s. nic fink. the oldest member of the u.s. swim team. he did not win in tokyo. he brought his podium sweats. he regrets that. he won silver last night. you are seeing a lot of firsts for the athletes. that has been amazing. fencing. lee keiffer with the women's foil. all of the accomplishments. the u.s. is in the lead. you have basketball today. the women's basketball team is

going for their eighth consecutive gold medal. were they to achieve that, the first team to win eight straight golds. >> women have been in 55 olympic games in a row. of the 12 women athletes on that team, nine of them weren't born the last time the u.s. olympics team lost a game. >> that was literally my favorite statistic. >> mine, too. >> it shows how dominant this team has been. this is her last go around. she has won five gold medals. >> she would be the first person? >> she would. so much enthusiasm for women's basketball in general. the men, by the way, they were looking shaky in the exhibition. >> south sudan? >> i think the men will trounce. you have to think lebron james at this stage in his career, already flag bearer status and four nba titles.

he will be the force. the south sudan last-second layup. now durant is back and healthy. >> were they saving themselves for this? >> there are orders of magnitudes above the rest of the world. this is a team sport. some of the folks have better chem chemistry. you put a bunch of all-stars on the court and sometimes it doesn't work. >> on friday, we were talking about this issue. the exhibition games. it's a little bit like an all-star game. >> nobody wants to get hurt before the big match. >> no defense which is the regular season. >> any all-star game. >> sam, you mentioned fencing. cover of "the wall street journal." we will show that. they all fence. mia.

on the cover of "the wall street journal." she likes "star wars" and becomes a great sabre in foil. >> she is sabre and he is foil. >> we have video. it took an hour. >> you fence on the show every day? >> we do. >> what did you think of the venue? the grande palais. >> we didn't go there. we went to the training facility. the grande palais. i was walking by and the roaring you could hear from inside. by the way, fencing is hughe in france. this is the home of fencing. they gave it a beautiful venue. it is what they put up going for the olympic games. >> to your point how they repurposed the historic places to integrate into the events. also looking at the other places. the eiffel tower where beach volleyball is taking place.

to sit in the shadow of the eiffel tower and see the energy pulsing is incredible. >> i want to take you guys one morning. they start playing early. >> i'll go tomorrow. >> we'll bring cameras. >> are we taking a chocolatkris kr kreme and croissants. >> i would like to be the dave portnoy of crepes. >> i want to watch you guys. >> give everybody a number. >> you have a vlog idea that will be gang busters on social media. >> out of ten?

>> total medals? >> that's not fair. if you look at the per capita. >> also people are telling me some of these people are from other places or go back to other places. they are american now. >> that is another conversation. don't you think total medals is the benchmark for success? >> if you are an american, you should go for it. >> 320 million people or more. i get it. it's just in that spirit of the olympics. maybe we should look at it. >> just win, baby. i i don't care. >> channelling al davis' inner spirit. >> thank you. were you on the boat? >> lastly, i was on the boat. i found some americans who are from connecticut. their daughter goes to columbia. they spend time out here in paris with a boat on the seine. they watched the opening ceremony and screaming to lebron james and the rest of the

america team. they are screaming back. it was a surreal experience. they saw rafa and serena go by with the torch. it was like a block party. we got an experience of what it is like to live in paris and not necessarily seeing the monuments, but the shops and open markets with them. that story is running on the nbc news platforms. really cool. >> chocolate martinis? >> chocolate with everything i did so far. i've been here for a week and a half. >> thanks. when we come back, former fed vice chairman roger ferguson at what's at stake for the central bank and global markets this week. plus, vc investor alexis ohanian is talking the rise of women's sports. we have him live. ay tedstun. you are watching "squawk box" live from paris. we are lineage, the guardians, connectors,

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good morning. welcome back to "squawk box." we are live from the olympic games in paris, france. the dow would open up 60 points

higher. the nasdaq is opening 8 points higher. the s&p opening 63 points higher. shares of philips is sharply higher. the company reported better than expected second quarter earnings. comp sales rising with demand in america strong. you guys want to drink beer from amsterdam? shares of heineken falling. profit for the first half of the year below expectations. there is a lot of heineken here. beer sales growing at 2.1%. below the estimate of 4.3% growth. a writedown on investment with cr beer. that performance was good, but consumer demand in china is under expectations. that is another issue. then this story that joe and i were talking about here. >> oh, boy. if you are eating breakfast, stop. put it aside. i can take a good guess.

a united airlines flight from boston to houston. it was diverted to washington, d.c. after a passenger became ill. the event was described as an on-board bio-hazard for passengers asking for masks. the plane was deep cleaned before returning to service. one guess to what that was. one end or the other. >> or both. >> potentially. it is not like you can roll down a window. >> no, you can't do that. no. there was more vomit because people were vomiting. >> the question is if you are already in d.c. and you get the plane to d.c., how much longer does it take to get to boston? >> too long. an extra hour? >> they're already up in the air. it is not -- d.c. to boston would be an hour and a half. >> you are saying do it?

>> put n-95 on. >> they didn't drop the oxygen masks. that's different. you are right. you would get sick, too. >> nobody got sick, apparently, in the end. >> what do you mean? >> in the end. coming up, former fed chairman roger ferguson on the fed decision and the ceo of ralph lauren on the state of the consumer. his company outfitted team usa for the opening ceremony. reminder, get the best of "squawk box" in our daily podcast. follow on your favorite podcast app and listen anytime. we're comingig bk. rhtac (grunting) at morgan stanley, old school hard work meets bold new thinking. (laughter) at 88 years old, we still see the world

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welcome back to "squawk box" live from paris and the olympic games. we will talk about a different type of game. not a game. the federal reserve meets this week. the central bank is expected to hold rates steady, but could signal a cut in the next meeting in september. joining us now is the former vice chairman roger ferguson. not to put this in olympic terms, but the board of the fed is the judges, if you will, of all this, roger. we're trying to understand what we may hear. i assume we may hear nothing for now. the last time we spoke, you felt things were getting good enough to cut rates. the question i would ask you if you think that becomes before or after the election at this point. >> first, bonjour, i will say. the cut probably comes in september. it is what the market prices in. i think the data supports that.

if they don't, they will signal and push back clearly. count me in the camp that september is likely the first move. >> what would have to change in your mind if that were to get delayed at all? >> i think they would have to see a series of really strong reports which seems unlikely at this stage. that includes the upcoming labor data at the end of the week. i think there is one more inflation report they have to see. the data mounting up on balance they should probably cut. we see inflation itself stable or coming down. goods prices are an important part of this given that services are relatively sticky. goods prices are moving in the right direction. given the weakness in consumer sentiment numbers from michigan were relatively weak. i think there is enough to lower or cut unless there is something

different or dramatic in between. >> roger, we always talked about the politics of this. that's why i asked about the election. whether these things factor in and the reason i ask is because you had folks like former president trump say he hopes they don't cut before the election and then you haven't heard from our current president or what is likely to be the nominee on this issue. you don't think that factors in at all to the conversation or privately when people talk? >> i never heard it mentioned, to be fair. you don't know what's in people's minds. i think this time, for sure, the data is strong enough and market expectation is strong enough that the september move is very much baked into the cards and very much a political. if it is a close call, you can imagine all factors coming into people's minds. unless there is something really surprising that occurs, this one

seems almost about a done deal as one could see in central banking. the odds are still in favor of a september cut. >> i'm curious why it's obvious to you now. the reason i say this because historically we had these conversations and the market does one thing and you come on air and say the market doesn't understand which is nothing is about to happen or say something less optimistic from the market. what has flipped for you? >> two or three things. one, the commentary has been pretty consistent. secondly, i think the economy is clearly showing some signs of slowing here and there. a very good gdp report, let me be clear about it. that's fair. i think that slows us down a little bit. the consumer sentiment numbers coming in and the inflation is

coming down, though very slowly. i would use the word that the market and i would say the data has given them quote, permission, maybe, to move at this stage. i thought the market was much too optimistic where things were head. now the stars seem to be aligned of a september cut. >> one last final question. you like the cut or you think a cut comes in september. what about again in november? how does that matter in terms of where the market's already gone? >> i think they will be on pause in november. i think they are setting up for two cuts this year. one in september and wione probably in december. they will be data dependent. i think they have the ability to move in a gradual, but definitive pace. i'm in the two cuts this year camp. one in september and probably the second one in december. we'll let the data speak for

itself on that one. >> roger ferguson, merci. >> thank you. thank you. >> it just flows for you. >> look at you with the sunglasses on. >> it is bright. i forgot. it is private. contacts. >> the city of lights. >> it flows. it flows for you. you have been using it over here. >> i've been here a little bit. i've been trying. >> oui-oui. still to come this morning, ecb president christine lagarde on the economy in europe and impact of the olympics and why these games will always hold a special place in her heart. plus, when we come back here in paris, interview with the ceo of ralph lauren, the big sponsor of team usa.

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welcome back to "squawk box." we are live in paris for the olympic games. team usa is decked out in ralph lauren. this is a shot from the opening ceremony from friday night. lebron james and cocogauff rode down the seine river. i spoke with the ceo and asked about the response of the looks and the entire olympic collection. >> we are proud to see. a lot of people asking for our

products and while it is only the very beginning of the olympics, our products are flying off the shelves. what is important for us, this is an incredible opportunity to showcase the brand to the world. record high ratings. up 60% versus the tokyo ratings and it's incredible the number of individuals who approach us and say hey, can we have access to this item, that item. >> concerns about chinese consumer spending have been front and center. i asked him about how the ralph lauren brand is performing in china given the pressure on the retail market there. >> china for us actually continues to do well. and you know, i'm very excited about them both mid and long-term option for us in china. last year we were up over 30% up on top of 23% the year before. we had a really good quarter so so we're seeing the brand continue

to have strong momentum. we have a unique ability to bring in new consumers. while we know the consumer's sentiment is pressured partly because of the real estate challenges this china, we remain positive about the outlook and the perspective for the business in china. >> that applies to the entire asian markets for us. >> in addition to its role as the outfitter, ralph lauren has partnerships in golf, tennis. i asked him if the company is planning to expand its sports portfolio even more. >> sports been not the very heart of this company forever. we are very active in tennis. we are -- obviously we have the u.s. olympic team. we're in golf, right? it was actually good to see how we showed up recently with billy horschel finishing second at the british open showcasing our colors really nicely. we're in gaming so we spored the g 2 team who have done well this past year. fundamentally for us the lens is

we want to be where our target consumer is engaging with brands, where our target consumer wants to discover brands, and so i think you'll see us over time continue to expand that footprint. >> okay. a and now for what is a hotly debated topic, especially here in paris. is it lauren or lor-ren. we know it's lauren, but i asked if the pronunciation should be different here in paris, especially since patrice has a french background. he's from here and ralph lauren's presence in france. >> when i took on this job several years ago, self-people said are you going back to france? i said why. well, isn't ralph lauren french? so certainly the french culture and the parisian lifestyle has influenced ralph and he absolutely loves this town and we as a company love this town, but in terms of how you say it,

it's ralph lauren. >> ralph lauren. >> but you're welcome to say it any which way you want. >> okay. it's ralph lauren. >> right. >> the confusion comes from eves. >> you think it's french. >> there are a lot of people who say ralph lauren. they're wrong. >> where's ralph from? he's from new york somewhere. >> he's from new york. >> it's ralph lauren and we should mention it's not just the athletes ralph lauren is outfitting here. it's also dressing many members of the world of nbc and nbc sports. >> and then it'd be laurenlau lalau lauren lor-ren. >> he is french. >> i want to make sure. you say lauren it's got a t in it doesn't it?

>> what's the word you always make fun of me for, individual la -- vigilante. >> do you say aunt or ant? >> nevada. we've got it all -- any questions? >> i'm glad you asked him, though. >> i wanted to make sure we all it. hsa>>e id you can still -- are you wearing a ralph blazer there or no? >> this is a zegna.

welcome back, everybody. now for a look at investing in women's sports. the paris games and much more. we've got alexis ohanian, venture capitalist, and former executive editor of reddit. he's the founder of 776. instead of jumping right in with

what your newest news is in track and field, i really want to back this up. i think you're a visionary when it comes to -- >> i'll take that. >> -- when it comes to seeing the absolute power and strength of women's sports. you've been an advocate for a long time. you've been putting money behind those bets for a very long time and now the rest of the world is starting to catch up with you. why don't we talk about what you saw. the guess the obvious question is how did you know women's sports would be big? >> 2019 i rage tweeted. it made no sense to me that a team could be worth only a few million dollars when the sport was garnering international attention every four years, how could you keep the momentum going. the answer was my initial investment in angel city, which has announced a large round of funding from bob and willow. the core phenomenon here probably came from a certain someone i'm married to, right? serena williams is the prototype for how you can show women's

sports is and can be and should be on the same level as men's. you look at those viewer numbers, even to this day more americans watched the u.s. open final for the women than the men, and that's the legacy, the wil williams sisters, billie jean king and even else. it takes investment, it takes them not treating it like the men's version of the sport. understanding why do people love these athletes, how to support them and how to build. >> i think one of the huge parts of this is you put your entrepreneurial cap on. part of it has to be the valuation picture. you're looking at things that are undervalued and then you shake things up a bit. you make it more interesting, more exciting. you change things. we could talk about what you're doing in track. maybe that's a good way of kind of going at it. >> for sure. it costs a million dollars to buy a franchise. most recently a team paid $53 million. so you can see that increase over just the last four years. part of the understanding was when folks fill an arena and we

get 22,000 max capacity regularly for angel city their doing it with a dichbfferent whn women's sports. it's tied into a cultural trend you'll more likely see online than through traditional media, no offense. and that was our thinking with women's track. i saw the world pretty much the say way in '19. here's this sport we're all going to be paying so much attention to. what are they doing the rest of the time. there was a huge opportunity to invest. there was a huge opportunity to create the largest prize in the history of track, over half a million dollars, and create something that would be a cultural even as much as sporting. >> why did you think the inflection point was now? the reason i ask that, you go back in time when the wnba began, and we would take a lot about how we were at this inflection point and something was about to happen. and then in truth it didn't happen. so what is it about now that has shifted this whole dynamic? >> you know, the reddit guy is going to tell you, it's social

media, and i was calling this shot three or four years ago, check the -- when the women were given a pittance in support versus the men. they couldn't even say final four back then. the women on social media, the individual accounts had far more followers than the top men in college basketball. that was obvious three or four years ago. that is where attention is. you get super stars like caitlin cl clark, angel reece to level up the attention. in the attention economy, we are fighting tooth and nail on social media to get someone to pay attention. you look at follower accounts and tells you the story. >> i think that's a huge part of it. you're very smart about finding superstars, building characters that people want to follow and go along with. and you use business principles in this, which is the incentive structure. you pay everybody who's going to show up at this track meet. >> yes, and nothing about this is charity nor should it be charity. that is one of the things, maybe

the mind-set has held back women's sports in the past. this is about excellence, about celebrating it. not only is it about record breaking prize, but all the revenue we generate, 10% will get pooled and distributed evenly to all 36 of the women who show up. this is just step one, but we wanted to do something that reminded people even after the olympics. >> $60,000 for the first place. >> yes. >> i mean, that's some big money. >> keep in mind, the top, top prize at the end of a normal professional season in this sport is $30,000. i wasn't doing anything terribly clever, just doubling the top prize. >> when you think about the audience for women's sports broadly, how much does it need to come from women? how much do you think it needs to come from men? this has been a big topic of conversation. you look at the stands at an nfl game, i think it's 70/30. basketball is potentially even more across the country. this is in the u.s. this is. so how much of this -- when you look at who's going to be

sitting in the stands for women's game, how much is it more women in in those stands and how much is more men in those stands? >> one of the things that will surprise you, we see a great representation not only of men and women, pretty close to 50/50, but also spread across demographics spread across income levels and it's a reflection of los angeles. i think women's sports broadly, there's an entry point for women who are finding more and more interest in sports broadly because more and more content is being created around it. i also think there are plenty of men and i know the girl dad thing comes up often with me, i have two daughters, but there are plenty of men who love sports who are finding ways to tune in because they weren't accessible before and finding something that they really love and they're getting to spend time with their kids, boys and girls and realizing i love sports for the stories, for the excellence, the athleticism and the women's game has it too. i think you'll see more and more folks showing up in these stands that actually represent the

whole population, skmen and wom and children. >> how much is it because of the streaming aspect? there's a real demand for content and instantaneous with sports. >> what that social media wave has shown is that folks have very short attention spans and you have to compete with it no matter who you are. the streamers are realizing, okay, the appointment television that is left, it's sports. you have to must see it and this is an opportunity for the women's game to get revalued, and the wnba's recent media deal is a great example of that. >> alexis, you revealed that you tested positive for lyme disease. how are you doing? >> i'm doing great. thank god i got the antibiotics in me early, i'm a trooper. we're good. i tweet probably a little too much. >> i love that. >> one of the things i want to share especially with other guys if you're like me, you don't spend much time thinking about your health, then you get a couple kids and you start realizing, hey, fwi got to make some serious changes.

did a whole battery of blood work and thankfully got caught. >> what's been your favorite part of the olympics so far? >> being able to see olympia, trading pins, taking all of miles' pins. >> we were with him yesterday, and he said your daughter stole all his pins. >> she's an ambitious young lady. to see her running around, to really feel like she gets to experience this thing. i feel privileged to be there, i'm definitely not an olympian. she's got the name and obviously the lineage. it's awesome to see. >> how much tennis do you watch? >> if my wife's not in it, hooim not paying too much attention to it. obviously cheering on coco, we love us some coco. we saw swimming last night and i'm looking forward to gymnastic tomorrow. we'll see. i've got to work here too. i'm balancing it all out. >> i want to make sure to invite you all to athlos.

september 26th in new york, meg the stallion is performing. if the super bowl got rihanna, the fastest women deserve meg. >> my kids are. >> i'm serious, that's a ge genuine -- >> my daughter is an all american in the 800 and the 1,500, so we'll come. we'll come. >> she'll be running in it one day too. >> thanks a lot. >> leaning a little right, isn't she? >> the stallion, i think she leans a little right. >> as long as she shows up and brings that hot girl energy -- >> i thought that's why you said that. >> i figured you were a fan. >> i am. >> in the meantime, it is just after 7:00 a.m. right now on the east coast. coming up a little over 1:00 here in paris, and you are watching "squawk box" on cnbc. we are live at the olympic games in paris, france, i'm andrew ross sorkin along with joe kernen and becky quick. mcdonald's quarterly numbers

just crossed both wires, and kate rogers has the numbers. good morning. >> andrew, good morning. it's a challenging quarter for the fast food giant in a tough environment overall for the sector. mcdonald's missing estimates across the board in q2, earnings per share revenues at 6.49 billion. that's lower than the 6.6 billion that was estimated by analysts. this is its biggest earnings miss since january of 2022. same-store sales fell short of estimates as well. in its key market, the u.s. same-store sales fell 0.7%. analysts were expecting them to be flat this quarter. the u.s. had negative guest counts, but that was offset partially by many price hikes. . it is important for viewers to remember the company said it would be rolling out value offerings at the end of the previous quarter. there has not yet been a report

that fully captured how that offering has fared so far. international markets did struggle as well this quarter, international operated market sales fell 1.1%, lower than the 1.8% projected due this part to struggles in certain markets including france. international developmental license markets saw sales fall 1% worse than the 0.1% drop that analysts were looking for, due to challenges tin china and the war in the middle east. mcdonald's stock is down about 15% on the year. andrew, back over to you. >> kate, thank you for that. coming up a well-known strategist on what investors want to hear from the fed this week. plus, much more from paris and the olympic games. we're coming right back. we are here at the eiffel to tower, built of course in 1887, completed just two years later in 1889. we are at the base of this iconic tower, and it's going to become a new iconic venue, this

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welcome back to "squawk box," a lot happening in this week in the markets in general in terms of one of the busiest weeks for earnings. plus, we've got a fed decision and it's the first friday of the month again, so we have the jobs report. joining us now ed yardeni, president of yardeni research. ed, you've been -- you've been

opti optimistic. i won't even say cautiously optimistic. you think we may have seen the highs in the s&p now for a while, but nothing to get too concerned about. why? >> yeah, well, look, there's a lot of reasons why the market churn should move sideways here for a while. i think we've discounted that earnings are certainly doing well. the analysts are expecting that earnings will be up 8% on a year-over-year basis during this second quarter earnings season. we're expecting 10%. we think they're coming in reasonably well. in addition, i think the markets discounted the fact that the fed will most likely cut the fed funds rate in september, and that might be one and done. i mean, i know that there's a lot of people talking about more, but the economy's performing awfully well, but the big risks out there remain geopolitical. the crazy headlines today about turkey threatening to invade israel. i mean, just crazy stuff going

on in the middle east, and the market so far has just blown it off and focused on the domestic situation. but i'm watching it. >> i know that, you know, changes in direction for the fed are significant, but one cut, one cut, and then you've got, you know, the market's been -- the market's been doing pretty well, and if you believe in the wealth effect at all, and then maybe we've seen some indications of a soft ening in the labor market. we just got that gdp number. we'll see what happens on this friday, but they're almost locked into it. they've promised -- they've talked so much and they get so much guidance that now we're like counting on getting something that doesn't even matter. if we don't get it, you know, we're going to be disappointed. what's a quarter point anyway. it's weird that we're so focused

on something that may or may not happen. i don't' why they should do it either. >> i think weird is the correct word here because we've got an economy that's generating solid gdp growth. we've got inflation coming down. inflation has come down without a recession. it was widely thought that a recession would be necessary to bring inflation down. we've gotten through that narrow path of inflation coming down without a recession here and the fed for some reason has signaled that they are definitely going to dleliver usa quarter point cut in september when it may not actually be necessary. and you know we had something that felt like a melt up until july 16th, which is the all time record high in the s&p 500. i don't think we want to go there again by having the fed be too aggressively easy when the economy doesn't need it. >> well, the one thing about a

cut is that it definitely -- they could aulways go back up. it means the next smoomove is n going to be a hike. at least it takes that off the table. do you get the notion that the fed different than last time they stayed too long, could they be staying too long at these restrictive levels. is there any way there's something brewing, trouble in the labor market we don't know about, and all of a sudden it comes on too quickly? is that possible? >> it's certainly possible. the fact of the matter is the labor market remains solid. when you talk about restrictive interest rates, i agree that they've gone from a fed funds rate of 0 to 5 1/4 percent to 5 1/2 percent. they started with zero. the real abnormality with zero

wasn't 5 1/4 to 51/2%. these are normal interest rates for an economy that can certainly deal with these rates with inflation still coming down. so everything is going pretty well here, why is it necessary to cut the fed funds rate? look, it doesn't matter what i think. they're going to do it. >> right, but you're not that impressed yet with the small cap rally. we talk about it a lot. everything else has hit highs, but the russell has not hit new highs. will it get to the point where the rotation will be complete and the small caps will catch up? or has it been disappointing and that makes you suspect? >> well, i think the problem with the small caps is that earnings have been flat for the past two years. usually when the economy is growing, which is what it's been doing, small cap earnings do very well, but you know, i think

that may be a structural problem in the small cap marketplace. a lot of the really good companies get bought out before they go public. they get bought out by the large caps that have a lot of cash and have basically investment banking departments in house that are looking to expand their business. i don't know if we're ever going to get another microsoft. it's hard to imagine that a small private company is going to go public and become our next microsoft because microsoft will probably buy them somewhere along the way, either before they go public or soon after. >> right. if anyone's ever allowed to buy anything ever again. that's part of the issue that we talk about so much as well. all right, ed yardeni, we're going to leave it there. good to see you, even though this time we're the ones being piped in from across the atlantic. andrew, when they show the three shot, i like our gray, gray,

blue in the middle look. what are you planning for tomorrow? just wondering. >> a blue blazer. >> me too. >> wow. >> me too. do you know, have you decided yet? >> probably a red blazer. >> red, white and blue. >> i'll have a white shirt on. >> i might wear a blue shirt tomorrow. >> all right. these are all important things for tv people, are they not? >> i might part my hair on the other side. >> maybe a little less to our audience, but hur. > when we come back we have a unique conversation with christine lagarde. we know she's one of the most powerful women in the world, did you know she was oneself an accomplished synchronized swimmer as well. >> there have been people who say it's not really a sport, what do you say to them? >> i say stop you and just try.

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while we're here in paris, i caught up with the president of european central bank, christine lagarde. she's got a fascinating history as a competitive artistic womenerwo swimmer, which is in part why she's here at this year's olympics. >> i'm here because i was

invited. the president of the international olympic committee, said to me you are an athlete. and i said, well, not anymore, but i was. he said, well, you have to come because the games will be amazing, and i really would like you as a former athlete to be there with us to celebrate the olympic spirit and the achievements of the athletes. so that's why i'm here. >> for those who don't know, you are a former artistic swimmer. synchronized swimmer. tell people a little about that. how did you get started? what first got you into a pool and when? >> it was back in '67. so i started practicing because my friends were doing it as well. then came '68. in '68 you had all this rioting and mess everywhere. my parents at that point said you can go to the woswimming po as much as you want, hang out at the club, but just stay there. that was the deal. no messing around in the streets

of my hometown. so i went to the swimming pool every day and i was practicing and swimming and practicing with my friends, and you know, you get better and better simply because you work harder and harder. that's how i got really started and then competition came along and fortunately it was never, in my days an olympic sport. i did european championship. i did major events, but never the olympics. so it's a beautiful moment for me to watch and to enjoy those young girls who are swimming synchronized swimming. >> there have been people who sometimes say it's not really a sport. what do you say to them? >> i say to them stuff you and just try it. just try it. because it's a super hard sport. it's one where you have to swim really well. it's one where you have to hold your breath for, you know, i can still swim 50 meters under water, okay? but in those days it was at least 50 meters under water.

and it's one where you have to be very, very aware of your vertical. you have to be extremely precise, and you have to pay attention to details, so it brings together the techniques of an athleti let athletic spor also the details of ballet together, anda sense of music and rhythm and a sense to the team. good luck to those who say it it's an easy sport. >> you have to do it all while you're smiling the entire time. >> yes, that was something that my coach used to say because it's a sport where you learn about effort, teamwork, but you also learn about something that is unfair because, you know, technical figures that you have to do before you do the team events, and those technical figures are judged by human beings, judges. they look at you. they give you a particular note depending on how well you do or how well they think that you do,

and there is often an element of injustice about it because you feel that you did really well, and they think that you denidn' do so well. our coach used to say when you feel it's unfair, grit your teeth, smile and get on with it. that's a good lesson for me always. >> how do you carry that forward? how are the lessons you learned as a swimmer things that you can still rely on today? >> grit your teeth and smile in adversity is one i always have with me. i recommend it to my team as well. you know, things don't happen randomly. you have to work hard. you have to earn it. the fact that it's a team effort, you're not going to succeed all by yourself, even if you are super super good. resilience. you can fail, but you have to bounce back. get back on your feet and try again. i think all that works in real life and many your in your job

well. >> have you ever had moments, you're been through so many cr crises, have you ever had momentum where is you have to go back on your training, whether that be great your teeth and smile, whether that be breathing exercises? what do you kind of utilize? >> really good question because i do keep these breathing habits that i have. so when i have to give a speech, when there a moment of angst or when there is a moment of crisis and everybody gets a bit panicked and hyper, then i take it in, and i do the breathing that i will not demonstrate now. >> i kind of want to learn it. >> you essentially breathe from the bottom -- >> from the diaphragm. >> then you take it in, then you hold it for a few seconds, and then you let it out again, and

do that several times. it just calms you down. yeah, i still do it. >> when's the last time you did it at a work environment? >> i'd say i do that before any governing council meetings, any pee speaking engagement. speaking engagements are the ones where you think okay, am i going to keep the audience interested and you have to have enough confidence and calm about you to do it. >> when you were a teenager, you were in washington too. you swam while you were there? >> i was just out of the national team in france, and i was excited to go to the united states to live there. i was 17 at the time, but i was very disappointed that i was giving up my membership in the national team, so what happened is that my american family, marion and bill atkins, they were so good, they tried super

hard back in 1973, they tried to find a synchronized swimming club at the jewish community center. we went. i showed what i could do and they said okay, we'll take you in, so i joined the team and i actually swam with the team in the u.s. national championship. >> wow. >> that was kwcool. >> you had a pretty incredible year when you were there. you were also involved with helping doing some translation at a ongressman's office too. what happened? >> well, it was -- i had to be an intern for a period of time at the end of my school year, and i was lucky to work for congressman coyne. he then became senator and defense secretary for president clinton. bill coyne was in a way my first boss, the youngest member of the house judiciary committee at the time of watergate. i was translating into french

the letters he was sending to his constituents who on the border of maine and canada spoke essentially french. that was my job pfor a couple o months and i just loved it. >> lagarde is obviously closely watching the olympics not only for the medal count but also what it might mean for inflation. here in france and in europe more broadly. we all knows what it means when taylor swift shows up say in chicago or in the uk. it was a concern last month that the bank of england might not be able to lower interest rates because of the higher inflation potentially from taylor swift. they're keeping a very close eye on that, and she's going to talk to us a little bit more later about that in the show. we'll get her comments on that. >> the olympic effect, has got to be a lot bigger than the taylor swift effect maybe. >> well, i would say until someone says, actually no. it's got to be. it's got to be. >> she's been tracking that closely too. meantime, when we come back

a lot more right here on "squawk box." a round of this morning's biggest stock movers and then olympic swimming legend michael phelps on his pfavorite moments of these games. we talk to him. stay tuned. "squawk box" coming right back live from pari s. okay, team! oh, thank you so much i couldn't have done it without you. honestly, i don't do a whole lot here. i'm really just here for the at&t internet, it's super-fast so, any pre-launch concerns? what if nobody buys them? that's mean or, what if everybody buys them? oh, i hadn't thought of that that's probably not gonna happen can we handle that kind of traffic? the network can handle it! i downloaded eight hours of true crime stories just during our last video call i'm learning a lot >> university of maryland global campus isn't just an innovative state school, it's a school for real life, one that values the successes you've already achieved. that's why at umgc, you can earn up to 90 credits toward a bachelor's for prior learning and life and job experience, why we offer scholarships

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welcome back to paris live here at the olympic games. take a look at where the futures stand right now. dow jones looks like it would open up about 17 0 points highe. the s&p 500 up close to 25 points higher. we want to get straight over to dom chu who's got a look at this morning's pre-market movers across the click. >> there you go, on this side of the atlantic we're going to kick things off with a check on shares of the mcdonald's. that stock is up one-half of 1%, despite reporting a miss on profits and revenues. sales growth at existing restaurant locations or same-store sales fell for the first time since the fourth quarter of 2020. last week the company said it would extend its $5 value meal in most locations as it tries to

bring back some customers that have pulled back on spending. mcdonald's did see continued kb growth in digital channels. those shares up one-half of 1%. moving on to shares of 3m, which are coming off their best day on record after reporting an earnings beat. today that stock is up just about marginally or so. this is all as analysts at deutsche bank have upgraded the company to a buy saying they are impressed by the newly appointed ceo bill brown's vision for the maker of office supplies and adhesives. they also boosted the target price up to 150 bucks saying they expect continued beats for the industrial conglomerate. those shares at $127 and change premarket. lastly we're going to look at shares of tesla up almost 1 1/2 percent or so. morgan stanley is naming the ev giant their top pick in u.s. autos saying that cost cutting and restructuring has stepped the downside risk to the business. the bank is also saying they

expect tesla to manage its exposure to china and that they may be cornering the market on zero emission vehicle credits. for more on that and other top analyst calls of the cday head o cnbc.com/pro. subscribers can get more access to the details and analysis bh behind some of those big calls and stories. i will send things across the atlantic to you, joe and becky in paris. back over to you guys. >> thank you for keeping an eye on all of these stocks as we keep an eye on all of these sports. coming up, deloitte's global ceo on the big business of partnerships and sponsorships at the games, investor and owner of three professional soccer teams, michelle kang is going to join us to talk about the business of or aersptsft that. "squawk box" will be right back.

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. we have a guest -- i want you to read along with me in the teleprompter joe, joining us now to discuss the -- would you read that, cooling ray boalabor mark. let's welcome joe ucuzoglu, deloitte's global ceo. thanks for joining us.

is it cooling? is that correct? and welcome. it's good to see you. i don't want to say it if it's not. i mean, we're still at very low levels right now, and things are pretty solid. are they not? >> it's nice to see the three of you. i would say the labor market is still reasonably healthy, but that is moderated from what was over heated, so relative to what was probably an unsustainable environment, just the level of wage growth, the competitiveness for workers, we've seen that cool. it's still at a pretty low level o of unemployment and reasonably healthy. >> we were just talking to ed yardeni about it. we're going to know more on friday obviously with the jobs report. i guess it's okay to say that maybe we're not red hot but maybe we're still pretty good, pretty steady, and i guess cooling is okay, but it's a point of contention, i think, right now. >> it's not necessarily a bad thing. >> no. >> you look at the drivers of inflation and this risk of the

wage price spiral, if the labor market had remained that joef heated, you wouldn't have been talking to roger ferguson about a potential cut in the next few months. >> in that regard, we want to call it not goldly ilocks, that might jinx things. it's neat to have your own partnership at the olympics, but it's deloitte's. right? >> all of us at deloitte are extremely proud of this. we have a broken world right now, geopolitical tension, conflict, and to be associated with the olympic movement. if you go back to the founding ethos of bringing the world together through port, had this is a special platform. you feel it in the air. you see it with the business leaders who are here. you see it in conversation that people are excited about a moment to try to build some bridges and a lot of clients saying i want a respite for least a few days from the domestic, political chaos, prosecute geopolitical tension. there's a special spirit here, and we're really proud to be a

part of it. >> explain the first at what? first in milestones, historically. >> we signed up to a ten-year partnership. it goes well beyond the branding. we're going to take over as the olympics lead consulting partner globally. we're driving all things digital transformation, looking to modernize the movement, tech enable the fan experience, the athlete experience. there's a tremendous amount of promise here. >> are you -- did you take a night course in artificial intelligence yet? can you explain exactly how it's all going to play out for us? this is a ten-year deal. go out ten years for us. what's the world's going to look like? >> let's talk about it in the context of the olympics. part of the issue here is people are wanting to see all of this happening overnight. this is going to take time. big enterprises don't change in a day or a week or a month, but the potential here is massive. if you look at the fan experience, the potential to allow people to have a much more

immersive experience, to bring everyone together from around the world and allow them to feel like they're here at the games, gen ai is part of that. one of the real near-term benefits of gen ai is the ability to democratize learning. to take coaching that historically has been very expensive, only available to a select few, and to allow aspiring athletes from all around the world to benefit from that type of platform. those are the applications we're talking about. >> can i ask you a jobs question? when you look out and think about hiring over the next three, four, five years, how much is ashsi going to change t dynamic in terms of how many people you're going to hire -- that would be probably the most interesting piece of it, or what kinds of people you're hiring with a different skill set? >> i think the prognostications with certainty are pretty dangerous right now. we would expect that theo overal

need for great people this a professional services environment continuing to be on an upward trajectory. will some of the tasks that individuals do today be partially automated or aug augmented, absolutely. at the same time you're seeing the proliferation of gen ai drive incremental demand. companies, governments need more help adopting the technology. we will still have far more people three or four years from now than we do today. >> when you think about the engineers that are going to build like the tech stack for the olympics call it in two years or in four years from now, do you think you're going to need a lot more people to do that or less people? >> a massive part of our hiring, and in fact, if you look around the world, just the recruiting for those with computer science, with engineering with background in data. it a's very big part of the overall hiring picture. >> so 450,000 employees, but you did say biggest overhaul of the your business in a long, long time. what does that mean?

you go to four business units from five. will there be 450,000 employees at the end of the year. >> there will be more than 450,000. >> you're going up. >> we are net hiring. this is all about making the firm easier to navigate for our clients, trying to organize in ways that alive with the way that our clients buy. we hadn't changed our internal structure in over ten years. this is good housekeeping that makes certain of all the different things we do from digital transformation, cyber, gen ai, international tax, audit and insurance, you name it, that we are organizing hose capabilities in a way where we can pair them to solve complex client issues. >> so we're talking sports. this is not olympics, but how are the trojans looking? i read a lot about it. i do. new quarterback, everything else, but good? bad? >> this is near and dear to me. it's an alum. my daughter is out there as

well. >> i joined the board of trustees recently. it it's a complicated question. caleb williams was special. high hopes riding on miller moss, questions about the defense, and the real issue, hh though, going into the big ten, the level of competition. we're going to be at the big house. i think it's september 20th. h they've done a great job retooling the program. at that level of competition, you've got to play it out. i'm hopeful. >> you need like five 400 pound guys in front of whatever quarterback you have. >> that's part of the issue is the line play. so restocking the offensive line, restocking the defensive line. the kskill positions look brilliant. >> i knew you'd have something to say. >> we're at the olympics, talk some sport. >> i was over at beach volleyball this morning, what an environment. >> in front of the eiffel tower. >> looking up at the eiffel tower. >> pretty awesome. >> do we really have to go to

other cities in the future? athens they thought for a while. >> los angeles. >> okay. los angeles. >> l.a. '28. milano 2 milano 2026 coming up. coming up, storied olympian michael phelps from his favorite moments in these paris games. stay tuned, you're watching squau "squawk box" and this is cnbc. >> announcer: "squawk box" in paris is sponsored by comcast, proud partner of team usa.

it's odd how in an instant things can transform.

slipping out of balance into freefall. (the stock market is now down 23%). this is happening people. where there are so few certainties... (laughing) look around you. you deserve to know. as we navigate a future unknown. i'm glad i found stability amidst it all. gold. standing the test of time.

with so much entertainment out there wouldn't it be great... gold. ...if you could find what you want, all in one place? show me paris. xfinity internet customers can enjoy the ultimate entertainment experience and save on some of the biggest names in streaming, all for just $15 a month. get the fastest connection to paris with xfinity. welcome back to "squawk box." live in paris. michael phelps, 28 medals, all 13 of gold. we caught up with phelps and got his take on his first postpandemic games. >> bringing people from all over the world together. i think that's what the olympic is all about. for me i was saying, the tokyo

olympics we missed that togetherness that camaraderie and now have that again. i think people are excited to be together, feel the olympic spirit and that's what we're seeing here in paris. >> talked about the incredible 4 z 100 relay took place monday night. team usa's first gold medal of these games. talking about this particular event. >> i've been a part of that winning relay a few times in my career. that was a really important relay to us. something on day one. win that relay, huge momentum build going into the rest of the meet, and on peep, yes, favorites, but at olympic games absolutely anything can happen. >> guys, no conversation on a morning show, as you know, at least with me is complete without some kind of chat about sweep or the lack of it, and he wears a whoop, i wear the aura ring and got into a thing about

how he sleeps and take a listen if you're looking to sleep more. >> sleep is one of the things people overlook. that to me is shocking. when somebody says they sleep for four hours, it's not possible. >> um -- he has an -- those who track, like, hrv, heart rate variability, i'm like a 20, 25 would be a good day. he's at 120. >> wow! >> so it's a whole other -- >> i was going to say, he's still ripped. >> totally ripped. works out like crazy. he doesn't look at screens for two hours before he goes to bed. he takes a sauna every single day, and does a cold plunge every single day. might have to start that on the air. >> on the air? >> nobody needs to see that. >> that's how he says he sleeps. >> sleeping -- like today until

past 8:00 is a help. >> helps a lot. this morning. >> like a revelation not to wake up with a 4 on the clock. >> sauna? look up sauna. 20 minutes three time as week you don't get dementia. >> also, by the way -- >> really. google it. >> sauna. not the regular kind of sauna, he's into e thred -- what is it? lights? infrared. >> when we come back -- sure, i'm a paid actor, and this is not a real company, but there is no way to fake how upwork can help your business. search talent all over the world with over 10,000 skills you may not have in house. more than 30% of the fortune 500 use upwork because this is how we work now. switch to shopify so you can build it better, scale it faster and sell more.

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welcome back to "squawk box." our next guest owns three professional women's soccers teams and just launch add new organization. games to grow the sport globally even more. joining us in an exclusive interview, michelle kang. founder of health care technology company, acquired by accenture this spring. good morning. >> good morning. >> help us understand what you're trying to do. remarkable to put it all together. >> the best thing right now. did you watch last night? can't get better. the fastest growing and most exciting sports and

entertainment category and i believe it is -- >> what was the initial moment? to get involved initially? >> initially a minority and so forth. soon as i got involved, i saw enormous potential. flabbergasted know many had seen that, as sport and as a business and the sky was the limit and decided to jump in. >> what year did you first jump in? >> 2022. >> something you were looking at that made you think i want do this? >> i think it was actually me being a woman, actually. probably another aspect of it, because it was really deprived of the necessary investment, and the attention that was really critical to take this sport to the mainstream. >> you weren't a soccer fan before? >> i didn't even play. a lot of people think i played soccer and so forth. the joke was, when i started i

didn't even know who leo messi was, people joke about it. i became very passionate and most importantly an incredible business opportunity and the potential. gap between where it was and where it could be was just enormous. >> you think as an ought tra pra npra -- entrepreneur, wrap up the clubs together. >> yes. not any different than actually technology companies in silicon valley, you have to invest before you knew you would have the first customer. a lot of investment was necessary. for example, even to the, this day, a lot of female teams and players are being trained as if they're small men, because there's not enough data about women's bodies and women's physiology and all that. as you know, women's bodies are not the same as men's and we have a hormone, menstruation, periods and things and our feet.

weight. weight distribution when we run is very different than the way weight distributes for men, yet the sneakers, cleats or boots in europe basically they call it shrink it and pink it. right? just use men's boots and make it smaller. that contributes to actually some of the injuries as well. so fundamental research had to be done how to make female athletes to perform the best. and only 6% of all science and medical research on athlete performance is dedicated to women. 6%. 94% on men. why we had to train our female athletes on a men's training manual. that had to change. fundamentally make our product, our athletes the best performing athletes and need to understand their body. their way, to help them perform the best. >> talking to alexis ohanian earlier about this.

when you think about the audience and growth opportunity for the audience for women's sports broadly, how does it have to come from women themselves versus men? >> i mean to me it's both women and men. actually right now look at actually who watched women's football, as well as some of the women's, other sports categories. a lot of actually young families. actually a lot of fathers bring their daughters. >> right. >> then another equally big category is young professionals. with a lot of discretionary income and time. so it's actually men and women. it's actually, look at it, almost 50-50. >> where do you think it pays off? everybody talks about the promise. >> the premier league, how long to be what it is? three decades. look at the data.

it is the fastest growing category, in the u.s., viewership doubled first half over last year. the game day attendance is growing like 40%, 50%. the washington spirit based in washington, d.c., we play at audi field about a 20,000-person. we average 14,000. about triple the size of just three years ago when i first took over. so retail. the social impressions, the media, doubling, tripling. numbers are there. we just have to make sure everyone knows about this especially a lot of corporations wanting to reach our target. >> and before we let you go, how much more teams do you want to buy? >> the sky's the limit. i don't really know. the goal is global coverage. it's about making sure all the young girls around the world know this is not just u.s., english, french in a nom none. when i get a team in those countries i'm going to bring the

same infrastructure and capability to those country so they can feel if i can put my best into it i can be the next alex morgan and so forth. >> you go central america, south america, africa, asia? >> absolutely. incredible talent coming out of africa, asia, south america. absolutely. >> thank you so much for coming. keep our eyes on all this. >> all right. thank you. it is 8:00 a.m. on the east coast. 2:00 p.m. here in paris and you are watching "squawk box" on cnbc. live from the 2024 olympic games. i'm becky quick along with joe kernen and andrew ross sorkin. what's making headlines. ed fedthe fed kicking off a twoy meeting and could figary cut in september. it's also jobs week. the employment report on friday. apple's new artificial intelligence futures arriving

later than expected missing the launch of the ios software in september. bloomberg reporting the delay will give apple more times to fix bugs. and disney t"deadpool & wolverine," the highest u.s. debut of the year and biggest-ever opening weekend for an r-rated film. take a look at the futures quickly after a gang buster performance by the dow on friday. another 154 points so far in the pre-market session for the dow and treasuries this morning below 420 on the ten year. got the fed meeting and the jobs report on friday. get to dom chu with a look at this morning's pre-market movers. how's the weather back there, dom? >> actually not bad. a little hot and sticky here but going to get things to cool off later in the week. rain.

kick things off this monday morning. shares of mcdonald's up one half of 1% despite a miss on top and bottom lines. sales growth as existing locations fell first time since the fourth quarter of 2020. you recall that last week the company said it's going to extend its $5 value meal in most locations as it tries to lure back some of the consumers that have pulled back on their dining spending. macdonald's did see continued growth in digital channels and delivery orders, leaning more towards sales for loyalty members. up 1 half of 1%. crowdstrike up by 1% around 35,000 shares volume. cybersecurity company said friday more than 97% of sensors are operational again after the faulty update that crippled around the globe. fortune 500 companies including microsoft loss over $5 billion.

crowdstrike shares tumbled by about 25% since the incident. lastly shares of tess wil up about 2% around 700,000 shares of volume. morgan stanley's naming the electric vehicle giant top pick in u.s. autos saying cost cutting and restructuring stemmed the down-side risks to that electric vehicle business and saying they expect tesla to manage around its exposure to china and they may be cornering the market ob zero emission credits. tesla shares for more and other top calls of the day head to cnbc.com/pro. subscribers get more detail and analysis of the big calls and stories. becky, send things back to you and the sirens out in paris. >> dom i don't know if you've noticed. joe and andrew looking really dapper here in their finest for us and you have to say you are, too, dom. looks maybe have ralph lauren going on, too? >> very jealous of the summer

gray going on there. i have to see if i can pull off some of the looks here. just wearing the standard navy blue suit here. >> with the pocket square. we like it. >> thank you. when we come back, on the global economy, christine lagarde. >> taylor swift, reconsider whether they could cut rates because it's a little higher. >> economies like to have one hand on the other hand. >> more of our conversation when xwb "squawk box" comes right back. (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'. >> [music] i enrolled in umgc because i became very passionate about emergency management. the professors were great because they've had several years' experience in the field. they've seen emergency management hands-on. i'm able to learn from their experience and really make a difference. i picked university of maryland global campus because you get so much more out of it than just a diploma. >> learn about our more than 135 online degrees and certificates at umgc.edu [ music ]

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when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh over the weekend here in paris i sat down wit european central bank president christine lagarde. we know her from her role in global finance, but long before her time in the es b and imf she was a competitive synchronized swimmer and those skills help her in her career today. she thinks the olympics are more

important than ever. >> i think sports in and of itself is a fabulous lesson of life, but the olympics bring people of 200-plus nationalities together. they compete. they live in the same village. they have to bear with each other. they have to understand each other, and they have to respect the rules of the olympics. they cannot cheat. they have to compete fairly. they cannot take any drugs, and it's a competition that is organized. i think the olympics have this beauty about them that all nationalities are there. all athletes are on a level playing field in some ways. some have better in terms of training and practice, of course, but there's a genuine sense of coming together. we're all different. there is huge diversity of all sorts, which we are united in the respect of sports. so this is a fabulous lesson and one i hope the athletes and those who support them and those who watch them can take away

thinking, well, yes. we can, and we should live together in peace. peace is one of the big themes of the olympics. and this year it was demonstrated. >> we watched what this means from an economic perspective, too, and just last month there were questions about whether the bank of england was going to have to reconsider -- >> taylor swift. >> taylor swift, reconsider whether they could cut rates because inflation was a little higher, people thought because of taylor swift. it that's what taylor swift can do to a country, what does the olympic doss not only to france but to the european economy at large? >> it's highly debated amongst economists as all topics because economists like to have one hand on the other hand, but it brings additions to the economic relationships through various channels. one, look around at paris. for the last three or four years there have been enormous

construction sites, work, infrastructure developed, transportation extended. that is going to bring about some additional -- it has brought about some additional activity and it is going to be conducive to more activity, better housing and development. that's one. the second one is, if you look around there is a lot of c consumption at the moment, buying, exporting and a lot of people coming to visit. again, another channel. i think the third one is confidence. we complain a lot about uncertainty and there is plenty of that around, but confident is something that is critical to relationships, to economic developments, and typically large sport events bring about that added confidence that we so much need at the moment. how much exactly? it's hard to say. hard to say. >> yes. >> it spreads over time as well. infrastructure quickly bringing something around 0.4% additional gdp over a period of time.

you take it. in 2024, in the next few months, probably an additional 0.1. it's anywhere between 0.1 and 0.3, reseduce in the fourth quarter. we'll see. add-on for sure. >> a challenge to figure out what the metric is and how much it changes things, i suppose? >> it's very difficult to measure. if i take the example of france, look at services. the service pmi has gone up first time last month. nornt whether or not related to the olympics, don't know. first time. might be related. can only level that with exports. let's see. >> next week the federal reserve meeting and markets are watching closely. what are you thinking? you're watching closely, too, i take it? >> we're watching closely, too,

yes. >> i guess i wonder, where are you headed today? what are you going to be watching? tonight? >> tonight. together with my husband we will be watching the swimming event. not synchronized or artistic swimming but plain swimming, and i'm very much looking forward to that. i hope we will hear the national anthem played tonight but we'll see. >> and you will come back for synchronized swimming, artistic swimming as well? >> yes. coming back on the 6th of august and adamant i will watch the team final event, which should be spectacular and i don't want to bet on who is going to win but i know it will be beautiful. >> i take it you follow the sport very closely, though? >> i try to. i follow finance and financial news and macro economy numbers and markets a bit closer but i try to stay in touch with sports. >> you still swim? >> yeah.

much as i can and whenever i can. it used to be much easier in washington, d.c. it's more complicated in frankford. in d.c. i used to swim every day, every morning from april to october. >> why was it easier there? >> because there was a small swimming pool on the top. i would get up 5:30, 6:00. no one on top of my building. i would go back and forth, back and forth. very good at turns, it was a small pool but enjoyed it tremendously. >> she did not want to flat-run the federal reserve in the meeting this week or comment on where she thinks things are headed but so much riding on this. europe had much higher inflation than we did in the united states. first time ever ecb consult from the federal reserve. the really question is what happens if the american bank of the -- if the federal reserve

doesn't cut j? what evan watching and waiting. expectation, dovish speak in jay powell pave the way to cut rates in september the next time they meet and there's an awful lot riding on that. she did not want to shake things up ahead of that meeting. >> talk to an international economist about all of those things and vietnam, believe it or not. going to be recognized as a free market economy. a big deal. all of this what do with global currencies, innterplay between everything. it's important. it's windy. >> we're outside. it's beautiful! >> it is beautiful. when we come back a lot more live here from paris. investors including a fed decision and the monthly jobs report. the chief economic at allianz will join us here in paris to set that stage next and later, alibaba president michael evans. why his company has become a big olympic sponsor. stay tuned. you're watching "squawk box" and

this is cnbc live at the olympic me . ted by state street global advisors. today's challenge is to play 9 holes without the middle of your bag. how does that sound? that sounds terrible. ♪♪ ♪♪ ♪♪ ♪♪

-- but i am still quite optimistic. >> talking about the new nba deal. >> growth of the deal globally is fantastic. >> paramount.

five years s years from now a genius? >> if the company is breathing, it's a great opportunity. >> overall economic impact of guests coming to paris on airbnb it's about $1 billion. welcome back to "squawk box," everybody. look at the futures this morning. you see some significant up arrows especially for the dow indicated up 150 points even after the games it saw friday. s&p futures up by almost 25. nasdaq up by 130. also watching oil prices. last i looked higher as well. actually down by about 45 cents $76.80 a barrel. >> changes to american policy effectively on the ballot this november. joining us to talk about what could be ahead as well at expectations for federal reserve rate cuts, ludovic subran, allianz executive and do it in

september, not this week? >> i think this week a bit too early. september definitely and nyc after the election tricky. another cut in december. basis points of cuts this year. >> where we are. not really a pause in november. it's just a -- >> yeah. kind of a pause. i think the bigger question for everybody is 2025. if trump is re-elected, a form of inflation. deporting 14 million people, tariffs going back to the '70s. now talking about reinstalling -- the fed won't be able to cut in '25. watching the race now. >> his policies that much different this time than last time? >> i think it's very close to what he did last time. >> last time didn't have 9% inflation. >> didn't have supply side shocks like today. every time there's a boat stuck somewhere you don't get what you want.

>> you don't tie any of it to the over doing the stimulus? >> i think so, in the u.s., yes. maybe less in europe. there is maybe a third of inflation linked to overreaction. from the financial crisis. this time around strong on tax cuts. maybe another home administration act and going to be on front stage. bigger issues supply side issues. jobs, trade. discredit on the fed. this is what it's about for investors. >> credibility of the fed on the line? >> of course. judo vance questioning the status of the dollar. that's a bold statement, i would say, yeah? >> i don't know. vice-presidents say a lot of things. >> i know. >> i don't know whether that -- >> it's the campaign. >> in your view shared with folks in france and europe? you're looking at -- sort of outside-in or maybe inside-out. curious your view, conventional wisdom or is --

>> look, for everybody outside of the u.s. president trump positive for the u.s. midterm negative for the u.s. a boom bust. negative day one. for europe. solving the war in ukraine in 24 hours. outside of u.s. people are concerned about relationship with president trump. america first means other comes second. that does mean quite dislocations for markets and so far for us in europe. >> so there's going to be, regardless, currently fluctuations or something we have to deal with? >> the dollar very strong. growth differential and interest rate differ raential, current especially. could be a reason for weaker dollar going forward. >> how about you, decided vietnam something we need to talk about.

this is a sea hange. >> this is interesting. vietnam a country really is, taken hostage of the rivalry in the south east asian country and last week wrote about vietnam, a big and growing company used to side with china no matter what and now some form of independence. worried about trade war. worried about financial flows at risk in the region. that's good news, yeah. >> we keep reporting about weakness in different areas of china. i mean, southeast asia not so much, but china, luxury goods. another story this morning about something totally different. >> look, take take years for china to recover from a real estate country like any country. japan, spain. very depressed consumer. high level. take more than a stimulus to create confidence and forward visibility for chinese investors and consumers. >> right.

we in the united states, we kind of look over here and wonder about your politics as well. i know you kind of, judging ours. >> we won't talk about macron. >> i think we need to -- what's going to finally happen there? and they're throwing out incumbents wherever they are at this point. why? immigration over here's not -- the favorite topic. >> for sure. very polarized society here too. macron's snap elections took everybody a bit by surprise after we had quite conventional european elections. the one to watch. 100 billion if we want to comply with what he promised brussels last may. all about fiscal policy and germans keeping us on our toes on that one and italy, france. a lot of countriescomplying with what they actually promised a couple months ago. one of the talks in the fall i would say and why whatever happens from the fed is going to be very important to what we have to doll here with the ecb.

ecb may be the last man standing with these political problems in france, but also in other countries. spain. netherlands et setcetera. >> what will supply the energy? >> well, the u.s. you're welcome. >> thank you. you're welcome. >> price is very high, my friends. it's a -- >> what about nuclear? france, fine. germany not so much? >> germany has, talking about building 9,000 kilometers, i don't know how much it makes, a mile of hydrogen. is. germany find solution, sol, and better off, not much better here. >> china and india know exactly. >> and the uk. a lot of countries already have a good financial on that one. fiscal energy.

this is defense. going also a big issue towards end of the year for sure. >> how are you going to do in the, france in medals? >> well, you know. like the gold medals? olympics? >> like those medals. >> i was worried about iron ore. swimming our forte. doing good there. i hope macron needs anything for confidence, you know, building. >> golds would help in that. ludovic, thank you. record-breaking swim last night. gives him something. when we come back, alibaba president michael evans joins us live, that's when "squawk box" returns from the olympic games in paris. everything about these olympics isn't abstainability and avoiding travel in so many other cities they've become ghost arenas when it's all over.

it won't happen here. a temporary structure and everything re-used or repurposed including potentially these chairs and, yes, even the sand that the cadn ams aniate i training on right now. it's odd how in an instant things can transform. slipping out of balance into freefall. (the stock market is now down 23%). this is happening people. where there are so few certainties... (laughing) look around you. you deserve to know. as we navigate a future unknown. i'm glad i found stability amidst it all. gold. standing the test of time.

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try one today. welcome back. to "squawk box." futures about where they've been. nasdaq looking better, though. up 160 points. dow almost -- well, 200 points after that big gain on friday. a quick look at the treasuries this morning. under 420. we've been -- 416 now. a lot happening this week in terms of the fed and that jobs report on friday. >> meantime, alibaba, worldwide partner of the olympics back to 2017. transformation of the games. joining us michael evans, alibaba group president. another title a gold medal winner. nice to see you, sir. >> great to be back. >> you don't have your medal on. >> did not bring it with me. >> first of all, tell us when you won the medal what you won

it for and also what this is. >> medal 1984, los angeles olympics. sport rowing. eight-man. brutal race. i'm a canadian not an american. we meet the berns by 0.03. great victory. >> there you are. >> guy in the boat with more hair than i have now. >> another video of you. >> which one is you? >> number 4 from the back. >> okay. >> third from the front. >> what was that moment like for you? do you remember it? >> i remember it. reminded last night. i was at -- this is the race actually. that's us crossing the finish line first but i was reminded last night when i watched some of the swimming finals, and very, very close for both men and women. it was truly extraordinary when the gold medalist stood up on that podium.

i was reminded what it was like to stand on that podium, and more importantly, when they raise your flag and they play your national anthem, it's incredible, an incredibly proud moment. coming back here is reliving a lot of the experiences. >> come back to the olympics? >> come back to most of them. >> and involved in the olympics from '17, we discussed. doing a lot of work in terms of the technology behind the scenes and also specifically now related to a.i. what is it that you're working on? >> alibaba is cloud a.i. and ecommerce company. our top partnership with the ioc, with the international olympic committee, is all about dealing with the digital transformation of both the ioc and olympic games arous and a l what is that digital transformation? you have to go back to 1924. we heard the olympics by radio

only. in 1964 had satellite broadcast. the games expanded so much, more venue, sports, more athletes. they needed a technology solution to improve the broadcast. by that i mean smaller costs, less complex operations, more efficiency. end of the day, olympics are for the athletes and fan. the fan experience is not about everybody watching on television but on a mobile device, ipod, ipad. that's what we do. >> one of the things you're doing bringing ak images from the 1924 games that, of course, took place here in paris, and they were in black and white and you have colorized them. >> wow. >> this is a great example of some of the initiatives undertaken with content that exists in the ioc archives that would have been seen in 1924 as black and white in the film, but the spectators would have seen

all the color. so how do you use a.i. to colorize a film that's 100 years old? the answer is, frame by frame you have to replicate the colors and you have to teach the model how to recognize what colors to replicate. things like flags, country uniforms, grass, blue skies, decorations, fans, promotions unique to the event. we built a mod toll specifically do this and brought 1924 to life in 2024. >> this is amazing and phenomenal but i wonder if you have concerns about taking a.i. to old film to even recent film? so many questions about what happens when you get fakes that get put out. a.i. deep fakes. where's the good and bad on this? how do you weigh the two? >> look, our mandate and what we're focused on is sports. and olympic sports.

so we're not worried about this material, because this comes from the olympic archive. we're the only people that can actually do this today. anywhere in the world. we're not worried about something fake being produced, but what we are worried about, becky, is it authentic? does it actually replicate what somebody attending those game wosgames would have seen? that's our focus. >> i mean more broadly. the idea you could have some sort of disruptive a.i. video or something that happens that messes with elections that are taking place around the globe? >> always going to be a risk. >> do you anticipate using this technology? you can take this technology, i assume, and go back and colorize films from years ago that people have been trying to colorize, that took, you mentioned, by hand. people tried to do it. you could do it i assume overnight if you wanted to. the question is, could you work with hollywood to do that? >> overnight no. the opportunity to commercialize

this is use because this technology sdg exist anywhere else. our focus is the olympics and we're turning our attentions to a series of other a.i. applications we think will be really, really interesting and valuable for both delivery of the games and more importantly more athletes and coaches. >> what are they? >> for example, application. think about all the venues and amounted of power required to drive the olympic games, we're using a.i. to measure that and analyze that, to figure out whether it's the most efficient way or whether there are better ways to deliver it. roll forward to the next olympics and then to 2028, l.a., an opportunity to benefit from what we've learned using a.i. >> you mentioned l.a. in the '28. alibaba is a chinese company and the olympics will take place in the united states and there is a lot of frenemy, if not talk

about enemy situation going on. curious how you as a leader of alibaba think about that right now? >> when you think about the cloud technologies. for example, which might be one of the more potentially sensitive areas, what we've designed in cloud is not our product. we designed it, but it is obs, the olympic broadcasting system's product, and they control it and its usage. so this is not technology and data we are controlling. it's theirs. >> it's theirs? >> yes. >> more broadly, how about the larger geopolitical question mark that hangs over this entire relationship at this point? united states, tiktok, for example, is now, i don't want to say on the chopping block, but may be on the chopping block. i'm not going to address tiktok directly, but geopolitically the concerns exist today and will in the future. the question, how best to navigate so that the olympic spirit and what we're trying to

deliver globally to the faithful billions of people who want to watch theolympic games is preserved. >> thank you. great to see you, sir. really appreciate it. >> congratulations again. great story. >> get to walk around as a gold medal winner. >> thank you. nice to be here. >> thank you. coming up, we'll hear from the chairman of stellantis and get you ready for the trading day ahead way back on wall street. futures, up 205 points. dow after a 600-plus gain friday. stay tuned you're watching "squawk box" live from the summer olympics, 2024, if you don't know what year it is, and we're in paris. you know boring does. boring makes vacations happen, early retirements possible, and startups start up. because it's smart, dependable, and steady. all words you want from your bank.

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hand over the air guitar. i've got another one. welcome back to "squawk box," everybody. futures this morning on fire. the dow futures up by about 200 points now. nasdaq by 160. dow up by 31 points.

olympics of course, brings together the world of global business, and i got a chance to camp up with the chairman of stlan stellantis and ferrari. he currently overseas a family's portfolio of companies. i spoke to him about the global car market including softness in electric vehicles option. >> the car industry has a lot of competitive pressure points at the moment. there's more competition. there's also more regulatory changes. one side that says, this is exciting, because it allows much more innovation and to try to do better. on the other, you will have more difficulties, but i have no doubt that if you look at the

direction of travel on a global -- paris five, ten years from now, so much better than what we do today. >> we're going to bring you much more of that interview with john elkin tomorrow right here on "squawk box." meantime, u.s. department of justice accusing tic toktok of harnessing gathering bull, information on users and religion and documents filed late friday to a federal appeals court. tiktok and china-based company bytedance used an internal system calmed lark to enable employees to speak directly to bytedance engineers in china. doj says tiktok employees sent sensitive data about u.s. users stored on chinese services. the justice department warned bytedance could ma nip pl-- ma

k -- in a manipulate and tiktok ban would silence 100 million american voices violating the first amendment. it's worth noting this piece actually reported about a year and a half ago how they abused the system in some ways. some call it similar to slack between the two sides of the company, but that was something -- >> used it to send americans' personal information back to china for that? >> unclear -- >> they didn't deny it? a constitutional right? >> unclear what data was sent. part of it how they were interacting with them -- effectively a discussion tool. >> no. what the accusation, the american consumers' data? >> are you worried? potential? >> yes. >> potential versus the actuality of it? >> these were engineers talking

about doing engineering work and part of that work, data sent to try to, working on the algorithm. >> you're still okay with it? >> totally fine. >> they didn't even deny it? >> because it happened. >> so at this point we don't -- still not to worry? >> you have to show me. >> i think that's a problem. >> show me that the chinese government told -- >> it's illegal. >> it's not illegal. >> to store american's information back on thing? i thought that -- >> that's what the change was. no, no. this was before that. but the point is, a slightly different situation. point, what we haven't seen, an example of the chinese government telling tiktok to force the algorithm to do one thing or the other. a what i'm worried about. >> and the representatives from tiktok here in the united states say we would never do that. never share that information with china and never put it back. clearly, they have. >> a lot more detail to this. we can go through it. >> as a, like, xenophobe.

chinese, pitch in with the rest of us -- >> no. nobody has seen -- >> if they could they would. if they can, they are. how about that? >> to us. >> the chinese government has -- there have been no even real accusations of it. >> to us, but we don't know what -- what was shared. >> people on our air in these briefings, haven't shown that piece of it. nope. just hasn't happened. >> okay. i'm going to take your word for it and not worry, then. >> okay. don't. when we come back, get you ready for the big market week ahead on wall street. don't go anywhere. "squawk box" coming right back live from paris, right after this.

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it's piled high with tender beef that's slow cooked and smothered in tangy memphis style barbecue sauce. it's no fuss, no muss. just tons of flavor. the best barbecue beef is only a togo's. try one today. welcome back to "squawk box." we are live from the paris olympics this week, and we've

seen some big headlines already. simone biles leading the u.s. women's gymnastics team to the top of the pack, heading into the finals. biles was visibly pushing through calf pain but was able to qualify for five individual finals. meantime, fencing history was made in the grand palais. two american women taking gold and silver in foil. lauren scruggs? kieffer was the defending champion, and scruggs is the first black american woman to win an individual fencing medal. and not to be missed, swimming american teammates huske and gretchen walsh bringing home gold and silver in the women's 100 meter butterfly. the u.s. is currently on top of the medal count board. i think australia has four gold at this point.

>> the opening ceremony on friday attracted 28.6 million u.s. viewers on nbc and the peacock viewing service, the biggest audience since the london game 12 years ago. 2.5 people watched on peacock, making it the top entertainment event ever on the streaming service. >> you, you, you, don't, don't, don't. >> i think it's the last block. they've put us in the other control room. what are you guys most excited about seeing? maybe what you have seen that's excited you? >> well, swimming last night for me was amazing. but i would put -- i want to see some fencing. >> yeah, me too. >> maybe some beach volleyball because i was there before and when you're right under the eiffel tower, it's something. gymnastics. if we could see simone biles, i think that would be -- >> are you more excited about fencing now? >> i was excited about fencing before we fenced. >> but now we fenced, and now i'm kind of excited about it

too. >> i can't wait to show the video. >> and then table tennis. >> yes, we were watching that le last night at the hotel. >> you're not allowed to call it ping-pong. >> becky told me a tip that she got for the fencing. >> i thought you meant for table tennis. >> if i had that tip, because we were doing the slash -- that's a foil. we were doing saber. >> maya chamberlain came up and said, before you and i were doing it, she said, okay, here's what i want you to do. go quickly, knock his sword aside or his saber aside and come back and slash his face quickly. she said, do it fast, and you can score a fast point, and it doesn't hurt at all. you can't feel it. >> on the way down, briefly out of the way and then you can't parlay. >> like this. show me with your pen.

i'll show you. this is how it works. >> over the left. >> wait. i knock you down. >> i don't want you to hit me in the face. unbelievable. >> that's wednesday. we'll have promos tomorrow for it. in the meantime, let's check out shares of mcdonald's. that stock is up today, despite the fast food giant reporting a mison the top and bottom line. sales growth at existing restaurant locations fell for the first time since the fourth quarter of 2020. last week, the company said that it would extend its $5 value meal in most locations as it tries to lure back customers that have pulled back their spending. mcdonald's did see continued growth in both digital channels and delivery orders and it's leaning into sales targeted at its loyalty reward members. that stock is up about 1% this morning. that's been a big issue, the idea that customers at the lower end who are most challenged on this have pulled back in on spending so they did this $5 value menu, and they're saying it's been very successful, so

they're going to continue with that for the summer too. >> mcdonald's restaurants over here are really nice. >> there's one right by our hotel. >> in previous years. i have not been this year, not to say that i won't go, but there's one right -- and it's a royale with cheese. >> i'm sticking with the chocolate croissant. >> i know. you have had a few. i noticed that. investment firm sixth street is buying enstar for $5.1 billion but shares of enstar moving lower on that news under terms of the deal. enstar shareholders will receive $338 a share in cash, which is actually below friday's closing price of $348. that does represent an 8.5% premium to the 90-day volume weighted price of its share so maybe something -- obvious something maybe was in the works and the stock ran up. the deal is expected to close in the middle of 2025. and a little more than a half hour to go to the first opening bell of the week on wall street. joining us right now on the

markets is sylvia jablonski. there's been a lot of volatility that's kind of been added back in relative to what we have been seeing in the weeks and months leading up to this. how are you feeling about things right now? big gains for the dow on friday and big upside for the futures across the board this morning. >> good morning, becky. i think last week was a little bit of an overdone reaction to what we saw coming out of alphabet and tesla earnings. lot of investors panicked, and we quickly saw volatility come back into the markets when we saw this mass selloff and nasdaq down 5%. pl most of the indexes off. volatility is back. here we are a couple days later and we see a little bit of a reset because we're back to thinking about the fed and perhaps that the fed put will be in play. interest rates coming down is better across the board not only for small caps but for all companies, and i think we woke up and realized that, hey, looking at your last segment

amount a.i. and the olympics, it's not going away. it's just going to take time and they have to spend money to get there. i think stability has come back into the markets. i'm bullish. i've been buying on these tech dips. dollar cost average and holding these potential deeds for a long time. >> does that mean that you are betting the rest of these big cap tech companies are going to have strong earnings? or you just think that even if they disappoint with their earnings, it won't matter because we'll be so focused on jay powell? >> well, i do think that they have to deliver. i think if we get any kind of, you know, any more noise about lots of capex increases and not enough growth in revenues and not enough projected forward forecasts on the growth of a.i. revenues, then i think the market will pull back. we saw it with alphabet, and so that's the big risk. i think the fed will help because we probably will get some rhetoric around the next meeting will potentially be a rate cut or september could be a rate cut, so that would be favorable for markets, but 100%, this tech earnings season

matters. however, in the long-term, i would argue that it really doesn't matter, and if these names pull back, again, i'm definitely going to be a buyer on those dips. i think they're in the infancy stages of a.i. innovation, great balance sheets. these companies are kind of forever holdings in portfolios, so i don't worry too much if they pull back on a bad earnings announcement. >> so, you're not worried about the potential for a big selloff in the fall? or you're just not thinking either that long-term or short-term? depending on how you want to look at it. >> i think we're going to have a volatile couple of weeks up until about october, you know -- so, i guess i'm certainly just not worried about that volatility. i expect it. i expect to be buying on the dips but longer term. i'm just a believer that the market is going to end up positive this year and these are your opportunities to dollar cost average into a more diversified portfolio, but that last point, i am diversifying. i have seen the small caps. i think there's something there.

i'm looking at names like micro strategy, for example. america is going to be the land of bitcoin. i think there are opportunities to diversify but i'm not afraid of the volatility in tech and not pulling back. >> sylvia, thank you. >> thank you. enjoy paris. enjoy the olympics. >> we are. thank you. >> we are, we are. let's take a quick final check on the markets before we hand it over to our good friends on "squawk on the street." we've got a whole wall of what's going to be coming up, which i'll show you first. right now, we're going to show you we've got david solomon on deck from goldman-sachs, evan spiegel, summer sanders and then michael johnson. we've got so much that we're going to have on "squawk box" tomorrow morning. >> our final check on the markets. they want us to go through quite a few boards. here are the futures that we're looking at right now with 152 points for the dow. 130 now for the nasdaq. 23 on the s&p.

i think we'll skip a couple of these and take a quick look at the ten-year because we did the fed. see what happens. nothing expected. it will be very surprising but we will get that important jobs number that we'll see on friday. we'll get a much better idea about whether there is maybe some cooling, which would allow, with inflation down, for a cut. we'll do this again tomorrow. join us. "squawk on the street" is up right now. ♪ good morning. good monday morning. welcome to "squawk on the street," i'm david faber with jim cramer. we're at post nine of the new york stock exchange. carl has the morning off. let's give you a look at futures as we get ready to start another week, the last week in the month of july. we turn to august already. what's happening to the summer? >> i don't know. it's going. don't be existential. >> i'm sorry. i'm sorry. we're upbeat here. so's our