good morning, everybody. welcome to "squawk box" here on cnbc. we are live from the olympic games in paris. i'm becky quick along with joe kernen and andrew ross sorkin. this is officially day four of the summer games and it has been a memorable run for team usa. last night, the men's gymnastics, that team won its first medal since 2008. it was a bronze. the u.s. everyone is talking about here is stephen nedoroscik. he is only competing on pommel horse and his performance clinched the medal for team usa. pretty amazing. japan and china finishing one-two respectively. this was amazing, guys, we were in the stands to watch part of the competition last night. >> there it is. the selfie. the selfie taken. you know what? this was not a selfie.

we failed at our own selfie. >> a professional photographer. the gymnastics is a four-ring circus. >> people don't realize when they watch on tv, a lot of the different -- different events are happening simultaneously. >> high bar, rings, vault and uneven bars. >> the way to watch it is the brilliance of television. they do a good job of putting stuff up on screen. a lot of stuff is happening. >> i see a red uniform. that's canada. i couldn't really tell who was who. >> the amazing thing was there were people and fans from every nation. you saw people all around and chants of usa. a lot of fun.

it was great to watch. on the basketball court y yesterday, the u.s. women defeating japan by 26 points in the first game of open play. the u.s. women's team here going for its eighth straight medal. this win makes it 56 wins in a row. and everyone is talking about tennis. novak djokovic defeating rafael nadal at roland-garros. some big events we have going on today including simone biles and the women's gymnastics team going for gold. here is the medal count at this hour. u.s. in the lead with 20 total. three gold, eight silver and nine bronze. we have a lot going on right here in paris. let's tell you what we have on the broadcast because it's another great lineup of guests for you this morning. all who rolled into town for the olympic games, including goldman sachs ceo david solomon.

we will talk to him in an hour and a half. barry sternlicht is with us and snapchat's evan siegel is here with us. we will have a conversation with jon muller from p&g and the ceo of volleyball world and fivb who is in charge of volleyball on a global level. volleyball is huge, particularly beach volleyball because of the venue under the eiffel tower. two former olympians s will joi us. summer sanders and sprinter michael johnson is going to be here. he is trying to extend the life of the olympic games by creating

a whole new league with track and field. we talked to alexis ohanian about it yesterday. generationally, this is a thing. >> it is amazing and it's true. you think of track and field. annually with the world and things they do. you kind of forget over the long haul. it is super exciting when you watch the olympics. if they could keep that spirit alive. >> he thinks there is a way to create track and field like tennis. >> grand slam events? >> we'll talk to him about how that would work and some big money prizes to make it attractive to everybody. >> did i miss volleyball today? >> it was this morning. >> the 9:00 a.m. call? >> no. 9:00 is 3:00 a.m. for us, right? >> it is weird. >> beach volleyball later tonight. that's the other thing. it's great to see it under this beautiful sun, but amazing to

see it under the lights. >> they might go in the way they're dressed today. did you bring a suit? i didn't bring a bathing suit. >> oh, a bathing suit. >> my eyes. >> we will jump into the seine. >> no way. >> it's clean. come on. >> it depends on the day. >> that would be tv, right? >> no. i'll cheer you on. >> we were out kind of late. >> we were. we were out together. >> we went to the oldest cafe in paris. >> i gave you time on your own. >> you did. >> we shared a dessert. they were amazing. >> the end of the long night. we were all together for a while. i went home. >> wonderful. after all is said and done, not a lot of progress made yesterday. it was mixed. we had the dow down a little bit. the s&p managed a slight gain.

the nasdaq was down. that's this morning. the dow components and, obviously, the fed begins the meeting with the jobs report on friday. that's what we are looking at so far. a couple up on the nasdaq. upper momentum on the s&p. the dow. treasuries. we are watching this closely. 4.17 on the ten-year yield with the fed meeting. look at crude quickly. crude prices which were down yesterday at one point after israel made some comments about the length of the war and what was predicted to happen. it doesn't go as long as protracted as people thought. finally, bitcoin ran up over 70 and went straight off the -- not unusual for bitcoin. down $3,000 or $4,000 in a matter of moments. back down to 66 $66,537.

it is nice that goolsbee still has time. >> he decided how he is voting a long time ago. >> he did. he commented on becky's post. >> the post of the three of us. he always has time for that. >> i gave him a smart-ass reply. >> i'm sure that is what he was egging on. the one thing i'll say, it wasn't just oil prices, crude oil futures that came down on the news of the war, but wheat prices came down as well as soybeans to the lowest level in four years. bp reporting stronger than expected net profit for the quarter and raising dividend despite lower refining margins. the cfo said the decision to raise the dividend shows confidence in the performance and outlook for generating cash.

that stock up 1.1% at $35.36. and shares of diageo with the sales decline since the start of the pandemic. it declined 0.6% that ended on june 30th with the weakness in latin america and the caribbean. diageo said poor performance would weigh on the profits in latin america. the stock off now by 8%. the guinness sales growth helped drive the confidence in amenort america and europe. and the a.i. models for apple were pre-trained on processors designed by google. this is the sign the big tech companies are looking for alternatives to nvidia when it comes to training cutting edge a.i. apple's choice of processor was

detailed in a paper revealed yesterday with the apple intelligence devices. among the features is a new version of siri with the ability to understand commands when the speaker stumbles over their words. this will be helpful for us at the table. jo joe, you are a siri user. >> i'm not because of that. >> better search and movie feature creations and summaries and voicemail. some features were not in the preview version, but apple saying it will be rolled out over the next year. automated clean up of user photos. they showed that. that is not initially available. we kept talking about the openai partnership and what that looks like. that may not be something you see in the first version of this come october when we expect it to be out.

we will see. the feature i'm looking forward to which i told you about that will be a life saver for you is there is a feature to make it a lot easier to read a phone while in a moving vehicle. >> this is one i want to see. >> because it will change the motion sickn nness issue. >> i'm skeptical, but if they do that, i would be amazed. >> i'm fine. >> i can't use it in a rocky car on a difficult road. for a while, i'm okay for a little bit. 10 or 20 minutes. >> an hour every morning. >> we have been vans and you have been sitting backwards. >> mind control. i won't sweat hear. here. >> i have a weak mind?

>> austan goolsbee, where are you when i need you? >> talking about how i said i may have disparaged the european economy from time to time. >> from time to time? >> because of socialism. until now. >> from second to second. >> get this, the eurozone economy grew by more than expected in the second quarter related to the data this week. euro's gdp rose 0.3% in the second quarter. a consitraction in germany. germany is the largest economy in europe. france's gdp rose 0.3% in the quarter as well. i love europe while i'm here. i want to be on the record of saying that. >> i love how you are embracing it. i really do. >> the oldest cafe. picasso used to hang.

>> i'm embracing the time zone. i would like to see us, you know, take "squawk" every summer. >> vienna, rome, paris. >> week by week. >> yeah. coming up, when we return, the fed kicking off a two-day meeting. so what will jay powell say? maybe what he won't say. we're going to tell you what he may say and how to get ready for it. stay tuned. you are watching "squawk box" and awere live from the beautiful olympic games from paris, france. we'll be right back.

♪(“chariots of fire" by vangelis plays)♪ go go go go go! go, abby go! go, abby go! go, abby go! we would love to have riley on the team. ♪♪ -i made the team? -yeah! [game buzzer sounds off] [crowd cheers] -cut it! -yeah! [whistle blows] [crowd cheers] ♪♪

welcome back to "squawk box" this morning. we are live in paris at the olympic games. we have a lot going on back home. the federal reserve kicking off a two-day policy meeting. the fmoc not expected to cut rates, but could signal a cut t for september. we are reading those tea leaves. we will hear from merck, pfizer and p&g. that will happen in the next hour and a first on cnbc interview with p&g ceo jon moeller. he will give us a sense of what's going on in the world. >> austan goolsbee already knows what he's going to do. it's a two-day meeting for him to say what they are going to

do. >> it is not even about september. for them, it is about what happens in -- >> november and december. >> exactly. >> they all bring information from the home districts. it is probably an exchange of information and iideas. everybody comes up with a different idea and reach cons consensus. they need to figure that out. >> they need to hire a pr guy. they need to hire joe. i think they should hire you. rsm chief principal and economist. your view of the world right now is really nice. >> yeah. what's wrong with our economy? i don't get it. >> inflation is 2.8%. 2.6% in the past year. the economy is not overheating. you do acknowledge in your view it is restrictive right now. >> we are too restrictive in the

economy with the inflation rate of 2.5%. moreover, if you look at the fed's core trend yesterday, 2.1%. if you don't like what we do as an alternative metric as they measure inflation like they do in europe, it is time to cut rates. >> you agree with the fed that the risk has at least evened out between inflation and the labor market. i'm not sure. is it a cooling labor market? you point on the later from arcane rule that it is not due to a rise in jobless claims, but increase in the labor force. that doesn't sound like a slowing labor market. >> people are camoming in to capture the labor. if you at the fed and they are not really concerned about the recent uptick in unemployment. they think it is what they call

a virtuous rise in unemployment. firms are hoarding workers. they don't need to hire. we will get the july seasonals. how many people were hired in leisure and hospitality which will cause an overshoot. it will slow. >> the number is going to be fun. didn't you write a book? you wrote a book. >> i wrote a book a long time ago. >> dismal. >> if the jobs market is really hot, does that make the market start to question whether you get a cut in september? >> of course it will. the market is over its skis. they are beginning to price in a coin flip on a rate cut in october. i just don't see that on the table for a whole host of reasons, right? before i came in, i saw four

rate cuts fully priced in through january of next year. that's pretty aggressive, right? my sense is when powell goes ahead and talks to us on wednesday, he's going to want to temper that. one in september and one in december and cut on a quarterly basis next year. they need to go slow to make sure we don't get a rebound in inflation. of course, we're going to have policy changes likely next year regardless of who wins the white house. the fed has to move cautiously. >> this says november and december. you do think there will be a rate cut in september? >> yeah, yeah. excuse me. september and december. >> i don't know. >> september. if you look at the pricing, they priced in more than 50% probability of november here. >> night follows day. recessions eventually come. next year? >> they do. i don't really see a recession

right now unless we get a big event. >> or the end of next year? >> unless we get a policy out of the fed. the real risk here, joe, is the fed hiked or refuses to cut. they hold the rate too restrictive for too long. >> that would be quite a while and maybe the most anticipated recession ever. >> i never was in that camp. we had the recession and the pan pandemic. >> that was the weirdest recession we ever had. it was a "v." >> "v" shaped. >> why do you think we need to cut when the financial markets are buoyant? >> we simply have issues in customers real estate. it's $3 trillion in terms of the maturity wall of corporate debt issuance in 2020 and 2021. it will come due in the next few

years. we have to address that. the american capital markets have been resilient. they are absorbing problems in cre. that number cannot stay high indef indefinitely. it is not just about growth. we have a labor market that is clearly slowing and will slow further. we don't want to have an unnecessary end to the business ik cycle. it is an oil shock that causes recession. i'm worried about the fed policy error than oil shock. >> 200,000 jobs friday. >> that's solid. that's absolutely fine. i think we had structural changes to the economy. the job market should be adding about 150,000. that's the break even. you have a bureau of labor statistics survey that is plus or minus 150,000. >> you're old, like me. >> i'm an old guy, yeah.

>> favorite jazz few musician? >> are you kidding? john coltrane. >> i hit shuffle. >> "bitches brew." >> i'll catch some jazz. >> you live in texas. you like the dodgers? >> i'm from los angeles and bleed blue. >> i'm from cincinnati. >> i remember those days. johnny bench and pete rose? >> i do like garvey. >> of course, you do. i would be disappointed if you didn't. >> and kofax. >> of course. >> thanks, joe. >> you got it. when with we come back, wl t willie geist is here. weilgehis highlights from

the olympic games. stay tuned. you are watching "squawk box" from the olympic games.

welcome back to "squawk box." we are live this morning in paris at the olympic games. with us is willie geist all over at venues and going place to place and seeing good stuff. >> we're so happy to have you. >> i'm happy to see you on set. >> here we are. >> i'm not larry david, but you can talk to me. did you see him? >> of course. of course. >> here? >> no. he's a tv star.

forget about the -- >> how good was he in terms of being natural? >> you are very kind. "curb your enthusiasm" was an out of body experience. >> temperall us about the out oy experience with fencing. >> we talked about the venues at the olympics. on paper, they are spectacular. in person, they are more spectacular. i'm not a fencing guy, but i went to the grande palais at the champs-elysees. the stunning structure with the glass roof. you have seen it in movies. the most famous building in paris. it was electric. there were two french women going at it for the gold medal on the women's side. that is nick itkin. he won bronze. he's from los angeles. you would not believe i was walking past the building and heard a roar that sounded like madison square garden playoff game. >> it was louder than that.

i walked by the other day and it wasn't the finals. i thought what's in there. >> for fencing. i went inside. it is electric. th it is like beach volleyball. amazing with the music amped. >> there's more tonight. >> have you been to beach volleyball? >> i have not. just to see the guys training. >> this is the one that a lot of people are anticipating most. in the shadow of the eiffel tower is the beach volleyball. the american women are favored to win the gold in the competition. you are standing there watching beach volleyball at 10:00 at night with the beach in front of you and the rocking crowd and behind it is the eiffel tower lit up in all its glory. the venues here have exceeded expectations and really delivering. >> we have to talk about two other things. yesterday, tennis. >> sure. >> the other thing is surfing.

there is this shot that is the iconic photograph. >> tennis, quickly. two of the all-time greats. djokovic talking outking out na in the last ever meeting. this is an actual shot. gabriel medina from brazil. he scored 9.90. the highest score in the history of the surfing competition. it just began in tokyo four years ago. that is him flipping off his board and captured perfectly by the photographer for the french press. he is floating. this is at the end. he's done his run and landed the 9.9 and already made history and favored to win gold. that is stunning. >> i remember looking at it and thinking is he standing on

plastic. what is going on? >> exactly. >> you have to give credit to the photographer as much as him. >> absolutely. >> what do you think it is like for those folks in tahiti to realize they're part of the olympics. >> i'd like to find out. colin jost is our surfing correspondent down there. i'm happy to be here. >> tough assignment. >> what an assignment? french polynesia. >> he had to do the white house correspondents dinner. that's the least we could do. willie, we have a lot of fencing to show. we all did it together and took on each other in fencing. full fencing outfits. >> do we have a shot of that? >> that would be pretty amazing to coordinate that with him talking about it. >> we're not that -- >> there's a lot to learn about the scoring and the paree.

>> we fenced each other. >> who won? >> we don't like to play. >> there they are. >> oh, there we are. >> how was it inside the mask? >> hot. >> a little claustrophobic. >> i don't share this a lot. i'll show you my hero shot. >> do we have it? it's on the screen here. >> we all have hero shots. >> i like mine best. >> behind the mask, you all look like pros to me. thank you. >> thank you. you are kind to be here. >> see you soon. >> you bet. >> joe? coming up, we will talk about life after the olympics, not yet, with two former gold medalists, summer sanders and michael johnson. >> this guy is an icon. we're waiting on a parade of companies to report this morning

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good morning. welcome back to "squawk box"

live from the summer olympics in paris. take a quick look at the futures which we have already this morning. there is some upward momentum so far. life goes on. merck just reporting earnings of $2.28 a share. that was versus the $2.15 estimate the street was expe expecting. as far as revenue. $16.11 billion. that was slightly above. merck is raising guidance and lowering guidance for earnings due to acquisition charges. we'll see whether that plays into it. usually that would be not necessarily the operational thing. as you see, the stock is trading higher after that news. and there's news from delta airlines that the company has hired attorney doavid boies to seek damages from crowdstrike and microsoft after the outage this month that led to thousands of flight cancellations.

shares of crowdstrike dropped 5% in extended trading last night after phil lebeau reported. no suit has been filed yet, but the outage caused the airline an estimated $350 million to $50 million. boies is known for representing the united states government in the anti-trust case against microsoft and the win on the decision that overturned the ban on gay marriage. he worked with harvey weinstein and olivia holmes. what does this mean from the thousands of other companies and government agencies and anyone else who might line up and seek compensation. >> what he is really known for -- >> for al gore and george bush. >> no, the first person to wear

sneakers during bush v. gore. >> you thought about the sneakers. >> for you to do that and you set the standard in recent years. >> sneakers and suits. >> you remember? bush v. gore. he was wearing those all the way back then. against ted olsen? >> on the other side of that. in the meantime, another case taking place in los angeles. short seller andrew left surrendered yesterday to federal fraud charges. he pleaded not guilty. his hands were cuffed. the judge imposing a $4 million bond and $1 million of it collateralized. he has until august 5th to come up with the money. his trading activity is now restricted. the prosecutors say he manipulated markets to benefit

trading. it will be interesting. this case, to me, is a watershed. the question is going to be -- we have a lot of short sellers with a lot of allegations and statements. if the statements they made at the time and they believe them to be false. in this case, it is unclear if he believed it was false or what he said to investigators is false. that's a similar situation. >> what's the difference? i don't know. >> i think it is the same. >> i asaw andrew left in the rundown. you're still here. i thought -- i did. >> i thought joe right. >> no, i thought andrew left the set. >> oh, joe right, joe wrong. it's all. coming up here live from paris, volleyball as we keep mentioning, one of the hottest tickets at these olympic games.

we will talk about the big business on and off the court next. then in the next hour, don't miss the live conversation with goldman sachs ceo david solomon will be sitting with us right here in front of the eiffel tower. he will join us on set as "squawk box" rolls on with these oh, thank yo. >> announcer: executive edge is sponsored by at&t business. next level moments need the next level network. 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

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beach volleyball is one of the hottest tickets here in paris at the stadium in the shadow of the eiffel tower playing in the first olympic match is miles and budiger. this was a pretty amazing store. story i. if you look at chase, he shifted

from one team to the next. then you have kloth and nuss defeating australia in the second pool. we have the general director of the international volleyball federation and finn taylor, who is volleyball world ceo. gentlemen, thank you for being here. we were talking about the hottest ticket in the entire games because of that venue. what did you think when you found out that's where were you going to be playing? >> thank you very much. the polympic games looks phenomenal. i would say working for the sport for decades, i would say this is the most iconic venue. >> did they tell you? >> this has been planned from the beginning of the journey. i would say seven years ago, we discussed paris, we proposed a

place. >> you proposed it? >> when you found out, was it like yeah? >> that was very natural, i have to say. we believe that there's no other sport that would fit perfect for that sport than beach volleyball. let's do it. you remember we did the copacobana beach in rio. >> fabio, you are from brazil. the sport is more popular there than in the united states. it is picking up, but what does it mean in brazil and what are you trying to make it mean worldwide? >> i would say beach volleyball is as popular in brazil. the birth place was california and rio. it is an amazing view for sport and played worldwide. we are so happy with the number of kids playing beach volleyball directly and not going through volleyball. the success of beach volleyball today is massive.

>> finn, how do you bring beach volleyball to places without beaches? >> that is what the world tour is all about. we bring the beach to the cities. we have massive tournaments in vienna and switzerland and places that don't have access to beaches, but we're able to create the party atmosphere that you see here under the eiffel tower in cities and towns all over the world. >> let's talk about what you've been doing both with volleyball and online with what you are building with your streaming there. where do you see the aweudience growth and compete with the soccer or football or basketball? how do you do that on top of the other sports trying to build at the same time? how do you stand out? >> the key is we're not trying to copy what they're doing. we're trying to with build a new path of volleyball and beach volleyball. one of the key tenents is to

bring fans to the game. we invest the live product when fans come to see the game indoors or at beach. music and entertainment and bringing the athletes closer to the fans than other sports. we're purposely trying to build our path with the sport. >> what is the difference with indoor volleyball and beach volleyball with popularity? >> i would say it is both an opportunity for fan engagement. beach volleyball arena, we develop a great development with presentation. we educate our fans to recognize what's going on with the field of play and celebrate with the athletes. when there is a massive block, the announcer saying there is a massive block or music. we have in every venue. volleyball and beach, idea jay

an dee dee jay and announcer. >> you have a background in cirque du soleil? >> yeah. we are trying to take it off stage and we want the fans to be exhausted as the athletes. >> thank you, fabio and finn, thank you. we are planning to be there. >> thank you. >> in vienna, i have a place for you on the river. is that where you do it? >>ea yh. >> the great. tel aviv beach has a restaurant.

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welcome back to "squawk box." pfizer just out with earns of 60 cents a share. it's better than the 40 cents the street was looking for. a revenue up that topped

estimates for the full year where pfizer earning its revenue and earnings guide. that stock higher in the market, up 3.5%. i sat down with the chairman of ferrari, john elkin. from a brand name family of industrialists, and his grandfather made a lasting impact on italian autos and on warren buffett. we will start with this clip which is available in the buffett archive on cnbc.com. >> he told me, he said when you get older you have the reputation you deserve, and by the time anybody gets to be 60 or so they very probably have the reputation they deserve, and the truth is you can have the reputation you want.

>> warren mentioned what my grandfather told him about reputation, and in some ways the older you get the more the reputation you have is the one you deserve, and warren says that's true for people as it's true for companies. what i learned the most from my grandfather was to really listen and when i was appointed very young on the board of directors of our company, he really -- i asked him what i should do, and he said you shouldn't do much. nobody is going to expect that you will do much, but the learning opportunity is important. listen and learn to ask questions. he was really good at asking questions. >> i guess you followed that with sergio? >> yes. >> he was one of your mentors? >> yes, yes.

sergio, i had 14 years of working with an extraordinary man. this year would be 20 years since he started with us, and sallie passed away and sergio was one-of-a-kind. >> elkin has been coming to the olympics with his family since the 2006 games in his hometown, and we asked him about how he thinks companies should evolve with the times. we will bring that to you coming up in the next hour. and then summer ndsaers will join us talking about big wins in the pool and beyond. and then later, barry sternlicht. "squawk box" will be right back.

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summer sanders is one of the biggest names in olympic

swimming winning two gold medals in 1992. >> 32 years ago. but just yesterday. >> it seems like -- but summer sanders, the same is still -- for me, it's still summer sanders. she's helping to athletes transition in life with guild, and as a partnership with team usa, and she joins us now. summer sanders, amazing that it has been that long. just a commentary on time and everything else. but like so many athletes, there's a life after the games and not everybody is summer sanders. we need to do thupbgz to prepare for that, for people when they are no longer in the limelight. >> the one thing every athlete is going to do is retire from the sport, and the partnership between guild and team usa is building on an issue every

athlete will face regardless of their fame, and that's what is next. if i had the education, it would have taken the weight off my shoulders and in a direction, and if we address mental health, to give an athlete a purpose. >> did you think about that a lot? >> yeah, i was at stanford and i left with seven units until my degree, and i had to wait for the internet to catch up. that's what it does, it's a flexibility. not just summer olympians, but winter olympians, they don't have enough scholarships for college. >> how much harder do you think it is for somebody that actually wins a medal?

>> harder. right. it's a different kind of hard, right? >> it's a different kind of hard and great success to be had, but -- >> yeah, if they are introduced the olympic champion, and it makes you have the need to always be at your best, and i still do this when i audition for shows, things like that, who loves me, and that's what matters, and why i do it and who i do it for? all those things are of value to an athlete and whether they win, and that's taking part. >> you have alliances with colleges, 250 programs. what about when you are all trained? can you match up skills and employers? >> if an athlete is sticking

around their sport for much longer, how do you translate that training into a resume, and that's something it will help you with. this is all through team usa and the ospc, and they go online and find your duh gee, and there's a luger that is getting his master's degree in business development. >> if you hire an olympic medal winner, i would want to hire a swimmer or rower. >> ha. >> anybody on a team. if you are rowing, everybody has to do it together, that's the thing. >> teach us how to be better. we are not great at failure. we appreciate failure. we want to learn about it and get better.

sometimes, athletes if they win or don't, they go into the next phase with a lack of confidence. that's okay, too. it's okay not to be perfect. come and be part of the team. we want to support you. that's what guild does with team usa. >> can i ask a sponsor question? >> yes. >> how long is the window. i feel like a lot of folks that win a medal, they need to go and get the sponsorship money as humanly quickly as possible because they are aware the window is shorter and shorter in the social media age. >> i think the window is getting bigger -- >> bigger, okay -- >> if you have a brand you created on social media. and let's talk about the rugby player that will play later today. she has 1.6 million followers on social media. she has her brand and is grounded in her brand so she can go out and sell that herself. she's not just an olympian but

more. >> what do the coachers think, players online, you know, tweeting out stuff, and -- are they into that or are they get off your phone, i need you to focus? >> i think there's a healthy mix between the two. nil has changed things completely, and there's that at the top. and then there's this environment, affecting a team environment, and i don't know if anybody has handled that. >> gramming? >> on the instagram. >> here's another word -- >> i'm in 1992 still. >> when something is cool, you have to say sick. >> you got to slay -- >> a lot of the sponsors have smaller pools of money and it

reaches out to more. >> especially if you created a brand outside of your sport. who are you as a person? a lot of people don't want to be vulnerable and put themselves out, but if they have i think they will reap the rewards. >> what sport? >> rugby, and beach volleyball, it will be a scorcher. there was a woman named summer mcintosh from canada -- and her dad watched "the oc," so connected by that. i love the intensity of the entire stadium being quiet for the start of a 100 meters, and if you dropped the pen, everybody would hear it.

it's intense. >> thank you. >> thank you. >> appreciate it. just after 7:00 a.m. on the east coast, and just after 1:00 p.m. here in paris. we are talking about sports and the business of sports, but procter & gamble just out with quarterly results. 3 cents better than revenue estimates coming in. $20.53 billion, just shy of expectations. stock off on the back of the news about 2.5%, right now, in the premarket. and the ceo, jon moeller will join us to explain everything. still to come, we have a lot of names on tap.

we will be set here in paris, and then snap ceo, evan spiegel. we were just talking about social media and how athletes are using it. then sprinter, michael johnson, becky. >> all exciting. we can't wait to get to any of them, and we can't wait to get to dom chu. the nasdaq up about 50 points. let's get to dom. he has a report on premarket movers, and what he's wearing. >> pinstripes and a green tie, and i hope the market turns green. merck and visor reported in the last half hour. merck is down despite a beat on the top and bottom lines. lowering its earnings guidance

due to things like acquisition charges. the keytruda cancer treatment goes off patent protection in 2028. meanwhile, pfizer shares on the rise by 2% after it reported better than expected profits and revenues and it raised its full year profit forecast and narrowed the revenue forecast and put the midpoint of that new range a head of its guidance, so a raise in that way. keep an eye on big pharma. moving on to diageo, and the company behind big brands like johnny walker whiskys, and it said the drop was mainly due to weakness in latin america and in the caribbean, but on the right side, beer sales growth of 18%

for the company and was helped by surging sales of that brand in the uk and ireland. we will stay across the pond. let's check out shares of vp, and the oil and gas giant raised its tkdividend by 10%, and bp sd it would maintain the current share buyback base over the next quarter. those are big headlines, becky. i will send things back over to you, joe, andrew, and it's looking gorgeous in paris. >> it's 90 plus, but we are not complaining. we are loving it. thank you, dom. we will check back in with you in a little bit. we will talk to the ceo of

procter & gamble, jon moehler. at 7:30 eastern, goldman sachs ceo, david solomon will be here on set as our guest. stay tuned. you're watching "squawk box," live from the olympic games. payments, and customers in sync across all the places you sell. start your journey with a free trial today. you founded your kayak company because you love the ocean- not spreadsheets. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

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earnings of 1.40 a share. that was better than estimates. joining us now, procter & gamble president and ceo, jon moeller. good to see you and welcome to the show. >> likewise. >> i wish you were right here with us. for the first time would you say that there is some pressure on

consumers whether it's pricing, perhaps whether it's in china, to account for this. i know there's currency headwinds and commodity cost headwinds. always a very detailed report with a lot of -- what happened? are these good numbers, in your view? >> first of all, i am looking forward to seeing all three of us in paris tomorrow, and we can catch up on more detail at that point. we just finished our fiscal year, and i will cover the quarter in a second. the fiscal year we guided 4 to 5% top line growth, and guided a 6 to 9 gains for share growth, and cash flow, free cut cash flow productivity, 9% guidance. we delivered 105, which allowed us to increase our dividend by 7%. that makes it the 134th

consecutive year this company has paid a dividend and the 68th consecutive year we have increased the dividend. the quarter was a little softer than the balance of the year, and you mentioned one of the key drivers, joe, which is the pace of recovery in china, which has been a little slower than we're expecting. if we look at the other markets, the u.s., for example, and europe, one of the key questions has been can you keep unit volume progress going against the context of some of the pricing you have had to take. last four quarters, unit volume in the u.s., 33.f43, and in europe, 23.43. gross margin was up, and we head into next year in good

fundamental shape. we're guiding 3 to 5% top line, and 5 to 7% bottom line. >> and we hear that from china, and now i am ready to say you don't have to pick your product. it's high-end and it's consumer items. there was an initial -- the balance from the pandemic was not as much as people saw or the bounce slowed? how do you characterize it, jon? >> general malaise on the market, if we compare current growth rates to pre-covid growth rates, and we continue to invest in growth in that market, but it's fundamentally a bit slower in the categories in which at

least we can beat. >> jon, i -- this is "the wall street journal" but it's quite a headline. diapers are a drag for procter & gamble. you have done things, innovation, revamped version of the diaper, and if we talked about all the products, obviously we would need all of the show. but there were negative numbers in diapers, right? >> the premium end of the diaper market in the u.s. and more broadly is doing extremely well. we are building market share in the pants segment. we are facing some newer and stronger competition in the lower end of the market, and we lost share there. the good news is we have strong innovation coming out on luv's as we speak, and we should be able to address that and resume

growth on both the top and bottom line. >> jon, you are definitely a total return investment equity. exactly how much did you spend on buybacks and dividends? is that what -- is that what an investor should expect? is there anybody else -- how many years, and that's going through pandemics and financial crisis, everything, and you have been able to have the discipline to continually raise it. is there anybody else, and i think you are without peer there, aren't you? >> not really anybody else. thanks for asking that question. let me give you a couple facts. the past six years this team has grown the top line by 17 billion, which is at the 88th percentile. they have grown the bottom line at $5 billion, and that has allowed us to maintain -- we

billed 200 million in the market cap over that period of time, and all of that allowed us to return to have cash. there are seven companies that can match or beat that that are publicly traded, and there are three utilities that can match that number, so it really is an important characteristic of the company that continues to attract investment. >> yeah. six years. you have not been ceo -- obviously you were cfo before that, and how long you have been ceo now, jon? >> three years. >> three, all right. yeah, as cfo -- >> coo and cfo.

i had responsibility for the strategy of the company, and i look at the 36 years i have been here with each one of them being important and meaningful to me. it has been a great ride. >> i was going to say we could finally say ag hoo, and he probably owns a lot of stock still. you definitely filled the shoes really well, john. i am from cincinnati and i can say this stuff to you and probably nobody else. tell me about currency headwinds and commodity, inflation and cost pressures and things like that moderating. >> moderating, yes. you know, we had a two-year period of time with the combination of commodities of foreign exchange and transportation costs wiped out 50, 5-0% of our profit. that significant headwind has

moderated. last year, in fact, it was a small help on a fiscal year basis. we will see, and as you know those markets are extraordinarily volatile. >> right. we pointed out the stock is getting back today, and i will also point out closed at $169.93, and the all-time high is $170. may be off a little today. >> three weeks ago. >> yeah, three weeks ago. thank you very much, and we look forward to seeing you. you will be glad you are here. it's hot, but it's really special. you can feel it in the air, the heat and the excitement. all of it. >> all of it at one time, john. when we come back here on "squawk box," we have a lot coming up. the ceo of perplexity will join

us on the ai race with news this moin and then goldman sachs ceo, david solomon will join us on the set here in paris. "squawk box" continues from the 2024 olympic games. energy fuels, a leading american uranium producer, is ramping up production to supply expanding nuclear markets and diversifying into rare earth elements, key ingredients in many clean energy and defense technologies. energy fuels.

live here in paris at the olympic games. new this morning, perplexity is announcing its publishers program that will grant access

to artificial intelligence and their company's api, and it includes time, fortune and entrepreneur. joining us now, the cofounder and ceo of perplexity, aravind srinivas. there has been so many questions about copyright and ips, and this is the first of its kind deal for you. how long did it take to get there and how long has it been in the making? >> nice to be here, andrew, and thank you for having me here. from the beginning we always realized in order to succeed as a product, and people -- we need to be able to use high quality versus information, and that requires us to work together with the right publishing partners and having an ecosystem, and even any before

the criticism we got, we have been planning to work with publishers on the revenue sharing deal. we wanted to bring it to the world today with great partners -- >> there's a lot of folks, and we're trying -- i don't know if you can hear me. we are having technical difficulties, more on our side than on your side. to the extent you can hear me, can you understand how the revenue sharing deal works? how much money is given to the publishers, and i don't know if there's a tokenization to figure out what is being inferred or what is being trained on? >> this is not the kind of deal where we are taking the content alone and paying for it. instead we are establishing a very new relationship where any advertising revenue that we will make on a query where our publishing partners will be the sources of information, we will share the revenue per query with

our partners, and so it's a usage-based revenue sharing program, which will be a lot more sustainable way to work with our publishing partners. >> is your service ultimately linking back to other information on other sites, and that's obviously what we called the blue link economy for a very long time and created that kind of revenue opportunity for sites to get advertising when people landed on their page, or subscriptions and the like, and there's a concern if people have to go to your sight simply for the answer and never go back, that creates the conundrum. >> first of all, google never shared any advertising revenue from any of the partners, and that's different from how the link was set up, and instead what we are saying here is that we are going to be introducing advertising products on our

platform where after a querrey you will have sponsored questions, and then we will share the revenue source with the publishers that were part of the original answer. now, we also are, in addition to doing this, we are helping publishers building their own engines on their sites using our technology, our apis, and we want not just the technology, but we want anybody, in whanywhe on the internet should use it and get an answer. >> this is from the editor of "forbes" magazine who was writing about what he thought of you, effectively the allegation was stealing their articles. this is what he wrote. he said perplexity generated

more readers from the one schmidt story. i am an ai bull, but in the hands of the likes of you, who has a reputation of being great at the phd tech stuff and less than great at the basic human stuff, and immorality and poses risk. what do you think about that. >> we are very proud that others are following our, like, example here. every other chatbot is also beginning to cite sources of information, and you are always going to have to attribute to new papers, and that flowed into the perplexity product. we have always taken feedback,

including from the publishing partners. anytime we manage to listen to that, the product always improved. and even more prominent than what we do, and not just showing the sources at the bottom or at the top, and also calling out the names of the journalists for the clips. >> in this case, you may have fixed it now, but are you acknowledging there was a mistake before and should they be paid for that mistake? >> i think the specific issue is not something that i am going to get into the details of, but what i am proudly pointing out to, the sources are being highlighted all the time, and we can do better going forward and not worse, and the part of getting to the whole publisher program is that we don't want to set an example of just licensing content here, but rather we want to be able to create a sustainable way to share our revenue with all of the partners we work with.

>> quick question, and just on the news this morning, "time," fortion and the others you are partnering with, do they have to sign agreements where they won't sue you? >> i think the program is more about the revenue sharing, and not about the specifics of how we can use the content. we are only an aggregator of information and not trying to train on any of their data, so there's no discussion about who owns the content or licensing or things like that. it's about, like, making sure our users have highly accurate sources of information, which is important to enough to ensure the quality of the services, and the idea that we want to go back and have, like, information penned on the internet is -- >> i have two quick questions,

finally. one relates to -- we have a number of publishers, and those publishers are more challenged publishers than a "wall street journal"ist or "new york times," and where are you in negotiations with some of the bigger publishers? >> we are in active talks with all of them and encourage everybody to work with us, and we want to make sure people are aware it exists and people are aware of the intentions and working together and helping to have access and knowledge democratized as possible. >> what do you think about making a product to compete with yours? >> we are creating an ai search engine, where people can directly ask questions and get answers, and competition is great for the space so we welcome to have them work here

and excited to see how more competition can drive the ecosystem. >> wlo fwae okorrd to talking to you again. thanks. coming up, david solomon from goldman sachs. stay tuned. you're watching "squawk box" on cnbc.

still to come this morning, we have goldman sachs ceo, david solomon. he's on set with us right now. we will talk about his firm, the markets and the global economy much more. first, though, as we head to a quick break, take a look at today's big events. simone biles and usa gymnastics d da going for the goltoy. and regan smith and kaylee set for an epic 100 meter backstroke style. good thing i had aflac. (aflac duck) hmmm the cash i got from aflac helped pay for medical expenses, groceries, rent. it really helped close that gap. (whisper) go, go, go!

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welcome back to "squawk box." we are live in paris this morning, and david solomon, goldma goldman sachs ceo is with us.

>> i think first and foremost, it's sport and it's bringing people together. one of the things for me so inspire something to watch all the people from around the world cheering for everybody. there's such a sense of unity when you come and participate in the olympics. it's really wonderful to see. it's not a surprise that people from all over the world, you know -- >> this is the first olympics we have had in a long time, probably since london, where this turned into a client event, if you will, for so many? >> we obviously had the pandemic and the pandemic changed the dynamic. i feel very lucky. i have been to a number of olympics during my life. the first one, i was 14 years old and went to montreal and i remember it being a seminal experience, you know, people from all over the world coming together. to me, the olympics, it's shares the optimism we should have when

we talk about coming together. >> you went to a lunch last week with president mccron, and elon musk was there, and what happened at this meeting? >> well, the lunch was a general convening of a broad group of business leaders that were here, including some french business leaders that are very involved in the promotion of the olympics, and a very diverse group of ceos from around the globe that were in town, and there was a conversation about what was going on in the world. i come to paris regularly. we have a big business here. we have over 400 people in our office across all aspects of our business, so i am here pretty regularly. i would say this president has a tendency to convene business leaders and try to really engage in a very open way. this was not the first of those sessions. he really brings people

together, and he asked people their opinion on a variety of issues and encourages that dialogue. i am not an expert on french politics. french politics is tough right now, but i do think the model of business coming together, and -- and having a open dialogue, should be easier to do around the world. >> is it an easier dialogue? >> i look over time and there aoes an improvement. we are operating with more people in the business than a decade ago. politics and policies swing back and forth as an impact. there's a huge business community here. we obviously have a lot of people across our banking and private wealth and it will continue to grow because france is a tremendous part of the economic business system.

>> what are you telling people the fed is going to say tomorrow? i imagine everybody asks you that question here. >> i tend not to try and guess what the fed will say tomorrow, and the direction of travel, and i have been more cautious about general interest rates next year than the general consensus, and i know the perspective of one or two cuts in the fall seems more likely. my guess is there will be messaging around that, but i don't want to speculate. we will see. we have another jobs report on friday that will give us more information. i think the direction of travel is relatively clear. and i also say -- and you look at the earnings report this week, and you look at mcdonald's report, and the cumulative impact of what has been a long inflationary pressure, even though it's moderating, and it's having an affect on consumer habits. >> procter & gamble, i don't

know if you were watching, but china and procter & gamble -- >> yeah, it's across the board, joe. i was in china two months ago and my takeaway was the economy is relatively soft, and so i am not surprised, you know, to see that. i think we will see more of that, but step back from the high-level, you know, the economic environment has been relatively benign and i think the base case is relatively a benign environment as we finish out the year. >> you said recently the m&a activity is at the time to pick up. what signs are you tracking and what do you see in terms of lending or other issues that leads you to believe that? >> we have a window of the phase inside the firm. if you listen to our earnings report in july -- you know, a few weeks ago, earlier in july, i specifically said in the transcript that our backlog

increased significantly. we choose our words carefully, and that's a data point. i would still highlight m&a activity broadly is running below a 10% average, and we have not recovered to a normalized environment. i think it's moving in that direction. i think the tailwinds we see in the interactions of our team around the world indicate it's moving in that direction. regulatory environment, a headwind for sure. >> how much of that is a regulatory issue, do you think. the truth is the private equity has become an outsized portion of the m&a, and i don't want to say it's falling off a cliff but it's falling off a cliff? >> it was operating at 35% m&a activity, and it has not recovered but it's starting to turn on, and that's what of the data points we have on goldman sachs. private equities incentive

systems sets the decision-making process of waiting, and some pressures are to accelerate those decisions, but that will recover. >> do you think everybody is waiting just to see what happens in the november election and decisions will be made at that point? >> i think with private equity, it's a rebalancing of expectation, because valuations got higher and got marked down and are converging, and i wouldn't say there's a wait to see a change in policy. >> what are you telling clients? i imagine there are folks in europe saying what is going on in the united states in the presidential election and where is this headed? two weeks ago you would have told them, looks like former president trump may be the

president again, and i don't know what you are telling them today? >> i am not a political pundit, and even when i am talking to clients privately, and privately you can exchange views in a bilateral meeting, and if you are talking to a broad group of clients, yes, four weeks ago it looks slightly different than today, but i think all of us should be framed by the fact that a lot has happened in the last four weeks we didn't anticipate, and we have three more weeks until the election and a lot can happen. >> is there more uncertainty? >> there's uncertainty around the elections because they're close. what will happen in the next three months, we just don't know. we are preparing for either outcome to make sure we can operate in either outcome, and most of our clients operate that way, and we want to support whatever administration we have

in moving the u.s. forward. >> what do you think about the role ceos have played this election cycle compared to prior election cycles? it appears folks, including yourself, maybe, a little quieter and less willing to sort of speak out either way. a lot of folks in silicon valley but in the venture capital world where they are principles themselves and not running fortune 500 companies. >> i am operating the way i always operating, and i am running goldman sachs -- >> this is going nowhere with him. >> got to try, and you have to understand what is happening, because you have a lot of people out there. >> i am focused on our clients. i am focused -- >> i will bet the top question your clients ask you is what will happen in the presidential race? >> i absolutely agree, andrew, it's a question people are asking, but i turn the question back to you, do you know what's

going to happen in the next three months in the presidential election? i don't think anybody knows, so i think one of the things you shouldn't do is speculate without fact. so we are watching closely and there's a lot going on. we know what the six or seven states are that matter. >> then you do the senate, and at least ten -- >> let me ask in a different way. if the vice president becomes the president, do you think that her administration would be more progressive, or left-leaning, less progressive, more centrist? it's like a lina khan question in some ways, as it relates to what m&a might look like in the future, and how your business might shift? you could say there's a trump world and harris world. >> i think it's very hard if harris is elected, it's hard to know what the administration

will be like, because at this point, you know, other than looking at the biden record and what the biden track record is, at this point she has not said a lot about policy. one of the things that's interesting that will shape what will happen over the next few months, i expect -- >> she has talked about policy, and i can tell you things she said in the past, do you want to hear them? i don't think andrew wants to hear them. >> you said businesses can't wait, that they have to go ahead and plan, and how you plan accordingly when you could be looking at pretty different environments to operate under. >> i think we operated under an environment, and here's a base case, becky, i think is reasonable. you know, at the margin, okay, it will look more like the last four years than the four years previous. you can plan around that. look, the world -- business in the world is flexible and adaptive. it's amazing when things happen

that we don't expect, how quickly the world of business adapts. >> right. >> i think that's a lens to really think about. it's your job to get us to be pundits and predict, but the world is versatile and dynamic and good "for instance," if we had -- and it wasn't that out of the question until clyburn decided to intervene, if we had, let's say, a bernie sanders/elizabeth warren ticket and an administration, you know that would be -- businesses would have to deal differently with the world at that point. that's what we're trying to get at. is that what we're looking at with vice president harris? >> the honest answer, joe, is, i don't know. >> would that be troubling to you if bernie -- >> i would say if bernie sanders and elizabeth warren -- that's not my view of where the business world wants to be. and that wouldn't surprise you or i think anybody else that's watching. >> let me ask you an easier question that is your field of expertise. and that's, if the market is

anticipating these cuts coming from the fed, if something happens that we don't get these cuts, then what? what does that look like? and is the market poised for a downturn in that event, or poised for potential more upside? >> i think -- i think, becky, it depends. but it also just highlights, you know, there is a market expectation of one or two cuts in the fall, but think about policy, where policy is, and can you really say that one or two cuts creates a hugely different policy picture than where we are at the moment. >> but it signals that rates have peaked and that lower rates are in the future. >> it signals that rates have peaked at this moment, but it doesn't necessarily mean 12 months from now rates have peaked. and i'm not koadvocating that 1 months from now rates will be higher. i think one of the things that's still unclear is the trajectory of the economy over the next 12 to 8 months, and while the inflation information looks better, and we certainly don't have the hyperinflation that we saw for a short period of time,

which is from the disruptions of the pandemic, the trajectory over the next 12 to 18 months is still a little bit unclear. and so to be so certain about the direction of travel, you know, on rates, and the direction of policy, i think it's early. and by the way, whichever administration comes, we'll put a bunch of policies in that could have an implication for this. so that's something to watch very closely. >> as you know, we often talk about cryptocurrency on this show and bitcoin. and you and i and all of us have conversations over the year about bitcoin. it was up 70,000 this morning and came down to 66,000. you're seeing obviously this become almost a political issue. trump is showing up at bitcoin conferences, apparently vice president harris is now trying to court the crypto community. does this mean that crypto is here to stay? i know a couple of years ago, you were on the other side of where bitcoin might ultimately land. >> i've never been on the other side, as to whether or not bitcoin would be something that's around. i've always -- i've always said to you, i think it's a speculative investment, and i

don't see a real use case. i think the technology underlying it is super interesting. as you look at the financial system, the digitization of the financial system, and progress that can be made to take friction out of the financial system is super interesting. but that's different than speculating whether bitcoin will be 70,000, 30,000, or 120,000. i don't spend a lot of time. >> is building a reserve similar to a gold reserve? is that a use case or a store of value case? is there a store of value case to be made? >> there very well could be a store of value case. i've never been, you know, a gold bull, because i kind of step back and i've said, you know, over a 25 or 50-year period, you've generally done better to invest in all sorts of -- >> if you inherited a bunch of gold, you'd be happy. >> you certainly would be if someone gave it to you. it's held its value for thousands of years. >> but if i was 35 years old and inherited a bunch of gold, i would probably sell it. >> sell it in addition to

goldman sachs stock. i think as a 35-year-old with a perspective on saving over a long period of time, you have more upside and would probably, not necessarily, probably, you know, compound better during your lifetime than other asset classes, than just holding gold. as part of a diversified portfolio as a store of value, sure. >> david solman, thank you for joining us here on fast. >> thank you for having me. >> can i ask you one more time about the election. can i just -- >> run away, david. >> i told you guys, i'm not a political speculator before we started. >> you were good. i went all the way to a dream ticket, really, for a lot of people, the brrernie sanders/elizabeth warren ticket, and got something out of you there. you said, that i would not like. >> coming up, still to come, investor barry sternlicht, going to badger him, too. what he wants to hear from the fed this week and a lot of other things. stay tuned. this is "squawk box" live from the summer games in paris.

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it is just about 8:00 a.m. on the east coast. it's 2:00 p.m. here in paris. and you are watching "squawk box" on cnbc. i'm becky quick along with joe kernan and andrew ross sorkin, and we are live from the summer olympics in paris. let's take a look at the futures this morning. they've been relatively flat, at least for the dow futures, up by about two points. s&p futures are up a little more at 12 points, nasdaq's indicated up by about 63. treasury yields have been lower overall recently. you're looking at the ten-year right now, still below 4.2% at 4.17. the two-year edging up a little bit at 4.38. we've got a lot we're watching today, including earnings. >> let's get to dom chu, mention a couple of those pre-market movers, based on some results. hey, dom. >> joe, becky, andrew. we'll start this morning with a check on shares of paypal,

because they're definitely on the move. they're up just about 7% right now, after the digital payments company reported a beat on earnings and revenues. those results were driven in part by a rise in total payments volume. the company also raised their guidance for the third quarter and the full-year as well. they also boosted their share of purchase plans. paypal holdings getting a nice bid in the pre-market tradeup, 7%. procter & gamble shares are down about 4%, after the company that makes everything from pampers diapers to tied laupdry detergent reported a miss on researches, but a beat on the earnings side of things. the company's volume increased in two years, driven by its home health care. and finally, let's turn to big pharma. merck and pfizer reporting earnings this morning. merck is right now down by about 2.5%, despite a beat on the top and bottom lines. the company did raise its full-year revenue guidance, but lowered its earnings guidance, due in part to acquisitions

charges. those reports at merck driven a lot by blockbuster sales of its keytruda cancer treatment which goes off of patent protection in 2028. also sales of other cancer and cardiovascular drugs and vaccine products. meanwhile, check out pfizer shares, which are up north of 1%. it reported better than expected profits and revenues and raised its full-year profit forecast and raised its revenue forecast overall with a midappoint ahead of its previous guidance. pfizer was helped along with its covid vaccines and treatments. merck and pfizer moving in opposite directions. big earnings day so far. i'll send back to you guys in paris. >> dom, thanks. $30 more pfizer. meanwhile, check out the shares of novo nordisk. new trial data found that the company's glp-1 drug, better learn what those are, the market cap surrounding all of these obesity drugs. this one is called liraglutide

may reduce cognitive decline in people with alzheimer's by more than 18% after one year of treatment compared to the placebo. patients in the study taking the drug had nearly 50% less volume loss than areas of the brain that control memory, decision-making, language, and learning. the lead trial researchers said the data suggested that the drug protects the brain, much like statins protect the heart. the study didn't meet its primary goal related to changes in the cerebral glucose metabolic rate, but showed a statistically benefit in clinical and cognitive scores and in brain volume. now, the study was a small trial, wasn't sponsored by novo nordisk, but you're seeing almost a 3% gain in the shares. >> that's huge! >>. >> talk about a miracle drug for anything and everything. >> blood pressure, sleep apnea. >> asthma. >> all of those things.

>> i've said it before, don't want to be fat. you do not want to be fat. all of this stuff happens when you're fat. >> although i've never thought as alzheimer's or dementia as related -- because most of the people i've had -- >> this seems different. when they explain sleep apnea, they explain it from too much weight. >> but they've always said that if you you could like fast and just eat less, people who just eat less, everything else is less. all of the other aging factors. >> people who want to live forever don't eat. >> i wonder if this is a slightly different mechanism it's working on, though. we'll continue to see more. it's pretty fascinating. while we were here in paris, i sat down with the chairman of stellantis and ferrari, john elkin. he is the successor to a long line of italian industrialists. his great, great grandfather founded fiat at the turn of the 20th century. today, his family's $35 billion portfolio includes stellantis, ferrari, and agricultural

machinery maker, cnh. also phillips nv, another family tradition these days is attending the olympics. >> that's when it all started to really experience what incredible event is the olympics. and we were fortunate to have in our hometown in 2016, winter olympics. and subsequent to that, we went to beijing in '08, and then we had our kids and took them to london in '12 and went to rio, couldn't do tokyo, and happy to be here in paris. >> your grandfather, johnny anelli was somebody who was a huge industrialist in italy. i think at one point, his company, fiat, what he was doing was responsible for something like 4.4% of the gdp. 4.3 or 4.4% of gdp in italy, 3.1 of the workforce there, and 16% of the industrial investment when it comes to research of

what was going on at that point. and i think that speaks pretty clearly of what's happening. today, you all are stellantis, ferrari, cnh industrial phillips, so big, big industrial companies. and i guess i wonder, when you look around, business has changed over time. what do you think in terms of what your vision is, what you would like to do? >> well, i think it's really important for companies like the ones that we're involved in to continue to renew. what we really are is builders. what we enjoy doing is building companies and doing so with great people. and that effort that we do, particularly with companies who are, for example, in the case of fiat, now stellantis over three centuries, or a company like phillips, which is the most recent one we are involved with, who also ranges over three centuries, is that ability of renewing.

so as long as you're able to stay current and not be constrained by your history, then on the contrary, be pushed by your history, that allows you to always look forward and most important isn't what you're actually doing and providing, it needs to be valuable, it needs to be important for your customers, it needs to be important for the communities in which you operate. and ultimately, it does have to have a positive implication from a societal standpoint. >> stellantis had a difficult quarter. and there are a lot of people who wonder what's next. what are you thinking? >> i think the car industry has al of competitive pressure points at the moment. there's more competition. there's also more regulatory changes, there are more technology changes, and on one side, this is exciting, because it just allows to have much more innovation and pushes all of us to try to do better. on the other, you will have more

volatility, and you will have more difficulties. >> one of the issues here in paris, in the olympics, has been this idea of sustainability. the way they built the olympic housing that they've set up for the athletes with, trying to make sure that they didn't have air-conditioners and they used the seine river to try to keep things cooler. through stellantis, you all have a partnership where you've been working with hydrogen taxis here. what does that mean, just the sustainability efforts and what y'all are doing here? >> well, the importance is really to try to see how we can use resources to the minimum, and in the most effective and efficient way. and i think that's been very helpful. and having high ambitions like paris had with these olympics, and trying to make sure that we can operate in a decarbonized environment is one that then creates challenges, which are exciting to try to see how you can come up in our case with vehicles that will be able to be decarbonized, and also, what type of new technologies, like

hydrogen you were mentioning, which is going to be very difficult, anytime soon, to apply in other areas. >> john, we've been talking broadly about luxury, because in recent weeks and months, we've seen a lot of the luxury makers come out and say that the demand is not there, at least what it's been in the past. as chairman of ferrari, what do you all see with demand? >> ferrari works on backlogs. so we really are selling today cars that will come to our clients in a couple of years. so it's a different model than what other luxury companies do. and it makes it much more predictable. we also are much less exposed to china, which has been the largest luxury market in the world. there's a level of patient, which is different. >> what does ferrari mean to you, to your heart, i guess? >> ferrari is a company which is a very special one, and it's a lot about passion. because what you're engaged in

has incredible strong interests. the racing activity and we're here in the olympics, so it's a perfect backdrop, so really, it pushes you, and it's a big team. it's two pilots, but you have a huge amount of engineers and technicians who are really there to help those two cars to perform at best, and hopefully, today, they will do well. and that spirit of competition is really one that fuels our company and everything we try to do. and aspiring to build what are the most special super cars and that blend between how you can make them pretty with aesthetics, but also extremely powerful, is definitely a company that is immersed by passion and a very strong sense. it also represents italy. there's a strong national identity of it, and one that's very linked to our country. >> you are somebody who grew up in the family business. and you really took this head-on

from the very beginning. you started working in some of the car plants, some of the car businesses, incognito. you were the original undercover boss, going in when you were a teenager, even. in your years and summers in between. what happened? what did you do? >> i always was generally interested in learning how things were done. soy had the opportunity of doing internships, both in the factories but also in dealerships. and my studies were engineering, so as an engineer, you don't really, it's very conceptual rather than practical. so also being able to tie what you are studying and also what it meant, actually being done. and i do think that working in, working in a factory, being on the top floor is very important to really understand how you not only built something, but al you build it with others. >> did people really not know who you were on the factory floor? >> they didn't. they didn't, but i would say

that also, if they might have, i don't think that would have been such a -- such -- that would not have been negative for what i was trying to do. because what you learn, particularly, at the beginning, in any work situation, is that at the end of the day, you need to be of value. and if you're actually helping out, people will respect you, and that is what you need time f for. >> elkond left from here on sunday for the f1 races in belgium. he will be back at the olympics later in the games. guys, he rarely gives interviews, but it offers a pretty fascinating look inside what's a legacy europe family business and one that was hugely important for everything that happened in italy over many years. his grandfather, when he was running fiat, was responsible for more than 4% of italy's gdp and more than 3% of the

workforce. i think they have 16.5% of the industrial investment in research, too. >> and to think he's now in charge of the minivan and the wrangler. >> that's right. >> the ferrari. >> and the ferrari. a wide range. >> the business is huge in this country. i think two of them, actually. >> and you've got -- >> i do, i have one now, one before, too. >> i had a jeep. >> when we come back, we'll talk to investor barry sternlicht on the economy, the fed, and the real estate market. he'll be sitting with us right here in paris at the olympics. plus, we're going to be joined in just a little bit by four-time olympic gold medallist michael johnson, track and field is always a fan favorite at these summer games and we're going to talk about it with him. stay tuned, you're watching "squawk box" live from paris.

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all right. welcome back to a special version of "squawk box" live in paris for the summer olympic games here in paris. and you never know who you're going to run into here. joining us right now is somebody we ran into last night, barry sternlicht is the chairman and ceo of starwood capital.

barry, what are you doing at the olympics? what's up? >> what everyone else is doing. going to see as many events as possible and running into people like you guys. and ad libbing it. >> yeah, it's -- it's interesting, because it's been a crazy busy news cycle up to this point. things have maybe slowed down, as we hope people are taking a break to watch some of these games and see what's going on, but there are all of these things in the backdrop in the markets. you've got a fed meeting this week with the announcement coming tomorrow. what are you anticipating hearing? what would you like to hear? >> i think by now, everyone knows what i would like to hear. finally, the data is showing up, as we expected it to. you have core inflation below 2%. if they take out the rent component, which they should, and i think my whole industry has now rallied behind this war cry of like, why do i use old data for this one component of cpi. which is the rent component of the cpi. so, i hear it more and more. i know people are talking to the fed, like, everything's been brought current. this is a measure that's obviously easy to keep current.

like, you could get apartment rents off of your computer in three seconds. and housing, food prices are current, oil prices are current. everything is current except for rents. and it's why the fed missed the rise in inflation in the beginning. and now they're not seeing the deflation that's happening in the economy. and he knows it. powell is aware of it. so -- if i don't cut tomorrow, because he's sort of boxed himself in, then they'll cut in september. >> although, barry, to be fair, you were calling for a rate cut for a very long time. the economy is doing fine without it. >> yeah, but it's not powell. he gets way too much credit. the economy is bubbling along because of the fiscal spending with, and the newest kid on the politic, the biggest new stimulus package is data centers. >> but just like powell knows about that, he knows about that spending, too. >> but he hasn't anticipated it. and amazon and google spending has nothing to do with interest rates. >> if he had cut earlier, don't you think we would have had more inflation. >> no. >> you don't?

>> no. >> because the economy is not based on that right now. the context of the current economy, where half the jobs are health care, government, and education, those jobs aren't dependent on interest rates up or down. we added 3 million jobs in may of '22, in those three sectors of the economy, he can't impact that. he has impacted the housing market, which is bad long-term. it will create more inflation long-term. >> when you say "deflation" -- >> not "deflation." >> less inflation. >> disinflation. >> disinflation. >> so commodity prices are falling. >> the rate of inflation, are they falling or -- okay, overall inflation is moderating in terms of the amount of price rises. we're not seeing prices go back down. we're not seeing deflation. >> food prices are beginning to fall year over year, but not below pre-pandemic levels. >> the markets themselves, and i know, you know, to you, that means like, rentals or multi-family -- not that market. the other market is hot! it's hot, it's hot, it's hot!

>> the stock market. >> yeah, didn't need any rate cuts at all. >> but look how concentrated the growth of the stock market has been in five, six names that are dominated by this -- >> bitcoin, commodities -- all kinds of things -- >> yeah, actually, the commodity picture is pretty benign. oil sitting around 80 plus or minus, interest rates are okay. it wasn't the level of interest rates, it's how fast we got there. the ten-year may not move anywhere, but the short end will come down, we hope. >> can we get you to weigh in on the single topic? the topic that everybody here is talking about. the election, the presidential election in the united states. and, you know, if we had talked about this three or four weeks ago, you probably would have said that you thought that former president trump would become the president. i also wonder if you think vice president harris becomes the president, does she become a more centrist president in the biden administration, or become a more progressive president in

the biden administration -- >> wait, wait, the biden administration was a centrist administration? >> no, would they become more centrist -- >> wait, both of you want to lead the witness here. >> no, no, more centrist or more progressive. that's about as equal as it comes. >> we spoke last night. >> okay, go for it. >> half the nation -- whoever goes to the middle will win the election. if trump can convince some of the centrists, like myself, that he'll be a moderate, he wins. and if i don't think it's in her nature to go to the middle. she's further left than biden. and she has some policies that are obviously abhorrent to business. you know, we'll see how that plays out. right now, she's riding a tidal wave of relief. and she needs to go to the center. i think her vice presidential pick will be somewhat important. trump cemented his right with j.d. vance. she can do something different. i mean, her meetings in washington have mostly been with the black caucus and the progressives. she's kind of ignored the moderates, and this comes

directly from congressmen in washington. >> we keep hearing they're reaching out to people in the crypto world and silicon valley -- >> he's on this whole new -- he's unpredictable. >> no, i'm not talking about -- no, she apparently is reaching out -- >> i think most of us in the middle agree with some things on both sides. it's just the other positions like pro-choice, pro-life, and who votes? will women and kids vote? if women and kids vote, kamala has a super good chance -- >> kamala. >> kamala. >> comma-la comma-la. if you -- >> it's emphasis on comma -- >> trump does it on purpose. >> it's comma-la. because trump -- trump on purpose says ka-mal-a and they don't like that. >> we all think the ftc has lost

their center. they're coming after some industries in real estate, where collectively, we and other companies own less than a tenth of a percent of the market. this is crazy stuff, where you have google with 95% of search. so i think that woman has gone off the deep end -- >> you're talking about lina khan. >> yes. >> not the vice president. >> yes. i agree. i think that on the middle east, you have -- if you're like i am, you have to be in favor of trump. you know, she's been, from the start, her daughter, they've been very anti-israel. >> what do you think of j.d. vance? >> um, he's smart. >> that's where you want to leaf t that. >> i've read his book. i like his book. i don't think like the politics. he reinforces the message on the right, and i think you win this election by going to the middle. so we'll see.

>> pa barry, one thing, if anything, that you're really moving next, from the fed? >> i'm watching how the lower part of the economy, there's a split economy. you're seeing it now. you're seeing that they've run out of the stimulus package, you're seeing it at mcdonald's and starbucks. they don't have the money they had. you're seeing budget hotels. we're seeing it play out across walmart, they'll have to cut prices. and i think, obviously, the wealth of the country is at an all-time high with the stock market up, but that's concentrated too much in too few hands right now. but everyone's got a job, so they're still spending money. >> on the real estate front, can you update us? >> yeah, the markets are better. and you can tell the sentiment's better. i think we'll expect increased liquidity soon. >> should we think about your fund as a precursor or an indicator of what the other --

>> well -- it's funny. >> i ask because we had john gray on the program a couple of weeks ago and he was trying desperately to differentiate between what you're doing from what he's doing. >> we grew 6% in the first quarter. they grew less. on the other hand, we don't have the liquidity they have. so, we just did the right thing for investors. and almost 80% of our investors agree with us. only 1% of people said they're angry at us. so we'll start these -- because they were invested for the long-term, not month-to-month. and we'll resume distributions and everything will be fine. and no, it's not probably. there may be a few accidents, but it won't happen, i think, if interest rates come down, we'll all be fine. >> barry, thank you for joining us. great to see you. >> thank you. coming up, four-time olympic gold medallist, michael johnson. and then private equity investor ralph schlosstein, who knows a

little bit about paris, having known the ambassador over here for a little bit, and what he expects to hear from the fed. stay tuned. >> we're here at a water polo aquatic center for the olympics. the only purpose-built venues for the games. 9 million tickets sold. i'll have a glimpse of the action. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley

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to "squawk box." we are live at the paris olympics and our next guest is a four-time olympic gold medallist and eight-time world champion sprinter. and i just told him -- i remember, all of this, michael johnson is here. this spring, he launched grand slam track, a new global track league that amims to evaluate te sport and will reward racers with prize money, trying to turn this into almost like a tennis kind of situation. >> yeah, you know, we'll see all

of these fleantastic athletes he in paris, track is on center stage, and after this, we'll have to wait another four years to see it. that's typically what happens. so we want to fill that void, we will fill that void, where you have tennis, you have the four grand slams, the four golf majors every year. so what we're creating with grand slam track is the four tent pole events, three-day events throughout the year with the best of the best athletes. >> where do you do them? how big is the purse? what kind of media do you get behind it? >> what's unique about our league is that the prize money is significant. $100,000 for first place, $10,000 for eighth place. but more importantly, we pay our athletes a base compensation. so based on their worth. just like any other league. so we pay our athletes a base compensation when they join the league. and then those athletes are guaranteed, and more importantly, the fans are guaranteed that they will see those olympic champions.

>> we had alexis o'haney on yesterday who was talking about he was trying to do something with women's track. they get paid a base competition. is that dependent upon them showing up on events? what happens if they get injured along the lines. >> so they won't get the prize money, because they didn't compete. but they'll get their base competition. for us, our athletes are guaranteed to be there at all four of the slams, all four of our grand slam events, as long as they're healthy and ready to run. but also, we have content days where we have shoulder programming, you probably watched sprint on netflix. you know, so we have that sort of programming as well, because the sport needs to be uplifted in between those events, as well. and not just for the live programming. >> what do you think it is about now that is going to make this possible? there have been efforts in the past to try to do, not this, but similar kinds of things. there have been a lot of efforts around a lot of olympic sports to professionalize them in different ways. but it feels like there's

something happening now, an inflection point. >> yeah, i think what you're seeing right now is there is a hunger by broadcasters for live sports. it's the one thing that is cutting through with all of the differences that are happening with streaming and capable, sports, there's an insatiable appetite for it and an appetite for challenging sports, grand slam track is new. but it's a different take on the sport. and we've taken the playbooks from other professional sport. we're not the federation trying to come in and make a little tweak here or there. that doesn't work. and so to your point of those things that have been tried before, those haven't worked because they're little tweaks. we're taking a completely new approach to this. >> what were you thinking of these olympic games? i was looking down to your feet to see if you were in nooix or not, but some of these athletes are wearing these new shoes, i wonder if you had those shoes, what it would have been like. >> yeah, i mean, the shoes -- the thing is, everybody has the same type of shoes. so nobody has an advantage over anyone else.

if there's an advantage, it's the advantage over the previous generation, because these shoes, they are spectacular. they're called super shoes for a reason. it's one of the reasons why the athletes are running much faster times. but another reason is, once someone runs faster, that becomes the target, and it's a great motivator for the other athletes to run faster. >> you were telling me, you're not running anymore. i thought maybe he would go jogging or something, that would be a thing in your life. >> i didn't -- you know, i did that for a few years. as a sprinter, you never really go out and jog, that's just not what you do. and when afs si was a sprinter, would see people out jogging and i would wonder why anybody would want to do that. >> we feel your pain! we agree! >> now i hike a couple of days a week, but i'm in the gym. >> let me ask you a different question. we were talking to sanders before about the mental health issues that athletes deal with after the olympics. especially when they reach the highs. do you remember, what was it like for you? >> that's one of the reasons

why, you know, grand slam track is so important as well, because there is that high, you train for four years, for the olympic games, and it comes, and even if you succeed and you come home with a medal or you come home with gold. now it's all over, where do i got from here? and you don't have an opportunity to continue? you want more of that. that's why we want to fill that void. a lot of the athletes are looking for that opportunity. these athletes are the best in the world. fans want to see them, athletes want to compete, but that opportunity hasn't been there. so we're really excited to launch next year and bring that opportunity for elites when they do leave here to have that same opportunity again four times a year. >> michael johnson, you are one of the best in the world. for a whole generation that looks at you, it's an amazing thing. it's an amazing thing to have you sitting here. as a kid watching -- anyway, there it is. thank you. >> thank you. very, very much. when we come back, private equity investor ralph schlosstein joins us right here

in paris. and if you are looking for more olympic coverage, peacock will stream moment and every medal live. that's more than 5,000 hours of coverage. it's a big job, but we are up to the task. stay tuned. we have much more "squawk box," still to come. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your

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the best barbecue beef is only a togo's. try one today. get right to our next guest to talk about -- oh, my god -- i forgot, you're right! to talk about the markets -- it's very bright out here. we can't really wear them, but when we get a chance, we sneak them on, then we forget. with us now is ralph schlosstein. he was chairman emeritus of evercore, senior adviser of warburg pinkus. hasn't been on the show nah wile, but used to be on all the time. you're an international dude. an international man of mystery. >> i think, you know, because i'm center of the road, show, it's objectionable to you. >> oh, i like that. >> and the gloves come off! >> and let the games begin. >> boxing is just starting. >> in the universe, if you're an object at rest, you don't know

whether you're at rest -- i think i'm in the center and you're over here. so who's right? >> you're pointing to your right -- >> i was going to say, he's right. >> you're pointing to your right and i'm definitely not right. >> do we want to get right into telling me how vice president harris is actually business friendly, or do you want to just talk about the overall environment we're in right now? >> i do think she is going to be business friendly. >> you do? >> i do. >> that would be a big shift. why do you think that? she has to? she has to. look, she's running to be president of all of the people, and obviously, our economy is driven by the private sector, by consumer. she's a smart woman, so she'll listen carefully to those who advise her on how to keep the economy grow. >> see, i would even say the past couple of years, businesses have been sort of -- there's been a target on their back and the biden administration, you know, greedflation, and we want to build the middle class from the inside-out.

it's been anti-business rhetoric, i get tired of it, ra ralph. do you just understand what it is? it's populist rhetoric that everyone engages in. >> i was at a meeting last week of about 20 people and someone said to me that, you know, trump really wasn't that bad, if he was a silent movie. >> no, i was talking about -- >> i didn't bring up trump. >> i understand. so i think both of these candidates are -- if you look at how the markets have done, if you look at how the economy has done, he's got a pretty damned good record. >> but do you think she's going to be actively out there. we've been talking about regulation, the ftc, we've talked about how apparently she's trying to court the crypto community after trump shows up at a crypto bitcoin conference. do you think there's actually a r real move afoot to move even more to the center? >> i personally believe that the regulatory policies of the biden

administration were a little bit too aggressive and somewhat detached from the law. >> okay. but do you think she agrees with you? >> i don't know the answer to that. i haven't asked her. >> ralph, what about taxing unrealized gains? what about long-term gains -- capital gains rate of 46%? >> well, you had to have -- you happen to have one of the very, very few people in finance who believes that there shouldn't be a differential between ordinary income -- >> you believe it? >> i do. i have yet to meet a person who wouldn't invest because of the taxes. >> there are arguments on both. i would like to ask you a question, joe. >> why? no one cares what i think. >> you're privileged, because you have children, so you'll have a lower tax rate than others who don't have as many children. do you think that's right? >> you mean, even -- my kids are 22 and 24. >> it doesn't matter, you've been procreating.

>> i have to think about -- just tax incentives built in. you could say that for a lot of things, as a homeowner -- should it be a cleansystem -- >> we have a birthrate problem, we really do, ralph, around the world. >> are you trying to reference the j.d. vance. >> i think i read something like that. >> i was trying make sure for those who are slow like myself, that everybody is keeping up with what you're trying to say. >> i was trying to, to. >> that was a j.d. vance reference. >> i don't know how i feel about that. >> sort of on the sly. >> i've seen it explained in a way where it didn't sound that ridiculous. >> i think it might cause you to start having kids again. >> i wish i had 10 kids, i did. it's been the best thing about being alive. >> i have two kids, and i said to my wife, i'm more than willing to have a third, and she said, that's it. >> it's been done. tony randall, dude. >> look at our secretary of state. he's got a 5-year-old and a 4-year-old. >> pacino.

pacino! some of the coolest people, ralph, and you're one of them -- >> but tony did it with his first spouse, al did not. >> let me think of some other ones. krekorian. why are they all my idols? go ahead, andrew. get us how far here. >> i was going to talk markets. we've been talking about what the fed may or may not do, may signal. talking about politics, depending on if you believe that the fed does cut in september is all of a sudden, you're going to have former president trump screaming that this is an effort to rig the election. do you think that they should actually lower rates in september? do you think they should wait until after the election? >> i think it's a given that if they do that, he will scream bloody murder. i think that's a given. i think that they -- i don't know whether they should cut in september. i feel very strongly that they certainly should not and will not cut in july. and the reason is, even though

the risks have become more balanced, if they cut in july, it would signal that they're super concerned about growth and employment and you know, i think they've tried to maintain a firm handle on the tiller and they've done a good job of that. >> ralph, we were just talking to barry sternlicht, who says, if you look at what's happened with mcdonald's, with lots of areas, with budget hotels in his world, it does look like there's a real slowdown in consumer spending. do you see that too? >> definitely at the middle and lower middle and lower end of the income spectrum, very much so. you had a burst of spending tied to the covid relief efforts, and there was actually a builtup little extra savings. that has been spent down. people talk about the fact that the covid dividend hasn't been completely spent. all that exists, still, is in

the upper income. >> i have two quick private equity questions for you. based a little bit on what we were talking about with david solomon private sect a huge part of the m&a business, but it has really gone off a cliff, in part because nobody wants to sell anything, because they're worried they'll sell it at a loss or not be able to capture the gain that they want. >> right. >> do you think we're on the precipice of some folks becoming for-sellers or it's going to work out? >> i think we're in a world where the gap between sellers' expectations and buyers' willingness to pay is gradually narrowing. it's getting pretty close at this point. and i would expect to see a pretty big pickup in private equity, m&a activity over the next -- >> do you think the marks are accurate? >> i think as a general matter, if you look at what's happened over the last 6 to 12 months,

the stock market has gone up a lot and private equity marks haven't gone up a lot. i think there's been a period of catch-up that's occurred? if >> and on the fund-raising side, because there have been so few exits, most have tapped out. i would argue to you that the middle east, they're stoorgt say, you know what, we're going to spend that money at home. >> yes. >> and you know, if you travel among the lps of the these private equity firms right now, you'll probably be given a t-shirt that says, dpi is the new irr. so, the cash that you've gotten back is what matters, and it hasn't been that much. so private equity firms are hugely focused on returning capital to their limited partners, and that's going to be one of the stimulants of more sales. >> i don't think you can have another kid. you have things every night to do, don't you, as the spouse?

>> yeah, i'm a trailing spouse. that's my part-time job. >> he's a plus one now. >> but you have things every night, don't you? and they're your parties? >> well, that was a great song. "it's any party and i'll cry if i want to ♪ my wife is great, she basically says, you can go but you don't have to go. >> is malta taken for ambassador? can you put me -- throw my hat in the -- >> boy. (aaron) i own a lot of businesses... so i wear a lot of hats. my restaurants, my tattoo shop... and i also have a non-profit. but no matter what business i'm in... my network and my tech need to keep up. thank you, verizon business. (kevin) now our businesses get fast and reliable internet

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welcome back to "squawk box." moments ago, coco gauff

eliminated in women tennis singles by croatia's donna betich in strait sets and there was a controversial calls that's making waves literally as we speak by a chair umpire that had coco protesting unsuccessfully and it got heated to the tournament supervisor. coco's medal hopes still alive in the doubles competition, but i imagine as people looking at video of these olympic games today, shots from what happened at this tennis match are going to be the thing that folks are going to be talking about. you know what went viral yesterday with that unbelievable shot of the surfer, which we're going to show you actually right now. brazilian surfer gabrielle medina posting the highest single wave score in olympic history and this is the photo we were just mentioning. it captured him in the air and it has gone viral. there's no plastic anything under him.

this literally is the photo. ai didn't -- no photoshop, no nothing. the surfing competition is happening in tahiti. that is 10,000 miles away from paris. but this has gone skprirl i believe coco is about to go viral. the viral and i believe coco is about to go viral, the fight she had with the umpire. she had a whole bunch of fights with umpires, including in the french open a month ago, and then if you remember in dubai, back in february, she got into a tangle with the umpire there. so, it is going to be interesting. she's been standing up for herself. oftentimes the umpire has been wrong in some of the calls. in this case, she feels she was wronged in this call. >> i wonder, you know, worldwide exchange has the word of the day. maybe we should do the photo of the day. >> photo of the day. >> that will be the photo, maybe we'll get coco with the umpire and that will be the next photo. one of the reasons we wanted to mention all this virality is

because so much of this stuff is showing up on social media and snapchat is here in paris, powering augmented reality experiences at the olympics. for the first time ever, snapchat cameras are now inside olympic venues. i sat down with snap ceo evan spiegel in an exclusive interview here in paris and i asked him how all this new technology, like the new kiss cam, works, here in the stadiums. take a look. >> one of the things that has been really exciting this year is that we have been able to bring our augmented reality tools outside of the snapchat application into the olympics app, the official olympics app and into the stadium, which is so fun for the fan experience. >> for those people uninitiated and don't know what we're talking about, when you're in the stadium, you're going to see what? >> you're going to see all the snapchat ar effects built for the olympics in 2024 overlay ovn the audience. the modern version of the kiss cam. >> you can actually walk around

paris and be transported back into 1924 paris. that is one of the very, very cool things they're doing. snapchat, along with tiktok, youtube and instagram bringing creators to paris as well. sort of the influencers, if you will, to capture that content. s i asked evan spiegel how snap compares to all the other platforms that are in play. >> i think we offer social connection without social comparison. and that's one of the reasons why people really love snapchat. i think people have always felt pressure to be pretty imperfect on social media, to only share that 1% of their life that really feels special and worth sharing. but the other 99% is frankly more important many times, especially in our close friendships and relationships, where, you know, the ups and downs of everyday life and sharing those moments is what brings us closer together. >> that's the difference. you talk about instagram, on the gram, you only show -- >> perfection. >> perfection or as close to perfection as you can get. on snap, you send whatever and it is very --

>> that's right. it has less of a negative impact on teenagers as a result, i think, probably. >> 1924 thing has been done. woody allen, "midnight in paris." >> yes. >> hemingway is there, f. scott fitzgerald. >> not on your phone. >> picasso is there. you know what they were eating? this is what i'm getting to. >> where we were eating? >> last night. >> last night. >> on our date. >> on our date. our man date. >> we'll always have paris. >> we'll always have paris. >> you wore blue. >> we have a little bit more, i want to show you -- >> bless you. >> talking about -- this goes to the generational issue, becky, of the snapchat user base and how it has grown up, more than 80% of snapchaters are now older than 18. >> oh, no. >> for those younger users on the platform, i asked him how he handles social media rules for his own family, something we're all trying to figure out. >> 13, 6, 4 and 5 months. >> okay. >> quite a range, all boys. utter chaos.

>> and are they on snap? >> the 13-year-old is allowed to be on snapchat now, but we have family center. a way you can link your 13-year-old's account with your account and see the friends they're talking to and their privacy settings. >> screen time, what's your -- what's the house rule? >> you know, i think everything in moderation. >> i asked him about tiktok and he was very good about, you know -- >> not slamming them. >> demuring on an answer. >> probably smart. but telling that his 13-year-old is only allowed partial -- >> most tech executives don't let their families peer at the phone. >> all our guests are becoming experts at demuring, if you noticed. i guess they know they're going to be asked, right? >> are you learning about the demuring? >> i'm not learning about the demuring. >> i don't demure. >> i don't demure either. >> it is, like, part of the good thing and part of the bad thing. >> right. >> we got a lot more coming up

on "squawk." do not come back -- do not come back. come back. don't miss, we have more from paris right here in a moment. 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

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tomorrow, everybody, on guard. we got to try our own hands at olympic sabre fencing, suiting up like athletes with the help of team usa's maya chamberlain. i haven't seen that. is that my tongue sticking out? >> there it is. the era shot. >> like athletes. >> like athletes, yeah, yeah. pretending and trying our best. we're going to bring you the highlights of our first training session tomorrow. that's right here on "squawk box." they showed us what to do, gave us a few tips, showed us how to go after each other and we did. >> we knew a little bit how to do the other part from before. >> like pirates of the caribbean. >> the verbal fencing. >> the verbal fencing. >> we verbal fence all the time. >> those are two very famous people with us too. >> very famous. >> look at us. look at us go. >> that's unbelievable, isn't it? >> wow.

look at us. >> we don't look like we're that bad at doing that. >> yeah, we do. yeah, we do. because we're fighting each other. >> maybe so. maybe so. >> have they sped up the camera there? what happened? >> that was for real. that's why we were so tired after. >> that's why we were out of breath. >> we have another big lineup tomorrow. we have the ceos of delta airlines and sanofi, and from our parent company, comcast ceo brian roberts and president mike cavanaugh. maybe some other surprises as well. another big show tomorrow. join us for that. and in the meantime, we can take a very quick look where the futures stand right now. s&p up by about 11 or 12 points at the moment. also got the dow at this point indicated off by 20 points. the dow was up sharply yesterday and then gave back during the session, so ended down yesterday. you had slight gains from the s&p 500 and the nasdaq. nasdaq futures up by 62 points. continuing to watch treasuries and we have seen the ten-year

yield lower, 4.17 this morning. fed meeting happening today and then the announcement and the press conference tomorrow, that will be watched very closely. quickly, look at what's been happening with oil prices, it has come back down. crude oil prices, you can see, at the lowest level since june. wheat and soybeans, those futures coming down yesterday to the lowest levels we have seen in about four years. all right. >> putting your sunglasses on. >> i'm a rebel where's yours? >> relief. thanks, everybody. we'll see you back here tomorrow. right now, time for "squawk on the street." good tuesday morning, everybody. welcome to "squawk on the street." i'm david faber with jim cramer. we're here at post nine at the new york stock exchange. carl has the morning off. futures, we begin trading a half hour from now. >> yeah. >> mixed. let's start with our road map. it begins with holding pattern. what i