fireworks in france, the united states adding to the medal count with some high-profile victories. we saw that live, the three of us. we're going to have a big lineup of business leaders, all of them live from paris on this wednesday, july 31st, 2024. "squawk box" begins right now. ♪ good morning, everybody, and welcome to "squawk box" right here on cnbc. we are live from the olympic games in paris. i'm becky quick along with joe kernen and andrew ross sorkin, and it is day five of the olympic games. the action here has been amazing. there haven't been any disappointments just in terms of how exciting this has been. we were just talking about the olympics. the three of us were at the gymnastics team final last night. we got to watch the u.s. team bring home the gold. the u.s. had the highest score

on every apparatus. simone biles now has eight olympic medals. that is the most ever by a u.s. gymnast, passing shannon miller. italy took silver, and brazil took bronze. and this was phenomenal. >> it was electric in there. >> to actually be able to watch on every event. as a result, you saw all eight teams, 24 gymnasts on every one of these apparatuses. you can see watching every one of them, all of them, just in terms of the quality and caliber how strong these gymnasts are. >> the balance beam looked narrower in person, which made me more nervous. >> it's like the width of your foot. >> hand and they do so much -- there's so much air. >> i was nervous for simone at the end. >> she was the final competitor at the event on the floor, and

it seemed perfect. it was very quiet as people were watching her. huge cheers. >> the floor is a good place. for her. for me, as i said, that would be my event, the first 30 seconds of the floor. >> joe was doing it from his seat. >> right to where i get i'm going to run. >> and then you stop. >> it's the same for all of us. >> even for these unbelievable athletes, i think to end on a floor is better than landing on the balance beam, isn't it? >> they're professional at everything. >> i myself with all that room if i did a somersault, i might do that. >> a r asomersault. >> i could pull that off. >> could you do a cartwheel? >> never. >> i could as a kid. >> i think as a child, but now i

couldn't. >> if you're wondering how difficult and dangerous this s check out this picture going viral. this is from the brazilian gymnast. take a look at this. this is what happened to her. i have to tell you. this is after she was bandaged up, she basically competed with a black eye after she suffered a hard fall during warmups off the uneven bars. she fell and smacked herself. this was minutes before she had to get up and do the competition on the uneven bars. she did it. this is what these athletes have. you would think that would be game over for the day. she got a 13.66 on that event i've after she blackened herself. >> italy came back that and brazil. >> right. >> it's kind of cool. >> and a couple of rotations. >> at home, it's usa, usa. it's what you see on tv. >> here, everybody was there. it's france. i mean, i went to a tae kwon do thing.

everyone wants france to win. swimming, everyone wants france. >> there were loud brazilians. >> behind us. it's cool. there's so much taking place. from gymnastics to the rugby, it was a stunning finish as thewomen's u.s. team came back within seconds to win the bronze. this is the team's very first medal ever. also the u.s. men's soccer team clinching a spot in the quarterfinals. they beat guinea. they haven't won a medal since the silver medal in 1924, 100 years ago. we've got a huge lineup of big events coming up in paris. we've got five swimming finals. among the races to watch, katie ledecky is going to be defending her 1500-meter goal. and last-minute testing shows the river is safe.

some previous tests failed for a bacterial contamination. there was a little bit of a debate in paris about what would happen. this even, it's going to be big. the u.s. men's basketball team facing south sudan. the two faced an in an exhibition game in london. to be honest, it was not pretty for the u.s. nba stars but they won eventually. stiff curry said the u.s. won't under estimate south sudan today. we talked just last week about this. >> it was crazy. i mean, this is a team -- south sudan is a country that's only been around since 2011. they have no nba players on the team. their biggest star is 17 years old on his way to duke. they caught usa on guard. >> if you believe grant hill who was on with us on friday, he said, look, it's an exhibition fame. >> nobody wants to get hurt. lebron stepped it up at the end. >> tonight's the night though.

so we will see. >> there's a reason you play the game or else it would be like, here's your medal. it is possible. well, you'd want to see it, right? the ball has to go through the hoop and teams get cold. who knows. my money would be -- if i was a betting man -- >> so my money -- by the way, the ratings have been sky-high. but i will also say my money is -- tonight will be the highest ratings so far. >> with the nba? >> the whole thing. >> and women's gymnastics. >> i'm e going with nba tonight. it's not the nba. we call it basketball. >> dream team. >> it is a version of the nba of sorts. >> right. beyond the competition, here's who we have as far as the list of ceos, the longest continuing sponsor of the summer and winter olympics, coca-cola ceo james quincy will join us on set later this hour.

we're also looking forward to hearing from delta air lines head chief baston and mcdonald's christian ka pinsky. i've been to just about every mcdonald's in paris. >> the worst one is really great over here. >> it is. from our parent company, comcast ceo brian roberts, president mike cavanaugh will all be here. let's check on the markets and where we are so far this morning. kind of a weak session once again, but this morning as we've seen many times people are happy. maybe it's us. maybe it's something else. up 270 points on some strong and results. as far as yields go, this is the

day we'll get the decision of a nondecision. now under 415 at 415. ismail haniyel was assassinated. the vow supreme leader vowing revenge on israel for that assassination. the news coming hours after israel said it had assassinated a senior hezbollah head. now how and whether all of this is going to escalate in new ways. crude prices have moved higher. you're looking at wti at 76.70. the hamas leader had been living in qatar and had been one of the people that was responsible for what are these stall ed ceasing

of arms back and forth. we'll see what happens now once he's been removed. >> removed. also -- >> i'm trying to not shed a tear at this point. >> i know. the question is does this escalate now? what happens to the cease-fire? >> from where it happened. >> tensions have been so igh. there have been so many arms right at each other. there have been concerns about a misstep that would lead into a big escalation. people are wondering if this is that. >> interestingly, the spokesman for the israeli military not commenting on this. >> right. also new overnight in the world of the markets, the bank of japan raising interest rates for the second time only since 2007. the boj lifting its benchmark rate to around a quarter percent from the previous range of 0 to 0.1%. the central bank there had been under pressure to raise rates to

try to prevent the yen from sliding further against the dollar. the yen has been strengthening in anticipation of a move like that. the boj says it expects real interest rates to remain significantly negative and accommodating financial conditions would continue to support firster economic activity. >> we've got shares of microsoft. they're a little bit lower. earnings of $2.95 a share. revenue was also above estimates. we had growth for azure and other cloud services. a little below expectations, just barely. you can see 29% instead of 31% growth. companies predicting a speedup in cloud growth in the first half of 2025. the company announced it will pay a one-time performance-based award. junior ploys can obtain an award of 25% of its bonus while senior directors can get up to 10%.

its leaders want to show recognition for its fiscal year and being watched closely for how much do you spend on ai, what are the prospects. but no one's going to know. and in the meantime no one wants to spend too little. so we're going to have these little -- this isn't the first mega cap stop. pretty good numbers, but initially the knee-jerk seems to be -- paul meeks says don't buy any of these in advance. you're going to do it. it's hard. >> i'm sorry. it's brighter. i can't see the teleprompter. >> you look pretty cool in those. i've got mine. i'll let you lead the way. meantime let's talk about shares of starbucks. earnings are 93 cents per share. revenue came in slightly below the expectations. same-store sales falling, fueled

by a decline. starbucks' second largest market, sales tumbling in both average ticket and sales shrinking. traffic to the stores falling again, down 6%. somewhat better than some had worried about. more shoppers are buying packaged cove at grocery stores which may be speaking to some of this and how challenging it is to consumers, but what they're saying, a challenging consumer environment weighing on sales at the cafes, and that stock on the become of the news at least for now, and the futures market up 2.5%, becky. >> shares of amd are slightly higher after shares came in, beating expectations by a penny. revenue also beating and the third quarter revenue guidance came in above expectations. the company saw higher than expected sale of the ai chips

during the quarter and as a result it's raising its revenue forecast for the year. you can see the stock right now, up 9.1ch. the ceo lisa su will be on "squawk on the street." that's going to be a first on cnbc interview. shares of asml jumping in early trading. take a look at this if you could. reuters reporting that the company could receive an exemption from expanded export. the netherlands headquarters making machines to manufacture some of the world's most adv advanced. they would be restricted by a u.s. rule that restricts imports. as a result, that stock on the back of that news. if you're worried about china getting ahead, i'm not sure why this would be allowed.

meantime shares also rising, i should mention, on the back of that same report. when we come back, a lot more here in paris. it is decision day for the fed. we're going to talk about what investors want to hear from jay powell next. and then later this hour, sports and media colliding to make one huge business story and we're going to talk to the man in the middle of it all, casey wassermann and his olympic plans to make 2028 in los angeles a massive success. stay tuned. you're watching "squawk box," and this is cnbc. (man 2) i have people i can count on. (grandma) and a million stories to share. (vo) the key to being rich is knowing what counts. the all new godaddy airo helps you get your business online in minutes with the power of ai... ...with a perfect name, a great logo, and a beautiful website. just start with a domain, a few clicks, and you're in business. make now the future at godaddy.com/airo

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if you hit it, get it checked. we're "squawk box" live from paris with the summer o e olympic games. on today's squawk planner, adp plans are due. and we get the latest fed decision at 2:00 p.m. that will be followed by a jay powell news conference. feds are expected to hold rates steady, but it could sig gnat a cut in september. that's what the markets are counting on. also with regard to boeing, earnings are do. then after the "closing bell" we'll hear from meta platforms and qualcomm, and that's what the markets are going to be watching very closely.

right now if you look at the gainers, the chip stocks are the top gainers. we showed you what's happening with ad shares up more than 9%. you can see pretty big gains. nvidia up by 5.25%. broadcom up. joining us to talk about it is stephanie link, chief strategist and portfolio manager at hightower advisers and also a cnbc contributor. steph, what do we think about what's happening with the chip stocks? pretty good news with the earnings, and there have been skeptics as we headed into those numbers. >> yeah, absolutely. i think amd is certainly the bright spot today, but just keep in mind, becky, the stock is down, it was before today, down 6% year to date. expectations were really low. and i think people were not expecting them to raise guidance, and i thought it was interesting that they're guiding higher in servers and cps.

we talked about it. i own seagate for that very reason. really good for amd. i think the fact that microsoft, the fact that alphabet and all of these other hyperscalers are going to be spending a significant amount of money on ai, that's actually also feeling the higher semiconductor group as well. >> how much of this is any short activity that may be getting squeezed out with some of this too because there had been a real change in sentiment in the week or two leading up to this. >> oh, absolutely. i think you definitely had semi-conductor stocks. they're definitely oversold for sure, but i do think the valuation, some of them anyway, the valuations are really very attractive. something like a broadcom or lam research. each nvidia down about 20% from its highs. maybe we get a bounce for the next couple of days. we'll have to see. at the end of the day, the

semiconductor companies are making money on aic /*. >> steph, i know one of the big questions that everybody's trying to get their arms around is how big of a slowdown is there in the consumer, at least in the lower end consumers. how much of a pinch is there? we got some insight into this with procter & gamble. we're going to be talking with the ceos of coca-cola and mcdonald's today. what are you looking at? what are you thinking? which of these stocks do you like? >> i mean i think the consumer -- certainly you're seeing some pause, especially at the low end and medium-sized consumer. the high end, i think, is also in question. look at all the luxury companies that have actually disappointed in terms of guidance. i do think you're seeing a little but of a pullback, but

the big thing i'm keeping an eye on is the job market. as long as the job market is okay, the consumer will hang in there. that's really the biggest piece to the puzzle. yesterday's jolts numbers weren't horrible. they're coming down, of course. but they weren't really, you know, surprisingly negative. so i think the consumer can hang in there. i think you want to be very, very careful with which consumer stocks you own. the area i'm bullish on is housing because i think you're in the trough of housing. i think you're going to see a recovery as interest rates come down. i think you want to be very careful where you pick and choose, especially in the staples sector, the stocks are not cheap. they're pretty expensive. >> stephanie link, thank you, ma'am. always great talking to you. >> thank you. good to see you. >> you too. coming up, nbc's ann thomson

on her favorite moments so far. she knows what to look for. this is either six or seven olympics that she's covered for us. in the next half hour, a consumer brand that's synonymous with the olympics. coca-cola. the company has beena sponsor of the winter and summer games since way ckba in 1928. coke's ceo will join us live. stay tuned. you're watching "squawk box" on cnbc.

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welcome back to "squawk box" live from paris. and joining us now, nbc news correspondent anne thompson covering her sixth olympics, my first. >> my first. andrew, you've done it a lot. >> i don't know how many. three or four. >> we're figuring out how it's

done. you know how it's done. >> isn't it fun? it's like the best assignment you could ever have. it's just like two weeks where hopefully you get to smile, you get to tell great stories, you get to take a deep dive into the culture of the country you're covering. i just love it and i love the athletes. they're the best part of this. >> i use this expression so much. paris? it's just -- that's just amazing, is it not? >> hasn't it been phenomenal how they've used the city to incorporate the city into the events? think of fencing. fencing is the grand parlay. notre dame has a wonderful fencing team. i pass those kids when i'm on campus, and they're studying next to the hockey arena or whatever. now they're in the grand parlay fencing for an olympic medal. it's really remarkable. >> let's break it down the way

you see things. let's break down what you saw yesterday. we have something we can share with the ladies' team, gold medal. we can do that. what were the highlights yesterday and the day before that? >> the big highlight for me has been i got to go to the men's gymnastics all-around final. which i love the men's u.s. gymnastics team because they're really gritty. they are maybe not the best gymnasts in the world perhaps other than steven, the clark kent of the gymnastics team, but they take a punch and come back. think about brodie malone and the injury he suffered. he got up on the high bar and just knocked it out two days ago. it's a wonderful story. and to be in that arena. first, the arena is a great place to see gymnastics. it's phenomenal. i think you can see through these games really a theme of resilience. you look at what simone biles did last night. i was in tokyo four years ago

when she got the twistyies doin the all-around. to see her come back and speak openly about the mental health challenges she did the day before yesterday was talking to her therapist, she's being very human and very real. to watch her last night and see her smile, she was smiling before she landed and came off the uneven bars. not at a performance smile, but a real genuine smile. >> bus she knew she had it. >> she knew she had done exactly what she came to do, and nobody was going to do it better, and that was especially true on floor exercises. . remember when she rolled her eyes at herself and stepped out of bounds. even then, know's going to come toward her. >> still close to 14. our hearts all sort of jumped. it jumps a lot when you're there. it jumps a lot. >> we got worried when she was

on the balance beam for a minute. we were all sitting there. >> even where you're not getting all the air, where you're twisting around? >> the wolf turn? >> the wolf turn? >> i hate that look. even simone doesn't look good doing it. they look like they're going to twist and fall off. >> suni lee was pretty amazing. she nailed it on the beam. >> she did. and for jordan chiles who fell off her mount and got back up and continued her routine, that's the type of resilience. >> we were talking about the brazilian athlete. we saw her fall because we were right in front of the uneven bars writhing on the floor in pape. to get back up and continue to do your routine and she got a 13.66 after that? >> how much pain she had to be

in. >> just walking. >> these athletes are not normal people. >> what are you looking forward to next? track & field hasn't even begun yen. >> no. >> noah lyles? >> it sort of reinvigorates everything all over again. what's on your list today? >> today i ooh going to water polo. the women's polo team is three-time defending medalists. no men's or women's team have won four straight medals. we're going to to see if they can. they beat grease, lost to spain. they're taking on italy. that's my immediate challenge. but i'm really excited to see noah lyles run. i think he is just -- he's joy personified to me out of the track. i just love watching him run. >> you know so many of the people. maybe you ought to do some play by play. >> i would love to do that. >> i don't know why you're not. >> when i was in beijing, there were so few people there, i

actually got to be the sideline reporter for speed skating and i loved it. it was a dream come true. >> how about snoop dogg. >> anne, it's great to see you. >> i almost called you mary. >> mary and i have been texting. >> your older sister. >> my younger, smarter, prettier season who misses everyone but joe. >> beautiful, charming, and elegant. we love to see you. when we come back, joe, andrew, and i got to try our hand at a very popular olympic sword here. we had swords or sabres.

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good morning and welcome back to "squawk box" live from the olympic games in paris. let's talk a look at the futfutures where things stand. what are we? day 12? >> day 5. >> nasdaq looking to open at about 280 points. the s&p 500 up by about 53 points. meta we should tell you about has shut down its celebrity look-a-like feature chatbots. you could capture celebrities. they include mrbeast, paris hilton and others. instead focusing on its rollout of ai studio that lets creators make chatbots of themselves.

yesterday meta agreed to a record $1.4 billion settlement with texas, this over allegations that it illegally collected facial recognition information on millions of users in violation of state law. that is quarterly results are due after today's "closing bell." so a lots of folks are going to be looking at that. they just released their latest ai march language model. i'm finding it's unbelievable and i think is going to compete. anyway, when we come backing we're going to talk to sports media mogul. the man at the center of the next olympics, casey wasserman, about his plan to make the next summer games in 2028 a smashing success. stay tuned. you're watching "squawk x"n bcivomaris.o o were you worried the wedding would be too much? nahhhh... >> announcer: "squawk box" in paris is sponsored by comcast, proud partner of team usa.

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ja welcome back to "squawk box." in four years from now the summer o e olympics will be back in the united states, this time in los angeles and this time including new sports eventing including crickiquetet. nice to see you. you already got t-shirts made. >> at least one. >> so you're here. the moment is almost upon you -- upon us. at the end of these games in just about a week and a halving the torch will start moving toward l.a. what are you learning while you're here? >> i think one of the unique things about olympics, you

intellectually understand the squall of it, but until you see and feel the scale of it, it's hard to comprehend. it's a lot of watching to see how these things are going. we're essentially producing 17 days in lack. to understand all the complexity that comes with that, transportation, security, operations, restocking facilities, all those things we never see, we knee need to see that. >> are sky-high. what are you going to be living? what's working? >> what's working here, that i did a great job of creating iconic venues and having full venues. there's a lot to learn how they did that, managed that. what's not working, mostly is behind the scenes and nonconsequential at scale, but one of the things we have is all of our venues operate. when we move into the village in uca, there are more students living at ucla dur thing the

school year. they field them, house them, do lau laundry, it rah. the first time is when the world is not watching. >> you're not having to build a million new buildings. you only have to build two. what are you doing and how much will it cost? this olympics looks like it's going to cost something on the order of $10 billion when all is said and done. >> they have two budgets, building budget and an operating budget. we have one because we're not building any new buildings. we're at $6.8 billion. when you don't have to build anything, that's starting at a good place. how are we leaving l.a. better than we found it? >> are you studying '84? >> i was there, living there, and there was a good amount of

trepidation. >> i talked to peter three days before i came over. i was there. i was 10. and it was maybe the best l.a. had ever been to that point and it changed the city. a lot of things we did we'll repeat and we have a lot more to do in terms of the transportation. >> you've got mass transit. >> highways. >> these guys deal with traffic by shutting the roads down. >> we won't shut the roads down, but you put everybody in buses. you put them in special olympic lanes. of all the things we worry about, traffic is not what we talk about. '84, i almost got hit by a car. >> i have loved being in paris. i've never been thrilled with the idea of having olympics in new york city with somebody who works there. >> there were no truck deliveries except between

midnight and 5:00 a.m. >> it's like, get out, we're going to make the city much better. >> correct. i think any problem you can solve for 17 days. that doesn't mean we can fix things forever, but we can fix it for 17 days, like remote work. >> is there a different set of responsible soers you're looking at for 2028? i ask. lvmh, this is their home. it will be interesting to see if they continue as sponsors. i don't know what you think about that. does disney say to themselves this is our land, we're going to sponsor this? are there companies who play in this space who became sponsors. >> disney, we have to be respectful with your boss in many ways and the olympics and comcast. people forget in 1984 disney

designed the mascot. there's a whole group of people who want what california is. >> will you keep surfing in tahiti? can you do it? >> malibu. they're doing it in malibu. >> we've got a couple of choices. the waves aren't great in california summer. >> do it in tahiti. >> and send joe. >> i won't make any jokes about american foreign policy. i guess i could do it in polynesia. >> how spread out do you think you're going to do it? basketball is 2 1/2 hours away, equestrian's at versailles, which is an unbelievable place, but it takes a while to get to. even getting from one event to another in paris, you can't do more than one or two sports in a day. >> we have a different model. about 85% of our events are 85 kilometers from each other from long beach to the valley. it's a pretty tight radius with

a lot of events in concentrated locations and we'll have more in other places. there's no sailing in paris, so sailings in marseille. we're going to do softball and canoe, kayaking in oklahoma city. we're going to take advantage. those are the things people got in trouble building those venues and they understand they've got to be much more flexible. >> here they have to do security at each level. but if you can do it in one or two places, it changes the h whole. >> it does. we have our national social security exemption three years earlier than any event in america but it points to the scale and complexity of this. >> casey wasserman, we wish you a lot of luck. >> becky, thank you. >> he's got the hat. >> north shore. >> oahu. >> only in the winter are there waves in the north shore. >> oh. >> really. >> see? >> appreciate it.

>> thanks, guys. coming up, coca co-will james quincy joins us on set right here in paris. "squawk box" coming right back. >> announcer: "squawk box" in paris is sponsored by comcast, proud partner of team usa.

still to come this morning, coca-cola ceo james quincey on the strength of the consumer right now, at least from where he's sitting. we'll talk about inflation and why his company is still a major sponsor of the olympics, nearly a century after signing its first deal with the games. we'll talk with him right after this. when we come back, we're going to dive into the business behind the olympics, when we return, live, from paris.

♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪

all right, welcome back, everybody. our next guest runs the largest beverage company in the world, and it has a long-standing relationship with the olympics. in fact, the longest standing corporate relationship, it dates all the way back to 1928. joining us now is coca-cola ceo james quincey. james, it is a pleasure to see you here. >> thank you, great to be here. >> let's talk about what this means. you're the longest corporate sponsor of the olympics. you guys are everywhere. i've seen you from the stands, the cup i got yesterday at the gymnastics was a coca-cola cup, the carts everywhere, the signage everywhere. what does this event mean for you all? >> look, it is a great long-standing partnership and we'll be very happy to celebrate 100 years in l.a. but it is an opportunity to celebrate the greatness of the event, it is the world's largest event, but also the incredible

human drama that happens every day, with each individual athlete. and in the end, we need to stay hydrated, it is hot here. we're selling 80 million drinks a day. >> are you really? >> just in paris. >> what do you sell? what do people drink? i think of the athletes being the most healthy people on the planet. what do they drink from coca-cola? >> coca-cola zero is my bet. >> they have a lot of water, they have coke, ready to drink, one of the athlete favorites in the village is learning to be a master barista on coffee. there is a huge coffee stand and they can learn to be a master bri barista. >> with the cost of coffee. >> there is a whole portfolio of drinks. providing choice. >> for you as a ceo, are you using this as time to meet with your customers, your time to meet with your vendors? how does this work out for you? how many games do you get to go see? >> i see a few of them. in the end, it has lots of opportunities, our customers are here, but also it is an

opportunity for consumers around the world to participate and come and enjoy the experience of the olympics. we use it across a whole set of different fronts and also to celebrate the local operations in france, the torch relay, which is now done and comes up to the opening ceremony, there is a fantastic opportunity to go through every village in france and bring the olympics to some places which don't see a lot of things and have a moment of celebration. >> let's talk a little bit of business here. we have been watching the consumer, and depending who you're listening to, sometimes at the lower end of the consumer spectrum, sometimes the luxury end, there has been a pullback. that's not something you all have seen just yet. it seems like you're seeing consumer spend strong, you raised your guidance based on what you're seeing. what is happening that gives you that kind of confidence? >> it is a tale two of cities, no pun intended, we're here in paris. you have the lower end consumer, particularly in the u.s., in europe, under pressure from purchasing power, reducing

occasions away from home, maybe spending a little less, also the chinese economy is under pressure, economically you're seeing consumers pull back there. on the other hand, there are segments where people are actually still spending and spending strong, particularly on some of the premium beverages, some of our value added dairy beverages in the u.s. it is a combination of the two. and the benefit of companies, we have a big portfolio, such geographic diversity, we're able to see our way through. >> you've raised your pricing pretty significantly. do you see any fatigue in terms of what the consumer is willing to accept from higher pricing? you saw north american case volume down in the last quarter. >> for sure the consumer is being more discerning in terms of where they want to spend their money. i think our strategy, something i'm focused on, it is not just about pasting on increases, it is about earning the right of taking up the pricing and therefore you have to deliver value for the consumer, the

marketing, innovation, the packaging options they have, where they're going to drink it. without that, the price increases will inevitably erode the volumes. got to earn the price increase and make sure it can stick with the consumers. >> can i ask you a marketing question? >> sure. >> how much -- what is the correlation between how much money you spend on advertising and this is a big event for you, and what you actually see on the other end in terms of sales? >> there is a lot of art and science in marketing, as we all know. we have been upping our marketing pressure. it is not just the amount of money you spend, but the quality of the advertising. this year we came out for the first time ever, we won creative brand of the year at cannes. it is about the two, and really you can spend as much as you like, but if it is not good advertising. >> you have a better pulse than most on what is actually working. for example, does tv work for you? is facebook, instagram better

than twitter, than tiktok? how do you see the different platforms? >> i think there are two things to bear in mind. one, are you trying to build a brand image and do you need to tell a story which needs more of a long form format are you trying to do short form performance marketing? >> people are not buying soda off of direct to consumer way, are they? >> they do. they can add it to the basket of whoever they use it from the grocers. it may be about trying to deliver a specific message. there is a difference in relative pricing between the different media channels and that matters too. it is about the return on the investment. so, what's consumers see and what they do with it relates with how much do i have to spend to get on there. >> the ceo of mcdonald's is going to join us later on in the show. mcdonald's has seen sale numbers drop, first time in four years to see quarterly sales drop. you're a partner with them.

they are getting praised by wall street right now, just in the last couple of days, because it looks like the value meals they're doing are catching on and bringing consumers back in. you partnered up with them on that. how does that work? you kick in some cash to help extend that $5 value meal deal? >> we have a huge long-standing partnership with mcdonald's and we have a partnership framework on providing the beverages and also joint marketing funds which are being used to drive this activity and to bring consumers back in to the restaurant. so really it is about that sweet spot of trying to increase traffic or hold on to the consumer base, or whatever your franchise is, but also not completely collapse the business in terms of the overall structure. >> you and chris talk a lot about this? >> yeah, of course. we talked to all of our customers and chris and i connect on, like, where do we see the consumer going and what should we do about it? >> there has been a long-standing rivalry between you and pepsi. you're in the number one position. pepsi is number two. dr. pepper worked its way in to

be tied number two with pepsi. part of the reason is because dr. pepper can be anywhere. if a vendor signs with coca-cola, they're just coca-cola. if a vendor signs with pepsi, they're just pepsi. is that going to ining to chant they have upped their game a little bit? >> they distributed in a big portion of the u.s. by the coca-cola bottling system which makes a lot of money for the coca-cola bottling system. it is an attractive partnership. we'll look with our bottlers to do what is right for the coca-cola system and each player will take their turn. what has been happening over the long time series is the coca-cola system is the long-term share winner. so what we're doing, we feel, is working for us. we'll keep sticking at it. >> i guess you would rather see dr. pepper win than pepsi for the number two spot? >> i would rather see me win it all, but -- >> can't take gold, silver and bronze. >> it is hard, but, you know, in

business, you can have a bigger gold medal, which is very attractive option. >> james, thank you very much for joining us today. it is great to see you. >> great to see you. >> enjoy. >> thank you. it is just after 7:00 a.m. on the east coast. 1:00 p.m. right here in paris. and you're watching "squawk box" right here on cnbc. i'm andrew ross sorkin with joe kernen and becky quick. and we have got the arc de triomphe in the background. among the big stories breaking overnight, hamas leader assassinated in tehran. this after attending the inauguration of the country's new president. hamas saying an israeli air strike killed the group's top political leader, iran's supreme leader vowing revenge now on israel for that assassination. the news coming hours after israel said it assassinated a senior hezbollah commander in beirut. we'll be watching to see what happens next. tensions have been rising in the region, responsible for one-third of the world's oil supply, crude at this moment, up

now nearly 3% on the back of this news as questions about whether and how this may escalate. meantime, back to the other markets, the federal reserve's latest policy decision due out at 2:00 p.m. eastern time. investors as we have been talking about all week expecting the central bank to keep short-term interest rates on hold. but we're going to be watching to understand the language and see what is said to start to lay out the groundwork perhaps for rate cuts to begin in september. at least that's the expectation and the intensity of the cuts also remain up for debate about what may come later this calendar year. the consumer products safety commission saying amazon is responsible for hazardous products sold by third parties on its platform and shipped by the company. that means that amazon is now legally on the hook for the recalls of more than 400,000 products. amazon says it plans to appeal the decision in court. >> let's get a check on the futures this morning. you'll see right now, there is a big bounce for the nasdaq in particular. that's indicated up by 280 plus points above fair value.

dow is getting a bounce too, up more than 100 points. the s&p futures up by 50. a lot of this coming from earnings last night, very strong reports, especially when it comes to some of the chips. we want to get over to dom chu, he's got a look at some of the biggest premarket movers and, dom, big day. >> big day, big earnings reports, becky, andrew, joe, to your point here. we'll get started on this wednesday morning with a check on shares of microsoft. the reason for a decline is being viewed as disappointing cloud results for the quarter. revenue from that azure unit and other cloud services grew by 29%. that's good, versus an expected 31%, that's the part that is maybe a little bit bad. also, guidance for the next quarter came in slightly below estimates as well, so on balance we're seeing a 3% decline in a second biggest company out there. now, let's look at the chipmakers as becky alluded to. they're up pretty much across the board. first off, because of earnings

by amd. those shares are up roughly 9% right now as the company saw its data center sales more than double in a year. its rivals like nvidia, qualcomm, are also seeing a boost this morning as you can see here, overall, asml is also climbing more than 7% on a reuters report that could be exempt from expanded export restrictions on chip-making gear to china. that foreign direct product will not have restrictions on the netherlands, where asml is headquartered, according to that report, as well as other partner countries. so keep an eye on chips overall. and finally, let's get a check on shares of starbucks, they're up 3% right now after the world's largest coffee chain reported earnings that were actually just in line with expectations. it was a slight miss on revenues. same store sales fell about 3% overall. and sank 14% in china. but that stock is moving higher, perhaps due to the company reaffirming its full year guidance and seeing a boost in the average ticket in the u.s., so, remember, for a company that

was down already 23% over the past year, a little bit of incremental good news, perhaps a bottoming taking hold there, i'll send things back over to you guys. >> they got to reinvent it again somehow, and supposedly it started to bear fruit. coming up, delta ceo is the official airline of team usa. our parent company comcast, we will be joined by ceo brian roberts and president michael cavanagh. u'.y tuned yore watching "squawk box" live from the summer olympics in paris. 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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air stri strike outage earlier this month. it led to thousands of flight cancellations. the outage occurred just as these olympic games in paris were about to start. delta the official airline of team usa. and joining us right now for an exclusive interview is the delta airlines ceo ed bastian here in paris. i want to talk about -- i went through jfk and flew on delta and went to your amazing delta lounge, which i know we have been talking about for weeks now on the air. but let's start, though, with the crowdstrike situation and what happened. before we get there, what is the state of play right now, is everything -- is everything back working? >> everything, except for joe's ability to enter the app, everything is working and we have been up for over a week. over the last seven days, we had less than 100 consolatuldn't cancellations in aggregate. we brought so much of the production crews, the athletes

over, it was just a really, really tough situation. >> what is the lesson of it? not your fault, but clearly you use microsoft, use crowdstrike. i wonder whether you have to rethink about how these systems are set up in the future. >> absolutely. and it is funny because people go out and wonder how this could happen, if we have redundancies, we built hundreds of millions of dollars in redundancies. the issue is what you said. microsoft and crowdstrike and we are heavy with both, by far, the heaviest in the industry with both. we got hit the hardest in terms of the recovery capability. people don't realize, microsoft and crowdstrike are the top two competitors around cyber with each other. they don't necessarily partner the same level that we need them to. so i think this is a call to the industry, everyone talks about making sure big tech is responsible, well, guys, this cost us half a billion dollars and that's -- >> what's going to happen? you're suing? >> we have no choice. over a period of five days, between not just the lost

revenue, but the tens of millions of dollars per day in compensation and hotels and we did everything we could to take care of our customers over that time frame, we have no -- so, if you're going to be having access, access to the delta echo system in terms of technology, you have to test the stuff, you can't come into a mission critical 24/7 operation and tell us we have a bug. it doesn't work. >> what did they offer you? did they say, oh, thanks, here's a meal voucher? >> do you really want to know? >> we really want know. >> i want go there. they haven't offered anything. free consulting advice to help us. exactly. so we have to protect our shareholders, our customers, our employees for the damage, not just to the costs, but the brand, the reputational damage and the physical challenges. >> does that mean using five different companies in the future for this? does that mean using one company? >> it has been a wake-up call for me. we have issues regularly in this

space. and i think part of the issue, to be honest with you guys, you look at the crazy valuations, a lot of these tech companies trade at, multiples, double digit multiples of future revenues and so where is the priority? is it growing the business? or delivering exceptional service to their existing customer base? i can tell you they have not delivered exceptional service and, by the way, it is not just crowdstrike and microsoft. it is other names. >> microsoft is one of those companies you also can't get away from in some regards. is there any rethink about how to use them or not? >> we have to. we have to. my sense is they're probably the most fragile platform within that space. >> you think microsoft is -- >> when is the last time you heard of a big outage at apple? >> right. >> very infrequent. the question is, is that in part because they don't have as much corporate business? >> listen, they have our business, we're primarily a microsoft shop. i have tremendous respect for

microsoft. but they're building the future and they have to make sure they fortify the current. >> so, right now, is there, like, a 45 or 60 or 100 day plan? >> oh, yeah, we're in -- the question you just raised, how do you rethink the fortification? we thought we had the best between microsoft and crowdstrike and they're integrated, that's what caused a lot of the slowdown, to decouple them, to encrypt. we had 40,000 servers and we had to go touch and reset and it dia didn't all come back on the way they left. they're not scheduled. >> i'm sure you read the terms of service on these agreements, they have almost every out in the world to suggest they are not liable for anything unless it is gross negligence, so the question -- i'm not even sure -- i'm sure you probably signed your life away on gross negligence the way some of the things are written. contractually, what do you think is going to happen? it is not just you who is going after them.

half a billion dollars would wipe out a company like this. >> we're not looking to wipe them out, but we're looking to make sure we get compensated however they decide to for what they cost us. half a billion dollars in five days. >> let me ask you, one other related question, we talked about this delta one experience, which i had the opportunity to go to, i was at jfk, it was pretty cool. how expensive is that for you to do and how can you replicate that around the world, is that more important than what is on the plane? how do you think about the different dynamics here? >> the challenges in our industry historically has been seen as a commodity. as an industry broadly. over the last couple decades, delta looked to differentiate its people, its service, the quality of what we deliver. the only way we can do that is make sure we're leading with our front foot on premium and having a higher end opportunity for people to buy up. our industry, you know, demand is crazy. we never have seen demand at this level. you see it, it is everywhere.

but the lower end is having a challenge. >> so much more price conscious. >> a lot more price conscious. >> they're on kayak, they don't care whether it is delta or -- >> that's how value used to be ascribed to in our industry was price. whoever got me the lowest price was seen as the value producer. today, value has shifted to the quality of the experience. that's where delta is wing. th that's where we're going to continue to lead. >> ed bastian, thank you for coming in. nice to see you in paris. thank you. when we come back, the u.s. women's gymnastics team dominating the competition last night to bring home the gold. up next, we will talk to someone who knows that story well. the former captain of the u.s. women's olympic gymnastics team. stay tuned. "squawk box"ilbeig bk. wl rhtac

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welcome back to "squawk box." we're live at the summer olympics here in paris. and athletes using social media more than ever. check out this video that has

gone viral. >> everybody wants to know what i would do if i didn't win. i guess we'll never know. >> that was kind of my favorite one. i got to say. after last night, we were there. i think our next guest was there too. we're going to talk about all this in just a minute. >> she was there, i think last night, a few other times, competed in two olympics, medaling six times, including three golds. and has become a mental health advocate following her gymnastics career. joining us now, former 2012 and 2016 usa women's gymnastics olympic team captain aly raisman. we tried to somehow imagine what it must be like to be a gymnast. i just can't. there is no way i could understand the pressure or the -- the actual fear that i would have of, you know, when you're eight, nine, ten feet off

the ground, and you need to be in control of every part of your body. mentally it is very difficult as well as physically, i would think. >> absolutely. first of all, thank you, guys, so much for having me. this is so beautiful and so spectacular. yeah, it is, even when you're doing it and you're out there, i was still terrified and still nervous. gymnastics is very scary. and i think that it takes so much amount of pressure. sorry, so much amount of hard work and when you're under all that pressure, you kind of just want it rely on that muscle memory because it is so hard to be able to handle everything in that moment. when i was watching them compete last night in the moment before the gymnasts went up in beam at the team final, i was, like, i'm so glad i'm sitting in the stands right now. i did beam in the team final twice and it is probably one of the most nervous i've been in my life both times. i'm so impressed with the way they have been able to handle the pressure. i feel like everyone in the world is watching them. >> we were nervous for them. >> yeah, i was very nervous. >> you must have been right back

where -- right back to where you were, eight years ago. >> yeah, yeah. i can't believe it has been eight years, but i was so nervous for them. i feel like i was doing every movement with them. i like to watch them when they're not actually competing and see their body language and they were so relaxed and so calm, so i felt like it was going to go really well and i felt like the entire arena was rooting for the u.s. it was really special. >> you do it a thousand times beforehand. you said muscle memory. can you stack the deck in your favor? are you never sure? >> the preparation definitely makes a big difference. i think though when you get to that point at the olympics, i think you need a little bit of luck because sometimes fluke things happen. for example, jade carey was sick and wasn't able to eat for a couple of days and that impacted her floor routine on first day of qualifications, sometimes injuries happen. maybe you're jet lagged and didn't sleep well the night

before. i think you need a lot of hard work, i think you also need luck to have that day you compete that your body feels good, your mind feels good, everything kind of falls into place. but i think that all those years of hard work and giving yourself that confidence is really key. >> i have a practical question. i don't know if you appreciate when you're watching it on tv, because it is like a four ring circus and there is other athletes competing at the same time, do you ever look over at them when you're -- do you try not to? what happens if everyone is going crazy for somebody else, like, how do you even think about that? >> yeah, it is really interesting because i feel like no matter how much hard work you put into it and how much you try to simulate the environment, you only get one practice in the olympic arena before you actually compete. and, you know, most of the gymnasts are training by themselves or with a small group of people. and it is quiet in the gym, so you go into a crowd where it is so loud, and as you mentioned,

you're going at the same time as other people. so it can be very distracting and disorienting. and i said to my mom, when the u.s. gymnasts were on floor, and great britain was on beam or other gymnasts were on bars, i was, like, gosh that has to be very hard, the crowd is erupting and then they're in the middle of their release on bars and it is really hard to block everything out, but when i was competing, i was somehow able to block out everything and i could just hear my coach and my teammates. i don't know how i did it. but i think it takes a lot of practice and you have to learn to not let anything distract you, but it is -- it is really weird and when you compete on beam, oftentimes it is dead silent, and that's, i think that's actually worse because you feel like you can, like, hear a bag of chips opening. it is very, very weird. >> knowing that you deal with the mental health aspects of it, do you think you understand the journey that simone biles went through or do you think only she really understands?

you understand a lot better than we do, but what do you think really -- and to come back and to conquer all the demons. >> yeah, i think only simone knows what it feels like to be simone, she's in such a unique position and has been through so much. i feel very fortunate that i'm very close with her. so we talked a lot over the years. and we have talked a lot about what she's been through and i'm so proud of how she's come back and i feel like she's doing this for herself. she's worked so hard, i feel like this is the most calm and sure of herself i've ever seen her and i think it really shows in her gymnastics and at the age of 27, i feel like she's really gained so much experience and more confidence. so i am so proud of her. and it is just incredible to watch her. i'm so excited to watch her tomorrow night. >> you can get to the point where you've done so much, said why do i need this, and then -- but then i think the champion in you just says i do need this and i'm going to do it again, which

she eventually did. i bet she's glad she did. that's why we're here and that's why we're watching the human spirit at work. that's what's so -- it is amazing. >> yeah. >> i have a tip and trick question for you. >> yes. >> is there anything you feel like you've learned on the bars or in those moments, like a mental health thing, to actually focus in, like, regular life that folks who are watching us can actually use? dealing with anxiety? i have anxiety all the time. >> i do too. i think it is about finding things that work for recognizing that everyone is different. what works for me might not work for simone. last night i was watching, simone, when she's waiting to go, she sits down. and for me, i was telling my mom, i'm the opposite, i like to pace, i like to move around, i like to stretch and keep my body warm. we're all different, and so what works for, like, your colleague or your friend might not work for you. you have to figure out what works for you and it is not one

size fits all, just as mental health isn't one size fits all. i think it is about obviously having the support system and asking people for tips and advice, but then taking the time to reflect and figure out how to navigate that yourself because we're all different. >> thank you. i bet you get some pretty good seats, don't you? >> i got to sit next to my parents. i was very happy about that. >> good seats. >> yes. >> thank you. >> thank you so much. when we come back, a lot more here on "squawk" in paris. we're waiting for quarterly results from boeing. we'll bring you that. plus, we'll be joined by the ceo of french pharma giant sanofi paul hudson. in the next hour, cnbc parent company comcast, we'll be joined by the company's ceo brian roberts and president michael cavanagh. and we have a special little video we're going to show you too of some not just verbal fencing, but real fencing, with all three of us. you're watching "squawk box." this is cnbc from the olympic games in paris. >> announcer: time now for today's aflac ivtria question.

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question. including 2024, how many times has paris hosted the olympics? the answer, three. 1900, 1924, and 2024. boeing's quarterly results just out, literally moments ago. want to get straight over to phil lebeau who joins us with those numbers. phil? >> andrew, as expected, because it was such an ugly quarter with so many things going on, this is a wide miss on the top and the bottom line by boeing in the second quarter, losing $2.90 a share. revenue coming in shy of expectations at $16.87 billion. expected to be $17.23 billion. negative free cash flow of negative $4.3 billion. q2 operating margin, negative 8.3%. defense charges totalling, we won't go through all of them individually, totalling $1 billion including for air force one, the new one coming up, as well as starliner.

taking a $244 million charge for the doj fine they agreed to relative to the 737 max deferred prosecution agreement. they reiterate the goal of 737 max production by the end of the year of 38 per month and 787 production by the end of the year of 5 per month. a miss by a wide margin on the top and the bottom line of q2. and we have one other piece of news, andrew, we thought they were getting close and now we have, a new ceo has been named by boeing. it will be kelly ortberg. he is on the rtx board, former collins aerospace ceo, he brings a lot of experience both in terms of commercial aviation as well as defense. he ran rockwell collins as ceo from '13 to '21. he retired in 2021.

highly respected within the industry. not just the commercial industry, but the defense industry as well. he's got his work cut out, guys, kelly ortberg, the new ceo of boeing. we're waiting to find out the exact start date. i wouldn't imagine it is going to be too long into the future. he's got a lot of work to do and a very short amount of time to start stabilizing things in terms of production. >> okay. phil, thank you. thank you very much. when we come back, a lot more right here in paris. the ceo of french pharma giant sanofi will be here. and then the co-ceos osh mpy on, there is cool new shoe technology in paris that may change running forever. "squawk box" coming back from the summer olympic games. - [narrator] we just signed the lease on our third shop. my assistant went to customink.com

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joining us right now in paris is paul hudson, he's the ceo of french pharmaceutical giant sanofi, which is based right here in paris. just a few days ago, the company reported earnings that topped the street's expectations. it was driven by record sales of a powerhouse drug dupixent.

>> thank you for joining us. >> great to be here in my home city. 30 meters to get towhere you are, so thank you for making the effort. >> thank you for being here. before we get to dupixent, let's talk about how you're a sponsor of the olympics and the paralympics. you hosted the great magnificent medal force that kind of ran down the seine. how does that work? how did you get involved with this? is it just because it is here in paris? >> well, we -- you know, we wanted to be involved with something iconic that will be memorable. it was 100 years and it could be again. we wanted something iconic. we worked with the president of the french olympic association to do something and he said what about collaborating with the horse. we're, like, absolutely. we didn't know how it was going to play out. you don't know.

and then once it started riding down the seine, and everybody sort of jaw dropped, we were delighted. we'll make it available at our office, we'll also make it available in a museum or something in paris so that everybody gets to enjoy it. >> that's pretty cool. watching that and seeing what comes of it. let's talk some business. you were out with earnings. dupixent has been -- it is a miracle drug and once in a lifetime opportunity as a drugmaker to have something like this put forward. >> it just keeps going on. remember, it stands on the shoulders of almost a million patients whose lives have been transformed by taking it. people who really were struggling and now have a real option. we're about to break new ground again, going to copd, approved in europe we hope it will be approved in the u.s. there are so many people, third largest killer copd. we have a chance to change their lives. so dupixent powers on and the business powers on. >> it is not a steroid. this is something that works by shutting down some of the proteins that cause infl inflammation. we're learning more and more

about it and how it is connected to so many different diseases. that's where you see it as a -- >> you're well informed. it is a very specific targeted mechanism. so that's why it is such an incredible safety profile. it is transformational. it is one of the things that driving the turn around in the organization. we're really modernizing q2 results, up 10%, we were ahead on eps, we're really making a huge amount of progress on the pipeline. and everybody is feeling very good. we decided by the way back in 2021 to sponsor the olympics here in paris. because we felt the timing with the transformation, the celebration, engagement, the commitment to health and global wellness would be perfect for us. it turned out to be exactly that. >> paul, you had something, i think it was in stat news yesterday, a piece you wrote where you talked about competitiveness here in europe. you called it a crisis of competitiveness. pointed out that it used to be 25 years ago, one out of every two drugs was discovered here in europe. now it is one in six. what happened, how do you fix

it? >> well, look, there is no debating how good the universities are and the research is and the basic science and the publications. but there is a huge amount of work to do to make sure those drugs that are discovered in countries like france, uk, germany, et cetera, are available for patients in the end. and only one in two drugs approved in europe are available for patients in europe. so, i'm trying to crusade a little for the attention to the fact that there is brilliant innovation that patients can benefit from, and we play a part too in being responsible in how we bring the drugs forward. but there is so much innovation on tap. if europe leaves it too long, the gap -- the u.s. powers ahead. we need to be careful. >> is it a regulatory problem, research and investment problem? where does it come down? >> it is not a research and investment problem. the regulators have seen the merits on improving the medicines and do that tat a european level. they have budget pressures, different things to consider. often it is sort of

deprioritized. hard to imagine, but it is true. in france, we make great progress with the french government to make innovation. we launched vaccine for rsv, the french government, one of the earliest adopters in the world, not just in europe. in general, in europe, it is falling behind and so it is bringing innovation forward. we're one of the biggest research-based pharma companies in europe and i feel a sense of responsibility to try and bring that to people's attention. >> if you ask investors to be patient, when was that you were on? >> last year. >> was that last year? >> yeah. there is going it to be some spending before you -- stock is near a high. they were well rewarded. do you feel like you past that? >> i remember coming on, the day where we decided to double down on science. the street took a little while to understand it. >> the stock fell off a cliff, i think and has come back up. >> you're trying to do the right thing. we're a development-driven tech-powered company, committed

to patients, and driving growth. and we're in that transformation period. we have one of the best growth profiles in all of big pharma. >> never nervous? >> i think if you do the right thing, you can imagine to sleep at night. i was pretty confident. but i'm glad to see that we're moving in the right direction and frankly it is being -- >> we have to run, but i do need to ask you what your plans are with your consumer health business at this point? will you sell it, spin it off, do you know? >> we know it wants to be on its own. we know it consider create more value for everybody there for doing that. we said that we'll be ready to let it go as early as q4 2024. we're running a process, the public and private routes and there is a huge amount of interest in it. it is a great business, well led and so it is an opportunity for us to double down on science. and for them to go after, you know, an even better performance. i'm thrilled for them. >> thank you, paul. >> thank you. >> nice to see you. okay, folks, when we come back, it is the moment -- i don't know if you've all been waiting for it we have all been

waiting for it. we'll prove our mettle or medal in the arena. we suited up for fencing. we do a lot of verbal fencing here. this is the real thing. we'll bring you the highlights right after the break. low lights too. and then we should mention in the next hour, comcast ceo brian roberts and the company's president michael cavanagh will join us. we'll talk about the media landscape, the olympics and so much more. you're watching "squawk box" live from the summer games in paris. we're coming back with swords in our hands.

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welcome back to "squawk box." >> nice to see you here. >> thank you. >> welcome back to "squawk box." live from -- i want to welcome you personally. becky would like to welcome everyone personally too and andrew, you already did. >> i already did. >> welcome to the show. >> welcome to the show. and this is going to be fun.

i hope. we had the opportunity to visit the team usa training facility, on the outskirts of paris. and it was to grab a sword. fencing is the fastest growing olympic and paralympic sport and usa fencing has added more than 10,000 youth members in the last eight years. that's a 68% increase. it is a combat sport. it has several variations, if you don't know. there is foil, and epee. both use lightweight swords with blunted ends, and the objective is to touch your opponent in the designated attack area. with the tip of the blade to score a point, and sabre, which we tried out, that employs a wider blade, and we were shown swordsmanship by two members of team usa, foil fencer miles chamley watson, first american men to win an individual fencing gold at a world championship,

and he is also a model who partners with brands like red bull and tinder. we had a lot in common except the athlete and the male model part. other than that, the height -- actually, may have been nothing in common. and sabre fencer maya chamberlain, a first time olympian and three-time ncaa all american. here it is. ♪ >> i fenced years ago. >> those are socks. >> i did it. it is a backward zipper. ♪ >> this goes on here. >> tuck it under. >> okay. >> perfect. ♪

>> okay. halt, halt. it is her attack. because she took the blade and then she hit you. okay? ♪ oh, no! >> i think you got my arm. >> ooh -- >> -- your head. >> okay. >> all right! >> en garde. >> oh! >> this time, got my arm. >> i felt something here. i don't know.

>> oh -- >> en garde. >> i think that was -- >> that was like -- i'm not done with you. >> oh, boy. >> uh-oh. >> here we go. i. got a -- i think -- all right. it looks like you got him. >> try it! >> oh -- >> hey!

>> hey. >> you guys actually look really good. >> you guys, actually, very nice. >> okay. so do you guys want to, like, rate up, rank us? >> ten out of ten? >> the action, the energy. uh-huh. >> on a curve. a big curve. >> clearly. >> average -- you know, good. you did good. >> when you are fencing a competitor, how often are they, like, your best friends and how often do you really want to beat them? >> beat them all. >> you want to beat them all? >> even my roommate. an athlete -- >> kind of like the show. >> exactly. >> like the show. >> exactly. >> and she competes in women's team saber august 3rd.

miles, august 4th and probably never do it again, and i think we could get better than what we were -- would you like to practice? >> i need to practice. in the city. >> would you like to -- >> a fencing club in new york city. we could practice after the show every day. >> would you like to try the other -- >> when i was a kid, i did, i fenced with the foils. >> the foils. >> you didn't disclose that. you've had experience fencing before? >> as a younger man. >> a ringer! >> we should say miles and maya each had their own really cool individual stories how they got into these sports. miles in trouble as a kid in school. his punishment. had to choose a sport to pick up. badminton, maybe fencing. liked the idea of a sword, got great at it. every one of his fingers broken. huge knuckles. maya got into it, she was as a birthdays party and loved fencing from "star wars" and

"pirates of the caribbean." we're rooting for them. they compete in a few days. when we come back here on "squawk box" much more on breaking news from boeing, also that hiring just announced. welly well, kelly ortberg. >> and the roger federer brand debuting new sneaker technology right here in paris. bring that to you, next. and in the next hour, don't miss a special conversation with the ceo of mcdonald's. stay tuned. you're watching "squawk box" and this is cnbc. with social sentiment scans help you find and unlock opportunities in the market. e*trade from morgan stanley with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten,

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welcome back to "squawk box." this morning live in paris at the olympic games and the shoe company backed by roger federer revealing a new sneaker technology, called lightspray. talk of the town. a new manufacturing process takes only three minutes to make each individual shoe. here in paris i spoke with the co-founders and co-ceos. i asked them how this technology's used by athletes to compete here in paris.

>> we were looking at our new li lightspray sneakers. looking at the product that will be worn on the marathon track and the product that has been worn by helen when shu won the marathon in boston in 2023. >> how did this first happen? first told the idea to do something like this, did you think this was crazy? >> so, no. we seldom think it's crazy. we more think about it in terms of opportunities and dreams, but there was a guy who was sitting with a gun at milan design fair in milano and spraying basically what you see here. a polymer on people's hands and feet. so he told us you know i can actually -- my dream is to do that and create foot ptwear out

it. we create add team and four years by an amazing team that made this come to life. >> how do you think about the distinction between performance, which is what this is all about, and the fashion side of this business? which is to say there be a lot of people who way this because it looks cool. >> it's really a revolution and fits into the dna of the brand opinion we stand for performance, design and sustainability. so performance of the product. it's light. it fits differently. you can really customize it to the athlete, and it's a unique design language. it's a new product in the market. has never been there. so we can build a new design language for footwear and then it's extremely sustainable, because you reduce basically all the manual manufacturing steps that a traditional footwear manufacturer has. so the carbon emission out of this product is 75% lower than

out of normal product, and it's one material. so we are a step closer. >> where do you see the biggest growth around the world? >> so the u.s. is the biggest market for us. still growing very, very strongly. so we're happy about that. we see strong growth from japan and asia pacific doing really well and what we're really trying to do, to have different growth factors. talking about apparel. which becomes a more important part of the business. we're talking about retail. just opened shops. opening in chicago, in portland. going to open a third store in new york. so there's different elements that allow us to capture on the growth and we communicated that we want to double basically the business over the next two and a half years now, i guess, and that's the journey we're on. >> okay, guys. then we got a chance to see how this all manufacturing, this whole process works. i don't know if you understand

what's happening. they're basically spraying the shoe on to a, it's all plastic. it's unbelievable. then i got to try one out. look at this. >> so tell us what's happening now. >> the process starts. we insert the shoe and to the bottom. robot wraps the package, and that is a model of somebody's foot. >> exactly. >> it takes roughly three minutes to make a product. roughly the same time that it takes our athletes to run a mile in track. so it all comes together. >> okay. wow. do you wear socks with this? supposed to wear socks? >> you can. i personally would not wear socks. >> also possibly without socks. >> you're not wearing sock?

>> you're not supposed to wear socks. >> you invented it. >> i would say without socks. >> people are going to listen to you. >> i have to say, you can feel the bounce. right? that's incredible. i mean, it's really incredible. >> if you go back to your, like, conventional shoe, feels like stone age. >> totally. it feels like you're floating. it feels like you're floating! >> and, guys, it really did feel like you're floating. the craziest thing. it's got a carbon plate in the foot. >> gives you more strength. >> you honestly feel like you are on a trampoline. you're like on a trampoline, but then the shoe, i don't know if i can explain it. it -- because it's one piece it, like, covers your foot in a way you somehow, it's so much different and better. >> question, though. how does your foot breathe covered with no holes or anything? >> no, no. you can see how it would work.

>> but you've got know socks on now. i hate wearing shoes with no socks. >> this is not that situation. >> smelly, sweaty. >> this plastic, it's a very strange. i can't explain it. >> okay. >> just telling you, we'll all be walking around in shoes -- i think nicky, everybody's going to try to do this. did you know the online name -- >> flubber. shop use it. >> no. >> did you know the name was to turn you on, like a turn on. like -- not like -- >> sexually? >> no! like -- "on." like you're on. like -- ever look at the logo. i never knew. like an on button. >> i thought for on your feet. >> no. on button like you're going on. you're on. turning on. >> okay. >> that would be the way you think. >> turn out, drop out. that was -- acid. >> years ago. 8:00 a.m. on the east coast you are watching "squawk box"

right here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin we are live in paris. the top stories, federal reserve set for its latest interest decision later today. not forecasting a rate cut but do see the fed teeing up one for september. see if the market continues that expectations. and one point the fed watching july gdp employment. and looking for addition of 150,000 private sector jobs. also check out shares of microsoft down after fiscal fourth quarter earnings focusing on disappointing cloud results from the tech giant. stock down by just under 3%. >> news out in the last half hour, boeing, naming a new ceo. finally. phil lebeau has all the details. is this guy in your running in your top five? so it's like the veepstakes

almost. did you know? >> you know, his name really didn't leak out in terms of the search process until a few days ago when there were a couple of reports he was considered a strong candidate. they kept this under wraps considering kelly ortberg. new ceo of boeing officially takes over next week. you might be saying who's kelly ortberg? not somebody we see on our air a lot now. in fact, not very often, but did in the past. we interviewed him many times at the farmboro air show and other times during the year, ceo of rockwell collins from 2013 to 2021. while there oversaw rockwell's merger with united technologies. then renamed the company collins aerospace. a division what wasutx now rtx. college's degree university of iowa, mechanical engineering. crucial. many people have said, look, when boeing goes outside and hires a ceo, don't bring in a

finance person. don't bring in somebody focused on, how do we make, cut the losses here and just grow sales. you've got to go back to just making sure you do the nuts and bolts of manufacturing correctly, and then you can grow the company and that's the background of kelly ortberg. the reason shares a little bounce today. not a huge surprise but a welcome one by most investors in boeing because he is an outsider who can come in with a fresh set of eyes and has experience running a large manufacturing company within the aviation industry. remember, rockwell collins, a huge supplier before if was merged into rtx. defense as well at commercial. that's the background that he had at rockwell collins. he will bring that expertise now to boeing and, again, he starts next week. next wednesday, as a matter of fact. or thursday. august 8th, the first day he'll be on the job. he will also be joining the

boeing board of directors, guys. so we will not be hearing from him anytime soon. boeing is not doing a call with him today. not on the company's quarterly results call. that will simply be outgoing ceo dave calhoun and the cfo of the company, not kelly ortberg, but at some point once he has a sense of what he plans on doing or the print, imprint he plans to put on the company, we will hear from kelly ortberg. >> a bit of a honeymoon probably, phil, and maybe a couple of kitchen sink quarters. right? that's the way this always plays out. i would. >> i would do that. >> i don't know what it's going to look like. i would do that. >> joe, a bit of a kitchen sink quarter. a lot of stuff they threw into this quarter. that said, they've got so many things they need to fix at boeing, that kelly ortberg first and foremost, he has got to get the manufacturing of the 737 max stabilized and then move from there.

>> close. started, almost said chicken something instead of kitchen sink but luckily, to the last minute -- it's still on, though. somehow survives. after. coming up, when we return, live here in paris, comcast ceo brian roberts and president mike cavanaugh. com comcast, of course, parent of nbc university. the two executives join us live right here from the olympic games where ratings have been sky high. we're coming back from paris, france, after this. at morgan stanley, old school hard work meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real.

left here going on -- 92024 paris games are nbc's 18th olympics. off to a solid start to say the least for the company. according to nielsen and adobe analytics friday's opening ceremony drew 28.6 million viewers on nbc and peacock. more than 10 million above the opening of the last summer games in tokyo. on sunday more than 41 million people watched the athletes

compete here. now on other paris set, brian roberts, chairman and ceo of comcast, parent of nbc and nbc university. and mike cavanaugh. giving medals but thinking trophies and trophies properties. anything close to this behind -- there's nothing? >> magnificent. >> and in -- >> not bad here. >> it's like two weeks of having a super bowl almost in terms of, but also in terms how hard it is to do well. >> so it's definitely unique. it's one of the proudest moments i think since we've owned nbc university. the olympics really, done perfectly. you reeimagine, our society. it's the whole world coming together, putting arms down trying to celebrate the incredible personal achievements, team achievements and the french government, president macron, managed this whole operation we have. 3,000 people working to bring this broadcast.

peacock, xfinity, nbc all working together. and then when it works, and you have innovation like "goldzone" or "squawk" with the noise in the background. >> you don't hear it anymore. >> and the eiffel tower and surfing from tahiti. i can't think of anything that makes me prouder, and the results so far are every reason we do this. helps peacock, nbc, advertisers, partners and mike and his team have, they're doing a great job. >> covered, exchanging and you can see basically everything you want to see however you want to see it, but the feeling and the spirit of the endeavor, it's been around like this for 100 years. >> exactly right. >> felt it last night, mike. >> brazil, like, hey, brazil! >> talked about it a lot in leadup. how important the olympics movement is and a small piece of

it. it's obviously great ratings are strong and that bodes really well for looking ahead to los angeles clearly and then beyond, but i think it's, it celebrates competition and celebrates a lot of great virtues and being at a couple venues watching competitors acknowledge each other, stepping up to the podiums from countries that are add odds with each other, it's, you know, we all had it growing up. much more of a, what the olympic experience was all about. part of recharging it. clearly these games are doing. such a crazy thing for our company. >> part is the backdrop, but something else going on, because can you go and look at where we were in rio or pyeongchang. tokyo tough given the pandemic. what about this and this moment? >> first of all, let's start with, it's paris. as the most coveted city in the world to come visit, and one of the things that our team developed was, let's infuse that

sense of everybody wants to be here right now. so whether it's some of the social media. whether it's some of the celebrities. >> snoop dogg. >> and the talent, and just -- movie stars and just -- this is the place to be right now for the next two weeks. i think the team and the spirit of our usa country, wanting to pull together at a time when we've been pulled apart is really important. and then that opening ceremony just captured it. the imagination of coming down the seine. coming in by boat. never seen anything like that before, and that's what makes the olympics the olympics, and as mike said. doing it unlike anybody else. the french, my hats off for them. they're doing a fabulous job. >> and joe -- where you started the question. it's our company, you know, that, what we -- believe is that the strategy for us in a world

that's changing in media, marrying nbc broadcast, mike tirico, primetime, you know, while it's -- late primetime a lot happened. tremendous viewing all through the day. because we get so many hours available on traditional linear television across all properties all day lock on nbc and peacock the other side. both sites linear and streaming. on the streaming side, 7,000 hours. you can see everything. we've got "gold zone" a viral ht in the states of people, ten boxes up on the screen and they're doing the whip-arounds and getting jazzed about really anything olympics. all of these people are going for gold medals. doesn't matter the sport if you know the story. so good at storytelling, you get into anything. >> a big part of the story and what's developing here. a lot of the guests, people like alexis ohanian, lifting up women's track and same from

michael johnson. the idea these are incredible sports that get ignored in between. what's happening is, as you have all the streaming things taking off people are seeing a new market and a new way to reach people. >> how about that rugby finish yesterday? right? >> i didn't know there was rugby. >> like a return in -- whatever happened -- >> a kind of moment exactly to your point, becky. maybe we haven't fallen in love with that sport all the time but suddenly you do and of course simone biles and the comeback story. how the redemption and the disparity and -- it's fantastic. >> remember when you were negotiating to get the long-term deal, and constent for sports ad the nba and what it can do for peacock. 38% above last year. these properties of so valuable. do you look back on that deal we got -- we. i just work here -- but -- >> we all shared in that. >> how did that happen? that deal that price. >> we were just so in belief

that the olympics matters, and one of the things they do is let you have all technologies. so we looked at -- i always looked at it as our r & d laboratory. every athlete in every sport. didn't work. the peacock team did a fabulous job making that work. the xfinity team with voice remote and integration being so simple. the signup. a lot behind the picture quality on usa we have a whole new version of high-def tv we're trying out. improves quality. but that moment back then was existential when we made the deal with the international olympic committee. they've done a grat job being partners with us. america is a really important part of the olympic movement, the nbc brand helped back then. and still does. >> still does. met with them the other day. they're very proud of the coverage and the emotion we bring to the broadcasts, and then the whole company. cnbc here and nbc news, and

lester. so, again, i just echo, could there be a prouder moment in our company and have it work well beyond our highest expectations? >> and then paris. >> fantastic. >> and then paris. >> right way. >> raises the question about repeating this. milan up next. then you've got l.a. then after that your going back i think to the french alps, right? >> uh-huh. >> it sdgets -- >> yep. >> the bar is set for spectacular backdrop here. we got all of our great creators, and, in hollywood. comes to l.a., imagine what l.a.'s going to be able to do to create their version of an open ceremony to stand up to what paris just did. i think we'll be up for it, but it's going to be fun to watch it happening. >> i wish it 1068 solved all of problems for media. not saying we have problems but a daunting business we're in. the most recent report, brian,

bright spots across maybe -- studios you can't count on. comps from last year, can't count on the same movies every year, obviously. theme parks, always comes back. maybe -- so hot after the pandemic you can't expect that to keep up, but where the do we find growth from here on out. >> let me start. i think, mike, feel free to partner on this, but i think we have seen this transition in the business coming. so let's start with our broadband business. we have 32 million broadbands. i think an enviable position. more fiber, more connections, and, yes, now more competition. but we're surviving that in a way where we're, that we're making, the bet we're making, people will use brozband more and more. take the olympics. all the streaming we're talking about, all that volume, requires you to have a great lake broadband connection. double-digit growth in bits per home every month. >> 70% of those bits are streamed entertainment.

and as we announced the sports move, nbc and more and more streamed available just looking at the ability. more camera angles. alternative telecasts even if not the olympics. but the olympics really shows you what's possible with streaming sports. fantastic for high-quality streaming business. >> go on to favorite nbc universal. what's happening with media. well, we've added more customers in peacock than people have cord cut in the last 12, 24 months. we have a plan to make it to the other side in, the digital side. and so -- then being sports, as a central. one of the reasons the nba makes so much sense for us, and i believe we got the best package, because we have the most regular season games and the most playoff games. looking for continuity when you buy a streaming service, you want to have the nfl on sunday

night. now the nba the next quarter and on sunday. then go into olympics or premier league or tour de france. then to college football. and we have on and on and on. >> keeps them from ever dropping. >> in between you're watching "jurassic." you're watching "snl" and "poker face." >> very soon -- >> that, too. and then we have coming out "the jackal." we have "wicked." how about the minions in the opening ceremony? fantastic. so the company writ large starts with broadband works into streaming with hybrid nbc and peacock working so well together and you mentioned studios go up and down but we have a great team a great forecast. and theme parks what we would say is we did pull forward demand but will be having a set like this at epic universal in

orlando hopefully next year that will speak for itself from "harry potter." >> even having air conditioning for you guys. >> barry diller sitting where you were last week makes the arguments some kind of settlement made with warner brothers and tnt and possibly come back to everybody and say, look, a package, recarve all of this stuff. what do you think? >> i think the nba is super thorough in how they do their work. been very impressed with everything that adam silver has organizeds, we're excited about our world. we'll stay tuned, but i'm pretty confident that we'll have our package moving along here and a year from now wish it was a year sooner. that the games, just have the to -- the usa basketball game had a rating almost kequivalent with nba finals. >> tonight's game might be one of our rating winners.

>> a little payback for that scare. >> what do you do while here? do you get to get out and see the games yet? is this more about business and checking in to see what things are doing? >> a little all of the above. spent a little time with the international olympic committee, u.s. olympic committee getting ready for the l.a. games. a good amount of business but have had some fun. i got sto see the women's gymnastics. great night for the u.s. seeing the national flag go up. a big memory. beach volleyball. one of the theft in sports, electricity and nadal djokovic. hopefully not his last, but maybe. >> mike's having too much fun. >> i'm having a lot of fun. >> you, brian? >> my family's coming over in a few days and go out then and see a lot of sporting events. i came over several times before, and, again, i just can't say enough wonderful things about our team has said, no country has ever been quite as organized as flansrance has beed

paris and president macron. the operation is running smoothly. got a long way to go and i can't wait to be a part of it. >> we wish everything was -- thinking about sports and the nba and how excited i am to -- i wasn't before. betting, and i always say. you hear me talking about it, but i watch all the nba games now because i have a stake. it's going to go state to state eventually. everybody's going to have it and maybe i'll bet on rumpy? sports is so incredibly valuable. especially when you have $5 on the game, what you're seeing with peacock having every sporting event there, and you're in control of your -- or sit back on nbc and just have the traditional broadcasts. we're trying to appeal to every demographic, every taste. that's only going to get better and better. t technology makes it so seamless. this was a milestone moment for

our company and i'm so glad we dpliverred. the playoff game with kansas city. largest screened event in history. that's what this is, now becoming, and so what imagines in the future. whether it's betting or whether it's camera angles or higher def quality or more choices, we want to be the company to bring you that. >> do you want to buy something? are you jonesing to do anything like that? >> whoa. no, i'm not. i said this on the earnings call. we have the making of a great company. so we'd rather invest in something purely positive, such as the nba. big investment. we think we have a great partnership in the making. we're excited about where they're taking the sport. all of the other things out there. there's good and some negatives, and this is just good. so i think that's the trajectory we hope to stay on. >> you just emphasized that. we have strong businesses across the board. each of our businesses is in its

own strong position making money. there's no piece of our business we wouldsy we're a laggard in, and we -- push our teams to say, where can we grow? where should we invest? and we put a tremendous amount of money back into our own business. add a million passings in the cable business. more footprint growth. driving the business services business. driving the wireless business. so on the cable side of the business, and at nbc, you know, christopher nolan coming over to our studio thanks to the great work by the team there, it's a way to grow. it's got a great director and lo and behold you end up with a pile of oscars. going after the nba. they'll be more, and then putting, you know, quite a few billions of dollars into epic universe in florida. that's the better -- that and returning capital to the our shareholders has been a good formula for us and it starts with having great businesses you can make better and invest in

organically. we look around at the chess board everyone wants to ask about, inheriting a lot of other people's problems is, it's a tough way to do it versus just go build around the great assets we already have. >> go to ask about those problems, though. do you expect more -- maybe we here at cnbc here, do you expect a lot more consolidation or do you think actually the regulatory environment there won't be. by the way, maybe some of these companies continue to have problems and maybe an opportunity in the future? >> you can't control those kind of things. so what you do is what mike just said very articulately, play your own game. and we just saw with paramount, a new, somebody came in and said, we think there is a better way. so we wish them well. david ellison, met him once or twice. smart, capable people. maybe consolidation say you hope there's consolidation, but on the other hand, new energy, new thinking. that's also good. we can't control any of that.

what we can do is try to build a company with growth tracks and several businesses in transition, have the strongest balance sheet, turn capital to shareholders and be consistent. i would say pick a word that has defined us for a long time it's kind of "be consistent and patient." try to build a very, very special and unique company. it all comes together in a moment like this, a chance to celebrate. >> our viewers will be watching jay powell later today, and his decision on interest rates. i know fundamentally you guys are just playing your own game and doing those things, but what do you look at, with the interest environment and what it might mean? >> it's more what's happening with the consumer. a little softness in parks. other companieses results, maybe a little -- finding the right balance between getting inflation under control and keeping the economy going. i think the fed's done a good job, personally. i think we're getting closer to the time where we'll likely see some moves. >> if the regulatory hurdles

were gone, something changes. i don't know what. and you could do whatever you wanted. there's nothing you would do? >> right this minute, that hasn't impeded our -- >> that's not what it is. you're right. i think about the mergers and first two years, paying down debt trying to somehow -- you know, hope that eventually it's going to pay off. but there's no guarantee u. i love our company. and the team that we've assembled and we've got a plan and we're going to go out and execute. >> and watch "squawk box." >> "squawk box." >> what else do you need? and it's -- i mean, if you want, we'll go to 9:00. if that's -- you know, you tell us. >> we're outta here! >> thank you for being here. >> thank you. >> thank you, guys. >> thanks for all you're doing. stay cool. we have much more to come from paris this morning. we're going to speak with the president of the u.s. olympic and paralympic foundation and ceo of mcdonald's on the state of the consumer. what they're seeing right now. right now as we head to a break,

breaking news for you. 122,000 private payrolls in july short of what had been expected. 150. slightly weaker job market than had been anticipated. you know what that spells for the fed today as well? take a look what's happening with the futures and you can see right now nasdaq futures up by 357 points. we were up more than 200 points earlier because of the strength of some of the chip stocks. earnings reported last night. obviously, adp report juicing things as well. it seems that would clear the way for the fed to potentially cut later this year. dow futures now up by 88. s&p futures up by 62. stay tuned. you are watching "squawk box" right here on cnbc. we're live from the summer olympic games in paris.

welcome back to "squawk box." i'm dominic chu with your morning movers addition earnings style. start with a check on shares of humana. shares down roughly 7.5% despite posting beat on earnings and revenues. the drop due in part pot humana warning higher than expected in-patient hospital admissions raising costs for the company and lowered full year profit guidance. check on shares of dupont. up just about 4.5, almost 5% after the chemicals and materials company behind products from building wraps to conserve lon body armor, dtop ad bottom line drops and in the water and medical packages business. 14% year over year increase in adjusted profits. raised its net sales in profit outlook for the year. this was, by the way, the first report since dupont announced plans to separate into three different publicly traded companies over the next year and a half to two years. finish looking at shares of

t-mobile u.s. up 2.5% beat on earnings and revenues helped by better than expected surscriber growth in customers that pay a bill post-paid and growth in fixed wireless and raised customer and cash flow guidance for the full year. shares up over 30% last 12 months. andrew, lots of earnings movers. back to you in paris. >> thanks, dom. appreciate it. when question come back, the president of the u.s. olympic and paralympic foundation joins us right here on-set. talking about her organization's growth and what's ahead in l.a. four years from now. stay tuned. you're watching "squawk." we're coming back from paris after this. like wearable tech. trends? all that research. sounds exhausting! nope. schwab's technology does the work. so if i spot an opportunity, in robotics or pets,

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it's piled high with tender beef that's slow cooked and smothered in tangy memphis style barbecue sauce. it's no fuss, no muss. just tons of flavor. the best barbecue beef is only a togo's. try one today. welcome back, everybody. news just out from the treasury department. for that over to megan casellas joins us with more on that. hi. >> becky, just announced refunding plans for the coming quarter saying it will auction off 125 billion dollars in securities. that is exactly in line with expect aces. treasury had said last quarter they expected to be able to hold auction sizes steady. the fact they followed through year-to-date should come a

relief to the treasury market. in recent months overwhelmed by unexpected supply. break down the auctions treasury will refund around $11 billion, and raising $14 billion in new cash. breakdown holding stead fri from quarters. $58 billion auction ands $25 billion for the 30 year. treasury says they should again be able to hold auction sizes steady moving forward for at least the next several quarters, they say. much more stability here all around than we were seeing last year. back to you. >> okay. thank you for that. becky saying about this? >> looking at the ten year yield, we didn't show that when adp was recorded. 411. even lower for the ten year. two year, too. all gearing up for what we hear from the fed later today, too. day five, meantime, of the paris olympics. in full swing. joining us, important voice here at the olympics and paralympic

foundation. christine walshe is with us. great to see you. >> thank you. >> i don't know if everybody realizes but team usa is not funded by the government. this is so very different than a lot of other countries. >> right. >> funded effectively by fans and sponsors. >> exactly right. >> what's the total budget of team usa? >> for four years about $1 billion. but that's not much money when you think about the 55 sports that make up team usa. so it's a little bit like private equity in sport. i mean, you have to delve out $100 million a year to about 55 sports. >> what does this cost? >> i just got my stamp off from team usa. >> we were at -- saying, actually at your practice facility here, which is extraordinary. >> yeah. >> and i'm looking around thinking think, must cost a small fortune? >> not a small fortune but a necessity for our athletes to have cutting-edge performance

here at the game. a place to be comfortable, able to leave the village, stretch, get some nutritious food and, of course, most importantly exercise and practice and really begin to acclimate. >> how does our budget, usa. >> yep. >> compare to chinese budget or you name some other countries? >> yeah. thanks for asking that. in short, most of our competitors have federal funding. many of the athletes are put on the police force or receive large stipends from their government. so we really be fan-fund and thanks to nbc and our sponsors, we make up a huge part of our funding. the reality is we need more, and these athletes, 57% of them are living below $50,000 a year. and that's exactly why the foundation is in a $55 billion campaign. largest in history. we're only ten years old. raised $190 towards that $500

million. 100% goes directly to athletes and athletes programs. >> we spend a lot of time talking about the olympics. let's talk about the paralympics as well. >> yes. >> one of the most vibrant and emotionally sort of, i don't know, exciting things to watch. how much of the budget goes towards the paralympics? how much goes towards what we're watching now? >> yeah. so one of the only national olympic committees that have olympics and paralympics together so we share resources. the athletes really benefit frm being on the field of play and around each other. i would say approximately 25% of the budget goes directly to paralympians and it's only growing as fandom grows and the sports grow. >> do you like or not like just how professionalized all of this is becoming? and n.i.l., everything else. so much money in it. is it better so many athletes are professional athletes or do

you like that they're amateurs that are involved? >> i would say that the greatest metric, the most important metric for us is that athletes carve a pathway and the athlete journey we're building allows them to want to, or provides them the opportunity to become olym olympians. n.i.l. is not a problem. it helps supports athletes along the way. what we don't want is athletes to stop there, because there isn't enough funding on the olympic and paralympic side. our job is to help them have better resources and mental health performance on the field of play and then career transition in athlete earnings. >> we are supporting. >> tell us. your favorite? >> you have a favorite sport? allowed to say. >> well, softball. >> did you play? >> yep. softball, team captain. loved the sport. made a huge difference in my life. nothing like the power of a

sport. >> what dl you play? >> center field and third base. >> that's big. >> yes. >> go team usa. and beyonce doing her work to help you guys. >> thank you. >> appreciate it. when we come back, we've got mcdonald's president chris kempczinski joining us live right here on set. he will weigh in on the company's latest results. the state of the consumer, and much more. stay tuned. you're watching "squawk box" right here on cnbc.

our next guest has one of the best reads in the world when it comes to state of the consumer and inflation. we welcome chris kempczinski. mcdonald's president and ceo. thank you very much for being with us those. >> glad to be here. >> talking about mcdonald's a lot since in paris both on-air and off because you're right across the street from our total too. been by it several times. before we get into what's

happening here in paris you're out with your earnings this week and gave a good feel what's going on around the globe. maybe talk a little about that. big questions what's happening with the consumer everywhere around the globe. luxury spending coming down and the other end of the spectrum people pulling back and not spending as much either. where do you really see what's happening? what would you say about the state of the consumer? >> we started mooring on it really last year and what we were seeing was a low-income consumer that -- that that consumer was being much more price discriminating, and this year, as it's unfolded deepened and broadened. started in the u.s. seeing it in more markets. a consequence of that, a lot of consumer companies caution what's happening with the consumer right now. i think there is sort of this broad-based slowdown. it probably is more pronounced with lower-income consumer, but

even upper income seeing for example things like frequency to restaurants increasing. >> you rolled out a value menu. this $5 menu this summer and it's pretty successful. in fact, your stock up over the last couple sessions even thoug though earnings were below expectations i think because you talked about extending that. what are you doing with that, and how long will you extend it? >> i would consider the $5 menu sort of chapter one of a multi-chapter value playbook that we're going to be writing, and that is continued through the end of august. we're working with the franchisees in the u.s. to get a broader value construct in place. if you think about what's happened for us, and you go back to where we were in 2019, our costs in the u.s. have gone up 40% in our restaurants -- >> since '19? >> since 2019. costs are up 40%. >> wow. >> prices are -- and prices are up. >> pricing is up correspondingly.

and so, what you now have is you have to have a value reset where, you know, what we had before was a 1, 2, 3 menu. that's a little less compelling when your prices have had to go up 40%. what we're working on with the franchisees is what's next. i would consider the $5 meal a bridge value program and then what we'll be doing is putting in place a more permanent value program, much like we had previously. >> that's a really tough thing to tackle, especially when you look at california where minimum wage was up, like, 25% earlier this year, starting in, what, march? how do you combat that? how do you offer value when you've got prices up like that? >> i think what happened in california, i hope, is a unique situation. it was a piece of, you know, very lopsided legislation that was targeting one industry, our industry, and actually targeting only one segment of the industry, which was large companies. smaller restaurants were

exempted from all of that. and so, you did see there was a big move on minimum wage. we have had to do everything in the playbook, basically, in california from finding productivity opportunities in the restaurants, looking at staffing, looking at hours, and then yes, you do have to look at pricing, so when you're a franchisee, these businesses are all locally owned. i think that gets forgotten. these are locally owned businesses and pricing had to be part of the equation in california, and you're seeing in california the business there is falling off to a greater degree than what you're seeing in other markets arnold the u.s. >> you have had another head wind you've been battling and that is a muslim boycott because of what an israeli franchisee did with october 7th. it's been an issue here in france. >> i wouldn't characterize it as something that was related to the act of a single franchisee. i think you're seeing broadly western brands have been a

target for some of what's happened after the outbreak of the war in middle east. this is a terrible situation that's going on over there, and it is impacting our business in some markets. again, i would say the thing to remember is, in these markets where we're having some of those boycotts, these are businesses that are owned by local franchisees. we typically are the largest employer in that market, and most of our supply chain is sourced from in that market, so here in france, for example, three-quarters of our supply chain is sourced from within the country. we have 28,000 farmers in france who supply our restaurants, so i think we, like a lot of western brands, are sort of working our way through this. the important point is, you know, mcdonald's is not taking a side on this. and i think for us, we're about supporting communities, and that's what we're going to continue to do. >> is there another restaurant

chain you look at that you think is doing it better? starbucks is struggling in similar ways. >> you know, i honestly don't spend a lot of time comparing what others are doing. i think for us, it's -- it's going back to the foundation for us, which is to go back into the community and to lean on our local franchisees, to lean on those local connections and make sure we're telling our story because i think sometimes there's this idea that mcdonald's is this big global behemoth, but at the end of the day, we're really a local business run by local franchisees, and i think once people understand that, they have a different view on some of these issues. >> very quickly, you are no longer a sponsor of the olympics. you were up until about 2018. you're here anyway. what's the, i guess, the reason to sponsor or to not sponsor? it's pretty expensive, i guess. >> when you're mcdonald's, we don't have an awareness problem. everybody knows mcdonald's. and these big properties like the olympics are great at driving awareness, but our

business is about driving frequency, how do we get people to come into the restaurant one more time? a property like the olympics is more of a reach. it's more of an awareness-driving mechanism. it doesn't work as well for us on frequency, so it's for u.s. just a business -- >> we had quincy on from coca-cola, your partner. they've been with the olympics forever. they don't have an awareness problem either. but i think he would say it's a great branding moment and there's a feel-good thing. would you tell other companies that are sponsoring the olympics that are in your awareness camp that this is actually not a valuable franchise? >> well -- >> i ask it seriously, because clearly, you have had a lesson in this. you've done it. i don't know if you think it's had any impact on your business at all. >> so, we start with, we are a sponsor of the world cup, so we are one of three global sponsors of the world cup.

that is a global opportunity to come together. these teams are very attached to their local communities, to their countries, and we're able to activate that, and that one, from our vantage point, is something that gets our franchisees excited about it. we had a great relationship with the olympics. i think, for us, it just made more sense to go in a different direction. i'm glad james is thrilled with the olympic partnership and i know i'll see him later. i think every company has to make decisions about how they're going to spend their dollars. >> chris, it's been a pleasure. thank you so much for joining us here, and we appreciate it. >> thanks, guys. good to see you. coming up, we're going to wrap up our team "squawk box" coverage that we have had in paris and get you ready for the trading day. really hasn't started yet? it's like 3:00. [window slamming] woman: [gasps] [dog barking] ♪

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it's piled high with tender beef that's slow cooked and smothered in tangy memphis style barbecue sauce. it's no fuss, no muss. just tons of flavor. the best barbecue beef is only a togo's. try one today. just about five hours to go until today's big fed decision. we're watching the futures ahead of that. you see right now the dow is up by triple digits over 100 points. you've got the nasdaq up by over 410 points right now. and then the s&p 500 up by about 70 points so it is off to the races. treasurys, the yields have been lower. we've been watching that. looks like the ten-year's at 4.10%.

the two-year is at 4.33%. guys, it's been a phenomenal -- >> i'm going to miss that. >> doesn't bother me. >> i feel parisian when i hear it now. >> it's great. >> it's been a fantastic trip. it's been wonderful to be here, and andrew -- >> i'm not going anywhere. i'll be here tomorrow and friday and i'll be talking to you guys back home. >> you got a good package coming too. >> got a lot of fun things coming up. >> see you tomorrow. ♪ good wednesday morning, welcome to "squawk on the street," i'm carl quintanilla with jim cramer, david faber at post nine of the new york stock exchange. nasdaq 100 looks to open higher by about 2% on the back of amd's strong guidance. got a fed decision today, the boj hikes and the dovish macrodata. our road map begins with a flood of corporate results, microsoft, boeing, starbucks with a cautious consumer, and pinterest