expectation. "squawk box" begins right now another huge lineup speaking with mary barra, woods and anthony blinken. yesterday, a down day for the markets. setting new record streaks

everyday futures indicated down. s&p indicated down by about 11 points treasury yields. there has been an additional pressure on the long end yields were down yesterday maybe the bond market is worried about who is going to be leaving the fed. those questions are still. >> how much our really positive view of the economy is based on some of the trends we saw during the pandemic.

the rate of growth and slowing do we get back to a 2% that doesn't mean we should have a 148 on the 10-year the fed is still there i don't know if there is quite the expectation around the world as we have seenhere

taiwan came out saying nothing is eminent but why would they say stock up on essentials if there wasn't a panic before, there will be one now. that talk ever day

i'm looking at this rivian thing. i'm right here that's me. that's the car right there that's me. that side shot is not verygood from $66.5 million the company just began production on the electric pickup delivering as soon as

next year. we'll talk about this at the end. the tesla story. i love it. shares dropping 12%. falling 5% the day before. shares up 40% and doubled from a queer ago. tweeting to his forls ask being if spe would declare he's created $50 billion in two days >> he's pointed out, he's cash poor they said the $17 billion proceeds, part of the way of easing his cash crunch

that will at least get him through the rest of this year. in 2022 vgs he can worry the $17 billion, he can pay a few bills nchts that's the old expression i'm not explaining we are so lucky. we are doing great we are very fortunate but the rich they are different >> they really are different >> they have a lieutenant of money. he can ease his cash crunch a little while with $17 billion. that will be gone until i'm gone, long gone and my ancestors are long gone. >> the idea that he's lost $50

billion in two days. what about paying taxes. you paid tax $an this. you lost $50 million the price has gone up so pro matticly his brother sold some stock at the same time in addition to the bizarre elon musk tweet late at night, he does twi tweeting while intoxicated what are you going to do

sue him but included in that story about senator widen. do you see what his son said >> his son disagrees with him. >> saying my father and his cronies don't like people that are successful and hate american success stories. what will that phone call be

like we'll talk about that with greg branchd stephanie coming up. a judge has rejected apple's request to delay a court order for developers operating in its app stores meaning the order will go into effect next month arguing the it will p biv prosays and the tech giant needed more time send will reduce its 15 to 30% fee sfloo biden talked with ceo of major companies about the supply chain issues the president talked to the heads of walmart, target, fedex

and ups. he said the ceos told him they were confident customers will be able to get what they want in the coming weeks the president says okay, you will get everything delivered and you will lower prices for consumers. and it is just going to happen >> prices are up on everything >> there's a shortage of everything sweet potatoes with the little mars marshmallows on top. >> little marshmallows were sold out. i can't get off this adam thing.

something else he said talking about his father and all his friends that not one of those people have ever created a job but many of them are career politicians. i can't believe you say that about your father. there's probably something handed back. coming up. the nasdaq breaking. futures pointing to a lower opening. talking about big movers live from the nasdaq market site in time square

so, you want evs, you have come to the right place.

is that tom brady? yeah. he comes in to recharge, get software updates. you know. let's go! salute to veterans veterans day terry bradshaw: hi, i'm terry bradshaw rocky bleier: and i'm rocky bleier. col. greg gadson: and i'm col. greg gadson. terry bradshaw: on this veterans day, our heartfelt thanks, to all of our military veterans for their service. col. greg gadson: we honor our veterans, and those who are no longer with us. rocky bleier: to all of our military serving around the world, thank you for defending the many freedoms we enjoy. terry bradshaw: tune in to salute to veterans for discussions about the issues our military veterans face daily. salute to veterans presented by sap, navy federal credit union, verizon, visit us online at www.salutetoveterans.org

welcome back to "squawk box. joining us to talk about because

i know as it is very redundant coin is going to get crushed today. do either one of you own it? >> i don't i follow it. i don't ownit yet. >> you wouldn't buy it you've never bought bitcoin? you've never gone into ethereum? neither one? >> no. it is just too volatile for me look, this is volatile too >> by vl olatile, you mean 2,00 to 70,000 is too volatile for you? >> 2,000 to 70,000 to 30,000

back to 70 that's why third quarter is so weak that was really good. crypto prices were higher much they raised the monthly transaction users by 4 q they embraced the volatility and why they could benefit let's let the dust settle. it is very interesting is coin. did you own it or like it. did you buy a helicopter or something with your profit >> not an owner, joe but think

thoughts are very similar seeing the price in the down side that tends to dampen and with a lagging effect if you have a positive view. this should have a high core relation to that add their own positive analysis that should drive trading volumes some of

those price swings where we won't see some of the swings and anticipated misses. >> just going over ev stuff. big story yesterday was self-driving starting with tesla year to date and doubled in the past year the total addressable market is enormous it was 4% last year. 34% by 2034. you want to have some sort of

exposure i think this rivian deal is interesting. you have the backing of amazon and ford getting them auto expertise and the interest from both companies to rivian. they have 55,000 backlog of preorders already. it is about $66 billion. lucian is about 54 ford is 79 honda is at 50 it is right in there same question. >> i come at valuation from a bit of an angel. not to mention they just burned

through $6 billion in cash getting the tesla light margin the key thing is they'll get to those and underscores what we are really looking for is to see who those number two, three and four players will be in this market behind tesla. this is not necessarily a direct competitor as they are focused on the then suv market is not aggressive >> i just wonder what they would

consider early on, we have to see i'm not involved in it yet 10% down is remarkable it is 10% earnings it is expense jif at this point. >> quick read on that? skb >> i agree the forecast ebita 3.5 times what they saw in 2019.

they issued 20% more than they thought they would those shares come to market in december as much of an everyone ev play it is sort of green washing. there is no evoperations to speak of the cnbc contributor chief investment officer and strategist at high tower is that. >> proud to be a contributor when we come back, the big apple indicator new data on how many people are returning to

offices. now forecasting holiday sales below estimates. that stock down about 30% this morning. a wake newspaper call for you. you are k you are watching "squawk box" and this is cnbc

so, you want evs, you have come to the right place. is that tom brady? yeah. he comes in to recharge, get software updates. you know.

let's go! it turns out more people are headed back to the office. enough to fill up all the empty space in the office? >> only about half of new york city office workers will be back

notice office as of the end of january. numbers aren't likely to get much higher over time. the survey of 188 of the largest employers found that 49% of employees would be back in the office on the average weekday. one in five will be fully remote after that more than a third say they plan to reduce their office space in the next five years. 22% of financial firms will reduce their work force. the highest of any industry. >> that combination that will

break the hold of what new york has had on companies, jobs and people that will be a big challenge for the city >> the value of commercial real estate in new york city has fallen by $29 million since the pandemic already cost about $2 billion in property taxes, the largest source of revenue for new york city >> usually property taxes don't go down very often if they've already fallen 2

billion. seeing a lot of theses come up for renewal. we've seen the come back on the residential side on the commercial side not looking that good. anybody who has properties from-week to big holders they say everything is great everything matches up with full force. >> the lowest combined with the lo lowest tax rate at 14% the

longest communicate. rents and property prices are still astro nommicly high. that lock new york city has had on companies is broken that will be tough to do. >> so those numbers are what we should believe and not what commercial brokers tell us when they come on >> the financial services industry is the core the heartbeat of the economy when 22% are going to permanently reduce their work force. that's not a good sign thank you. good to see you. i'll throw out quickly that brian sullivan said from the uk today, things are 100%

things are full and back to normal and he's been tests four days in a row. i will text him, but is the food till crappy. from flub flus i like fish and chips, i do. >> coming up, the china syndrome >> i vaguely know what it is it almost happened after that movie. now what's happening there is having a huge impact i don't even want to look. a look at yesterday's winners and losers

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the entire world dealing with global energy crisis. china continues to pollute

a big part of that is because of the heavy reliance on coal american companies are trying hard to help china kick its habit. you need to go to the woolsy one of my favorites in the world. an awesome place not doe and coe where we ate in vienna you've got to go because i'm so f-ing international. it is obvious. >> i'm sending you a big hug

the staff is enraged there >> i love all the pubs you better tell your story london feels alive you know what else is alive? china polluting more coal imports doubling. we get it. look at the price of coal. china is so in demand very

little long-term storage they are buying all the coal they can some american companies are trying to wean companies off their capital. they are making huge multiyear and multidecade contracts to send natural gas into china. saying the u.s. can help wean china off of coal because they are more addicted than ever. >> we are seeing this big switch from gas back to coal. you see it in asia the amount of coal they are burning right now is record and

not good for the environment or the world. >> look at that. it is on fire this year. hard to believe. hire is the reaction china in some cases is paying equal to $20 to $25 similar to parts of europe as well because of the crushing demand. it is latin america. they've had a drought. natural power is down. u.s. natural gas has become widely in demand i'll leave you with this random but interesting stat not just china u.s. coal production is up 16% from the same week last year

i guess it, coal lockdowns u.s. coal production is leak the year of the fossil fuel. hard to believe. >> brian, we need to power the grild. it comes down to having those things or use coal of what are we supposed to say has that been thought through? >> i think it has. >> no, it hasn't brian, it is not possible to get to zero by 2050. it is never going to happen.

we better think of ways to deal rather than spending $1 i'm talking about the strategies and the short-term impacts of the long-term strategies but do it smart. make sure everybody has heat, light, power >> yeah. right. in spite of trace ee emissions when we come back, general elect rick announcing its blaekup. let's go!

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so, you want evs, you have come to the right place. is that tom brady? yeah. he comes in to recharge, get software updates. you know. let's go!

in an historic moment, general electric announced it will split into three different companies. senior leadership. such a storied company a lot of people sat up and said, wow. you may have thought this was coming but what did you think would happen >> depending on how you can't

the original candle company. back about 43 years or so. saying breaking up is hard to do it made no sense from a history of the past era of the highly diversified con glam rats. >> when edison ran the base. they were running r&d that had nothing to do with electricity they got into all of these businesses that got them out of turb iv ns and light bulks and buying into this network at nbc

they got way beyond themselves the best thing they had done about time to separate the to capitalize valuation. >> as it was pointed out on air yesterday. that they can allocate more effectively. the trouble with the highly diversified businesses itt and thinking of some others

they were these crazy pile ups where they didn't understand the efficiency share holders can buy separately and diversify themselves as they see fit. what jack welsh was. there were areas that weren't the best managers. they took the tour and die maker off their board. that was followed by another ge insider when he fell they needed people with the management expertise and labor market for -- and they were getting into the same mistakes

with the baby diaper business and adt alarm systems with extreme pileup within dooring what went wrong >> part of it is that you buy low and sell high. you can take good businesses but if you are getting an incorrect business when you thu p. >> bought sometimes at the wrochk times and sold sometimes at the wrong times getting into the cadcam business is a good example. they bought this company and sold it off three years late art. they they were spinning around in

circles. now raytheon realize they've spun out otis elevator as a free and enormous company the hvac business all on its own. with the merger of pratt and whitney. raytheon at one time was a book publisher. these things make no sense why are these things getting into books taking things back and the sfok was smart to take a jump >> thank you good to see you. when be come back, the cek of the restaurant industry

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restaurant software company toast posting numbers overnight, revenue growth more than double. joining us now, toast ceo christian camporado. i can't believe how well you are growing, 2012. you got 6% of all restaurants and that equates to what, 100,000 restaurants in like nine years? >> well, i'm not going to comment on the 100,000 i'm not sure that number is correct. when you think about the restaurant industry, it's a massive industry 960,000 across the u.s. of different sizes, types and formats. we are excited we're on the right path and we're empowering this community, we all love restaurants, we're empowering this community to thrive the restaurants have turned the corner while the last 26 months have

been difficult we're on the very right path in the early days of our growth. >> how can you view it it's kind of like a point of sale for restaurants that operates in the cloud, kind of like a square for restaurants that, obviously, was a pandemic play when it is all said and done >> no, we have actually been at this for nine years. if you think about our platform, our platform is a restaurant-spec all in one platform that helps restaurants from point of sale to team management to digital ordering, to back-up house automation to empower all of these stake holders to have these for life we make the life of these restaurant stake holders much easier by helping them drive revenue, stream lining operations, but also helping them korea it the likely experiences for consumers like you and i. 50% of our dollars on food are spent outside of our house it's being spent in restaurants.

so we're empowering this community to be successful and if you think about the restaurant industry, it's a really complex industry behind the scenes we're talking about razor thin profit margins, high employee turnover, manual work flows within the restaurant. so having a restaurant-specific platform is really necessary for these restaurants to thrive and be successful. >> it gets them at 48,000 restaurants. >> 48,000 as of the end of q2. >> ight. discounting, i guess, over the next year. you'd probably be at 100,000 chris, what i meant by a pandemic play was, if you and some analysts have pointed out that some of your margins, some of the way that you make money could slow a little bit as people return. you don't make as much money than people who are dining in. debit cards, you make a little bit more money when it's actually either order away from the restaurant or you

work with a lot of delivery companies as well, and that was, obviously, for the last two years, it was a great time to be in that business >> yeah, we look at what we call the annual recurring run rate. the arr. the arr of our business combines both the money we make off osoft ware subscription. so restaurants subscribe to our platform and pay for software that we continuously innovate. next week, we have a spark event, we announce new product releases into our software so the first lever is the software subscription. the second lever is the money we make off of palmetto payments volume it's season am, you have high summer months, low winter months we make main off the tape rate of that payments volume. those two pieces come into play when we talk about our arr our arr is fantastic and

validates we're on the right path early in the life cycle of the business >>very good. quite a success story. founded up in cambridge, which is kind of interesting. >> founded up in boston and cambridge and, you know, 2012, but we have been at this for nine years we continue to innovate with great products that we think will help restaurants. >> service revenue is key, right, recurring revenues you mentioned? >> correct >> as you expand, pretty soon you will be cooking for some of these restaurants. >> you never know, i'm not a great cook, but we're trying to help the chefs and help the chefs pump out more orders >> all right i saw -- i don't know probably thin trading this morning. i'm not sure what will happen with stock today we'll have you back. this is i think the first time you have been on since the first report excellent. great to see you, thank ou >> i thank you see you, joe coming up, rivian shares

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let's go! electric vehicle rivian pricing well above the expected range, giving the company a value of almost $70 become we'll have a preview of what to expect when the company starts trading. pfizer seeking authorization for its covid booster for everyone over the age of 18.

we'll speak to a former white house health director about that, vaccine mandates and much more two business legends coming together to battle mental capacity of college students the second hour of "squawk box." begins right now >> good morning, welcome back to "squawk box." here on cnbc live in time's square, we're going to hear from andrew in just a bit at this point the equity futures, it hasn't been often, the dow is down and the s&p pulling back the nasdaq weaker on a relative basis down about 82 this

morning, with some individual names now, i hope. >> let's head over to dom chu. he has some morning movers dom, it has been interesting, watching this like straight march up for eight days now for the s&p, 11 days for the nasdaq. this morning, seeing a few red arrows. >> so, becky, joe, to that point, because so many companies have participated in those rallies, in some ways to a dramatic degree to the upside. we have seen pullbacks become more steep we will start, though, with a newly issued public company, i should say a republic, this is hertz rent am. the rental giant came back to market in a highly publicize ipo, hertz global did price the ipo at $29 per share all right. imi it came out to market, 26.25. that was the opening trade it got as high as 28 never got that $29 offering price. so again those shares newly public again after being

reissued $26.01. showing more weakness, number 29 is the mark we want to set there. that is where the shares were sold to the public so hertz global certainly in focus there. also a steep drop, speaking of shares of poshmark, the upscale retailer second-hand good items, down 37%, $17 in the last trade there. it's been a shock to find. this is one of those companies that reported disappointing results, sales that fell below expectations and a current quarter holiday season forecast that disappointed a lot of analysts out there poshmark was hit among other things by that switch, that option that apple is giving its users to opt out of certain targeted marketing-type situations for those iphone and ipad users poshmark is one of those companies getting hit by that particular missouri down 31% now. a big move there

one other place to watch has been the massive run-up in tesla shares, surpassing that $1 trillion mark. now it's down again in the extended trade the interesting part it is down roughly 17 to 18% from the interday highs we saw over the last couple weeks there. that means, by the way, 200 or 205, $210 billion has been shaved off tesla shares all on the heels of perhaps the catalyst of tesla ceo and founder elon musk, asking whether or not they will share some issue there, by the way, p palantir shares one to watch as well, i'll send things back over to you. >> palantir. you know what that's from, dom >> palantir? no, no, please tell many e. >> becky knows it's within that globe where you

can see saron if you look into it remember mary or pippin that like stole it when gafdolf was stealing it. a lot of those are big lord of the rings fan. that's a palantir and and seemp jackson subpoena selling off >> don't look directly into it, or you will see the dark lord. >> the dark lord can see you, too. they unearth and know what are you up to. >> a lot of times he'll send a flock of crows looking for you and stuff. tentacles everywhere >> i have learned how much more into the lord of the rings trilogy you guys are >> very nerds, nerds, nerds. >> was there anyone cooler than

orlando bloom running around on those -- he stole my beating heart, whoa, man, he was something in that role rivian set to make its market debut it could be one of the largest ipos, phil le beau, speaking of my beating heart, phil le beau joins us with the rivian stuff >> joe, a huge day for those watching the electric vehicle and saying when will rivian come to market and when it comes to market, what will be the reaction of the investing pup lick we know what the appetite will be they have raised the range and are setting the offering at $78 a share. that share count, 153 million shares that is an upsized offering. remember, it was supposed to be 135 shares, because strong demand is expected it wasn't as expected going

through the road show. it's expected into market later today. the ideal proceeds are expected to top $11 billion many hit $12 billion what will they do with that money? one thing is to expand production the proceeds will fund a second assembly plantp they have said they're in the process of vetting out different locations, figuring out exact ply what they want to do the founder r.j. scaringe, this is the combination of something that began founding this, buildth it over the years. it really accelerated in early 2019 that's when ford invested a half a billion in rivian. at the time they said, look, these guys will be the basis for our electric vehicle truck platform that ultimately changed. ford had a seat on the board of rivian, no longer has a seat there. you take a look at shares of

ford, keep in mind it owns a 12% stake in rivian. whether or not that stake is out, it will be a nice payout something in the order of $9 $$10 billion. the other is amazon. that relationship is closer than ever as the first s-1 came out 2kub8d down on its commitment, saying not only do we own 20% of rivian, we are expecting to buy more shares. amazon is also a customer, ordering 100,000 electric delivery fans, the first ones, production ones will be delivered this quarter that's the expectation there already have been a few out there prototypes that have been tested out or in the testing process so that relationship is one that also has a number of people saying, look, if you like amazon as a tech company, if you think that they are a proxy or some way using them as a proxy for the

auto industry, rivian would be the way to play. guys, we will see the shares start trieading on a little ear on the ibn, a big day for rivian and a big day for the electric industry >> weird, phil, everybody will be driving a truck i guess are you with me? it's a funny looking truck >> i drove it no it's not. >> it looks like thomas the tank engine hey. where is all your other friends? >> i don't know. >> i'm telling you, joe, i'm telling you, joe, electric vehicle industry is pickup truck. that's where they will make their mark rivian, they've already got orders for 50,000 of these so watch this stock today when the ipo starts trading >> i don't know, it kind of looks like percy i don't know if you know all those. i had them all >> i know all of them.

>> you do? >> i do. my son was huge into thomas the tank. >> you know what's happening with that truck? rivian all right. thanks, phil coming up, pfizer is asking fda for a booster dose for people over the age of 18. then a big interview with two business icons, ken langone and larry bossidy. ken was on the board of general electric, larry a long-time manager at ge before honeywell we'll talk about that "squawk box." will be right back so, you want evs, you have come to the right place. is that tom brady? yeah. he comes in to recharge, get software updates. you know.

let's go!

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. welcome back, everybody, pfizer is taking another step in the fight against covid asking the fda to authorize booster shots for all americans over the age of 18 years. joining us with more on that is dr. patel, a former white house health policy director and both an nbc and msnbc medical contributor. dr. patel, this is really interesting. this was the one area where there was a bit of a dust-up between the scientists advising both the fda and cdc as to whether or not all americans should get the shot at the time. they said no because there wasn't enough data what is new now? >> what is new, becky, is 10,000

random control patients that pfizer initiated to really deliver on additional data as requested by the fda and advisory committee and also pressure i think from the international public to demonstrate that boosters are necessary six months after a second dose. it come through, the data did. 10,000 patients average age of 53 years demonstrated a third shot on an average of six months after the second dose raises that efficacy, becky, to 95% so pretty much what you'd experience after full immunity from that first and second dose, which is incredible. this on top of the evidence of break through infections can lead especially in certain adults, not just high risk but people under the age of 50 that these can lead to hospitalizations that's a significant marker that i think should put to rest this debate i think everyone does need a booster after six months from their second dose at least

>> there were questions about this before. the real world studies we seen play out in israel, where they moved ahead quickly, was four booster shots. what was different about what we were seeing in israel with some of that data was it not as convincing as what the study shows? >> yeah, it's a great point. i think a couple points that came up, the israeli data, becky, still keeps coming. shows further evidence that people who do not get boosters are at the highest risk, likely because of their waning immunity, especially in older patients i think what happens several months ago when the fda advisory committee met is they felt it was too soon based on israeli data, it was not compelling to demonstrate that the boosters were necessary to prevent hospitalizations and deaths. the boosters certainly played a role in israel in preventing symptomatic or asymptomatic infections, mild or moderate not what people felt like a threshold to recommend boosters for all.

i think combined with that, becky, was this parallel narrative around myocarditis, inflammation of the heart. i think they were okay in high risk people but not okay for everyone in the general public here we are, the november holiday season, most people have been six months out from their second dose, most americans. so now i think it's time to resurface the conversation i think moderna recipients will be sitting for a little bit. hopefully, the fda will expand this to include the moderna recipients in this inclusion as well >> part of the considerations last time around was the idea that should americans be getting a third shot when so many people in developing nations haven't gotten an opportunity to get their first. there was the ethics question that came into that. is that still at florida i and will that create a problem >> it is i think it's still at play there have been several iterations by pfizer, the manufacturer as well as the biden administration

they have sufficient supply to offer every adult their first shot, every adult their booster shot now with children shots for all that are eligible. i think the issue of supply is not one. i think the bigger questions of the globalist supply is, is the u.s. making good on its promises for repurposing unused vaccines, getting those to global partners, also pushing other developed countries to do the same i think that's the global pressure along with some of the patent disputes and things going on with moderna, adding i think a little pressure to that global push for vaccines as well. >> if you get a third booster shot how long does the effectiveness last 95%, i assume that's a dropoff, too? >> that's where pfizer the manufacturer as well as real word evidence from israel, if we're not quite where israelis have had that six-month time period they are moved along with four

boosters they have data that shows again it's decreasing, especially in older and high risk populations. i think it's been controversial, however, becky, just measuring those efficacy does not take into the memory cell function, which we do know is incredibly absent, moud na and they echoed it played a role in this i do not think all americans should be signing up on their calendars for four boosters just yet. i think we need to see more data for that third shots seem a no brainer to me at this point >> dr. patel, thank you. >> thank you. protecting, in this case, your portfolio, from high inflation a. special report after the break. then ken langone and larry bossidy will be our special guests "squawk box." will be right back

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37%. and the worst performing interesting. inflation is on the rise it doesn't look like it will come down any time soon, programs so how do you determine the right assets for your portfolio in this environment. joining us now, it hasn't been something we've had, it's been a long time since we had to worry about that, sharon, sharon epperson here with us. good morning >> good morning. that's so true, joe.

but american's inflation is rising, 78% expect inflation to get worse. with rate hikes on the rise, some investors wonder if it's a good time to adjust their asset allocation >> given that the fed will be raising interest rates in the near future, should we be raising the amount of cash we have in our portfolio? >> a until adviser winnie sun has this to say. >> holding out cash isn't in your best benefit, interest rates are at an all time low, as inflation costs go higher, your cash is worth less and less. you should consider investing now more than ever >> inflation, higher rates, higher energy costs, global uncertainty, another viewer asks, what are the possible trends swimming in this environment? >> over the long term, we have seen that that has rewarded investors.

you don't do it just because we see inflation on the horizon and values should outperform you do it for the long term and then you tend to enjoy a dark inflationary period. >> pam, i was talking about overweighting finance stocks some will answer more questions live coming up today at 12:00 eastern time on the cnbc your money event. sharing the ways to navigate financial challenges and invest for the future to register, go to cnbc.com or scan the qr code on the screen >> what could you buy? you were an investor, what could you do tips it gets a little ar cane, doesn't it >> it does it does. but a lot of folks are focusing on economic risks that could impact the portfolio tips are one of the things that

some investors are looking at. to trade off to get that protection financial advisers we spoke with say as prices rise, investors should be focused on scaling back their daily lives speak with a solid investment strategy over the long term. joe. >> it's kind of interesting. it used to be gold gold has under performed bitcoin. >> i know. >> now i know, but some investors want to do it. they want to try to hedge inflation with crypto. so until advisers -- >> might work. >> take a hard look. >> might work. might not. thanks, sharon >> sure. still to come this morning, our big interview with ken langone and larry bossidy, that is straight ahead. plus, we will be talking to united airlines ceo scott kirby live from glasgow on the global energy csi aris,ir travel and much more. stay tuned you are watching "squawk box."

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mental health foundation, radical hope is launching an initiative in partnership with

nyu to help first year college students to stay well and manage their mental health. joining us now, ken langone, chairman and president of inhave amed and larry bossidy former ceo of honeywell and chairman of radical hope and welcome it's great to see both of you gentleman. >> nice to be with you >> this is pretty -- it, obviously, larry, this is near and dear to you because you lost a grandson who decide by suicide, he was a junior i think at gonzaga i have a son at freshman it's daunting. college is daunting enough, but in terms of academics and all the social pressures and everything else. and i think they need to be monitored to make sure everything is okay i think that's one of the goals of what we are trying to highlight ere. >> it is, joe. following the suicide the

parents founded radical hope with the idea of trying to help these kids as they come into college and in cooperation with nyu, we've put together a pretty comprehensive curriculum there are one-hour sessions that take place over a month. it's free to the college of whom we partner we're in ten right now we focus on connectivity with themselves, with others around them and empowerment and resilience we like to have these young people have the confidence to ask for help if they do, we think, i don't know what kind of impact we're going to have. if we can save one life, then it will have been all worth it. it's something dear to my heart, ken has been a great help. we're off to a great start. >> i don't know where to start with you i mane, between you know harlem, children's zone, you are all over the place

nyu medical center >> hikelike horse ma gnure, i'm over >> they have a wonderful family, 31 grandchildren, nine kids. i don't know how the heck he had time for work, but he did. when larry explained to me the goal here, it made all kind of sense, clarify one thing nyu the university >> not the medical center. >> well, the medical center will do whatever they can to help when asked but the push here, the big thing is for kids in colleges to keep their eyes out and alert these kids that are struggling, that will go to the extreme of taking their own lives, it isn't a surprise, in many cases, you had clear signs him all we want to do is to make sure everybody is aware of the risk of the

challenge of the danger. thank god for larry and his family what they have done here is spectacular. >> we got great feedback from the people who have employed the program. we want to touch a million people some people said that's an awesome target, but nonetheless, that is our objective. as i said, we're in intense schools now, including wesleyan and fairfield, university of miami with more to come. so i think we can make a difference that's our intention >> what all does it entail what do you plan for it to entail, eventually how much funding would you need, would there be counseling? is there -- some mental health is, it's not as easy as talking to someone sometimes it's a neurochemical issue. it's a very complex issue. how do you try to make a difference >> the most effective thing we see so far is we have a leader at one of these schools teaching these seminars kid talking among themselves

and it was having the confidence to express what's on their minds and as a consequence, asking for help when needed, we think with that and the curriculum that's comprehensive in terms of we want to discuss, i think we can make a difference and the response, so far, has just been terrific >> the pandemic didn't help, did it >> no, it made things worse. and these kids have been i think you know the suicide rate for young people is up 56% in ten years. it's a remarkable and it's tragic and they come to school often overwhelmed and whatever we can do to provide them some peace and tranquility, and happiness, that's one of our great missions >> it's great. >> joe, you mentioned fund raisers. let me, what excites me, larry is very matter of fact and successful businessman we are both being objective about it we will give this thing five years and see if we can get

traction the idea is the colleges and universities to having their own people doing this, now, in the case of a lot of colleges, they don't want to admit thigh have a problem. but they do have a problem our goal here is over a period of five years, is to build an organization with literature, with knowledge, with encouragement for all these colleges, because they all have the problem. larry pointed out this morning 64% of all kids that drop out of college drop out of college because of mental illness. so there is a big, big market here i think, larry, it's the second largest killer of teenagers between 18 and 24. >> it is, indeed >> this is a serious, so, what we're doing sheer applying what we learned and know about business in a very strong way and larry's family has been absolutely, the whole family, good bless them, they put their shoulders to the wheel i would say this, joe, that i'll

take advantage of this moment. we'd love to have financial support. we're doing it right now it's doing very, very well but we want to get a broader base we want that's colleges and universities to call us and say, c'mon in, help us, tell us some of the things we should do and how we should do it. that's our goal. >> we get feedback all the time with our curriculum. we listen to it and make adjustments as necessary we don't worry about what caused it those other people trying to get diagnosed what has caused some of this concern among these incoming freshmen. we're dealing with what is real. what it's like and if we can be helpful to these people and fend off some of their more significant thoughts in terms of exaggerations of life, that's what we're going to do >> you know, larry made a point here about the now i had a dear friend of mine, a surgeon, a great surgeon who had an expression, we can't do anything about what happened five minutes ago our purngs our goal is to identify those kids that

whatever reason aren't reaching out for help and assuring them, there is a better life, a better future for them. we got to help them figure out how to get to that future and the help they need that's what we will try to do. >> go ahead, becky, nice to talk to you again >> larry, ken, it's great to see both of you. especially on something that's so important thank you for speaking out about this and trying to make a difference ken, you just said something that kind of caught me off guard. the idea that universities don't want to admit this are you all having problems getting into more universities >> no, not at all. but there are, they don't want to speak to the challenge or the issue, because it's not a pleasant issue and they don't want the worry of maybe motivating a kid this is exactly the opposite we're saying all those eyeballs of all those students of all those professors and administrators, the kid that's prone to do this is sending signals out. she is sending or he is sending signals out. >> it is, indeed

>> we say catch them get together with that kid bring them through this period of depression. that's what it is. >> so we've partnered with these schools, it's free of charge and some of the programs that wee see, frankly, are not of great substance. so we think we can bolster those programs to everyone's benefit and begin to fend off this situation, which is tragic as i mentioned a moment ago >> while i have you here and we'll get back to this in the end, i don't know whether either one of you saw what happened yesterday. both of you, have you heard of this company, general electric, either one of you. kep, you were on the board, larry, how long did you work at general electric in senior management >> 34 in total, 24 in senior management >> the journal is calling it the end of an era, a lead story, conglomerate, a beacon of u.s. manufacturing is now over, split

into three. >> none of the above if you want to address the issues, it was terrible, terrible by the way number disclosure, jeff hired me. >> because of your potty mouth. >> i may be disjoined, i hope i'm not. jeff turned out to be a disaster as a leader, a disaster. but he had accomplices in the board of directors they allowed him to do all these things the biggest mistake, of course, was $17 billion gone gone >> they kind of gifted nbc to c comcast in hindsight we cited him for that. >> we told him he need handles and he would be a pilot. >> comcast paid for the entire >> you will pay if that's the case, right? >> i'll tell you one thing, what they're doing seems to make

perfect sense. >> absolutely. >> i think they will lock a lot of value this idea the conglomerates are over, i don't agree with at all. if you have the right management team, there is a lot to be said for putting together disspar rat businesses you have purchasing power, you can exercise, run a program, for example, it costs the whole company. there is a lot of companies out there doing it my alma mater, honeywell being one, how about amazon, google, they all have disspar rat businesses, with the right management, it can work. >> the business model changed. ge capital used to provide the fundings for a lot of the operations for all the other disparate entities, as you say, that didn't happen in the financial crisis didn't help there are people, ken, that don't blame the individual you are speaking of, but they say because all the way back to jack >> where did all the cash come from to pay the dividends? forget about the price in stock. the company had a model that

worked granted jack could happened him he built it. i got to tell you, i wish i didn't have to say this, in a sense, i am glad jack passed on, this would be the biggest heart break of his life to see what happened to this company i had dinner last night the vice chairman of ge with jack and larry and he's stunned at what happened here. do you realize i got to tell you, when i was on the board of ge, i used to brag that i was on the board of the most valuable corporation in the world. in 2000, ge had a market value greater than any other corporation in the world >> 600 billion >> $600 become talent like bossidy and fresco and calhoun and mike mcnerinny great leaders. i'm sorry, joel i am absolutely

convinced. by the way, one more shot. i read jeff's book if you read the book, you think he did a magnificent transformation sounds likes biden getting out of afghanistan. >> no, it's a real tragedy and it is what it is, but the idea that we had falls back i know for a fact, jack said, you ought to blow the place up there are a lot of businesses here retiring. >> he didn't mean to actually blow the place up? >> no, rejustify nate it. >> that's the end result how is culp doing? >> i think he's doing fabulous >> i too >> i think in this move, he's waited for the right time to get the balance sheet fixed before he undertook this task given what the state of the company is now i think breaking it up in three pieces is very sensible >> can we go back to radical hope, please >> yes, go ahead >> look, this is a national crisis there is nothing that's going to

impact our future more than giving all of our kids hope. the wonderful thing about today versus 50 years ago, when people suffered mental illness, it was a secret, you whispered it thank god today we're more open about it and we have the opportunity to reach out for these kids and assure them there is a life ahead for them it may be a little difficult maybe they came from bad situations whatever the reasons let's help these kids to a better life. this is what our goal is particularly these kids that are struggling mentally. >> and get it out on the table and talk about it so we can provide some help. people don't want to talk about it understandably. but now they're more willing to, the more willing they are, the more help they will be >> it's a more fertile area to talk about now, given what we seen and some of the olympic athletes, all along, it is a real issue it's not something that you need to, you know, hide or put under

wraps. >> exactly >> it's no longer a stain on a person's body or conscious, it's a disease, a serious disease, it needs to be addressed like any other disease, you can't address the cure, i should say apply the cure, unless you identify the illness. >> right. >> that's what we're all about we want to identify these kids that are struggling that are drowning in their own minds. >> right >> if you want to help us, go to radical hope foundation.org and be a part of us as we try to at least deal with this difficult situation. i know, joe, you have a college freshman and you are keeping your eyes on him as close as you can. >> i got my eyes, very one on each both on both >> hey, by the way, a plug, here are two 86-year-old men, as fashion as we went to work 55, 66 years ago right? >> right >> don't get mad at me. >> go ahead. >> but you started with the

afghanistan thing. can you just comment on where do you think we are in terms of policy in this country i think what is it 70% think we're headed in the wrong direction. you started it, ken, i don't want to get political, but - >> let me give you a warning this inflation is a lot worse than people think. it is not transitory and trust me, the little people, people like my parents and larry's parents, they're going to suffer, because inflation is a regressive tax it hits the poor people hardest of all we have serious problems in america. i don't know, look, you know my politics i got totell you right now, i don't see leadership any place in this country. thank god for joe manchin. the guy's got guts and courage and he did what he had to do and he will continue to do what he has to do. >> he get covered a lot. he's pretty safe in west virginia, obviously. >> i tell you right now, i'm going to have one of the biggest fund raisers

he's a democrat, i'm a republican i'm going to have one of the biggest fundraisers i've ever had for him. he's special, he's precious, he's a great american. >> i think the virginia election indicates america at large is sick of this stuff they have to be more sensible in turning the country in the direction, the majority, the majority of people i believe want it to go. >> joe, one more joe, we need to broaden the process of diversity of thought in colleges and universities in america. that's another big issue in america. we got to address the need for open discord >> as long as you know you are not talking, everybody needs a safe microspace from microaggression and as long as it doesn't violate that, gentleman. >> i agree with you 100%. >> nobody wants that >> nobody wants that >> ken langone, larry bossidy, thanks for bringing this all to us before i haven't seen it anywhere else.

it's a very good idea. >> thank you >> thank you, joe. >> have a nice day >> thank yoube, ck >> thanks, guys. as your broker, i've solved it. that's great, carl. but we need something better. that's easily adjustable has no penalties or advisory fee. and we can monitor to see that we're on track. like schwab intelligent income. schwab! introducing schwab intelligent income. a simple, modern way to pay yourself from your portfolio. oh, that's cool... i mean, we don't have that. schwab. a modern approach to wealth management. esg is responsible investing. who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim.

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(rhythmic electro rock music) (crowd cheering) - bito, bito, bito, bito! - [announcer] bito, the first u.s. bitcoin-linked etf. welcome back to "squawk box," everybody. a couple quick headlines for you this morning google has lost its anti-trust value with the eu. they uphold an order to pay a $2.8 billion fine. the verdict can be appealed and taken to the eu's highest court. you can see apple shares down

by .2 of a percent and coin base share dropping after they miss the street's expectations coin base reported weaker than expected revenue for the first quarter. the number of monthly transacting users dropped by the prior period that's off by 9.5% we should point out bitcoin and etherium pulled back ever so slightly, this morning bitcoin still at about 66,000-and-a-half -- 66,533 dollars. when we come back, a conference which brings together some of the most influential minds in business. policy and culture we will have highlights after the break. check out the futures. a little pressure when it comes to the dow, down by 47 points, the nasdaq down 69 s&p off by ten, remember, we have been paying new highs every day for quite a while. s&p have gone eight days in a row. "squawk box." will be right back

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andrew has been hosting theage conference and joins us now with highlights of what he's seen so far. andrew, you have been busy >> we have been busy we've had a pretty great day yesterday. we got a huge lineup later today. we're going to be bringing you a lot of that throughout the day here on cnbc i want to show you some moments from yesterday, first apple ceo tim cook saying he owns crypto take a listen.

>> i'm not planning to in the immediate future to take crypto for our callouts as a means of tender but there are other things we are looking at. >> like what >> like i wouldn't have anything to announce today. >> let me ask you a different one, you just said you might not do it personally do you own crypto or bitcoin or etherium do you play around with it >> i do. i think it's reasonable to own it as a part of a diversified portfolio. i'm not giving anybody investment advice, by the way. >> it may not be investment advice, boy did it go viral yesterday. i also spoke with wework founder adam if youman, his first interview in two years since he stepped down, i asked him if that valuation affected his management, whether it thinks it made him arrogant. >> the world will say that you are correct, it's working. the valuation was just another

way where people sort of told us that we were right oh, everything is working, we're headed in the right direction also investors were the biggest investors in this country. they weren't your average investor, blue chip, the investment made us feel like we were right, which made me feel whatever style i was leading at was the correct style at the time. >> there was another telling line, i asked him him, an apple tv show scripted about him, jay leno is playing him. i asked him if he planned to watch it jared leno told him not to there was sort of a moment there. meantime, yesterday afternoonw spoke with meghan, the duchess of sussex how women can reach power. meghan has been working the phones behind the scenes, calming members of congress about paid leave i asked her why she has become an advocate for the cause and whether it's political given her role >> i don't see this as a

political issue, frankly look, there is certainly a precedent amongst my husband's family and royal family of not having any involvement in politics i think in paid leave from my standpoint, it's a humanitarian issue. >> to close out the day, i smoke with matthew machine conhay, i asked him about the possibility he will be running for the governor of texas, where he is polling higher than governor abbott >> america needs a new narrative. i think we can all agree on. that we're writing, whether we need to be reminded of our lyrics and write the new lyrics going forward. so we need the story telling not much for legislation as i am for choice well, does that transfer to politics well, where you got to administer you're the ceo >> the big news that seems to be making news overnight, he said he wasn't going to be vaccinating his younger children that got a clap pack from the

s general surgeon. after the interview, his people called us to say they were concerned about the comment that he had made, he was concerned about it and he wanted people to know his older kids i think he has an older son perhaps over 12 has been vaccinated but that he is still considering what to do for the two kids who i think are younger than 12. so, we'll see a. lot of headlines and conternation there. at dealbook today, we will start off with the secretary of state anthony blinken will be joining us, china, this big xi meeting at least virtually with biden scheduled for next week on tap. we got ken griffin, mary bar remarks darren woods from exxon. later, we will talk about the art of the interview and what's going on in podcast land and the armchair expert and my final guest is a nobel peace prize winner 2001, 2021, maria ressa

we will talk about disinformation on facebook and so much more a lot coming up, guys. >> at least here we pitch in with each other. your mind must be fried, sorkin, but you got another ten hours or whatever it must be exciting, the adrenaline kicks in, so it's not a problem. right. >> i don't know about that we'll see. we'll see. >> it is a problem we'll watch. we have some outtakes for tomorrow i don't know, i don't know a texas governor with a pan bun or a pony, i don't know if that's going to work. >> i don't know if he is just teasing us or not. i don't know >> he looked like his characterner true detective. his character, also, doubtfire is amazing jared leto was in, you are all over the place, six degrees of separation going on. >> remind me tomorrow we talk about joy and happiness, that's what he explained to me. it was such a revelation

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. good morning, the street finally opened, the fax ended its run at 11 straight sessions

yesterday. the s&p finishes with eight in a row. joining us this morning, the futures and less losses on wall street. an ipo in the electric vehicle sector this one is a monster. the offering from amazon back. rivian is among the biggest ever in the united states. and on the way in just 30 minutes, inflation data. these will be interesting numbers today. we'll bring you those breaking numbers and the instant market reaction stay tuned the final hour of "squawk box." begins right now sn♪ good morning, everybody, welcome back to "squawk box." right here on cnbc i'm becky quick along with joe kernon andrew was at the dealbook conference he has a big lineup of guests,

mary barra, dak sheppard and many more. we're also watching the u.s. equity futures right now you the see there are red arrows we haven't seen too many of these. the markets keep setting new all-time highs the dow futures are down about 32 points. so coming back from some of the lower levels we've seen earlier this morning the nasdaq is down close to 70 points the s&p down close to 10 points. treasury yields are looking similar to what we've seen the ten-year yielding 1.743% let's get caught up on the stories investors will be talking about today. amazon backer rivian set to debut today on thenasdaq you see one of the trucks right there. the company ipo'd at $78 a share. it gave rivian a valuation of more than $66 become rivian said it expects the

offering to bring in nearly $12 billion. this will rank as one of the top ten ipos of all time st. louis fed champion bullard is expecting it to hike after the completion of the bond buying program he has generally been seen as more hawkish and did caution his prediction did change. here he is speaking on the inflation picture in the united states. >> we do think some of the increase in inflation will turn out to be, will turn out to moderate as we get into 2022 here so we're waiting to see more data, to see if that happens and then on the other side, i think we're hedging our bets to some degree and preparing to be somewhat more aggressive with monetary policy to keep inflation under control. >> bullard is not a voting member on the fed's policy-making committee this year he will be next year next year is less than two

months away. a federal judge delaying changes to how its devices and service users pay for things through the app store. those changes are now expected to go into effect next month they will force developers to link to payment sites outside the ecosystem. that can allow software companies to avoid apple's fees up to 30% for digital transactions through the app store. apple shares down by 51 cents. in a little under 90 minutes on the opening bell on wall street, dom my chu joins us to look at the top three market movers >> joe, there is an interesting dynamic with regard to electric vehicle and battery-type makers, becky was referring to the big ipo expected from rivian later on today, that has seen a little of the momentum flow into the electric vehicle makers, battery makers, clean energy stocks. some are pulling back this

morning. n fisker shares down and chornlgpoint, evgo, quantumscape, down three and 4% as well. there might be issues to the run-up some of the stocks have had in the last few weeks, heading into liveian ipo him some say rivian could take up some capital allocation some want to put towards other stocks in the industry. watch those on the heels of what rivian will do today over the last several weeks, the hottest part has been semi conductors, in some cases, statistically rare upside moves, some are catalyst driven like with nvidia and amd. nvidia shares down 4%. advanced micro down 2.5 pps. vaneck down three or 4%. big upside moves as of late.

some of the biggest decliners as maybe profit-taking comes into the picture here then as we do here in the third hour of "squawk," oftentimes a check on the most popular tickers searched on our website over yesterday's full session, number one may be no surprise sprooz as tesla, the slide continues, ge on the heels of the break-up news up half a percent. paypal, coinbase and palantir driven over the last couple of days some of the most popular ticker searches the rest are on my twitter feed joe, i'll send things back over to you >> great, dom, thank you well, gas prices have jumped this year. there are concerns now about higher heating cost this is winter now, several republican senators are laying out an energy plan to counter the democrat's climate proposals. among other things, the gop plan calls for expanding the use of natural gas, building out nuclear energy infrastructure and reforming the permitting

process for energy projects. the senators say they support cutting global carbon dioxide emissions by 40% by 2050 joining us now is one of the architects of this plan, alaska senator dan sullivan senator, you had a lot of experience in this arena prior to being a senator i guess i'd start by, i mean, we can't, one of the first things biden did was cancel the keystone pipeline, now i'm seeing conjecture, there are environmental studies for another important pipeline in the upper mid-west and i am told a lot of this stuff is out of anyone's control, what is happening in the country, we're not quite at $4 a gallon yet some of it was within our control, i'm just saying >> joe, no doubt good morning, it's good to be back on the show but look, from day one, the

biden administration has followed these green new deal policies and you described a few or them, shutting down american energy production, killing american energy infrastructure like pipelines, keystone, now they're looking at this line five in michigan literally going to wall street and the financial sector saying, don't invest in american energy, especially in places like alaska migrate state and -- my great state, now they're begging opec for energy production. we thought it was important to put a competing vision out to the american people that's focused on american abundance, american leadership, energy technology, natural gas. not just at home, but abroad and we think that's a great way to empower our economy empowerment of american workers, but also help the environment are you right, i was in charge of alaska's natural resources and energy i can tell you this, we have the highest standards on the

environment, in terms of production of any place in the world, and as you know, america has been a leader in reducing global greenhouse gas emissions, since 2005, almost 15% reduction because of the revolution of natural gas. meanwhile, china and other countries are increasing their emissions, you know, really rapidly, so we think we have a much better plan to go cuss on our leadership, our abundance and not this idea that, you know, there should be scarsity in high energy prices that are really hurting american working families american workers, and i think they're doing it on purpose, the high energy prices. >> well, that's the question because i'm not sure what would be, what would be better, whether it's out of there, because they didn't realize it would happen or whether inducing higher prices is a part of the go el to lessen our diplomacy on

hydrocarbons, either way, if we were energy independent in this country, we got to that point. now we've tried to dampen productions here and going back to opec with hat in hand, asking them to help us out. i mean, that is -- there is no logic anywhere in the known universe, maybe the metaverse, where that makes sense unless - >> look -- >> to transition more quickly. >> i couldn't agree more it makes no sense and it's really hurting working families. i mane, we're seeing prices 60% higher at the pump and wear actually importing twice as mitch oil from russia right now than we were a year ago. >> can we go back or are we past the point of no return on the cap things? it's much more difficult to get permits, et cetera but how hard, if there was another administration, you know, the elections have

consequences, can we go back to being energy independent >> absolutely, we could. we did it during the trump administration with republican support and back to your previous statement, you know guy ma mccarthy, the climate czar, her along with john kerry, they have made statements they think higher energy prices are beneficial to quote accelerate the movement to renewables you can't make this stuff up in terms of what they're doing on the backs of the american people working families but, yes, we can definitely go back to it but right now you are not seeing investment in the energy sector because of these policies. we can change, it needs changeed from them. i think the american people, whether you are a democrat or a republican, when the winter is coming, they're going to see these high energy prices, home heating fuel is expected to climb 50 to 100% this is going to be devastating for millions of americans and we

need to have a much more rational policy that works on leverages american abundance not scarcity, with i they're forcing on our economy >> they're sending 400 private jets to scotland but there was not a jet carrying putin and not a jet carrying sheep to this thing. how can you do -- how can you make any concrete progress without china? >> well, i'll tell you this, joe, is that i think putin and xi jinping are actually benefiting the most from these biden new green deal policies, clearly putin is think about it, the president kills pipelines in america but he's fine with the in order st nordstream 2 pipe lines, which benefits european energy which we had a lot of leverage over the same thing with xi

you may have seen the reports in the washington post, john kerry was over there again, which always makes me very nervous trying to get some deal from the dictators in beijing and comes back to the president and says, hey, the chinese say if we're going to get a deem, we need to tone down our criminal of hong kong, of taiwan, with regard to the communist party in china that's outrageous. we should never be selling out american strategic interests for empty promises from xi jinping and kerry was pressing the american people were fundamentally opposed to that approach >> what do we call john kerry? he is a part of the administration this time he's not over there as a private citizen lobbying you can't make it up, senator. >> you can't make it up. >> no, you can't thanks for i don't know what the answer s. we have to power the grid with something. i hope the wind keeps blowing.

because and the sun keeps shining, because people will get cold, the lesser developed countries in the globe, if it's too expensive or they don't have power, all these well intentions will go where a lot of them lead you know where they lead a lot of the time. thanks >> all right. >> see you later >> thank you >> thanks, becky. when we come back, we will hear from united airlines ceo scott kirby live from the cop26 climate summit in scotland breaking inflation data, a new price index due at the bottom of the hour it's expected to be the hottest number in three decades. check our shares of doordash soaring after announcing an $8 billion acquisition of food company wolt. stock is up and ayst tuned you are watching "squawk box." and this is cnbc is that tom brady?

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coming up, a first on cnbc interview with united airlines ceo scott kirby. stay tuned you arwahie tcng "squawk box." live on cnbc live from the nasdaq

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ply years who remain, i don't work so hard . welcome back, everybody, world leaders at the cop26 summit climate in scotland have spoken about lowering world wide emissions. leaders will be the ones to actually carry out that work diana olick joins us from glasgow with a special guest hi, diana. >> reporter: hi, becky today is transportation day at

cop26. major corporations in the auto and aviation industry are making new emission pledges one of them is the united airlines, joining us is the ceo scott kirby. thank you so much for being here you signed on with a new pledge with amazon to speed the development of aviation fuels. how close are we actually to getting to that? >> we are increasing stabilization fuel we got to scale it up. it is well higher than the 1%. at american airlines, our commitment is more than double all the rest of the world airlines combined. it's too small this is about a lot of what we have been talking about is how do we grow and build this industry to make it sizable to it makes a difference. >> reporter: you talk about the size, the white house said a goal of 20% and 3 billion gallons of sustainable fuel by 2030 do you think that is doable? >> it's doable it will require government help and support. we hope the fuel credit passes in the house of the senate and

gets signed into law that will kick start the industry, much like credits for wind and solar, drove those industries to a level where it's cheaper to provide wind and solar than it is from natural gas or coal powered plant. with that kind of support, we can get there. >> reporter: that's, in fact, why you are here you are talking to policy makers, are you here to see what's going on at cop it's also those meetings tell us what is coming out and who you are talking to. >> this is great to be here. it's a reason by the way that business travel will be back, being with people, the dinners, that's where the magic really happens, going to dinner with a small group of people, one with democrats and republican congress people and the tone in that room is so different than what you see on capitol hill, with people listening, getting the private sector input, really trying to find solutions, where a couple secretaries with the administration, ngos, people trying to find solutions and that's the most valuable thing that i think happened at cop

those relationships and those off-the-record conversations >> you said getting from net zero will require quote extensive investment. >> yeah. >> what should your shareholders know about that investment >> well, i think this will be as a lot of other people said at this conference, this will be the best business opportunity that happened in our lifetime. it is coming we will going to have to get the world to net zero. it's coming, whether people like it or not. we're going to have to make those investments. the good news is if we have the right framework, all of the investment won't come from airlines there are 60 banks that committed over 4 trillion to finance the green revolution so the money is there. walking around these halls, like the money is there, there are people that want to invest so the investment opportunity is there. it's creating this right policy framework for government and business opportunities to go invest in. >> you talk about the money walking around these halls, we

have talking to startups on carbon capture i am a geek about that i found out you are, too you are investing. tell us about that >> the great thing about carbon capture, all the technologies around the world, it is the only one we know of can get to us zero, beyond zero if we want to. in short, this is sucking carbon out of the atmosphere and burying it underground where it is buried for millions of years. we're the launch partners with occidental 1.5, it will be the largest carbon capture facility in the world the key is we're investing in it they're investing in it. when i talk about carbon sequestration, not everyone knows what it is, here everyone knows what it is, it's about driving the cost down. so it can be cost competitive as a way to truly offset carbon emissions. >> we've talked a lot about carbon pricing, are you in on those talks? are you optimistic we will see a standard globally for pricing? >> i am optimistic and i'm a

supporter of a price on carbon that is the simplest, easiest way, we put a price on carbon, the public market will figure it out. we will all figure out how to get there. so i am supportive of that, you hear a lot more in some of knows conversations at dinner, where how to get the issues on both sides and lots of concerns about it but more and more people open minded about a price on carbon i don't think it's going to happen immediately but the open mindedness and a willingness to consider it and talk about it gives me optimism that we will ultimately get there. i think if you talk to any economist, they will tell you, that's the way to do it. >> becky has a question for you. >> scott, it's great to see you. thanks for being here. i want to ask, while we have you. this week the united states opened its borders to vaccinated tourists coming from from lots of different countries at this point. have you seen a big increase in bookings around that or a lot of interest around it >> yes we did also, being here in europe, lots of my european friends have been

very excited it opened on monday and we had 33 flights at united that came back from europe to the united states and, you know, almost 100% load factor on those flights, huge pent-up demand, heart warming scenes of people re-uniting can w families they haven't seen in two years. it's great to have our european friends and others coming back to the united states as we said for next summer, it will be the biggest travel season, at least between north america and europe that we've ever had. >> reporter: as we talk about travel ramping up, quickly, there have been some talk in the uk about limiting shorter hop flights. do you think that's possible, something we could see in the u.s. where you wouldn't be able to take a short flight to reduce emissions? >> i haven't order about that in the u.s. i think it's unlikely. part of the difference in europe is because of the rail infrastructure our partner with lufthansa did a deal with frankfort, where customers can connect on those, on to trail i rail instead of

air travel if the option doesn't exist, i think it's a lot less likely to happen >> a lot of great conversations. i hope you didn't try to hack it thank you so much, scott kirby, united airlines, back to you guys >> coming up, breaking inflation data, we will bring you the new cpi number when "squawk box." comes right back is that tom brady? yeah. he comes in to recharge, get software updates. you know. let's go!

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welcome back, everyone we're a few second away from a lot of important data. we have new consumer price data and initial jobless claims that are due. the dow is down 46 points. the s&p off by 10, the nasdaq by 62 rick santelli is standing by rick, take it away >> yes, lots of data points coming out here. initial continuing claims because of veterans day holiday tomorrow 267,000, 267,000, a post-covid low. it's only by 2,000 versus last week's 269 thousand that may still get revised. let's move along with regard to continuing claims, a different picture. it didn't move up much it has moved up from a post-covid-19 low last week of 200 million and 205,000.

on cpi, holy cow, hot, hot, hot! even the headline is hot up .9 of 1%. of course, that really is much bigger than the .6 expected. strip off the all important food and energy up .6 that's .2 higher than expected and we jump the broom on the handle here, year over year cpi 6.2% 6.2% that the highest since october of 1990 when it was at 6.3% and it's the sixth month in a row of 5% or higher that began in july excuse me, in june, with a 5.0 so these are, you can call it temporary, but it certainly doesn't appear that way in the real world finally, if you look at only core year over year up 4.6 much hotter than expected. to find a higher number year over year of more than 4.6, you

have to go back to july of '91 when it was 4.8. we now have moved up to 1.48 on ten-year note yields we are at 1.83 on 30-year bond of which 25 billion will be auctioned at 1:00 eastern. it certainly is interesting to watch how investors have somewhat shunned the auctions, thinking, why am i go him to buy something rally when ultimately, we have to see interest rate move higher and sell off, what's really fascinating is when prices were going up the last several sessions, pushing the yields down, the curve was going flat, flattening today interest rates are up. guess what, the curve is flattening again, a bare flattening let's see what's in common there? flattening at the end of the day, short rate are stubbornly high long rates are doubling of buying lately. i'm not sure how long that one will last. of course, if we think of the cpi in a different way as these prices start to move

higher, energy is taking center stage, joe, you did a great job this morning talking about that. you can't have it both ways. either you want to go into less fossil fuel or you want to keep supplying enough at the end of the day, i just keep thinking of one name, that name is stephen chu. president obama's energy secretary in 2008, was his famous phrase, i think gas ought to go to $8 or $9 a gallon why in to mike a faster switch over to renewables, which hasn't happened and the same logic seems to prevail today becky, back to you. >> you know watching that, the dow futures had been recovering through the morning, weakened on this number. the hotter than inflation in especially when the number affects consumers, that's a big deal, it's something people will be watching. the dow futures is down less than 100 points. again, this was a number we worried would be hot, sure 95 it

is -- sure enough it is. >> this does hit home. listen, there are certainly aspects post-pandemic that are going to reverse some of the hot, hot, hot inflationary precious but the residual inflationary pressures that remain are going to be something stubborn and very difficult for the fed to wash out of the system >> rick, thank you steve leishman is here he joins us with more as well, steve, what do you think >> i think it's an ugly number i think what we just did is we crossed over october into november, the number we're looking at 94 the year over year 6.2 is a number forecasters have been following we looked at through november. we passed the five handle until the six hand him i think it raises a lot of questions about the economy and fed policy i think it raises the question, is fed policy really in the good place that fed chairman j. powell has talked about? does it need to be celebrated as

you end up passing the pain on of inflation to everybody as opposed to trying to get the remaining 5 million to get the unemployment rate back up to where it was some of the things that have happened here is that the things that reversed into the prior month have accelerated again, things that helped before. used cars up 2.5%. airline fairs knocked down, still down but not down nearly as much, medical care up 0.5% so these are big issues also raised questions i think from a stock investing standpoint you have that hot ppi yesterday, comes over, cpi still remaining below it what's happening in between is there margin pressure happening there among the companies ruin vesting in i think you have to listen closely to those earnings calls and commentary from companies to see if they're able to pass along costs or ab issue productivity >> in china, it was reported the producer prices were up 13.5%.

>> 13. >> yeah, so, this is not a u.s. problem. this is a global issue and that probably makes it even nor concerning >> yeah. we have our own issues, too, as well, becky, which is on the one 457bd, you have these producer prices coming up some of as that rick said is transitory what concern itself me isseeingi spread to other places our domestic problem is the labor issue, getting people back to work. some will happen in november or december what is clear is working out this inflation issue is going to take longer. don't forget the other side of the story. we do seem to have good growth to go along with this. but we have an inflation problem on the other side as well. >> a lot of people have been speculating in the market, if powell were to get renominated, he would maybe at that point be willing to move quickly to try to address some of these things. what do you think on too front is that something you hear in circles you talked about >> i think that may be true.

i think powell for sure wants to move slowly and deliberately to avoid a taper tantrum. i think that does not have that much to do with whether or not he's appointed remember, he's got to bring the board with him as well, what is interesting sheer that, they ultimately want to bind has four governors he can appoint i was listening to you and joe talk at 6:00 in the morning yesterday, which is my day off, which raises all kind of weird questions, i was on my way to go fishing in the day anyway, the point is this, you guys were talking about what they would want. what do the progressives want from a fed chair it's hard to imagine ultimately a fed chair who is more progressive than powell has been what do they want? a fed chair who is more progressive, who ultimately creates more inflation out there and runs monetary policy looser? it's hard to imagine getting

more i don't see a whole lot of difference, by the way me and my product i don't see a whole lot of daylight monetary policy between he and powell. >> this is a larger conversation some would take issue at that. if you look at who has voted where at this point, that may very well be the case. steve, we got to run right now we will continue this conversation another day >> talk again, thanks. >> when we coat back, we will get jim cramer's first take on the day ahead. yesterday, the nasdaq broke their lengthy winning strikes. can we count on this recent uptrend to return? or should investors be hearing a llft all those gains that's next when "squawk box." returns. >> yeah. he comes in to recharge, get software updates. you know. let's go!

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. all right. we just got that really hot inflation data let's talk some more about the markets after that, joining us to do that is barry knapp, from macroeconomics barry, a hot number. how big of a concern is this for you? >> it's a very big deal in as much as i find myself agreeing with larry somers, something i can't say very often but it's exceedingly dangerous macropolicy. if you look at the part of the curve most influenced by the feds, the sort of five-to-seven-year sector, we've

got five-year inflation break-evens at the highest level ever so tips were introduced in 1998. you got that real rate which is how the fed influences economic activity through the most interest rate sensitive sectors in the economy at the all-time low with supply chain shortages and demand off the chart, it's really dangerous policy. i think the fed is headed for a bit of a crackup here one way or another in early 2022, either they're going to exercise what i call optionality assertion, which is an idea, they set the reduction of purchases for the first two months, then they say they will open to increasing or decreasing modes, if they don't speed that up given what's likely to happen with the data

to continue on the inflation side, they will have a big crisis they will have a big drop on the dollar, a bigger move on inflation break-evens, which are already at all time highs and a general crisis of fed confident. they're really in a spot, trying to ease their way out of this. but the policy is incredibly aggressive and they're spurring demand, as i said in those intrasensitive parts of the economy. the thing this morning was the housing piece is really starting to move. there is no doubt if fed policy turbo charge the housing mark. it's a tricky spot. >> so you were talking about stopping buying emergency at least at this point and getting out of that first, which a lot of the fed officials have played to barry, i wonder how much of this is because of the fed at this point and how much of this is because of the fiscal spending that's been taking place and things out of its control?

>> ah, that's definitely a consideration. in fact, part of what's happening right now with this rally we had in treasury prices, we had the drop in long-term yield, was related to our key issuance-type stocks so they cut the size of the bond auctions, but they're going to be increasing those next year probably sharply, particularly if you expect them to get the build back better plan through, which i do and so you've had this, well, listen, just to step back from it for a second, becky, this is very similar to what happened in the early 1960s where we had expansive fiscal and monetary policies simultaneously, something we haven't had since paul voelker was fed chair so you are absolutely correct. >> that means all kind of things of what happened in the 1970s and what voelker had to do you think we are setting ourselves up for the same thing? >> well, what i'm saying is we have to go when you go for disinflation in the '50s or 2010s, you have to

go through an inflationary period first like the 1960s. so the first half of the 60 was bad for bond investors, pretty good for equity investors, because nominal growth accelerated, earnings growth accelerated, stocks traded 20 times earnings you had a decent period. it's the question of how long that period is this is incredible aggressive policy, arguably more aggressive than the early '60s. >> so what do you do as an investor if the early '60s were a good time, if you actually think history is kind of repeating itself here, what would you be doing maybe longer term with investments? >> i think that you really have to move away from the 60/40 framework and have a much lower allocation of bonds. >> yeah. >> a framework fell apart then you want to be in all the inflationary sectors so i did this study going back and looking at the data about how small caps performed small caps really accelerated when inflation took off in the

'60s it's a little counterintuitive i'd be in small caps, i would be in financials, material, energy and zrichlts weindustrials. we got a capex boom coming those are the sectors i'd be most half-ly weighted in you may have some draw downs when the fed reacts, for sure, but it should be a good period for the inflationary sectors of the market >> so buy if there is weakness, if there is a dip? >> absolutely. i mean, i have been invested through this process that call for a political bit of a riskoff in september/october, it wasn't as big as i thought we'd get it was 106789 we have six. i think we'd have another one in early 2022 that's an opportunity for long-term investors to put money to work in that what i call 60s analog this idea we have stronger nominal growth and what that means for certain sectors. others, it's got to be tough for. staple itself, for example, it's very tough in those sectors.

you guys were talking about producer versus consumer prices, that's where those staple sectors get sweet. >> barry, history often rhymes it doesn't often repeat, though. what would be the canaries in the coal mine you would be looking for if you going to start worrying about equities at some point because of what's happening with inflation >> well, you definitely need the inflation to, you know, to flatten out next year. right? so my expectation is not that we're going to continue to run at 6-plus percent. but we'd settle into something like two-and-a-half/three. if we don't and we just say at you know four or five, really four-to-five percent is the tipping point. that's what we got to in 1967 and, you know, then you started to get real pressure on valuation. so from inflation going from two-to-four, the market is fine. will you have that faster nominal growth and companies will be able to adapt it to. if you remain much above four, now are you into the -- you've

skipped straight to the 70s. i don't think we will skip straight to the 70s. it's not entirely implausible. >> all right let's talk about what has consumed you the most. you do think it's strong for equities you do think it's a good picture. what and where are you just in terms of this i think so that you are kind of watching for, things that are you concerned about, things that would change your opinion on some of those things >> well, there's really when you look at the inflationary dynamic, there's several categories so there's the reopening sectors. those were cooling off they've heated back up then there is the supply cane sectors. those are the sectors where i do think global supply chains will get reorganized. will you not get the goods disinflation, which is where all the goods disinflation came from for the last three decade, if those remained firm, things like television prices, auto prices

neverese off and continue to be quite hot and the housing market gets you know starts getting considerably more frothy what i mean by that, you'd want to see, you wouldn't want to see, a negative sign would be increase mortgage equity withdrawal and the household sector starting to leverage into the housing market because of the level of price appreciation we've seen that would create a much more precarious position. right now the housing sector is in great shape where they start to borrow to speculate in the housing market like the middle 2000s, that would be a disconcerting sign. >> barry, great talking to you, it's been a while, it's good to see you. >> all right thanks the new york stock exchange, we talk to early in the six about coin base, we saw you making some comments that was a -- i'm not sure what you attribute it to, but the company needs to take a good, hard look at what was happening and maybe cap to some of it or

something? >> i just feel sometimes these companies, they go out of their way to say how great a quarter was when the quarter was not great and would it have been better to say, look, we had low volumes, it wasn't a great quarter, the volumes are coming back no, they say how well they 24 company is that continues to define -- i think it's time that someone called them out on it. it doesn't seem like they can do anything wrong you and i, we have delivered this subpar performance, and last thing we would say is a great quarter. >> well, i try to do that, jim >> yeah, i had toast as in toast, but i think the volume is going to be there, but it would strobe enter to say next quarter is going to be better, but they never do that, all they ever say is everything is great look, if you're not going to make the playoffs, it's not

great, and they're not a playoff-bound team. >> what about these last two sorb when did -- when will that be something you talk about in the investing club like a treaties on that >> what kind of clown makes the estimates? so it comes out at 0.9 it's ridiculous. it's like the point spread being completely wrong i think it's -- look, i still believe when you look at energy, it can come down if you just make a few more semiconductors, it will come down i think there are specific things that are causing this nat gas the lowest since the

summer, so i'm not a bear. i just -- and i'm not going to want to go to the '60s in the vietnam war when johnson went nuts i do think jay powell will end up being right, without recognizing the semiductor port issues, and i would say the first half of 2022, if not the second >> all right, jim, we will be tuning in in just under eight minutes. we want to remind you about the new cnbc investing club. you can sign up to find out more, or just point your phone at the code on the screen and it would take you there "squawk box" will be right back.

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subtle more than half an hour to the opening of the street dom chu has some of the -- >> one place i want to highlight is on the heels of the much hotter than expected inflation data the place where he we saw an

immediate market reaction is with gold prices now, gold prices up 1% you would expect gold prices to have seen some kind of massive surge, by the way, though, it puts it at the highest levels, so keep an eye on that a couple premarket movers today. coinbase down 10%, paschmark down both came out with generally disappointing quarterly results or an outlook that doesn't exactly meet forecasts also, the reopening trade. consumer focused as well

carnival, southwest, livenation, hilton worldwide, some of the stocks on the move to the down side so keep on those reopening/travel type of plays tess that shares down 1.25%. a massive move to the up side for sure, but the sharp move lower now putsit at about an 18% decline off of the highs we saw just over the course of it is past week about $210 billion in market cap loss to put that in perspective it's like moving the entire market of intel in three days for tesla. >> you were talking about the gold move. bitcoin apparently up -- so once again outpacing the gains.

>> i'm hearing mow about the cryptocurrencies in general is a way to start to play the hedge that we're seeing right now. i would point out that's a paradyne ship. that what's curious to me. we haven't seen physical gold prices do anything that seems to which over decades the ways most traders have played in some ways. as a result, joe, i would say, watch 9 gold mining stocks, especially the etfs they're on the rise >> you're a fan of all things media. dean stockwell, did you see -- >> i saw him pass away >> you know what his first

appearance was in a movie? 1945. >> he was a kid, yes. >> he died at 85 what is that, like a 70-year career >> he will always be closest associated for me with "quantum leap." >> for me, he will always be ben in "the candy colored clown" with dennis hopper frank, oh, he was so scary thanks, dom. and perhaps the stock we'll be watching the closest, amazon-backed electric vehicle maker rivian it will debut under the ticker symbol rivn. this is rank as one of the top u.s. ipos of all time and we're

looking at one of their trucks -- >> like one of the troublesome trucks, do you remember that >> yes we still have those around somewhere. >> someone texted me they could look at a truck anymore without seeing -- >> thank you for that. final check. make sure you join us tomorrow "squawk on the street" is next . good morning, welcome to "squawk on the street. i'm david faber. he's jim cramer. carl has the morning off a look at the futures, of course, we get started with trading what we like to call hump day hump day you can see a down open. our road map starts with the increasingly crowded ev market electric truck and suv company