historically are really good things for the stock market. i think we're in one we had three of them, 1970, '74, '80. the year following each one, even though we had a recession in every case, the stock market went up dramatically, 8% in '70 and 30% plus >> take that to the bank jim paulson, thank you i'll see you in aspen. "squawk on the street" begins next see you in the week. good friday morning and welcome to "squawk on the street." i'm sara eisen here with jim cramer today carl and david have the morning off. take a look at futures, it looks like we'll build on some gains we're having for the week, first up week in the last four 221 on dow futures, s&p up 27. our roadmap for the hour starts

with the markets trying for their first winning week in the month of june in what's already been a rough first half of the year plus tracking oil prices executives are saying there are positive signals fedex shares moving higher the ceo says they don't see a deep recession ahead we'll begin with the markets with stocks poised to snap a three-week losing streak, jim. it's oil, it's wheat, it's copper >> it's corn, it's aluminum, it's soy >> i would add, the decline we've seen in treasury yields on top of that, from 3.49 down to 3% on the ten-year >> this is very important. we've seen a move in everything from, say, a coinbase to a roblox to even things like docusign has started to come back and these are all off the three-year

it's the three-year and the two-year everyone talks about the ten-year people have to start focusing on things that really compete with stocks so what i see is an incredibly positive scenario that almost indicates to me there may be some sort of truce talk that we don't know about >> in ukraine. >> actually we do know about we're working hard on this >> what are you seeing >> it's possible >> really? because a lot of people think it could just be that the market is trying to process in recession >> i think the market is trying to process in a truce. >> that would be good news >> yes and no. it's good news if you think it's okay that zelenskyy has to give up the east in return for recognition by the eu and perhaps even, although i doubt, nato no one is talking about the truce, no one is talking about the commodity decline other than you. by the way, astonishing, it's everything, we ought to put up corn and wheat

look at agco, look at deere. if we were advancing as much, s sara, we would all be frightened to death instead jay powell is winning. he's not winning on wage inflation, that's next >> not yet in the fedex earnings call yesterday there was a mention that while wage rates, i think the exact line, are higher than last year, they're moderating. fedex was a big clue on earnings if everyone is expecting earnings to fall, fedex, the guidance was better than expected >> we're starting to derisk. we're derisking the software companies. marc benioff, the co-ceo of salesforce, very bullish you're from cincinnati >> i am, proudly >> i knew that i even though the coordinates

because of the krogers thing but people are moving. there are companies taking advantage of this work from home, going to ohio, atlanta that's going to be bring down the cost of engineers because they're taking them in places where there's no job hop this is an anti-job-hop moment sara, we can see here and "woe is me" about inflation, or we can recognize the major decline in copper and aluminum >> what's important about it is the market has ignored this week the very hawkish fed talk. we had a governor endorsing a 75-point rate hike last time that's hawkish, because powell said we might go 50, we might go 75 the market appears to be ignoring that and saying, what we're seeing in the commodity markets, the bond market, the dollar weakening, it's going the other way. >> where's the dollar versus the

yen? my father was conststationed in kyoto, they were giving this stuff away for the dollar. autos have been crushed because of semis and because of raw costs. well, the semi market has definitely loosened. the raw costs have come down big. the demand is still there because of work from home, needing cars s sara, i don't want to paint too positive a picture because we don't have wage inflation under control. but these people calling for three-quarters, what data are they looking at? >> the last inflation report >> they ought to look at the futures markets. the oil collapse is stunning i look at the stocks, for my charitable trust, do you go in and buy some of these? they seem to have no floor some of them are yielding 9, 10, 11, 12, with rates going down,

they should be attractive. but i'm seeing what you're seeing, the disintegration in the commodities market >> we've been fooled before, though, on peak inflation. that's the caveat. >> the who >> i'm just saying >> i'm not saying so much fooled as, if we get this truce, the hidden talks, apparently a 30-page document being worked on >> tell us more. >> one of the things that's happened is, zelenskyy has spent so much time with western leaders that he's no longer like dudiof, dudiof was killed with a missile, the head of the rebellion in chechnya in '96, the russians thought they could kill him and the west wouldn't care, and the west didn't. i sense that the west has coalesced so much around zelenskyy that putin can't do what he would like to do which is kill zelenskyy, so he has to settle for something

this is happening in real time >> energy stocks are down 3% >> wouldn't you think energy should come down if you thought there was going to be a creative deal we just don't want a munich '38 where the british and french sold out the czechs. we want the british and french and germans united to save ukraine. but this talk of a deal is also eluding people everything's eluding people except for you and me. >> let's talk earnings that's the other big question. >> i like earnings how about the way the housing stocks held up >> 9% rallies across the board >> what do you think of that >> there's a lot of bad news priced in there. >> you're not supposed to be buying those stocks when you're about to have a third big rate increase let's watch darden, if that stock goes down, we should are worried. >> do you think the cuts are wrong? >> i don't dispute the market.

>> the comps were good, longhorn steakhouse killing it. >> do you like it? >> i haven't been there in a very long time, i'm an olive garden over steak gal. >> i like to take the rolls in with the cargo pants the main thing about lone star is the liquor. >> i know you know liquor. >> yeah. king my wife is queen >> a lot of people were watching fedex last night all the strategists, morgan stanley, jpmorgan, goldman sach sachs, say the earnings estimates have to come down. >> it's not derisked the software companies are being derisked before our eyes >> right it's happening in the market >> sara, my eyes >> i wanted to play some sound i'm glad you liked that interview, did you like it

>> my daughter liked it, she never comments on anything, she said, i think sara has someone very smart on and i think i may have to do what he's saying. >> he pissed off a lot of the mean traders >> he was to good, i'm so glad you brought him back >> value is meta and amazon. >> yes >> and actually that's going to go into the rebalancing at the end of the day today meta, paypal, netflix. value stocks >> dan shulman, i think he feels like it's time, paypal's ceo, it's time to make a come back. i thought -- i don't know how you got him, i follow him on twitter. i was spellbound then you brought him back for seconds, that was brilliant. >> i had to get to the private equity bashing, i thought that was original fedex and the whole earnings theme, we're going to kick into high gear. nike comes out on monday >> is nike derisked enough we have 17 target cuts, a lot of

people saying china can't be that bad statement we have a ceo who is very smart plays the game >> they've got china, which is not fully back they've got shipping problems and price -- but what they don't have is they don't have a brand problem. that has what has served nike very well. >> yes there are companies where there's been no trade-down >> they've got pricing power >> they have pricing power >> for sure. >> people are not switching to crocs. >> no. crocs has come down sharply. >> i have a pair of crocs, i kind of like to garden in them, these little eagle emojis. my wife says they have to be burned >> she hates that? >> she's worried about the pollution of burning them but she doesn't want to put them in a landfill either. if you can help us on what to do with them. >> are they rubber >> that's what crocs are,

they're made of rubber i had the guy from goodyear on, ohio how about trying to save the chips act, we didn't talk enough about that >> we'll talk about that later >> can he save it? >> he's putting pressure on it, which might be a good thing. there's bipartisan support >> we haven't even brought up z zendesk. >> they want me to go to oil >> let's go there. how about the bogus meeting they had? no, i'm sorry. everyone learned a lot >> i thought you were actually pretty scathing yesterday in your opening of your show. >> do you think -- maybe i called some of these people. >> and what did they tell you? >> here's what they started with at the time they were doing their meeting, president biden was meeting with a windmill company. meanwhile the most important people in terms of trying to get the price of oil down get the

heisman, they bring in granholm. they had a plan, before president biden said this god didn't make the playoffs, exxon made the playoffs, how could he have done that i regard that as sacrilege oil industries, what are they going to say the president wouldn't see us or have a picture with us, he was busy tilting windmills come on. they came in with an honest to god plan, oh, god, there we go again with god they did a lot of teaching men while, there's a refinery that's about to be closed by l liondale basel first it was for venezuela, then

we kind of put the kibosh. >> to shows how easy it is for capacity to come out but harder to build it to back up >> they need a billion dollars they'll have to close it because they can't get any buyers. i'm telling you that that meeting, it was constructive sorry. . >> nothing nothing comes out of it. >> rien. >> what is that? >> french for "nothing." let them eat gateaux you speak french >> in english. after the break we'll hit intel, jim mentioned, delaying its groundbreaking ceremony. >> can we talk cleveland >> cincinnati. taking a look at futures right now, it looks like we're off to a positive start the hero of the hometown, joe is

going to win the super bowl next year >> aren't you confident? >> up 3.3% for the s&p this week, that's a change. >> the commodities fell, does anyone notice that besides and you me no do you think the stocks are going up because they're levitating the yields are down, the commodities are down, and all we're talking about is how bad things are you and i are changing the face of history >> i love doing this nasdaq futures up 111 as well. >> wt'has windmill futures >> ask the biden administration. "squawk on the street," straight ahead. (mom allen) verizon just gave us all a brand new iphone 13. (dad allen) we've been customers for years. (dad brown) we got iphone 13s, too. switched two minutes ago, literally right before this. (vo) now everyone can get a new iphone 13 on us on america's most reliable 5g network. for every customer. current, new, everyone. to show the love. another crazy day? on america's most reliable 5g network. of course—you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business.

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unbeatable internet from xfinity. made to do anything so you can do anything. it's been a rough month for semiconductors, they're all down double digits in june. intel holding off on that groundbreaking ceremony for its ohio plant citing uncertainty over chips legislation they're still committed, jim, they say, to the investment, to the plant. but to your point, putting some pressure here on lawmakers >> i had dinner with the ceo of intel twice and made the point that europe wants them too and you can be fungible. >> isn't the whole point we have to reshore the manufacturing, make semiconductors in this country, don't rely on others and the supply chain >> that's the point, he's hoping for an ohio hub.

remember, he's talking about reinventing the entire rust belt and making it into a semi belt, whatever he told me, listen, if they don't get it together, he expects the business will go to europe >> it should get done, there's too many names and too many iterations of this bill right now. >> maybe we're not doing enough to push it >> i wonder if we have to wait until the midterms as the c catalyst >> we have to wait until china lobs a missile at taiwan we have mortgaged our defense to those two countries. and pat gelsinger knows that congress doesn't seem to be aware of that, they would rather build bridges to nowhere at an inflationary price because we don't even have construction people this is the most important defense issue right now, if you

don't believe in supplying the raytheon instruments to ukraine. >> what about the underperformance of these chip companies, even yesterday -- >> okay, so people feel that hardware can be cut back but not software software has these long term contracts. it's why i think salesforce has bottomed i think service now has bottomed i think microsoft has bottomed i think it's very hard i spent a lot of time in california and advanced -- >> having a lot of dinners with cheap ceos >> well, i have no life. >> i know, i'm with you. >> i had dinner with the ceo of coca-cola, take that >> what did you learn? did you drink jack and coke? >> yeah, we did. i actually had the jack and coke -- my wife had the coke zero, i happened to have diet coke i had to stop it because i work today, but it's delicious. >> diet coke, haven't had that >> i've taken the beat from you.

>> we can share. we'll share. >> why not share >> i'm not like david, i'm not going to fight with you. >> i was talking to rod last night about kroger no, i would never take -- have you ever been to cincinnati? >> of course i've been to cincinnati i've played that card many a time with rodney but somehow you guys think of steve's. rodney from kroger which do not do that well. >> it did do well, actually, the expectations are just crazy on the supermarket chains right now with food inflation. >> so you defend kroger. >> cramer's mad dash coming up next as we count down to the opening bell take a look at futures, we're building on some gains, futures up 240 first up week for the month of june still down 8% on stocks for june ma more "squawk on the street" when we come right back

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time for cramer's mad dash as we count down to the opening bell >> we have not talked about the stress test and what they've meant and i'm going to give you the bottom line when i read through all the research it comes up negative for jpmorgan, bank of america, and citi, because they may have to keep their dividends flat. now, this is not what we want to hear we thought that if everything passed with flying colors, everybody would be able to -- there's another set of stress t tests, but i found this to be shocking i know people are let down because the group has been so horrendous the group does report first. but talking being derisked, a lot of people worry that in a recession obviously they're going to have loan problems, they're not even thinking about

how the net interest margin is going to be so great let's watch this because this is the first group the market has turned on. >> cash return to shareholders, that comes next week, buybacks, dividends. do you think the expectation was too high >> yes sure, i thought everybody could raise dividends. now, remember, these guys have a book value of 80 not since cal fed glen fed have i seen such a big -- something is wrong there and someone has to say something this cannot go on. this disparity either means the book value is wrong or the stock is radically wrong they stopped buying back shares. we need more info on that. there's a lot to learn about citi i don't think jamie dimon, he's not like sheriff, but jamie dimon can't be too crazy over where the stock is brian has done an unbelievable job. what an insult

>> worried about the economy, i guess. >> maybe the democrats don't like the banks >> on the flip side, we could see goldman, wells fargo, morgan stanley. >> goldman looks good in this. >> opening bell just a few minutes away don't go anywhere on "squawk in the street."

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we have lived through 2008 together this is not like that, correct, in terms of laying off key people in order to be able to make the payroll, nothing like that >> we haven't seen that yet. who knows what's going to come we know there's things out there, you mentioned labor, you mentioned inflation. we saw what's happening in the stock market you saw what's happening in foreign exchange there's obviously all kinds of different things that are out there. >> but not recession >> no. >> according to marc benioff, ceo of salesforce, sitting there with his co-ceo. >> he made the point that in 2008 people laid off a lot of salespeople, we're nowhere near that instead he talked about how they're going to bring on more

technology, which is very positive obviously i've seen marc feels the headline pressure, remember, he came back from tokyo. he's the second largest software company there. his earnings were crushed by that >> right >> and the analysts don't seem to understand, unlike you, that it matters tremendously, they're like, holy cow, he's doing badly. >> it always surprises people, no one knows who hedges, how they hedge, the lag. we're going to see it all over the place. >> look, the -- >> companies get the benefit of the doubt. fx is totally out of the companies' control >> >> i did a big show about asterisks. this could be a giant asterisk if you're japan -- [ cheering ] >> by the way, st. louis fed

president jim bullard is very hawkish. the fed can go a lot more on tightening, wants to see 3.5% by the end of this year >> it's certainly possible and i notice, by the way, that marc mentioned the wealt effect the question is, is the he thought effect really the problem of wealthy people? i think this may be a recession of the wealth. recession of the wealth, maybe they're balking at paying $900 for a toll brothers house. >> brazilian power company electrobos, it's a sea of green today, jim >> it's a sky of blue. >> now you're going to have this debate whether it's just an

oversold bear market rally or if the trends are actually changing, if inflation has peaked, if we're reading into -- corn is up year to date now, 13%. >> you've got a complex that was supposed to annihilate -- we used to come in every day and talk about lumber, right why aren't we now taking -- say, buy home depot, buy lowe's i actually think, by the way, again, that the cloud stocks may be derisked. we're beginning to get a serious bounce in the zooms of the world. anything that's been derisked, sara, has a shot here. >> coming back >> maybe the oil stocks bottom the hedge funds. >> oil is up today, starting at the top of want market 1.6% >> it always starts up, then it goes down. >> consumer discretionary is the least best in the market

brett taylor, the chair of the board of twitter going through all this drama on the deal with elon musk. did you get anything out of that >> the section of marc's book where he wanted to buy twitter i'll tell what you he did say. he gives you the impression that the twitter term could be real remember, he's not going to violate any of the stuff of course i asked about the elon stuff because i'm a reporter and that's what you do >> we have the sound let's listen >> not a lot i can say because the transaction is going on, so can't speak much beyond the proxy statements, but i'll tell you, i think twitter is more relevant now than it's ever been you see world events taking place on it, culture being defined on it, music i just watched the nba finals where my warriors won, numba twitter was on it. >> tell bret finance twitter is better than nba twitter. >> there are some very good --

it's starting to get better, twitter. >> it's below 39 bucks >> i wanted to ask him what's it like to be tortured every day by elon bret is a process guy. bret is amazing. he is running the process. but he also is very close to twitter. this is a chairman who is very close to how twitter is doing. we both think the world of ned segal who is -- ned's been having to deal with elon getting all the data about how many accounts are bogus and i think it's important to point out that when elon sat down with ned or his people is a the down, they found the same number of bogus accounts that everybody said and no more >> 5%. >> then subsequently elon said there are far more, which is bad for the case that he may have against him for specific performance to buy it. so elon's been -- >> would you tell people to buy

the stock because it's so far down from the deal price now >> yeah. i would. >> arbitrage >> i think twitter has got a number of features that are going to make it better, and particularly direct to consumer but also entertainment i think that -- look, they've been under the gun and they have had very bad quarters you know that the cash flow is going down quarter after quarter after quarter. >> users >> well, yeah, been down what happens if they turn? they do have an election, they're doing much better on sports look, it goes to 35 if he walks away i think they may have a better quart than people realize. they have many things in the pipe that i think could actually make things a little better. but they're no zuckerberg, there's no metaverse here. >> that was one of the most important interviews of the week that you did with mark zuckerberg who we don't hear from much.

he gave you a view on the metaverse. what did you think do we have sound of zuckerberg >> proof of concept. >> the stock went up yesterday, i noticed, for a change. >> it's having a big maove toda. let me give you exactly what i think is happening rea the problem is he's not trying to monetize reels yet. it's harder to monetize than just traditional it is taking share from tiktok i believe when we see the tiktok numbers versus reels we'll be shocked to see how much better reels is i've talked many times about how much better reels is, that's artificial intelligence getting better and better. the metaverse itself, every single day a new company or many new companies come in and say, listen, we want to participate there are many creators. remember, you write to the metaverse and he's not taking a cut until 2024, unlike, say,

apple. now, is he a changed person? i got a little bit pushback from marc benioff who called him cancer >> cigarettes. >> maybe he would be more like juul now marc is friendly with jewel. not the jj-u-u-l kind, the actactual jewel. he's buying stock backhand over fist nobody even seemed to care, nobody listened to what he had to say >> there are signs that -- >> reels could reignite and he's doing this ten-year project for metaverse, he's far ahead -- >> we're worried about recession and rising rates >> maybe we should be worried about the future and what could happen and whether he is --

spent a lot of time, by the way, on parental controls before he even started this, admitted he had learned his lesson from what happened earlier you know, people think he's not smart. and i can tell you that that's -- >> not true. >> yeah. let's put that in the not true category >> i think he has a hard time defending the company. >> i think that's changed. if you listen to him in that interview, all the things he said, he's wooden, he's -- it's all nonsense >> he had some testimonies >> he has green eyes, really green eyes >> in his avatar or in real life >> i said, man, what's in the green eyes >> i have green eyes not in the metaverse i have a real life >> all right okay that answers that question >> fedex, jim, up 7.4% at the top of the s&p 500 this stock is only down 6% for the year shipment volumes were lower --

>> dividend boost. >> that helped early on. >> cincinnati is near kentucky >> so can i tell you -- you listen to the call or read the call >> yeah. >> how many times did the executives say revenue quality that is the new -- that is like the new transitory from the fed. i think we have a sound bite from the conference call from fedex. >> we have economic projections out there, some of those projections may come down and we're prepared for that and what we are prepared to pull some levers here, we're already moving, making sure significant cost controls will be operating in a very constrained environment from that perspective but we take down flights as required, we'll match the capacity to demand and that's the beauty of having a big network, is we're able to flex up and down

we've demonstrated that historically as well and so, yeah, there's a range of outcomes we're ready to deal with we're definitely not assuming a prolonged, deep recession, that's not what we're assuming here >> on the macros, not a prolonged deep recession, although there was plenty of talk of weakness >> he has matured, when fred smith, he was always the one, fred smith, i always thought he was very cerebral. a lot of people were getting against this quarter, saying the stock had gone up enough after the change of i think this one can go for a real run because i think it's a much more cheap -- cheaper than ups >> what if the global economy keeps slowing? >> look, we've got to stop with this idea that the whole economy is slowing we have to think through this now. because we've had this commodity

decline and because the -- we've talked ourselves into a terrific recession here truce, russia, china, coming together, end of job hop, fed goes to 3, housing prices go back two years what do they want? they want -- we can't have 5% unemployment larry summers is out -- i think we should go to 5% unemployment as a benchmark larry summers is like a shadow government >> and now the president is talking to him, president biden. ups is outperforming for so long until now this new -- activists are in there >> i think the stock is undeserving of that. plus two-year extensions of the contract which i think people are worried about. >> raj yesterday was talking

about the revenue quality, picking the customers. >> we're done with losing money. by the way, people who say they're done with losing money tend to be you know who is really done with losing money is jim farley at -- >> ford? >> ford. he has had it with the money loss he closed a very important plant in germany and no one noticed. do you know what it's like to close a plant in europe? alcoa, i remember them trying to close plants in europe and you have to stand on your head and say i'm sorry. but i think ford, which is not going to have a great quarter because they obviously can't make all the cars they would like, and trucks, but they have tremendous demand. by the way, mary barra is doing a better job than people realize but she has china and they're not selling any cars in china. >> the fed and what's going to happen with demand >> look, we're curbing demand. what i am saying is we're not going to have a doozy of a

recession. i think we're going to have a recession. but the recession is going to be limited to certain cohorts, because the job growth is so great that it's going to be very hard to have the jobless -- >> we're a consumer economy, that's what matters. >> look, what do you want to shop for everything's on sale, whether it be hard goods, apparel, everything's on sale >> that's disinflationary, that's what we need. >> look, the mall, i was talking to contour, the mall -- >> jean brand. >> yes lee and wrangler everything in the mall is for sale that's quite a change. i'm telling you that we have to recognize that a lot of what's happened since november has really trickled in the economy now, jay powell, a lot of people feel is a lightweight. i defend him tooth and nail. i am the only person, i don't think he defends himself as well as i do. but i think he's going to win this battle. you know, he was hectored yesterday and he handled it verl

>> the republicans say he was too late, the democrats say he's doing too much can't get it right >> look, nobody's perfect. it's like joe e. brown in "some like it hot. >> barbusch & lomb, it's the focus, it's been one of the great disasters of our time when the company came on, company came on "mad money." >> it's bausch health. >> joe papa is going to stay at bausch plus.

we have to see what icahn wants to do. this is horrendous i text joe every day, we can't get into anything that's violative, but -- >> it's up almost 10% right now. >> have you seen the stock, the 2025 bonds are trading as if the company is going to go bankrupt. they have a very important decision coming coudown for one their biggest drugs, coming down this summer. i'm going to hold back by just calling it a disaster. i'm not going to go any further. >> speaking of health care, i wanted to also look at merck today. >> merck can't be stopped. it can't be stopped. i predicted it on tuesday. i said it right here with david faber. he said what do you know, i said i know this is what's going to happen, then "the journal" picks it up, doesn't credit me at all, and it's off to the races asif

i know nothing i know dr. segal when he got bounced for ill-advised actions and no one came in and merck had the stake and the anticancer franchise would be a tremendous addition to what merck has, it would be amazing, merck could go to a hundred even though it would have to pay a lot of money for cj >> market value for this company is over 30 billion >> it's very big these two companies, merck and pfizer, they have to put money to work. pfizer bought biohaven, i popped biohaven this morning. >> you like it for merck >> yeah. i took a new york tech, within five minutes got rid of my migrants does your sister use nurtek this is what matters this is the paulson one. you can see the longer term

where i got -- where i showed some -- oh, my god, juul -- where i showed some ill-advised decisionmaking but this is good, it's the beginning of the come back remember, they had the lawsuit, and the bonds do trade, if you look at the bonds from 2025, the bonds are trading, the company will go bankrupt and i don't think it will, but was this third >> we haven't heard from icahn in a while on that one >> i think the idea that they're going to have that stock stay there is just ludicrous. should we talk about juul? >> asking the court to block the fda ban on its e-cigarettes. of course the fda dealing a pretty big blow to juul, pulling its e-cigs from the u.s. market, because they say it's not good for you and now juul is going to come out and say this is an order that was extraordinary and unlawful in a court filing >> the u.s. court of appeals may

be in favor of death by cancer, from lung cancer i don't know that court that well they're very even handed but i think there is incontrovertible evidence that juul -- see, i don't smoke, but when they had those great gum eat flavors like watermelon, i thought they may have been uniquely set to appeal to children, the watermelon >> literally, that was the big market >> watermelon was great. i remember when my wife lisa, she's on the board of bucknell, the student life committee, she would confiscate these and they had all sorts of great flavors that appealed to younger people. >> which as a parent you don't want that. >> no. the guy who ran juul gave me the big spiel. i said, my conclusion is that you must quit tomorrow and the watermelon flavor was a no-fly zone with me

they weren't aimed at children >> they say that they just appealed to them quickly, carnival, the stock is -- did you look at the carnival >> did they like the quarter >> it's up >> it's a meme stock remember when royal caribbean was a many stock huh. >> royal caribbean was a meme stock? >> the meme people lost a lot. how are those meme people doing? >> i don't know if we have the tape, but basically he dared them to come at him on amc, said he had a tiny, short position and then amc fell another 7% yesterday. so i guess they couldn't -- >> the meme people at gamestop, you can argue -- look, even best buy says the gaming cycle is running to its conclusion be >> by the way, we'll talk to arnold donald, the carnival ceo, at closing bell. >> without will. interesting. >> did you just notice that? >> no, i just remember the

interview where we got his name wrong. >> i don't even remember that. he got a lot of people's names wrong. it was his accent. >> what was his best one log art. >> log art >> who i thought was the person who ran the europe stuff >> all the log arts on the s&p you can get in on the cnbc investing club with jim, of course sign up to find more, cnbc investing club, or point your phone to the qr code on the screen let's see how treasuries are faring this morning in the bond report we saw a big slide in yields this week. that was the talk of wall street a little bit higher today. but look at that, 3.1, almost. we were at 3.49 ten days ago >> six price target cuts and it's up two bucks, that's called derisking. you and i are going to go to lone stars and we'll do brunch >> two-year yield at 30% we'll be right back.

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the investment management business of prudential. good friday morning, welcome to at hour of "squawk on the street." i'm here with jon fortt, take a look at stocks right now, building on gains for the week gains of more than 5% for the

s&p 500, the nasdaq surging 2.2%, every sector is green in the s&p. meta up 5%, really helping disney also economic data crossing the tape as we speak rick santelli has that for you. >> once again, university of michigan sentiment may give you the early clue how investors feels. 50.0 is the june final read. mid month read was 50.2, the lowest since recordkeeping, so obviously the final number is a bit lower, a new all-time low. same conditions, low mid month read, that is the all-time low for recordkeeping, back to 78 as well the only one that isn't at an all-time record is expectations.

it went from 46.8 to 47.5. it is just a bit above the all-time low, which is 44.2, like the one of the first month reads in 1979. now for the inflation news, on the one-year inflation, 5.4 mid month to 5.4, we moderated just a bit to 5.3 the 5 to 10-year inflation originally mid month 3.3 moderated to 3.1 a higher one you had to go back 14 years seasonally adjusted annual iced rate for houses, much better than expected it reverses in the rear-view year, they had a huge revision up to $629,000, that $591,000, that was a low level, the lowest level back to 2018.

so, indeed, most of the numbers are better than expected on hou housing. on the inflation we moderated to very high to almost very high. the expectations is the only of the trio is ultimate all-time record territory j jon fortt, back to you. >> thank you, rick we are 30 minutes into the trading session. here are three big movers we're watching, after fedex ruling better than expected fuel surcharges, the company also issues upbeat guidance for fiscal 2023. he shares of zendesk is surging on the news of a -- it announced last weekit had ended efforts to sell itself

bausch health the chair stepping down from the board, saying it was not due to any dispute or disagreement investor john paulson will become chairman. sara >> jon, fed chair powell wrapping up two days on the hill, reiterating the fed's unconditional commitment. >> we have to see what happens the marin thing is we could fail on this. we really have to get inflation down we'll want to see evidence that it is coming down, so i think we would be reluctant to cuts. joining us deputy dean much it's boothe school of bi, randy krozner. we saw a bit of a spike up on the economic data that we just got. worse than expected consumer

confidence, but dig beneath that number, and inflation expectations were weaker than expected there you see the tick up on the chart whether that news came out, but i think, randy, inflation expectations, weaker than expected and that confidence number is key for the market and for the fed what does it say to you? >> i totally agree i think the recent-to-reason the fed moved last time is because the previous survey had come out and said the intermediate to longer-rem expectations had moved up more rapidly. you know, the 5 and ten-year out expectations then they started to break out above that the fed doesn't like thattal all, so that's why they moved forward aggressively this is good news for the sfef fed. does it mean they're going to

feel pressure to go 75 in yes. >> that's interesting, because all we heard from the chorus of fed speakers is 75 basis points at the next meeting. they're working off old data, but ultimately what do you think is going to happen in july and then the meetings after that bullard said he wants 3.5% by year end on the fed funds rate. >> i think it's likely 75 at the next meeting, but if expectations come down a bit, they won't have to do 75 every single meeting that's what the data looks like, is that going to start to move up a little bit? i notice everyone says the job market is so strong, it never would become weaker. i'm not so sure about that i think it could weaken a bit and could put pressure on the demand side, so help to moderate

inflation. >> so, randy, what goes the biggest risk, do you think going 50 when they should have gone 75, or the other way around and what's that next metric that we will good et that will tell us if the fed is hiking too much too fast >> i wish we had that sign to answer the crystal ball or the magic 8 ball to answer clearly i think it's important they continuing to worry about inflation expectations that would get them pretty far or into or close to where they think it's roughly neutral now are we starting to see some signs of inflation coming down, inflation expectations staying where they are, at least not moving up any further, so i think they need to mo expeditiously, as jay keeps saying will they need to do 75 every

meet footrest of the year? i don't think so admittedly they continue aggressively and inflation is not coming down, then what, right? >> then we're in a lot of trouble. we'll have to be more aggressive, back to the late 1970s. i'm old enough to remember when inflation was this high, we had double-digit interest rates. a mortgage at 12% was a great mortgages, and they're half that right now. i don't think we have to get there, i don't think we'll need toe, but if somehow your scenario plays on the that expectations keep moving out, unfortunately we might need to get there. >> commodity prices are down pretty sharply this week, randy, that could be why we're seeing a rally for stocks and treasuries. if you were in the fed's position and you saw these

concerned of moves in commodities, how much would you read into it >> it's only one week's worth of data we have seen an enormous amount of volatility, i wouldn't read too much into one week's worth of numbers i prefer -- if i were there, i would prefer them going down than up, but i wouldn't be sure that next week they're going to stay down than some off shock moving them up i think that's why they look rat inflation expectations that's where they worry about, in the longer run, things becoming more problematic and they really have to raise rates much more aggressively if they could keep expectations under control. >> where are you, randy, on the odds at this point for a soft landing? i think everybody on wall street, even the fed, they saw fed chair powell's testimony after the last meeting, those

odds came down, right? it was a narrower path to a soft land is there still a shot? >> there's certainly a shot for that, but even before that last meeting, i didn't see how the fed could bring it down significantly without there also being a significant slowdown in activity does that mean a recession not session, but dramatically slower growth than we have had now, they themselves think they would be about 1.5 above neutral, and they see interest rates peaking in the upper 3s. if that means contractionary policy, and that shock, plus the continues supply shocks, and war in the ukraine, it's going to be really difficult path to make

sure we just have just slow growth rather than a bit of negative growth. >> randy croszner, thank you for your inside. of course, the headline is that lord low sentiment for consumers, but expectation numbers are easing. >> the nasdaq getting close to 3%, about 2.75 speaking of the broader markets and what to do -- hold on, we have to get to shepard smith. >> the supreme court has reached a decision on the landmark roe versus wade case, the ruling is on a case called dobbs versus jackson women's health organization it's mississippi's law that bans l automatic -- it's considered the most direct challenge to roe v wade in 30 years the question today -- whether the law is constitutional, and we will have that answer in a

matter of seconds. there were three possible outcomes the court could strike down the law, which is seen as highly unlikely it could uphold the law, or the cord could uphold the mississippi law and overrule roe v wade that would allow the states to ban it so while we wait for the details, and we'll get them in just a matter of second from pete williams, about the court's decision, this particular case began in march of 2018 when mississippi passed the gestational age act. supporters argued the law is intended to regulate inhumane procedures and a fetus is capable and able to respond to pain at that stage in pregnancy.

>> reporter: now overturned roe v weights and the follow-on case on casey, in which the abortion right was made nationwide. those two rulings stood for the proposition that states could not ban abortion before the age of viability they could restrict it up to about 23 weeks, but they couldn't ban it. now the supreme court has taken that guarantee away. lester, this is the first time the supreme court has ever granted a constitutional right, which it did so when roe was decided in 1973, and then took it away, a popular right that was widely recognized. the immediate effect will be to uphold the mississippi law that would ban abortion after 15 weeks, but this also now means that in roughly half the country abortion is, as of now or soon will be illegal. 13 states have what are called trigger laws that were intended to make roe -- abortion illegal in those states once the supreme court reached this decision.

in a few of those states, the law takes effect immediately in some, they have to wait for the attorney general to certify this is what the supreme court has done that's 13 states in which abortion will shortly be illegal. in the rest of the -- up to about half the states, they are expected soon to make it illegal. we're about to become a divided country, lester, about abortion is legal in half the states, illegal in half the states it's a 6-3 decision, written by sam alito. you may recall the justice alito was the author of the draft opinion that leaked in may that subjected the supreme court was going to overturn roe v wade while it is certainly surprising to some, pleasing to ears that have worked for this day for many years, it can't be too much of a surprise for three reasons. first, the court agreed to take

the case in the first place. this was a decision from lower courts that said, no, you can't strike down abortion that early, because it would go against supreme court precedence there was no division among the circuit court take it? the lodge conclusion is they took it to overturn roe. secondly, in the texas law, when they allowed the texas law you to into into effect, and third the comments that the justice made when the case was arced supreme court overturning roe. this is one of the most significant historic decisions in modern times, lester, and now it means abortion is no longer the law of the law it's up to the states, and it's about to become illegal in about half of them. >> nbc's pete williams with the decision, the landmark decision from the united states supreme court, which has ended constitutional protections for abortion that had been place for nearly 50 years, in a decision by its conservative majority to

overturn roe v. wade it's expected to lead to abortion bans in roughly half the american states. it was the culmination of decades of efforts by abortion opponents made possible by an emboldened supreme court the ruling came mover than a month after the stunning leak of a draft pin by sam alito, indicating the court was prepared to take this momentous step it puts the court at odds now with the majority of americans who favored preserving roe that's according to recent opinion polls. now, what's next eamon javers is live in our cnbc washington bureau. for the history books, hughes the language that was just handed down by the supreme court. they say, held constitution does not confirm a right to abortion. roe and caseyesterday are

overruled, and the authority to regulate abortion is returned to people and their elected representatives. it means, as you point out, we'll see the trigger laws now going into effect in states across the country, which have passed laws in anticipation of this very moment that will now ban abortion in those states so the country is going to be divided into abortion-available states and abortion-sun available states going forward as you heard pete williams say a short time ago, this is the first time the united states supreme court has granted a widely held constitutional right as they did are the roe versus wade ruling back in 1973, and then taken it back, as they have done today here in 2022, in the dobbs ruling we'll wait and see the political fallout, but you can already see folks gathering outside the supreme court. i think you can expect a dramatic reaction there among supporters of abortion rights who will be bitter lid disappointed by this ruling, clmplgs not unexpected, but

still these opinions are strongly held on both sides, as everyone knows, and we'll see the ramifications as we see the politicians begin to react you can expect a reaction from whew in relatively short order all of this now scrambles the calculus goings into the november midterm election. republicans have been running on this for decades now they have achieved that. what will the political fallout be what would the social fall jute be a momentous day in american history. >> market watchers will realize that we have not had much of an effect at all on this market rally we've been see, the dow is up -- 2%, the numbers did not change on this, because frankly this wasn't a surprise, especially after the leak we got. we didn't know if the exact opinion would hold, certainly, but the dow up just about 600, nasdaq more than 2.5

first, though, katy trakasky here is, your reaction on the took place line and what people should expect? >> obviously this is not surprising, but it's a huge blow to abortion rights advocates across the country the decision essentially says there's no federal protection, that the states can make individual decisions how that will play out. obviously this is just the beginning of the legal battle, not the last word that the supreme court has on this. so, according to the decision which obviously we haven't had a chance to fully read, there is no federal right to abortion, and that the justices took this opportunity to do what they said they rarely doing, which is overturn precedent, overturn stare decisis.

>> when you look aheadto what' coming in the legal pipeline, normally the focus would continue once you get momentum legally, other cases would make their way up what do you see? >> in terms of the supreme court decision today, they are saying they're not going to review abortion cases, that the federal government has no role in lee viewing this whatsoever, because there's no federal right to abortion it's something that, as you can see differences in states like marijuana laws, for instance, can be individually regulated, but i don't think the justices seem to say it's an easier path. it's just going to create a huge legal quagmire, because there will be issues with people traveling other state lines, getting abortion medication over

the mail, but for all practical purposes, the federal court and the supreme court do not recognize the federal protection it is not something they will consider in terms of a violation of federal law katie, stay with us, i would like to take the washington camera full screen at the supreme court. let's look and hear what the reaction is. >> rise up and demand that the federal government act now to ensure legal abortion across this country on demands without apology >> we had expected there will be reaction on both sides, not just at the supreme court, but around thecountry today i do personally wonder if the leak of the draft document might have lessened the shock, at least? it's not as if we didn't believe

this would be coming it's just we didn't know when and we didn't know the exact details. we're digging through the opinion and will have good details in just a minute, but we can just hope we're in for a calm day and calm weekend. >> there's such divergent views out here advocates have worked so many years, they have put the justices on the court to achieve this and there are other people who think this is the most horrific legal finding that ever occurred they're complete lid on different side of the spectrum, so terribly traumatizing to many so i think that it's -- it's not a surprise this is the final word i think there was some hope that people held out that perhaps it was an early draft, that alito

way trying to convince people to go to this place all of these other signs, this was really the writing on the wall i don't think it's surprising, but i think it's disappointing to, if you believe the poll, to. in this country. >> the one thing about this ruling, talking about historical norms in this country, and the grounds each they overturned it, what the opinions stated in detail we all saw the drafts. in a moment we'll get the details, what part of this was surprising had you expected they might overturn the mississippi law, and not go so far to do away with roe v. wade, nibble around the edges, but not strike it down.

>> i had considered that the mississippi law would essentially reduce the limitations on the states, that it could ban abortion after 15 weeks of gestation, which could have been in direct contravention to roe itself, because it says states couldn't put undue restrictions essential before 14 weeks, so i thought maybe it was a middle ground, but with the draft opinion, i knew it was going really going to be all over nothing the justice had the view that abortion was not protected under the constitution, then they would have no reason to uphold any law regarding the procedure. essentially the state could been free to do whatever they want. so i think that originally that was the hope, there would be three possibilities, that they would maintain a precedent, they would uphold the mississippi law oar overturn it altogether, but the draft opinion made it clear this was essentially an

all-or-nothing so i'm not surprised, but i think again there was a small amount of hope people held out that this wouldn't be the majority opinion, but here we are. >> katy, thank let's take it full and listen in [ chanting ] as a journalist for the past 30 years, this is an issue you honestly dread coverings, because it's almost impossible to not have one side or the other, usually both, coming for you. bat increase day it used to be snail mail with phone calls, and lately more online, but it's been a very, very difficult

issue to cover, because passions are so extreme we now have some details down into the opinion, the opinion itself, eamon javers, as we continue to watch this, let's hear from eamon javers, what are you reading? >> the dissent was written by justice breyer, sotomayor and kagan. they say, today the court discards that balance. from the very moment of fertilization, a woman has no rights to speak of even at the steepest personal and familial costs abortion reaches the restriction, the majority holds is permissible whenever rational, the lowest level of security known to the law. so a strict dissent here but these three justices of course, they don't have the numbers on their side.

they do have the opportunity to put their dissent in the report. i'm not sure that's going to make much around the street now here in washington, just a couple blocks from where i'm sitting, that is the dissent >> of course. >> one of the realities is this won't stop abortion, of course, it's left up to the states a lot of states will still permit abortion. they're helping people who need abortions where they can't get them, and then people who do have the means, wherewithal, history says, will find out a way, and for some it won't go perfectly. so there's really no win for anyone here, unless you're want who wanted the government to make it illegal with a nod to the constitution s it's just so complicated to have a conversation in public it's not something we sit around

in the office, after church or at the bar and talk about. >> that's right, shep. you talked about reporters dealing with the challenges of covering this issues, companies have a challenge with this issue as well. we're going to see now, this issue drop in the lapse of american companies who have enormous workforces. one of the questions is going to be whether or not they pay for travel for abortions under their healthcare proposals that their own employees. you'll see more companies forced to deal with it. i can guarantee you, they don't want to deal with this question in the boardrooms for all the reasons you just wanted to lay out. this is a very, very tough, moral and political issue, and now corporate america is going to have to figure out how it's going to handle this issue eamon javers, thanks about a hour into the trading day now. all the indices are in the green by 2% or better. the dow has been up more than 60

points this morning, but is now up around 2% the nasdaq and the s&p all in the greens as well the heat map is a sea of green this morning the markets do not seem affected by this decision from the supreme court. we had expected it, just didn't know the details a broad, broad rally what we didn't know is, would the draft -- which we all saw months ago look very much like the opinion as it was released today, the majority opinion, and the truth is that it did first of all, it's 10:30 on the east coast, 7:30 on the west coast. i'm shepard smith at cnbc global headquarters, this is continues coverage of the breaking news, that the supreme court has reversed roe versus wade on the decision, your thoughts

and a big-picture analysis >> i mean, i think the big picture is, look, we have competing visions of liberty on the one hand there there's an irrefutable minimum of liberty, including making decisions for one's self other than the there's a division in the majority opinion that lets the states decide whether or not people will be able to make these decisions for themselves it's not just about abortion, though the ruling today with respect to abortion is earth-shaking and will have an instant effect for families and people across the country, but also what it means for other rights that are traditionally included in this liberty to make decision about procreation, about intimacy, about marriage, for one's self

the right that was enshrined in the 14th amendment, to decide with whom and when to form a family, that liberty and that autonomy was denied under the institution of slavery so our constitution -- the drafters of our constitution after the civil war thought about what it meant to be free, being ability to make fundamental decisions like that were included in the conversation we're not just talking about abortion here, but we're talking about potentially interracial marriage, marriage equality for l good btq individuals, contraception, so i think the reverberation of this decisions and the analysis used by justice alito in the conservative majority opinion, will have ramifications in the context of abortion, but beyond. that's why, you know, this moment is such a serious moment in choosing which way we're going in terms of a constitutional vision, because

it impacts the lives of women every day making families. families will be impacted by these decisions. we know the maternal death rate goes up when abortion isn't legal, and those are just some of the many consequences of this ruling that we can think of today. >> elizabeth, we got the 6-3 rulings on the new york state concealed carry law. we got the 6-3 ruling today. what you're saying to me today, you believe other matters that had been close on the supreme court in the past, you mentioned lgbtq rights and lgbtq marriage and other issues that divide along race, you think some of those rulings are now in jeopardy if the right case comes along? >> absolutely. excuse me. the court itself made clear that they are very sensitive to this

issue. the dissent raises the likelihood this could impact the other issues of interracial equality, contraception availability, the majority says, no, no, no, this is only about abortion, but it's clear from the back-and-forth that they know this is an issue. when you look at the reasoning, the vision of liberty that is presented by justice alito, it would seem to exclusive some of these other rights that often fall under the rubric of privacy, like intimacy, contraception use, again, deciding who you marry, that these rights could also be at risk, in addition to the earth-shattering impact of the ability of people to access abortion and decisions to make for themselves fundamental and extraordinary changes over the last 48 hours. elizabeth, thank you very much reactions coming in on

capitol hill eamon javers has that for us, yet again, from our washington bureau. >> shep, that's right, we're getting word from the senate judiciary committee hearings, they're expecting to have hearings on abortion in july you can imagine those hearings will be a flash pint of controversy, as we see these people gathering outside, on both sides of the issue. i also want to bring to your attention concurring opinion by chief justice john roberts that is in the document that we got from the supreme court this morning you remember earlier that john roberts was struggling to sort of threat the needle to figure out some way to have this mississippi law upheld, but not strike down all of roe and all of casey roberts trying to find some kind of middle ground was the reporting going back to the date of the initial leak it appears that reporting was correct. roberts here comes across as a man who is really struggling

mightily with the moral and legal complications. hes in hi concurring statements, the court's decision to overrule roe and casey is a serious jolt to the legal system, regardless of how you view those cases. a narrower decision rejecting the viability line would be remarkably less unsettling nothing more is needed to decide this case. roberts goes on to lay out his thinking, then he has a statement, which i think is compelling it shows roberts uncomfortable with both sides of this issue, and sort of caught in the middle, not knowing how to decide this case he says, both the court's opinion and the dissent display a relentless freedom from doubt on the legal issue that i cannot share. i am not sure, for example, that a ban on terminate ago pregnancy from the moment of conception must be treated the same under the constitution as a ban after 15 weeks so roberts here clearly wrestling with the legal implications, the sweeping implications of striking down

this precedent that has been in place since 1973, trying to find a more moderate way too decide this that's not ultimately what the court decided. roberts, however, has put his thoughts to paper here for the history books, shep. >> eamon javers, thanks. let's listen in as folks around the supreme court are being interviewed. >> so much life ahead of me, i shouldn't be worried about my rights being taken away from me. it hurts that i have little hope for the future, and right now i feel like i'm just clinging to that hopefully in the future, we can have some progress and not be moving backwards i feel like now we're just moving backwards >> thank you so much that is a lot of the same message we heard from people here, talking about that feeling of moving backwards. you may not be able to to see just behind me there's another group of women with tape over

their mouth. that's what we're seeing here from women and men who are very, very upset about the decision here today, lester. >> live reporting right outside the supreme court there. a couple things have come in one from planned parenthood, tweeting the supreme court has taken away our right to abortion and overturned roe versus wade, opening the floodgates for states across the country to ban abortion the court has failed us, but this is far from over. planned parenthood at any times -- we know what politicians want, because it's already happens, to ban abortion state by state, eventually a national ban like generations before us, we'll fight for each other if you oar someone you know needs an abortion -- and they list a phone number, again that from planned parenthood. we got this from jpmorgan chase, one of the largest employs in the financial industry, it has just told employees, it will pay for travel to states that allow legal abortion for any of its

employees across the country who may be in states where abortion will now be made illegal that's according to a memo obtained exclusively by cnbc they're about to pound accomplish this. the memo just went out to employees. that will be on our website on cnbc.com. with us tim keenan, a trial lawyer and lecture you are at george washington school of law, talk to me about who this ruling will affect the most >> this ruling will affect women who cannot afford to fly to other states, do a mart of what the law is in each place it effectively eliminates a federal right to be able to have an abortion, even if under certain conditions we are left with what is going to be a nightmare for regular women all around the country even if you're somebody who is

for it or against it, people are going to see that the ramifications will be far reaching. >> if you have money and connections, you know, you can do what you want in america. it's theunder served populations that some on the other side of this issue have been so concerned about. >> sometimes when you think a problem is over there, it becomes closer to home than you think. >> well, you know, this is going to affect people of all kinds, all over the country you wonder, what the process will be, and how all of this movement will happen what will happen in relations between states, a sort of border disputes that you can just imagine would be possible. >> much of what we live with in america is comedy, a word that law -- comity, but it means i'll pay attention to your laws, you follow your law, we will expect that, now we have created a situation where literally states

will be at war with each other my way is this way, yours is that way that's going to cause a lot of confusion. >> kim keenan is with us, a professor lecture you are, and a principal of the keenan firm you clerked for the honorable john garrett penn in the u.s. district for d.c was there a time -- when did you reach the point that you thought that roe versus wade may very well be in trouble >> you know, it's clear that the court in a numbers of -- they talk about u.s. history, the historical implications and the tradition, but the constitution was written at a different time. it was meant to evolve with the times, and this notion that we must adhere to the precise words that come from a time that is so different from today -- it's not that the constitution isn't a

living document. it's that we can't go so far back in time to deal with the reality of today. >> we can't go so far back in time, you said. >> yes in other words, they're saying if there's no traditional historical right to something, basically the constitution doesn't support it, therefore there's no federal right but if you think about it, some of the laws that we have today have nothing to do with what was precisely written in the constitution that's what's important here we have recognize that there's a difference between what it was like at the time that these words were written, and what it is like today. for women, we didn't really have sort of an equal say in what would be written in those documents. it didn't take a lot of things into account i daresay if this were a right for men, it might be viewed differently. >> kim keenan, thanks very much. some abortion right opponents

speaking in front of the supreme court. let's listen >> this is so -- >> i misunderstood i thought the reporter was interviewing pro-life folks on the supreme court there. i was mistaken my apologies so a moment that we had expected has come a bill earlier than we might have thought historically the supreme court issues the biggest, most widely watched rulings at the very end of its term. there were nine supreme court opinions to be issued today and over the next few days, whenever the court decides to finish. when we heard that there were two today, one to be issued at 10:00 a.m., one issued at 10:10 a.m., the thinking was there were seven left to go, they'll likely do that on monday, and

all of a sudden at 10:10 eastern, this ruling popped up on the scotus block and watch site sara is on the air, a second rally here at the market is there a sector that might be affected by this are there businesses that would move one way or the other? or was this priced in. >> there's no real economic xwrikz of this i do think today you'll have investors wouldn'tering if it changes anything for the midterm elections, for instance. that is seen as a catalyst potentially for the markets. we'll see modemic turnout, for instance as a result of this ruling it is assumed on wall street that the republicans will have a big victory in the med term election given the high inflation numbers. what i can tell you what we're

doing here at cnbc, and we're talking to business about is their reaction, and you can imagine that corporate communication teams of every business are scrambling, even though they've had some lead time on this, as it was leaked unexpected, how they want to respond. do they want to put out statement? do they want to put out statements about healthcare policies we already heard from jpmorgan, as you mentioned, saying it will pay employees' travel to states that do allow legal abortions. that's according to a memo we object taismd. citigroup and amalgamated bank have also told employ crease they'll increase coverage for women to travel for abortion we're trying to get that information from companies, as far as how they'll respond, how they'll take care of their employees. i also had a conversation with karen lynch a few weeks ago, the ceo of cvs pharmacies and they also have aetna, the biggest

insurance company, because she says they're having conversations about expanding that coverage to allow women to travel so far, no real statement. this is a tricky one, as you know, when it comes to companies wading into these politically charged issues, where you're going to have very strong views on both sides. don't anticipate we'll get a lot of statements on that, but maybe some changes as we've been seeing as far as the markets, shep, today is a continuation of what we have seen all week, which is strength the first up week for the month of june. a brought rally, 2%. it gained some extra steam at the top of the hour, and we got report-low consumers sentiment not such a good thing, but inside that report, shep, there was easing of expectations from consumers. that is something that clearly the market wants to see right

now. we've seen a sell-off in oil and other commodities, is it a sign that inflation is backing? have we seen the worst of it we've been fooled before, but that would be a good thing it would mean the fed wouldn't have to be quite as aggressive as we've been seeing when it comes to raising interest rates and hurting the economy. that's what's happening as far as the markets today, and it's just a continuation of that rally, in what has overall been a trickie period. >> so far jobs have held up well there's a feeling, at least, that recessionary pressures aren't quite as great as maybe a week ago >> the recession debate rages on clearly our economy is slowing it's not just consumer confidence which is at a record low, but we got some factory and services data that were weaker not recessionary

wages are rising, things are going well, but we know the fed wants to tighten in order to tighten, that involves putting the brakes on this very hot economy. can they do that in a way that avoids a recession that continues to be the deed bait fedex came out last night, and everyone was worried because it's an economic bellwether. they said we're not expecting a deep recession actually the guidance -- the outlook was better than expected we'll continue to monitor some of these earnings reports, but so far you're right, it's not a base case scenario, but it is increasingly getting priced in the odds have gone up. >> thanks, sara. we'll see you this afternoon on "closing bell" >> of course, at 3:00 p.m. >> sara eisen, thank you

jpmorgan chase, as i mentioned a moment ago, telling employees it will pay for travel to states that allow legal abortions that's up on our website now as cnbc.com. eamon javers has some reaction from capitol hill, but also now a deeper dive on the opinion from justice clarence thomas >> that's exactly right, shep. one of the debates going into this decision was if the course were to strike down roe versus wade, what are the implications for other privacy-type rights, including contraception and gay marriage we have an exception from clarence thomas, who concurring with the court's opinion, but clearly signals, he is prepared to go much farther in subsequent rulings. what clarence thomas says, cases like griswold versus connecticut, lawrence versus texas, involving the right to engage in private consevenual

sexual acts, and the rights to gay marriage are not at issue in this opinion he says i agree that nothing in the court's opinion should be understood to caught out on precedents that do not concern abortion those rights are not implicated by today's decision. that said, thomas goes father than that, he says, for that reason, in future cases we should reconsider all of this substantive due-process precedence, including gris wohl, lawrence and obergrofeld so he's indicating he thinks those are erroneous, and he, one justice, would like to take this on so that's conception, private sexual acts and gay

contraception. not -- so it's interesting that it's in here today. >> eamon javers, thank you we got a tweet from former vice president pence. he said, today life won, by overturnedwade, the supreme court of the united states has given the american people a new beginning for life and i commend the justices and the majority for having the courage of their convictions again, that from the former vice president mike pence we have also just gotten a statement from mitch mcconnell, the republican leader in the senate, titled scored's landmark ruling is courageous and correct. he writes, the supreme court's landmark ruling in dobbs, which is doorbubbs v jackson, women's healed, the only abortion provider until now in the state of mississippi, the original suit brought in 2018

the supreme court landmark ruling in dobbs is courageous and correct. it is an historic victory for the constitution and for the most vulnerable in our society and also from chuck schumer we got that from the senate majority leader, quoting now, today is one of the darkest days our country has ever seen. millions upon millions of american women are having their rights taken away from them by five un-elected justices and the extremist maga court talk about divided just when you thought we couldn't become more divided, not that we haven't been divided on this issue forever, the majority of americans support abortion rights. the supreme court has made it such that states can now outlaw abortion joining us now is kim kenan yet again. kim kenan, who is -- forgive me. i want to go back to eamon javers in washington i know that police, capitol

police, metro police there had been making plans for this day can you give us an idea about the level of security concern that they have or that they don't have for this day? >> they have security concerns, shep you can see that in a visible way with the fence that they erected around the supreme court perimeter. capitol police know this is a flashpoint issue but you take this flashpoint issue that we have here in terms of abortion rights and there you see the fence that they put up earlier around the supreme court in anticipation of just this ruling you take that flashpoint issue we have had for decades and marry it to what we have seen in washington since january 6th, this sort of apparent willingness of some on the political extremes to use violence to get to political ends, and that indicates a level of worry here for the capitol police who are clearly overwhelmed on january 6th as to what could happen in the result -- in the wake of any flashpoint ruling going forward. we are in a new era here in

washington, d.c., where things we want -- >> pardon the interruption nancy pelosi is speaking live on the hill listen >> this morning the radical supreme court is eviscerating american rights and endangering their health and safety. the congress will continue to act to overcome this extremism and protect the american people. today the republican-controlled supreme court has achieved their dark, extreme goal of -- a woman's right to make their own reproductive health decisions. because of donald trump, mitch mcconnell and the republican party their super majority in the supreme court, american women today have less freedom than their mothers with roe and their attempt to destroy it, radical republicans are charging ahead with their crusade to criminalize health freedom.

in the congress be aware of this the republicans are plotting a nationwide abortion ban. they cannot be allowed to have the majority in the congress to do that. but that's their goal. and if you read -- and again we are all studying all this, but if you read what is in the very clear, one of the justices had his own statement, it's about contraception, in vitro fertilization, family planning that is all what will spring from their decision that they made today such a contradiction yesterday to say the states cannot make laws governing the constitutional right to bear arms, and today they are saying

the exact reverse. that the states can overturn a constitutional right for 50 years a constitutional right for a woman having a right to choose the hypocrisy is raging. but the harm is endless. what this means to women is such an insult. it's a lap in the cface to wome about using their own judgment to make their own decisions about their reproductive freedom, and again it goes well -- i always have said determination of a pregnancy is just yotheir opening acts, thei front game behind it and for years i have seen in this congress opposition to any family planning, domestic or global.

we have had those discussions and those debates and those votes on the floor of the house. this is deadly serious but we are not going to let this pass a woman's right to choose reproductive freedom is on the ballot in november we cannot allow them to take charge so that they can institute their goal, which is to criminalize reproductive freedom. to criminalize it. right now they are saying in states that they can arrest doctors and all the rest what is happening here what is happening in here? a woman's fundamental health decisions are her own to make in consultation with her doctor, her faith, her family. not some right-wing politician that donald trump and mitch mcconnell pack the court with.

while republicans seek to punish and control women, democrats will keep fighting ferociously to enshrine roe v. wade into the law of the land. this cruel ruling is outrageous and heart-wrenching, but make no mistake. again, it's all on the ballot in november the supreme court has ended a constitutional right this is 50 years proclaimed a constitutional right what happened today was historic in many respects historic in that it had not granted recognized the constitutional right and then reversed it. this is a first. and, again, just before it imposed a constitutional right to allow for concealed weapons how about those justices coming

before the senators and saying that they respected the precedent of the court, they respected the right of privacy and the constitution of the united states? did you hear that? were they not telling the truth then again, getting to the gun issue because really, in preparation for this morning, i was in an exalted state about what happened in the united states senate yesterday counterpoint to the dangerous decision of this - >> nancy pelosi moving on to gun rights we are staying with the supreme court ruling which happened today. we are waiting for republicans and abortion rights opponents to speak on this manner

first, the former vice president mike pence spoke a short time ago, or issued a tweet we showed you that today life won, he said, by overturning roe v. wade the supreme court of the united states has given the american people a new beginning for life and i commend the justices in the majority for having courage with their convictions and from mitch mcconnell, the senate republican leader, quoting now, the scored's landmark ruling in dobbs is courageous and krengt. this is an historic rvictory fo the constitution and the most vulnerable in our society. at 11:00 eastern time, 8:00 on the west coast, the market rally continues. the dow near session highs broad green across all of the sections all of the sectors today, everything up more than 2% pete williams, nbc news justice correspondent, is live with us in new york city pete, anything here that stands out to you as a surprise given the sort of guidance we had from the draft? >> no, this is very close to the

draft. it says roe is not only wrong, egregiously wrong. 5-4 on the question of overturning roe, 6-3 on the mississippi law. chief jon john roberts and not go along with that. he says that decides too much. the dissent is blistering, says it's a sad day for the court and for the millions of americans who now lose a constitutional right that the court once granted and took away. i would notice one other thing the attorney general of missouri has now just tweeted that it's the first state to let its trigger law spring into action, that the abortion is now banned as of today in mississippi -- or in missouri. it was one of 13 states that had these trigger laws on the books that said abortion would become illegal once the supreme court ruled. he already issued a letter declaring that's the law of the land it's the first state to do this. just a couple of other things.

justice kavanaugh in his conc