and the semiconductor bill signed into law today. we speak to the ceo of global foundries. this is all happening on tuesday, august 9th. "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm kayla tausche along with brian sullivan joe, becky and andrew are off. the inmates are running the asylum great to be back in new york city look at where u.s. equities are this hour. dow opening up 55. the nasdaq slipped into the red. opening down 10 points a quiet day in the markets today from the headline perspective.

still a crowded earnings calendar we are seeing air coming out of the market in europe we are watching that we are watching the russell 2000 up 1% yesterday. up 3% over the last week out performing the other main indexes. certainly a reversal of what we have seen recently look at treasury yields. currently the 30-year treasury is 3%. 10-year treasury is 2.79 2-year treasury is 3.22% the inverted yield curve flashing recession signals, brian. that is something you know in the fixed income market are watching we are watching the meme stocks shares of bed, bath & beyond moving after 30% move yesterday. going back to the 1992 ipo good trivia question

reddit traders jumping into the stock. getting their hands on the coupons in the mail? >> retail trivia >> 1992. >> 45% of the firm's free float is currently being shorted that is one reason why you might see the out sized moves. not that much stock available. >> squeezed it like a sponge as they sell. a lot of the market rallied the last couple weeks has been squeezes >> and low volume. other names seeing big moves is amc and gamestop you heard that before. what is old is new again in the dog days of summer >> you can't keep the apes down. i was listening to the new ben m mesur book and the apes.

he is a good writer and good stuff in there. >> i read his book on facebook many moons ago >> he finds the characters you have to follow he was the winklevii >> give us the cliffs notes. what's the take? >> i haven't finished it yet they found out when everybody is short and they wanted to prove you could band together a band of independents. some had $3,000. some had some money and the main guy, of course, kitty, up in massachusetts. he was a software guy. it is good to see. yesterday, somebody won, right, kayla? >> somebody won the mega millions and somebody wins the stock market >> $1.3 billion? >> in illinois not us

>> maybe they're watching now. take the annuity let's get a check of the global market is and find out wa is happening julianna tatelbaum is joining us julianna, you are an hour late for me good to see you. >> brian, you are an hour late as well. thank you for having me on "squawk box. as for the european markets, we are seeing european markets trade lower. european markets closed yesterday before sentiment turned sour stateside. we ended the day in positive territory. we have dax in germany down .70. in france, down .20% the ftse 100 around the flat line a touch of green in the spanish market up six basis points.

investors in a holding pattern ahead of the u.s. inflation report tomorrow. from the sector perspective, three in the green insurance and banks and oil and gas. travel is down 1.4%. interestingly, the duty free retailer is trading higher after delivering a better than expected set of results. technology also taking a hit down 1.2%. basic resources down .90%. here is the picture for fx markets. sterling trading firmly against the dollar it is more dollar weakness than strength in thes kayla. thank you, julianna. now to the breaking news fbi conducting a search of former president trump's home in

mar-a-lago eamon javers has more. >> reporter: this is unprecedented. what we know comes from federal law enforcement in florida who confirmed there was law enforcement activity at mar-a-lago yesterday we do know the search of the former president's home took place. we don't know what they were looking for. the former president himself broke the news on his social media site mar-a-lago is quote under siege and raided and ak occupied by a large group of agents. the search is national arrest ch archives related there are documents that are not supposed to be in the possession of the president those belong to the taxpayers. that is what is at issue here. we don't know what is in the documents and why there is

urgency on part of the fbi to get them back. the fbi decided at a high level that this is is extraordinarily important enough to take this step i talked a former department of justice official yesterday to get a sense of what had to happen inside the department in order for a search like this to be authorized. this former doj official telling me to get a warrant for the search, investigators had to have overwhelming evidence the official said if you are dropping that paper, you better be sure your ts are crossed and is are dotted. a lot of scrutiny on the search before it took place you imagine we will see political scrutiny outside the doj and fbi as republicans are now rallying to the defense of the former president you see the former president's critics saying it is about time they took this action. the fbi would have seen that

coming when they decided to do this. >> warning what happened if republicans took congress in november for the attorney general. eamon, the post reported the nationa nat national archives asked for the investigation. 15 boxes had been taken from the white house to mar-a-lago. is it more about having the documents in the white house's possession or is it in the documents themselves >> we don't know we don't know the content of the documents. there could be a sense on the part of the department of justice that the actual information in the documents is at risk. if it is kept at mar-a-lago and not kept in the hands of the federal government w we don't know at this point. you have to imagine this is something more than just a

document retention policy issue. you don't send the fbi in with no notice to a former president's home unless it is very serious indeed. that opens the realm of speculation of what is documents. we don't know. we will see the political process explode as people who defend the former president rally to his side as critics make their points. behind the scenes is the parallel law enforcement and legal process. that might not be public for some time. we might not have a good sense of what happens here for weeks or months. >> eamon, president biden and other leaders will be out of their minds here this is the headlines. inflation reduction act and build back better. that will be off the headlines no one will talk about this and the chips act. they are talking about the trump raid that is a hit there.

>> brian, politically, i was going to say, you wonder whether this hastens his decision to run again in 2024. he had been talking about it in the next presidential cycle before the midterms happen republicans wanted attention on the midterms and republicans running this fall. trump was contemplating taking oxygen out of that by announcing for president early. he now has incentive to announce for president. that immediately puts it in a political box and hamstrings the doj and fbi can do here investigating this because of the extraordinarily high profile of investigating a candidate the fbi has been in this box with trump for some time the fbi has been bruised in some instances of reputation and its handling of some of the matters

involving presidential candidates now another cycle with the same issue. >> when will we know sanything >> we won't. investigation proceeds until there is a resolution. resolution is an indictment of an individual for a crime. at some point, the department of justice would indict the former president if they feel there is evidence here in what they have gotten to determine a crime. at that point, you would get a very detailed list of the accusations and specific crimes. until then, the process is secret doj and fbi don't comment on ongoing investigations at all. the reason is there is a presumption of independence. because you are investigated by the fbi, you are not guilty of e crime.

you are not able to do that here this part has become public. i wouldn't expect more details to be public until and if we get to the point of indictment or if trump's attorneys put more information on the table. >> eamon javers, see you all day here on cnbc kayla, you are at the white house. i have a feeling we know this the former president is going to talk he's going to say -- >> he broke this news himself. most of the news about this we know because members of the trump family have gone on tv and talking about it to your point, michael la rosa left the white house doing tv. he said it was already for a segment on the biden big week and now all trump. the talk about the big week and buffett with another big bet

on oil. and check out the markets winners and losers we have jim of axios we will talk about the sale. now we're going to talk about trump. this is what happens you are watching "squawk box" live from the beautiful -- spotless osiutde even the rats were clean in times square we're back after this. >> announcer: this cnbc program sponsored by truest wealth where meaningful relationships matter most. . so you call in ibm and red hat to create an open hybrid cloud platform. now data is available anywhere, securely. and your digital transformation is helping find new ways to unlock energy around the world. only at vanguard, you're more than just an investor

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good tuesday morning welcome or welcome back to "squawk box. warren buffett adding to occidental berkshire paid $91 million for shares between august 4th and 8th. you think he is buying a lot of oxy, you are right the total stake in oxy is over 20% for warren buffett they own one fifth of the company. oxy stock jumped to 60 in a year berkshire not buying in the oil is going away theme. not right now. owns 20% >> legacy businesses that strategy. >> take the cash. meanwhile, snap is reportedly set to layoff employees. the company is in early stages

of planning and the scope of the cuts is still unclear. the snapchat owner has more than 6,000 workers and warned last month of incredibly challenging business conditions. other tech companies have announced job cuts and plans to slow hiring as well. yesterday, groupon cut 500 workers which is 15% of the work force. groupon will focus on mission critical activities. president biden will sign the bipartisan chips act in law today. ceos will be in attendance from the car industry joining us is jared wisefeldt. good to see you. that stock got crushed yesterday with nvidia. what is your take on chip stocks gener generally? >> good morning, brian the chips act is a positive for the semiconductor industry and

for the u.s. as we onshore a lot of jobs and manufacturing. you are dependent on taiwan for the semiconductors think about the semiconductors produced coming from taiwan and the failure risk we are bringing back jobs and manufacturing onshore which benefits global foundrys and intel. a multibillion dollar investment in the next five years that is a positive back drop we are in a dynamic situation with nvidia announcing yesterday morning and you have semiconductor stocks exposed to the consumer in a tough spot nvidia's business down 50% buyer be aware from the semiconductor standpoint >> you had take-two warning as well take-two is a video game publisher. nvidia powers the games. a lot of kids were home for a

year and a half. no doubt gaming grew now kids are back in school. you wonder if it is more of a -- is that more of a normal and should have been expected shift, jared, or signs of a greater slow are economy >> it is both, brian we are lapping up the work from home beneficiaries in summer and not staying home that is impacting the video game complex. don't under estimate cryptocurrency with respect to nvidia business trends used a lot of gpu and graphic processor units to mine cryptocurrency like ethereum and with the crypto winter we had over the last 12 months, mining is less profitable what you see is a ton of graphics cards hit the secondary market that causes an imbalance

pricing came down. channel inventory increased which had an unintended consequence from the nvidia standpoint with the gaming business. >> otherwise, technology had a great run, jared the eighth worst start to the year -- i sound like a downer. eighth worst start to the year technology popped. do you buy into it a reason for the sudden turn or another bear market rally in the history annuls >> i'm bullish, brian. it is rare to find someone positive these days. nasdaq up 14% from lows. semi up higher i'm cautious there software up 17 from lows that is the greatest opportunity. look at the resiliency last week with cloud flare and

software deliver much better than expected earnings microsoft azure. surpassed expectation with 30% to 40% year on year. google still growing and gaining share. these are really incredible results in the context of macro that everyone thinks is falling apart. i can't emphasize enough with positioning being one sided. we are talk five-year lows everyone who rotated out for the super cycle needs to come back in there are four or five months left in the year you see the fomo rally take hold >> you think there is more to be done in the fomo rally you described the tech bounce. what is the catalyst for the next four to five months of the year is there that much money >> for sure, kayla if you look at the multiple and

calendar in 2022, it is a tale of two cities. compression in the first half and waiting for the negative to happen in the second half. it is not happening. we need to go ahead a little bit. software is trading 6% below the forward multiple we will have multiple appreciation because the multiples have compressed significantly in software. don't forget about the private equity put $200 billion m&a that eclipsed 2021 levels. there are still four months to the year we had ping last week from private equity still money on the sidelines private equity is putting it to work valuation. >> we'll have you back jared weisfeld, thank you.

trouble at google. details up next. and look at cloud shares all up more than 21% in just that period. stay tuned you are watching "squawk box" on cnbc >> announcer: what's working is sponsored by comcast business. bounce forward at comcastbusiness.com.

google anppears to be back p and running after a brief global ou outage down detecter reported more than 40,000 users in the u.s. indicated problems with the

search site. other areas in japan and canada and australia for outages. >> now we can know stuff people's collective knowledge. coming up, the fbi searching former president trump's home. we will speak about it with axios who sold their company for $525 million flying in on a solid gold helicopter as we head to break, the look at s&p 500 winners and losers dow futures up 15 points we are back on a tuesday right after this >> announcer: executive edge is sponsored by at&t business at&t 5g is fast, reliable and secure oh, i can tell business is going through the “woof”.

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good morning welcome back to "squawk box. live from the nasdaq market site in times square. i'm brian sullivan all three people in the

animation are not here how long has it been since we have seen each other in person s >> three years five years great to be back if studio >> i still feel distance if they do a relationship shot titanic. >> 15 chapel ceiling >> nice. check the futures. see if the markets are more micm michelangelo the markets in a down turn markets were hot they flipped you wonder with the big run up 20% for the tech stocks and tech index. ka kayla, see if that continues we will see. >> we are seeing the early gains slipping we are following the big breaking news. fbi conducting a search of

former trump's home in mar-a-lago joining us is the co- funder of axios. what is the name >> it will be axios now and forever. >> we will talk about that deal. con congratulations to you we want to lead off with the breaking news. the fbi raiding trump's home the justice department issue has been percolating for several months what do you think the goal of investigators is based on what you know and what axios is reporting. >> let's step back and say what we know and don't know this is historic escalation. the justice department of the sitting president of the united states raiding the home of his predecessor and potential 2024 opponent can't think of a parallel in u.s. history that's all we really know right now. very little in terms of concrete reporting that we can point to

in terms of why they did it and why doid they do it now? what did they seek and find? how this fits into two investigations that are taking place at the justice department. one over presidential records which we think the raid was about. the other was about the election results and in trying to overturn them post election. so the next couple of days and this is radio active in the environment where people don't trust or like each other and you have government doing this against trump. you have trump revving people up people outside with trucks and blaring horns and singing "we're not going to take it." you have mccarthy -- >> do you think the outcome to go one of two ways charges that essentially keep the former president from being able to run again or motivation

that causes him to announce sooner do you have a view >> no clue no clue at all all i know somewhere somebody approved the raid. they had to understand the public consequences. they know a lot more than we know about the rationale for sending fbi agents and people into mar-a-lago yesterday. if it doesn't result in charges, imagine the backlash from the public and imagine the backlash from trump and trump supporters. maybe we will hear from the justice department today the investigations are notoriously secret it may be a long time before we understand what they are looking for and what they found. >> jim, we want to turn to the big deal axios selling to cox enterprises. the company is less than a decade old

not profitable tell us about the timing was this about the founders or those worried the market will go down >> i'm a journalist at hardeart this is our second media company. how do you build a great company that can last when i'm long gone decades from now cox is the perfect partner $20 billion company. awesome family deep roots in journalism particularly the journalism with investment we think this is great for shareholders and great for journalism not a lot of journalists success stories. we feel great we are able to do it we dog this country. i was a kid from oshkosh, wisconsin. you create a company and create

1500 sdwjobs >> it's brian. congrats i'm in wisconsin kayla is from wisconsin. now you will have your own plane at the oshkosh air show. what is the plane of choice now you are one of america's richest people congrats. >> i'm jimmy from wisconsin. >> in his g-4. >> really, it isn't about the money. you want a return for the shareholders sn nbc did well when you build a company, especially a product like journalism like i spent my life working on, you want it to last forever. that is the definition of the great company. make money if that company goes away and that would be a failure. to create something and find a partner to spread great journal to hundreds of communities and

do fair journalism >> jim, those wanted the small company culture and wanted to be at a start up. i wonder how you keep a lot of the star reporters now they have equity stakes to cash out and fold ed into a bigger company how do you keep that >> i think it is about the mission. if they feel on fire for really helping people get smarter and faster on topics that matter, they will stick with you if you have a healthy culture, you will keep them in terms of incentivizing people in terms of stock or salary. funda fundamentally, you are doing something important. that is the work force shift people are looking for deeper meaning. they went through covid and hell of a last couple of years and want to do something big hopefully we offer that and more people see it and live it and feel it and then we can grow

from 500 people to 1,500 people in the local and professional niche. >> jim, viewers want to know what it means for the landscape and media companies. the deal makes me happy, but sad because it confirms my biggest fear that no investor backed news brand will survive the coming decade. is she right >> i'm a big fan of jessica. there are different outcomes for people if you are a venture backed company, there is not a great path to going public that is true for most media companies under the known circumstance of business today that could change. the bottom line is i do think what this shows is if you create high quality content and find a loyal audience and do tricks for clicks and chase fads, you can build a company with greatvalu

and durinability. hopefully others will do the same more media to me is good for america. >> jim, you have done a great job. jonathan swann and others busted their humps and it's paying off. congratulations to you and your team thank you. >> thank you, both i appreciate it. coming up here on "squawk box. the global foundry ceo and president biden signing the chips bill and what it means for him and the industry don't miss the interview with brian deese. stay tuned you arwahi "ua b" e tcngsqwkox here on cnbc businesses have to find new ways to compete in order to thrive in an ever-changing market.

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welcome back, everybody. thanks for joining us on "squawk box. nasdaq up a touch. let's call that unch

average those out. >> a lot of days in august we talk about unch. >> i talk about lunch. i'm already hungry >> you have file mve meals. >> i got to sleep in i woke up at 3:50. not 2:30 what do i do with the sleep? >> run a marathon? >> fly back to chicago today. the next guest is at the white house today as president biden signs the chips act into law. joining us now is dr. thomas coffield thomas, good to see you. thanks for joining us this morning. >> good morning, brian and kayla. big day for global foundrys today. we released our second quarter earnings as you see the white house behind me, i'll be there later today and witness the legislation signing. >> tom, let's talk about the nvidia announcement.

global foundries was up in pre-market trading what tail winds is the company benefits from outside washington >> i think it is the market we play in and it is three factors. one, a global supply chain the companies that are better balancing the supply chain will execute when the business is there. second, we play in a broad and diverse end market there are strong end markets and weaker ones. we play a broad range of those we started the year with almost 25% more demand than the ability to fulfill that demand it has been a bit of a shock for us the last thing is even in markets that are down, if you are winning market share, you can still grow your business look at our smart phone business mobile hand set business

hand sets are down year over year, but we grew 14% because we are winning the market share 5g takes place and the other features that is what you are seeing. you have good supply chains and broad market presence and winning market share >> the windfall from the chips act. $52 billion in the industry. $24 billion in tax credits how long, tom, will it take for the rubber to meet the road? the president will sign the bill into law ho how long pill will it take for e companies to apply for and receive the funds? >> i think over the next three-to-six months to start the application process. this is complex work that needs to get done and it needs to be done well. two fiphases to add expansion. we have existing space in our u.s. footprint to install tools. we can bring capacity on within

18 months. on outside, two years. if you have to start with a shovel on the ground and creating that out, that can take longer that can take up to three years from today given we won't see funding or alignment of funding for three to six months. >> president and policymakers say this will make the u.s. compe competitive. what happens if after this becomes law and that money goes into the system and if companies like china and taiwan and singapore increase subsidies to the industry what desicisions do you make abu where the supply chain is located? >> this is not an escalating situation. it is about creating globally competitive manufacturing. you don't have to have 100% of your assets covered or capital investment about one-third of a project needs to be covered. most of that investment comes

from building capacity i think that will would be the real measure here. this $52 billion you cited that $52 billion will release $150 billion because it is a 30% funding ratio. it is a big pot of money when you think of the total capx it deploying with the semiconductor manufacturing in the u.s >> it's brian sullivan china is our adversary and control the chip technology. bringing it back here is something smart to do. the issue may be coming up is labor. i was on your web site you have 495 open jobs in the united states. more than any other region do you have the people everybody i talked to around this great country and i love this country and travel it extee extensively saying i can't find the manufacturing work force >> first, another great question yeah, i think it is not a gf

issue, but industry issue. >> all over america. >> it is we are doing our part. we are investing in students in high school and investing in students in college. we have to make our company attractive company for people to come we have 400 job openings we employ 9,000 people in the united states. on a relative basis, that is not the percentage down. the better point is a big and growing company and we need resources to drive our business. if all of the supply chain issues we have, the longest range ones we have to focus on every dayis the talent and talent management. creating talent and managing talent in the industry. >> tom, we appreciate you joining us you will be joined by ceos of micron and hp and many others

there. tom caufield. thank you. coming up on "squawk box." helima croft with the odds of supply boost will iran come back to the market all that as crude oil is back. don't tell anybody, kayla, crude oil is back above $90 a barrel you are watching "squawk box" here stick around

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all right, let's talk about energy energy prices have been down the last couple weeks. wti crude down about 25% from march. oil prices actually this morning are moving higher. in fact, wti crude's at 91 and change where are we headed from here? will iran come back to the market joining us, global head of strategies and cnbc contributor and fresh off what looked to be a lovely italian vacation,

halima i want to come back in my next life as halima croft >> we have a lot to discuss. certainly the story aboutiran has been gaining more ground the iranians walked away from a deal at the last moment. there are still a couple key issues that need to be resolved. but obviously, market participants are watching this very closely >> that exit was as elegant as your vacation, halima. let's talk about this. it feels like deal or no deal. the iranians say n, no, it doesn't. you threw out a million.

is that how many barrels you think could be added to th market how many could we expect reasonably because russia is going fully offline when the sanctions kick in >> right 2.2 million barrels looking for a home come december 5th does iranian leadership really want to take this deal in the iranians want an investigation into prior weapons work by the u.n. agency dropped. they also want some type of guarantee that whatever sanctions relief provided will be permanent there's no way the biden administration can provide such guarantees even if we get a deal, they still would have to still get congressional approval and iran would have to be compliant with the terms of the agreement. roll back all the recent nuclear advances it's not going to be quick

it's not a light switch. potentially multi-month process. but with those russian barrels come september, additional supplies from iran would be helpful. but, again, the ink is nowhere near dry on this deal. >> we don't fknow what's going o happen september 5th whether or not we're going to see it two, one and a half, 3 million barrels of russian oil off the market, or will india and china simply continue their buying and it's european sanctions be darned. what's your best estimation of what we can expect >> brian, this comes down to europe's resolve to see these sanctions through. do they enforce the shipping and insurance sanctions, which would make it hard to place those barrels into places even like india. the issue of the price cap becomes important.

because that's kind of work around that could allow those barrels to move. the question is, does europe essentially blink and say, you know what, the pain will be too high we can't fully enforce these sanctions, or do they go ahead full steam ahead russia raised the stake this is morning. they're already pausing some oil pip pipeline flows it's not a major disruption, around 240,000 barrels disrupted, but what is the disruption as we approach the of important date >> we are getting information from the tea leaves that they expect volatility in energy for some time. they announce add program to restock the emergency reserves at a fixed price from oil companies, but they want oil companies to be putting all their energy back onto the market, and they're going to start restocking the reserves in

the fourth quarter of 2023 how much does this tell us about how this could bounce around >> one of the factors keeping this market supplied is the spr relief that the biden administration did earlier this year this winds down in october and the biden administration has essentially signaled, they are not going to be doing another blockbuster relief in fact, they're required to take 90 days of cover for their iea membership the sanction start date, it's interesting to see what happens and also when the spr relief winds down in october. i do think it's going to be really important to see what happens in this market if the two factors collide. >> it's hard not to see oil going up with what you just

said russia coming off the market tough. >> lot coming up meanwhile on "squawk box" we will check on the mien stocks. bed bath and beyond.

good morning

breaking news. the fbi searching former president trump's mar-a-lago home, breaking into a safe and looking for classified documents. the latest out of washington straight ahead futures slightly higher as investors await data and more. we'll break down what you need to watch as the second hour of "squawk box" begins right now. good morning, and welcome back to "squawk box" receipt h we are live. not a green screen how's d.c. >> really hot, really humid. i want to be up in wisconsin

where you are. >> won't you be very soon? >> i will be very soon >> i will save a cheese curd for you. united airlines and god willing. u.s. equity futures, everybody by the way at the airport, we feel you we're going to be together at newark nasdaq futures down 47 an indication of which way the market wants to go yesterday we had a good day early on then you had negative news nvidia dragging things down. we had this amazing run, up 15% to 20%, the smaller cap indeces the last four weeks, the eighth worst start to the year for the s&p 500. there's a random and interesting and semi-worthless we are seeing bonds continue to get bought ten-year yield at 2.76%.

that should at least stop the rise and maybe even bring down a little bit mortgage rates. the housing market looks like it's been stalling in many markets. what about the cost of oil crude oil is back up above 91 bucks a barrel a lot going on in oil the next couple months. certainly pay attention to that. and in crypto, like equities, a nice decent run. bitcoin back below, the only constant with crypto is that there is no constant >> yes, we're going to talk to tom farley about that in just a few minutes. but we also have big breaking news overnight, the fbi conducting a search of former president trump's mar-a-lago home good morning >> good morning. we've just neff ver seen anythi like this. the fbi executing a search warrant at the home of a former

president. the former president was not there at the time the fbi showed up what we have is confirmation from a federal haulaw enforceme official that there was activity, no details on exactly what took place. the former president himself is the person who broke the news about all this the former president taking to his social media site to say that his house, mar-a-lago is under siege, raided and occupied by a large force of fbi agents a source familiar with this says that the source is related to the material that should be in the national archives but is not. so some question about how the former president is handling classified documents no indication of what is in those classified documents i did speak to a former justice department official to find out what would have had to happen in order for the search warrant to

be issued and approved by a federal judge. the doj official telling me to get a warrant, investigators would have had to have overwhelming evidence. and the former official saying if you're going to drop that kind of paper, you better be damn sure your ts are crossed and is are dotted. we can see what he means by that as the political explosion happens across the political spectrum this morning with allies of the president rallying to his defense critics lambasting him on social media and television this thing instantly becomes a political flash point, the fbi guys would have known that before they pulled the trigger on this decision so you can imagine that there is something very serious at the core of this we just don't know what it is. and we might not know that for some time to come. >> as nbc reported, the fbi had given advanced notice to the secret service so they were aware this was going to be taking place hopefully when we get more

information they'll bring it us to >> do we have any idea when we will get more information? you have now either raided or conducted a search, whatever term you want to use of a former president's home they're going to have to share some information i would imagine, soon, especially in today's media environment, what do you any >> i think the trump family has been disclosing most of the information it wants to disclose the former president announced it on social media eric trump announced it was related to the national archives we're getting a lot of confirmation from the family itself about what is going on, and ostensibly that's where we are going to be getting a lot of information until or ms. the depa unless the department of justice decides to release it >> i've got to imagine, people say the democrats are going to cheer this

i don't see that this has been a moment when the president and his team have had much-needed wins the chips act being signed today. >> taking out the leader of al qaeda. >> taking out the leader of al qaeda. build back better likely being signed on saturday >> jobs number >> great jobs number this just takes all the wind out of the coverage sails on those things i guarantee you on the other channels this morning there is going to be talk about the rate. once again, trump sort of eats the air out of the media room. i wonder what the reaction will be like in the white house i imagine we can ask brian decembdees about it >> there's been discussion among the current president's team about when to file paperwork to run in 2024 if in fact that is the plan and what impact this if anything will have and the timing for president biden and the former president, too. >> truly amazing

a lot to do. let's get to dom chu with a hook at slook at the premarket movers. >> you can see futures have ticked a little bit lower. i'll get to one of the reasons why in just a moment here but first off, let's talking about what's happening on the retail side of things on the luxury side of things we are seeing a little bit of strength, capri holdings out this morning this is the company formerly known as michael kors. it's up fractionally right now capri comes out with earnings that top expectations. revenue's also about tbetter th forecast you've also got a situation here that's maybe taking a little bit

of wind out of the sails here. moving on from capri you've got a preannouncement coming from micron, which is now down 4% m tin the premarket trade. micron is preannouncing results. it's at or bee low the previous guidance watch those. and then on the mooien side of things if you look at some of those stocks they are all up in the premarket trade. bed bath and beyond is up 70% after its previous lows. and analysts at baird among others have downgrade the stock. if you look at the one-year chart you can see the move

higher just in the last couple weeks here has now boosted it to a $11 kind of range. the analysts would say it's a $4 stock. we'll keep an idea on some of those mien stocks. >> i spend most of my money in store at bed, bath and beyond. i'm l i'm sure you do, too >> what's the beyond i know what biddiedding and wha bath is, but what's beyond >> toiletries? >> you make a full happen around >> food and toiletries now my mind has gone beyond. joining us is carrie firestone somebody no doubt who's not put 100% of her client assets into bed bath and beyond. carrie, i love this market

rally. w want stocks to go up it's good for everybody. a lot of low-quality names have done very well not knocking bed bath and beyond, what do you make of the last couple weeks? >> well, brian, hi, nice to be here it's been a fantastic rally. the s&p has covered of half of dee client the nasdaq is up 20%. what we've looked at is the breadth of this rally. we're going to have the inflation number the feds talked and the jobs report, and, you know, the market is sort of looking beyond what, what of this' been

hea hearing. i don't know if they'll look beyond inflation people are hearing 8% or less. again, you look at what's happening in the market. we did the following we took all of the universe, there's a thousand stocks that have 5 billion market cap or more and we said, of those stocks, how many fell 50% or greater from their 12-month high through june 16th? the answer was 166 names so then we looked at what's happened since there are stocks that have moved 50% or higher since june 16th. how many of those. there are 39 but interestingly, 30 of them or three quarters of them were in that group that fell the most. and, if you dug into it, would you see names like coinbase, carvana, amc

>> and would you buy that -- >> you buy some mien stocks. no we just say we wish we owned them they are they're up 50% or 60%. we see a lot of names that have had a sharp reversal that are part of that robin hood, cathie woodstocks >> you said 8.8% is base chit num basically the number the fed's already moved 200 basis points and we're already going down a fraction of a percent. >> it's backward looking. >> -- september, still >> inflation is backward looking. if you think about what's happened we know that oil has come down 25%. a lot of commodities have come

down shipping costs have come down. you really have the sense that the consumer pulled back from the walmart and target numbers so there's no doubt that there's going to be lower inflation in a number of the components the question is when, the housing market, rent, housing, that's 35% of the inflation stats, and that takes time to come through in lower numbers. and we think we're going to start to see that. we just need directionally for there to be change it will come down quite a bit more if it doesn't, if we get into october and we haven't seen any decline in a major sense back to 6% or 5%, that would be a problem. but as long as we're going down, i think the market can say we're in the right direction and we look at the different aspects of inflation. >> carrie firestone, thank you coming up, tom farley's

going to join us on set on the move in bitcoin. tom gointog join us on set. stick around but, at upwork, we found her. she's in austin between a fresh bowl of matcha and a fresh batch of wireframes. and you can find her, and millions of other talented pros, right now on upwork.com

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17,600 in june our next guest called it a bottom right here on "squawk box. >> why didn't you step up at 17,5, if you think it's going back up to 100,000 >> i was with a very, very smart friend of mine on saturday afternoon, well-known in the industry, and he actually made that exact comment at 17,6 and said this is the buying opportunity. and i think there's a good chance we will look back and say, wow, this was the bottom. >> here he is now. we couldn't book the smart friend, but we got you >> or is the smart friend actually you and you're referring to yourself in the third person. >> it's the voice in my head. >> you called it or your smart friend called it back then did you talk to him before coming on? and what does he say about where it's going from here >> that was a pretty easy call it was it was a pretty easy call.

when bitcoin, people were saying we'd like to l aallocate 1%, 2%% as it went down to 17,000, it wasn't a shock to me that you saw some of those uinstitutions step >> but interesting that those institutional buyers stepped in when it was showing volatility you would think the opposite would be true, that they would want to stay away, unless you consider it to be an important asset class that no one can afford not to be in it >> fairly quickly, some of those institutions stepping in, that's what's happening

in crypto, yes, bitcoin's up 40%. it doesn't mean it's going to go up another 40% in crypto there's bitcoin and literally everything else. it's trusted there will only every be 21 million bitcoins it will have to be a kpcomponen in a portfolio et ear yum's in a stable class if you invest in it, maybe you make money maybe you lose all your money. >> and it's highly possible people are going to lose all their money in these other coins. >> that's right. >> it's like the railroads in 198 19 the 1870s. >> it has flushed out charlatans

and bad actors it will bring more volatility, hopefully not too much but when the tv man came to my house and said i'm going to buy this technology. and i'm going to invest $5,000 i hated to see that. i think the best possible thing unfortunately was some of this craziness. >> a couple days ago we had maxine waters say that the fed should be moving more quickly toward a digital dollar. that doesn't seem to have that urgency, the biden administration doesn't seem to have that urgency, but do you think that's the right move right now? >> i think the first thing is establishing more of a regulatory framework the only one with some degree of certainty is bitcoin everyone agrees that here in the united states bitcoin is not a security it's a commodity therefore spot trading of bitcoin is largely exempted from

a heavy regulatory hand, but futures trading you have to go through the cftc that's the only digital asset for which i can explain to you what the regulatory framework is whether it hooks like a bank-regulated product with fed involvement or a security with sec involvement or none of the above, we have to bring more certainty to the space or we're just going to see the digital asset space flower abroad, which is happening to a large extent today. look, there are still people who will say this is all a scam. this is all a fraud. this whole thing is going away that is absurd the smart kid from iit in indiana or m.i.t. in boston is going into the digital asset space. i don't know what the application they're going to build with utility will be ten years from now but there will be an amazon, google, netflix. and we need to embrace it.

we do need regulatory certainty. because right now it's a toxic place. >> i did an interview pre-pandemic she's been one of the pro bitcoin members of the sec maybe the only one this is something they've been thinking about for years i think this panel i did with her was in 2019. when do we get this? this is your world, man, running nyc. >> i've spent a lot of time in washington recently as well. and there is a, i wouldant say a ground swell it basically pushed all of digital assets regulation under the cftc i don't think it ends up there

>> okay, why not >> i think to some point it was a -- >> because the chair wants to do a land grab? >> you said that he's incredible effective. in his defense in this regard, digital assets have a lot of characteristics of securities as well they have some characteristics that aren't securities there needs to be a meeting of the minds. it's not easy, brian the agriculture committees governor >> i hate saying it, it's not a currency no one's going to -- >> sure. >> you could pay for something with it i guess. but why would you. if are you a believer in it, could you overpay or underpay.

who should regulate it is it a commodity? should it be the ftc the treasury primary regulator, cftc. that means that futures are regulated. however, very important is that you also have treasury oversight with regard to fraud, money la launderring. cyber crime. >> are you good or are we chasing you off? >> it's good to be here, although in becomky's seat. coming up, will nearly $54 billion help the chip sector we'll debate washington's spending spree and whether it's

doing more harm than good for the economy. "squawk box" will be right back.

all right, still to come, washington's spending spree. will it help or ultimately hurt

the economy. add to inflation plus, kevin brady will be here a lot more on squawk, we're back right after this as an expedia member you earn points on top of your airline miles. so you can go see even more of all the world's bubbles. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

all right, welcome back.

between the chips semi-conductor act and the inflation reduction act set to be signed saturday, the government is set to spend billions of your money in a single week. joining us is chairman and founder of operation hope. and john, good to have you on. i'll start with you. >> all right >> will the inflation reduction act actually reduce inflation? >> it's not going to reduce near-term inflation. that's tied to the war in ukraine. that's where the oil spike came from and it's tied to, i call manufactured inflation from covid. with the breaking of the supply chain and all that came with covid, which will be repaired as we get into 2023 obviously, the war in ukraine is its own story. in some ways, though, this is what farley said in a, the last

segment, that something like crypto currency created emotionally after 2009 to get away from government, app anti-government, ultimately needs the government to grow and prosper. i agree with him, once it's regulated. i think we've got to get' way ff away from oil i see this as investing, not cost spending. we are the leader of the free world. but we're at war china's at war with us economically they want to be us they want to be us economically. they want to be the lead are of theleader of the free world anybody watching us, their

grandmother is cheering this bill the semi-conductor bill is a win all itself but the other bill, their grandmother's cheering, because it cuts right at prescription drug cost which are cutting her way of life. and it gives our children three generations of a future, and we can get out of the defense of climate change and get into the offense of really building our climate in a renewable economy >> there are many thinsgs for people to like and many to criticize depending on which side of the coin you're on the one thing i would say, inflation has large by been caused by government spending. not all of it. san francisco federal reserve said this. now we're being led to believe that more government spending is going to reduce the inflation that government spending created. >> so john referred to

somebody's grandmother who's cheering the bill. that same grandmother lived through run away inflation in the 1970s. most of the young people that we work with have neff ver been inn inflationary environment spe spending $700 billion at this moment in time is not deflationary it is dishonest to attach that to either bill it is dishonest on the chips bill bic picking winners and losers and john referred to the financial crisis and bank bailouts it didn't work then. and we're dealing with the fallouts that's the big issue i have, this moment in time to choose to spend $700 billion, and to pick

a particular winner, which is the manufacturing industry, excuse me, semi-incumbent are industry >> with all due respect, we have been picking winners and losers forever. we bailed out the automotive industry, the banks, wall street there was a comment about, you know, the government spending created the inflation we're in there was a global pandemic that we haven't seen in 125 year. if somebody has a covid manual that they know of that i don't that we can pull off the wall to tell us how much spending we should have done to quafoffset is correct i'd be happy to read rea it now we have an overheated economy because we put, yes, a little bit too much into the mix to try to solve that problem

but who can say that we are competitive right now on infrastructure we're not. who can say we're competitive on human capital. >> it's not my opinion the san francisco federal reserve said it. we overstimulated more than any other nation i hear you on the covid playbook, i get it congress has no money. it's our money that they spend by the way, the same people, everybody, mitch mcconnell, pelosi, schumer, doesn't matter what party you're in, they were all elected when i was 1-year-old they're political lifers they've been there forever i'm just wondering, they took build back better and changed the name effectively now it's the inflation reduction act. shouldn't we be a little more critical of how our money is, it's not their money it's our money >> our money, their money, yes you can't, even if you, i

understand >> it doesn't mean anything anymore, john. >> let's stay with what you're saying for a moment. the city you're in right now, manhattan, doesn't work without a subway, lights, roads, police, infrastructure that's the government. we have a partnership. and i believe we have the best government in the world, the best country in the world. the best regulation in the world. which is what mr. farley wants crypto regulated by their government, our government i think today is the day to invest this is like right after world war ii did you know the tax rate was up to 97% for an individual after world war ii >> that was on like six people >> they avoided that and by the way, the corporations will find a way to avoid this

tax as well. so i think we're, we need to understand we're at a point where we need to invest in the greatest economy in the world if we want to tait stay the leadern the free world >> there's the chips bill and the skinnied down build back better bill. on the chip s bill, we're going to grant manufacturers $200 billion at a time when inflation is, i don't think run away is too strong a term. it's almost going, poe negligence is that the right timing from your perspective, to spend $250 billion? >> we should have spent it five years ago. >> but we didn't >> let me finish i heard you. i heard you. let me finish. we are behind the curve. on infrastructure, on human capital. i have 4 million clients at

operation hope who want to drubt t to contribute to this economy. i think a lot that's being done will prepare the bottom half of the economy to be contributors to gdp, will increase health and wellness and make us as competitive as china they're funding all of their industry, we're not talking about funding all our industry the second bill pays for itself and reduce the budget by $300 billion. this is temporary inflation, it's manufactured inflation because of covid it came because of covid and the broken infrastructure, broeng su broeng supply complain. >> on the skinnied down build

back better bill which does not decrease inflation in the best case in 2028, there are cost on folks. it doesn't pain us for people like us when our cost goes up 20%, 30% do you think this is the time for a regressive tax on the poor >> you know, when russia went into ukraine, the group who were cheering in my front yard were my black and brown gardeners they were happy to pay more at the gas pump to stick it to russia and picking on poor people who can't defend

themselves i checked before i came on this program with several of my clients, with operation hope, they are happy with this bill. they think it's a step in the right direction. we need to be energy independent. we need to invest in an environmental sustainability everybody can see, even my wife's friends are turning black because it's so hot outside. i'm joking but we've got to do something with the problems in front of ourselves. >> you're 100% and i want to say i agree with you 100% the on thing i'm saying is that we have -- give me 30 seconds -- all the stuff that you talked about that makes us proud to be americans in many ways, we need that i just wonder where that money has gone and why the roads are

still a wreck? we'll take amtrak together and go 42 miles per hour between philly and wilmington. >> that's why we've got to vermo invest now i'll see you on amtrak by the way. >> if we can get the real high-speed rail, you and i will take it together that would be brilliant. >> god bless you, good to see you. >> god bless you as well the point is that the infrastructure, $30 trillion in national debt and the infrastructure still stinks. >> john's a very smart guy i just don't think people are cheering higher tax bills, especially, you know, low-paid workers. i don't agree with that. >> i'll let you guys bicker about it since i have to cover it every day coming up on "squawk box," china extending military exercises as taiwan starts live-fire drills we'll head to beijing.

and mieme stocks on the move again. comingp. u

welcome back china saying it will extendity military drills around taiwan for an unspecified amount of time this as taiwan's defense force conducts live-fire drills of its

own today. eunice yoon joins us live from beijing. what can you tell us >> chi t china as military annod fresh drill for another day. this time they said focussing on blockades as well as logistics reply. these come as the pla said they'd completed practicing sea assault tactics on monday in an apparent effort to target u.s. support. and as the military continues its live fire exercises in the waters off the korean peninsula near japan taiwan's prime minister has vowed that he won't and the

island won't be intimidated, conducting their own live drill. they will be holding another set of drills later this week, and president biden had said overnight that he wasn't worried about taiwan and there is, maybe, a little bit of hope here and some reason for optimism taiwan said again, so far, no chinese forces have entered taiwan's territorial airspace or waters, defined of within 12 nautical miles of land it doesn't look like it's happened at least not yet. >> the comment from president biden said he's worried about the recent actions by china but i don't think they're going to do anything more do we have any reason to believe that's true? >> there are plenty of reasons

why that would be true and that is at the end of the day, for for china, it wouldn'e good to escalate the tensions and lead to miscalculation and then you're in a conflict at a time when china is already looking quite vulnerable when it comes to the economy that's not something that china would want to have at the same time, they have been escalating the show of force mainly because they want to send a message to the west that taiwan is definitely part of china and china does not want that to be changed and also to message domestically here that despite some criticism here that people have had publicly, that china is the one in control and that china is strong in the world. >> eunice, heck of a story eunice yoon. thank you very much from beijing. let's check out the futures.

down 84 points right now the market reversal yesterday, some of the selling momentum carrying over to this rng.moin oil is up. more oil stopping flowin

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do what they do. so-called meme stocks had a big resurgence in recent weeks possible meme stocks like amc, bed, bath and beyond, which rose 40% yesterday have soared. in th no news on bbby, and it rose 40%. let's bring in a markets reporter at the "wall street journal's" money and investing team, and liz young, head of investment strategy at sofy. i'm going to send you a picture a little later on from cops in milwaukee. but is this a big risk for investor whos

investors who may have been burned >> when the bear market happened there was this fear, and it was talked about a few times, what about these new investors who came into the market and now experienced their first bear market, is it going to scare them out of investing. and even the meme stockers that got hurt in that, is it going to scare them out of investing? we conducted a survey and 74% said despite recent volatility they still plan to invest as much or more in the next six months q we can let that fear go, it's here to stay some of the things that have been interesting, when you look at by shares, it's two-times bigger in august than it was m june and july. on our platform, it's four times bigger in august than june and july the retail trader is definitely here it's okay to kind of take part in some of this that ends up

being the trendy conversation of the day, but be careful not to invest in things, especially like bed, bath and beyond that's up this much don't put money into something unless you're prepared to lose very quickly >> how much is driven by short interest and low free flow, a little bit of demand can really juice the stock. >> well, so there's a couple things i think a lot of that is driven by that. but the other piece of it as we know, it's august. low trading volume in the market generally, which is when you tend to see more of these bigger dislocations, but when you look at a stock like bed bath and beyond, 40%, it became a big target for some of these traders, so that definitely is having a bigger impact >> you wrote recently, maybe five weeks ago or something how many of these tech stocks have

become value names they got kneecapped so badly that their price earnings ratio looked reasonable. what are you hearing about how people view tech generally right now? >> it's really interesting i think retail investors, a lot of them have had diamond hands this year, and not just when it comes to meme stocks which have cropped up from time to time, but especially tech. you know, individual investors love of tech stock has not cooled this year we saw their purchases of tech stocks, think nvidia, tesla, a basket of those hit a record at least going back to 2014 in july, while those stocks were really getting crushed so a lot of these investors have stepped in to buy these stocks at a discount. and we saw that yesterday. nvidia dropping around 6%, but that was one of the top buys for investors on the retail

brokerage fidelity >> do you see any correlation between the activity that we've seen in the meme stocks and what we've seen in crypto >> no question and both make me nervous if you go back a year ago or not quite, amc went down 80% in a week and people got hammered. and earlier this year, the all coins which went down 80% in a week and people got hammered, i hope those lessons have within learned. >> all right, thanks to you. coming up on "squawk box," tesla share surging in california. the number one auto market in the country. is this good news for the future of electric vehicles phil lebeau has that story and brian deese on the inflation reduction act and what it means for the economy.

good morning chip, chip hooray? can we say that? former president donald j. trump says the fbi searched his home the activity centered on whether trump removed classified documents from the white house and tesla's victories in america's largest auto market.

what elon musk's company has been able to achieve in just seven months as the final hour of "squawk box" begins right now. good tuesday morning live from the nasdaq market site in times square. i'm kayla tausche. joe, becky and andrew are off. also spending time with us, tom farley u.s. equity futures at this hour are hanging in there we've seen some of the gains declining throughout the morning, and now all three major averages would open in the red the s&p by 14 points, the dow by 37 points and the nasdaq by 84 points we've seen some slippage throughout the morning let's take a look at where treasury yields are now. we've seen the inverted yield curve between the two year and

ten-year for quite some time the two-year about 3.25, and the ten-year about 3.28% we want to jump right into some of the biggest stock movers of the morning. dom chu joins us what are he would watching in. >> let's start off with shares of neilson which are soaring this is the tv analytics company. agreeing to be bought out this summer by a group of private eq equity investors for 28 bucks a share. but now of they will keep part f the stake as part of the bioconsortium. that's one reason you're seeing the jump today a little more of that merger plague out then shares of signet jewelers

bouncing on thin volume so far right now down about 3%. the company behind ints namesak jewelry brands like kay's. it cut its full-year profit outlook due to inflation, reducing demand for their goods, their customers' wallets being impacted and we're going to end on hyatt hotels, just about a thousand shares of trading volume so far, it reports abbetter than expectd numbers, but group trends continue to improve. i'll send things back over to you. let's get to the big store evestorey of the morning

former president trump says the fbi raided his home and opened his safe >> intense speculation right now as to what it was exactly that the fbi was looking for here we know that at issue here are these documents that should have been with the national archives but were apparently at mar-a-lago what we don't know is the content of the classified information contained in the documents, and that's the crux of the matter. it's hard to judge the situation until you know what it is that the fbi's looking for. i've been texting with mick mulvaney, he was president trump's chief of staff in the white house, and mulvaney says this bears on the attorney general himself. what mulvaney says is merrick garland has got to know if this raid is about ordinary documents, he's going to get fired. you don't invade a former president's home looking for overdue library books. he think this is has to be about something much more significant than basic document retention

policies that seems pretty clear. we're seeing this political reaction from republican allies of the former president of the united states, kevin mccarthy, the republican leader, also with a message for merrick garland, the attorney general, suggesting that republicans would investigate the attorney general if they take the majority in the midterm elections in november, saying attorney general garland, preserve your documents and clear your calendar. so a direct message there from republican leadership to the t attorney general and department of justice, that they had be under investigation themselves if republicans take the majority all this speculation about what exactly it is. mull mulvaney suggesting this has to be something more than documents and the doj would have known this was coming before they signed off on this raid. >> is there any indication of when we may get some kind of official comment or maybe

because of the sensitive nature of this that we're not going to know much. every news outlet in america and around the world is right now desperately trying to understand why the fbi would do this to a former president they're going to have to tell us something at some point i would imagine. >> well, they don't, brian that's the fascinating question. first of all, i texted with the department of justice this morning. and they say, again, they're not going to have any comment on this so that's their stance at this hour and you remember had that the former fbi director james comey had exactly this predicament in 2016 when he was dealing with the hillary clinton issue and what the doj or fbi were or were not doing there, comey at that point deciding to come out and making a public statement, that blowing up in his face, speaking about an ongoing investigation in a way that the fbi generally never does

what they took from that is do this in regular order. >> but the only reason i say that, and i'm sorry to jump in, you know they're cutting me horizontal we're going to hear a lot from the other side, you know what i mean if they don't say anything, we're going to get all the information from the guy whose house was raided and he's got followers >> there would be a sense post-comey that that's the nature of the beast. that law enforcement has a lot of advantages. they have subpoena power they can send the fbi into people's homes and do all sorts of things. one of the things they seemingly can't do is comment during an ongoing investigation because if anything that could make it worse. >> fair enough thankyou >> you bet let's bring in our next guest, kevin brady, lead gop member on the house ways and means committee, and want to talk about all the spending going on, but i've got to ask your comment on this you must know something. what do you know in what can you

tell us? it's a hell of a thing last night that just broke. >> yeah, it really is, brian good to see you. so we don't know enough. the short answer is we don't have the evidence, we don't know exactly what they were looking for. we do know this justice department is incredibly politicized. we do know the fbi in the past has targeted president trump fraudulently, prepared documents to gret a fewsa warrant we do know a lot about this tax and spending bill that's come throughout senate, that's the most alarming thing on my radar. >> if we could stay on the raid for a moment, i went down a twitter wormhole trying to find some reason for the raid over and above documents owed to the

archives is it possible that this is just a catastrophic mistake and that they are indeed raiding the president's home because of, you know, overdue library books so to speak at a time when the democratic party was building a little momentum, you knock off the evidence al qaeda, the bipartisan chips bill, what does your gut tell you. >> my gut first tells me don't go down those wormholes. that is a dark path there. as you know, secondly, i hope, i hope not you know, you'd like to believe the fbi and justice department actually follows the rule of law and doesn't target people c politically. i'm hopeful for an institutional standpoint for the country that this is a mistake. but, you know, i'm skeptical, just because of the activity that we've seen out of justice department >> congressman, republicans have taken aim at the expansion of

the intrernal revenue office, suggesting that the 87,000 personnel that could be added should be sent to the southern border instead but when you look at the sheer volume of americans who file taxes, essentially the ratio is one irs employee for roughly every thousand americans who file a tax return. what do you think the right r ratio is that seems like a pretty hefty work load. >> what we've known from the past, ways and means has jurisdiction over the irs. the 87,000 figure is correct very little spent on customer service, which we still have a 20 million tax return backlog over there our biggest worry in this is that the burden for these audits will land on walmart shoppers, because about 710,000 additional audits will land on those value shoppers who today every dime matters to them. you know, rising prices have been killing them. they can't drive to the store

without higher gas prices. and the congressional budget office shows that the bulk of the money raised from this f, if it is raised, will come from those middle class families. f if the green new deal and corporate welfare had a baby, it would look like this it's made in america manufacturing, small businesses, and it is those walmart shoppers we think they've got it wrong on all counts >> but congressman, there are a lot of things in here that the oil and gas industry, you're from texas, thatthey like. right? they pushed through that sort of permitting deal at the 11th hour right before they agreed to the deal they added offshore leases, yes, at a higher royalty rate, so

that will cost are mo. thatmore the fossil fuel industry has been shockingly quiet on this. >> look, i question some of those things i don't think those permitting reforms are real i don't think we'll see those leases, certainly not under this administration at all. i think the methane fees will trance hate into higher prices for some americans i think the super fund permanence will be a cost. there are some things that some in the industry support, but i don't think that is a good enough reason to raise taxes to drive up energy prices, and frankly, i think economically, raising tax as we are in, either in or headed to a recession, make no, s makes no economic sense at all >> we do appreciate your time. >> thank you take care. coming up on "squawk box." more on the chips act awaiting

president biden as signature that will come later today national economic council director brian deese will join us but first we'll get you ready for the latest results from coinbase and the superlatives tesla has been able to wrap up this year in the country's biggest auto market all ahead when "squawk box" comes back she's in prague, between the perfect cup of coffee and her museum of personal computers. and you can find her, and millions of other talented pros, right now on upwork.com i may be close to retirement, but i'm as busy as ever. and thanks to voya, i'm confident about my future. voya provides guidance for the right investments. they make me feel like i've got it all under control. [crowd cheers] voya. be confident to and through retirement.

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a little later on today we'll get a brand fnew read on the state of the crypto market kate rooney joins us with a preview of results from coinbase good early morning, kate >> good morning. wall street is expecting a tough second quarter for coinbase. some of that is already baked in but the question going forward is how bad is this going to be crypto prices crashed in the second quarter j and p estimates volumes were down more than 30% coinbase cutting spending did a big hiring freeze. so our user growth and trading

activity also portends lower trading fee revenue, which is still where coinbase gets the majority of its bottom line. investors will be closely looking at something called the mix or the makeup of retail versus the institutional part of the business retail brings in the higher fees up to 2% the institutional side has lower fee but is getting more attention after blackrock. with more competition, coinbase has been one of the most shorted stocks in recent weeks the bull case for coinbase has been all of the other irons in the fire any tangible process on diverse progress meanwhile, diversefying thing like nft business would be seen as a positive for coinbase today. >> kate, question for you. are you hearing any talk about coinbase potentially announcing

further cost reduction efforts they have that cost base of $6.5 billion a year. they announced i think it was a 18% layoff, but clearly revenue's going to be far below the revised cost structure is it possible they come out with sort of their marshall plan with how they're going to right-size the business? >> good to see you, too. that is one of the things investors are watching square and paypal did something very similar in the past few weeks. not only were they freezing hiring anything in addition to that, saying, hey, guy, we're not only going to cut jobs and slow down on hiring, we're going to maybe focus a little bit more and reallocate some of these assets we were spending on either new projects and focus on the core business things like that are some of the things that investors want to hear from coinbase and then just pulling back in

general. this company really did overspend and overgrew in a lot of ways when it was trying to keep up with the crypto boom that would be seen as a huge positive today if they do announce that. >> we know you'll be watching that after the bell today. we'll check in with you then we're also watching tesla. tesla sales continue to surge in california, i mean, honestly leaving the competition in the electric dust. >> california is the number one market in the country. tesla has always done well there, but they have take at any to a new level in the first half of this year these are the number one models overall. not just among evs, but overall. model y is number one, model three is number two. the tesla brand sales up 82% a big part of why tesla does so

well in california is because it has the fremont plant right there. as the orders come in, it can quickly meet the demand. it is the largest au auto produn plant in the united states the annual production right now, 600,000 vehicles tesla management believes they can get up to 650,000 vehicles this year. so when you take a look at overall brands, tesla has jumped from number ten all the way to number two toyota's number one with 17.9% market share there you see ford and honda let's see how these did in the last year. no question that tesla easily outperformed the competition, not by a wide margin, but bottom line is this, guys california is where you make your hay it's where you can say, we win

in california, we can win anywhere for a long time, it's where the domestics really have struggled. they really want to do well in california they have improved in the last couple years, fbut this is california's market right now. they're number two and gaining >> what's the next car, the first non-liberelectric car on t list >> toyota rav4 the number two was the model 3, and i think 38,000 the rav4 it used to be the camry. it's five or six now pickup trucks do very well in southern california. interesting to see what the cyber truck does when it comes out. >> tesla number one and number two in california. pretty incredible stuff.

phil lebeau, thank you very much coming up, brian deese will join us live we will ask him about the soon-to-be-signed chips t.ac stay tuned you're watching squawk on cnbc

welcome back to "squawk box. futures right now have been slipping into the red. if we were to open at this hour, the s&p would be down by 10.

the dow would be down by about two points, the nasdaq down about 70 points. markets taking cues from europe. mostly, investors are waiting for the wednesday inflation print. we will see what that comes out at but in the dog days of august, all it takes is a few investors to get moving. >> i don't think there's ever been a bigger cpi or ppi number than tomorrow and thursday we talk about them a lot but i don't think they ever matter as much as they do now. >> that's a fair statement i think there's a potential positive surprise coming >> you mean lower inflation. >> right >> let's take a look at oil prices this morning. they're on the rise. actually a pretty big headline coming out russian oil has stopped feeding through a pipeline that goes into countries like slovakia it's not a natural gas pipeline but an oil pipeline.

we know those full european sanctions outside of these countries. the countries these pipelines feed are slovakia, hungary and czech republic they got exemptions because they are nearly 100%. flows through that pipeline have reportedly stopped we're not sure how long it will be, but right now we're seeing a pop in russian oil seems like putin is playing more and more games >> helena croft was saying watch october 5th. but russia could decide they're going to start it sooner >> 20% flow throughout nord stream pipeline right now. 20% into germany coming up on "squawk box," breaking economic tada new productivity numbers are next stay tuned many you're watching "squawk box" on cnbc

all right, welcome back to "squawk box" right here on cnbc, we are seconds away from the second quarter productivity report

nasdaq is the one to watch, they're off 74 points right now. we're going to get the data now. rick santelli is at the chicago ameri mercantile exchange. >> the last hlook was the worst productivity since 1947. minus 4.6. minus 4.6 is our preliminary non-farm productivity. if you included it, it would distort all other. labor costs soaring 10.8%. the good news here is it hasn't soared past our december 2020 when was 13.8, the highest since

the year 2000. so this is a moderation from the all-time high levels it's hotter than expected in sequentially, it's less than 12.6 in the rear view mirror which grew by a tenth to 12.7. i could make this real easy, brian. let's go back to the previous friday we had a very big jobs report. let's go back to jolts we had lots of job openings. let's go back to gdp two negative quarters in a row big jobs, plunging gdp you know what that equals? really rotten productivity and minus 4.6 is an improvement, but without that special sauce and government spending going back up with some of the recent legislation, i just don't see a lot of productivity on the h

horizon. and the labor costs, the increase in earnings, is the cost of labor. >> thank you, rick santelli. meanwhile, president biden is set to sign the chips act into law today, a big win for the semi-conduct are industry, directing tens of billions toward manufacturers and toward research joining us is brian deese. it's good to see you on this side of the camera for once. thanks for joining us. >> happy to be here. >> first i want to ask you about this bill that will be signed today. it will green light tax credits, matching what other countries have done. what do you expect singapore and taiwan to do in response are they going to try to win some of this activity back >> this is the united states getting into the game in a very significant way. this is the first time in decades decades we've made this kind of

investment it's roughly equal to the investment to put the man on the moon and we believe this will have a similar impact across decades in terms of unleashing innovation and strengthening our manufacturing base here in the united states. we know what we need to do we need to build more semi-conductor production here in the united states and work more closely with our allies around the world to have more secure supply chains. this encourages production in the united states. and you're seeing this morning companies from micron to qualcomm making announcements. >> they have an already sort of greased the skids and said they're going to tstart doing some of this we're getting cpi figures tomorrow and there was a thought that maybe july inflation had peaked. do you believe that to be true

>> well, we'll get this data and we'll take a look. one thing we know for sure is that gas prices have come down precipitously over the course of the last two months. that was only partially reflected in the june data we should see that in the july data those are down about a dollar. that's more than 20% from peak in mid june. so certainly, we will see that reflected. but it goes to the conversation we're having, because we know that there are things that we can do on the policy side to try to accelerate this price no normalization. th these are things that had help to ease price pressures as we go along. as we look at the monthly data, we're focussed on policies that will affect that >> and larry summers has said that he is appalled by some of the things that have remained in

this bill. he said that there's no legitimate public policy argument for the maintenance of carried interest for private bein equity firms can you make a legitimate public policy argument for that >> look, the president has strongly supported from the get-go, getting rid of the carr eyed i carryed interest loophole. there are pieces of this legislation that don't address long-standing issue the president is committed to addressing elsewhere, but what it does do is make historic progress in reducing prescription drug prices and fighting climate change and doing it in a way that brings down costs for consume ars >> there are also wins for the fossil fuel industry, specifically the administration

has said as part of the deal it will work to get the mountain valley pipeline on line as soon as possible. and it make you wonder if the keystone xl pipeline ran through west virginia, do you think would be operational >> we need to meet our climate goals, and that's what this bill will do. the most important take away from this bill is it will put us in a position that we will meet our climate goals by the end of this decade while increasing our energy security here tht home to be clear, it's not just about what we can do here at home. we will own these technologies of the future and we will become the destination to export those technologies to other countries as well. that means more jobs, more

resilience and industrial strength here. >> brian, i want to go whack to t back to the chips act. the rest of the bill is essentially increasing the size of the federal government and allocating funds to the federal government almost entirely unrelated. is this the time with inflation reaching generational highs to introduce a spend that increases the size of the federal government >> first of all, this bill isn't inflationary it's going to invest in extending supply that will reduce costs a big driver of price increases has been for example the cost of cars because we don't have

enough semi-conductors on the supply side. but what this bill actually does is gets us in the game on cutting edge research and innovation in the areas that we know will drive productivity for the next decades and puts the united states at the leading edge of that, allowing our research universities, our national labs to actually stay ahead in a complicated global environment. we know technology is moving fast we know that an ingredient of economic success for the united states across history has been investing in pure research, which only the federal government can do. and businesses across the board, that's why you see the business community coming and supporting this they understand that investing in those basic drivers of productivity around research and innovation is a key to help unlocking more productivity, more investment opportunity down the road so this bill is going to help on the inflation side and the price pressure side but also build a foundation to make sure that the united states stays ahead. >> yeah, that's good stuff, but

brian, you agree on the inflationary side, it's not going to help until 2026. >> no, i believe it's different. look at what we're seeing today, with qualcomm and other companies saying because of this bill they're going to increase supply of semi-conductors. this is a place whereyou have to think about what do we need >> sorry, the inflation reduction act. >> no, on that front, consumers are going to start to see benefits almost immediately. >> how >> 13 million americans are going to see lower health insurance premiums this fall because of this bill seniors with chronic conditions will see the costs for prescription drugs capped. utility ceos tell us when the

tax incentives pass, they pass them right on to consumers they show up in consumers' utility bills. all of those things will start happening in the short term. >> the white house has also for months been exploring several or policies for voters, like roll back of certain china tariffs like forgiveness of certain student debt >> if you look at what the president's done over the last several months, it's a record of action he has said that gas prices are the most important salient issue. he has said we need to prioritize passing semi-conductor legislation, passing legislation to reduce

prescription drug costs, and we are getting that done. this is action oriented on where we can have the biggest impact on reducing price pressures and on costs for consumers and on the issues you're raising, the president will speak to them when he's prepared to do so what you're seeing in the last couple week is action connected to the things that matter most >> we just saw the president's approval rate with gallup at 38%. do you think the administration needs to pivot its policy or personnel? >> i think what the american people are feeling right now is that they want to see actual concrete action on things that are affecting them in their lives. that is what animates the president. it's what animates our policy focus, and i think good policy makes good politics. so our focus on trying to bring gas prices down, our focus on trying to affect things like

health insurance premiums and prescription drug costs. the more impact we make on those things the better people will feel >> rich or poor, you're going to pay pretty much the same to fill up your car. poor peopler tend to live farther away when there's more of something, price goes down. d does this administration support more oil and gas drilling? >> let's be clear what the president's policy was before putin invaded ukraine. he said we needed to maintain global supply of oil even in the face of putin's aggression and the russian, the energy crisis that that has unfolded so he did engage with u.s. industry and say we need to produce more right now, and we're going to use our public

stocks to supplement and create a bridge to this fall. releasing a million barrel s a day was meant to provide a bridge for production to come back we'd like to see that go faster in the short term, and the president has tried to work internationally to have a stable supply of energy for months, the president has had a strategy to try to maintain global supply in the face of this immediate crisis. and what you see with the legislation thatwe're move something that's entirely consistent with putting into place long-term incentives to hit the climate goals that are so important and create more energy security here at home >> i'm taking it all in, and something doesn't compute for me on both chips and the skinnied-down build back better, i think you are saying, i'm assuming it's the administration's position, that they are deflationary.

that makes no sense to me. we we're spending $650 billion. in the case of chips, there are no pay-fors. you make arguments for both of them strong arguments for both of them i'm not debating the merits of those arguments, i'm simply saying, at this moment in time, with generationally high inflation, should we be spending $650 billion, which economists know, in the near term, there's broad agreement, is inflationary do you disagree with that is correct nthat, number one be genuine to the american people about the real benefits, because deflation is not one of them >> so appreciate the question. on the first, yes, i do disagree, and economists across the board actually agree that if you look at the inflation reduction act it is going to

ease inflation and cost pressures across time, and the reason is because it's going to lower prices that consumers pay and lower the federal deficit. we know that lowering the federal deficit is kmecomplemenr to what the fed is trying to do. we've seen the deficit come down this year alone. it would reduce the deficit by another $300 trillion. that's why you've seen treasury secretaries, republican and democrat, former treasury secretaries, come out and say this would help ease inflation while solving significant economic challenges. so i think it's actually the right message for the american people this bill, by lowering costs and lowering the federal deficit is going to help ease inflationary pressures and kbabsolutely to yr point, take on long-standing issue important to the american people, prescription drug, solving the climate issue. >> by any measure, there have

been a lot of wins for this white house in the last week from taking out the leader of al qaeda, a massive jobs number last friday, and the potential passage and signature on two landmark bills, but then you wake up this morning to news that the former president's home has been raided in mara -a-lago. do you get worried that that ne also news will overshadow >> i'm glad it is you contending with that landscaping truck and not me we'll see you on campus again soon coming up, jim cramer's first take on the trading day ahead. the futures still slipping into the red, although the dow has come back. it would open up 22 points, and

we'll see what jim cramer thinks about that inflation present coming tomorrow. coming up on "sqwkoxhe nb cc.ua b" re

all right, let's get down to the new york stock exchange. jim cramer joining us now with what he is watching. good morning, jim. >> good morning, brian, how are

you? >> good, thank you what's going on, my man? >> we had micron on, ten extensy to talk about the chips bill the semi-conductor stocks are hit-or-miss. some are doingavoided. i think it is incredible that it's on a rain on the parade day for the c.h.i.p.s. bill for me. >> yeah, we had nvidia yesterday. you wonder with nvidia, sending the c.h.i.p.s. bill, it is kind of an odd juxtaposition. what is your macro read? >> in detail, it goes with what was said last night. there is a whole in this, with some issues that doesn't make the c.h.i.p.s. necessary. in this quarter, doing quite well. broad comp should be doing okay. we have to figure out which part is weak.

he is the key man for the large form factor. c.h.i.p.s. , the country really needs, because i don't want to say that there is bad c.h.i.p.s., but they don't have former c.h.i.p.s. that is what goes into ford. that part is good. i want to know where my markets are weak because it is kind of devastating when you look at what they said about cash, what they are putting their money in. it is a fineprint situation but it is a really bad one. >> right now we are down about 4%, nvidia about 2% down as well. you kind of feel like it is almost pellet time peleton esque, and you have the kids gaming, back at school now. it's amazing how things flipped. >> i think that is a very good call. just to be sure, listen. you never said it was even

recession resistant, which is true, but i think a lot of it is felt in. good games, whether you play them or not, and what has happened is that you are right. it is not peleton. it is not docusign. but is coming back down. >> how do you feel about the 52 million in the c.h.i.p.s. bill going towards manufacturers? my mind is not made up in that portion of the bill. did we need to do it? >> yes, we did. because in taiwan, when you go in and you pay on the panels, and you go do this over there right in their faces, the chip embargo is right in front of you for the course of the next year or two. so this would take longer. you have to get your manufacturers out of taiwan. it is just an unstable situation. >> jim, we will see you in a couple of minutes in squawk on

the street. appreciate all you do, jim. >> excellent. thank you. we want to remind you about jim's instg cl. veinub you can sign up at cb's cnbc.com/investing club . we will be right back. only at vanguard you're more than just an investor you're an owner. that means that your priorities are ours too. our interactive tools and advice can help you build a future for the ones you love. that's the value of ownership.

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a little more than half an hour before the opening bell on wall street. joining us now to talk is kate fattah's and kevin simpson, founder and cio at capital wealth planning. good morning to both of you. kate, i will start with you. the bow is getting a little bit of a bed this morning. >> i think the plate is going to be the same as it has been. it is sunday. people are on holiday. i think the trading volumes are very low. i would not read into what is going on. we will see the work in september. >> kevin, your take? >> i think cate is right. it's august. people are hot. they are frustrated. airlines are canceling flights. restaurants kept by enough workers. the whole economy is not operating on all cylinders. if we could take a collective wall street breath, a week at the beach, it would be great, but after last week's job report, i think it added to the

state of confusion. more questions than answers. we need this economy to work for us. as we approach september and the fed meeting at jackson hole, so much is rising with inflation and all starts tomorrow with the cpi report. >> kevin, it sounds like you don't think much is going right in the economy. you think the 10% balances have left, or do you think we will keep going up? >> after the jobs report for july on the heels of the strong report in june, depending upon what happened this week, you could potentially make the case. now, this is assuming that we have a strong, inflationary surprise. cross your fingers. so in my. inflation, in combination with this extraordinarily strong labor market, you could make a case that the june 16th low was a bottom for the market. i know it sounds crazy, but there is even the possibility that the fed could thread this needle. there is a lot riding on this week. >> cate, where do you see the bottom of the market? >> i am going to have to look there. >> that is so fun.

>> okay. i am disagreeing. think of all the things the market has been hit with. covid, supply chain, china, were in ukraine, almost double digit inflation. skyrocketing energy prices, european crises. the market is now done 10-12%. not bad. i think the market has absorbed a lot of bad deals. unless we get a lot of additional bad news, it looks like we are going to be in a trading range for a while. >> all right. we will leave it there. a rare agreement. cate and kevin. appreciate both of your time and hopefully we can join everyone else on the beach today. or maybe later this week. >> what beach? are you going to rockaway? coney island? >> take the train out there. >> i once had beer at the coney island thing with the dude that eats swords and glass. you can go when they had, this

was years ago. they said, here is how you eat glass. i didn't try it. >> they say those are some of the best beaches in the world. >> is a still to 25 out there? >> yeah. that is a good beach. nice, clean water. >> talk is on the border. >> 97% of all the power production in the d.c. area right now is fossil fuel to nuclear. we were talking about the transition. we have got to be careful. make the transition thoughtfully. don't risk lives like the uk is doing. many people can't afford it because their bills are going up 4000 pounds or so. 97 pounds right now in the mid atlantic. got a long way to go. >> tom? final words? >> no. final word. i am back on friday. i hope i see one or both of you. >> i am on friday, but remote. >> my final word is, keep your

eye on inflation. is the one thing that could go wrong. cate is saying everything could go good. it's inflation. >> they are saying between october and december we could get another spike. >> there is a poet philosopher who said everything is beautiful in its own way. i'm just going to leave you with that. >> we will leave you with that. make sure you join us tomorrow. squawk on the street. coming up next. good tuesday morning, everybody. welcome to squawk on the street. i am david faber with jim cramer. we are live. let's take a look and get ready to trade 30 minutes from now. as you can see, slightly lower open. our road map doesn't start with the markets over all, and in particular, yeah. the return of mean stock madness. mc game stop, bed bath and beyond. have you noticed they all ha