markets. we're in the green across the board. things have moved up materially. dow up about 411 points, nasdaq up about 300 points. melissa, thanks so much for hanging out this morning. >> see you tomorrow. >> see you tomorrow. make sure you join us all tomorrow "squawk on the street" begins right now. ♪ good wednesday morning, welcome to "squawk on the street." i'm david faber. he is jim cramer we are live from the new york stock exchange carl has the morning off let's give you a look at futures. they changed a bit since we got the cpi number they're up even more let's get to our road map. it starts with the slight easing in inflation as you saw, as a result, futures are surging. plus we're going to talk a bit about elon musk.

why wouldn't we? he sells nearly $7 billion worth of his shares in tesla what does that mean for the prospects of him having to buy twitter. and 2021 ipo darlings roblox and sweet greens, guess what they're doing this morning yeah, you're not going up. you kind of look like allbirds that was so ugly but something that's not is that cooler than expected inflation data the consumer price index for july up 8.5% from a year ago that's still a lot, but it compared with a 9.1% jump in june so if you strip out food and energy, core cpi up 5.9%, and again not up month to month. >> look, i've been saying we had peak numbers in july now, i didn't mean to be too

angry about larry summers, before there are people in the summers camp that powell lost control. we have a lot of people who say powell lost control. powell did two gigantic rate hikes. i don't understand why people don't see that that's the beginning of the impact most of the things rolling over are just going to get worse. you can say better from the point of view of inflation, but if you own a house, your house is worth less, just no doubt about it there's just a glut of homes, a glut of everything at the retail level. there's a glut of things they supermarket level. >> food did not. >> no, but if you take a look at what the -- take a look at what treehouse is doing. >> we talked about treehouse yesterday. >> every single one of the items up with private label. i've been saying this was peak inflation. i don't think i've been ridiculed more than since i said

they know nothing in 2007. the ridicule has been endless. i just decided to end it okay do buy bed bath, go buy amc, go buy gamestop, i don't care this is the beginning of cooler numbers, not the ends. everything is belt tightening. that means not hiring, okay? >> the latest saying, let's be careful. >> which means the offers are still being honored. but there is a definite rollover in hiring, okay? it's much easier to hire everywhere >> right let than a week off a huge print on employment. >> absolutely, but i think that you have to distinguish between peak and still going higher. when you think about what happened with whirlpool, when emer song sold them, it went

down emerson numbers are priced up today. why? less leverage to the home. it is the home that is the battleground the home is up between 30% and 40% over a few years that's over. >> okay. >> that's over >> to the extent that we can try, and we can't draw conclusions -- there's so much cross-currents. >> no, i'm saying this is the beginning. i'm not saying this is a blip. >> but in your opinion, this leads the fed to raise 50, not 75. >> because jay powell will tell the people who keep thinking this is one time only, you may be right, so we're going to take it up again and get control of this thing i don't know why he's not telling trillion bonds i don't understand that, but i do think that when we look at the numbers, the numbers are very significant if you go over the chickenal poultry, read what tyson said,

they're being squeezed the super market is a very big part of it. >> it is, but that was up. >> that's next to go, i'm saying. >> i see. >> you can't just look at this energy was down -- >> but -- >> oil around $90. >> we thought that russia was going to be shut down. it turned out our so-called allies bought a lot of oil so oil just shifted to another place. it shouldn't have spiked that was a phony spike now it's come down i think that i can do chapter and verse about the numbers in here that haven't come down that are about to come down mostly because of -- >> by the way, oil there are plenty of people who believe we're still setting up for what will be a tight supply and much higher price within the six months. >> there's a word for them, and the word is "wrong." there's no reason why.

russia is pumping, we're bumping. brian deese at the white house, says we're up to 12 million a day, but mostly that's chevron and exxon. none of the independents are pumping. >> they're pumping, just not more. >> right i think there was demand destruction. also travel wrecked itself look at norwegian cruise that's discretionary travel >> it's no help to us at all >> we don't care about them. we can put together our own -- i'm sayers the orders are much worse than i thought they were. >> that you think is a result of >> i think it just peaked, that, you know what, i want to go out, that peaked. i want to stay in, that peaked that peak is because a lot of things were inflailed. >> people don't know what they're doing. they're not going to doordash,

not spending money for liquor at the restaurants. i'm saying this is the beginning. >> how much have you raised prices in your restaurant? >> i have sold my restaurants, because my wife started a liquor fee. >> you sold your restaurants why wasn't i informed? >> because it's called the tidehouse rules. >> you can no longer own -- >> you cannot own a liquor -- >> >> i sold bar san miguel. >> when did this happen? >> it's against the law? >> when did this happen? >> am i supposed to tell you i sold -- my wife -- the law says you have to. >> you just give them away, or did somebody pay you for them? >> it was a nominal payment. why? because when you raise prices like we had to -- no, it's actually doing quite well. >> i'm sure it is. >> but every price went up every single price, just to keep

up with inflation. >> right >> that's the way things are it's just that i think there's demand destruction everywhere. everyone thought you could raise beer -- >> taking us back to the market, is this move justified >> i think there's is parts than justified. they pay you absolutely nothing on your checking account they can invest the money for two year, but the problem was we at thought if they would continue raising rates, but obviously if the fed is not going to raise rates, it gives the system a didsh and the what we do is say sub-par standard lending and upstart, too, just to throw in a expletely gratuitous -- >> what happened with upstart? when we started trading, it was actually not up. >> there's more did not anything more than 20% short open up, and

then went down, but they're going to run it again. there's a cohort of people whop don't notice anything about the stock market i should be scare. i just have no self-preservation. >> you fear no one, but you do let them get in your head sometimes. >> oh, please. >> just forge forward. >> i need though -- to fashion a response by the way, reddit is spelled wrong. they know three stocks they know bbby. >> we've been having this conversation from the beginning. >> and then gamestop look -- the stock -- i don't even know. >> it doesn't trade like a stock. it's not a stock it's a cult. the numbers aren't good. >> when we start talking about it, it ended they were automatic down

yesterday. >> that's because i said that if they were -- 10 million shares, they could get the money they need, and then maybe jpmorgan would give them the money they want. let's move on. i want to move on to -- what what >> balance sheets matter. >> i'm still floored that you don't own the restaurant and the bar anymore and i wasn't informed. >> it's the government. i'm aware of that. i just wanted to know. how could you not tell me? >> today i want to tell you, in the midst of elon musk, he sold tesla, and i sold bar san miguel >> no wonder we didn't have our soiree there musk has told almost $7 billion worth, coring to regulatory filing this is the battle to exit that $44 billion deal he has signed a

contract to buy. when asked if he was finished, musk replied this is a great tweet if you're interested in what's going to happen here -- yes, in the hopefully unlikely event that twitter forces this deal, and to close some equity partners don't come through, it's important to avoid an emergency sale. fascinating stuff, of course, i will say, on monday, i pointed out the big mover up in tesla shares, and the fact if there were some settlement, he might want to sell right now in fact, he was doing it at that very moment, jim >> you know, he did call the april -- let's get this straight -- at the shareholders meeting on august 4th, he said, this is a buying opportunity, and he also said that he might want to do buybacks there on the table. he gave you a great opportunity to get in. >> yeah. take a listen. >> depending on what our future

cash flow looks like, i think it's sort of shared buyback is possible i wouldn't want to commit to that, but -- well, let's just make sure, you know, that there's not some unfortunate event somewhere, um. we thing we want to make sure we have plenty of capital and that future cash flow is looking very solid and the world is relatively stable, and then i think a share buyback is on the table. >> all right he's being bullish on the company's stock, and then he was selling not long after that. he owns, what, 15-plus percent of the shares. some of the selling that took place was, in packet -- part, to pay taxes as a result of exercising options this was to get himself ready and hopefully the unlikely event that he has to buy twitter

as we pointed out, if this does go to trial, many people who have studied the case thus far, and there's a lot we don't know still, expected he may well be forced by -- >> do you think it's a sign that perhaps -- >> i have continued to wonder whether we're going to get some back channeling. i don't think that's occurring as of yet, but i can't say with 100% certainty it isn't, but this feels like this is something -- the fact that the stock keeps moving up, jim and the stock is now 40 of 44,40, you could have said the stock is 36, i'll give you 45, now you're looking at something with a 5 in front it, if twitter's board was willing to do that they continue to say they feel extraordinarily strongly about their case, and they are happy to take it to court. with unother thought here as

well, specific to the potential case itself. he also tweeted about i possibility of starting a competitor to twitter, and it was pointed out to me as well, this doesn't help him in terms of his legal team getting documents, because, as they obviously continue to try to do that from the company, because the company can legitimately say to the judge, we'll allow discovery on things that had to have specifically with the merger agreement, but we're not going to give him documents to allow him to understand what we're doing if he's thinking about starting a competitor, so he could have hurt his legal team's ability to get documents. >> twitter said they gave him everything, because they wanted him to buy it. the attack on him last week was extraordinary. i like the sale of stock

indicates he's probably get some legal advice, saying, you are going to be -- >> his equity partners there, there was an interesting part of that tweet, that some of them may not show up. >> yes >> if you were to lower the price, my understanding is they had the opportunity to say see you later. right now -- i haven't seen legal agreements, but they're ostensibly bound to participate at 54.20 >> play the buyback things, he told stock, is that troubling? >> i don't know. i'll leave that for you to think about. >> no, i'm saying, is it troubling? >> it was a lot of stock. when we come back, we're going to look at disney, of course, which reports tonight after the bell. >> yes, it does. also that significant downturn in so many media stocks, and a

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let's take a look at shares of disney. they are looking up, ahead of what will be second quarter results. they're going to report them after the bell the streaming and direct-to-consumer, of course, has been the key focus of so

many investors, in part due to the fact that bob chapek hassic focused on reaching the goal, 260 million. they got average a pretty significant addition to get to that number. this amid st. what has been overall carnage of companies that are focused on the direct-to-consumer business. netflix being the chief one, still losing subs, though talking about our parent company peacock not doing particularly well hopefully i'll be here tomorrow for having said that paramount down 16%, actually one of the better performers, and then we get to warner bros. discovery. you asked pet about it yesterday, take in nearly $2

billion, but what they say is a deep dive of pressure testing, what they found and what they bought the compete hopes to be down to four times by 2023, in terms of four times ebitda that said, we still don't know the answer when it comes to the overall economics of this business had won't like anything like the old cable business, where the margins were amazing. >> cnn, with that billion -- >> yeah. >> i was talking about it yesterday. i was very surprised that mr. zazlov, anything is the k.o.d.,

right? >> it does raise the question, do they fully understand what thin buying? did they pressure ittest everything enough? the answer would be, perhaps when you have to talk about certain access taking the limit hbomax b 2 b, and direct to hbomax films, which we did not find sufficient support, maybe they didn't -- maybe they paid too high a price is what it amounts to >> that's what i think. >> if the economy weaken, you don't want to be in a company that -- >> by the way, 100% of cash flow is still coming from cable subscriptions, that is what funds the direct-to-consumer build-out, the money it takes to provide the content to continue

to get viewers this is across the board for all of them, not specifically warner brother discovery. >> i come back and say does it feel like 2000 to you? get me to an ophthalmologist they must pivot tonight, it must be about theme park, theme park expansion, this could not be about disney plus. if they make it about disney plus, they really have not watched this show. >> that's an interesting point can they successfully pull that off? >> yes, they can they have a road map on how to do it. >> that said, we're already well into the september quarter here. so are we going to get any update are these gig to give us any visibility in terms of what they're seeing and their expectations >> i think they have actual reservations, and they're hard i think that's a better business that is an these different companies you mention they're

streaming? they need more parts, that's the best source of revenue it's also something that's more iconic i don't think that they can says things by did i any plus they backed away from that big ten contract, but i think it's time for them to -- we are theme parks and theme parks will counteract whatever we have, talk about the iconic library, at a theme park in the united states and add it tonight. >> tomorrow this time we'll be talking a bit about disney another look at futures as we get ready for an opening bell seven minutes from now don't go anywhere.

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can you say up that's what you'll see in a few minutes when the market starts trading.

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time for a mad dash. we have an opening bell a minute or so away plug power. >> offering 10 trillion in treasury bonds i wish jay powell would come back and sell now, because the bids are wanted. david, plug power, their numbers, that's not usual. they're in the horrible number business, but chuck schumer, a good friend to them, they build in monroe county, a hub for hydrogen, now i would say they're the principal individual company that benefits from this bill. >> why >> hydrogen is too expensive there's a nice subsidy -- that makes it actually competitive. >> we had -- [ cheers and applause

>> he is really smart, and plus power, i've got to tell you, andy marsh the winner. winner winner chicken dinner, plug power [ bell ringing ] there's a lot of green on it [ chanting ] >> if you're just joining us, of course, we have a cpi number that was not hot for a change. 85.%. >> you would say it's positive >> most importantly, it was flat month to month >> right, but remember the components that have been most hot parent have peaked

we have to go back on energy as much as my charitable trust has energy, they numbers are indicative of energy also having peaked in that we did not expect that russia would be able to export as much as it has, although it's interesting to see that russia momentarily seems to be losing the war. >> one can hope it's more than momentarily. >> i think it's okay to take sides on that. >> i think it is, too. >> egregious -- when another country invades and brings terror and destruction and heartbreak to another nation. >> i had oshkosh the other day, i think it has the -- >> you did that steaming hot inte interview. jake sylvan is war been this

war, should give oshkosh a giant order, so that the -- they can train them how to use them in poland -- and it could be rather remarkable for the russian to say come across weapons that are conspiracy to their ground weapons, but that's exactly what would happen. >> of course we're seeing a broad-based rally. meta is up nicely, 3.5%. still down 48% for the year, so much further than many of the companies that we typically talk about with it, whether it's alphabet or amazon, microsoft, apple, all of down far less. >> a stunning decline in the rate of growth. >> at meta. >> actually, no growth. >> but it's benefiting from the broad-based rally today. >> he was more candid than 99% of the execs, but this is what

happens when you're that candid. first allbirds was very positive sweet greens was very positive i meaning, you read these, and calling orwell, calling orwell >> ministry of truth, right? >> yeah, let's get that ministry of truth every one of them came out and said good things, but jpmorgan didn't. >> no, jpmorgan did not. again, even nvidia -- even nvidia. >> it's up 2%. we had this week focused, as we should have, nvidia on monday, and then yesterday micron. we tried getting sanjay mehrotra telling a story that -- i'm not

sure we succeeded. >> the cfo lowered the boom on the cloud. it was quite a comeuppance to a tremendous secretary gina raimondo, who worked very hard, ron basically said we don't need any of that equipment. >> they did announce the $40 billion expansion. >> right, but it was totally timed. they did what they had to do they had to speak. they could not tell people that will things were good at a conference i wish he had said what was said in a conference, which is that the cloud is weak. that's what caused the market to roll over. western unable to get that as reporters, we could not get that. >> i agree i've never done an interview that i was happy with, frankly. >> how about the bank stocks they're the winners. remember, what do they pay me,

jpmorgan >> 0.0001. >> this is very similar to 1992 with greenspan >> let's talk about bristol-myers. >> is that rhetorical? >> no, the stock has been up every day despite the news. >> they're up for the year. >> i don't know. are you pointing to the possibility of something unexpected >> i'm saying they have had a drug that could be targeted as one of the most important drugs for medicare to pay for, to negotiate down. >> which one is that >> they have an -- it seems like maybe that bill is not as dangerous. >> first of all, it doesn't

start until '26, so it's still a ways away. there is a thought that that drug that is for diabetes is going to be incredibly successful in terms of reducing weight. >> it's an amazing drug for losing weight. i believe it will be used to counter any drug that adds weight the whole reason why people don't take some drugs, because they put on weight, roughly about a half pound a month, and you will take to be to canada. they are not at all hyping their alzheimer drug, but i will. >> nobody should hype annals haimer drug. i do a lot of work with the brain foundation all i can say is they're the best. >> think about what biogen went

through. >> they did shoddy research and the government did a shoddy job. they gave false hope to cure alzheimer's is now the question what you want to do is take a drug 20 years before. >> you want to arrest the progression of the disease, or slow it. >> my hat is off to them they would not talk about this drug to save their lives, because they will not give anyone false hope. the ceo is extraordinary i think she's remarkable i repeatedly tried to get her to say something, and any end i got the heisman. i appreciate that. the weight-loss drug -- i'm on a drug -- >> you know you can take it away. >> i'm on one of these drugs that just puts weight on >> all right i want to talk -- on monday we talked about softbank, because

we got numbers, and some extraordinary mea culpas from mass asan in terms of investing, but they have reduced their stock. they owned as much, what, a quarter of alibaba they own a lot less now. they settled on what were prepaid forward contracts that corresponded to about 242 million adrs of alibaba. in doing so, they have reduced their ownership stake in the company 23.7% at the end of june to 14.6% so we have to remember in a, soft bank has sold a lot of alibaba. they couldn't get the deal done with arm to nvidia.

>> in retrospect nvidia needed it badly because of their dependence on gaming. >> that was some extraordinary comments, but certainly worth while noting that, by far, his most successful investment of all time, they are starting to monetize. >> speaking of the most successful investments, have you noticed a little company called apple, that is just screaming higher since these reported that excellent quarter. by the way, they hedged the dollar and did quite well. not only are they the bust run in terms of i think their device, but their cfo is the best cfo >> it's been moving in line with it, if you're keeping score at home, apple only down about 5.5% for the year. >> that's extraordinary. >> year to date, by the way. >> and remember, in that holiday, the shopping holiday,

but they have multiple amazon prime days there is that a secular communist nation or what >> where i'm sorry. >> the people's republic of china, all these great shopping days these are days you want to move to china, get the nice discount, and come back. they can put another face on your face. >> you can't even go to china. >> well, they stopped the exercises. >> yeah, they did, in taiwan, but you can't really go there. you've got to go and then stay >> well, there are issues. you know that coinbase is up >> thank you let's hit coin base, and then i want to talk spacs a bit yesterday not good. >> everyone knew. >> they lost money i've been no fan of downbase well,ty beginning i was saying

don't pay up above, but there's no relation to what i have written about in twitter look, it's a new day it's a new day, and it's a day whether we got a non-hot number. >> that's when you buy ethereum, right? >> i think that's what it says buy ethereum, buy anything, how about dogecoin >> no, please, it's do unlike 90% or something since he walls on "saturday night live. you know who is the recipient of this craziness ethereum can i say there's things that are happening that have no relevant to fundamentals >> yes that happens a lot, though. >> it does. >> i did want to come back to a couple high-profile names in the old spac world it's an area of great speculation. it made people a lot of money

while they could, include big names take a look at this company. the second quarter results were soft, worse than expected. it does appear they are impacted by the considerable new advantage, who in turns substantial higher acutity than previously expected. ebitda lower than anticipated. the outlook also lower than anticipated. that's just been horrible. that was one of the bigger names, higher profile, the pedigree. >> a distinct medical advantage. at that point they have temperature reor yernlted, put a billion more toward -- that's game set match >> and then foley, who i think, you know, fully owns it, but man, that pay safe is nothing

short of endless hardbreak revenues reduced, there it is, below two. below two. that's how you get to the post-spac deal index being 44 cents on the dollars these thingssh just horrible 78% of ipos in 2022 have been spacs. 72 spac ipos this year versus 92 in total there were only 570 spacs looking to make a deal, still, because it's gone so well for the other ones >> 175 spacs waiting to ipo. by the way, the liquidations have started in earns. there have been 101 spacs. >> name my one that's making it. >> archer? >> draftkings.

>> they put down a deposit on flying taxis. >> blade is doing well, but it's not above ten. draftkings, we're going to see the season begin soon. >> yes, football >> i'm just trying to come up with spacs that work, mp materials. they have precious metals that are needed they have a deal with gm >> they did not raise prices they should have it was a horrible blowup >> that was the class -- >> i love the way you say my buddy, because i do that to you, too. >> it is i try not to same things that aren't factual. >> he is my buddy. >> there's nothing wrong with

that. >> the museum of natural history dish dave coty ran honeywell the way it should be run it's even better, yet the stock is stuck in a rut, h.o.n but i think it's about to break out. bed bath is down. >> it's down. >> maybe they're taking my idea and telling 10 million shares. >> but the broader market is up, up shatterly with the nasdaq with a 2% game bob pisani has more insight. good morning. >> the interest rate is down, dollar is down, good morning for the bulls what they're going for here is cyclicals and growth stocks so consumer discretionary is up. communications services, tech's up oil is flat today at $89 not a big reaction to the cpi on the oil front, but cyclical and

growth stocks, if you look at the big tech, amazon is at the highest level at the open. apple has looking terrific rece recently 168 is the highest level since early april. microsoft is looking good, so big tech is looking good cathie wood's ark fund is moving as well. the airlines are up, the cruise lines are up, home builders are generally up, and discretionary in the automotive sector, general motors has been doing well recently. ford has been doing fantastic recently we're in a higher trading range at 4195, heading toward 4200 remember what happened in april/june that was the period of maximum

anx anxiety. the bottom was the middle of june we have come well off the lows, and breaking out to a somewhat higher range so the bulls have a stronger narrative than even a couple days ago the recession, maybe there will be a recession, but the world mild is being used extensively to describe the potential of such a recession earnings are definitely lower, they'res in 6% and 7% range. that's lower than the 8% range, but that's not recessionary-type activity now they can use the word moderating without being laughed all. it's still up in the air whether that's the long-temrm trend the vix was 35 at the maximum.

that was in the early period of june you can see it's essentially gone straight down we're now at 20, the lowest level since early may. that is about the long-term average for the vix. i'm talking about over many, many years, so that's certainly a good sign for the bulls overall. finally, i want to note something anything we've a spate of single-stock etfs coming in they're very different these go long or short individual stocks. they reset on a daily basis, and they are available for several big names, including tesla, appearing. nike, pfizer, pay pat, even nvidia there's been several that launched -- this is the one for

tesla. so if tesla is up 1%, you are losing 1.25% so this is essentially a short bet, but there's five of them out there. you can bet go long tesla or bet against it david, this is the start of what i believe is about to be an ocean of single-stock etfs coming down the road they are used by people trying to capitalize on the real interest in trading high beta technology stocks. they do makes it easy to short, but they're difficult to understand and they reset on a daily basis, and they don't get it they can't understand what that means. >> they're not like lip to be used as a hedge by institutions? >> sure they could be potentially. it's almost impossible to hold these on a multiday basis, because you get a different return that's the problem. >> as you point out, every day

they reset bob, thank you >> etfs good money terrific it's adaptism. >> it's capitalism. >> amen, baby. 3.123 is the yield there still well above the 2.7% you'll get for owning the ten-year note we're back after this.

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stocks are up strongly, but meta outperforming quite a bit this morning you can see year to date still down 47%, despite what's almost a 6%ai gn thus far this morning. we're back in a minute wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna.

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all right. time for you to tell us what's on mad tonight >> a straightforward company they have great numbers, because they have power use, both commercial and residential david, i want to leave my piece here i don't think the market can totally hold, but i do think the

financials are -- and that's impressive and faang stocks. >> a soft landing crowd getting a bit of a boost today. >> exactly right we'll see if disney can change the narrative. that's very, very important. as i say, about things like the bed baths and gamestops, and amc? no hard -- >> got it. >> larry summers. >> no hard feelings. sweet greens, no -- >> you can go on you can go on all day long, but we're out of time. keep it here we'll be right back.

♪ music ♪ ♪ dream, dream when you're feeling blue ♪ ♪ dream, dream ♪ accenture. let there be change.

♪ ♪ ♪ ♪ ♪ ♪ welcome back to "squawk on the street." rick santelli here with the last breaking news of this session in the form of our june final read on wholesale inventories it moves down one tenth to 1.8 do remember inventories have been really surging.

it was just in february, the biggest month-over-month change since report keeping on the sales side, the june number is up 1.8 that's triple expectations it really is a good thing to do. lately inventory has running a bit ahead of sales this matching it up. so up 1.8 on both a subtle revision from up 0.5% to up 0.7. interest rates falling dramatically, falling faster in the short maturity, hence steepening the curve, what's known as a bull steepening there's a lot of green in equities david, back to you >> rick, thank you good wednesday morning to everybody. welcome to another hour of "squawk on the street. i'm david faber with sara eisen. we are live from post 9. carl has the morning off morgan is on maternity leave we have a strong rally in part

in response to the cpi number we got about an hour and a half ago? >> and with it lower expectations for september we're 30 minutes into the trading session. here are three big movers, starting with sweet green, rebounding, lowering the 2022 forecast, the company also announcing a round of layoffs. roblox posting a wider than expected quarterly loss about a million shy, and then there's wynn resorts, revenue coming in below expectations, results hit, of course, by macau. still very much closed sweetgreen i thought was interesting, they're seeing a slowdown in the urban markets, citing the unprecedented travel

demand, people are just away, and slower return to office, which we all know about. >> we do in fact we continue to see it down here with the closing of some places that have been here for quite some time, trying to hang on. >> restaurants >> on that note, sara, what you thought was of interest in terms of the cpi in part, food both at home and in restaurants, but give me your take and sort of what stood out? >> actually grocery inflation was higher than expected, rose even higher month to month, so that's problematic now we've seen 18 consecutive rises? and it's pretty much across the board. they really break it down, get granular in the grocery section, and we've seen rises across the board, but otherwise, on the headline, especially the core coming in at 0.3%, i think it was a good sign for the markets, for the fed, for the

administration, for everyone rooting for a softer landing, which is the key economic growth, and hopefully it's going to come down. >> a bit more on that as well from our steve liesman as well, who joins us now steve? >> good morning. i think sara has this just right, the key to the growth, the lower number than expected that is has the market believing less inflation, less fed, and maybe a better chance of a soft landing on the headline verse the estimate of 0.2, year on year 0.2 better, core cpi, and then the year over year core cpi, unchanged for a change whee it has been a while since there's been a positive in the data, and it was priced to be disappointed again, but looking

at the details, sara is right on this again a more mixed intoing on the inflation picture. airline fares falling sharply, maybe more to come, but then medical services, up 0.4, housing up 0.6, so still some pressure from those elements, at least. but markets seizing on the headline and saw let fed tightening equities rally, the dollar weaken, and of course the immediate future, so did the chance of a 75 basis point hike in the september and you can see the chance of a 57 basically the mirror image, flipping from 68 to 37% as the market prices in less fed. so at 5.9%, unchanged on the core, this is not that, but perhaps when we look back on

this report a few months from now as the beginning of when the fed was able to start counting sara, white bread, really? >> i was looking -- >> c'mon, sara. >> white bread up 2.8%. >> i hope you're not eating that bread other than white, 2%. >> thank you. >> fresh biscuits, rolls and muffins up 3.5%. this is just america. >> i wanted to make sure you're getting the most nutrition you possibly did and fiber as well. >> fruits and vegetables are up a lot. so it is across the board. but you've heard that from the food companies they have all announced they're raising prices steve, my question to you is on shelter and housing, because if you take shelter out of this number, the number is negative, actually so i am curious. i know the fed is trying to that is right the higher rent prices and higher home prices

those are still elevated. >> the tale of the tape here is interesting. if you look at the cpi, or the core cpi versus housing, what you'll find is about a year ago, inflation starts to surge. it goes -- nears 4.5%, but the housing inflation is really low. while inflation starts to rise, so does housing. now you have the core as flat, but the inflation numbers for housing continue to rise there's obviously a lag here, between sales and when prices show up, and it just doesn't show up as quickly as is happening in the market. so i think, sara, there may be better news to come on the housing inflation front in the months ahead, but it's going to take time for sales to come down and for that to be picked up in the complicated way that the government tabulates housing costs. >> we have another cpi and jobs report in august that the fed will have to consider here

>> i think that's right. we've got to wait for the fed to process all that data. we'll get a lot of talk about this in jackson hole in just a couple weeks. >> looking forward to it steve liesman, thank you joining us is all-spring global, and moody's chief economist, mark zandy mark, last time i was on the show, you were pounding the table for a soft landing, and since then we have actually seen employment pick up and now inflation is starting to come down so what do you think this does for the economy debate this. >> well. >> i don't know if i was pounding the table, but i was a little upset about all the dark sentiment prevailing at the time it feels better today, doesn't it the jobs numbers are great, kind of dashes any concern that at least we've been in inflation,

and shows the resilience of the economy going forward. the inflation numbers before excellent. they -- they key we need to get inflation down. if that's the case, then the odds of getting tlex the next six, nine months, of getting out without a recession, the odds are pretty good. >> i was trying to give you credit, pounding the table >> thank you. >> a lot of people have been waiting for peak inflation to buy stocks, so what do you do? >> it's funny. i'm a little surprised at how the strength of the market today. certainly cpi was much better than people expected, but the market seemed to be expecting it, right, with the rally ahead. the markets was telling us that things were getting better, that maybe we saw peak inflation, so

the strength today, i'm a little bit taken aback, i guess we'll see where the day ends it's still early, but it is good news it's nice to see that good news can be good news, which is a change i live in the middle of the country. i do see and hear from my friends, you know, about the grocery price, inflation, about gas prices, they are feeling a bit of relief over the last month. and so i think we'll continue to see that come down, but the market and the economy are not completely in sync, and we're riding this wave i do think there's a lot of data points before september. i don't know that we can be so certain that, you know, the fed is not going to react as strong as we thought they were just because of this report today that's the other reason i'm

surprised at the strength right now. >> there's so many cross-currents and so many investors feel confused. i don't know if you're among them what are you, as the global head of active equity, what are you doing? >> i think what's great about my position, and working with the fundamental teams, is a perfect time to do that, you don't need to own everything in the market. what you want to own are companies that can outperform, management teams who have lived through previous cycles before, cycles that are changing regardless of what the fed does, we know rates are going higher we know inflation is likely to be higher than it was over the last decade in the next decade so you want to pick companies that are better positioned for that type of environment than the previous environment we have lived through. that's what our investment teams

are doing. they're across every industry, but what we were saying four weeks ago is don't focus just on value or just on growth, some of these things that people in the market were doing. focus across the board and focus on fundamentals, because areas like technology and areas like health care will be areas that investors -- that you'll find opportunity. >> i feel like, mark, one of the biggest questions out of the today -- we're seeing sharp reactions in the bond market right now, a big rally, the dollar is plunging 1.4%. that's a huge move on the day. there is this expectation that the fed will do less, as steve mentioned. i think one question at the fed would be how much stock do they put into disinflation? in other words, inflation that's starting to move in the direction they wanted to do, versus the level, which is still 8.5% from last year, constituent

pretty uncomfortable in other words, which is more important when it comes to targeting their policy >> i think it's the growth rate. you're right, the level is a problem for the typical american household. let me give you a statistic. the person has to spent $460 more to buy the same goods and services they were this time last year because of the higher inflation, so the level matters, but in terms of setting monetary policy and interest rates, i think it's the growth rates, and really the expectation about the expect aids that also matter quite significantly. all of the inflation, things are looking better is the bond market, they have come in. you listen to retailers now

dealing with very high inventory, away from goods to services, they're going to start cutting prices you know, christmas discounts will be significant. we're seeing more chips out there, so the chip manufacturing will start talking about a surplus of chips we're going to see more vehicle production and vehicle prices. so you look across all the different things you look at where you gauge where inflation is headed, it feels pretty good. obviously things go up and down, all around, the russian invasion is still an issue, the pandemic is still as issue, but if i were a investor, this is just putting icing on this cake that's starting to taste pretty good. >> mark, what is the terminal rate, and when do we get there >> at this point, it's 3.5%. we're at 2.5, that's at the high

range. we get a 50 basis point hike in september, maybe two quarter-point rate hikes, that's what the fed is going to do. that's what's embedded in the market pricing i think that will be enough. i think that's all it will take to get the inflation down where we need toe go and allow the economy to navigate through without a recession. >> ann, you wrote recently said, we're in purgatory does that change the view? >> i think that will be the case through year end. >> i think centering is a bit of a wild car it's the only sector sitting out this rally certainly the relief at the gas pump has been a big part of the story, but we are witnessing this war, and there's energy crossed that prices don't spiked ag

again. >> when it starts getting colder, we'll see what happens i do think that is a big wild card for us. stay tuned >> on that white bread, it's coming almost half of the cost of food is diesel, getting is from the farm to the store shelf. it takes a bit of time for that to translate through, so these higher food prices, they should start to come in as well, just as long as oil stays roughly where it is today. >> she doesn't eat white bread. >> you know what's worse i just saw, crackers crackers, bread and cracker products, up 3.3%. also wheat prices have come down >> guys, i'll tell you the real problem is ice cream ice cream is way up. that's a big problem. >> is it

i saw frankfurters were down -- >> it is a big problem for me at 10:30 at night >> we have seen the commodities come down, so that might be a leading indicator. here our road map, including coinbase's loss. the stock is reversing ko respect. plus elon musk is selling nearly $7 billion worth of shares land 2021's ipo woes we're going to take a closer look at so many names that have gotten crushed after going public just a year ago more "squawk on the street" strahthe ig aad

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shares of coinbase are up. kate rooney has more on the numbers. >> good morning. coinbase's billion dollar loss was bigger than expected revenue is still tied to cr cryptotrading activity and good

news there but still say -- i sought done with alicia haus she says that should help insulate coinbase's margins. >> loaf the long term there's always decompression we've seen that in any -- as it becomes commodityized, fees come down so right now we think we're competing on product diversity that allows premium pricing, but that will evolve and change. that's why we're focused on the non-trading to find shares we can compete for. >> shares down about 75% from the high she says uncertainty from washington may also bess adding pressure. >> i think regulatory uncertainty is an overhang it

provides a dark cloud over our stock appeared just broader perception of crypto in a said, we very bullish about the opportunity in the u.s the cfo says they're trying to earn invest offers ease trust through the downturn, underlying they're not a quarter-to-quarter company, as she put it. >> kate, thank you. john, i don't know if you're going to be raising it or not, but what did you think of what we heard are you surprised that the stock is up? >> i think the performance is probably more correlated with the better than expected cpi numbers this morning crypto assets are up on the back of that. i think the initial reaction was

negative the results from yesterday, but in the cpi numbers, they were a bit better than expected i also thought the warnings were not that bad, relative in line with expectations despite the miss this war was 18% versus 13% in prior quarters, and below that before that. so it is good to see they're able to diversify revenue, but coinbase is still very much an exchange-trading shop, where that volume on the trading side is still going to more or less deck at a time this stock, until they can diverse fit that revenue further, which we don't necessarily see under a few years from now >> so given that eye equation, what is the near-term outlook here >> the near-term outlook i think will be pretty impacted by crypto prices in the cryptomarket

we have q3 volumes actually down a bit, and then starting to see a rebound in q4. for the near term, i think there's a lid on that, which is why we're at the d. if they request diversify revenue further than what we're expecting, it might make sense to raise that target, but i think any near term there's still a lot of competition on the market share there's a lot of competition from ftx, just where volumes currently are, if you look at july numbers, they're at the lowest of december 2020. if we see the volume numbers for the rest of the year, that's probably going to come in worse than expected, from at least street numbers, but like i said, we are anticipating a bit of a bottom this is a company that's

being ballots tested, stress tested for the first time. it's that they have 6.2 billion in reserves, another $400 million sore on of crypto? how are they doing how are they managing it >> it's difficult. it's a eyes are on them as the largest public company in the cr cryptospace. certainly they're getting very ballots tested, which is great for leadership they do have decent cash on their balance sheets so i think they're in a relative strong position there. if it gets worse from here, you could see some additional head count cuts, because expenses are a bit elevated, but if the crypto -- if we're past the worst of it, the contagion risk, if that's pretty insulated now, then we could start to see a bit

of bottom in volumes. >> so are you going to lift your target if you stay positive? >> you know, where we are right now, i'm staying at that for now. we'll see how volumes material ize we have a few new products on the derivative side, subscription revenue, we're going to watch that closely. the ethereum merge is coming up in september that could benefit staking revenues there it's too early to tell exactly where the volumes will start to go, if crypto is actually at a bottom point, and where that subscription service component could go. >> john, you have giving us a lot to look for. thank you. >> thanks for having me on. still to come, elon musk shedding nearly 8 million shares of tesla first a look at the gainers on the s&p. then norwegian cruise, which

led the losers on the s&p 24 urago. urago. wee back right after this.

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welcome back vgt is underperforming the s&p as tech has been hit by inflation and rising rates the digital ad firm posting a revenue bit, an upbeat forecast about navigating a tougher economic environment shares are surging, look at that, 34%. one company that's been feeling the pain, of course, has meta, announcing yesterday it raised $10 billion as the company looks to revamp part of its business after posting the first-ever revenue. it tested the waters last week, which was part of a huge surge of issuance. >> do you happy to know what they paid for that >> i would be curious. >> clearly it was -- >> that metaverse is not going

to be cheap. they're going to spend a lot of money, but the credit market has financials quite well. >> but that's still somewhat in question we sauce $2.5 billion of investing this week, but i know of other deals that have not quite made it to the finish line if you're higher quality, investment grade, and meta is in that group. >> that's not an issue we're talking about a different audience all right. let's move on here and talk about elon murph he sold $6.9 -- >> you said it would be a great time for him to sell, and he was selling. this brings him close to the cash he needs, if he has to buy

twitter. his sales between august 5th and 9th totalling $6.9 billion he sold $8.5 billion back in april, so total cash from selling tesla shares now about $15.4 billion. he needs $33.5 billion in equity for this twitter deal. to get there, he had about $8 billion from the equity partners he already owns about $4 billion in twitter shares, and he's got about $2 to $3 billion shares left over from last year's tesla sales, so grand total now somewhere around $29 to $30 billion. his tweet last night raising the potential that equity partners don't come through, so that would mean he would have to raise even more cash he says head's done selling

tesla shares we want that back in april, so we'll seal net worth bark up to $250 billion back from a low of $200 billion earlier this year. david? >> robert, we're glad you did that plath, for me, just to see what the numbers look like it's interesting that you pointed it out, this idea that maybe some of these equity partners might not follow through. i think they're beholden to him in terms of what they signed on for at 54.20, but if you were to little a settlement, many of those backers could choose to back out they have to reup on a different deal that doesn't mean they will, the market is trying to figure out, does he settle prior to going to trial, or does he simply feel like, as his lawyers are maybe telling him, this will be a tough run for you in court, if we ever get there.

>> yeah. there's still the issue, let's say he loses some of those equity partners. right now he has about a $2 to $3 billion cash gap. if he loses a few partners, it's still until clear where he'll get that extra cash. as you have reported -- we know he was out, in addition to those guys, raising even more money from perhaps private equity. those deals fell apart >> the bank financing is pretty solid. he's close on the numbers, about you still a lot of unknown as, and if they negotiate a lower price, who stays in. >> exactly we'll be keeping a close eye on it gov to have that math and a lot more robert frank, thank you. >> twitter shares reacting nicely times for a cnbc news update with kristina partsinevelos. >> hi, sara. thank you. good morning, everyone

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authorities to decide that euthanasia was the most humane option back to you, sara. the dow is up 500 points following the morning's cpi print. the ten-year 2.725%. every sector in the s&p is higher except for energy, and materials leading the charge, up almost 3%. we'll be right back. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

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stockssh in rally motor, after that cooler than expected inflation data, the cpi. let's bring in mike santoli with some analysis. ann miletti was saying she was surprised to see such a big

reaction >> i don't think people were taking it for ganted we were going to get that. you can obviously say it's progress, not the whole game obviously the fed has said they want to see multiple months to say they can ease back i do think the softish landing, to jay powell's phrase, that case is a bit strengthened. i think the market is sliding chips over on to the bet as opposed to the imminent recession one. where the rally has paused here today, of course, is of some significant. it's significantly raised up to this health level of the range we've been in, haven't surmounded that 4200 left. i think the high for the morning

was 4199 so you still -- there's no doubt that the bond market has gotten -- it's really twisted up with short-term yields, exceeding longer-term yields .dollar is making a big move, first of all, the cyclical groups, technology, i'm watching the ark innovation etf, and you go into some of these biotech company that she is loves, it's up 21% it's down 0% from the highs. >> on some level it's the if/then trading programs that's kind of where it's moving it's not been a trend changer. all these big one-day pops, there's been a couple rallies, so you don't want to say this is

the new mode i do think it's significant, though that cyclical is getting a bit. piece are implemently says make we have teem left in this cycle? >> mike, thank you mike santoli let's shift gears and talked about commercial real state. it did quite well, beat analyst expectations the company did predict some pain what while adding that rates should peak erbily next year bob silentik, always good to have you back on the show. one of your quotes are these results reflect the benefits of our diversification strategy i want to hear more from you on that, but also an economic back drop generally supportive

despite hypingened macro concerns let's start off that, and then work backwards into your business as well. >> thanks, david always good to be with you the macro concerns are what's being broadly talked about, inflation, the risk of a downturn, the risks of a recession. on you house view is we'll have a mild recession it will go through the middle of next year. that's reflected in what i want -- however, we had strong results, it was the most profitable quarter in the history of our company many of the areas we do business around the world performed well. leasing, very strong performance, because people are coming back to the office, people are still leasing industrial space byrne, property sales are very strong, because there's a lot of capital, even though there's concerns that prices may kim down a little. what we saw through the second quarter was a very strong

performance across our company, and we think that given the various things that we're in, that have a resilient flavor to them, project management, the work we do with multifamily, the work we do with industrial buildings, which has strong, encourage fundamentals, et cetera, that if we do have a bit of a downturn, which we're expecting, our company will hold up well. you mentioned back to the office we do rely on you occasionally to give us a sense on what you are seeing out there are occupancy rates really moves up or is this to stay >> it's both occupancy rates are moving up. they're going to continue to move up, but our view is we're not going to go back to where we were pre-covid we learned a lot about the way we can work efficiently in a

virtual sense. we also learned a lot about some of the challenges with working virtually, things like bringing on new people, imposing your culture in a positive sense, problem solving, and i think what i would say we're all good youing there a companies, ourselves as is a service provider, but also as an occupier, we're still in the discovery mode we're still trying to figure out how to optimize culture, how to optimize efficiency. my sense is we're settle out over the next year or two, somewhere pre-dough individual and somewhere during covid. >> you did say on the call, you know, there is a notion certainly for the balance of this year, next year and beyond that corporates will, in general, consolidate to a degree their use of office space i know

you have a strategy for dealing with that, but that continues to be your expectation? >> there will be some consolidation for sure we believe there would be less office space used when it's sorted out, and there will be a move toward the better quality buildings, a move toward more open collaborative space, and others that will create opportunities to do work but yes, there's changes ahead some of that will involve consolidation. >> finally you did buy back a decent amount of stock during the quarter. what, more than $600 million of year own shares. it's going to cost you 1% more to do that when this bill gets signed soon. will it change your approach at all? >> we'll have to look at what exists at the time when that happens. what our stock is, what our circumstance with available capital is, what the alternatives for us in terms of investing in m&a, and in real

estate investment businesses we'll study it at the time, but our stock is a really good value right now. >> i appreciate you taking time with us again, bob thank you. >> thank you, david. after the break, a deep dive on the 2021 ipo class, names like sweetgreen and roblox continues to drop since going public but check out some of the top gainers on the dow most of the dow stocks are higher chevron anmed rck are the only laggards we're back in a moment

i think rates will have to stay 4% plus for the foreseeable full. >> it's hard to say there was a recession with a flat unemployment rate at 3.6%. >> every cfo, all the c-suite, they're all aware of the crypto-revolution. >> the east coast markets in the u.s., for example, are much stronger, and the east coast markets do map to be return-to-work markets some of the biggest name to go have you have not ferret too we had.

during that quarters though trading a bit higher. ner books. nearly 400 companies pursued direct listings, not including spac rs. that was the highest number since the dot-com boom and bust. the fed tightened the declines continued this year. on average companies that went public last year are down 39% from their listing price according to data collated by cnbc investors treating these losses have been less incliepd to put more capital to work in future new listings leading the a massive slump this year. in 2022, just 47 ips priced in

the u.s. proceeds of $4.4 billion are down a whopping 95% from this point last year. the average performance in this year's class is actually 71%, positive 71% cnbc data shows, but that's largely than to a few very important outliers, particularly amtd digital from hong kong that went public and surged 10,000 percent earlier this month excluding five ippo sz like amtd, this year's crop of deals is down about 8% on average. so in the red, but still much better than last year's ipos, perhaps a little self-selection going on with the types of companies going public this year >> yes a very small sample size as we say, leslie. >> exactly >> leslie, thank you

coming up on "techcheck," they'll have a lot more on roblox and that slowdown in gaming they'll also talk about meta it raised $10 billion. that was the first ever bond offering thank you, twitter in particular fun with numbers, ten-year, 3.58%, sarah that's what they paid. >> ask and ye shall receive. and by the way, very low rates. >> 3.85 for ten-year money that will be at the top of the st wh ho ayitus when traders tell us how to make thinkorswim® even better,

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welcome back to "squawk on the street." i'm dominic chu. the major averages are surging on that lighter than expected cpi report we got earlier this morning. we're at session highs for the s&p 500, nearly up 2% at this point. energy is the only s&p 500 sector in the red this morning you can see just about flat on the session. meanwhile, the materials sector is leading the way higher, up nearly 3%. let's take a look, though, at some of the other sectors, specifically home builders within discretionary names like dr horton, pinar,

each of these stocks on pace for their best day since july 1st. watch the home builders, mortgage rates, interest rates, "squawk on the street" is back after this

later today on "closing bell," we'll speak to ceo of plug power, andy marsh earnings didn't miss after getting hit by field pressure. analysts are excited about what the company had to say about the inflation reduction act. they were giddy about it in the hydrogen credits stock up 16% after already having a nice run on the back of this legislation. >> yeah. they put a price on that that's very significant in terms of actually creating margin for their business >> right, and growth as well, and demand so that's what it's all about. it's sort of overshadowing a weaker report, on top of a strong rally that we're seeing very broad today. >> we are, with the nasdaq maintaining the 2% gain, in fact, up 2.3%. one other name set to report after the bell is disney

sarah will certainly be talking about that we'll see how parks look, see how the current quarter is going. maybe we'll get updates there. direct to consumer is still a key, 230 million, 260 million subs is what they say they'll reach by the end of 2024 will they continue the pace needed for that is one key question that's going to do it for us on "squawk on the street. "techcheck" starts now >> good wednesday morning, welcome to "techcheck," i'm deirdre bosa in san francisco with jort. carl has the day off this hour plus more on this morning's big moves, roblox gets a reality check. coinbase disappoints even as shares are moving higher and finally getting more bullish on meta why one big name likes it over alphabet we've got a huge show ahead. >> we'll talk a lot of things