2022 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen and andrew ross sorkin. on a monday morning, we are looking at significant upside to the futures. right now, dow futures indicated up 150 points. s&p up 23. nasdaq up 83 all this comes after the strong week for the markets last week joe mentioned the major averages ended the three-week losing streak last week both the s&p and nasdaq, you are talking of gains of 4% for the week the dow up more than 2%. you are looking at green arrows this morning treasury yields have come down

on the 10-year the 2-year is 3.53%. 10-year treasury at $33.289% and you also have seen cryptocurrency and ethereum picking up it is lower this morning it is up year to date significantly more than other. >> if you blinked, you missed it >> thursday? >> 18,5. >> we got the merge coacoming o ethereum >> ethereum is up 90% year to date versus 20% for bitcoin. >> not a purge or surge. merge? >> merge we have a big week ahead for economic data. the major release to watch tomorrow when the august consumer price index released at 8:30 a.m it is one of the last pieces of

key data before the fed september meeting. the cme fed watch tracker showing traders see a 90% chance of 75 point hike at the fmoc gathering. a developing story from washington the biden administration >> you go ahead. >> was it you? >> i want to relax it's monday. >> i apologize >> i'm not ready for this. go ahead >> you don't want to talk about it >> i want to hear you. i want to listen this week >> did you read your horoscope >> it said something as far as rivals relax. compromise in this case, i want you -- i'll just listen more i am i'll listen more >> i don't see it as a rivalry

>> i see everything as a rivalry. >> the biden administration reportedly -- >> i'm serious i'm not kidding. >> hitting china with broader -- >> somebody read it. >> you can do the tax. >> broader curbs you had to put the "r" in. it would be cubs chip and tool exports. publishing new regulations set to match the information communicated in the letters earlier this year to kla and lam research the u.s. government telling nvidia to stop shipments of several chips unless they obtai

licenses. here is something interesting. dan loeb is changing his mind on disney suggesting he will not push to spin off espn. this is a move he announced last month in a stake he built with disney loeb writes, we have a better understanding of espn's potential as a stand alone business and another vertirtual revenue. disney's expo over the weekend, the ceo bob chapek has big plans for espn he said the company had no less thanpeople who wanted to buy espn >> two questions

one is no word, i don't think, on the gaming piece of this. a huge part of the loeb thesis at the time. you need to spin this off so you can pursue gambling in part because of the view inside disney as a family owned company, you couldn't do that. does this open that possibility up and this to me is a tactical question disney's clearly brought dan loeb under the tent to some degree is he now regulation fd, is he is insider for some period of time how does that work he clearly had some kind of meeting or access to them in a way that most other investors have not again, what they told him and how that differs from what they told others? i don't know to me, it is something i woke up thinking about >> activist dan loeb

that's a slow news day >> disney. big deal espn not sold off. >> i guess i don't care i like him he has a lot of money. he take stances. you think he will ever say andrew ross sorkin changed his mind on something at the top? i could see you being there more easily than any run of the mill hedge fund >> if the answer is espn is not for sale, that's pretty big news >> it is interesting how gambling is forming. i think of michael rub in >> he had to let this go >> the sixers. he has to think about his business and be able to be free to pursue that that takes a lot >> gambling -- >> some people only make money to end up like bob kraft end up being in that position.

to go the reverse way. although i'm sure he doesn't have trouble getting seats >> give him time he will get back in. >> in the meantime, he knows all of those guys. you know -- >> it will be a bigger deal than before >> before the teams. >> i get to sit on the floor it's about me. >> boo-hoo is this your horoscope >> we will have a great day together i'll find it go ahead in the meantime, there is another developing story we are approaching a rail strike deadline tens of thousands of railroad workers could be on strike by friday ten unions have reached tentative agreements, but two unions locked in negotiations. they could impose limits on

shipments starting today the association of american railroads predicts a shutdown could cost the economy up to $2 billion a day and this would be a much bigger issue than the port snarls we saw last year on the west coast voyager digital is auctioning off assets. voyager is working on restructuring plan the auction is expected to help the crypto firm unfreeze customer funds you want to read everybody your hor horoscope? >> capricorn fish pisces >> you are taking this to heart. >> you may want to take on a rival and beat them so thoroughly they never challenge you again. the planets say that is more problems for you in the long after.

just once, just look for a compromise is that difficult? i know you have the bank on with the mastercard and visa. >> we'll try to poke at you all day long because there is nothing you can do >> poke at you >> that was picachu. >> i'll do a lot of nodding. >> i'm looking forward to this >> i may raise an eyebrow. >> okay. >> did you read this i like this. i was almost going to tweet it out. i decided not to i was never an anti-trumper. i say, please. go away! this guy down are here. >> yeah? >> well, it's a problem. it's kind of a problem, is it not? i like the policies, but things are -- the law of diminishing

ru returns is with us when biden -- when his ratings start going up, republicans are doing something wrong. if they can't may hay with the mess we're in right now, there is something wrong they need a new strategy >> i'll let you keep talking. >> you are listening >> i am. coming up on the other side of the break, expanding china lockdowns. we will talk about the oil and energy industry. look at the biggest pre-market winners and losers. stay tuned you are watching "squawk box." a good day for joe's horoscope >> announcer: this cnbc program is sponsored by truist securities

good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back.

welcome back to "squawk box. a developing story from asia china implementing more covid restrictions in recent days, new rules in beijing limiting exit and entry to the city aimed at limiting transmission outside of beijing, restrictions in port cities of shenzhen and chengdu. this is a big story in the energy markets oil prices are up slightly, but

still below $90. joining us now is amrita sen founder of research. amrita, you made it clear, you think prices are moving higher by the end of the year what factors will push that? amrita, we are having trouble with your audio or -- okay >> our audio >> we are having trouble hearing. if we will take a minute, we will get it fixed. we have it fixed now go ahead and start over. >> i was essentially saying all of the responses that should or drivers that should get prices higher are on the supply side. we have the eu embargo on russia oil starting in december the spr slowly winds down. there is no new spr on the cards despite headlines recently from the u.s. of course, the iran deal doesn't

look like ly right now all they although a few days ago. the market will be tighter come year end as you mentioned, whichina is te wild card to keep downward prices much like june. the single biggest reason our balances have weakened is the chinese lockdowns. >> the chinese lockdowns are more extreme in terms of the number of people what has it done in terms of oil demand >> it is not as catastrophic as in april in april, when shanghai was locked down and other cities were in lockdown, 60% of chinese demand was at risk that's a big number given china consumes 40 million barrels of oil a day. with the new lockdowns, demand

at risk is 28% some provinces are easing lockdowns a bit. yes, a few hundred thousand barrels per day, but still it should have been a time when chinese demand should have been recovering the fact it is stalling has been very, very detrimental for sentiment. >> we were talking about the proposed caps on oil prices out of europe for russian oil. price caps never seem to work. i did see some play back and forth over the weekend how russia was offering lower priced oil to india people said that is an intended consequence of the oil cap it makes it tougher for them to charge higher prices to other people, too. what do you think of that? >> i respectfully disagree i have seen that statement about that russian oil has been trading at a discount from between $20 to

$30 since the invasion of ukraine. it hasn't changed. if anything, in the spot market, we are actually seeing discounts reduced. right now, rather than trading at $30 discount to brent it is trading $22. europe is buying more now ahead of the embargo china and india have been paying longer prices and some contracts are done at lower prices this was happening before the price cap. our view on this is because the u.s. is desperate to get the price cap through, it is using these as a justification >> quickly, what is your best guess about how high prices go before the end of the year >> look, if china reopens -- i'm not expecting a huge reopening, but stops curbing or coming up with lockdowns after the party congress on the 16th of october. i firmly believe prices should

be $120 for brent by year end. >> amrita, thank you >> thank you coming up, more than 61 million americans live with a disability sharon epperson will join us with the story on what families can do to plan for their future. in the next half hour, we will talk stocks with jeremy siegel stay tuned you are watching "squawk box" on cnbc >> announcer: this cnbc program is sponsored by baird. visit bairddifference.com. you need more than technology. [watch: 50 feet to pin.] well that's not fair. you need cdw to implement vmware cross cloud services. a portfolio of multicloud solutions. it'll simplify workflows, speed innovation, and secure all of your applications. how did you get here?! [watch: the backdoor is open.] vmware makes connected multicloud possible. cdw makes it powerful.

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welcome back to "squawk box. futures have moderated

they were up 200 first thing this morning up 142 points after a solid week last week breaking the losing streak we had for three weeks or so crypto is strong as well oil bouncing a little. oil needs to go up for us to be happy. that's where we are. >> what brings oil down? >> recession 61 million americans, 1 in 4 adults, live with a disability planning for the future is a concern. sharon epperson is here with more on this good morning, sharon >> good morning. you know, i learned first hand how critical it is to have a financial plan when you are faced with a disability after a brain ain richl in 2016.

♪ >> reporter: daniel was 12 years old when a brain anursum changed the course of his life >> i went into a coma and in a coma for 30 days i was in the hospital and rehab for 341 days who's counting >> reporter: he is now 38 and the president of daniel's music foundation a new york non-profit that provides free music programs for people with disabilities his parents are in their 60s and help daniel reach goals by planning for his financial security >> i'm used to business plans. i converted a business plan to a personal plan. it goes down to the plan this is what we have coming in this is what we want to do we have the surplus. >> reporter: experts say accessing government and

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with what he and his family have done and a community that gets it is important. some of those happen to be about finances and some happen to be about benefits people didn't know about it is important. i hope people elsewhere can find communities like that. >> if someone finds themselves caring for a disability, what would you tell them? >> the first place to start is government benefits and make sure they applied for supplemental security and social security disability insurance. look at the other local government benefits and state benefits available access the networks out there. non-profits for people with disabid disabilities with autism and alzheimer's. and the special needs alliance estate planning attorneys can be helpful in creating special needs trusts in that is

necessary. there are a lot of resources out there. finding them and talking to people and realizing you are not alone is important >> thank you thank you for being here thank you for telling us. >> thank you for having me i appreciate it. coming up, inflation data in focus this week ahead of the september fed meeting. we talk to jeremy siegel when "squawk box" comes right back. >> announcer: your money, your future is sponsored by fidelity inn pve investments. a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect. she was supposed to be the one. i used to believe in the one. and then i realized, there's plenty of savings in the sea. what? amazon has daily deals, so every day is a chance to meet the deal that catches your eye, that shakes your soul, that changes your destiny.

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good morning welcome back to "squawk box" live from the nasdaq market site in times square. fu futures are all green. 150 up from the dow. nasdaq up 73 and change. s&p at this point up 23 or so. okay >> you want? >> no. we're going to jeremy siegel. >> the much anticipated cpi report is due tomorrow

if the next data comes in at or below expectations, the market will rally let's bring in jeremy siegel wharton school of business professor. just a second here, professor, the head factkes that we're seen with the market right now. what is the market trying to prevent? trying to prevent people from getting long or trying to prevent people from selectling >> joe, i think bearishness and everybody who is out of the market is out and everybody who is tactical is short therefore, the surprises are on the upside the dow is coming down that is very good news potential good news in developments in ukraine,

although it does indicate more uncertainty. looks like we're going to have a decent print on the cpi. that, notwithstanding, i do think the fed has decided barring some extreme news, we are going 75 this time more importantly, we're going to end up at the end of the year and the market thinks another 150 from where we are today. that's 75 and i guess 50 and then another 25 in the december meeting. i think that should definitely do it because on the ground, i don't see prices going up anywhere near certainly the rate it did with the important housing prices which are going down we will not see those as i noted before in the official stats

>> right if you read that book from whenever it was in 1920 from j jesse livermore. the market tries to fool you into one thing and the intention is to do the other thing it is constantly doing that. that is human nature when we hit the june lows, a je jeremy, and we had the sharp snap back in july, most people thought bear market rally. i that we hit the lows the most recent selloff is where you decide is that a resumption of the down trend to 3,000 3,000 for the s&p or is it trying to shake out people that don't really believe we're starting a new up trend. that is what i think it was. i think it was trying to shake your faith in the july rally that it would be long lasting. i don't think it is a move to

the new low. >> i said i thought the june lows are the lows. you always have a basing period. it goes up and down and, yeah, that reinforces the bearishness. as you said, a head fake again, we have seen those sentiment indicators become so negative really, when i look at things on the ground in terms of earnings, you know, people talk about a recession. we already had two negative quarters of gdp with collapsing productivity we get any rebound in productivity in the second half of the year, that is further downward pressure on prices which means the fed doesn't have to go to an extreme. i think, again, when everyone is

sold, the only place -- only the buyers are left and the shorts are exposed. we will certainly see what happens in on the ground developments i think the market is liking the ecb being more aggressive means the dow can go down. it really has gone down. that is important in terms of the foreign earnings developments in ukraine are moving quickly this may mean a settlement moving forward maybe europe prepared better than we feared for the winter. you know, joe, the thing is we have millions of pieces of news. when the market goes down, we take from the pile that is from the negative when the market goes up, we take from the pile that is positive the sentiment and so many people said this is just another head

fake bear market rally tells me history, the lowest sentiment is market bottom just as the highest bullish sentiment is market tops. this is 100 or 200 years going back to jesse livermore and earlier. >> as a watcher and historian, you just -- you are describing a basing i don't know if you saw it a basing goes like that. the vix stays at these real low levels we don't need had this, the capitulation where everybody says that was it we haven't had that. that's one of the reasons people stuck to their call for new lows we haven't seen a vix above 35 certainly not 40 >> earlier, we did see a vix near 40 earlier. if you take a look at the

financial crisis, for instance, vix peaked well before the march lows that were reached in march of 2009. it is the initial fall the secondary fall and basing fall usually produces a lower vix. that reminds you historically a vix over 20, which we definitely are, is not low which means there is still a huge amount of hedging in the market and fear in the market. don't forget when you are in a bull market, vix drops below 10. i think, you know, generally, if you buy above 20, you might still get some lows coming on. you know, longer term, those who have bought when vix is above 20 enjoyed good long-term returns >> you pointed out the money supply growth. you said there hasn't been any since march.

>> absolutely stopped in its tracks that augers well for inflation i warned i didn't want them to overdo it. as i say, i think 100 basis points to 150 will do it i just don't like the talk about let's keep this tight all next year and i think i mentioned on cnbc if we go back a year ago to the september meeting, how wrong were they in predicting what they were going to do in 2022? half of the fmoc said there would be no need to increase rates and the most hawkish thought we only have to increase by 50 basis points i take 2023 as a grain of salt they have to be looking at what is actually happening. don't take that as gospel. i think rates will be coming down next year

>> if we're done there, this is so far from even son of volcker. we should never even mention what we talked about in the '70s if the fed's work is below 5%. we are nowhere near what was necessary back then. that's a reflection of whether inflation is as stubborn as it was back then. it doesn't appear to be. we need to bring back the "t" word maybe it was transitory, jeremy. >> we had inflation seven or eight years hitting 9% or 10%. remember, you talk about situation being different. you remember what bond yields were back then the 10-year hit 16%. we're at 3.3 3.4? that's a world of difference

you know, people are trying to compare it to that when we really had competition from fixed income assets. today, the competition is not there or anywhere near the magnitude we had then which means we don't have to go down to a 8/10 pe ratio because yields are so much lower inflation he can expectations b then and according to the survey notching down. one survey really surprised me the public thinks housing prices are going to fall over the next 12 months. as we know, because of construction, that is going to be the thing that pushing up core inflation coming forward. on the ground, whenyou see housing prices actually fall, i think you really know the worst is behind us >> all right professor, thank you >> thank you, joe. >> good to have your update and

be bullish again >> i'm bullish i am bullish i think we did hit the lows. >> you got bearish for a while >> i was worried about overtightening and the fed i think the evidence is going to be so strong that they're going to say, yeah we tightened enough. as we see a little softening, that will do it. >> thanks, professor >> thank you very much, joe. coming up, a major development in the way that gun sales are tracked. this time by credit card carbon monoxide companies don't miss the interview with the ceo with inflation and wages and so much more don't miss it. you are watching "squawk box" on cnbc with k who understands your industry, as well as the local markets where you do business,

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a development this morning in the elon musk/twitter legal battle payments made to the whistleblower did not breach conditions of the buyout with musk the tesla ceo cited that paymen as a reason to scrap the deal. shares are down 1% time for the executive edge. big news over the weekend.

visa, mastercard and american express will track gunshots with the new merchant code. they have been pressing the sector to curb gun violence. gun shops were specialty retailers. it was a generic term that meant you could be selling tents or sneakers and the credit card companies and banks didn't know. they will work to support lawful purchases and proper connect con i'm rconsumers we will talk to priscilla brown next hour. actually, we went through a remarkable process when she applied on behalf of the bank to get the code created there was a huge pushback by the credit card companies. the original application was rejected they went back at it again

>> i thought you didn't want credit cards to be used to buy them at all? >> the idea back in 2018 was direct we have an opportunity to potentially in the same way we track domestic terrorism post-9/11 and laws in place that you could use those effective same laws to try to identify suspicious behavior and buying patterns in advance. that the credit card companies and banks were one of the few outlets with the opportunity to be part of that and do that in the same way they have done in last 20 years post-9/11. most mass shootings, this is the stat that matters. 77% of the most deadly mass shootings in america were bought legally and with credit cards. in most cases, the person, the shooter who bought all of the

materials, could not have purchased them, not afforded to purchase them with cash. they didn't have the cash. >> you never wanted to make it illegal to buy guns with credit cards? i remember we used to talk about it >> there may be credit card companies or banks or other financial services providers who say this is not the business we want to be in. now, by the way, if they want to do that with the coding system, they with make the choice. they will get into debates about that the larger opportunity here for everybody who has children and cares about teachers and americans here, and there play may be thousands of people who will be inconvenienced by the extra phone call they have to take from the credit card company or police, i would argue to you, that inconvenience if it saves a life or 50, is one of

the most worthy trades that this will take. >> the argument was about the latter there the credit card companies -- if you do that, you are at a point where someone who wants a normal person who with can't use cash to do it, would be unable to legally buy a gun. back then, you want to not allow credit cards companies >> i said -- >> this is a different thing. >> what i said there are credit card companies and -- >> decide they don't want to be in the business? let normal people buy guns legally. >> an example. ap apple. apple has a policy as a company they are not in the gun buying business you technically are not supposed to use apple pay to buy guns that's the policy they chosen.

>> apple krcredit card? >> they have an apple credit card they do with goldman sachs. they may choose to say, you know, for this mcc code, this is not our business we don't want to be part of it we don't what, for this code, this is not our business we don't want to be part of this in part because we don't want to have the liability which -- that's the other legal issue that may come with this which is, will people have liabilities and all? >> will it also track if somebody is buying lots and lots of guns, ammunition? >> that's the bigger point that's where the opportunity lies what we've seen and what the fbi has seen any time there's a mass shooting, the first thing everybody does, they go and look at all the credit card bills and the financial transactions and the patterns are direct. you see them buying ammunition, body armor and then oftentimes other things massive jewelry purchases for a

spouse, for example, because they think they're going to die. it's horrific. and i think that the opportunity here is remarkable and it's an amazing -- >> and it puts a lot of onus on the coordination between local, et cetera, because they screwed up so many times on -- >> there's so many times where it doesn't work. >> so many times where -- relatives don't do anything. >> it's an opportunity they have -- >> if you prevent one, it would be -- >> we got a lot more coming up on squawk. we'll be back in just a moment lily! welcome to our third bark-ery. >> announcer: executive edge is sponsored by at&t business but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find the right wireless plan for you. so, you can stay connected to all your drivers and stores on america's most reliable 5g network. that sounds just paw-fect. terrier-iffic

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the ethereum network is getting an upgrade this month. joining us to mean what this means is kristen smith good morning to you. we've been writing and talking and hearing a lot about the merge. explain what it is but then to the extent people think this is y2k potentially, let's explain what the risks are as well. >> absolutely. good morning, andrew merge is a process where the ethereum network is going to move from proof of work which is very energy-intensive to proof of stake the chains are going to merge. it's akin to having a rocket ship midflight, you need to swap

out the engine for a new, more powerful engine. there's been a tremendous amount of work that's been going on for preparing for this moment over the past several years there have been many applications of what the process is happening this week and so we think that it should go very smoothly and everything is very excited. as you said, it does reduce the electricity usage of the ethereum network by over 99% it's a very exciting development. >> what do you think the risk is that something along the way goes wrong there's a possibility something will go wrong. >> listen, i agree the core developers put in a lot of time preparing for this moment i think most likely it will be mostly successful, but i'm sure there will be small issues that need to be worked out along the way. when the bellatrix kicked off,

we should see this happen in the next two to three days. >> 20 seconds. valuation, becky mentioned it, it's gone up materially relative to bitcoin over the past year. do you think that -- everything is baked into the cake with no risk or do you think if it works out, a week from now, it goes higher. >> if i did that, i wouldn't be in policy. we're going to see supply con trained constrained. it becomes a more attractive platform for developers that care about electricity usage for nfts there's a lot of interesting things going on. >> kristen smith thank you. we'll watch possibly the biggest merger that we'll have a lot

time. "squawk box" coming right back with two big hours ahead. >> announcer: squawk coin is sponsored by bitwise the world's leader in crypto index funds. >> it keeps a lot of energy to keep the blockchain running smoothly there's good news on the horizon, in september, ethereum, the world's second large block chain, will go through an upgrade that cut its carbon consumption. it's one thing to know about crypto

flexshares etfs are built with advanced modeling. to fill portfolio gaps and target specific goals. strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. ♪ good morning futures are higher this morning ahead of key inflation data coming later this week we've got a look at what you need to watch ahead of the opening bell. tens of thousands of railroad workers could be on strike by friday what it could mean for the

supply chain plus, the king is making a comeback we'll speak to the ceo of restaurant brands about the state of the consumer, inflation, and the company's big bet on burgers second hour of "squawk box" begins right now . good morning welcome back to "squawk box. we're live in time square. i'm andrew ross sorkin take a look at futures on this morning. the s&p 500 up about 20 points your treasury yields right now looking at the ten-year note sitting just around 3.291. you're looking at energy right

now, wti crude, it's going to cost you $87.51 per barrel and crypto, you're looking at bitcoin now moving higher. you mentioned it last week, it was down under -- >> 18 five. >> now 22,000. it has moved higher along with this big merge >> uh-huh. >> expectation. >> get to dom chu. it wasn't golf, dom, it was a 19-year-old phenom who i think we're going to talk about this guy for 20 years, i would say, minimum. >> i think absolutely. 20 years at a minimum. i mean, projections are always tough. but i would say -- >> about the future, anyway. >> exactly, right. i will get to that in a second we're taking a look at some of the notable analyst calls out this morning

we'll start with shares of adobe. they're down a percent or so the software maker is getting cut to neutral by analysts the target price goes to 440 bucks. it was 480 before. th they think that estimates are too high so they're going to cut that rate into a more hold-type situation. you have shares of newmont shares they have analyst coverage with a buy rating they cited expectations for the start-up of new mining projects, more stable operations from a regulatory perspective giving its concentration in in north america and australia. so those shares up 2% now. and roblox is down a percent

they had an under perform rating it's a $31 price target. they cited roblox's high competition. so, joe, those roblox shares, they've been on a roller coaster. now getting a sell rating in essence. guys >> yeah, okay. 23, right? >> i think that there's a lot of promise i think for the young folks out there given what's happening with the entire game and everything. >> roblox is on the show today. >> roblox -- i'll tell you what -- >> the ceo. >> yes and the reason why i think it's important if you want to take a look at what's going to happen with the younger generation, the metaverse and everything else generationally speaking with regard to how things will develop from a gaming and entertainment perspective, roblox is part of that story, but how are the other players

going to factor into that? so there's a lot of dynamism is the best way to put it with regard to how this develops. and i don't think a lot of people know what's going to happen in the next 10 or 15 years. roblox, it's a play today, i guess, on what's going to happen in the future. some folks out there still think it's too highly valued for what's going to happen given the competition. >> big sports day yesterday. >> i watched the pittsburgh steelers and cincinnati bengals. nobody wanted to win that game. >> i was going to say that the bengals are still the bengals and i don't mean last year's bengals the bengals that i know. they just are. >> everyone thought they won that game as soon as ja'marr chase caught that touchdown with four seconds by the way, mcpherson was solid all last year. >> i know. he's a big talker. maybe talk less.

the same could be said for a lot of people. but the giants, they broke the mold that was good. but tom brady, it's just -- but dallas if i were jerry jones, i think i might just fire everybody at this point you can't win -- you can't even score a touchdown, pathetic. >> and your quarterback goes down with an injury. >> thanks. >> you got it. >> america's team. we have the head of investment strategy at sofi. how are you feeling about things it was an upswing to the markets and we're indicated higher this morning too. >> well, i think what's happening right now is that the market is anticipating what is expected to be a negative month over month cpi number tomorrow which would be the first negative number we've seen since may of 2020. no matter how small the negative is, it's still a big deal. if we get cpi numbers that are

within expectations or below expectations tomorrow, then we're two-thirds of the way through confirming a trend downward so anticipating some of that how i'm feeling in general over the next let's call it 30 to 60 days is that the vix is probably stuck in this range for a little while until we can get confirmation of that trend that things are slowing and we get past maybe one more big fed hike what that means about the vix being in this range is that it's tough for the market to really break above a certain level and really break below a certain level. we're probably going to chop along a little bit here. but i would still be ready to deploy cash. i am not one of the big bears. >> we're worried about inflation. we're worried about the fed's reaction to that inflation what about just the idea of how companies earnings are going to start looking in this new earnings season? margins are getting compressed on a lot of sides. do earnings estimates have to come down? >> i think they do need to come

down look, everybody has been warning about earnings estimates coming down for months and we've been really early or wrong. they haven't really come down. if you look at the expectation for 2023 earnings on the s&p, about $244 a share, they would really only have to get resized down by about 6% to show no growth year or year. even if we got to flat year over year, that's not a great trajectory for earnings. the concerning part would be if earnings get revised down about 10 to 15%, we've already been revised down about 3% for 2023, if we get to that 10 to 15% range, that's where it gets difficult to stay out of a recession. but it's very possible that they don't go down that far because profit margins, yes, are being squeezed but we started this with pretty high profit margins to begin with >> if everybody is talking about it, has that idea that earnings need to get brought down, has that already worked its way through with the markets with

the lows we've seen recently i think the first wave of it worked its way through markets and what happened was a lot of leadership, ceos came out, lowered the guidance, and then we beat those expectations, the market continues to get tricked by this. we lower the bar and we beat it and everybody gets excited we made it through the first wave unscathed i think there's a second wave to come which could cause some volatility in october in particular >> liz, you think it's maybe time to start putting some cash to work. what would really catch your attention? if you're talking about the cpi numbers maybe coming in a little less hot than anticipated, we've kind of built that in over the next few days. is this going to sell -- buy on the rumor, sell on the news sort of situation what do you anticipate the rest of this week >> i think, first of all, what we have to think about is, how much are investors really willing to pay for safety in this environment and what does that safety look like.

just on a traditional sector basis, safe sectors are utilities and staples. i feel like those pretty rich right now which really diminishes their ability to protect in a portfolio which is why i would say, hold on to your cash if you have it, but be ready to deploy it and the next question is, how much are investors will to pay for growth and willing to pay for earnings if you look at sectors like health care, that can offer you growth and it's trading at a multiple that's below the index. a much more attractive evaluation and a growth sector like communications also trading at a multiple below the index. not trading at that valuation like tech is where i still think there's vulnerability for a pullback i would look at those two sectors. in the sort term, i would look at the two-year treasury if we get an inflation number that's lower than we expect or on the right trajectory, you might see that come down you also see that come down as more fear comes in.

>> the two year is above 2.5%. liz, thanks, it's great to see you. >> thank you. coming up the company at the center of an effort to better track firearm sales. we're going to speak to the ceo of the bank next "squawk box" coming right back >> announcer: "squawk box" is sponsored by bit-wise. the world's leader in world crypto funds it takes a lot of energy to keep a block chain running smoothly it's an issue that the industry has been working on for years. but there's good news on the horizon. in september ethereum, the world's second largest block chain will go through an upgrade that will cut its carbon usage

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♪ welcome back to "squawk box. in the united states, retailers have a code that's attached to credit card transactions at movie theaters, bike stores, hair salons. but up until now, not for gun stores but that's about to change i reported four years ago that the majority of the deadliest mass shootings in america were the result of guns bought with credit cards many of the shooters needed the credit to afford the guns and they found clear buying patterns

ahead of them. credit card companies weren't about to flag those purchases. we talked about a new category code forgun stores amalgamated bank spent the past year behind the scenes and made a formal proposal to do it and this year it happened on friday after a fierce battle. they received a letter confirming the international standards organization voted in favor to create a special code for gun stores visa and mastercard saying they'll implement that code over the weekend. first is the ceo priscilla sims brown. congratulations to you on what i know has been a long battle that you have been involved in. >> thank you. >> let's talk about it because it has been a battle for you. you made an application to do this earlier in the year it was rejected. you went back at it and then you got the support of all sorts of politicians around the country, attorneys generals, and others, pension funds who actually sent letters to those -- to some of the credit card companies asking

them to disclose their position on it. what do you think really moved the needle this time >> i think it was awareness. i think most people had no idea that every single merchant category in the country, in fact, in the world, this is a global standard, had a merchant category code expect firearms dealers. >> how big of a deal is this and what are the implications? >> i think it's a big deal i think it will save lives and that's pretty exciting what has to happens next now that the three credit card companies have said they will enact the code, the next thing that has to happen is that merchant banks have to actually utilize the code and that means disaggregating the codes they currently have for these firearm stores which are either miscellaneous or sporting goods. >> what do you tell those viewers -- we were talking about it downstairs earlier who say,

look, i don't want to be tracked. i don't like the idea of tracking me and that they -- there are some people who could say, this goes against the second amendment what do you tell those people? >> first of all, we don't track. tracking is illegal and it's also inappropriate we cannot see what is being purchased in the store we only know that the purchases have been made that's the first thing i would say. secondly, i would say bookstores, political organizations, religious organizations, all of these have merchant codes and we have free speech rights in this country. nobody is complaining about the loss of those free speech rights by tracking those. we don't track -- >> for this to work, if you will, and when -- i think we all want to save lives i have children. a lot of people have children, teachers, americans, everybody wants this to work in that regard there's some form of tracking that needs to go on because what you want is those suspicious

patterns, buying patterns to be identified in advance and for somebody to get a phone call. >> that's right. so it happens two ways one is, we can reverse engineer a crime. we can reverse engineer what happened in mass shootings, what has happened with proliferation of guns on the streets, right, and we can create algorithms that help detect those patterns. secondly, we can think about what people might do and create these patterns >> right. >> once these algorithms are created and we detect the suspicious activity has occurred, it's incumbent upon us, it's our obligation to make sure that that activity is not happening on our rails so we report to fin -- >> but they have to take that information and call the local police authority or the fbi in that local district, right

>> yes. >> and then they have to, actually, go make a phone call or do something else. >> or determine that the suspicious activity we're reporting follows another program they're looking at or fits a mosaic that they've developed and then react to it. >> right. >> that's their part of the job. >> the other side of this says, well, people -- if they don't buy guns with cash already, they will in the future what do you say to that? >> it takes a village. i mean, look, cash purchases may be happening today actually, they are and may be to a great degree i see that a lot of people talk about that on the web and cash purchases will happen in the future what i hope is that if you are running a firearms dealer business and you see someone come in with $10,000 or $20,000 in cash to make purchases of guns and ammunition, hopefully that sparks your interest and

you see it as suspicious and you react accordingly. i'm only obligated and able to control what happens across my rails. >> what do you think about the prospect of liability for banks. i remember when i first started talking about this four years ago and i called up the ceos of the biggest bank of america, they would say, andrew, i like the idea i wish it could happen in many ways, but the truth is, right now we have no livelihood. no one is going to sue us if there's a mass shooting because they don't think we could see. they don't think that we're trying once we start trying, if we miss it, there might be a suit against us and you could see that as a real fear at that time. >> yeah. i think people seem to be forgetting all that we do today. remember that we are using these algorithms today you get a notification, a text message when your credit card may have been used the wrong

way. you then write back, you text back a yes or a no, i did it or i didn't make that charge. so we're using detection methods today. we use them to detect all sorts of crime, whether that is human trafficking, which i'm really extremely proud of our industry for doing, it can be other financial crimes like money-laundering, we're doing all of this today. there's nothing about this that is unusual the lawsuits that you're open to, you're open to today in other forms of crime. >> and then the other argument has been around the big box retailer, somebody who sells multiple types of products, maybe they sell tents and fishing rods but they also sell guns and the distinction which won't really be made through what's called a merchant category code because the actual product item data is never transferred to the bank itself. >> that's right. we don't see that. but the good news on that score is that many of these big box --

in fact, i think all of them, have a separate room, separate area for firearm sales,separat cash registers to use for those sales. that can have a separate merchant code, separate from the store. we do it today if you go to a large store that is both a convenience store and a pharmacy, you will have a separate merchant category code for that pharmacy or the florist inside of the store. it's no different. >> we look forward to following your progress, watching what happens as this continues. >> and thank you for introducing this topic. >> thank you so much. becky? >> andrew, thank you. when we come back, the ceo of restaurant brands, that's the company behind the fast food famous like popeyes, burger king and firehouse subs, will join us to occupy inflation.

dow futures right now indicated up s&p up by just over 21 points. "squawk box" will be right back.

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burger king announcing a $400 million investment in revitalizing stores, advertising and digital in an effort to accelerate growth. burger kings is part of the restaurant brands portfolio. and joining us right now is jose cil, he is restaurant brands' ceo. jose, thanks for being here today. it's good to see you and talk about some of these big moves. >> thanks for having me. great to spend a few minutes with you guys. >> the thing that caught my attention is $400 million. 150 million of that is for advertising and digital spend. that's a big move to be taking at a time when people are worried about us heading into a recession. generally, that's when you see people pull back on advertising. why are you making these moves

>> we're very proud of the work that our team has done alongside franchisees and we believe in the burger king brand. the investment that we're making is essentially confirmation in our conviction that there's tremendous opportunity here. it's the right time to do it we have the right teams, right plan we had north of 90% -- actually well north of 90% support from our franchisees last week in las vegas behind the plan and the investments and they're coinvesting as well in advertising down the road. there's a lot of positive energy here and we believe this is the right moment to invest in our guests and team members and to just invest with future growth of burger king in the u.s. >> the biggest chunk of the money, $250 million, is going for things like kitchen revamps. >> the thing that's unique about

this plan for us, we've spent time working with our franchisees, working bottom up, side by side, franchise by franchise, city by city, identifying opportunities by restaurants and what investments are necessary to be able to move that restaurant forward. in some cases, it's a kitchen upgrade, some cases it's digital upgrades in some cases, we would rebuild the restaurant and so we're making big investments into the business because we believe it's the right time to do so and we believe it's an opportunity for top-line growth. it's consistent with what we talked about in the past within our business, we have flexibility to invest in our business, and we invested in m&a as well. based on the combination of great teams, great franchise engagement and a strong plan, this is a strong use of our cash to be able to invest back in the

business >> youvurát■áhu)u$ the way the burgers taste, right? the flame broiled taste -- >> it's not only the flame-broiled taste. we flame grill in our restaurants. it's a unique element of the burger king brand and we're doubling down on some of these historical equities, have it your way, these are things that have been part of the burger king brand since 1954 and we believe now is a time to invest and double down on those really strong, historical brand equities. >> jose, how are you doing in terms of finding employees, how much you're paying them, and what do you think about this new california law that is going to require fast food restaurants to pay their workers a much higher minimum wage >> well, we certainly saw a lot of challenges over the last couple years in the u.s. in particular around staffing and labor challenges we saw an improvement in the back half of' '21

'22, it's gotten better as well. we're creating the right support for our franchisees so they can have awesome experiences for their team members it's around training, development, upward mobility and creating job opportunities for team members we launched an employee value proposition with our teams at burger king here in the u.s. about nine months ago and that's helping our team recruit more folks, retain them and keep them engaged in the business -- >> is it a problem for you to pay $22 an hour in california? will you change any of the ways you do business there as a result >> i think there's fundamental errors in the act in california that's been submitted. it's targeted unfairly to our industry, to the fast -- the quick service or the limited service industry and i think there's also some carveouts that are a bit odd as

it relates to baked goods and table service and these sorts of things i'm all for and we support tremendously with our franchisees, we support having engaged team members, good working environment, the right compensation and benefits. but we think it should be the same for everyone and we're working hard with our franchisees in california as we are across the country to create excellent environments for our team members that's what gets experience. having an engaged workforce that creates a really positive environment for the guest. >> if the bill goes through, would you go ahead and have your franchisees raise wages to $22 or would some of them do things like offer table service so they didn't have to do that >> we always comply with local and state regulations as well as federal. we would work within whatever environment we have whether it be california or elsewhere actually, across the country there are many markets that are high wage markets like

switzerland, netherlands and we operate well we have superengaged team members. so i'm certain we can operate profitably -- >> you wouldn't change any of the ways you do business to fit into some of the carveouts, that's not an option >> we would look at all situations and scenarios but at this point, we're focused on delivers under the current environment. >> jose, you had better than expected earnings last month in part because you were able to raise prices to keep up with the inflationary prices you've been dealing with, higher freight costs, higher food costs will you have to raise prices again or are you okay with any additional costs at this point just from the prices you've already raised. >> we're looking at this, becky. we look at input costs, competition. we look at the consumer situation. we test price constantly to make

sure we're reasonable. but at the same time we're managing the profitability of the franchise owners and so we'll continue to do that, monitor it closely and stay on top of it but not get too far ahead of the consumer. i think the one unique thing that's happening in today's environment here in the u.s. is that food at home is rising at a higher rate than food as restaurants. and so we think we're well positioned to be able to continue to drive an everyday good value for consumers even in the higher inflationary environment and maintain that edge at this point. >> jose cil is the ceo of restaurant brands. thank you, jose. >> thank you so much coming up, will the uk's plan to cap energy bills lead to other problems in europe's economy like blackouts we're going to talk about the plan to prop up energy there and whether or not supplies will run dry. and a reminder, the best of "squawk box" in our daily podcast. there's a qr code on the bottom

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triple digits on the dow up maybe double that earlier but after last week, extending some of the positive momentum that we saw in the averages and a development this morning in the elon musk twitter legal battle the social media company says payments made to a whistle-blower did not breach any conditions of its $44 billion buyout with musk the tesla ceo has cited that payment as another reason that he should be allowed to scrap the deal a billionaire activist investor dan lobe backing up from pushing disney to spin-off espn he says he has a better understanding for the product's potential for growth he said he looks forward to seeing how espn executes on its growth plans he disclosed his $1 billion stake in august.

he's apparently decided he is satisfied with the plan. of course, we were talking earlier, part of that plan was to try to get gaming revenue and i think part of his viewpoint was that couldn't capture that gaming revenue if they were part of disney. it's a family-oriented company there may be a view that gaming is in the -- >> it's certainly been picked up by a lot of places that were opposed to it in the past. the nfl, all of these places embracing it like they never have before. >> if they're going to be the head of the metaverse, right, they're trying to figure out all the synergy here would it be possible for me to play a game against a virtual alcaraz from yesterday -- >> can i take the other side of that >> i could learn how to play

tennis without moving my feet. that's a whole new -- >> we have to move your feet a little too >> it's not in the metaverse >> i have a different question -- >> pickleball for you. >> is disney too late. >> i like pickleball. >> for gambling? >> for gambling. >> all the money that's already thrown into this space -- >> do you acquire one? do you build your own? >> if you build it into the sports coverage you already have, that would be a pretty -- >> is that enough? i don't know does that get you there? a lot of money has been thrown at this business in the past year or two and part of it has been all this free money -- >> customer acquisition is

ridiculously expensive. >> we're talking about the '70s. i was thinking, you used to have to carry change -- remember the pay phones and all of a sudden the future came with a little pager where you would see a number to call back but you had -- the world is so different what's the metaverse gambling world going to look like in ten years? do you have an idea? when everything converges -- >> i'm convinced that the metaverse is like gaming now when people say they're going to live in the metaverse, they're not living in metaverse. in the same way they watch tv for several hours a game where they end up playing games for several hours a day. it's going to be a combination of being there and it will be a more immersive version of it -- >> i don't think you feel like you're in the metaverse. but it is if you don't feel like you're in the metaverse. if it's just incorporated -- >> talk about offices, going to

conferences, travel. i think that's where it becomes -- >> you had me believing we would be big and fat and never leaving the chair. people are going to intravenously feed me -- >> that's not how i see it. >> i thought that's how you see it and you told me you mothought i was a boomer for not realizing that's what we're doing. here we are. >> the new normal is the same as the old normal, don't you think, eventually >> about offices >> all this stuff. >> i'm not changing -- >> nobody else -- >> i think the office thing is a totally shifted business forever. >> really? >> yeah. i think this may not be. but this is i think actually -- >> there's a lot of jobs that are physical jobs where you have to physically go there but there's a lot of jobs that are not. >> bad news for the commercial real estate people.

>> terrible. they disagree with me vehemently. >> think about my idea for the -- >> which one >> for the irs guys, to combine everything the irs guys go out, check for guns, they enforce vaccine mandates, they garner your wages, they do -- all in one beautiful totalitarian -- i mean, you need to write a column trying to merge all these things together are you going to take me to heart for that >> no. no, i think it's crazy -- >> what about the synergy? >> i think that's the craziest thing i've heard 87,000 agents checks for guns and ammo -- >> nobody is arguing against second amendment rights. nobody has argued for any of this >> i would just say this, i'm not for defunding the police i don't think you're for defunding the police i think you care about law and

order in this country and it's ridiculous to have laws in this country if we're not going to enforce them, full-stop. >> okay. i'm not -- like i said -- >> i'm okay with the irs making sure people are following the rules. >> with w-2 earners, i'm not worried about that i didn't do anything wrong the first time and it was a bad six months of my life dealing with those people. >> but i understand the no broken windows theory. >> utiyou realize that, anybodyh gets stopped by a cop who shouldn't have been stopped by a cop says that. >> i didn't last six months? >> minorities in this country who get stopped by the police on the street who shouldn't be have horrific experiences and they will say they should not be stopped. i would tell you that maybe they should be stopped, maybe they shouldn't be stopped but the point is, we should

police people in this country because we have laws in this country. if we've decided that we've just given up completely, then give up on everything but i think it's ridiculous to sit around and say for taxes, everybody should be able to do whatever they want, but for everybody else, they shouldn't when we come back, we're going to talk esg, energy price caps and much more

my dad was a hard worker. he used to do side jobs installing windows, charging something like a hundred bucks a window when other guys were charging four to five-hundred bucks. he just didn't wanna do that. he was proud of the price he was charging. ♪♪ my dad instilled in me, always put the people before the money. be proud of offering a good product at a fair price. i think he'd be extremely proud of me, yeah. ♪♪

the plan to cap the cost of energy to combat record high prices acr the energy intelligence head of global oil. i wonder, do both of you gentlemen either think this is a great idea or do you think it's one of these good intentions and do we know where the path usually leads. jonathan, why don't you start? consumers may need some help, but nothing is free. >> you're absolutely right, joe. nothing is free, and this is going to prevent the ultimate bill hacking by someone in this case what the uk government has put in place will mean that taxpayers will be funding the difference of the cap of 2.5 thousand pounds for the average

household for years' worth of gas and that's just under $3,000 for the next couple of years and taxpayers will pay the difference between that and what the market prices are which in the final course of this year were predicted to be over 3.5 thousand pounds and i'm sympathetic to the challenge that hardworking families are facing during this difficult winter ahead of us. >> i can figure out a way to make that sound on face value like something you can do. the taxes could be paid by people who can afford to pay taxes and you can subsidize people that need to have their homes heated and need on the low end of the scale, you can almost be like a transfer payment and we do that all of the time, but do the market dynamics get messed up by this and will we exacerbate the high prices in

the long run from supply/demand dynamics >> that's a good question. i agree with what jonathan said, but it's part of the difficulty i have with this is that this is kind of a payment for everybody, right? it's not targeted towards the most needy it's a handout to everybody, and jonathan's right ultimately the taxpayers will have to pay for it and again, that burden will fall across the board. the one other challenge is what was not announced is any sort of a targeted conservation effort so you could have the subsidized electricity bills and everyone is consuming energy and power and that could exacerbate that problem and make that bill much, much higher than the number that's talked about right now. $120 billion pounds including

small businesses that number could be a lot higher prices shoot up into the winter and the spring >> jonathan, the latest, and i couldn't help, but look at the backdrop in terms of fundamentals and when you read russian troops on the run, i'm sure that's not going to be taken in stride by vladimir putin, and i wonder if this makes it less likely that nord stream re-opens or stays consistently supplying and they're talking about what does he do about what weapons are at his disposal, but this is going to be a weapon, and i wonder once you go down this road of subsidizing it it can get expensive. >> i think you're absolutely right. we've seen an explicit statement from the russian government about nord stream closed about the sanctions direct or indirect are removed and these magical oil spills and the mechanical

oil is popping up and they're clearer in explaining what they're doing. you're right the longer term need here is to diversify the mix of supply and that's where the uk government is on trying to be on the renewables by 2025 with the johnson government planned the nuclear capacity, and what i think i agree with the new chancellor in his statement for march of this year that no amounts of shale gas drilling in england's queen and present lands will make the difference to the global price of oil and gas and clearly, diversifying supply will come through the mechanisms including dependency on britain's longest-founding partner with lng experts and ultimately, supply is one part of it and demand is the other

and that's where my colleague on the other line is right. we have to see more focus on energy efficiency and bring in basically demand constraints which removing the price doesn't help the other small points i mentioned is that there are disagreements around the right funding mechanism for this support and if you go back to the last time we had oil prices that are around the high 80s in 2007 and 2008. it was governor palin in alaska who put forward alaska's clear and equitable share which signed into law which had an incremental tax rate that the oil price went above $52 a barrel you will see elected officials of all parties look at whether additional tax rates on the end beneficiaries of increased crisis with gas companies themselves is where some of this

will ultimately have to be paid for. >> do you have a five-step plan for individual countries is what the world needses to do and wer addicted to cheap energy and i don't know where this will come from >> i think conservation and efficiency has to be number one or two on that list, trying to re-start supplies for gas or a base load energy is going to be critical for the next couple of years and that's going to mean increasing coal supply and coal usage which you've seen across europe and that will be needed to bridge that gap because you will need it for the medium to long term transition the financial and fiscal part of it is critical on that list and who pays for all of those and the size of the bailout is at a

minimum, the amount of the bank bailout of the financial crisis to all of the british banks. so it's a sizeable bailout which could be much, much higher and you can need more bailouts over the next couple of years to get things back to normal. so figuring out how to pay that bill is going to be critical, as well >> all right gentlemen, i want to thank you both, and time will tell thank you. >> thank you coming up, a member of the white house council of economic adviser heather boushey will be here to give us her take on inflation and the fed and later the ceo of roblox will be here to talk gaming and so much more. take a look at the futures we are in the green and the dow above 135 points and we'll get key inflation data tomorrow. "squawk box" will be right back.

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inflation. in just a few minutes we'll speak to a key member of the white house of council of economic advisers. >> and advertising in the metaverse. you knew it was coming we'll ask the ceo of roblox just what it's going to look like the final hour of "squawk box" begins right now ♪ ♪ good morning and welcome to "squawk box" on cnbc live from the nasdaq marketsite in times square i'm jeff kerner with andrew ross sorkin, and after snapping the three-week losing streak last week and we're continuing to add to the gains this morning we'll see what happens throughout the session treasurys this morning 3:30 or so on the ten-year it hasn't been the story of the day. 3:27 this morning.

bitcoin back above 22,000 and oil a little bit firmer. both are kind of -- i don't know, viewed as risk on which could help support maybe equities we'll see. >> let's get you caught up on some of the stories that investors are likely to be talking about today. first up, check out shares of bristol-myers squibb on the approval for a drug for adults with psoriasis it could become a new standard of care for that disease the stock, believe it or not, up 3.9% and that's a big jump for the stock. the white house is reportedly planning to expand export restrictions for u.s. chips bound for china. according to reuters, the new measures are aimed at chips used in artificial intelligence technology it will be similar to restrictions that will be issued earlier this year for the likes of kla, lam research and applied materials and reuters adds that

the new rules will codify restrictions sent last month nvidia and certain ai chips to china. kla, lam and applied materials are lower and nvidia and advanced micro are higher and j.p. morgan is buying payments to help battle other players like stripe and block. the exact terms of the deal are unclear and j.p. morgan did say that the purchase would roll out new offerings to merchants let's get back to the markets right now with major averages for the first week in a month. cnbc senior commentator mike santoli joins us and it looks than the last four or five trading sessions. >> what it's accomplished is it's reinforced this idea that that's somewhat above the june lows if you look at the s&p 500 index fund on a year to date basis we

sort of bottomed in the 3900 area and that was also around the may lows so you get this look of a somewhat higher low. the issue is for about four months this market's been capped roughly around 4200 and that's 420 on the s&p 500 index fund and you see this trading range until proven otherwise and it's encouraging and you see how the stock market got in tune with roughly where the fed destination is at this point and we priceded a .75% hike. leadership has been interesting. utilities on a year to date basis making new highs and that's not the standard way you would expect a bull market leadership profile to look and that's been one of the knocks and however, i'll point at industrials and they're outperforming the s&p and that does not necessarily say global slowdown and it's the consumer cyclicals and housing related that have had a higher time and

there's been this storyline for a long time. what's interesting right now this is the ten-year note yield against the nasdaq 100 i've been arguing for over a year, it's not the whole story and yields up and yields are up below the highs in june. i don't know if there is a resistance, and we haven't made new highs and inflation expectation in the market have been coming down and there's been some valuation and rationalization in the large cap growth stocks and it's an interesting relationship that seems to be evolving. >> i was talking to someone earlier this morning trying to figure out if we are watching stock futures pick up on the expectation that we'll get softer or cooler inflation numbers that we haven't seen in the past is that a situation where people buy the rumors and sell the news

where the cpi can come in better than the expect eggs and just based on the whisper numbers that are out there >> clearly, that will be tested tomorrow and almost all of the leading indicators of inflation have been moving in a pretty welcome direction lower, and that's getting priced in that direction. what's the market? it's what people have in mind in terms of a positive reading and we'll have to see and the components of it and we know what energy has done and that's not a lot of suspense there, but everything else we'll have to see. by the way, how the dollar responds and whether or not we have to reprice the fed expectations based on inflation is probably going to be the key. >> mike, thank you we will see you later this morning. >> joining us now for more on the markets is silvia, defiance etfs, good morning to you, and we've seen the market sort of move here this morning with some

green on the screen, and i'm curious how you're thinking about positioning things ahead of the week. >> good morning, andrew. great to be here this morning. yeah, i think friday was certainly a welcome move for the markets and it looks like it's going to continue today, and i take that as perhaps investors think that the cpi numbers will be better than expected and it will lead to favorable moves in the equity market and it's kind of hard to call that, and inflation is headed in the right direction and i can think that's priced into the market and we are where we expect these things to happen and perhaps the market gains footing and the s&p is trading to the 100-day moving average and slightly so and they're about the same, and that gives us some hope that perhaps june was the low of the markets

and it looks like broad participation today and perhaps we're stabling out here. >> what's the expect egg of not just this rate hike, but possibly the next opportunity for the fed? >> yeah, so you know, i think after this we'll be two-thirds of the way done in terms of inflation reading and we'll have one more before the fed can say we have three reads now and inflation is headed downward and some of the other numbers are softening whether it's job or wage increases and if the data continues to be supportive, then the fed does another tw25 bits r so and it seems like what they're doing is working -- >> silvia, what's the chance that the professional markets are professional optimisting a month ago there was a view that the -- i shouldn't say a

month ago, in july, they said inflation was coming down and then they got the hard reality that yes, it will continue, and why shouldn't he >> yeah. i mean f you listen to everything he's saying the biggest risk to the market is that he could very well continue, right? he may say, you know -- >> but -- silvia, isn't that the better bet at this point in the ball game? to actually think that we will have interest rates -- -- interest rates that we will have inflation under control in two months i don't see it and i don't know any economists who see that either, actually >> yeah. i don't think we'll have it under control in two months and i do think the data will soften enough and slamming their foot on the gas pedal and doing more hikes in the year to crash the economy is the goal either, and i do think there will be a middle ground lear and i do expect a rate hike, and i do think that they'll take a pause

because some of the data is softening enough where there is this reality that perhaps what they're doing is working, right? it remains to be seen and you want to see what happens with jobs and you want to see what happens with earnings and wages and the price of gas and what happens in the winter with the eu and if we get a recession there. there are these outside factors that could impact our growth and put us into a recession more quickly beyond the fed hike. so although the markets absorb the rate hikes well and absorb inflation well that's not necessarily going to continue and i think he has to be mindful of that. >> if you're right and you're playing the etf game, what are the etfs that you'd actually buy? >> yeah. i think for long term investors, to your point, everyone is an eternal optimist and for the long term that's the right way to be and we keep hearing everyone say that now and you can look at the tech etfs out there.

i like semiconductors and i like tech and some of the names that are beaten up there so i'll focus on some of my interest there. i think that those names have been beaten up and they're part of the future in terms of innovation, secular trends and artificial intelligence and quantum competing and these are all great areas to look at i think they're expected to get 53% this year and 93% are covid levels and you have some good names there and looking at airline travel and etfs are interesting. >> silvia, good to see you appreciate it. >> coming up, we'll have an exclusive interview with the ceo of roblox on advertising rollout plans and key questions on ad targeting and next, heather unteouy from the whi hse cocil of economic advisers stay tuned you're watching "squawk box" on cnbc [watch: heart monitor connected.]

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both will be key factors in the fed's interest rate decision joining us now is white house economist heather boushey and she's part of the president's economic council of advisers heather, it's good to have you on what are you expecting there will be at least it's expected that we see some moderation in the hot -- previously hot inflation numbers that we saw. what are you expecting >> well, certainly i don't have a precise crystal ball, but here's what we know, first of all, last month in the prior print we saw that inflation did not increase over the month although it remains too high at over 8%. what we're expecting this week is that because gas prices will continue to fall around the country. in fact, gas prices are down 25% relative to the june peaks and because energy is such an important part of the rise in prices that families have seen over the past year, that should

have a moderating effect on the price changes that we see the president has said that addressing inflation is his number one priority and we're watching this closely and we're happy to see this change in gas prices that has been so important for family budgets over the past few months >> if you did a pie chart, hethserhe heath heather came from i don't know if we would draw the same pie, would you say it was part of the pandemic of too many dollars chasing supply chain goods maybe that's part of it. maybe vladimir putin would be another part of it and there are many things that go into inflation and what steps are you seeing that president biden took to effectively try to help here,

what steps will you take credit for not being as hot as it was >> certainly so the president is focused on rising prices and he has been for quite some time. so let's take a few steps here we have high prices in the united states as well as globally because our economies are emerging from this historic pandemic that up ended global supply chains and it caused all sorts of bottlenecks and that was the route of the problem and of course, adding fuel to that fire was putin's unprovoked fuel to ukraine that up ended global food markets and those are some of the roots of the problem and what the president has been focused on is first and focused all of last year on making sure that we fixed all of the challenges that he could fix in terms ever supply chain making sure that we get goods back to

shelves and wait times at ports are back to pre-pandemic levels in some cases. so these are all very good news and the president is focused on making sure to do what he could to get gas prices back down and that included these historic releases from the petroleum reserve and it included using his bully pulpit to say to refiners as global oil prices started to come back down that those prices were reflected at the pump and that's one of the reasons yes weave've been happy see the last 24 months and that means the typical family is saving -- the typical driver, i should say is saving $67 a month just on gas prices alone so this is a problem with multiple causes that really, you know, these are some of the big ones >> we have about two minutes left and what i was getting at with the pie chart question is

in the meantime we've seen the c.h.i.p.s act and what's called the inflation reduction act which does maybe it was going to reduce the deficit and therefore you could claim somewhat tenuously, and then you add the student loan forgiveness and left-leaning economists would have a deficit savings there and are not only wiped out and you're adding quite a bit to the deficit depending on what you learned from student loans so the administration has not stopped spending in any way, shape or form. >> so -- >> -- but if you did believe that there was too much that we spent. >> let's be clear, though, let's be very, very clear. >> we've doubled down. >> we've had a historic decrease in the federal deficit $1.7 trillion decrease in the deficit last year and that is a remarkable accomplishment and that's inconsistent with what we

just said so let's also look at the investments that the president is making and as i noted the inflation that we were seeing today not just in the united states and frglobally and it is the fragility of the supply chains and the way the market is working and that's how the president's agenda is working that we fix some of these deeper issues and it's why we've been investing in infrastructure and why the inflation reduction act will address specific points facing families this act -- >> since we don't have a lot of time, i just want to ask you, do you ascribe to the notion that since we did not spend a lot of money on pandemic-related things and you know full well that's why it's $1.7 trillion less because we didn't have to pspen it on -- >> no, it's because we saw an increase. >> that's money you can spend on student loan forgiveness and we

have $1.7 million -- >> that's not real money to spend. >> the decrease in the deficit is because we got the economy back on track. >> okay. after a pandemic >> everything came back because we got vaccines distributed and because businesses were able to get back to work and because people were able to get back to force. we now have the labor force participation rate back to where it was pre-pandemic and that means that the government has that revenue coming in and it means that some of the pandemic relief and those needs have been abating and that is the crux of the issue there in terms of why this deficit came down and that is a remarkable accomplishment and that was not a foregone conclusion this is a robust economy -- >> is it how you're paying for the student forgiveness? that it's paid for >> remember that the student loans pause went into effect in the beginning of the pandemic so that those kids and adults that are in the labor market who were struggling during the pandemic

did not have to pay back their loans. the steps that the president has just taken means that that pause is extending for a few more months and that's not changing the amount of money flowing through the economy this month it is saying that that pause will continue and then those debts -- some of those debts will be forgiven up to 10,000 or 20,000 depending on your circumstances, but that will affect the economy over time and economists agree that that is not likely to have a significant effect on near-term inflation. >> heather boushey, that was a long two minutes, but it was worth it thanks good to have you on this morning. >> thank you coming up, we will speak with cantor fitzgerald howard lutnick as the nioatn marks 21 years since the 9/11 attacks stay tuned more "squawk box" after the break. what you can't see.

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the weakest american borrowers are starting to miss payments and default on their loans and that's showing up in an unexpected place. joining us now is cnbc.com banking reporter hugh sonn and goldman's apple card business as a surprising subprime problem. tell us about it, hugh. >> hey, joe. it's a bit surprising. if you were to talk about goldman sachs and apple card,

you might assume that they would focus on a higher end user, and you know, that's not the case. we took a look at their portfolio, fully 28% of their users go -- of their loans go to 660 fico scores and that's near prime and subprime and we're beginning to see after this period of really pristine consumer credit, we're beginning to see people fall behind on their payments and we're beginning to see people actually lead into losses and that's when you don't pay forsix months an it becomes a chartoff. we are starting it appear in the credit card industry and that's being goldman sachs. so how does this work, hugh? how far will it make its way in terms of lenders, do you think this is like the canary in the coal mine. does it become more widespread, do you think in other words, are we headed

for a sharper slowdown >> so it's really early in the process. so like i said, we had just basically a pristine credit environment and the likes of which these credit card companies have never really seen in decades and where you saw repayment rates that were, you know, really, really high because people got money sensitive and obviously, they got the pandemic stimulus checks and that fed off the balance sheet. the question is backs has built this really new, you know, nascent consumer business and they're growing really rapidly and they scaled up in consumer retail and if you ask them they're doing the right thing and they're comfortable with what they're taking and re-examining their portfolio and understanding because it's only a two-year average on their users that some of those delinquencies should lower over

time as their book of business gets aged and seasoned by at the same time if they're scaling up in a business ahead of an economic downturn, what's that going to look like? management has said in 2020, look, we'll break even in consumer business by 2022 anda it happens, this year they're projected to lose 1 billion and they're piling money into the credit card reserves so certain leigh it's fair to say than when they started this question >> is that a question of timing in ters of basically a recession coming and it's a question of how bad does the economy get and the weakest american borrowers get stressed and pushed to the edge of default. you have people who are living paycheck to paycheck and at the end of the month they're deciding that they're making the triage decisions about whether

or not they're going to pay off their apple card, and whether or not they'll pay for groceries, gas or anything like that and they'll remain solvent on their other credit timing is a big part of this, but you can argue that goldman sachs is pursuing the correct strategy and clearly they need to diversify away from the wall street businesses. are they going to be the victim of poor timing, i think, is the question >> hugh, thank you when we come back, we will speak exclusively with the ceo of roblox as that company dives into metaverse advertising right now, though, as we head to a break a reminder that you can get the best of "squawk box" in our daily podcast. st a tis a qr code and you can liennyime. we'll be right back.

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♪ ♪ welcome back to "squawk box" this morning i want to talk about gaming and the mita verse roblox has 52 million daily active users and the majority over the age of 13 the company looking to bring in

immersive in the platform beyond virtual goods and roblox stock jumping on that news and joining us with an exclusive interview is roblox ceo david baszucki it is great to see you, david. i think i've told you before when you've been on and you are the one person that we're always so excited about and we live on roblox in the sosrkin household let's talk about it in part because you're moving out of younger kids in terms of the age of them and more importantly, let's look at the advertising piece because that's the next sort of leg of all this. what does that look like in the future >> andrew, thanks for having us on the show and just a couple of highlights coming off of our biggest month ever we can build an amazingly large, interesting, safe and civil business without any advertising, but there's such an enormous opportunities here with

over 4 billion hours of engagement and a foundation of safety and civility to gently layer in connection with the brands that are the users on our platform love and this has been a vision for many, many years, but finally, we're going to have the opportunity with awesome brands like vans and carly kloss. if you want i can go into detde detail >> if users want to jump to the vans experience they'll be able to >> we're showing that on the screen i don't know if you not have opportunity to see that. we're showing the vans experience how will that work in the cost to vans and developers putting

that into their own games. do they capture a piece of that? how does it work >> it is so awesome. these are curated brands that are values-consistent with the player base of roblox. these are futuristic 3d ad units and these are photos where the developers will be able to put in their experiences and we will dynamically allow brands to prevent the experiences. for example, if there is a movie premiere coming up in a few days that movie producer will show that amongst the billboards in roblox for vans, they'll be able to project their experience on to the dynamic ad units and for vans this will most likely be teleport because they have a very interactive experience where players can interact with their products where people can ride skateboards and they'll likely teleport to their experiences and this is another

revenue source for our huge and growing developer base >> david, what's the cost per thousand, the cpm that you charge for advertising in the metaverse. >> this is brand new, and we've seen a history of advertising go from online image, online print to video this is a new ad unit at scale with over $4 billion that has never been done before we know many of the brands on roblox are dedicating 100% to roblox as a place where they share and advertise to their player base, so we're not exactly sure we had an awesome business before this and we do think given the hours, it will be meaningful how do you see it in terms of in-app spending versus the tea

saying a piece the numbers that we forecast with the street and the way we build our business model is based on the current transactional models and i do want to highlight we're building a business outadvertising, that's going to give us a revenue stream and is that set if stone forever would you ever go in terms of younger kids or no we have a long, long history starting with compliance and starting with not targeting younger players and this is consistent with our civil and safe values right now. in the advertising world i think a lot of the potential market is over 13 anyway, so we have no immediate plans to advertise directly to under 13 >> that's what i was going to ask you in terms of this aging up idea.

as, obviously, some of your younger users get older clearly you're trying to spend more time focus them, but how does shift in the type of gaming and the developers that are on the platform what does that look like >> we have one of the most create and of diverse developer groups of any platform in the world. we just came together at our developer conference, some of the most creative people in the world. they're responding as more of the people on roblox are over 13 which is part of our vision of bringing the world together with civility and optimism. they're starting to build experiences that are more applicable to older players and we're doing this in a safe and civil way. our developer routine and groups are growing much, much larger and we're seeing a wider range of experiences on the platform at our developer conference, we announced experienced guidelines

that will give parents more control of the experiences their players see on the platform. so we're optimistic, ultimately, our platform reaches everyone around the world, all ages, all countries. >> what's the difference between how you think to the metaverse to the degree there is a difference and the way mark zuckerberg thinks about the metaverse. we keep having debates around our table here and living in the metaverse in the future and will we all live there and it will be multiple hours a day the way people are living on zoom for work. >> i don't know how mark thinks about the metaverse. we think about it very optimistically we think this is an extension from books to video to interactive. we think many forms of education are going to be much richer when we can jump there with our friends and i use the analogy of studying ancient rome.

it will be interesting to go there together and feel ancient rome i think historically, people have balanced these new technologies and we think what we're building at roblox will ultimately be used many times a day to stay connected. younger people will stay connected with their grandparents y we are prototyping it using it in offices and we view it as ultimately not just a playing tool, but a tool where people learn together, where they work together and where they use roblox as a utility to stay connected. >> right >> how far off are we from interchangeable nfts and the like in your version of the metaverse and be transportable to other places given the fact that people live in a roblox or robucks economy and whether people will be able to transfer

out or transfer in. >> yeah. i think this isn't just going to be us and metaverse platforms. i think brands themselves, for example, nike will play a role in deciding how their virtual goods move from place to place i also think the technology will be constant lily improving and these objects are going to start to be made with real laces and they'll be get and more physically realistic and we technically have a long vision and brands will play a big part in determining that interchange. >> a geea political question, you've schoezen to continue doing business in russia and it's one of your american customers and other western businesses have chose not not to >> we're making almost no money

in russia right now. we have a vision and a mission to bring the world together and to keep people connected in good and bad times and keeping the younger people of russia is part of our vision and mission. >> david, we want to thank you for joining us this morning and always good to see you and we look forward to following your progress >> thank you for having us on the show >> thanks. >> when we come back, cantor fitzgerald ceo howard lutnick will join us live on giving back this year and every year since the 9/11 terror attas.ck we will speak with him next when "squawk box" returns he won eleven majors. it's said he'd show up in a limo after partying all night. on the first tee, he'd ask, “what's the course record?” then he'd hoist the trophy on eighteen. the golf course was his stage. and now, it's yours. walter hagen apparel.

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>> yesterday marked the 21st anniversary of the september 11th attacks this morning we are joined by a very special guest to reflect and the work being done to rebuild new york and help the victims' families. joining us ishoward lutnick of cantor fitzgerald and later this year he'll be hosting annual charity day which has collected $200 million to date for charitable causes around the world. howard, welcome and thank you for being here 21 years ago is a long time, but for everyone who lived through that day and especially those who lost loved ones it's still pretty raw this charity day is a great way to give back why don't you talk about what you've done over the last 21

years with it? >> so on september 11th when it's on a weekend or during the week we get together at the memorial and we get the families together and we put white roses on our loved ones' names and we read their names and show their pic pictures and on the next day we come in and rocket all of our employees around the world they donate their pay. they don't make money and we ask our clients to do as much as they can every penny of revenue we give away, last year we raised $12 million for charity and hopefully this year we'll make more, markets are tough, but maybe we'll get there. >> i know we have special guests who will be there. who are the special appearances this year? >> nicole kidman, keith urban, we have eli manning, sean white.

we've got common we've had 50 cent. so you get movie stars, edie falco, movie stars and the place rocks with energy and enthusiasm and they pick up the phone and do trades and it's amazing, it's exciting and what it does is it turns our employees and our clients to just do more business and that's the whole objective and we give every penny of that away to about 150 charities around the world so cantor fitzgerald and bgc keep it alive and also by doing good and giving it back to our communities where we live and where we breathe any we take care of them >> i am so glad to see you continuing this wonderful, wonderful tradition and to see how it's branch out. you mentioned that this is a tough market and how are you thinking about the markets and the economy these days >> look, the fed, as you heard chairman powell say, the fed's out to keep it going until it

gets the job done or whatever that means and our view is 75 basis points coming on the 21st and another 75 after that, and i think it's going to continue in a tougher way than people expect i think rates are going to be high are than people expect. 14 years of interest rates have taught a whole generation to think low interest rates, but if you're this old and you remember really, really serious interest rates. so rates will be up and they'll stay up for a while until we tame inflation you can't print all these trillions and trillions of dollars and not expect them to go somewhere and they're going in the price of everything >> we had jeremy spiegel on this morning and he thinks the fed is going to have to cut rates this year as you get higher unemployment and concerns about the wobbles in the economy, what

makes you think the fed will get resolve. inflation -- you don't automatically get cuts into a weaker economy just because it's a weaker economy they're attacking inflation and i don't think those trillions of dollars are going away the money supply is big, and when you just pass a bill that's going to have more spending, and it will just keep it going i just think it's too optimistic to say they'll cut rates next year and gee, i think we'll have more low rates so i would disagree. i think rates are going to stay higher through the course of next year. i think we've got high rates going out next year, easy. it's an easy bet for me to take the other side of that >> you don't think the market has reflected enough to this

point or no? >> the problem is the fed would like the equity markets lower. they would like asset prices lower and they would like housing to break all of these things would help inflation decline. i think you'll see single-family housing that will get much weaker as mortgage rates weaker rates continue to rise, i think that's going to calm down and that's been a big driver and equity markets, i think they're going to be relatively stable, maybe a touch weaker, but they're just not -- they're just done going up so there's always the in your face rally when markets just go up, but i think generally speaking, if you come back a year from today, we're going to be relatively steady to where we are now. rates, higher, right hope hopefully inflation will get lower and 2024, you could see balance, but i think it's going to be a turbulent time through 2023 >> we've been talking today just about earnings expectations and whether or not we have to bring those earnings expectations down even further than they've come to this point.

>> it's interesting. in inflationary times, it doesn't mean companies are going to do poorly you've got, for example, one of our companies, we have had 14 years of no rates. finally, we get rates to play with, more trading, more volume, so bgcp is an example of a company that will do really well in this kind of environment. we take companies public we're going to close rumble. cfvi is one of the companies we're going to take public rumble grew to 70 million users this year. there are always pockets of companies that are doing great and growing, and i don't think inflationary times mean companies underperform s sure, the high flyers who are winning for stuff you did at home, they'll have a challenge, because people are going back to work, but i think generally speaking, the companies will perform better than people expect i think you'll see better

earnings >> you've been pretty outspoken with the idea that you think people need to be back in the office how are things zbhoing >> my front office people, you can see them behind me my front office people are all back at work, and my support staff is coming back, because here's my thinking if you're working from home, it doesn't mean you can't do a great job from home. but how are you getting to the next level we all succeeded because our boss walked by us and said, hey, you're a good kid, come with me to this meeting, come with me, i'll teach you the next thing, come work on this next project if you're sitting at home pounding away with your headphones in, in front of your screen, and all you're doing is working alone, you're going to end up getting by passed by those people who are doing business with other people so, get back to work, because you need to be with your boss. you need to be be your other people you work with, so that you can get higher if this generation stays home, they're going to get left

behind, because the next generation's going to come into work, and they're going to get ahead in the old-fashioned way we all got ahead somebody sat next to us, to the left and right, and helped us along the way. so, i encourage people to think about their careers, not think about tomorrow afternoon think about your career, and go to the office, and go work near your boss. if your boss is working from home, go to your boss's home but get together with people, because that's how you get ahead in business. people help each other it's the only way. >> howard, we want to thank you for being with us, and i want to wish you the best of luck with charity day today. $12 million last year. let's hope you top that revenue this year. >> thank you so much really appreciate you guys i'm with howard. i know and it's so -- you can't kiss ass on a zoom call, can you? really >> have you tried? >> no, i've been on zoom, like, twice. isn't i want complicated to get

clicking on all that stuff and then you have to -- what about the volume is there a control >> i think you'd find a way. >> yeah. all right. let's get to cramer. jim cramer joins us from seattle this morning you got the phillies to worry about. are the eagles any good? that wasn't bad yesterday. >> i think the eagles showed weakness in defense. you should be winning bigger the phillies, when we play the braves extensively between now and the end of the season, we're almost done with the easy part of the schedule, so i don't know i think they're both teams that are not headed word, let's say, championship, but they're in the running. >> you never know. you're going to be in the postseason, looks like, three straight >> yes, i think they are but let's talk bengals for a second you have the best receiver, gent jamar chase. you have the best receiver in the league, shouldn't every play

go to him? shouldn't we just throw him everything he never drops it. >> i still think that first half that burrow had, that was based on that outfit he wore to the super bowl he hadn't won the super bowl yet, and he wore that tiger outfit with the hat, and i said, it's over. i think it's still a residual from looking aliklike such a cl with that outfit >> i think it's early. >> okay. all right. >> i think it's early. >> how about the markets, though >> you may disagree. >> jim, are we buying dips or selling rallies at this point? >> i think that we're trying to put in -- i think we've put in the lows for most stocks i think a good example is we have a lot of negative news in the semiconductors and they're not even down yet. they should be down big judging by the news reports. i've got amazon web services today, mostly talking sustainability, but high-performance computing could be good, expedia

>> didn't rain on sorkin out there. >> it's beautiful in seattle >> sorkin this time of year. >> it's beautiful. >> all right, jim. >> yes, it is. don't forget, starbucks tomorrow and costco tomorrow. and tonight, we've got the seahawks don't forget that. >> yeah, we do, against russell. weird, the way that came about we'll see. thanks, jim. we'll see you in a few minutes "squawk box" will be right back. under pressure this is the man you turn to. this is your difference maker.

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i want to take a final check on the markets on this monday morning. we are in the green. looks like the dow would open up about 101 points higher, looking at the nasdaq, up about 63, 64 points and the s&p 500, looking to open about 21 points higher we'll show you the ten-year note right now, it is sitting about 3.279. that's not about that's exactly and then when you look at oil right now, wti crude, if you're buying it by the barrel, $88.23. so, i don't know, should we do a little crypto too? up to $22,000 already after dropping below $19,000 just last week so, that moving as well. >> tomorrow, we've got cpi that's going to be the big number for the market.

>> that's going to be the big number we'll see what happens >> september and october, both coming >> september's already gone almost >> so far, so good we'll see. >> we'll see meantime, make sure you join us tomorrow "squawk on the street" begins right now. ♪ good monday morning, welcome to "squawk on the street." i'm carl with david at the new york stock exchange. cramer is back today in seattle. more on that in a moment in the meantime, futures looking to add to last week's gains as we await cpi tomorrow. we assess this reported progress in ukraine's counteroffensive. nice gain in euro dollar today, big week for industry conferences, a road map begins with stocks in rally mode, eyeing a fourth day of gains, ahead of that key inflation number this week plus, continued chip crackdowns, the white house reported targeting new curbs on semiconductor sales and equipment makers who help yo