>> thank you for all that. we'll see you again. >> thank you >> andrew, we made it. you'll be back here tomorrow >> heck of a day let's see where we end tomorrow, though or really where we end today we'll see what everyone has to say about it tomorrow. >> let's go to that delivering alpha thing tomorrow, do you want to? >> i heard there are going to be good people there. >> make sure you join us "squawk on the street" is next ♪ good tuesday morning welcome to "squawk on the street". i'm carl quintanilla david fraser and jim cramer are back two-year yields seeing their biggest drop since july. they are a little nervous the fed won't wait to assess the rates. a tug-of-war between fed policymakers some are not seeing eye to eye >> chevron and bp are cutting

off oil production in the gulf of mexico as hurricane ian heads to florida's gulf coast. after a busy 2021, you know this tech ipo activity has barely done anything. we will take a closer look at that drought good >> good. >> happy with that >> the dow and the s&p trying to bounce back from their lowest lows in two years. fed's evans says he's getting a little nervous about going too far, raising rates too quickly >> you stick to the line that recession can be avoided here. even though there are a lot of people that are worrying that monetary policy comes with a lag. you are not waiting or pausing to see what the impact of the moves have been taken already. >> or there logs in monetary policy we have moved expeditiously. we have done three 75-basis

points increases in a row. there is talk about get to go 4, 4.25 by the end of the year. you are not waiting much time for each monthly release >> now leading the pack and the dots pretty much thing would be restrictive enough at the peak >> the two-year says they're not done because it's 4.5 almost i'll tell you what i think really important, lumber lumber went back to where it was before the pandemic. now, let's say hal says we have to see more things like lumber they have to go back before the pandemic housing is still up. got to fall another 25%. david, if you're looking at these and not considering wages. give me a break. he wants wages lower he wants people unemployed >> you've been saying that for weeks now. >> the fact that i'm right should have occurred to you by

now. say this was celebrity "jeopardy!" i'm right for 500. >> you're really sure you're right on this? >> do you think powell is jawboning. >> he has plenty of people saying they got it wrong by being way too late now they will get it wrong again by staying too long. >> the fact is -- >> kathy wood joined "squawk box" she had that tweet yesterday about monetary policy being more restrictive than in the '80s they doubled rates 10 to 20. >> look, these 75s are just gigantic carl, if he doesn't wait -- well, he's got until november. got a couple unemployment numbers. i think he wants to see people looking for jobs he doesn't want to see help wanted signs

he wants to see signs that say ready to lease he doesn't have in miss face enough cuts at the supermarket >> well, you mentioned we will get two cpi prints before the next meeting and kathy wood reiterated her view, not only are we in a very session, but we will look at a series of month-on-month declines in inflation. >> we believe we are in a recession. the durable goods orders we just saw really we are seeing the strength there because of activity being attracted to the u.s. a flight to safety that's why our dollar has been going up as well nonetheless, we think we are in a recession. >> to your point, though, you think it will be about the job market >> yeah. recession with the tightest unemployment i don't think she's right. i would say, david, there's a collapse in the uk >> yes >> the italians just selected

someone who wants out the euro that may be overstating it i don't believe she said that specifically they will not be as strong a member >> you have this incredible dollar that is wrecking earnings when i was out in san francisco, if you asked me what the most talked about, it's the dollar is just making it so they can't make their numbers there's two kinds of things. one is to say, okay, the translation is bad but others say the demand is bad. and i just kept hearing demand is bad >> yeah. 58% since early 2008 helps to explain the deflation ear services in the pipeline quoting cathie wood. the yield is coming down maybe we're going to have a good morning on the futures >> the two-year was looking good yesterday. i have to tell you this -- >> volatility has been quite

significant. >> david, this is what i need to know because this is one of the things you specialize in >> yes >> who borrowed a lot of money short to go by the two-year thinking that was the trade? what funds because when we find out who funds blew up on this, i think we will be feeling better. >> i have been asking for the blowups so well. i haven't heard anything yesterday. i'm sure there's a lot of pain out there. when it comes to the guys i typically talk to more in the long short equity, it's not about the macro trades it's just trying to figure out this volatility. hard to deploy risk. you're triaging your portfolio we have talked a lot about hedge funds already suffering more of the broader market, which has been not good. and christian o'day was short the pound and making a fortune that's with kind of what you're hearing about.

i wonder the same. a lot of the macro guys were short the pound. >> they got lucky. but, carl, out west, the ipo market being closed starting to lead to either down around, which they have not done, or closing. if there is a recession, it starts out there and it becomes vicious because there was a lot of talent that's now available. i spoke to -- i speak to these ceos and i decided to stay laser focused, as they like to say laser focused. >> laser focused >> i said is it easy to find jobs i didn't find anyone who said it was hard to find something a year ago it was impossible to find anybody now, the help wanted out there -- people are getting thousands of resumes for a couple of jobs because everybody is laying off. a lot of people. >> look at what cracker barrel

said just today. 16 to 18, wages up 8 today's fiscal 23 view, commodity up 8, wages up 5 so that's a turn in the right direction. >> yeah, i think it is one of the things i worry about, david, if you can care about the working person, they're just getting smoked here. i mean, inflation is still above what they're making. but there's no longer as much as job hop. dutch bros gave me the job hop phrase >> so then powell is doing what you want him to? having the desired effect. >> he wants to overshoot so it doesn't come back. now, if you look at all the different real commodities, he's one on a basis of over last year carl, as you point out with lumber, he has not won in two years, not in housing, not in

rent, not in oil and gas west texas is up 10% for the year he doesn't want that he wants west texas down now, you could argue by endlessly talking about how it's going up, up, up, he could win, jawbone. maybe that's what everyone is reacting to. i'll tell you, i don't think we're in a recession because we have strong employment but if you were relying on stocks for retirement, you just learned you have to work a little longer and harder >> most retirees have been stuck in a zero interest rate world. >> i bought this thing because i was getting zero from my banks .25. if you fooled around, you could shop for 3

you could shop with the two-year >> yeah. >> the two-year is the great estebar began in history there. so what happens is they take it to 5, and you look bad you could youtube that forever >> jeffrey said he was a buyer recently in the bond market. said the prices of the lqd, u.s. corporate bonds were lower than the depths of the covid lockdown pandemic >> how about the fact, as you see underneath us, bitcoin topping 20,000 i have been adamant that while they haven't point-blank said they want it down, they want speculation down carl, since no one is using i don't see it taken to the airline. it's nothing jamie dimon was right, right

full of sound and fury, signifying nothing >> liz ann sonders looking at the spread between the dollar and bitcoin. so far this year, 78% spread between what the dollar did. remember when bitcoin was being talked about against the crashing dollar not too long ago. >> david i think you always felt it was full faith and credit of nothing. >> who isn't full faith and credit who? >> people who take ran some. kidnappers or who kidnap your computer. >> people claim ran some if it doesn't cause a major shutdown of something, they just pay. if something is going to close, they pay

if not, they don't pay >> gold is down. is that done >> gold seems very done. >> gold has been going down for 3,000 years. >> what happened to that gold should have surged. >> nothing is working. that's the point >> that worked incredibly well why is the two-year at 4.5 what is that about because he's taking it to 5.5. >> you're retiring >> i'm not going anywhere. >> no, i wasn't talking about you. i'm talking about the broader you. we know you're not going anywhere >> honestly, the two year says 5.5. that's the only justification. now he's going silent >> dudley has a piece saying what happens when things get

tough, when you start seeing the pain they are behind the curve. go ahead and fight inflation, do your thing >> right. >> once it gets mixed, how resolute will they be? that's the hard part >> look, he has to have people thrown out of work i keep saying that when you get to a restaurant they don't say here, have a drink, we'll find a waiter eventually it's awful you have to go to get liquor don't bielikor at the supermarket. it's too expensive >> i'll keep that in mind. >> i ran into volker at one point in the supermarket i said, paul, you shop here? he said, you got to eat! that's all he said they do get out and about. >> a lot of times -- my wife said butter is 9 bucks i said, no, that's if you buy it

from instacart it's only 6 bucks. but it is up for 4 bucks look, let's stop kidding around. things are too expensive for the working person everybody is rich on wall street they don't feel it but powell is sensitive to the idea that you still can get a job too easily that's not what they want. >> you have made that point quite clear. >> well, because it's right. it's good to be right. it's good to be the king >> some calls on things like hyatt hotels an upgrade over that we'll talk about the lack of ipos stunning statistics how empty this year has been it's having its slowest year resqwkn e reet"

continues straight ahead

the market for initial public offerings has fallen off the clip this year, according to data from ey the company raised $155 billion in '21 first half of this year, 4.8 billion, jim and the picture in tech ipos, that activity is almost to the flat line. >> i spoke to enough people in

venture capital. there were almost -- the level of despair has led to actual laughing >> it's unbelievable by the way, that's not been great for the investment banks that rely on capital market activity particularly in terms of companies coming public >> chamath they blame him he comes up a lot. he's like the villain. >> spacs were a big issue a year ago. >> they still do it. >> we have seen our share. to that point, in the u.s., jim, as we know, issuance has virtually been nothing compared to what it has been in the past. >> companies are waiting and waiting and waiting. how long can they last, david? >> you tell me

you cut costs. certainly if -- you're cutting costs and trying to avoid having a down round if you can. ultimately the choice is do we raise more money to fight to another day or not of course you are going to if you have to. >> what would happen if every time there is a spac we showed guts and said don't buy this, people >> i think you have to be discerning there are still some that are worth buying >> there are long shots at the races. there's 30:1 shots i don't want to recommend those. >> we talked about porsche and instacart. >> porsche is going to be a big deal >> it's a one-off. it's its own special thing they have a lot of sovereign funds. it's well subscribed

it will start trading thursday >> do you think there will be people -- the headlines will be porsche brings back the market >> i think it will be a singular deal it's not reflected of a robust market for technology companies, no >> people will want to say it's something they own tesla moves on porsche >> why >> because the market is stupid. i don't know because it's idiots. all right. mo, larry and curly are all in remember shep? >> whatever happened to the pep boys

>> i knew who they were. >> you knew those guys >> yes, i did. my dad went out with the wife of one of them. i mean before. >> oh, okay. really >> can we admit this is one of the worst markets we have ever seen >> the a.d. indicators have been washed out we'll get to cramer's mad dash and count down to the opening bell ♪ ♪ finally some green ararrows ♪ ♪ all-electric with room for up to seven.

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take a look at futures here. off the morning highs of about 350 on the dow still well into the green after a series of five pretty tough losses opening bell is a few moments away by the way, tomorrow is the most powerful investment event of the year that's cnbc delivering alpha returning in person. economic leaders, policymakers, world's top investors sharing insight on risk, opportunity, and how to navigate this new market dynamic you can still register by ingog to delivering alpha.com.

all right. let's get to a mad dash this morning. we have a little less than three minutes before we start trading here at the nyc. dr. pepper >> from buy to hold. first of all, there are people going back to work stay at home stock you didn't know that the business has been strong pressure from higher inflation

increased risk that consumers could delay for discretionary items such as brewers. david, out of just necessity of finding out myself i went to a bed, bath & beyond yesterday >> you did >> yes, i did. i was the only person. that's okay. they had those machines where you had to check out it took me longer to check out than it did to shop. but they had all the keurig dr. pepper stuff you wanted and more and more >> okay. which means what >> well, it means that i agree with herzog. you may have to skedaddle. >> you agree with the downgrade? >> i agree with the downgrade. while i was the only shopper, it was fun. it's fun to be the only shopper in a store it's kind of like there used to be a show called" supermarket

sweep. it was just a delight to be the only person. i wanted to give the woman stuff to check out she said, no, you have to use that thing the thing didn't work. david reads my mind. the reason why we were unhappy -- >> that's a problem. >> i'm used to going and getting $20 off. >> coupons >> and they brought all the harmon stuff aisles and aisles of shampoo we browsed there was a woman who came up to me and said you ought to have a cart because the prices were good but there was so much -- i got something that is called three x. three times the caffeine incredible stuff >> i bet it is >> just what you need, jim just what you need >> a little pick me up let's get to the opening bill here and cnbc world time

exchange live wire. electric motorcycle unit celebrating its listing. we will talk to the ceo in the next hour. at the nasdaq, google's employee research group and celebrating spanish heritage month. live wire will be the first ev motorcycle company to list here. lvwr hog is going to own three-quarters of the new company. >> everyone wants ev i think this is a good start i think it will work for a while because people buy ev stock. they had a decent quarter last >> it goes a long way on a charge >> how much do you want to bet it's better than weber >> where is webber these days? do we want to take a look?

webr >> how is it doing >> not great it's not going great this will be fun the market likes ev for a couple of days. >> yeah. d.o.t. approving 50 states' charging plans, covering millions of highway. >> well, when it comes to what people want, there is still a tremendous amount who bet ev will be good but gm is making more of self-driving >> did you get to do a cruz ride >> they were too late at night but i do think there's something to it. now, the issue is they want it to be kind of a third place that you can ride back and, you know, have a party if you want and i'm still a little uncomfortable with the idea that that's going to eventually happen but, you know, kyle, who runs

the division, is saying, look, it's better than a human humans are deeply flawed they get tired they drink they get taxed i'm kind of a believer but that is gm and ford is going ev they tend to be the second largest ev producer next year. when you look at the name plate issue that held them up, sabotage >> really? >> yeah. >> they couldn't get enough of those blue shields >> someone i think added a carcinogen into the mix of name plates which then was truly a sabotage hasn't been talked a lot as a matter of fact, i just broke the story. that's because i don't care anymore. the stock has been horrendous. it is time to, like, own up. >> your point about gm is good hertz, having ordered a bunch of evs last week, is teaming up

with bp to install thousands of chargers big piece in "the times" a quarter of new auto sales. >> incredible. the chinese economy, david, continues to shrink. people are talking about the re-election being a superspreader event. >> zero covid policy, which has china basic live in a world all of its own as opposed to the rest of the planet, has significantly dampened the economy in that country. i hear it continually, from ceos who have business there or do business there it is interesting that you have one man who has made a decision and feels as though his credibility is on the line such that they will maintain that policy regardless of how boneheaded it seems to be in terms of the damage that it's doing to the economy and to people's lives in china.

>> brilliant >> he was adviser on the movie "contagion." he is very concerned that after this event they will end the clockdowns they're very, very sure, even now, that their vaccine works. there is no evidence that it does better than 40% but this is going to be the end. the lockdown is going to end china is going tocome back to work >> after the party conference. none of this is stopping starbucks which opened its 6,000th store in china, jim. you were out there recently. >> i'm very excited about starbucks. bought it after listening to howard schultz then the stock came down i think starbucks is a winner here the u.s. numbers are incredible.

i saw machines, right. they were making cold brew like i do hey, throw ice cubes in there. they can make nine cold brews in five seconds it's willie wonka in the cold brew factory they were fixing the machines. it was like nothing i had ever seen >> reminds me of when mcdonald's started the multiple shakes at once >> that was a bummer >> franchisees actually have a lot of problems with them. i used to love a i good mcdonald's shake not as good as shake shack >> the shamrock shakes >> i like any shake really >> they are fattening. more fattening than the baconator. >> by the way, star pucks bucks

drinks are also kind of fattening. cappuccino david, the technological changes are going to make it so starbucks in and out, in and out, in and out. i don't think you understand >> i don't i don't understand the power i don't understand the power of the starbucks. you're right >> right now they have a little ice machine. you're running around. this stuff comes out ready what are you looking at? >> upgrade of lucent $23 price target of the names that we just mentioned tesla is up nicely >> i told you. tesla trade is a big one >> lucid up 6% on this initiation of coverage with that large commitment from saudi arabia of 100,000 vehicles

saudis will buy over a 10-year period they like the average selling price. the range of 520 miles on a single charge. we'll see. lucid shares still down some 61%. but it is still one of the more successful spacs out there trading 50% above its issued price. >> it is so low >> what do you mean? >> from the top. they have come down. you know, when i was out west, i mean, a lot of companies are befuddled. marvel had a quarter truly amazing. he was just baffled. down goes fraser i was trying to get him down there and give him the business. no he wouldn't. because the stock is cheap the markets are all on fire.

high performance computing 5g everything is good they have no consumer. there's no gaming. gaming is the bain of everyone's existence. gaming is just unbelievable. what happened? work from home, game from home >> you think it was a pull forward in gaming demand >> jenson wong was adamant there would be a new cycle when the new cards come out they can't come out soon enough. but look at nvidia go what did i tell you? >> cathie wood has been in there. overall, jim, we have reclaimed 3,700. i guess what is the -- where can bulls start to feel more comfortable do you think >> look, the only thing that will make them comfortable is

when the two-year falls. the two-year is the most important. i have never seen one piece of paper more important than when you used to trade the seven and ten-year in the '90s >> this is keying off that >> if that goes down in yield. >> up in price >> then i think the market is real not until then until then i think everyone r everything is taken as a trade if you bought nvidia yesterday, you might have to sell part of it today i still love it. >> how about snowflake >> people like snowflake. >> who are these people? >> i don't know. people i speak to. >> afa likes it? initiates buy? 242. >> yeah. >> a lot of people love their business model >> the companies have a lot of

leverage and don't have fixed rate but have a floating rate. >> who would that be >> we know some of those names >> it's like a secret. a lot of them are down dramatically if you're a cable company, a lot of debt, virtually no equity >> how about verizon >> brothers discovery we talked about a lot. they to the floor near-term maturities >> if you watch football, they are paying you to take a phone >> there's promotional activity. at&t is certainly one of the leaders in that. >> asked and answered. >> i pulled up with t-mobile on fire. >> yeah. >> on fire >> didn't raise price. they are talking over and over

again when they have a national footprint, david, look out that's what they keep talking about. >> verizon may be able to also do something there with their millimeter way strategy as they dense phi the network for fixed wireless guys, i wanted to take a quick change here and talk about biogen sometimes we don't talk about corporate malfeasance enough did you see this $900 million to settle allegations they paid doctors kickbacks to describe multiple sclerosis drug from january 1st, 2009 to 2014. biogen offered and paid remuneration to health care professionals who spoke out on biogen speaker programs, meetings, to offer drugs like

avonex, tysabi >> where are they with purdue? >> it was in a class of its own. this was not opioids >> the plethora of companies i have had to visit in the last two weeks. home depot they are so ready for lower everything because that's when people start fixing their house up a lot of stuff they sell has come down. their margins are going to be good they are very good at what they do i would look at home depot and costco they had a great quarter nobody cares >> two important names, especially when there is a hurricane. ian did crash into western cuba. >> they have to rebuild. that means home depot. >> tampa looking at storm surges to a to 10 feet.

generac is leading >> generac wasn't that big a deal then. generac is a rather amazing stock. they have been hammered, hammered, hammered >> storm surge and rain is the main concern i think in the tampa area >> right >> perhaps as much as 10 feet. how tampa bay itself is going to be able to handle that >> meantime, chevron, bp halted work and oil after getting down to 77. >> just sold and sold and sold but if you had any left, oh, my. where is warren buffet to step up how much can he still buy?

>> he has bought a lot a great deal >> yes >> don't know that he is buying any more >> i don't think so. wouldn't do it >> another i met that i thought was incredible was amazon web services i think that amazon is doing incredibly well. we have been buying for the trust. there is no sign for any anti-let up whatsoever raw costs are coming down. advertising going up amazon web services is just crushing it. and, by the way, most importantly, they're hiring. they're the only company i met out there that's hiring. hiring like giving people -- saying, listen, we need you. >> not a lot of hiring otherwise? >> you're like my taugs, marley a -- dogs, marley and ragu.

there are no more help wanted signs in california. >> i heard you i just choose to listen to certain things you say and ignore other things. >> it's called selective >> it is >> guys, not too many days where there is only one s&p 500 name lower, keurig dr. pepper hey, bob >> and i think fedex is also lower today. but it was remarkable. we had better than 10-1 advancing in declining stocks at the open all 11 on the up side. haven't seen in this quite a while. rates are behaving the dollar is behaving charlie evans, a few dovish comments that the bulls are trying to pick out of that a good start today haven't seen this in quite a while. you know how it's risk on. take a look at the sectors when you see ark up notably 4%, metal stocks up 3%, and semiconductors up 2%, they are classic risk-on sectors. when they are leading way above

the s&p 500, up 1.4%, that is a risk-on day. engineer is lagging a little banks still up but lagging all the big tech stocks are 1%, 2% off apple is the one exception here. still a pretty good day. these stocks are so big they move the s&p 500 rather notably. did you see these case-shiller numbers? i thought 24er7 had he pretty relevant look at the numbers. up 16% in july that sounds like a lot but the expectation was 17, 17.5%. and it was 18.7 in june. why does it matter well, because it looks like housing is moderating. okay isn't that what we want? we will get to new home sales at 10:00 a.m. this morning. so far this is a good sign we're playing the inflation game you watch the components that

matter commodities, as jim has been pointing out, clearly peaking. you can make an argument that housing is starting to peak. we will get more data points it is reasonable to make those arguments. you see how this is slowly evolving and the case-shiller numbers were helpful for the peak inflation story. we also need to talk about earnings woulder going into earnings season in two weeks. there is the usual freakout that earnings will blow up. so far this year earnings are holding up they're essentially unchanged, believe it or not on the year, up 7%, 8%. this is the s&p 500. it was around 21 in january. it is below 16 that is 2025% deline that's a lot the unusual apocalyptic concerns are earnings are going to go

negative we didn't get them a my thanks to brian, who is pointing it out. 80% of materials 76% all below their historic pe ratios why is this important? in january, all these companies were way above their historic pes. this is what has really flip-flopped high valuations in early january. we have taken the valuations, as represented by the pe ratio, way, way down. and the question is are earnings going to come down we'll see. but, again, so far the apocalypse has not happened. back to you. >> appreciate that as we go to break, look at the bond report. jim has already talked about how important it is to stay to the two-year yesterday they had 4.35. how back to 4.28 we did get evans, as we said,

bullard as well. and more later tonight

tomorrow is the big day. cnbc's delivery alpha returns in person jim and i are going to actually be there in person not our simulations. >> it will be so much fun. >> it is going to be fun as well, you can hear what the world's top investors navigate a very challenging market. to register, scan that qr code you see on the screen and we'll be there "squawk on the street" will be right back

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and see how much you can save. switch to xfinity mobile today. millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobile service. and now, introducing the best price for two lines of unlimited. just $30 per line. there are millions of happy campers out there. and this is the perfect time to join them... with the best mobile price for two lines of unlimited. take the xfinity mobile savings challenge and see how much you can save. switch to xfinity mobile today. it's time for jim. >> the consumers survey from university of michigan is coming out friday, but the sentiment is the worst it's ever been since they've been recording it. the sentiment. i mean, isn't that bullish i mean, worse than '80, worse

than the pandemic, the worst worst than the great recession so, i mean, to me, this is actually a piece of good news. it's unbelievable. so, maybe we can have a little more of a run, provided the two-year behaves and cathie wood becomes the fed chief? no, we need to have the fed chief recognize he won, because he did it. this sentiment number is so negative >> some of those sentiment indicators, some argue politics has basically broken them, but we'll see. >> but i think it's important. >> jim, what's tonight >> spartan nash, i'm forever trying to figure out the inflation rate these guys do. >> you don't believe the fed has a lot of people on that and the bureau data? you have to figure it out on your own, the inflation data. >> they have gallo.

>> everybody else and then there's jim's inflation rate. >> i think apple's a great stock. >> thank you for that. >> we're all waiting for, they know nothing 2.0 that's the day. >> he won't go there he's praying in the chapel of powell. >> i think jay powell is doing his best have some respect. >> that's usually a criticism from you >> no. you have to be nice. >> oh, that's right. >> i'm not saying jay's nice anymore. he's doing his best. >> it's good to have you back. we'll see you tonight at 6:00 p.m., "mad money." the ceo of harvey will join us as livewire begins trading dow's up 250

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a fresh start. a blank canvas. a second act. a renewed company culture. a temple for ideas. and a place to make your mark. loopnet. the most popular place to find a space. welcome to another hour of "squawk on the street" live at post 9 of the new york stock exchange markets getting a bounce on relief in yields, but there's a lot of data crossing the tape. we're getting more right now we go to rick santelli for it.

rick >> yes, carl our consumer confidence from the conference board for the month of september out, expecting a number a smidge below 105. much better. it's a good thing. 108.0, that is the best level since april. if we look at what the current or present situation is, 149.6, that follows 145.4, also the best since april if we look at what lies ahead in the form of expectations, 80.3 that is the best since february. now, richmond fed release, the fed index at zero reverses the minus 10, and in the rearview mirror is was minus 8. our august readout, new home sales expected to be up 500,000. buckle up, 685,000 685,000. that is the best number since march when it was over 700,000 our last look at 711,000 was the

worst since january 2016, although it now is upgraded from 511,000 to 532,000 and to understand that big jump at a time where interest rates have been jumping all over the board, let's head east and ask diana olick. >> and you hit it, rick. two words, mortgage rates. let me tell you, mortgage rates in june went over 6% briefly, hung in the 5% range throughout july, and then in august dropped pretty sharply i think that's why you're seeing this big surprise to the upside. we saw rates come down, nearly hit 5% on august 1st and stayed pretty low throughout august we heard d.r. horton say suddenly there was demand in august it was the last-minute buyers who said, okay, i might have a chance of getting a rate near 5% before they go even higher again. i'm jumping on this now. supply came down we were at nearly 11-month supply in july now we're at 8.1 month supply. that's still about 25% higher

than it was a year ago but at least it's coming back towards that sustainable level 6% is considered a balanced market i will also say prices were up 8% year over year for a newly built home not the 15% and 20% price increases we had been seeing we saw in the case-shiller report that home prices were dropping, cooling from the fastest pace ever on record. i think this massive supply to the -- massive gain to the upside in new home sales really shows how incredibly rate sensitive consumers are. we are now heading back towards 7% on the 30-year fixed today. morgan >> yeah, very volatile diana olick, thank you. we're about 30 minutes into the trading session. here are three big movers we are watching we'll start with jetblue and american, both flying as the u.s. justice department goes to court arguing the company's partnership is anti-competitive. the trial is expected to last

about three weeks and it will give the market a gauge on the deal-making climate in general you can see jetblue and american, each up about 3% right you in meantime, starbucks is poised to open its 6,000th store in china. this will happen on september 30th and despite lockdowns and a slowdown in consumer spending, the coffee company is aiming to operate about 9,000 stores in 300 cities in china by 2025. shares are up 1% d doordash will launch a credit card in partnership with jpmorgan on mastercard's network. no details on a launch date or annual fees but shares are up 2.5% we do have the markets bouncing back a bit, a bit this morning. this is major averages look to snap what has been a five-day losing streak. the dow and s&p both closing at lowest levels since 2020 dom chu is with us and he can tell us what is leading this

bounce of course, what you can't tell us is how long it's going to last. >> it's already starting to wane for all the viewers, at the bottom of your screen, with that economic data athat rick and diana broke down on the housing side of things, we saw a nice, big move higher in interest rates. you can see the ten-year treasury note yield is just around 3.95, 3.96% that took a little of the positive momentum out of the market the major indices from the record highs we were at just this past fall into the beginning of this year, they are all three indices now in the so-called bear market territory. a pullback by 20% or more. the s&p/dow etf is 20% below record highs we're 23% below record highs for the s&p. and the invesco is still down 32% from its record high that's kind of the current state of play. now, in today's trade, just up until this economic data came out, every sector in the s&p was

in positive territory. it's not that way anymore. utilities are just about flat on the session right now. still, it's consumer discretionary, technology and communication services that are the outperformers. that's kind of what you want to see. they're the most heavily weighted parts of the market right now. utilities, again, just about flat on the session right now so far. with regard to individual stocks, morgan had spoken about the travel and leisure names on the airline side of things if you look at the broader s&p 500 beyond just the airlines, it is royal caribbean, carnival corporation, norwegian, expedia and caesars. they were some of the biggest laggards in yesterday's session given some of the consumer spending outlook and recessionary tales at play one of the places to watch is the mega cap trade apple, microsoft, alphabet and tesla are up fractionally to

3.5% apple and amazon and tesla, they are relatively outperforming, but those three stocks, carl, apple, amazon and tesla, were actually positive in yesterday's session. so, we'll keep an eye on those to see whether there's more investor trade interest in those names and mega caps, carl. back over to you. >> a lot of crosscurrents today, dom. stocks have come off the opening highs on the heels of the strong confidence and new home sales data let's bring in cia of international equities, david hiro great to see you we get numbers like this, it just reinforces the view for some that getting inflation or activity under control is going to be like keeping a balloon under water. >> well, we have to remember that with monetary policy, there's a lag effect i think it was mentioned last week from chairman powell. you can't expect them to flick a switch and change things someone mentioned -- i was

listen, the house prices -- the growth rate is starting to soften that's a good sign i mean, the fed was behind the ball they seem to be catching up. and i think it's -- it's actually good news that you don't have all this despair in the economy that, perhaps, there is a chance for a balanced softer landing yes, have you to get inflation under control. can't just be monetary policy. it has to be fiscal policy as well but we do -- don't want complete demand destruction for this to happen and we seem to see this. so, the markets are just focused on one thing you know, we're long-term investors. we look at the price of businesses and what we get for the price we pay and these data points, which move markets big time in the short term, if anything, just provide opportunities for bona fide long-term investors, such as ourselves. >> when you think about international, to what degree do you think value is being presented by what currencies have done and what the dollar has done

>> this is a big opportunity we hear u.s. companies kind of moaning that the strength of the dollar is clobbering them but the reverse is true if you especially a european or maybe a japanese company that is exposure to dollar-based revenues and profits you're going to get a big currency uplift in your financial performance as a result of the weakness of the home currency, the strength of the dollar so, we felt the pain, as owners of foreign assets, you immediately feel the pain when the dollar strengthens, but what begins to trickle through is the benefit to these foreign companies who have lots of dollar revenues and compete against u.s. companies so, i would expect, and normally when you see devaluation in currency you see impact on the local market share prices. we have not seen that yet.

this is why there is such opportunity in overseas shares you're buying these shares using very undervalued currencies. >> i get this argument, david, around the tailwinds that undervalued currencies are presenting or international equities are concerned, but you still have all of the recession concerns arguably, europe is already in a recession, for example how do you balance it with the risks? when you are talking about opportunities, where specifically do you see those? >> let's clarify something the european economy, despite all the high energy prices, the war, et cetera, despite all this, the european economy has outgrown the u.s. economy over the last six months. now, will this continue? i don't think so because of the pressure the high energy prices are putting on the european consumer however, keep in mind that europe is a huge exporting

nation so, it doesn't necessarily mean what happens to the -- their local business they're benefiting, they're getting this huge benefit, the exporters are, from the strong dollar so what we're seeing is, and these european industrials and financials in particular, extreme value and many, many cases you have dividend yields double the priced earnings ratio. i'm talk companies like mercedes and bmw, huge exporters, huge global companies, do business all over the world, are trading at about four, five times earnings, have dividend yields of 8% or 9%, sit on at least $20 billion net cash and can't supply the demand for their autos. and when you go to the european financial sector, you basically see the same thing banks trading at 60%, 70% of book value, yielding 8% or 9%, have excess capital such that

they're buying back their own stocks and increasing their dividends. in a rising interest rate environment, they should be huge beneficiaries. >> well, david, i'm glad you went through your thinking in terms of why they're so cheap. how concerned are you about the idea, yeah, it's great to have potentially export market that's going to be robust, but not if you can't make stuff they're talking about cutting back on manufacturing in certain parts of europe as a result of not having enough energy how deeply have you looked into that how much does it concern you or is it simply something that's not going to happen, in your opinion? >> well, no, there's going to be an issue with natural gas, for sure the question is, if you go through all the numbers and the arithmetic, they may come up 10% or 15% may they may storage is going very, very well, as you have seen they're almost where they need to be before winter. they are transitioning other forms of electricity generation from gas to, believe it or not, to coal and to other sources

they are getting gas from other places so natural gas is the issue. about half of which is used to heat homes in central europe in is the issue. the european industrials will have to pay higher prices for electricity. there's some nuances that have made electricity pricing very inefficient in europe, which they are trying to iron out. they should still be able to manufacture, albeit, albeit, at probably higher electricity costs, but i don't think, for the most part, there will be major issues with the -- being able to get output out it will just be at a higher input cost due to higher electricity. chemicals are the ground zero of this they either have to find other forms, other than natural gas, but other manufacturers are fine because they basically power themselves with self-generation or use electricity that's not

generated by natural gas >> yeah, we certainly heard from the chemical companies the last couple of weeks. neo today saying the energy crisis there is slowing down its eu rollout fascinating, david we'll see what the winter brings appreciate it, david >> thank you as we head to a quick break right here, we'll give you a look at our road map for the rest of the hour it includes harley-davidson spinning off its electric bike unit we'll speak with harley ceo in just a few minutes. could the fed be moving too far too fast why one fed president says just that. and then nasa crashing a spacecraft into an asteroid 7 million miles away we have those images and the story coming up. "squawk on the street" is just getting started.

- oh, the stock market is doing that fun thing again. news from the future: you're going to live through that about 10 more times! (laughs) no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing.

. welcome back harley-davidson is revving up livewire, a publicly traded company via spac merger. the only electric motorcycle company on the snye floor. we have motorcycles here to boot choining us is harley-davidson chairman and ceo jochen zeitz. great to have you here on set with us. congratulations. >> thank you very much >> let's talk a little bit about the deal itself. you raised $334 million in gross proceeds, which i reckon is

significantly less than what was anticipated when the deal was announced back in september. is it enough cash to execute on the strategy of rolling out these electric motorcycles >> it's definitely enough cash to really start the next chapter in the livewire book and w actually -- our limit based on which we decided to go public, was well below that, so we're actually above the target we set ourselves. >> what does that strategy include? you reopened reservations for the second motorcycle model, del mar, first round sold out in minutes earlier this year. what do you expect this time in terms of demand and how many models do you plan to introduce, whether it's del mar or future models, and how quickly? >> del mar we're opening reservations today i haven't heard the figures yet but i'm sure there will be lots of excitement as it coincides with going public with livewire. the first in what we call aero

architecture which is bottoms-up it's the battery, the motor, it's the charging and the connective systems we develop from the ground up, the first in the motorcycle industry. we think that being public is going to give us the agility and the flexibility to really act like an innovator and a startup company, which is very different to an established company that's been around for 119 years. harley-davidson celebrating 126 years next year. we felt the strategic focus on electric versus harley-davidson was the right way to go. >> let's talk about supply chain. we know it has been an issue at parent company harley. last quarter's earnings, for example, when you're standing up an entirely new supply chain production line around a new concept, evs where motorcycles are concerned, do you have enough materials, for example? i think about richard epperson

who talked about the fact that the world is going to need so much more copper for the ev push do you have your hands on enough >> we believe we have the supply chain figured out. we've been producing electric motorcycles for a couple of years already. this is not really a startup, per se we will use the footprint that harley-davidson has from a manufacturing, supply chain perspective and that will help ramp up supply quite quickly we've secured the supply for the next couple of years and so we feel confident. >> i know we've had this conversation before, but who your demographic is for these bikes. are you concerned, especially when you look at something like pricing, that you could potentially cannibalize the base for harley-davidson? >> not really. this is really transforming the urban ride, the daily ride, into something that's exciting, that's a true adventure. harley is more about touring, cruising outside of the city and

focus of livewire is to change the urban riding experience and that's where we are different. i think it's also an incredible buy when you look at it and compare it to harley-davidson because it's made for the city and beyond, but it's agile, it's fast, it's performing and can adjust to the needs of the righter. whether you're a beginner, you can ride it smoothly and comfortable. it weighs 130 pounds less than the first livewire one, so it's easy if you want to go for a ride we have a bike here, we can go for a ride later on. >> morgan? >> you have no gear, so it's instant acceleration and we have different ride modes so you can adapt it to your ride style. if you're a fast rider, agile and grown up riding like i have, it's a really fun experience in the city. >> you're pointing to one thing that has been sort of the bearish narrative on harley at large was demographics this new generation was not as interested in cruising as, say,

their parents. do you think that's smoothing out? >> definitely. we're appealing to more, new customers. we have our traditional core customers, contemporary new customers, new riders coming into the sport and ever since the pandemic there's a desire to be in the outdoors we riding actiademy is booked o well in advance. this narrative which i thought was a defensive narrative that was focused by management to justify declines in past years, you know, it's our job to get new people, like every company needs to find new consumers, it's our job on a daily basis. we're getting new riders into the sport, which is key. and we keep people riding as well. >> how is harley-davidson viewing the livewire investment? you'll own 74% of the consolidated on your balance sheet. is that something you'll have for a long period of time or selling stocks >> we plan to be the majority shareholder in livewire.

for us it's one plus one equals three scenario it benefits harley-davidson, benefits livewire, but the technological advancement that we're making through livewire will benefit harley-davidson in the future as well >> harley has seen resilient consumer demand. is that continuing, despite the fact that we do have these inflationary headwinds right now? not just here in the u.s. but the world over >> well, we think so now, we're in a quiet period, i can't talk about the third quarter at this point, but as of the second quarter, demand was quite strong and the only thing that was holding back was supply that's not going to go away completely i think we'll keep the supply challenges going for some time we want to get rid of it, but i think we will have to maneuver the supply chain for quite some time in the future as well i think we're well prepared, we have great product coming out next year as well in addition to this year. we're looking forward to a really good future for livewire

with our new model and harley-davidson as well. >> jochen zeitz, thank you for joining us at post 9 yeah, we'll have to see about that ride a little later thank you. check out tesla today, about a 4% gain on reports the company is expecting a, quote, very high volume of deliveries toward the end of the quarter ckn stock is positive over 12 mohs ba ia moment

welcome back take a look at the spyder consumer discretionary etf a lot of travel names make up a big portion of the fund. this morning the cruise line got a new boost african da said it will drop all covid-19 travel restrictions on october 1st. crews and passengers will no longer need to provide proof of vaccination or negative covid test prior to boarding that could benefit some routes david, we didn't know if that was ever going to be possible for some of these companies. >> sure didn't those cruise lines are very volatile, those stocks on a daily basis, in fact. as carl just saw, up today.

delivering alpha, cnbc's premiere investing conference returns in person for the first too imin three years leslie picard is with us and she has more on what we may expect from the event >> david, yeah in a year where the average 60/40 portfolio of stocks and bonds is down more than 20%, outperformance is more paramount than it has been in, perhaps, recent memory. as always, that will be the thread that runs through our flagship investing conference, the 12th annual delivering alpha event taking place tomorrow in new york city. it will be the first time we're back in person since 2019. the speakers span asset classes and investing strategies for example, we'll here from stan druckenmiller giving us his take on the marks. i'll be sitting down with pimco's cio, dan iveson. in the pe space you'll be interviewing blackstone's jon

gray i'll be moderating a panel on growth investing with bill ford of general atlantic. we'll have a panel focused on short selling as well with carson block and jim chanos and one-on-one with ken griffin. with the midterms just a few weeks away, we'll get a sense of the political climate with the deputy treasury secretary wally adeyemo and with virginia governor glenn youngkin. tickets are still available for purchase at deliveringalpha.com. that event taking place tomorrow morgan >> leslie picker, thank you. as we head to break, check out bitcoin. higher by about 5% this morning. closing in on 10% gains for the week back above 20,000. in other crypto news, ftx continuing its buying streak, winning an auction for bankrupt crypto broker voyager digital.

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. welcome back to "squawk on the street." i'm bertha coombs and here's your cnbc news update at this hour hurricane ian has slammed into cuba as a category 3 storm with sustained winds and up to 125 miles per hour ian is expected to strengthen further before hitting florida tomorrow night dramatic video of the baltic sea boiling above the broken nord stream 1 and 2 gas

pipelines. danish armed forces say the surface disturbance is more than 0.6 of a mile in diameter. the cause of the leaks is not yet clear, but poland's prime minister calling them, quote, an act of sabotage, without giving any evidence. and in washington, jury selection has begun for five members of the oath keepers extremist group. they are charged with seditious conspiracy in connection with to the january 6th insurrection on capitol hill. a majority of public school principals say they started this school year understaffed, according to a survey taken by the department of education. that is up from one in five schools being understaffed before the pandemic. among the hardest to fill jobs are special education teachers and transportation workers carl, back to you. >> bertha, thanks so much. as we said this morning, chicago fed president charles evans says he's getting a bit nervous about going too far, too

fast. >> you continue to stick to the line that recession can be avoided here, even though i think there are a lot of people worrying that monetary policy comes with a lag and you're not really waiting or pausing to see what the impact of the moves that have been taken already - >> i'm a little nervous about exactly that there are lags in monetary policy we've moved expeditiously. and we've done three 75-basis point increases in a row and there's talk of more to get to that 4.25, 4.5 by the end of the year you're not leaving much time to see each monthly release >> joining us this morning to talk about that and all the fed speak we're getting over the next few days is former atlanta president dennis lockhard. good to see you. >> good to be back >> as this window reopens, do you think there will be more variety in how fed officials speak about the terminal rate, at least, or the way in which the fed is playing this game

do you think evans' comments here are material? >> well, charlie evans is just one voice. i suspect there are other people on the committee who feel similarly. the most recent indication we have is the dots in the sep last week they were very tight there were eight or nine at 4.25 to 4.5, and then just one fewer below that so, it strikes me the committee consensus is very tight at the moment and it looks like the path of policy to either 4.25 to 4.5 is in everyone's mind >> evans did say at that level he thinks that would look restrictive enough would you go along with that >> time will tell. you have to see how inflation

actually reacts to this. i think there are two basic scenarios simplistically put one is inflation continues to be stubborn and the other is that inflation softens or disinflation as desired actually occurs if you can tell me which of those scenarios plays out, i'll tell you whether it's restrictive enough. >> just to dig into that a little more, dennis, where would you be looking at the data where inflation is concerned there are many in the market -- we had cathie wood on this morning talking about the fact that inflation has peaked, but we know that's not necessarily going to be the case when the fed looks at its preferred data point, the pce, later this week, which is lagging >> well, i think it's important to follow the month-over-month numbers or quarter-over-quarter meaning the shorter term indications of the current run rate of price increases.

we obsess over the 12-month numbers. there's a lot of history in that and those numbers that are really nine, ten, 11 months ago. i would be watching the month-over-month numbers we have a pce inflation number coming out on friday of this week, i believe. that's the next indication of what inflation was doing in august and maybe we'll see some signs of encouragement the problem the fed has, and i felt this when i was there, is they're always looking in the rearview mirror. you've heard that before and the numbers basically are telling you what was going on several weeks ago when the surveys were done. they don't tell you what's going on now >> one of the things the market was a bit edgy about going into the month was qt i wonder, do you think we can start to draw some lines between

that process and what treasury volatility has been like the past few weeks >> you know, it's still very early in the process i think the treasury volatility is more markets roiled by all kinds of circumstances that have come together. a lot of uncertainty, you know, a lot of concern about the path of policy and the higher rate environment. it's a little too early, it seems to me -- september was the first month in which they hit full stride in quantitative tightening, so i'm not sure you can connect those two at this time >> all right that's a question we'll continue to ask as we have you back dennis, thanks for the help today. dennis lockhart. >> thanks, carl. up next we'll have the largest natural gas producer in the united states, with prices hitting a two-month low. of course, hurricane ian is approaching in the gulf. we'll be rhtac ig bk. - yieldstreet presents: alternative investing

with kal penn and older kal penn. - oh, the stock market is doing that fun thing again. - hey news from the future, you're going to live through that about 10 more times. (laughs) - oh, it's no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - ooh. i think some of my gray hairs just reversed. - yeah. you're welcome. - [narrator] become an investor today. yieldstreet: private market investing.

oil prices are higher as you see this morning, after crude tumbled to what was its lowest level to january natural gas also giving back some of yesterday's gains after breaking a two-day losing streak, all while major oil producers such as bp and chevron are halting production in the gulf of mexico in preparation for what may come as a result of hurricane ian. joining us now to discuss it all is the largest producer of natural gas in the united states and the company's ceo, toby rice good to have you again you know, your production's nowhere near the gulf, obviously, pennsylvania, west virginia, ohio but i am curious, any expectation what this storm will mean in terms of production that does, perhaps, come from the gulf >> hopefully the hurricane will miss the major producing areas in the gulf coast. one of the things you have seen recently is production is up in the united states, which is a

good thing, and it's making sure we have the energy we need here in the united states to get through tough times. unfortunately, can't say the same for the rest of the world and currently in the grips of an energy crisis. >> yeah. tell me more about what that means in terms of what you produce here and whether it can wind up over there in some fashion. obviously, we've got this weird story about potentially at least, you know, russia sabotaging its own pipeline. we don't know that, but we're wondering what's going on over there with nord stream. >> we've seen commodity prices slip recently in the united states, and that's the output, people's concern over recessions and lowering demand for commodities. this crisis is really unfortunate. how did we get here? what started as well-intentioned approach towards building a more sustainable future with esg, the overprioritization of the environmental impacts of esg have led to unintended consequences where we're at from

an environmental perspective, you know, we're on track in the last 12 months emissions from coal have essentially wiped out all of the environmental benefits we receive here in the united states from 15 years of renewables investments on the social side, these crippling energy prices are causing tremendous pain and suffering around the world europe is paying over 2 1/2 times more for energy on a gdp basis. utilities are crashing and being nationalized and this is a really extreme situation from the social side of things. unfortunately, we're taking shrapnel here in the united states we've seen the whack-a-mole we've been playing on how to get our energy under control, first by going after oil and releasing oil from our strategic petroleum reserve. not a sustainable solution then you see the move towards lowering -- trying to lower the price of refined products. that is not a sustainable solution and then we see, now we're

seeing electricity prices rise in new england we've seen electricity prices go up, increase over 64% in massachusetts and rhode island up 100% in new hampshire you know, we've got to stop playing whack-a-mole with our energy policy and start bringing sustainable solutions to the forefront. that solution is unleashing american energy to add to supply the world critically needs so we can end this energy crisis in the world and get back to having a more sustainable, profitable, peaceful world. >> right we've heard you -- we've heard you send that message before, specific to that, where does this manchin bill on the permitting stand in terms of whether we're going to see that -- see the light of day >> this is a very important first step towards giving our industry the ability to alleviate this energy crisis th thankful for the leadership of senator manchin and caputo for

proposing legislation that will allow us to build infrastructure in this country and make it a little easier. this is the first step and there's a lot more work we need to do to facilitate these projects i think when you look at the amount of infrastructure we've been able to build in this country over the last 20 years, we've been able to build infrastructure, but for some reason, the last six years, our ability to build energy infrastructure has been stalled, blocked or opposed it's not because we forgot how to build energy, it's because we've had legislation that's too onerous. >> you talk about energy infrastructure and that will change the entire dynamic of the question i'm about to ask you, but in the meantime, natural gas prices historically tend to be very volatile. i mean, we've come off in recent days, in recent weeks from the highs this year, but it's still incredibly elevated here in the u.s. what is your outlook as we do go

into the end of the year >> gas prices are going to be over $7 is what the strip is showing. that is elevated from the average of 20-year average you look in the future and you see prices above the 20-year average. we believe we can create a more sustainable gas pricing scenario if we can unleash u.s. lng on the world stage. exports mean surplus here in the united states. surplus means more sustainable prices and lower prices for american consumers so, it's actually -- we can do two things at once we can give energy security to the world and lower energy prices here in the united states by creating this surplus through exports. we're looking forward to how this legislation is going to allow us to build more of that critical infrastructure and make that happen. >> we had comstock leadership on the show yesterday one of the things they talked about is running their wells as if nat gas was priced at $2.

how much does it cost for you to extract nat gas from the ground right now? and what does that mean in terms of eqt and profitability moving forward? >> we are a low-cost operator. at eqt, we generate profits and free cash flow at a gas price a little around $2 that's well below where gas prices are today so, you say, with this market signal you're seeing where gas prices are north of $7, what is america's largest gas producer growing supply the answer is very simple but disappointing at the same time we are out of energy infrastructure we do not have any more pipelines. you can't push a rope uphill, you can't put more gas in a pipeline that's full that's why this infrastructure is incredibly important. i'm saying loud and clear, with more infrastructure, industry will step up and bring the supply america needs, the world

needs. we need the opportunity to make it happen. we need the opportunity to build this infrastructure that is critical >> toby rice, hearing it once again. every time you come on, it's a similar refrain. we always appreciate it. thank you. >> thanks. after the break, nasa crashing a spacecraft into an asteroid 7 million miles away from here. we we've got more on why that tts ensqwkn e street" returns.

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welcome back to "squawk on the street." stocks in positive territory look at stocks in the industrial sector in particular you mentioned the move higher in airlines earlier on and we're also seeing, by the way, equipment names. like united rentals, deere, among leaders. you can see here, but generac building on gains made yesterday as investors and traders anticipated uptick in demand for generators in areas that could be affected by hurricane ian hear more about that company's storm preparations by the way from generac's ceo tomorrow. on the "exchange" tomorrow

morgan, back downtown to you folks at the new york stock exchange. >> all right dom chu. thank you. at 7:14 p.m. eastern last night nasa smashed an autonomous spacecraft into an asteroid traveling at 14,000 miles per hour, 7 million miles away that crash, which means it was a success, is called the double redirection test, d.a.r.t. for short. s $330 million dollar of firsts. turning a celestial body and first focused solely on planetary defense, why it's raised comparens to the movie "armageddon. unlike the movie, the spacecraft launched via spacex ten months ago crashed into a football-sized asteroid called dimorphos. and it hurdled towards the

target it projected one picture per second showing images of die m dimorphos and didymos before, and did it work? we won't know for at least a month as telescopes are trained on this asteroid monitoring movements. going to go there, carl. you don't want to miss a thing. >> let's hope we never have to really use this. >> exactly. >> in an emergency that would be bad. >> incredible, kind of this is technology proponents have said. we are capable of, as we're doing now, trying and testing. this is the type of cataclysmic event that we could actually prevent, whereas, there are many others that could be on the horizon we couldn't. years and years in the making. >> amazing video last night, of the staff, at least, celebrating that win. meantime throughout his parng heritage month celebrating

cnbc's teammates and contributors this is cnbc executive producer maria bowden. ♪ >> being a hispanic immigrant shaped nearly everything i've done to get where i am now my parents boarded a plane with two daughters and two suitcases to give us opportunities we may not have had otherwise bold and courageous and never take didn't for granted. if my mom can become a doctor in a new language and my dad keep us running nothing i can't do. learned to be bold in my career and never shied away especially from chaens.llge embrace your story and use it to drive you.

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all right. always good to come back to twitter, of course closer and closer to october 17th when the trial's scheduled to begin in delaware before that, well, elon musk still has to be deposed. a schedule of yesterday. didn't happen. now pushed to the 6th and 7th of october. not leaving a lot of time for

lawyers to depose musk and then move to the trial. some people yesterday taking the fact that the deposition didn't happen is a sign, ooh, maybe in settlement talks not what i've heard. nothing that indicates settlement talks at this point doesn't mean it won't happen, closer thus far, so signs on that front we are going to get today in court, though, is a hearing, another one of these hearings perhaps one of the last in these important hearings in terms of both sides arguing about what their entitled to see for discovery. what they want to get. one of the key things is going to be whether the judge allows correspondence between musk and morgan stanley, his banker whether that, they've said, hey, that's privileged. can't see that, twitter. twitter says, no it's not. giving us a sense of getting to pause things, push things back seven outstanding discovery disputes including that morgan stanley opposition to the twitter subpoena

three hours. bring you anything, of course, as it occurs of importance moving closer to that trial date twitter shares about 1% overall market that is up 1.17% anded nasdaq about 1.7%. that's does it for us right here on "squawk on the street." "techcheck" starts now. good tuesday morning and atlantic to "techcheck." i'm deirdre bosa with carl quintanilla and jon fortt today. new lows on the year for the s&p and dow. nasdaq, outperforming for a change top gainers helping the index higher beaten down names like lucid, docusign, nvidia that said, still summer sessions warnings on the street and cathie wood talking outlook earlier this morning on "squawk box." >> we believe we are in a recession. the durable goods orders we just saw really seeing strength there, because o